小额贷款公司财务效率和社会效率及其影响因素——基于DEA-Tobit两阶段法的实证分析  

Financial and Social Efficiency and its Influencing Factors of Microcredit Company——An Empirical Study Based on DEA Tobit Two Stage Method

作　　者：冯海红[1,2] 

机构地区：[1]山东大学经济学院,山东济南250100 [2]齐鲁工业大学金融学院,山东济南250100

出　　处：《财经理论与实践》2017年第3期33-38,共6页The Theory and Practice of Finance and Economics

基　　金：国家自然科学基金重点项目(71333009);国家自然科学基金面上项目(71273155);齐鲁工业大学人文社会科学规划项目(SKXMY1511)

摘　　要：基于2013—2015年山东省259家小额贷款公司的面板数据,运用DEA-Tobit两阶段法分析小额贷款公司财务效率和社会效率及其影响因素。实证结果表明:小额贷款公司社会效率的均值低于财务效率的均值,同时小额贷款公司在财务效率方面差异较小,并且总体水平较高,而社会效率的分布相对比较分散,并且总体水平较低。盈利能力、融资结构和地区经济发展水平对小额贷款公司的财务效率存在显著的正向影响;涉农贷款比例对财务效率和社会效率均产生显著的正向影响。国有集体资本参股和设立在县域有利于社会效率的提高;经营时间和小额贷款公司社会效率存在负相关关系,但对财务效率的影响并不显著。Based on the panel data of 259 microcredit companies for the period of 2013--2015 in Shandong province, this paper analyzes the financial and social efficiency and influencing factors of microcredit companies by using the DEA Tobit two stage method.The results show that. first- ly,the average value of social efficiency of the microcredit company is lower than the average value of financial efficiency. Meanwhile, the difference of financial efficiency is small, and its overall level is high.However, the distribution of social efficiency is relatively scattered, and its o- verall level is generally low; secondly, profitability, financing structure and regional economic de- velopment level have a significant positive impact on the financial efficiency of microcredit compa- nies.The percentage of agriculture-related loan has a significant positive impact on financial effi- ciency and social efficiency; thirdly, state-owned collective capital shares and founded in the county are conducive to the improvement of social efficiency.There is a negative correlation between the operating time and the social efficiency of microcredit companies, but the impact on financial effi- ciency is not significant.

关 键 词：小额贷款公司 财务效率 社会效率 DEA-TOBIT 

分 类 号：F832.3[经济管理—金融学]