臺灣博碩士論文加值系統

過去20年，微型金融市場在開發中和低開發國家成長迅速且累積可觀的市場規模，然而蓬勃發展的背後，微型金融貸款機構的經營效率及其肩負的減貧推廣初衷間是否存在抵換關聯，向來備受爭議。伴隨微型金融市場快速成長後，早期由國際開發銀行或是各國雙邊援外資金支持的微型金融貸款機構，紛紛進行商業化並轉向資本市場尋求募資，而微型金融貸款機構是否具備永續經營及自給自足能力始終備受挑戰及爭議。除了影響微型金融貸款機構效率的內生變數外，本研究採隨機邊界分析法來探討總體變數對微型金融貸款機構的效率影響。本研究納入Battese 和Coelli 模型的優點，結合邊際成本函數與非效率函數為一次性分析，測度各變數對經營效率之影響。
本研究收集超過2003年到2015年650間各地微型金融貸款機構財務資料。首先實證發現，總體金融發展程度對微型金融貸款機構顯著產生正向影響。再者，推廣深度的變數如平均每位借款人借款額及平均每位存款人存款額等，會降低機構的營運效率。但尚有其他變數對效率的影響，如女性借款人比重，及微型金融貸款機構成立時間，本實證卻有不同的結果。最後在區域的表現上，亞洲及拉丁美洲的微型金融貸款機構，營運上相對較有效率。

Over past two decades, the development of Microfinance is significant. The continuous debate is whether any trade-off effect between the financial efficiency and outreach of Microfinance institutions. The increasing pressure on the efficiency of Microfinance institutions is derived from the request of self-sufficiency and sustainability in the process of commercialization. Apart from endogenous variables on the performance of Microfinance Institutions, this research uses the stochastic frontier analysis to examine the effect of country-level indicators on the efficiency of Microfinance institutions. Considering the advantage of Battese and Coelli Model, this study also combines cost frontier function and inefficient equation as one-step analysis to examine the effect of suggested factors on the efficiency of Microfinance institutions.

目 錄
誌謝……………………………………………….…………………………………. ii
中文摘要……………………………………………….……………………………iii
英文摘要……………………………………………….……………………………iv
Abbreviation………………………………………….…………………… v
Chapter 1 Introduction
1.1 Background.…………………………………………………………..1
1.2 Development of Microfinance………………..4
1.3 Purpose of the research………………………………10
1.4 Structure of article…………………………………….12
Chapter 2 Literature Review
2.1 Effect of Microfinance on poverty alleviation………….13
2.2 Self-sufficiency and sustainability of MFIs……………….15
Chapter 3 Methodology
3.1 Battese and Coelli model……………………....18
3.2 Initial cost frontier model….…………………19
3.3 Revised cost frontier model………………………22
3.4 Hypothesis for coefficients of the variables……..23
Chapter 4 Empirical Analysis
4.1 Sample data………………………………………………………26
4.2 Fisher-ADF unit root tests…..………28
4.3 Empirical result…………………………………………31
4.4 Analysis for the effect of Financial Crisis in 2008 ………………39
Chapter 5 Conclusions and Suggestions……………41
Reference……………………………………………………………………..44

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