小额贷款公司的发展模式细分及效益评价
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摘要
近年来,我国政府越来越重视中小企业融资问题和三农发展问题,而产生这些问题的主要原因是中国金融发展不平衡。很多偏远地区和贫困人口得不到金融服务,中小企业也难于在商业银行融资而导致资金链断裂。亚当·斯密说过经济增长率与资本积累率成正比。中小企业的长足发展需要资金支持,贫困人口脱贫致富也需要资金的扶持。随着经济的发展,民间资金积累日益增加,民间借贷也相对频繁,浮现例如高利贷等相关社会问题。怎样利用好民间资金补充中国金融发展不平衡缺口是一个全新的话题。2008年5月4日,中国人民银行、中国银监会出台了《关于小额贷款公司试点指导意见》,正式批准了小额贷款公司的成立,正式允许民间资本从事信贷业务。很多民营企业家认为这是国家在金融领域为民间资本放开的标志。很多拥有闲置资金的民营企业家申请了小额贷款公司牌照,但是他们大多没有从业经验和相关专业背景,没有操作系统,不允许进入征信系统,国内也没有成熟范式可以参考。本文通过对我国现有小额贷款公司的发展模式细分和各模式之间的效益评价比较,深入了解了小额贷款公司的经营发展状况,给予了正在寻找经营模式的和即将成立的小额贷款公司一个实用的范式。研究不只对小额贷款公司本身是适时的,对三农发展、普惠金融、中小企业相关问题的解决都有特殊的社会意义。
文中先对小额贷款和小额贷款公司的概念进行详尽的表述,介绍国内外小额贷款公司的发展状况和研究成果,并对国内现有小额贷款机构的数据收集和问卷调查。先以地区为单位选择不同发展程度的小额贷款公司做数据采集,得到数据后先验证数据的可靠性,再通过宏观规模的决定要素对机构进行一次分类,又通过小额信贷机构的微观操作要素进行第二次分类,最后将宏观和微观分类分别作为坐标的横轴和纵轴整体对小额信贷机构进行细分,将细分出来的小额贷款机构类别按照其特征进行检验,证明细分的有效性。接下来对细分出来的国内小额贷款公司的发展现状及其发展模式进行分析,并且对这些发展模式的效益进行评价,有针对性的指出我国小额贷款公司目前发展模式中的缺失及存在的问题原因。通过与国外小额贷款公司发展模式的比较,寻找出我国小额贷款公司的市场优势及投资价值,再结合发展实际,从不同角度对小额贷款公司的发展模式做出客观的预测和评价。在评价上,建立了经济效益模型和社会效益模型,建立模型输入数据、找出影响模型的重要因素,使建立的模型合理化。对细分出来的各个类型的小额信贷机构进行经济效益评价和社会效益评价,同时每个模型例举一个案例具体说明。文章最后一章将选择一个目前最适合中国国情的小额信贷机构发展模型并进行验证。对该模型进行可行性分析和相对优势分析。文章结尾总结研究的结论并对中国小额贷款研究提出可持续发展方向。
本文将经济学中用于市场营销的Kotler4P市场战略细分方法用于本次小额信贷机构的细分,应用Kish Grid网格法进行抽样和数据采集,应用因子分析法提取影响效果最大的因素用于分类,将普通企业划分标准修正为小额信贷企业划分标准,应用K-means聚类分析将机构分类,应用TGI(目标群体指数)和方差分析(ANOVA)用于验证分类准确性。
本文的主要结论是：
第一,根据小额信贷机构模式细分,总体上可以将我国小额贷款公司的经营模式宏观上分为初级、中级、一级三个级别,微观上分为社会导向型、财务导向型、市场导向型和客户导向型。他们的经营模式代表分别为：“小组联保”模式、“网上微型金融”模式、“商业化经营贷款公司”模式以及个人贷款模式。将宏观和微观分类作为二维分类的横纵坐标,又可以将小额信贷公司细分为12个类型。但是由于宏观类别区分影响不大且变化迅速,本文在绩效评估上采用微观分类结果。
第二,本文建立了小额贷款公司经济效益模型和社会效益模型。小额贷款公司本身不会对自己进行社会绩效评估,他们更重视经济效益。但是社会绩效对于宏观微型金融发展、普惠金融的实现和经济发展都有着重要意义。建立小额贷款公司社会绩效模型对监管部门和小额贷款公司本身有着重要意义。最后对微观分类的范例模式进行评估,评估结果是财务导向型优于其他发展模式。
第三,通过小额信贷公司发展模式假设、信贷市场均衡分析得出财务导向型——“商业化经营贷款公司”模式是当下最符合中国小额信贷发展的模型。其发展的关键因素除了政府政策支持还要制定合理的市场化的利率。文中也总结了该模式的缺点和局限性。在最后的可行性分析中,综合对比了财务导向型模式和其他模式的优劣。小额贷款公司在中国的发展具有很大的空间和希望,对小额贷款公司的研究也应该是连续的和全面的。
本文包含参考文献中文164篇,英文113篇,图17幅,表38张,
In recent years, our government is attaching increasing importance to SME financing and the development of agriculture, rural area and farmers, to which the focus lies in the fact that financial services do not develop in balance across the country. Many remote areas and poor people are not covered by financial services, and the SMEs have difficulty getting credit from the commercial banks, which caused the breaking of the funding strand. Adam Smith said the economic growth rate is proportional to the rate of capital accumulation. Not only is the financial support needed by the rapid development of SMEs but also the people living in poverty. With economic development, private capital is accumulating so that the number of private lending is relatively increasing, which led to plenty of loan-sharking and other relevant social problems. How to make good use of private funds to supplement China's financial imbalance gap is a new topic. On May4,2008, the People's Bank of China, China Banking Regulatory Commission, issued a "Guidance of Establishment of Small Loan Company ", and officially approved the establishment of small loan companies. With that, private capital is officially allowed into the lending field. Many entrepreneurs of the private businesses take this as a sign that a green light has been given by the state to approve the private capital flowing in the financial field. The entrepreneurs with extra capital have applied for the licenses of Small Loan Company, however neither do most of them have the experience and professional background in the relevant field nor the operating system and the access to credit system. What is worse, there hasn't been a mature example for them to follow. This paper will present the situation of development over the existing small loan companies by fragmentating the developing modes of the institutions and comparing upon their business profit. Besides that, a suitable developing business model of the small loan companies will be offered. The role of the paper will be more than providing a timely guidance to the Small Loan Companies themselves, but more importantly, instructive to solve the issues of development upon agriculture, rural areas and farmers as well as the SME-related problems.
First, this thesis explicitly elaborates on the definition of small-loan and small-loan companies introducing the development and the research achievement of both domestic and international small loan companies. Data collection and the questionnaire over the domestic small loan institutions are the key points of this thesis, which start with the small loan companies from different regions and at various development scales to collect precise data. The reliability of the data collected will be tested and then the institutions are primarily classified through the decisive elements from the macro scale. After that, they will be secondarily classified through the micro operation elements of the small loan institutions. By considering the macro classification as the X axis and micro classification as the Y axis of the chart, the small loan institutions are further segmented. The types of the segmented small-loan institutions are inspected on the basis of their features to testify the validity of the segmentation. Through the analysis of the development status and the model of the segmented domestic small loan institutions as well as the appraisal of the profits of the development model, this thesis also points out the deficiency and the drawback of the development model confronting China's small-loan institutions. The comparison between the development models of both domestic and international small loan companies may help illuminate the market edge and investment value of our small-loan companies and from different perspective, make objective forecast and comments on the development model of small-loan institutions by taking into the current development status. In terms of assessment, both economic and social profit models have been set up with data inputted and locating the important factors that affect the model to rationalize the model. The economic profits and social profits of the various small-loan institutions are assessed with each model illustrated by an example. The last chapter of the thesis chooses a development model of small-loan companies that best fit the actual conditions in China and then verifies it. Through the feasibility analysis and comparative advantage analysis of this model, this thesis draws a conclusion of the research results and directs the sustainable development for the small-loan companies in China.
The Kotler4P market strategy segmentation method, an economic term that is adopted in marketing, is also applied to the segmentation of the micro-loan institutions. Kish Grid method is used to sample and collect data, factor analysis to extract the most influential factor, which will be used to classify and amend the normal enterprises classification standard into micro-loan enterprises classification standard, K-means cluster analysis to classify the institutions and TGI (Target Group Index) and variance analysis (ANOVA) to verify the accuracy of classification.
The conclusions of this thesis are:
First, according to the segmentation of the microfinance institutions, the overall business model of small loan companies macro is divided into three levels, and micro-divided into:social-oriented, finance-oriented, market-oriented and customer-oriented. The examples of them are:group guarantee mode, the online micro-finance model, commercial business loan companies'model as well as personal loans model. Macro and micro classification are seemed as a two-dimensional classification of vertical and horizontal coordinates, the companies were segmented for the12types. However, due to macro-categories to distinguish between little effect and rapid changes, we use the microscopic classification results in the performance evaluation.
Second, this project sets up the economic and social profits model. The difficulties lie in the analysis of the influential effect and proportion of each factor, the establishment of an overall development model of micro-loan companies as well as the examination and assessment of this ideal model.
Third, by the assumptions of the development model over the micro-credit companies and credit market equilibrium analysis, we have obtained the idea that the financial-oriented-"commercial business loan companies" model is the currently most suitable development model of the micro-finance field in China. The key factor in development is to make the reasonable market-based interest rates besides the favorable policy provided by the government. Of course, the article also summarizes the shortcomings and limitations of the model. In the final feasibility analysis, we compared the pros and cons between the financial-oriented mode and other modes comprehensively. It is spacious and hopeful for the development of Small loan companies in China. Meanwhile, the research of the Chinese micro-finance should also be continuous and comprehensive.
This paper contains164Chinese references,113English references,16Figures and38Tables.
文中先对小额贷款和小额贷款公司的概念进行详尽的表述,介绍国内外小额贷款公司的发展状况和研究成果,并对国内现有小额贷款机构的数据收集和问卷调查。先以地区为单位选择不同发展程度的小额贷款公司做数据采集,得到数据后先验证数据的可靠性,再通过宏观规模的决定要素对机构进行一次分类,又通过小额信贷机构的微观操作要素进行第二次分类,最后将宏观和微观分类分别作为坐标的横轴和纵轴整体对小额信贷机构进行细分,将细分出来的小额贷款机构类别按照其特征进行检验,证明细分的有效性。接下来对细分出来的国内小额贷款公司的发展现状及其发展模式进行分析,并且对这些发展模式的效益进行评价,有针对性的指出我国小额贷款公司目前发展模式中的缺失及存在的问题原因。通过与国外小额贷款公司发展模式的比较,寻找出我国小额贷款公司的市场优势及投资价值,再结合发展实际,从不同角度对小额贷款公司的发展模式做出客观的预测和评价。在评价上,建立了经济效益模型和社会效益模型,建立模型输入数据、找出影响模型的重要因素,使建立的模型合理化。对细分出来的各个类型的小额信贷机构进行经济效益评价和社会效益评价,同时每个模型例举一个案例具体说明。文章最后一章将选择一个目前最适合中国国情的小额信贷机构发展模型并进行验证。对该模型进行可行性分析和相对优势分析。文章结尾总结研究的结论并对中国小额贷款研究提出可持续发展方向。
本文将经济学中用于市场营销的Kotler4P市场战略细分方法用于本次小额信贷机构的细分,应用Kish Grid网格法进行抽样和数据采集,应用因子分析法提取影响效果最大的因素用于分类,将普通企业划分标准修正为小额信贷企业划分标准,应用K-means聚类分析将机构分类,应用TGI(目标群体指数)和方差分析(ANOVA)用于验证分类准确性。
本文的主要结论是：
第一,根据小额信贷机构模式细分,总体上可以将我国小额贷款公司的经营模式宏观上分为初级、中级、一级三个级别,微观上分为社会导向型、财务导向型、市场导向型和客户导向型。他们的经营模式代表分别为：“小组联保”模式、“网上微型金融”模式、“商业化经营贷款公司”模式以及个人贷款模式。将宏观和微观分类作为二维分类的横纵坐标,又可以将小额信贷公司细分为12个类型。但是由于宏观类别区分影响不大且变化迅速,本文在绩效评估上采用微观分类结果。
第二,本文建立了小额贷款公司经济效益模型和社会效益模型。小额贷款公司本身不会对自己进行社会绩效评估,他们更重视经济效益。但是社会绩效对于宏观微型金融发展、普惠金融的实现和经济发展都有着重要意义。建立小额贷款公司社会绩效模型对监管部门和小额贷款公司本身有着重要意义。最后对微观分类的范例模式进行评估,评估结果是财务导向型优于其他发展模式。
第三,通过小额信贷公司发展模式假设、信贷市场均衡分析得出财务导向型——“商业化经营贷款公司”模式是当下最符合中国小额信贷发展的模型。其发展的关键因素除了政府政策支持还要制定合理的市场化的利率。文中也总结了该模式的缺点和局限性。在最后的可行性分析中,综合对比了财务导向型模式和其他模式的优劣。小额贷款公司在中国的发展具有很大的空间和希望,对小额贷款公司的研究也应该是连续的和全面的。
本文包含参考文献中文164篇,英文113篇,图17幅,表38张,
In recent years, our government is attaching increasing importance to SME financing and the development of agriculture, rural area and farmers, to which the focus lies in the fact that financial services do not develop in balance across the country. Many remote areas and poor people are not covered by financial services, and the SMEs have difficulty getting credit from the commercial banks, which caused the breaking of the funding strand. Adam Smith said the economic growth rate is proportional to the rate of capital accumulation. Not only is the financial support needed by the rapid development of SMEs but also the people living in poverty. With economic development, private capital is accumulating so that the number of private lending is relatively increasing, which led to plenty of loan-sharking and other relevant social problems. How to make good use of private funds to supplement China's financial imbalance gap is a new topic. On May4,2008, the People's Bank of China, China Banking Regulatory Commission, issued a "Guidance of Establishment of Small Loan Company ", and officially approved the establishment of small loan companies. With that, private capital is officially allowed into the lending field. Many entrepreneurs of the private businesses take this as a sign that a green light has been given by the state to approve the private capital flowing in the financial field. The entrepreneurs with extra capital have applied for the licenses of Small Loan Company, however neither do most of them have the experience and professional background in the relevant field nor the operating system and the access to credit system. What is worse, there hasn't been a mature example for them to follow. This paper will present the situation of development over the existing small loan companies by fragmentating the developing modes of the institutions and comparing upon their business profit. Besides that, a suitable developing business model of the small loan companies will be offered. The role of the paper will be more than providing a timely guidance to the Small Loan Companies themselves, but more importantly, instructive to solve the issues of development upon agriculture, rural areas and farmers as well as the SME-related problems.
First, this thesis explicitly elaborates on the definition of small-loan and small-loan companies introducing the development and the research achievement of both domestic and international small loan companies. Data collection and the questionnaire over the domestic small loan institutions are the key points of this thesis, which start with the small loan companies from different regions and at various development scales to collect precise data. The reliability of the data collected will be tested and then the institutions are primarily classified through the decisive elements from the macro scale. After that, they will be secondarily classified through the micro operation elements of the small loan institutions. By considering the macro classification as the X axis and micro classification as the Y axis of the chart, the small loan institutions are further segmented. The types of the segmented small-loan institutions are inspected on the basis of their features to testify the validity of the segmentation. Through the analysis of the development status and the model of the segmented domestic small loan institutions as well as the appraisal of the profits of the development model, this thesis also points out the deficiency and the drawback of the development model confronting China's small-loan institutions. The comparison between the development models of both domestic and international small loan companies may help illuminate the market edge and investment value of our small-loan companies and from different perspective, make objective forecast and comments on the development model of small-loan institutions by taking into the current development status. In terms of assessment, both economic and social profit models have been set up with data inputted and locating the important factors that affect the model to rationalize the model. The economic profits and social profits of the various small-loan institutions are assessed with each model illustrated by an example. The last chapter of the thesis chooses a development model of small-loan companies that best fit the actual conditions in China and then verifies it. Through the feasibility analysis and comparative advantage analysis of this model, this thesis draws a conclusion of the research results and directs the sustainable development for the small-loan companies in China.
The Kotler4P market strategy segmentation method, an economic term that is adopted in marketing, is also applied to the segmentation of the micro-loan institutions. Kish Grid method is used to sample and collect data, factor analysis to extract the most influential factor, which will be used to classify and amend the normal enterprises classification standard into micro-loan enterprises classification standard, K-means cluster analysis to classify the institutions and TGI (Target Group Index) and variance analysis (ANOVA) to verify the accuracy of classification.
The conclusions of this thesis are:
First, according to the segmentation of the microfinance institutions, the overall business model of small loan companies macro is divided into three levels, and micro-divided into:social-oriented, finance-oriented, market-oriented and customer-oriented. The examples of them are:group guarantee mode, the online micro-finance model, commercial business loan companies'model as well as personal loans model. Macro and micro classification are seemed as a two-dimensional classification of vertical and horizontal coordinates, the companies were segmented for the12types. However, due to macro-categories to distinguish between little effect and rapid changes, we use the microscopic classification results in the performance evaluation.
Second, this project sets up the economic and social profits model. The difficulties lie in the analysis of the influential effect and proportion of each factor, the establishment of an overall development model of micro-loan companies as well as the examination and assessment of this ideal model.
Third, by the assumptions of the development model over the micro-credit companies and credit market equilibrium analysis, we have obtained the idea that the financial-oriented-"commercial business loan companies" model is the currently most suitable development model of the micro-finance field in China. The key factor in development is to make the reasonable market-based interest rates besides the favorable policy provided by the government. Of course, the article also summarizes the shortcomings and limitations of the model. In the final feasibility analysis, we compared the pros and cons between the financial-oriented mode and other modes comprehensively. It is spacious and hopeful for the development of Small loan companies in China. Meanwhile, the research of the Chinese micro-finance should also be continuous and comprehensive.
This paper contains164Chinese references,113English references,16Figures and38Tables.
引文
1《2011中国小额信贷机构竞争力发展报告》p.10,p.12.
2杨则文,《小额贷款公司现状与可持续发展研究》,2011,《中国证券期货》。
3焦瑾璞、何广文,《小额信贷运作与管理》,国培机构.
4孟加拉国经济学家,孟加拉乡村银行(Grameen Bank,也译作格莱珉银行)格莱珉银行的创始人,有“穷人的银行家”之称,获得2006年度诺贝尔和平奖.
5姚承斌,《孟加拉与印尼缓解贫困模式比较——以小额信贷为例》,《武汉金融》,2009年.
6原海威,《我国农村小额信贷实践研究》,2007年,西南财经大学.
7杜晓山,《中国小额信贷十年》,社会科学文献出版社,2005：p9.
8杜晓山、孙若梅,《中国小额信贷的实践和政策思考》.
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1杜晓山,《中国小额信贷十年》,社会科学文献出版社,2005：p27.
11《关于小额贷款公司试点的指导意见》,2008.
12《太原市小额贷款公司管理办法(试行)》、《海南省小额贷款公司试点管理暂行办法》
13按照相关管理办法整理
14《中国统计年鉴2011》
15刘仁武,《区域金融结构和金融发展理论与实证研究——经济管理博士文库》,2003.
16《中国统计年鉴2005》
17林毅夫,《中小企业管理与科技》,2010年.
18《中国统计年鉴2005》
19茅于轼,《中小银行应是穷国金融支柱》,2009(5).
5华民,《小额贷款公司解中小企业融资瓶颈》,《解放日报》,2008.11.24.
1资料来源：作者根据有关小额贷款公司(上海)和村镇银行的文件规定归纳整理
22李远锋,《小额贷款公司经营模式研究及实例分析》,2009年,复旦大学
23李远锋,《小额贷款公司经营模式研究及实例分析》,2009年,复旦大学
24李剑、邵康英,《企业集团组建财务公司与结算中心的比较》,《上海会计》,2001.12.
25郑曙光,《小额贷款公司存设的法律价值与制度选择》,河南大学学报(社会科学版),2009.03.
26罗伊·F·哈罗德,《动态经济学导论》,1948.
27牛凯龙、张薄洋,《金融抑制、金融改革与“三农”发展》,2011,中国财政经济出版社.
28牛凯龙、张薄洋,《金融抑制、金融改革与“三农”发展》,2011,中国财政经济出版社.
29张勇,《小额信贷扶贫的创新研究》,中国社会科学院,2003.
0 Alexander Osterwalde,毛心宇译,《商业模式设计与创新》,2004.
31贾文斌,《小额贷款可持续性发展与制度创新研究》,2009,浙江大学.
32贾文斌,《小额贷款可持续性发展与制度创新研究》,2009,浙江大学.
33贾文斌,《小额贷款可持续性发展与制度创新研究》,2009,浙江大学.
34李亚亚,《小额贷款公司运行机制及其效率评价》,2010年,浙江工商大学.
35王洪斌,《中小金融机构研究：基于小额贷款公司发展的实践分析》,《生产力研究》,2009(12)：p63-66.
36杜晓山,《江苏小额贷款公司发展中的经验与问题》,《农村金融研究》,2010(5)：p31-39.
37徐瑜青,《小额贷款公司运营现状及问题》,《农村经济》,2010(1)：p70-74.
38潘广恩,《小额贷款公司可持续发展制度设计》,《中国金融》,2010(9)：p41-43.
39姚承斌,《孟加拉与印度缓解贫困模式比较——以小额信贷为例》,《金融经济》,2009.
40王哗,《国内外成功的商业化小额信贷模式案例分析》,对外经济贸易大学,2007.
41蒋爱群,《小额信贷项目绩效研究》,《中国农学通报》,2005.11：p426-429.
42汪轶,《小额信贷机构可持续发展问题研究》,西南财经大学,2004.
43郑振东、杨智斌,《农户小额信贷可持续发展的经济学分析》,《河北经贸大学学报》,2005,26(1).
44张雪芳,《大冶市农村信用社经营绩效研究》,华中农业大学,2007.
45陈恩江、褚保金、刘大耕,《我国农村信用社经营状况、补贴及其政策含义：以江苏为例》,《金融研究》,2003.01：p98-103.
46 YaronJ,《What Makes Rural Finaneial Markets Successful》,World Bank Observer,1994.vol.9(1):p49-70.
47正规化”为笔者译,英文原文为"Commercialization of Microfinance "。关于小额信贷的第三个阶段,一般的分析仅将小额信贷机构从商业渠道获取资金作为第三阶段的特征,笔者认为,商业渠道资金的进入必然带来机构的正规化,而事实上国外小额信贷的实践也确实已经开始了正规化的过程,因此这里将第三阶段进行了扩展.
48杜晓山、刘文璞,《小额信贷原理及运作》,上海财经大学出版社,2001.
49陈梓,《小额贷款公司的发展模式及在中国的实践分析》,《金融经济(理论版)》,2011年.
50陈梓,《小额贷款公司的发展模式及在中国的实践分析》,《金融经济(理论版)》,2011年.
51图表来源：作者参考现有资料制作,其中“—”表示在现有资料的基础上,没有找到有关数据资料,贷款余额截止到2010年12月底.
52资料来源：作者根据公开信息整理.
53《2011中国小额信贷机构竞争力发展报告》,中国人民银行研究生部,国培机构.
《2011中国小额信贷机构竞争力发展报告》,中国人民银行研究生部,国培机构.
55金诚, 《我国小额贷款公司可持续发展研究——以镇江市A小额贷款公司为例》,2010,江苏大学.
56中国人们银行小额信贷专题组,《2008/2009年小额信贷通讯合集》,2009,经济科学出版社.
57焦瑾璞、何广文,《小额信贷运作与管理》,2010,国培机构.
58中国人民银行小额信贷专题组,《小额贷款公司指导手册》,2006.12.01,中国金融出版社.
59 Alex Counts, 《Small Loans, Big Dreams: How Nobel Prize Winner Muhammad Yunus and Microfinance are Changing the World》,2008.
60 Kotler.P, (From Mass Marketing to Mass Customization)), Planning Review, September-October,1989, p.10-47.
61焦瑾璞、何广文,《小额信贷运作与管理》,2010,国培机构
62刘文璞,《小额信贷管理》,2011,社会科学文献出版社.
63费玉娥、刘志英,《农户小额信贷信用风险控制模式研究》,《农村金融研究》,2009.10.
64胡聪慧,《小额贷款公司的信贷风险及其控制——基于平遥模式的调查与思考》,《理论探索》,2008.1.
65《小额信贷机构业绩评测：报告、分析及监控框架》,The SEEP Network.
66 Kish Grid Methtod:左后右、先下后上的原则选取其邻居进行访问；进入各居民户后,采用基什网格(Kish Grid)确定每户的具体访问对象.
67中国人民银行,国培机构,《2011中国小额信贷机构竞争力发展报告.
68此方法为Kish Grid Method八个选择方法之一,见Kish,1965, Survey Sampling, p.399.
69中国人民银行,《2011年全国小额贷款公司第三季度报告》.
70《企业规模划型标准简介》,国家统计局统计设计管理司.
74 Wei.R,《Emerging lifestyles in China and consequences for perception of advertising, buying behaviour and consumption preferences》, International Journal of Advertising,1997,16, p.261-275.
78曹子娟,《中国小额信贷发展报告》,中国时代经济出版社,2006.
79资料来源：根据贵州和内蒙古小额贷款公司招标说明整理所得.
80胡聪慧,《小额贷款公司的信贷风险及其控制——基于平遥模式的调查与思考》,《理论探索》,2008.1.
8221世纪商业评论：《电子支付：完美的变形》,2010.6,总第70期.
85焦瑾璞、何广文,《小额信贷运作与管理》,国培机构.
86中国人民银行小额信贷专题组,《小额贷款公司指导手册》,2006.12.01,中国金融出版社.
87杜栋、庞庆华、吴炎,《现代综合评价方法与案例精选(第二版)》,2008.06.01,清华大学出版社.
101管玉贵、许焱、吴寂琼,《安徽小额贷款公司试点情况的调查与分析》,《西部金融》,2009(4)：p29.
102王岩,《小额贷款公司发展现状及对地区金融经济的影响》,《黑龙江金融》,2010(12)：p65.
103中国人民银行包头市中心支行课题组(刘宇,蓝慧敏),《包头市小额贷款公司调查》,《内蒙古金融研究》,2010(12)：p23.
104张力生、李志骥、赵艳平(中国人民银行衡水市中心支行),《对衡水市小额贷款公司的调查与思考》,《华北金融》,2010(10)：p23.
105数据来源：中国金融网http://www.zgjrw.com,2010.7.10.
107凌华薇、叶伟强、李听,《穷人的银行家》,《财经》,2006(22).
108张勇,《拉丁美洲小额信贷初探》,《拉丁美洲研究》,2004.04.
109霍侃,《山西平遥小额贷款：7000万之上还有更广阔天空》,《第一财经日报》,2007.2.8.
110刘杰,《小额信贷将遇发展良机》,《北京商报》,2007.1.22(第7版)
111 Alfred Hannig,Gabriela Braun:How to Regulate and Supervise Micro-finance:Key Issues,www.cgap.org.
112 Christen认为：在发展中国家,自我监管不够有效,见Robert.Peck.Christen:"Commercialization-The New Reality of Microfinance",www.cgap.org.
113黄毅,《中国小额信贷问题研究(下)》,《银行家》,2006.01.
114杜晓山,《商业化、可持续小额信贷的新发展——德国、阿尔巴尼亚和乌克兰小额信贷的研讨和考察》,《中国农村经济》,2003.10.
115凌华薇,《尤努斯叩门》,《财经》,2006(22).
116 Mark Schreiner and Jacob Yaron, 《The Subsidy Dependence Index and Recent Attempts To Adjust It Savings and Development》,Vol.23, No.4,1999, p.375-405.
117 Morduch Jonathan, April 1997,Microfinance sustainability:A Consistence Framework and New Evidence on the Grumman Bank, Discussion Paper,dept.of Economics and HIID,Harvard University.
118 Pual B. McGuire&D. Conroy,《小额信贷现象》,《小额信贷研究》,2003.03.
120 Robinson, Margueritte:'The Microfinance Revolution: Sustainable Finance for the Poor', Washington, D.C.World bank,2001, Newyork.
121 Robinson, Margueritte: 'The Microfinance Revolution: Sustainable Finance for the Poor', Washington, D.C.World bank,2001, New York.
122 CGAP, Those who leave and those who don't join: Insights from east African microfinance institution. Http://www.cgap.org. May 2000. Focus Note No.16.
123 CGAP, Those who leave and those who don't join: Insights from east African microfinance institution. Http://www.cgap.org.May 2000. Focus Note No.16.
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[3]《2011年小额贷款公司咨询报告及操作指南》
[4]《中国首份小额贷款公司年度监管报告》
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2杨则文,《小额贷款公司现状与可持续发展研究》,2011,《中国证券期货》。
3焦瑾璞、何广文,《小额信贷运作与管理》,国培机构.
4孟加拉国经济学家,孟加拉乡村银行(Grameen Bank,也译作格莱珉银行)格莱珉银行的创始人,有“穷人的银行家”之称,获得2006年度诺贝尔和平奖.
5姚承斌,《孟加拉与印尼缓解贫困模式比较——以小额信贷为例》,《武汉金融》,2009年.
6原海威,《我国农村小额信贷实践研究》,2007年,西南财经大学.
7杜晓山,《中国小额信贷十年》,社会科学文献出版社,2005：p9.
8杜晓山、孙若梅,《中国小额信贷的实践和政策思考》.
9吴晓灵,《发展小额信贷,开放农村金融市场》,小额信贷指导参阅(内部资料).内蒙古自治区余融工作办公室.2008.09.
1杜晓山,《中国小额信贷十年》,社会科学文献出版社,2005：p27.
11《关于小额贷款公司试点的指导意见》,2008.
12《太原市小额贷款公司管理办法(试行)》、《海南省小额贷款公司试点管理暂行办法》
13按照相关管理办法整理
14《中国统计年鉴2011》
15刘仁武,《区域金融结构和金融发展理论与实证研究——经济管理博士文库》,2003.
16《中国统计年鉴2005》
17林毅夫,《中小企业管理与科技》,2010年.
18《中国统计年鉴2005》
19茅于轼,《中小银行应是穷国金融支柱》,2009(5).
5华民,《小额贷款公司解中小企业融资瓶颈》,《解放日报》,2008.11.24.
1资料来源：作者根据有关小额贷款公司(上海)和村镇银行的文件规定归纳整理
22李远锋,《小额贷款公司经营模式研究及实例分析》,2009年,复旦大学
23李远锋,《小额贷款公司经营模式研究及实例分析》,2009年,复旦大学
24李剑、邵康英,《企业集团组建财务公司与结算中心的比较》,《上海会计》,2001.12.
25郑曙光,《小额贷款公司存设的法律价值与制度选择》,河南大学学报(社会科学版),2009.03.
26罗伊·F·哈罗德,《动态经济学导论》,1948.
27牛凯龙、张薄洋,《金融抑制、金融改革与“三农”发展》,2011,中国财政经济出版社.
28牛凯龙、张薄洋,《金融抑制、金融改革与“三农”发展》,2011,中国财政经济出版社.
29张勇,《小额信贷扶贫的创新研究》,中国社会科学院,2003.
0 Alexander Osterwalde,毛心宇译,《商业模式设计与创新》,2004.
31贾文斌,《小额贷款可持续性发展与制度创新研究》,2009,浙江大学.
32贾文斌,《小额贷款可持续性发展与制度创新研究》,2009,浙江大学.
33贾文斌,《小额贷款可持续性发展与制度创新研究》,2009,浙江大学.
34李亚亚,《小额贷款公司运行机制及其效率评价》,2010年,浙江工商大学.
35王洪斌,《中小金融机构研究：基于小额贷款公司发展的实践分析》,《生产力研究》,2009(12)：p63-66.
36杜晓山,《江苏小额贷款公司发展中的经验与问题》,《农村金融研究》,2010(5)：p31-39.
37徐瑜青,《小额贷款公司运营现状及问题》,《农村经济》,2010(1)：p70-74.
38潘广恩,《小额贷款公司可持续发展制度设计》,《中国金融》,2010(9)：p41-43.
39姚承斌,《孟加拉与印度缓解贫困模式比较——以小额信贷为例》,《金融经济》,2009.
40王哗,《国内外成功的商业化小额信贷模式案例分析》,对外经济贸易大学,2007.
41蒋爱群,《小额信贷项目绩效研究》,《中国农学通报》,2005.11：p426-429.
42汪轶,《小额信贷机构可持续发展问题研究》,西南财经大学,2004.
43郑振东、杨智斌,《农户小额信贷可持续发展的经济学分析》,《河北经贸大学学报》,2005,26(1).
44张雪芳,《大冶市农村信用社经营绩效研究》,华中农业大学,2007.
45陈恩江、褚保金、刘大耕,《我国农村信用社经营状况、补贴及其政策含义：以江苏为例》,《金融研究》,2003.01：p98-103.
46 YaronJ,《What Makes Rural Finaneial Markets Successful》,World Bank Observer,1994.vol.9(1):p49-70.
47正规化”为笔者译,英文原文为"Commercialization of Microfinance "。关于小额信贷的第三个阶段,一般的分析仅将小额信贷机构从商业渠道获取资金作为第三阶段的特征,笔者认为,商业渠道资金的进入必然带来机构的正规化,而事实上国外小额信贷的实践也确实已经开始了正规化的过程,因此这里将第三阶段进行了扩展.
48杜晓山、刘文璞,《小额信贷原理及运作》,上海财经大学出版社,2001.
49陈梓,《小额贷款公司的发展模式及在中国的实践分析》,《金融经济(理论版)》,2011年.
50陈梓,《小额贷款公司的发展模式及在中国的实践分析》,《金融经济(理论版)》,2011年.
51图表来源：作者参考现有资料制作,其中“—”表示在现有资料的基础上,没有找到有关数据资料,贷款余额截止到2010年12月底.
52资料来源：作者根据公开信息整理.
53《2011中国小额信贷机构竞争力发展报告》,中国人民银行研究生部,国培机构.
《2011中国小额信贷机构竞争力发展报告》,中国人民银行研究生部,国培机构.
55金诚, 《我国小额贷款公司可持续发展研究——以镇江市A小额贷款公司为例》,2010,江苏大学.
56中国人们银行小额信贷专题组,《2008/2009年小额信贷通讯合集》,2009,经济科学出版社.
57焦瑾璞、何广文,《小额信贷运作与管理》,2010,国培机构.
58中国人民银行小额信贷专题组,《小额贷款公司指导手册》,2006.12.01,中国金融出版社.
59 Alex Counts, 《Small Loans, Big Dreams: How Nobel Prize Winner Muhammad Yunus and Microfinance are Changing the World》,2008.
60 Kotler.P, (From Mass Marketing to Mass Customization)), Planning Review, September-October,1989, p.10-47.
61焦瑾璞、何广文,《小额信贷运作与管理》,2010,国培机构
62刘文璞,《小额信贷管理》,2011,社会科学文献出版社.
63费玉娥、刘志英,《农户小额信贷信用风险控制模式研究》,《农村金融研究》,2009.10.
64胡聪慧,《小额贷款公司的信贷风险及其控制——基于平遥模式的调查与思考》,《理论探索》,2008.1.
65《小额信贷机构业绩评测：报告、分析及监控框架》,The SEEP Network.
66 Kish Grid Methtod:左后右、先下后上的原则选取其邻居进行访问；进入各居民户后,采用基什网格(Kish Grid)确定每户的具体访问对象.
67中国人民银行,国培机构,《2011中国小额信贷机构竞争力发展报告.
68此方法为Kish Grid Method八个选择方法之一,见Kish,1965, Survey Sampling, p.399.
69中国人民银行,《2011年全国小额贷款公司第三季度报告》.
70《企业规模划型标准简介》,国家统计局统计设计管理司.
74 Wei.R,《Emerging lifestyles in China and consequences for perception of advertising, buying behaviour and consumption preferences》, International Journal of Advertising,1997,16, p.261-275.
78曹子娟,《中国小额信贷发展报告》,中国时代经济出版社,2006.
79资料来源：根据贵州和内蒙古小额贷款公司招标说明整理所得.
80胡聪慧,《小额贷款公司的信贷风险及其控制——基于平遥模式的调查与思考》,《理论探索》,2008.1.
8221世纪商业评论：《电子支付：完美的变形》,2010.6,总第70期.
85焦瑾璞、何广文,《小额信贷运作与管理》,国培机构.
86中国人民银行小额信贷专题组,《小额贷款公司指导手册》,2006.12.01,中国金融出版社.
87杜栋、庞庆华、吴炎,《现代综合评价方法与案例精选(第二版)》,2008.06.01,清华大学出版社.
101管玉贵、许焱、吴寂琼,《安徽小额贷款公司试点情况的调查与分析》,《西部金融》,2009(4)：p29.
102王岩,《小额贷款公司发展现状及对地区金融经济的影响》,《黑龙江金融》,2010(12)：p65.
103中国人民银行包头市中心支行课题组(刘宇,蓝慧敏),《包头市小额贷款公司调查》,《内蒙古金融研究》,2010(12)：p23.
104张力生、李志骥、赵艳平(中国人民银行衡水市中心支行),《对衡水市小额贷款公司的调查与思考》,《华北金融》,2010(10)：p23.
105数据来源：中国金融网http://www.zgjrw.com,2010.7.10.
107凌华薇、叶伟强、李听,《穷人的银行家》,《财经》,2006(22).
108张勇,《拉丁美洲小额信贷初探》,《拉丁美洲研究》,2004.04.
109霍侃,《山西平遥小额贷款：7000万之上还有更广阔天空》,《第一财经日报》,2007.2.8.
110刘杰,《小额信贷将遇发展良机》,《北京商报》,2007.1.22(第7版)
111 Alfred Hannig,Gabriela Braun:How to Regulate and Supervise Micro-finance:Key Issues,www.cgap.org.
112 Christen认为：在发展中国家,自我监管不够有效,见Robert.Peck.Christen:"Commercialization-The New Reality of Microfinance",www.cgap.org.
113黄毅,《中国小额信贷问题研究(下)》,《银行家》,2006.01.
114杜晓山,《商业化、可持续小额信贷的新发展——德国、阿尔巴尼亚和乌克兰小额信贷的研讨和考察》,《中国农村经济》,2003.10.
115凌华薇,《尤努斯叩门》,《财经》,2006(22).
116 Mark Schreiner and Jacob Yaron, 《The Subsidy Dependence Index and Recent Attempts To Adjust It Savings and Development》,Vol.23, No.4,1999, p.375-405.
117 Morduch Jonathan, April 1997,Microfinance sustainability:A Consistence Framework and New Evidence on the Grumman Bank, Discussion Paper,dept.of Economics and HIID,Harvard University.
118 Pual B. McGuire&D. Conroy,《小额信贷现象》,《小额信贷研究》,2003.03.
120 Robinson, Margueritte:'The Microfinance Revolution: Sustainable Finance for the Poor', Washington, D.C.World bank,2001, Newyork.
121 Robinson, Margueritte: 'The Microfinance Revolution: Sustainable Finance for the Poor', Washington, D.C.World bank,2001, New York.
122 CGAP, Those who leave and those who don't join: Insights from east African microfinance institution. Http://www.cgap.org. May 2000. Focus Note No.16.
123 CGAP, Those who leave and those who don't join: Insights from east African microfinance institution. Http://www.cgap.org.May 2000. Focus Note No.16.
[1]《2009年小额贷款公司咨询报告及操作指南》
[2]《2010年小额贷款公司咨询报告及操作指南》
[3]《2011年小额贷款公司咨询报告及操作指南》
[4]《中国首份小额贷款公司年度监管报告》
[5]2011《宜信企业社会责任报告》
[6]Fred Levy,《微型金融中的批发机构.世界银行扶贫协调小组报告》,2002.7.
[7]Gautam Lvatury, Nicole Pasricha,《如何资助微型金融机构引入新技术.世界银行扶贫协商小组报告》,2005.4.
[8]The SEEP Network,《小额信贷机构业绩评测报告、分析及监控框架》
[9]世界银行扶贫协商小组,《小额信贷监管指导原则》
[10]中国人民银行小额信贷专题组,《小额贷款公司指导手册》,北京金融出版社,2006.
[11]江乾坤,《小额信贷创新发展与浙江实证研究》,经济科学出版社,2008.8.
[12]何广文、李树生,《农村金融学》,中国金融出版社,2008.
[13]中国金融教育发展基金会、中国人民银行金融研究所,《中国小额信贷案例选编》中国市场出版社,2009.1.
[14]杜金富、张新泽、李跃等,《征信理论与实践》,中国金融出版社,2004.
[15]何广文、李莉莉,《正规金融机构小额信贷运行机制及其绩效评价》,中国财政经济出版社,2005.11.
[16]李树生、何广文,《中国农村金融创新研究》,中国金融出版社,2008.
[17]邱俊如、金广荣,《商业银行授信业务》,中国金融出版社,2009.2.
[18]吴殷强,《商业银行客户营销》,中国商业出版社,2006.8.
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