| Poverty has always been an objective phenomenon in human history and the development of human society.Since the founding of New China in 1949,our government has always been fighting poverty.As an important part of China's poverty alleviation and development strategy,financial poverty alleviation prioritizes the provision of all-round,multi-level and broad financial products and services to the rural disadvantaged groups and poor areas.According to the data released by the State Council Office on Poverty Alleviation,in 2016,the country offered 810 billion yuan of financial precision poverty relief loans,supporting the income increase of 4.62 million poor people.With the gradual deepening of poverty alleviation,as its advantage,the "hematopoietic" function of financial poverty alleviation is even more obvious and is receiving more and more attention and support from the party and government at all levels.In practice,a great many financial poverty alleviation models emerged in our country,which can be divided into indirect financing model and direct financing model.There are two main types of indirect financing,loans for poor households and industrial poverty alleviation loans.The direct financing model is mainly bond financing,supplemented by listing financing.Although there are many financial poverty alleviation models,the most common,sustainable,marketable and effective ones are still the indirect financing models.Although the effect of financial poverty alleviation is obvious,it also faces some problems.First,poor households have a high risk of loans.Rural financial practices have proven that the non-performing loans of rural households tend to be the highest,and the endogenous motivation of commercial banks to participate in poverty alleviation is insufficient.Second,there is controversy over the choice of financial poverty alleviation model.Some people think that the model of providing loans directly to poor households is more effective,but others think that the model of industrial poverty alleviation loans is in line with the laws of the market economy and is more sustainable.Third,under the background of government participation,financial institutions are prone to moral hazard and adverse selection when they participate in poverty alleviation.Their efficiency in alleviating poverty is not necessarily high.In response to the above problems,this paper focuses on the following problems rarely studied domestically?First,whether the participation of financial institutions in poverty reduction is sustainable.Taking the principle of "marketization" as the starting point,we can verify under what circumstances endogenous motivation of financial institutions to participate in poverty alleviation can be sustained.For example,with the government's participation,we verify whether the loans granted by market-oriented financial institutions can achieve profits or preserve the principle value.If profitability can be realized,the financial institutions' participation in poverty alleviation can be proved to be sustainable.Financial institutions have the endogenous motivation to participate in poverty alleviation,which are the preconditions and foundations for studying the efficiency of the financial poverty alleviation model.Second,whether the model of lending to poor households can effectively increase their income.In the financial poverty alleviation process,due to the "borrowing and returning" basic characteristic of credit funds,poor households also need to pay interests.If the poor households run poorly,they are likely to get poorer and the phenomenon of "resulting in poverty due to loans" emerges.Third,we do a comparative study between poor households loans and industrial poverty alleviation model to confirm which model is more efficient.As the two mainstream financial poverty alleviation models in our country,this paper attempts to verify which model is more effective and more efficient by comparing the income-increasing capability of the two models.Fourth,we do a comparative study between poor areas and non-poor areas to confirm which model is more suitable for it.This thesis consists of 7 chapters.The research framework is as follows: Chapter 1,Introduction,mainly describes the research background,purpose,significance,literature review and commentary,technical approach and research methods,innovation and research difficulties.Chapter 2,Theoretical Analysis Framework of Financial Poverty Alleviation.Based on the definition of related concepts and the review of relevant theories,the mechanism of the poverty alleviation model affecting poverty reduction was elaborated,and the theoretical framework for the analysis of the poverty alleviation sustainability of financial institutions was established.The theoretical analysis of the marginalization of poor households loans was conducted.Chapter 3,Comparison of Financial Poverty Alleviation Models at Home and Abroad.Focusing on the historical process of financial poverty alleviation at home and abroad and the successful practical experience,it summarizes the different points,common points,and applicability of financial poverty alleviation models at home and abroad,and draws on the basic experience of successful financial poverty alleviation models.It provides support for the empirical study in the following chapters..Chapter 4,Current Situation of China's Financial Poverty Alleviation and the Constraints It Faces.It conducts a qualitative analysis of the five characteristics of China's financial poverty alleviation status,and the constraints faced by the impoverished areas such as the weak economic foundation,the poor financial infrastructure,inadequate coordination of fiscal and financial policies,and the need to improve the financial pro-poor risk prevention mechanism.Consequently,we have a comprehensive understanding of the overall situation of China's financial poverty alleviation.Chapter 5,Empirical Analysis of Poverty Alleviation Sustainability of Commercial Financial Institutions in Shandong Province.Supported by relevant data of Shandong Province,using factor analysis methods,an empirical analysis of the sustainability of commercial financial institutions in poverty alleviation was carried out to compare the ability of local financial institutions to participate in poverty alleviation and sustainable management.Chapter 6,Empirical Analysis on the Efficiency of Commercial Financial Poverty Alleviation Models in Shandong Province.Supported by relevant data of Shandong Province,using SFA,TOBIT theory,etc.,it empirically measures the efficiency differences between the two types of commercial poverty alleviation models,poverty loans and industrial poverty alleviation loans.It also conducts a comparative analysis between the differences in efficiency in different districts and counties in Shandong Province,exploring the choices of two major models in different districts and counties in Shandong Province.Chapter 7,Conclusions and Recommendations.On the basis of the above research,this thesis comprehensively summarizes the research conclusions,proposes policy recommendations in light of the actual situation of poverty alleviation,and looks forward to future research.In summary,based on a variety of research methods such as literature research,comparative analysis,theoretical analysis,empirical analysis,economic factor analysis and non-economic factor analysis,qualitative analysis and so on,economics theory,game theory and information economics theory,the thesis includes the poverty alleviation loan into the sustainable management analysis as an influencing factor,and the critical point of sustainable management as conclusion is drawn,laying the foundation for the subsequent empirical analysis and policy suggestions.At the same time,using the SFA method,taking the factors of social and economic development that affect the output of financial institutions,the input elements of financial institutions themselves and the willingness of the poor households themselves to get out of poverty as the input elements,and the number of poor households driven as the output factors,we calculates the efficiency of the two financial poverty alleviation models.The main conclusions are:First,government risk compensation can restrain adverse selection in the market.The success depends on the degree of government support.The policies that can make marginal profits of bank loans subject to risk compensation negative can inhibit the adverse selection of the loan market and promote the sustainability of financial institutions in alleviating poverty.Second,four types of financial institutions have stronger sustainability in poverty alleviation.The first type are the ones that are founded earlier and have a larger scale,the second type are the ones that get more support from the People's Bank of China in reloans,the third type are the ones that obtain government risk compensations,the fourth type are those that have better core capital adequacy ratio and net assets profit margin.Thirdly,effectively reducing the transaction cost for poor households applying for loans from financial institutions will help to alleviate the extent to which poor households are constrained by the credit facilities and increase the effective lending opportunities for poor households in financial institutions,and thus to a greater extent optimize the allocation of family resources to improve the welfare of poor households.Fourth,the efficiency of industrial poverty alleviation loans is higher than that of poor households loans.The efficiency of the industrial poverty alleviation loan model is about 0.5 while that of poor households is about 0.3.Fifth,the government's risk compensation and the poverty alleviation reloan of PBC are two important variables affecting the efficiency of poverty reduction output.The government risk compensation makes the loans to poor households truly "unsecured and unguaranteed",while the poverty alleviation reloan of PBC provides low-cost anti-poverty funds to financial institutions.Sixthly,the technical efficiency of the financial poverty alleviation models is affected by many factors.The technical efficiency of poor households loans is more affected by household saving rate,financial-related rate and innovation-oriented products of financial institutions.The technical efficiency of industrial poverty alleviation model is more affected by the integrity of the county environment,the number of pro-poor production and operation entities and the risk compensation they obtain.According to the conclusion of this thesis,the following policy recommendations are further proposed:First,poverty-stricken areas need to speed up the adjustment of their economic structure,encourage the scale expansion of the industrial enterprises,raise the level of industrialization of agriculture,form industries or industrial clusters with market competitiveness,exploit high-quality customer resources,enhance the ability of market-oriented economic entities to borrow loans and support the development of financial industry.Second,the government should improve the organizational structure of financial institutions as soon as possible,further establish and improve the support mechanism of monetary and credit policies,vigorously develop financial markets and provide strong guarantees for diversifying financing needs in poverty-stricken areas.Thirdly,financial institutions should innovate financial credit products and operating mechanisms for poverty alleviation,effectively solve the problems of asymmetric information in microfinance and lack of collateral for collateralization,and launch a series of financial products featuring distinctive,effective,replicable and easily proclaimed.At the same time,we should attach great importance to the promotion of industrial poverty alleviation loans and improve the overall efficiency of financial assistance to the poor.Fourthly,the government should give full play to the stimulus and typical guidance of fiscal policies and tax policies,and make comprehensive use of economic means such as incentives and risk compensation to build a guidance-based incentive mechanism to guide the return of financial funds and social funds to poor areas.Fifthly,the government should make great efforts to optimize the financial ecological environment in poor areas,effectively solve the problems such as the lack of credit system in poor areas,information asymmetry,high moral hazard and backward construction of financial infrastructure so as to better support financial institutions in poor areas.Sixthly,the government should establish a risk compensation fund for poverty alleviation loans,vigorously develop agricultural insurance,establish an agricultural risk hedging mechanism and provide guarantees for credit funds to support poverty alleviation and development. |
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