| Inclusive Finance is an inclusive financial system that let all sectors of society, especially the poor and disadvantaged groups benefit from financial services, and help those who find it difficult to from the formal financial institutions to obtain financial services for low-income groups out of poverty. Due to various reasons such as history, society, culture and so on, the rural areas of China can't get rid of the shadow of poverty, and it is difficult to obtain the necessary financial services and credit support. Therefore, in December 2006, the China Banking Regulatory Commission will forward opening scope of capital access in rural areas, allowing domestic and foreign bank capital, industrial capital and private capital to rural areas investments, acquisitions, new to new rural financial organizations, including rural banks, rural fund mutual aid agency,(small) loan companies. Set up these new type of rural financial organizations in rural areas, to compensate for rural financial services supply gap, achieve inclusive financial goals at the same time, but due to various reasons, widespread service object of high-end, the breadth of the service is not enough, the decline in the quality of service, scope of services and reduce outstanding problems, mission drift, seriously violates the original intention of national policy, impeding the healthy development of the rural economy, widen the gap between the rich and the poor in rural areas.In view of this, this paper will regard the new rural financial organization as the research object, and study the mission drift of the new rural financial organizations in the perspective of inclusive finance. The research ideas are as follows: first, a comprehensive introduction on inclusive property of new rural financial organization, theory basis and theoretical framework of this study, and the connotation and characteristics of mission drift; secondly, four dimensions and twelve indicators to measure the new rural financial organization mission drift, uses AHP method to construct the index system of mission drift sure, the comprehensive weight of each dimension and index, selects three indicators to measure the optimal mission drift, the percentage of average method for comprehensive consideration of the three indexes, calculates the comprehensive ratio of mission drift, and then the index system of mission drift application in analysis of Foshan Shun silver town bank; thirdly, the research framework of the game based on the theory, to explore the new rural financial organizations appeared in mission drift toward standardization and commercialization process with Generation mechanism and negative effects; finally, draw lessons from foreign developed countries such as the United States and Germany in the prevention of mission drift experience and lessons of developing countries such as India in the process of commercialization of microfinance, the prevention of new rural financial organizations mission drift policy suggestions are put forward from the perspective of macro and micro, specific policy recommendations are: Improving the relevant laws and regulations, from the system more clearly the social mission of new rural financial organizations; strengthening the fiscal and tax support, improve coverage of the rural areas; the establishment of performance management system of social, regular follow-up to realize the effect of new social mission of rural financial organizations; improve the internal governance structure, promote the innovation of the management mode etc..Based on the above research, this paper draws the following conclusions. Firstly, new rural financial organizations in the main investment, financial services and other aspects of the rural vulnerable groups are reflected in the service of the property in the perspective of inclusive financial. Secondly, measure mission drift indicator system includes the cover depth, breadth of coverage, coverage and coverage quality four dimensions, which cover depth, breadth of coverage in the index system of weights of 40.98%, 34.99% respectively, total weight of more than 75%, can be a very good measure of mission drift. And in the specific indicators of four dimensions of the decomposition found in all indicators, average loan size, poor clients accounted for ratio and the average customer monthly income in the index system for comprehensive weight is higher, 22.53%, 21.87% and 9.84%, respectively. As a result, these three indicators are more representative in measuring the mission of the new rural financial organizations. On this basis, we use the percentage of weighted average method to calculate the direct measurement mission drift ratio, general mission drift ratio to values between 0 and 1, mission drift ratio values closer to 0, that new rural financial group weaving pays more attention to the social mission, the lower possibility of mission drift happened; mission drift ratio values closer to 1, show that the new rural financial organization's mission drift more serious. In addition, this paper analysis the case of Gaoming Shunyin County Bank, the results show that Gaoming Shunyin County Bank has emerged from the phenomenon of agriculture, animal husbandry and fishery in the customer selection, and the signs of mission drift have emerged. Thirdly, this study found that in the process of new rural financial organizations establish a modern enterprise system to regularization, due to the actual operators and the original investors(shareholders) between the principal-agent relationship, both target inconsistency may lead to mission drift, and make life drift depends in punishment shareholders supervise cost rate and the operators of payment ratio, ratio is larger, new rural financial organizations choose the probability of poor clients more small, mission drift more serious; In the commercialization process, due to the existence of external competition and other organizations, internal motive for profit and to expand the scale of the introduction of investors need some of the customers the ability to identify risks and lower the new type of rural financial organizations is obtained by investors funds to support, by reducing the proportion of loan portfolios in small loans, or even to give up small loans, and choose to provide large loans to wealthy clients, there has been a serious mission drift. And for the customer who is the ability to identify risks better new rural financial organizations, in the face of the competitive pressure of other organizations, reduce the proportion of loan portfolios in microfinance, a certain degree of mission drift.The innovation of this paper lies in: Firstly, in research perspective, from the perspective of Inclusive Finance to examine the new rural financial organizations adhere to the poor people in rural areas to provide financial products or services inclusive properties; Secondly, from the point of view of the research object, the difference from the existing only to micro finance institutions mission drift as the object of study, new rural financial organizations as a whole into to the object of study; Thirdly, from the point of view of the research content, the index system of measuring the mission of the new rural financial organization is constructed, and the research framework of the game theory is used to study the formation mechanism of the mission drift. |
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