微型金融機構的發展與雙基線關係的研究

A Study of Microfinance Institutions’ Development and Double Bottom Line

陳重嘉(Chung-chia Chen)

指導教授 ： 邱慈觀

國立中央大學/管理學院/財務金融學系/碩士(2012年)

摘要

本文利用 MIX Market 的資料，以多元迴歸分析來探討微型金融機構社會績效和財務績效間的正負向關係，並且使用 CERISE 評等機構的社會績效評估準則和模型進行研究。被解釋變數部分是關於微型金融機構的財務指標，使用每員工負責的借款人數衡量其生產力、超過三十天的逾期貸款比率加上沖銷比例衡量其資產品質，以及營運費用比例衡量其效率。解釋變數以每位借款人平均貸款額度除以國民人均所得、女性借款人數比率、貸款利率、顧客回流率、員工週轉率以及借款人數為社會指標。本研究結果顯示營運在越偏遠貧窮的地方帶給微型金融機構愈大的生產力，但也會帶來較低的效率；貸款利率的減少也能增加借款人數，提高生產力；對員工的社會責任越好，可以提升機構的生產力和效率。本文對財務績效和社會績效相關性的結果有呈現負相關，也有呈現正相關，展現財務績效和社會績效兼容並存的一面。

關鍵字

社會績效 ； 財務績效 ； 微型金融機構

並列摘要

Adopting the data source from MIX Market and social performance criteria and model of CERISE rating agency, this paper studies the relationship between social performance and financial performance of Microfinance institutions(MFI) by using regression analysis. Dependent variables are about MFIs’ financial indicator: we use borrowers per staff member to measure productivity, portfolio at risk > 30 days plus write-off ratio to measure portfolio quality and operating expense ratio to measure efficiency. As to independent variables, we use average loan balance, percentage of female borrowers, yield, borrower retention rate, staff turnover rate and number of active borrowers as social indicators. Three results come out that: the remoter MFIs operate, the more productivity they have, but it also causes less efficiency; when yield is lower, it can increase active borrower to raise productive ; it can raise productivity and efficiency when social responsibility to staff is improved. This paper reveals negative and positive relationship between social performance and financial performance, and most importantly social performance and financial performance are compatible.

並列關鍵字

social performance ； financial performance ； microfinance institution

參考文獻

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