微型金融的雙基線研究：社會責任政策與借貸模式影響

Abstract

本文的研究目的是回答一個問題：「如果一間微型金融機構增加了對社會的貢獻與發展，將會如何影響它的財務績效？」本文以MIX market的資料，來自39個不同國家共102個微型金融機構為樣本，並根基於Gonzalez (2010)的研究，以多元迴歸法分析社會責任政策對於微型金融機構的財務績效之影響，並將個別借貸模式的差異區分開來。研究結果顯示，當機構對於員工的特定行為給予紅利績效獎勵時，對生產力 (以員工對借款人比率表示)與效率 (以營運費用率表示) 皆有負面的影響。而當機構提供額外的非金融服務，例如教育、健康醫療等，會使生產力提升。另外，採用鄉村銀行借貸模式的機構，員工周轉率升高會使生產力嚴重的下滑，在另外兩種借貸模式中則沒有這種現象。

The main goal of this paper is to answer a key question: 'What's the impact of socially responsible policies on financial performance for microfinance institutions? Good or bad?' Based on Gonzalez (2010), we explore the impact by using regression analysis with high quality data on 102 institutions in 39 countries, and separate different lending methods. The main results revealed a negative impact of staff-incentives policies on both productivity (represented by BPS) and efficiency (represented by OER), and a positive impact of extra nonfinancial services on productivity. Besides, there's a noteworthy sign for village bank lenders but not for solidarity lenders and individual-based lenders that productivity would suffer a tremendous decline when staff turnover rate goes up.