SỐ 206 | THÁNG 5/2023
Tác động của hoạt động cho vay ngang hàng đến tính tự bền vững hoạt động của các tổ chức tài chính vi mô
Đoàn Thanh Hà, Đặng Trí Dũng
Tóm tắt:
Trong môi trường hệ thống tài chính ngày càng phát triển cùng với sự ra đời của các nền tảng công nghệ mới, các tổ chức tài chính vi mô (TCTCVM) đang đối mặt với nhiều thách thức mới. Trong đó, hoạt động cho vay ngang hàng (Peer to Peer Lending - P2P Lending) là một trong những nền tảng tạo ra sức ép cạnh tranh cho các TCTCVM. Nghiên cứu thực hiện nhằm làm rõ tác động của hoạt động P2P Lending đến tính bền vững hoạt động của các TCTCVM. Bài viết thực hiện dựa trên mẫu số liệu các TCTCVM thuộc 123 quốc gia và vùng lãnh thổ, được thu thập từ Mixmarket, World Development Indicators và Cambride Alternative Finance Benchmarks giai đoạn 2011–2019. Nghiên cứu sử dụng phương pháp bình phương bé nhất tổng quát (Generalized Least Square-GLS) để ước lượng mô hình. Kết quả nghiên cứu cho rằng, P2P Lending tác động tiêu cực đến khả năng tự bền vững (TBV) hoạt động của các TCTCVM. Bên cạnh đó, kết quả nghiên cứu còn cho thấy tăng trưởng cho vay, tỷ lệ người vay là phụ nữ, thời gian hoạt động và tỷ lệ lạm phát tác động có ý nghĩa tích cực. Trong khi đó, tỷ lệ nợ xấu tác động tiêu cực đến TBV hoạt động của các tổ chức này.
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The Impact of Peer-to-Peer Lending on Operational Self-Sufficiency of Microfinance Institutions
Abstract:
In the growing financial development environment and with the advent of various technology platforms, microfinance institutions (MFIs) have been facing various challenges. In particular, Peer-to-Peer (P2P) lending is one of the powerful platforms creating competitive pressure for microfinance institutions. The study has been conducted to clarify the impact of P2P lending on the operational self-sufficiency (OSS) of MFIs. The study was based on a sample of MFIs spanning 123 countries and territories with data collected from Mixmarket, World Development Indicators, and Cambridge Alternative Finance Benchmarks during the period 2011- 2019. This research uses the Generalized Least Square (GLS) method to estimate the model. Research results indicate that P2P lending has a significant negative impact on the OSS of MFIs. In addition, the research results also represent that loan growth, the proportion of female lenders, operating time and inflation rate have a positive influence on the OSS of MFIs. Otherwise, the non-performing loan ratio has a significant negative impact on the OSS of these institutions.