普惠金融视角下新型农村金融机构的目标偏离及其治理机制研究

So far providing lasting and effective financial services for farmers and other vulnerable groups is still a great global challenge, and various international organizations such as the United Nations issued an initiative of building inclusive financial system, and China at the third plenary session of the 18th central committee also clearly decides to develop inclusive finance. In this context, it is more worthy of attention that the new rural financial institutions (NRFIs) established by the China government in order to targeting the "sannong" (agriculture, countryside and fanners) according to the setted policy goal deviate from the "sannong" in practice.Therefore, from the perspective of inclusive finance, the project takes NRFIs such as microcredit companies, village and town banks as a research object, and analyzes the forming mechanism, influencing factors and governance mechanism of deviating from the "sannong" of NRFIs (named mission drift problem): firstly discussing the new requirements of the inclusive financiae on NRFIs, secondly constructing a theoretical model for analysizing the forming mechanism of mission dirft of NRFIs from the its commercialization, corporate governance, policy intervention point, thirdly after massive empirical analysis including field investigation and building econometric models and etc studing the evaluating system, possible impact, and influencing factors of mission drift of NRFIs, fourthly summaring the international experience of governing mission drift problem from the practice of microfinance and reducing poverty, and finally constructing effective governance mechanism of mission drift problem of NRFIs. This project is not only a beneficial exploriation of forming mechanism of mission drift problem of NRFIs in China, but also provides an effective solution for assessing and governing mission drift problem of NRFIs for the relevant departments.

为农户等弱势群体提供持久有效的金融服务迄今仍是富有挑战的国际难题，联合国等国际组织为此倡议"构建普惠金融体系"，十八届三中全会也明确提出"发展普惠金融"。在此背景下，基于服务"三农"政策目标建立的新型农村金融机构出现的偏离"三农"问题更加值得关注。为此，本项目从普惠金融视角出发，以小额贷款公司、村镇银行等新型农村金融机构研究对象，着重分析其偏离"三农"的形成机理、影响因素和治理机制：在剖析普惠金融对新型农村金融机构全新要求的基础上，从商业化、治理结构、政策干预等角度构建理论模型分析目标偏离的形成机理，通过实地调研和建立计量模型等多层面的实证分析，研究目标偏离的评估体系、产生的影响及其影响因素，并在总结微型金融与扶贫领域治理目标偏离国际经验的基础上建立偏离"三农"的治理机制。本项目既能对中国情景下微型金融机构目标偏离形成机理进行理论分析，也能为相关部门评估治理目标偏离提供有效的解决方案。

随着农村金融商业化进程的发展，一些新型农村金融机构出现了日益严重的“目标偏离”问题。本项目以村镇银行和小额贷款公司为例，从普惠金融视角出发，研究新型农村金融机构社会目标（服务“三农”）的含义、衡量指标、偏离“三农”的形成机理及其影响因素等内容，在此基础上着力构建新型农村金融机构目标偏离的治理机制。.本项目从服务对象、服务区域、服务方式三个维度构建了新型农村金融机构“目标瞄准指数”。进一步的实证研究发现，我国新型农村金融机构面临“目标偏离”问题的严峻挑战。以村镇银行为例，其“目标偏离”的表现为在目标地区的服务不到位、对目标人群的服务不到位、创新能力差，金融产品可得性差；以小额贷款公司为例，其目标偏离的主要表现为以中小企业为服务对象。.本项目发现，导致新型农村金融机构“目标偏离”是多重原因导致的结果：基于委托代理理论、博弈论的分析揭示商业化是一个重要原因；多项实证研究证实机构的商业化水平、公司治理、风控能力、管理效率、资产规模、市场竞争等是影响“目标偏离”的主要因素；信息技术、互联网金融已经成为“目标瞄准”中不可忽视的作用因素。.本项目提出，治理新型农村金融机构“目标偏离”问题，需要从机构、市场、监管等方面着手。包括：建立社会绩效评估体系有利于治理目标偏离问题；强化经营者激励，鼓励不同类型机构的多样化发展；提高瞄准主体经营能力，促进机构服务方式创新；明确定位，推进新型农村金融机构创新发展；多方联手，营造有利于机构目标瞄准的外部环境；强化监管引导，有效发挥互联网金融的竞争效应。.上述研究结论具有十分重要的意义：从理论上看，揭示了新型农村金融机构“目标偏离”的内在原因和影响因素，探索了中国情景下新型农村金融机构实现社会目标的治理机制和理论；从现实意义看，有利于督促新型农村金融机构实现服务“三农”的社会目标，有利于评估新型农村金融机构社会目标的实现情况遏制偏离“三农”。