【作者】 方昕；

【导师】 何泽荣；

【作者基本信息】 西南财经大学 ， 金融学， 2010， 博士

【摘要】 本论文主要从国际小额信贷经典机构的历史发展和理论研究两个层面入手,剖析总结小额信贷的激励机制,构建小额信贷激励机制的核心支柱,并指出小额信贷激励机制的创新是其实现高还款率进而实现商业可持续的关键所在。在此研究框架基础上,着力分析中国微观信贷政策的实际执行情况以及在激励机制方面存在的缺陷,并分别提出微观信贷政策的改进和创新策略。一、本文首先回顾了小额信贷机构在国际和国内发展的主要历程。提出以下观点：1.国际小额信贷经历了对低收入人群的有效触及、实现高还款率、收益覆盖成本、寻找商业渠道资金实现金融可持续四个发展阶段。2.国内小额信贷发展以扶贫为切入点,有许多有益的尝试,但缺乏对小额信贷核心激励机制的有效把握和借鉴,因此难以发展壮大。3.格莱珉银行实现商业可持续运行的关键是其极高的贷款回收率,而高还款率的关键是格莱珉独创的小额信贷激励机制,今天在世界其他地方的成功小额信贷机构都或多或少受到格莱珉的影响,格莱珉银行的信贷激励机制是其最值得借鉴的地方。4、格莱珉银行小额信贷的主要特征：主要针对乡村没有土地或土地极少的赤贫人口；反高利贷；合理的激励机制；垄断性的市场基础。二、通过对经典案例的历史回顾总结以及对现有小额信贷激励机制理论文献的梳理,本文提出了构建小额信贷激励机制的四个核心支柱,即垄断性市场结构、团体(联保)贷款、动态激励机制以及信贷员模式。垄断性市场结构是其激励机制得以实现的基础和条件；信贷员模式则是其激励机制具体实施的组织形式；团体(联保)贷款和动态激励机制分别是早期和后期小额信贷激励机制的核心。1.垄断性市场结构是小额信贷激励机制产生和维持的重要基础。2.团体贷款(联保、小组贷款)机制是早期小额信贷机构的经典模式,而当小额信贷机构发展到一定阶段,特别是对市场的进入深度和覆盖面达到一定程度后,动态激励机制逐渐取代早期的团体贷款模式,成为实现商业可持续的小额信贷机构的核心激励机制。3.信贷员模式是小额信贷机构在组织形态上与其他金融机构的最大区别,也是小额信贷激励机制得以建立的重要基础。三、在完成了从理论上对于小额信贷激励机制的总结以后,本文着重就中国的微观信贷政策进行分析和反思。首先从总体上分析了中国当前信贷政策的总体格局以及微观信贷政策面临的困境,然后分五章对农村小额信贷、地震灾区农房重建贷款、助学贷款、促进就业小额担保贷款、扶贫贷款等五项重要的微观信贷政策进行了系统分析,并辅之以案例。本文研究并提出以下观点：1.我国微观信贷政策面临的现实困境是：社会期望度长期高于金融业可供给水平；传导渠道的行政化与作用机制的市场化之间存在冲突；分散化经营模式导致经营成本较高；微观信贷政策相关产品的贷款回收率普遍不高；金融机构普遍缺乏积极性,政策实施成本高；法律基础缺失导致其他行政力量的介入,政策激励机制出现扭曲；微观信贷政策效应难以评估。2.中国微观信贷政策在具体金融业务形态上都表现为小额信贷；微观信贷政策最大的问题在于对应的贷款业务回收率过低,违约风险和贷款损失严重,难以实现商业可持续；导致微观信贷政策相关信贷业务违约严重、回收率低的重要原因是政策理念落后,缺乏有效的正向激励机制；改进和创新微观信贷政策的关键在于充分借鉴运用小额信贷激励原理,设计正向激励机制,实现相关业务的商业可持续。3.完善激励机制、改进我国农村小额信贷政策的设想是：依托个人征信系统,建立完善农户征信体系；依托现代化支付工具,鼓励构建跨金融机构的小额信贷动态激励机制；充分借鉴国外成功小额信贷机构的激励机制,努力提升农村信用社小额信贷业务经营管理水平；逐步放松利率管制,稳妥推进利率市场化改革；坚持市场化运作原则,不断完善普惠农村金融服务体系；完善风险补偿机制,激励金融机构积极发展农户小额信贷4.作为非独立经济主体的小额信贷,助学贷款创新政策、改进激励机制的设想是：借款人主体身份的完善——从非独立经济主体向独立经济主体的演变；从“一次性”政策到动态激励——构建非独立经济主体与独立经济主体之间连续行为的正向激励机制；财政补贴应防止对激励机制的扭曲和误导；完善对高校的正向激励机制。5.重构和创新就业小额担保贷款政策的设想是：重新明确政策定位、重新明确借款主体和重新设计激励机制；在激励机制创新方面：明确借款人还款义务；明确贷款银行的风险管理责任；财政资金介入要充分考虑正向激励,尝试建立信贷信用保险机制；改变“一次性”政策做法,建立动态激励机制。6.重构扶贫信贷政策框架的设想是：调整扶贫贴息贷款管理方式；改革信贷扶贫贴息模式；逐步放松利率管制；建立风险补偿机制；借鉴经典小额信贷机构的经验做法。总体来看,借鉴国外经典小额信贷机构的成功经验,改造和创新微观信贷政策的激励机制,切实提高微观信贷政策相关信贷业务的资产质量,就成为提高中国微观信贷政策有效性的一个现实选择。而在充分履行金融业社会责任和积极探索现代金融运行规律之间寻求平衡,也就成为微观信贷政策创新的核心理念,这也就是本文希望得出的最终结论。四、本文的主要创新之处1.从激励机制角度对小额信贷进行研究和总结,提出小额信贷激励机制的核心支柱。以往对小额信贷的研究更多集中在小额信贷机构的发展方面,即重点关注小额信贷机构如何实现可持续运行以及监管当局如何创造适宜的政策和制度环境。本文的创新之处在于,直接切入小额信贷机构可持续运行的关键因素进行研究,专门就其信贷激励机制进行总结分析,创造性地将市场结构和信贷员管理模式与信贷激励机制结合起来,提出小额信贷激励机制的核心支柱。2.从激励机制角度对微观信贷政策进行系统反思,提出微观信贷政策相关信贷业务不可持续的关键在于激励机制的缺陷。借鉴小额信贷激励机制的成功经验,创新性地提出政策改进的建议。3.从资料收集的角度,收集整理微观信贷政策的相关情况,特别是收集整理汶川地震灾后农房重建贷款的资料。微观信贷政策的系统总结和反思是一个在金融管理部门内部一直在进行但尚未完成的课题。本文的研究以及观点也只是一家之言,但系统收集微观信贷政策的实施效应、面临的困境等资料用于研究,是本文的创新之处。另外,特别要提出的是,汶川地震灾区农房重建信贷政策的相关资料,作为学术研究,肯定是第一次,因为相关工作还没有最后完成,一些事关激励机制的完善与坚持,事关此项贷款业务能否实现较高还款率的重要工作仍在进行中。4.在微观信贷政策的创新改进方面,提出要在遵循现代金融运行规律和履行金融业社会责任之间寻求平衡,这可能是今后中国微观信贷政策发展创新的主要方向,也是本文研究想要得出的结论。更多还原

【Abstract】 In this thesis, the study starts with the analysis of the historical development and theoretical research of classic international micro-credit institutions, followed by the analysis of incentives mechanism of micro-credit and the construction of the key frameworks and pillars of micro-credit. It is pointed out that the innovation of incentive mechanism is the key for high repayment rates and thus achieving financial sustainability. On the basis of this research framework, emphasis is put on the analysis of the actual implementation of micro-credit policy in China and the defects in terms of incentive mechanisms. The improvement and innovation strategy for micro-credit policies are put forward.First, this paper reviews the international and domestic development process of micro-credit institutions. The following views are put forward:1. International micro-credit experienced the following four stages of development, which are effective touch with low-income groups, high repayment rates, profit covering cost, finding commercial channels for funds to achieve financial sustainability.2. The development of domestic micro-credit starts with poverty reducing. There were many useful attempts. But because of the lack of possessing of or reference to any core incentive mechanism of micro-credit, it was difficult to grow and develop.3. The key for Grameen Bank to achieve financial sustainability is its high repayment rate, while the key for high repayment rate is its innovative incentives mechanism. The successful micro-credit institutions elsewhere in the world today are more or less influenced by the Grameen Bank. Grameen Bank’s credit incentive mechanism is key point most worthy learning.4. Grameen Bank displays the following four features:Grameen micro-credit is provided mainly for extremely poor people who are landless or with very little land; Grameen micro-credit has been against usury from the very start; Grameen micro-credit Credit maintains sustainability because of high repayment rates, and the high repayment rates are based on rational incentive mechanism; the market for Grameen micro-credit is closer to monopolized market.Second, through the historical review and summarization of the classical case as well as combing existing literature about the incentive mechanism of micro-credit, this paper proposes the four core pillars to construct incentive mechanism of micro-credit, namely, monopolized market structures, group lending, dynamic incentives and loan officer mode. Monopolistic market structure is the basis and condition to achieve effective incentives, while loan officer pattern is organization form to implement incentive mechanism, and group lending and dynamic incentives are the core for incentive mechanism in the early time and later period respectively.1. Monopolized market structure is the important basis for the generation and maintenance of incentives mechanism.2. Group lending was the classic mode of micro-credit institutions in early times. When the micro-credit institutions entered certain development stage, especially when access to and coverage of the market reached certain degree, the dynamic incentive mechanism gradually replaced the early group lending model as the core incentives for successfully sustainable micro-credit institutions.3. Loan officer model is the major difference of micro-credit institutions from other financial institutions in term of organization pattern, and is an important foundation for the establishment of micro-credit incentives.Third, after the theoretic summary of micro-credit incentives, this paper focuses on analysis and reflection of micro-credit policy in China. From a general analysis of China’s current credit policy and difficulties faced by micro-credit policy, five chapters are followed to analyze micro-credit in rural areas, loans for reconstruction of rural houses in the earthquake zone, student loans, small secured loans to promote employment, poverty alleviation micro-loans. The analysis is supplemented by cases.In this paper, the following viewpoints are put forward:1. The dilemmas faced by micro-credit policy in China are that the social expectation has been higher in a long term than the supply of financial industry, the conflict between administrative transmission channels and market mechanism of effect, decentralized management mode leads to high operating costs, micro-credit Loan recovery rate policy-related products has low recovery rates, financial institutions generally lack of enthusiasm then the cost of policy implementation is high, the lack of legal basis leads to the involvement of other administrative then policy incentives are distorted, and it is difficult to assess the effects of micro-credit policy.2. The micro-credit policies in China are all in the form of micro-credit. The prominent issue of micro-credit policies is the low recovery rate and high default risk and loan losses, which leads to the difficulty to achieve commercial sustainability. The important reason for high default risk and low recovery rate is the out-dated policy ideology and lack of effectively positive incentives. The key to improve and innovate micro-credit policy is to fully refer to and apply incentive principles of micro-credit and to design positive incentives to achieve commercial sustainable.3. The methodology to improve the incentive mechanism to improve China’s rural micro-credit should be that a sound credit system for farmers should be built on the basis of personal credit system, a dynamic incentive mechanism should be built cross financial institutions by using basis of modern payment tools, efforts should be made to improve the management level of RCCs in terms of operation micro-credit by learning from successful micro-credit institutions in other countries, interest rate controls should be gradually eased and a market-oriented interest rate reform should be pushed forward, the inclusive rural financial services system should be improved in the guidance of market principles, and a sound risk compensation mechanism should be established so that financial institutions will be encouraged to launch micro-credit operations.4. The ideology to innovate policy and improve performance of student loans as micro-credit extended to dependent economic entities is that the status of the borrowers from dependent economic entities to independent ones should be improved, the process from "one-off" policy to the dynamic incentive should be in the relating phase with the said evolution of borrowers, financial subsidy incentives should be designed to prevent distortions and misleading, and perfect positive incentives to universities should be improved. 5. The proposal of reconstructing and innovating small secured credit policy for employment is that a re-clearing of policy orientation and borrowing principal should be implemented, a clear incentive mechanism should be re-designed, the obligation to repay should be cleared, the risk management responsibility undertaken by lending bank should be cleared, positive incentives should be taken into consideration when fiscal funds are to be involved into this business, the attempt to build credit insurance mechanisms should be encouraged, and the "one-off’policy approach should be replaced by dynamic incentives.6. The suggestion to reconstruct poverty alleviation credit policy is that the management of poverty alleviation loans should be improved, poverty alleviation credit discount model should be reformed, interest rate controls should be gradually eased, risk compensation mechanism should be established, and the experience of the classic practice of micro-credit institutions should be referred.Overall, the realistic choice for improving the effectiveness of the micro-credit policies in China is to fully refer to the successful experience of classic micro-credit institutions, reform and innovate incentive mechanism, and to effectively improve asset quality of micro-credit policy related business. The core of micro-credit innovation is to achieve balance between fully implementation of community responsibility and following financial sector operation principles, which is also the final conclusion the author wants to draw.Fourth, the major innovation of this article1. From the perspective of micro-credit incentives, studies are unfolded and summaries are drawn. The core pillars for micro-credit incentives are put forward.Previous researches were more focused on the development of micro-credit institutions, in other words, on how to achieve sustainable operation how to create appropriate policy and institutional environment by regulatory authorities. Innovation of this paper is that it directly probes the key factors for sustainable operations, specifically studies the incentives mechanism, and creatively combines market structure and the loan officer model with incentive mechanism so as to develop the central pillars of micro-credit incentives.2. From the perspective of incentive mechanism, refection is conducted on the micro-credit policies. The conclusion is drawn that the key factor of unsustainability of policy-related micro-credit business is the lack of incentive mechanism. In the light of the successful experience of the micro-credit incentive mechanism, proposals to improving policy-making are recommended innovatively.3. From the perspective of data collection, relevant micro-credit policies specifically the material of reconstruction rural housing loans in earthquake areas are collected and combed.This systemic summary and reflection of micro-credit policies has been an ongoing issue among authorities, but it is not completed. The study and views in this paper are only reflects the personal understanding of this issue. However, the systematic collection of the materials on implementation effects and difficulties faced by micro-credit policies is the innovation of this paper. In particular, the materials related to reconstruction of rural housing credit policy in areas hit by Wenchuan earthquake for academic research is certainly the first time, because the relevant work is not finalized and the important work relating to the improvement and continuity of incentive mechanism and the repayment rates of this credit is still m progress.4. In the aspect of innovation and improvement of micro-credit policies, the paper proposes that the balance between fully implementation of community responsibility and following financial sector operation principles should be. achieved, which probably will be the major direction for the development of micro-credit policies in China, and also is the conclusion this paper trying to achieve.更多还原