中國農村金融改革：歷程、經驗、教訓(編輯修改稿)
2024-11-04 16:41 本頁面
【文章內容簡介】 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% Interest Rate Paid by RFI on its Borrowed Funds 主要假設 ： 股本占總資產的 10%，年度平均總資產回報率是 20%，管理費用占總資產的 6%。 Key Assumptions: equity equals 10 percent of total assets, the average annual yield obtained on total assets is 20 percent, and administrative expenses are six percent of total assets. / 15 教訓之六 : 錯把較高的市場利率視作高利貸 Lesson six: regarding high interest rates as usurious ? 傳統(tǒng)上有些國家把高于管制的利率視作高利貸 Traditionally some governments regard any interest rates above the regulated rates as usurious ? 也有的國家法律設定一個標準，超過即視為高利貸 And still others have legislations providing for a threshold for usurious interest rates ? 然而那種按照一定絕對額設定高利貸界限的做法已經過時了 However it is outdated practice to pinpoint an absolute value as usurious interest rate ? 實際上只要借款者能夠在償還貸款本息之后仍有利潤空間利率就不是高利貸 As long as the borrower is able to generate profit after paying interest and principle the interest rate is not usurious 16 微型貸款為什么需要高利率 Why lending rate for microloans needs to be high ? 如果每筆貸款成本 25元 ? If actual cost per loan is $25 占 1萬元貸款平均成本 the percentage cost for a $10,000 loan % 25% 占 100元貸款平均成本 the percentage cost for a $100 loan 如果利率不變銀行肯定 不愿意發(fā)放小額貸款 17 教訓之七 : 政府的預算是有限的因此補貼不是辦法 Lesson seven: there is a limit to the state budget ? 在任何情況下政府的預算都是有限的，因此政府面臨兩難選擇 In any given situation the government capacity to provide subsidy is limited, therefore the government is confronted with a cruel dilemma ? 也就是說到底是以較高的補貼但是卻只能使較少的人受惠 Namely to provide relatively higher subsidy but only to reach fewer rural households ? 或者以較低甚至是零補貼但是卻能使有限的資金惠及更多的目標人群 Or to reach more households with lower or even zero subsidy ? 沒有任何政府能夠避開這種選擇 No government can escape from this cruel dilemma 18 問題是政府面臨殘酷的兩難選擇 But there is a cruel dilemma 在財政約束條件下每單位貸款 faced with budget constraints, for each unit lent: ? 或者以較少乃至零補貼使更多的目標人群得到實惠 ? either benefit more target group with less or zero subsidy ? 或者以較多的補貼使較少的目標人群得到實惠 ? or benefit less target group with more subsidy 19 高收入客戶 低收入客戶 目前提供的 服務 商業(yè)可持續(xù) 邊界 市場 效率 差距 微型金融的商業(yè)可持續(xù)邊界 Frontier of mercial microfinance 20 教訓之八：政府辦農村金融機構很少有成功的 Lesson eight: governments are not good at running rural financial institutions ? 從國際范圍看只有少數(shù)國家的國有金融機構取得成功 Worldwide there are only a few countries that have successful s
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