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姓名 林君憶(Chun-I Lin) 查詢紙本館藏 畢業系所 財務金融學系 論文名稱 金融中介及微型金融商業化
(Financial Intermediaries and the Commercialization of Microfinance)相關論文 檔案 [Endnote RIS 格式]
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摘要(中) 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。
摘要(英) 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.
關鍵字(中) ★ 微型金融投資中介
★ 微型金融投資工具
★ 社會績效
★ 過度負債
★ 任務迷失
★ 微型金融商業化關鍵字(英) ★ social performance
★ microfinance investment vehicles
★ microfinance commercialization
★ mission drift
★ over-indebtedness
★ microfinance investment intermediaries論文目次 目 錄
頁次
摘 要 i
Abstract ii
誌謝 iii
目 錄 iv
圖目錄 v
表目錄 vi
一、前言 1
二、微型金融演進及負面效果分析 4
2-1 微型金融演進 4
2-2 微型金融商業化下的負面效果 6
三、金融中介與負面效果之關係 18
四、微型金融投資工具與社會績效面的衡量 23
五、因應微型金融商業化之負面效果而生的改善之道 28
5-1 Principles for Investors in Inclusive Finance 28
5-2 顧客保護原則 29
六、結論 33
參考文獻 35
附錄一：社會績效指標 37
圖目錄
圖 1 微型金融資金流向 9
圖 2 微型金融資金分配圖（單位：US$ BILLION） 11
圖 3 微型金融風險排名 12
圖 4 微型金融投資工具架構 24
表目錄
表 1 虛擬變數設定 15
表 2 預期迴歸結果 15
表 3 敘述統計 16
表 4 迴歸結果 17
表 5 花旗合作夥伴的特性 21
表 6 微型金融基金之社會績效指標比較表 25
表 7 微型金融投資工具之社會績效指標 27
表 8 PRINCIPLES FOR INVESTORS IN INCLUSIVE FINANCE 29
表 9 顧客保護原則 31
參考文獻 1. 邱慈觀,“責任型金融的省思：花旗微型金融案例”, March 20, 2012
2. Center for the Study of Financial Innovation,“Microfinance Banana Skins 2011, Losing its Fairy Dust”, Heron, Dawson and Sawyer, UK.
3. CGAP/Symbiotics,“CGAP 2010 MIV Survey Report”, August 2010
4. CGAP,“Cross-border Funding of Microfinance”, CGAP report No. 70, April 2011
5. CGAP,“Trend in Cross-border Funding”, CGAP Brief, December 2011
6. Cheston, S.,“The State of Global Microfinance：How Public and Private Funds Can Effectively Promote Financial Inclusion for All”, January 27,2010.
http://www.house.gov/apps/list/hearing/financialsvcs_dem/cheston_testimony.pdf
7. Citigroup, “Citi’s Annual Citizenship Report 2007”, 2007
8. Citigroup, “Citi’s Annual Citizenship Report 2008”, 2008
9. Citigroup, “Citi’s Annual Citizenship Report 2009”, 2009
10. Citigroup, “Citi’s Annual Citizenship Report 2010”, 2010
11. Cull, R., Demirguc-Kunt, A., and Morduch, J.,“Microfinance Meets the Market”, Journal of Economic Perspectives, Vol. 23, No. 1, pp. 167-192, 2009.
12. Enderle, G., “Three Major Challenges for Business and Economic Ethics in the Next Ten Years：Wealth Creation, Human Rights, and Active Involvement of the World’s Religions”, Business and Professional Ethics Journal, Vol. 30, pp. 232-252, 2011
13. Gine, X., and Karlan, D. S.,“Group versus Individual Liability：A Field Experiment in the Philippines”, World Bank Policy Reseach Working Paper, September 2006
14. Krahnen, J. P., and Schmidt, R. H., Development finance as institution building: A new approach to poverty-oriented banking., Westview Press., 1994.
15. Maes, J. P., and Reed, L. R.,“State of the Microcredit Summit Campaign Report 2012”, Microcredit Summit Campaign, Washington, DC
16. Mersland, R., and Oystein Strom, R.,“Microfinance Mission Drift?”,World Development, Vol. 38, No.1, pp. 28-36, 2009.
17. Morduch, J.,“The Microfinance Schism”,World Development, Vol. 28, No. 4, pp. 617-629, 2000.
18. Rhyne, E., The Yin and Yang of Microfinance: Reaching the Poor and Sustainability”, Microbanking Bulletin, July 1998.
19. Rosenberg, R., “CGAP Reflections on the Compartamos Initial Public Offering: A Case Study on Microfinance Interest Rates and Profits”, CGAP report No. 42, 2007.
20. Rozas, D.,“Implementing Client Protection in Microfinance, The State of the Practice”, Center for Financial Inclusion Publication No.14, 2011
21. Schmidt, R. H., and C. P. Zeitinger,“The Efficiency of Credit-Granting NGOs”, Vol. 20, pp. 353-385, Savings and Development, 1996.
22. Shil, N. C., “Micro Finance for Poverty Alleviation: A Commercialized View”, International Journal of Economies and Finance, Vol. 1, No. 2, August 2009
23. Symbiotics Research & Advisory,“Symbiotics 2011 MIV Survey Report”, August 2011
24. Tchakoute-Tchuigoua, H.,“Is there a difference in performance by the legal status of microfinance institution?”,The Quarterly Review of Economics and Finance, Vol. 50, issue 4, pp. 436–442, November 2010.
指導教授 邱慈觀(Tzu-Kuan Chiu) 審核日期 2012-6-28 推文 plurk
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