本文基于国内外499家小额信贷机构的面板数据,建立联立方程模型对双重目标(社会目标和财务目标)的关系进行实证检验和比较分析,发现两大目标间的关系在国外表现为相互促进,在国内则表现为社会目标对财务目标有负向影响,运营效率、风控能力等是影响机构兼顾双重目标的重要因素。最后,本文提出了上述结论对中国小额信贷机构更好地服务“三农”与小微企业的政策启示。 Based on the panel data of 499 MFIs both at home and abroad, this paper establishes a simultaneous equation model to test and compare the dual goals (social goals and financial goals), and finds that the relationship between the two major goals is mutual Promotion, at home, shows that social goals have a negative impact on financial goals. Operational efficiency and risk control are all important factors that affect the dual goals of the organization. Finally, this paper puts forward the above conclusions on the Chinese microfinance institutions to better serve the “three rural” and small and micro enterprises policy implications.