民间资本进入农村金融服务业的目标权衡——基于小额贷款公司的实证研究

摘要

The sustainability and outreach of commercialization of microfinance, that is, MFIs being invested by private capital, could get win -win effect. Using survey data from 57 microcredit companies （MCCs）, this pa- per analyzes the way how to get profitability and the relationship between profitability and outreach. We get three results： firstly, raising interest rates may improve the profitability but lower loan quality for many MCCs. Secondly, there is a U - shaped relationship between loan costs and average loan size. Finally, the profitability and outreach to the poor can be compatible, and there is no evidence of mission drift.%民间资本进入农村金融服务业可以达到盈利和支农的双赢。利用57家江苏省小额贷款公司调查数据，分析民间资本进入农村金融服务业实现持续经营的途径，考察盈利和支农目标的兼容性。结果显示：（1）利率与盈利能力正相关，与贷款质量负相关，贷款定价目标上需要权衡盈利能力和贷款质量关系；（2）平均贷款额度与贷款成本之间呈u型关系，贷款成本目标需要权衡贷款成本和平均贷款额度关系；（3）盈利能力和支农广度以及支农深度均为正相关，盈利和支农目标可以兼容，目标上移现象不存在。因此，支持民间资本进入金融服务业，是提高支农效果的有效手段。