中国农村金融改革：历程、经验、教训

中国农村金融改革：历程、经验、教训内容摘要：

2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 30% Interest Rate Paid by RFI on its Borrowed Funds 主要假设 ： 股本占总资产的 10%，年度平均总资产回报率是 20%，管理费用占总资产的 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 教训之六 : 错把较高的市场利率视作高利贷 Lesson six: regarding high interest rates as usurious  传统上有些国家把高于管制的利率视作高利贷 Traditionally some governments regard any interest rates above the regulated rates as usurious  也有的国家法律设定一个标准，超过即视为高利贷 And still others have legislations providing for a threshold for usurious interest rates  然而那种按照一定绝对额设定高利贷界限的做法已经过时了 However it is outdated practice to pinpoint an absolute value as usurious interest rate  实际上只要借款者能够在偿还贷款本息之后仍有利润空间利率就不是高利贷 As long as the borrower is able to generate profit after paying interest and principle the interest rate is not usurious 16 微型贷款为什么需要高利率 Why lending rate for microloans needs to be high  如果每笔贷款成本 25元  If actual cost per loan is $25 占 1万元贷款平均成本 the percentage cost for a $10,000 loan % 25% 占 100元贷款平均成本 the percentage cost for a $100 loan 如果利率不变银行肯定 不愿意发放小额贷款 17 教训之七 : 政府的预算是有限的因此补贴不是办法 Lesson seven: there is a limit to the state budget  在任何情况下政府的预算都是有限的，因此政府面临两难选择 In any given situation the government capacity to provide subsidy is limited, therefore the government is confronted with a cruel dilemma  也就是说到底是以较高的补贴但是却只能使较少的人受惠 Namely to provide relatively higher subsidy but only to reach fewer rural households  或者以较低甚至是零补贴但是却能使有限的资金惠及更多的目标人群 Or to reach more households with lower or even zero subsidy  没有任何政府能够避开这种选择 No government can escape from this cruel dilemma 18 问题是政府面临残酷的两难选择 But there is a cruel dilemma 在财政约束条件下每单位贷款 faced with budget constraints, for each unit lent:  或者以较少乃至零补贴使更多的目标人群得到实惠  either benefit more target group with less or zero subsidy  或者以较多的补贴使较少的目标人群得到实惠  or benefit less target group with more subsidy 19 高收入客户 低收入客户 目前提供的 服务 商业可持续 边界 市场 效率 差距 微型金融的商业可持续边界 Frontier of mercial microfinance 20 教训之八：政府办农村金融机构很少有成功的 Lesson eight: governments are not good at running rural financial institutions  从国际范围看只有少数国家的国有金融机构取得成功 Worldwide there are only a few countries that have successful s。