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Influența structurii capitalului asupra performanței financiare a instituțiilor de microfinanțare

Author

Listed:
  • Răzvan Gabriel Hăpău

    (Academia de Studii Economice, Bucureşti, România)

Abstract

Lucrarea își propune să investigheze impactul structurii capitalului asupra performanței financiare a instituțiilor de microfinanțare(IMF-uri) utilizând un eșantion format din 89 de instituții la nivelul a 35 de țări utilizând datele furnizate de platforma MIX Market pentru anul 2015. Astfel, lucrarea se concentrează pe două obiective principale: primul se referă la evaluarea performanței financiare a instituțiilor de microfinanțare utilizând o măsură sintetică-un indice compozit pe baza meteodei analizei în componente principale utilizând mai mulți indicatori financiari, iar al doilea se referă la evaluarea impactul structurii capitalului asupra indicelui compozit al performanței financiare a IMF-urilor, utilizând analiza de regresie și considerând trei proxy-uri pentru structura capitalului, raportul depozite/total active, raportul datorii totale/capitaluri proprii și raportul capital/active precum și o varietate de variabile de control specifice IMF-urilor. Rezultatele empirice au evidențiat doi factori importanți pentru performanța financiară a IMF-urilor: marja de profit și randamentul brut al portofoliului de credite. Pe baza rezultatelor indicelui compozit, Mexic, Azerbaijan, Bolivia, Nepal, Romania, Moldova, Egipt, Armenia și Bolivia sunt considerate a fi poli de performanță în domeniul microfinanțării. În România, cele mai bune performanțe au fost înregistrate de Express Finance, în timp ce la polul opus se află OMRO și Pro-Credit, instituții care au avut rezultate slabe. Analizând impactul structurii capitalului asupra performanței financiare a IMFurilor, un impact semnificativ și pozitiv a fost evidențiat de raportul capital /active, în timp ce pentru celelalte două variabile proxy, orice tip de potențială influență a fost infirmată. Prin urmare, o valoarea mai mare a raportului capital/active totale este asociat pozitiv cu o performanță financiară mai ridicată a instituției de microfinanțare.

Suggested Citation

  • Răzvan Gabriel Hăpău, 2018. "Influența structurii capitalului asupra performanței financiare a instituțiilor de microfinanțare," Journal of Financial Studies, Institute of Financial Studies, vol. 4(3), pages 104-119, June.
    • Handle: RePEc:fst:rfsisf:v:4:y:2018:i:3:p:104-119
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    References listed on IDEAS

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    More about this item

    Keywords

    instituții de microfinanțare; structura capitalului; performanța financiară; analiza in componente principale; analiza de regresie;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General

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