摘要
从融资约束的视角出发,利用全国407家小额贷款公司2011—2016年的非平衡面板数据,通过构建联立方程模型,实证研究了小额贷款公司风险承担与社会绩效之间的关系。研究发现:在融资约束的影响下,小额贷款公司社会绩效会提高风险承担水平,管理者需要在降低风险承担和提高社会绩效之间进行权衡;融资约束能有效降低小额贷款公司风险承担水平,实现监管部门目标,但是以牺牲社会绩效为代价;融资约束有助于促进小额贷款公司解决县域内微小企业和农村大户的贷款难题,提升了社会绩效。
In this paper,we analyse the relationship between the risk-taking and social performance of micro-credit companies from the perspective of financing constraints,combined with the simultaneous equation model by using the unbalanced panel data of 407 micro-credit companies from 2011 to 2016. It is discovered that under the influence of financing constraints,the social performance of micro-credit companies improve the risk-taking ability. Executives need to choose either to reduce risk-taking or improve social performance. Financing constraints can effectively reduce the risk-taking of micro-credit companies,and achieve the objectives of the regulatory department,but it is at the cost of reducing the social performance. At last,financing constraints can promote the social performance by solving the loan problems of small enterprises and major farmer clients in the county.
作者
范亚辰
何广文
杨虎锋
FAN Ya-chen;HE Guang-wen;YANG Hu-feng(College of Economics and Management,China Agricultural University,Beijing 100083,China;College of Economics and Management,Northwest A＆F University,Xianyang 712100,Shanxi,China)
出处
《华南理工大学学报（社会科学版）》
2018年第5期71-81,共11页
Journal of South China University of Technology(Social Science Edition)
基金
教育部人文社科研究青年基金项目"商业性小额贷款公司的信贷供给:运作机制及绩效评价研究"(13YJC790177)
关键词
融资约束
风险承担
社会绩效
联立方程
financing constraint
risk-taking
social performance
simultaneous equation
