本文在探討因微型金融商業化所產生的負面效果及金融中介在商業化環境下所扮演的角色。在微型金融商業化下存在兩種負面效果：任務迷失與過度負債。由於微型金融機構的雙基線目標已不同於以往，財務面已由損益兩平轉變為追求財務永續性；社會面則由幫助窮人脫貧走向為其提供金融管道，故在採用新定義的觀點下，我們覺得並不存在任務迷失的問題。在過度負債方面，由於資金分配不均，商業化的趨勢會加劇過度負債的問題，而作為資金導引者的微型金融中介，在未盡到實地查核的責任下，將資金導入特定地區則會惡化此問題。另一方面，受到負面效果的影響，社會績效的衡量與揭露成為大眾關懷的重點，作者將微型金融投資工具所揭露的社會績效項目與現行的社會績效標準對照後，發現其揭露情況仍有很大的不足。The objective of this paper is to discuss negative effects of commercialized microfinance and what role financial intermediary has in such an environment. The negative effects in this commercial environment include mission drift and over-indebtedness. Due to the commercialization of microfinance, the mission of microfinance institutions is changed. The financial goal is not just break-even but achieve financial sustainability, and the social goal is to provide access to financial services for poor people rather than help them alleviate poverty. Based on the new definition of the double bottom lines, I think the effect of mission drift doesn’t exist. On the other hand, due to high concentration of funding in a few markets, the trend of commercialization will aggravate over-indebtedness problem. Besides, because most cross-border funding is channeled through microfinance investment intermediaries and they don’t exactly carry out due diligence before they channel funding into microfinance institutions in specific countries, such behavior will deteriorate over-indebtedness problem. Furthermore, people are affected by the negative effect of commercial microfinance, so they concern about social performance disclosure and measurement. I compare the items disclosed by microfinance investment vehicles with social performance standard; I find that the disclosure of microfinance investment vehicles is very poor.
