Social Enterprise Perspective Of Sustainable Development Of Rural Micro-credit

As most developing countries, financial duality and economic duality exist at the same time in china. In the underdevelopment of rural, the reason of farmers be restricted by formal credit is the risk of the problems that associated with information asymmetry, high transaction costs and lack of mortgage. The microfinance to farmers as a financial innovation has solved the problem of the asymmetric information and high fixed costs between the financial institutions and farmers in long time loan game in a certain extent. It can make up government failure and market failure in a certain extent, conducive to the promotion of rural financial innovation, improve the rural credit structure, improve the employment environment for farmers, rich aid-the-rural-poor way and theory. So the microfinance has played a positive role to ease the rural poverty problem.This thesis used the rural financial theory, information economics, institutional economics and social capital theory to study the sustainable development of rural microfinance carefully. Think the sustainable development of rural microfinance institutions can be divided into the organizational sustainable development and the financial sustainable development. Empirical research shows that the financial impact factors of the sustainable development in the microfinance institutions, Institution's social performance and scale, information transparency, gross loan portfolio to total assets, deposits to total assets, have a positive influence on the institution's sustainable development; Measure institution's risk management level index: bad debt write-off ratio and gross loan portfolio to total assets have negative influence, and risk management level is the key of microfinance institutions to sustainable development. The cases study both at home and abroad show that, the four types of the sustainable development of microfinance institutions have different problems: First, the government of the microcredit projects , the capital is limited, government departments mix up its administrative functions and the public service function with the function of enterprise (or the third sector), resulting in low efficiency, the project can't continue operating; Second, the third sector and bilateral, multilateral microfinance institutions is too dependent on external capital investment, and small scale, lack of financial policy and legal supports, the sustainable development face more challenges; The last, the formal financial institutions for the projects of microfinance, the sustainable development are faced the problem that provide policy public products and provide commercial public products in conflict.According to the results of the theoretical and empirical research, and combined with social enterprise which have social purpose and enterprise strategy for dual goal characteristics. The Thesis believes that if the rural microfinance institutions have the character of the social enterprise, not only can play a major role in the struggle against poverty, but also can do it on the basis of sustainable development and without subsidy. On the base of these studies, the thesis puts forward relevant policy suggestions.