中文摘要：

成本效率的提升是微型金融机构可持续发展的关键环节。本文采用56家江苏省小额贷款公司调查数据，分析了金融发展、支农目标以及融资结构对微型金融机构成本效率的影响。结果表明：（1）处于起步阶段的小额贷款公司和金融机构之间的竞争所带来的影响，要大于商业银行人才和技术的正向溢出以及政府监管所带来的影响，总体上金融发展对小额贷款公司成本效率的影响为负；（2）小额贷款公司的支农广度目标和成本效率之间是正向关系，而支农深度目标和成本效率之间是反向的权衡关系；（3）小额贷款公司的融资结构和成本效率之间是正向关系，扩大商业资金来源，有利于提高小额贷款公司的成本效率。

英文摘要：

Based on survey data of 56 microcredit companies （MCCs） in Jiangsu Province, this paper uses stochastic frontier analysis to examine whether financial development and outreach of microfinance institutions （MFIs） affects their cost efficiency. The results show that： 1）cost efficiency of MCCs in the initial stage is negatively related to the level of financial development, because the adverse effects of increased competition between MCCs and other MFIs may exceed total positive effects of spill-over effects of commercial banks and weak regulation and supervision of governmental institutions; 2） cost efficiency of MCCs is positively related to the breadth of outreach but negatively related to the depth of outreach; 3） there is a positive relationship between capital structure and cost efficiency of MCCs.