1、XXX大学毕业论文外文资料翻译1毕业论文外文文献翻译Tarinyeba-Kiryabwire W M. Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsJ. Available at SSRN 1633393, 2010.学 院 商 学 院 专 业 金 融 学 班 级 学 号 姓 名 指导教师 外文文献原文（摘译部分）Micro Enterprise Finance in Uganda: Path Dependence and Other a
2、nd Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstract Access to finance literature in developing countries focuses on access to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However,
3、in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their bus
4、inesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire
5、business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit. Introduction It well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various po
6、licy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enable financial institutions to develop products for SMEs such as leasing
7、 and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial
8、banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other
9、 studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The for
10、mer are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the ent
11、erprises had some form of trading license issued by the local government of the area in which they operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought
12、that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a busines
13、s as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone boo
14、ths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed
15、. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role
16、of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former incl
17、ude the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights prot
18、ection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Companys Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burde
19、n on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those
20、 that were remotely placed. In addition, the following fees are required to incorporate a company: a name search and reservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and
21、a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand
22、, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nati
23、on has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动
24、力源，其金融问趣则主要侧重于中小企业的融资受限方面。然而，在低收入国家，小微企业却比中小企业扮演着更加重要的角色，这主要是由于他们在非农业领域的自主性择业方面有着突出贡献。小微企业主要使用非正规信货，而不是正规的银行信贷，证明了在小微企业形成与业务发展的过程中前者（非正规信贷）优于后者（正规信资） 。另外，一些其他方而的因素，比如：长时间的信贷申请程序，信贷申请过程的消极看法等都使得非正式信资愈显活跃。另一方面，一些具休的因素，比如：商业形式的多元化，小微企业获得商业资金或者资产投入的需求与市场供给的灵活性，使得供应商并不倾向于使月正规信贷。简介市场中极易建立的信贷约束是小企业获取信贷的最大障
25、碍。 （1）各种不同的政策相继制定旨在改良信贷获取途径，这其中就包括信息改革和契约框架下宏观经济手段，金融系统内部竞争，在严格的监管下促使金融机构开展对中小企业产品的租赁和保理业务；（2）纵观过去的十年，发展中低收入国家的政策制定者们主要集中于通过干预微观经济来弥补信贷鸿沟并为那些不能从诸如大型商业银行等主流金融机构中，获得正规信贷的小微企业改善融资架道。然而尽管那些被认为是“创新型信贷”的方法，比如：组团信贷、抵钾品替代品信贷等旨在畅通融资渠道，小微企业却更加倾向于非正规信资而不是正规信资，其他的一些调查则侧重于制约信贷渠道畅通的原因分析，本文旨在寻求小微企业相比于正规信贷来说更加倾向于使用
26、非正规信贷的一些具体特征。这正如我之前所说的路径依赖因素。小微企业路径依赖：形成与商业特性多数的小微企业是作为非正式成立的个人独资企业而经营的。这一发现在关于小微企业的各种文献中均是一致的，特别是他们在非正式部门工作的事实。然而几乎所有的小微企业在他们的经营地域却都有由一些当地政府颁发的经营许可证。在每一个财政年度，小微企业雇主和经营地点都是可再生资源。大部分受访者并不了解商业公司的概念和思想，有经营许可证就意味着他们被接纳。有几个因素可以归结为微型企业的建立方式。第一，就财务和法律问题，业主们既不理解公司成立的概念，也没有建立个企业作为独立的法人实体；第二，大多数微型企业开始自发的从事商业或
27、经济机会，而不是作为经过深思熟虑的企业，尤其是路边的或在其他战略领域的小微企业，例如电话亭，沿着繁华的街道，业主主要关心的是建立的业务手续问题，而不是与经济机遇有关；第三，法治问题也解释了在企业普遍建立和资肋的方式。虽然在乌干达，过程和正式业务的法律和监管负担，纳入企业存在的机制，建立成本，在大多数情况下，远远大于好处，甚至业务创造的经济机会。谈及法律在经济活动的效率的调节与决定中所扮演的角色时，埃尔南多德索托认为：如果法律阻碍了经济效率的提高，那么他们不仅在正规系统中强加些不必要的成本，在非正式的操作层而亦是如此。前者包括商业启动的时间与登记注册成本，税收和遵守官僚程序；另一方面，非正规成本
28、包括免处罚的成本，逃税和劳动法以及由于较完善的法律比如不足的财产权利保护等的缺失所造成的额外成本，合同制度的无力，以及合同法外的低效。根据公司法案在乌干达的公司注册需由该公司的注册处处长登记实施。公司注册处处长的办公室设在首都堪培拉，这对于该国其他地区经营的企业而言无疑是一个额外的负担。然而商业登记处的偏远并不是主要问题，因为就算是靠近登记办公室的公司也井不喜欢去登记，这和地处偏远点儿的公司并没有什么区别。另外，合并一个公司还要征收下列费用：名字搜索与登记定金，股本金额 0.5%的印花税，组织章程大纲和注册费。登记费。较低的监管负担决定了法律系统的特点，股东和债权人权益的保护，法人企业中有效的
29、破产保护程序以及增加融资梁道。另一方面，有限责任公司的成立往往又缺少足够的法律保护，联合创业活动的不积极和较高的融资障碍。这些障碍就是指德索托认为的法律失败之谜，他指出尽管几乎每个发展中和前共产主义国家都有个较为正规的金融休系，但是大多数市民却不能够获得，并且他们的唯一选择就是将他们的资产撤到法律范围以外的可以生活和经商的地方。政策制定者们应该将非正部的整合之中，改善商业登记制度为微型企业更加方便简单低成本地获取信资服务。通过当地政府部门的发牌过程可以有效地创建一个登记和业务识别机制以辨明所识别的业务和位置政策制定者们应该将非正式部门纳入正规部门的整合之中，改善商业登记制度为小微企业更加方便简
30、单低成本的获取信贷服务。通过当地政府部门的发牌过程可以有效地创建一个登记和业务识别机制，以辨明所识别的业务和位置。大部分微型企业都从事零售贸易，比如一个卖杂货，家庭日用品，服装，汽车零部件或者书籍的商店。其他一些受访者从事一些包括农业在内的商业活动（养蜂，牛奶生产）处埋（蜂蜜，中药材） ，一些小规模生产（木材和家具） ，和服务行业（理发，饭店里卖小食品和饮料）然而，这些受访者数量上还不足以与那些从事零售行业的人多。有两点因素可以很好地诠释这项发现。第一个就是这大多数微企建立初期的启动资金往往来源于个人储蓄或者亲朋好友的借款，并且对于零售行业来说，并不需要投入大量资金，所以说零售行业成为主休这井
31、不奇怪。通常一个企业所拥有的员工数这个指标经常被用来划分微企、小企和中型企业。尽管没有明确的标准来界定个企业所拥有的员工最小或者最大数，小微企业由于资本规模的限制往往拥有较少的员工数，上面图表的数据告诉我们乌干达大多数微型企业的雇员在一到五人之间。这说明这些企业大多数是依靠自我就业。作为员工的来源而不是给社会创造了多少的就业机会。这些微企也是非农业领域自我就业的最大来源。这就意味着随着气候变迁对农业造成的不利影响，土地的人口承载压力增加和越来越多的农村人口向城市迁移小微企业吸纳非农业人口的作用将会增加。由于没有足够的资本来创造就业机会小微企业，这种膨胀式发展无疑将会对国家经济和经济转型造成各种
32、影响。面积是另一个被用来区别微企、小企、中型和大型企业的指标。然而，正如雇员这个变量一样，面积也井不是被明确规定的。在欧盟，一家企业所拥有的资产不超过两百万欧元就被认为是微型企业。同时那些资产不超过千万欧元的企业，则被认为是小型企业，而中型企业所拥有的资产不超过三千四百万欧元。这些数据告诉我们，乌干达的大多数微型企业所拥有的资产不超过五百万。这个发现指出了这些作为独资企业的微企往往往是通过一些非正式融资渠道成立的。因为这大多数微企既不会记录财务状况也不会被相关部门审核，受访者旨在被问及其业务的价值估计时坦言只是为了公司的持续经营。从统计数据我们可以明显看出男性拥有的微企比女性拥有的微企数量要多
33、。这种发展趋势在其他国家和其他地区也是相同的，仅仅只有 68家微企是由男女小微企业主所共有，这其中大多数共有击伦十士要么是夫妻要次就地兄弟姐妹这种较低水平的共有微企，不仅仅足微企的典型代表，而且也是其他商业形式的代表。这也许是缺乏足够的法律惜施来保护股东的利益。目前公司的法律是 1948年制定的明显落后于当前公司的治理标准。大多数微企所有者并没有拥有大量的资产可以用来做抵押品贷款。只有少数拥有抵押品的微企，可以从一些小型金融机构获取诸如组团贷款。强制性储蓄和小额贷款等信贷。然而，由于以下涉及的一些原因，获取小额信资对于小微企业来说仍然是个不小的挑战。影响乌干达小微企业融资决策的一些其他因素不同于以上路径依赖所分析，这里有其他几个影响微企融资决策的因素。包括正规或者非正规信贷的选择，从小型金融机构或者商业银行借款的选择，个人借款或者组团贷款的选释。后者的讨论，举个例子来说，可能会受到借款者个人的信贷历史记录以及抵押品的可用性影响，如果一个微企主之前既没有与金融机构建立良奸的合作关系，也没有大量的抵押品可用，那么他就可能发现获取个人信贷是有多么的困难，并有可能采取组团信资的方式。尽管微企的成立是很容易的，并且通常其往往通过个人来源获取启动资金，但为了微企的可持续发展，获取正规信贷是必不可少的。
