2009———D200919022010“”———2011S0206。。1986—2010。20115430073。20。、、。20。20092008-2010。、1。23。MFIMicroFinancialInstitutionMFIs。MFIs。MFIs。4P114-115MFIs。5MFIs。6P115-116“”。7MFIs。MFIsBan-coSol。MFIs。·74·BancoSol。。MFIs。MFIs。。8P120-12120Yaron1992———SDIOSSROA。。979。10Culletal200849124MFIs。11MFIs。12。1314。15。16Thapa2007、。17SharmaNepal1997。。18Shah1999、、。19Rosenberg20095MFIsROA、ROE、AROA、OSSSDI。20MFIs。21。Yaron1992b1997CGAP1996。MFIs、、Yaron1992b1997SDIROEROA22MFIs。。23MFIsHartarskaandNadolnyak200762114MFIs。24。25PSPsFinancialServiceProciders。ChristenandRosenburg2000、、、“”、、、、。。。26·84·。27。。28KirkpatrickMaimbo2002MFIs。29、EG、PGTP。EGDGPCTPRG、AM-CDX。1.。EG=DG+PC。DG。PC。。2.。。ROE。PG=RG+AM-C+DX。RGAM-CDXDFI。3.TPTP=AccountingProfit-ProfitGrant。TPTP。。1.Yaron1997SDI。YaronMFIs。SDIMFISDI=SubsidiesALPALP。302.SchreinerYaron1999KhandkerSDRSDRSDISDR=SLP+Ij。SchreinerYaron1999SDRMFIsMFI。313.ArmendárizMorduch2005SDIL1+r1-d+I=L+C+SMFIMFI。Lr1-ddILC、、S。32P151-1524.Gaul2009SDI。MFI。ScottGaulMBBSDII。“2007MBBMFI94%”SDISDI=Adjustments+Donations+Expenses-1L1+rr-d。335.JuliaElenaAliciaGarcés2010·94·。KhandkerSDRShreiner&Yaron1999。πMFI。MFIV。KhandkerMFIVπ。。dIp。SDISDI=Adjustments+Donations+Expenses-1L1+rr-d+Vπ1-p。34P99-100Yaron1992SDIMFIsMFIs。、MFIs。Ingves2005MFIs1%。。35Culletal200649124MFIMFIs、。MFIs48MFIsGrameenBancosol30%20MFIs56。36MFIsMFIsMFIsMFIs。MFIs。37AghionandMorduch2005。MFIs。。38P200-201DonJohnstonJr.JonathanMorduch200740%BRI。RobertCullAsliDemirgüc-Kunt&JonathanMorduch2009346MFIs。39GuroLandsendHenriksenSveinOlavSvoldal2010MFIs。40DzeneRichman&AseiduK.Fred2010GhanaianMFIs。41ChristianAhlinandNevilleJiang2005。42JuliaElenaAliciaGarcés2010MFIs。35AhmadNawaz200954179MFIs。。ChristianAhl-inJocelynLinMichaelMaio2009373MFIMFI。MFI、·05·。43A.P.Pati.2009。200625%gradeISHGgrand2SHG11%。44SHGself-helpgroups。45RobertCullAsliDemirgüc-Kunt&JonathanMorduch2009346MFIs。46NGOs25%20%13%CullDemirgücKuntandMorduch2009b。。BangladeshandIndonesia。Grameen20。BeatrizArmendárizandJonathanMorduch2010BancoCompartamos。MIVs2006200778%CGAP2008b。47P210-211、、。MFIs。MFIsMFIs。48MFIsMFIs。1YaronJ..AssessingDevelopmentFinanceInstitutionsAPublicInterestAnalysisR.DiscussionPaper1992No.174.2PaulB.ConroyD..MicrofinancePhenomenonTheFoundationforDevelopmentCooperationBrisboneAustralia.R.http//.action.org/microjoel.html.2008-12-15.3YaronJ..SuccessfulRuralFinanceInstitutionsR.DiscussionPaper1992No.150.4AghionB.A.MorduchJ..TheEconomicsofMicrofinanceM.CambridgeMA.MITPress.2005.5McIntoshC.WydickB..CompetitionandMicrofinanceJ.JournalofDevelopmentEconomics20052.6AghionB.A.MorduchJ..TheEconomicsofMicrofinanceM.CambridgeMAMITPress2005.7McIntoshC.WydickB..CompetitionandMicrofinanceJ.JournalofDevelopmentEconomics20052.8AghionB.A.MorduchJ..TheEconomicsofMicrofinanceM.CambridgeMAMITPress2005.9BalkenholB..MicrofinanceandPublicPolicyOutreachPerformanceandEfficiencyM.NewYorkPalgraveEditinon2007.10HudonM.TracaD..OntheefficiencyeffectsofSubsidiesinMicrofinanceAnempiricalInquairyR.CEBWorkingPa-per200806-020.11CullR.AsliDemirguKuntMorduchJ..FinancialPerformanceandOutreachAGlobalAnalysisofLeadingMicrobanksJ.TheEconomicJournal2007.12AhmadNawaz.PerformanceofMicrofinanceTheRoleofSubsidiesR.CEBWorkingPaper2009.·15·13RahmanM.M..ImpactofRuralDevelopmentSchemeRDSodIBBLontheRuralPoor’sLivelihoodinBangladeshR.IslamicbankTrainingandResearchAcademyIBTRAMohammadpurDhaka2006.14BeatrizArmendarizArianeSzafarz.OnMissionDriftInMicrofinanceInstitutionsR.WorkingPapersCEBRSUniversitéLibredeBruxellesSolvayBrusselsSchoolofEconomicsandManagementCentreEmileBernheimCEB2009.15HudonM.TracaD..OntheefficiencyeffectsofSubsidiesinMicrofinanceAnempiricalInquairyR.CEBWorkingPa-per200806-020.16MorduchJ..TheMicrofinanceSchismJ.WorldDevelopment20004.17ThapaG..SustainabilityandGovernanceofMicrofinanceInstitutionsRecentExperiencesandSomeLessonsforSoutheastAsiaJ.AsianJournalofAgricultureandDevelopment20071.18SharmaS.R.NepalV..StrengtheningofCreditInstitutionsProgramsforRuralPovertyAlleviationinNepalR.UnitedNationsEconomicandSocialCouncilECOSOCforAsiaandPacificBangkok1997Thailand.19ShahD.P..ADBNandItsExperienceinRuralandMicrofinanceAttitudeJ.QuarterlyDevelopmentReview19999.20RosenbergR..MeasuringResultsofMicrofinanceInstitutionsMinimumIndicatorsthatDonorsandInvestorsShouldTrackJ.ATechnicalGuide20091.21MorduchJ..TheMicrofinanceSchismJ.WorldDevelopment20004.22YaronJ.M.BenjaminG.Piprek.RuralFinanceIssuesDesignandBestPracticesR.Washington.D.C.WorldBank1997.23RhyneElisabeth.ANewViewofFinanceProgramEvaluationR.InOteroMariaandRhyneElisabethEd..1997TheNewWorldofMicroenterpriseFinance.24HartarskaValentinaDenisNadolnyak.DoRegulatedMicrofinanceInstitutions.AchievebetterSustainabilityandOutreachCross-countryEvidenceR.AppliedEconomics20073910.25RhyneElisabeth.TheExperienceofMicrofinanceInstitutionswithRegulationandSupervisionR.Paperpresentedatthe5thInternationalForumonMicroenterpriseInter-AmericanDevelopmentBank2002September10RiodeJaneiro.26ChristenRobertRichardRosenberg.TheRushtoRegulateLegalFrameworkforMicrofinanceR.OccasionalPaper2000No.4.27IslamRoumeen.EconomicInformationandFinanceMorein