Capital Structure and Sustainability: An Empirical Study of Microfinance Institutions
研究小额信贷机构如何通过调整资本结构（如增加赠款）来影响其运营效率和财务可持续性，发现大型机构增加赠款会降低运营自足能力。
The capital structure of lending institutions has become an increasingly prominent issue in the world of finance. Contemporaneously, microfinance institutions (MFIs) have risen to the forefront as invaluable lending institutions in the development process. Since capital constraints have hindered the expansion of microfinance programs and microfinance organizations have had various degrees of sustainability, the question of how best to finance these organizations is a key issue. This paper explores how changes in capital structure could improve MFI efficiency and financial sustainability. I find causal evidence supporting the assertion that increased use of grants by large MFIs decreases operational self-sufficiency. © 2012 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.