基于DEA方法的印度银行业中小企业融资的 技术与规模效率研究外文翻译资料

Banks in India-Technical and Scale Efficiency in Financing Entrepreneurs and Small Businesses: DEA approach

Kavitha P

Fellow Programme Researcher in Management, IIM Kozhikode

Pankaj Kumar Baag

Assistant Professor of Finance, Accounting and Control, IIM Kozhikode

Abstract

Banks are one of the mediums of implementing Government schemes that facilitate easy access to capital for small businesses and entrepreneurs. We for the first time analyze the bankrsquo;s efficiency in implementing a government scheme that promotes entrepreneurship. We empirically study the relative technical and scale efficiency of 42 Indian banks including a comparative efficiency between private and public sector banks in providing loans under the Pradhan Mantri MUDRA Yojana PMMY scheme launched by the Government of India to promote entrepreneurship and facilitate easy access to capital for small and micro units including the start-ups under the scheme using data on the number of loans sanctioned and amount of loan disbursed under the scheme as on March 2016. We have used the Data Envelope Analysis (DEA) - a non-parametric technique for measuring the relative efficiencies of the Indian banks. We found that while Indian banks have been less efficient in implementing the PMMY, in comparison the public sector banks are more efficient in providing loans under the scheme and providing loans to start-ups under the scheme than the private sector banks. The study implies that the banksrsquo; efficiency scores give the policy makers a better picture of their relative performances it takes into account the differences in size, branch network, back end technology and profitability unlike the number of loans sanctioned. The efficiency levels provide information to the policy makers on how many more loans can be sanctioned by each bank with their existing resources. The lower efficiency of private sector banks mandates separate and stricter norms for implementation of PMMY for private banks.

Keywords: Bank Efficiency, Entrepreneurship, DEA, Government scheme, Start-up

1. INTRODUCTION

Entrepreneurship is dynamic in nature and produces employment opportunities and brings about innovations which promote economic development and general welfare (Acs, Desai amp; Heessels, 2008; Baumol, 2002; Schumpeter, 1934; Wennekers amp; Thurik, 1999). The dynamics of entrepreneurship is however affected by the environmental factors prevailing in a country (Wilklund amp; Shepherd, 2003). These environmental factors also determine the role of institutions in the economic development of a country. Environmental factors together with institutional set up further define the quality of governance, access to capital and other resources like technology, infrastructure and the perception of the entrepreneurs regarding the opportunities (Acs et al.,2008). Institutions play a critical role in determining the demand and supply of entrepreneurs as they have the ability to influence economic behavior of individuals in a country (Busenitz, Gomez amp; Spencer, 2000; Mehlum, Moene amp; Torvik, 2006) and economic transactions carried out by individuals of the country (Williamson, 1998). Supportive institutional set up is perceived by the entrepreneurs as conducive for their growth and sustenance (Wilklund amp; Shepherd, 2003). This also increases the proportion of “Opportunity Driven” entrepreneurs which further promotes economic growth (Sternberg amp; Wennekers, 2015).

Stam (2015), drawing insights from World Economic Forum (2013) report on Entrepreneurial Ecosystem and Feld (2012) posits that institutions like government and financial intermediaries play a significant role in developing entrepreneurship by determining the availability of infrastructure and capital. The resource-based view of firm claims that the availability of financial resources and other resources like technology, talent and infrastructure predicts an individualrsquo;s propensity to engage in entrepreneurship (Barney, 1991). Among these the major factor that thwarts the growth of entrepreneurship is limited access to capital (Kerr amp; Nanda, 2009). In this connection, we usually find that the ability of an individual to become self-employed or to start a small business is enhanced if she has received large inheritances or if she has assets to her possession (Evans amp; Jovanovic, 1989). Therefore if Government policies that motivate the individuals to form enterprise can facilitate access to capital it will increase the likelihood of individuals starting enterprises (Gnyawali amp; Fogel, 1994).The objective of our study is to evaluate the bankrsquo;s efficiency as a financial intermediary in supporting Government initiative to boost entrepreneurship in an emerging economy like India by reducing the financial constraints like limited access to capital.

Realizing the important role that entrepreneurship plays in the process of “Creative Destruction” (Schumpeter, 1934) resulting in economic development, Governments both in developed and developing economies are designing creative policies as part of their attempts to alleviate financing constraints for would-be entrepreneurs which also include opportunity-driven entrepreneurs (Kerr amp; Nanda, 2009). The developed economies like the OECD and the European Union insist their memberrsquo;s promote risk capital financing to foster entrepreneurship (OECD, 2004). The U.S. Small Business Administration assists the funding of loans to small businesses (SBA, 2015). Similarly, Bangladesh which is an emerging economy promotes entrepreneurship and small businesses by providing refinance facility to its banks and financial institutions on loans provided to small business through Government owned Bangladesh bank (Alam amp; Ullah, 2006).Among the emerging economies India launched the “Make in India” programme in

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基于DEA方法的印度银行业中小企业融资的

技术与规模效率研究

卡维萨

科泽科德管理学院研究员研究员

库马尔

IIM科泽科德，财务，会计和控制助理教授

摘要

银行是实施政府计划的媒介之一，为小型企业和企业家提供方便的资金来源。我们首次分析了银行在推行促进创业的政府计划中的效率。我们实证研究了42家印度银行的相对技术和规模效率，包括私人和公共部门银行之间的比较效率，在印度政府推出的PrhanhanMangur-Murra YojaN-PMMI方案下提供贷款，以促进创业和FAC。为小型和微型单位提供资金，包括根据计划的初创企业使用的贷款数量和2016年3月计划下发放的贷款数额。我们已经使用了数据包络分析（DEA）—非参数技术来衡量印度银行的相对效率。我们发现，虽然印度银行在实施PMME方面效率较低，但相比之下，公共部门银行在计划下提供贷款更有效，并提供贷款给初创企业，而非私营银行。

关键词 银行效率；创业；DEA；政府计划；启动

1．介绍

企业家精神在本质上是动态的，并产生就业机会，带来促进经济发展和总体福利的创新（ACS，德赛和HeSEELS，2008；鲍莫尔，2002；熊彼特，1934；WeNekes和Turik，1999）。然而，企业家精神的动态受到一个国家普遍存在的环境因素的影响（WikLund和Seeldd，2003）。支持性的机构设置被企业家认为有利于他们的成长和寄托（WikLund and Seeldd，2003）。这也增加了“机会驱动”企业家的比例，这进一步促进了经济增长（斯腾伯格amp;温内克斯，2015）。

我们用数据包络分析非参数方法评价了印度银行——公共部门和私营部门在实施PMME中的相对效率。我们发现，银行的平均整体技术效率提供贷款的小型企业，包括初创企业为52%，而纯技术效率为66%，规模效率分别为87%。这进一步降低到43%，53%和72%，分别提供贷款给小型企业在PMME下。

2．文献回顾

尽管银行在促进创业的政府计划中的效率是创业和银行文学研究的一个相关领域，但迄今为止还没有研究对这方面进行过研究。在文献中，我们发现不同方面的银行效率在不同国家使用不同的参数和非参数方法。本斯顿（1972），汉弗莱（1990），伯杰，亨特和蒂姆，（1993），牧师，佩雷斯和奎达（1997），艾什顿和哈德威克（2000），Casu amp; MulyNux（2001），布朗和Skulle（2003），伯杰（2007），Paradi，杨朱（2011），提供了全球银行效率研究的综合报告。使用不同的参数和非参数方法。同样，关于印度银行效率的文献也使用了诸如随机成本边界的参数技术（BHATCHARYYYA，洛弗尔和Saay，1997；Kabkakar amp; Salkar，2003；Rokes，1998；ShanMuGAM＆DAS，2004）和非参数技术，如数据包络分析（库马尔，查尔斯）。米斯拉，2016；Saha，RaviSkar，2000）用于测量效率。现有的研究大多局限于20世纪90年代和21世纪初，这些研究的主要焦点是金融放松对银行生产率和效率的影响，以及所有权集团之间的效率差异（GulaTamp;库马尔，2016）。

3．研究目的

（1）评估公共部门和私营银行在PMME下提供贷款的相对效率，并理解其中哪一个更有效率。

（2）评估公共部门和私营部门银行在PMMY下启动UPS贷款的效率。

4．研究方法

4.1．DEA研究方法

SekHRI（2011）将效率描述为实际输出与最优输出之间的比较。因此，从DEA得出的效率估计不具有函数形式依赖性（DRAKE，Hall和SIMPER，2006），与单个决策单元的生产率效率估计相比，过程性能更好。简，2008）。FDH是DEA的一种变体，FDH模型所产生的生产可能性集仅包含DEA顶点和FDH点的内部对这些顶点的集合。但是FDH不包括那些连接DEA顶点的线上的点，因此给出了比平均效率DEA更大的估计值（Berger et.al）。1997；Tulkes，2006）。在本研究中，我们使用DEA来估计银行的效率。

4.2．结果

表5：印度计划商业银行为小型和初创企业融资的总体技术效率、纯技术效率和规模效率

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