| The micro-credit system has started to pilot since 2008 all over the country. The micro-credit companies in Shandong, which are included in the list of the first batch of pilot, feature "supporting the development of rural area, serving the small clients, convenience and high efficiency". They gradually play a more and more important role in supporting the development of agriculture industry and villages and alleviating the farmers’ demand of borrowing money. Since the micro-credit companies are quite special in terms of loaning without accepting deposits and there exists huge gap between the urban and the rural, the road towards efficient and stable operation and fulfilling the goal of supporting the rural and small clients will be never plain for the micro-credit companies.This paper refers to both the foreign and domestic literatures and does the theoretical analysis from the perspectives of welfarism, sustainable operation, influential factors of efficiency and so on. It focus on analyzing some basic theories, for instance the general connotation and measures of efficiency. Based on that, the paper construct the basic analytical framework in measuring the operational efficiency of micro-credit companies.The paper introduces the development of the micro-credit companies in Shandong. It starts from the history and lists the important policies and events in each period. Afterwards, it pays more attention to the current development routes from the aspects of supervision mechanism, talent training and innovation. By comparing the development of micro-credit companies in Shandong both horizontally and longitudinally, the paper find the following features in their development. First, their roots are in the rural area. They take serving the agriculture industries, the villages and the farmers as their priority. Second, they have formed their own regional features in the meantime of realizing the national strategy. Third, the government plays a special role in expanding the financing channels for the micro-credit companies. Last but not least, the micro-credit companies have built an integrated platform and realize the joint development.In order to evaluate the current situation of the micro-credit companies in Shandong, this paper has selected 267 samples and has gathered their financial and operational data from 2010 to 2013. It measures and evaluates the companies’ operational efficiency from two perspectives, including accumulative loan amount and total profit, and agriculture-oriented serving efficiency from three aspects, such as the proportion, the range and the deepness of the agriculture-related loans respectively with the Translog Model. After that, the paper analyzes the main influential factors.According to the result, three variables, including registered capital, borrowed fund and the ownership background, have different influences on the operational efficiency and agriculture-oriented serving efficiency separately. Variables like the investment on human capital, company domicile and capital adequacy ratio always play a positive role while tax burden has a negative correlation with both two kinds of efficiencies. Besides, this paper ranks all the sample micro-credit companies in the order of efficiency and makes a comparative analysis not only among companies from different cities but also according to whether they are in the special zone. With all the efforts above, the paper conducts a comprehensive and systematic evaluation on the overall efficiency of the micro-credit companies in Shandong.The paper puts forward some suggestions on the self-development of micro-credit companies according to the empirical analysis:diversifying business model, employing a professional staff team, forming an efficient management system and making more collaborations with other institutions. As for the government, the paper also provides some advices from the perspectives of legislation, finance support, taxation and local features. |
PDF Full Text Request