Considering the trend toward microfinance institutions (MFIs) commercialization that fundamentally reshapes their capital structure, this meta-analysis, by synthesizing data from a wide range of studies, aims to investigate the impact of different sources of finance on the financial sustainability of MFIs and determine the optimal order in which these sources should be utilized. In this study, 166 effect sizes were obtained from 64 studies. Overall, the findings indicate that equity and deposit financing enhance financial sustainability positively, whereas debt and donation financing exhibit an inverse relationship. However, variations exist based on the MFI charters. While equity financing adversely affects the financial sustainability of MFI banks, it also exerts positive effects on other types of MFIs. Similarly, deposit financing negatively affected MFI NGOs. Regarding financial sustainability proxies, debt and equity financing affect financial self-sufficiency (FSS) and operating self-sufficiency (OSS), unlike donation and deposit financing. Equity financing has a positive effect on OSS but a negative effect on FSS. In contrast, debt financing shows the opposite trend. The meta-regression further reveals that, as capital structure variables, the sources of finance do not significantly explain the variance in MFIs' FSS but do so for OSS. These findings have implications for managers and for future research.

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资本结构对小额信贷机构财务可持续性的影响：荟萃分析

考虑到小额信贷机构 (MFI) 商业化的趋势从根本上重塑了其资本结构，本荟萃分析通过综合广泛研究的数据，旨在调查不同融资来源对小额信贷机构财务可持续性的影响，并确定使用这些资源的最佳顺序。在这项研究中，从 64 项研究中获得了 166 个效应量。总体而言，研究结果表明，股权和存款融资可积极增强财务可持续性，而债务和捐赠融资则呈反比关系。然而，根据小额信贷机构章程，存在差异。虽然股权融资对小额信贷机构银行的财务可持续性产生不利影响，但它也对其他类型的小额信贷机构产生积极影响。同样，存款融资对小额信贷机构非政府组织产生了负面影响。关于财务可持续性指标，与捐赠和存款融资不同，债务和股权融资会影响财务自给自足（FSS）和运营自给自足（OSS）。股权融资对OSS有正向影响，但对FSS有负向影响。相比之下，债务融资则呈现出相反的趋势。元回归进一步揭示，作为资本结构变量，资金来源并不能显着解释小额信贷机构 FSS 的差异，但可以解释 OSS 的差异。这些发现对管理者和未来的研究都有影响。