CAJ | 학술논문

伴随全球微型金融业快速发展,微型金融机构资金来源逐渐多元化和国际化,国际投资者对微型金融投资规模也与日俱增。文章对微型金融业资金来源以及融资生命周期和结构变化进行了梳理,并介绍了微型金融股权交易和微型金融投资机构MIVs（Micro Finance Investment Vehicles）的最新发展情况。最后结合国际经验,文章针对国内新型农村金融机构和小额贷款公司等微型金融机构面临的融资渠道窄,资金来源不足等问题提出建议,一是要鼓励和引导国内微型金融业构建多元化投融资体系,增强资本实力,完善公司治理;二是要培育和发展本土专业化的MIVs投融资平台或中介;三是继续完善差别监管政策和扶持政策体系,建立健全微型金融评级制度和征信体系。
반수전구미형금융업쾌속발전,미형금융궤구자금래원축점다원화화국제화,국제투자자대미형금융투자규모야여일구증。문장대미형금융업자금래원이급융자생명주기화결구변화진행료소리,병개소료미형금융고권교역화미형금융투자궤구MIVs（Micro Finance Investment Vehicles）적최신발전정황。최후결합국제경험,문장침대국내신형농촌금융궤구화소액대관공사등미형금융궤구면림적융자거도착,자금래원불족등문제제출건의,일시요고려화인도국내미형금융업구건다원화투융자체계,증강자본실력,완선공사치리;이시요배육화발전본토전업화적MIVs투융자평태혹중개;삼시계속완선차별감관정책화부지정책체계,건립건전미형금융평급제도화정신체계。
With the rapid development of the global microfinance industry,funding sources of microfinance institutions have gradually become more diverse and international,as international investors have increased their investment in the microfinance industry. This paper introduces the sources of funds and the financing life cycle and structural changes in the microfinance industry,as well as introducing microfinance equity trading and microfinance investment vehicles （ MIVs） . Finally,this paper looks at international experiences to offer suggestions on issues including the narrowing of financing channels and inadequate finance sources facing new domestic rural financial institutions,small loan companies and other micro-finance institutions. One suggestion is that it is necessary to encourage and guide the domestic microfinance industry to build a diversified investment and financing system,enhance capital strength and improve corporate governance; second,it is necessary to nurture and develop a local professional platform of investment and financing like MIVs; third,it is necessary to continue improving differentiated regulatory policies and supporting the policy system,while establishing and improving a microfinance rating system and credit reporting system.