英文翻译小额信贷机构在孟加拉的成就与挑战(优.选)

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外文翻译-小额信贷

2010届毕业生毕业论文外文翻译姓名：院（系）：专业班级：学号：指导老师：成绩:小额信贷是否帮助穷人？——孟加拉国旗舰计划所带来的新证据摘要：小额信贷运动使金融中介机构得到了创新，同样使贫困家庭减少了贷款的成本和风险。

孟加拉国乡村银行的小额信贷机制已经在全世界得到推广。

虽然小额贷款机制的目的是为客户带来社会和经济效益，但是通过其获得一定量的利益的尝试已经开始实施了。

本文借鉴一个新调查来研究小额信贷是是否真正的帮助穷人，该调查覆盖面近1800个家庭，其中部分家庭获得了孟加拉乡村银行的贷款，而另一部分则没有参与到小额贷款运动中。

有资格获得贷款的家庭，他们的消费水平低于平均消费水平，这种家庭中，绝大部分的孩子不可能上得起学，男子也往往会有更多的工作压力，而女子没有工作。

更明显的，相对于对照组，符合贷款资格的家庭在消费上的变化很小以及可以常年提供劳动力的特点。

最重要的潜在影响不是贫穷本身，而是因而最重要是减少相关的家庭漏洞。

似乎导致消费平滑主要原因是收入平滑，而不是借款和贷款。

评论家有大量的关于低收入国家的其他方案的研究经验。

虽然通常人们都是使用固定效力评估来控制与安置方案有关的不易观察的变量，但是使用固定效力评估会加剧偏见的影响，就如同本方案——在较大的社区里特定人群的方案。

关键词：小额信贷，项目评估，乡村银行，孟加拉1．介绍小额信贷在很多人的脑海里是用来减少贫困。

前提是操作简单。

小额信贷提供小额贷款，以促进小规模的创业活动，而不是向贫困家庭提供救济。

这种信贷除非放债人收取非常高的利率(往往收费高达每月10%)，否则不会发生。

放债运作缺乏竞争，因为潜在的进入者很快发现，借款人通常不能提供任何形式的抵押品，这就使贷款存在高成本和该风险。

(拉希德和汤森，1993)。

然而，体制创新下的小额信贷运动似乎大大降低了风险和提供金融服务和为贫困家庭提供服务的费用。

创新包括借款合同、给予奖励、配出不良信用风险和连带借款人的活动，要求每周或每半周还款(Morduch,1997)。

孟加拉国的小额信贷扶贫

和平奖。
一
通过３０年的成功运作，孟加拉乡村银行已经成为当今世界上规模最大、效益最好、运作最成功的小额贷款金融机构。该模式不仅在贫困地区得到广泛推行，而且美国等富裕
国家也借助它成功地建立了格莱珉网络，有效地利用它实并
口Ｉ４（０７年）人口密度达每平方公里９０余人，．４亿２０，０是世界上人口密度最大的国家之一。孟加拉国是一个典型的农业国，有８％左右的人口生活在农村，国民经济主要依靠农５
业。由于国民素质低下（盲众多，乏受过良好教育和培训文缺
孟加拉乡村银行主要业务是向贫困农民（尤其是妇女）提供存款、贷款和保险等综合业务服务，并实行贷前、贷中、贷后的全程管理。其运作系统由两部分组成：一是自身机构，分为总行——分行——支行——营业所４级；二是贷款人机构，分为中心——小组——贷款人３。以小组为基础的农级
２７老区建设０３
ＬＡｏＱＵＩＪＡＮＨＥＳ
民互助组织是乡村银行的支柱。农民互助组织按照 “ 自愿组合，属回避，相帮助 ” 则，般由５人组成，成 “ 助、亲互原一形互互督、保” 互的组内制约机制。如果一个组员不还款，整个那
的人员）自然灾害频发（，洪水和飓风）以及自然资源和资金，
向贫困农民提供小额贷款服务。就这样，从起初的只有区区
的匮乏，致使孟加拉国成为目前世界上最不发达的国家之

小微企业融资外文文献翻译

小微企业融资外文文献翻译the XXX credit to small and medium enterprises (SMEs)。

However。

micro enterprises (MEs) which are smaller than SMEs。

have been XXX。

using a path XXX finance。

such as family and friends。

due to the lack of access to formal finance。

Path dependence is also evident。

XXX finance.翻译：乌干达的小微企业融资：路径依赖和其他融资决策的决定因素XXX：Winifred XXX-XXX博士摘要：发展中国家的融资文献主要关注正规金融机构向中小型企业（SMEs）提供信贷的角色。

然而，小微企业（MEs）比SMEs更小，却被忽视了。

本文使用路径依赖框架，研究了乌干达小微企业的融资决策，识别了影响它们获得融资的因素。

研究发现，由于缺乏正规融资渠道，小微企业严重依赖非正规融资来源，如家人和朋友。

路径依赖也很明显，过去的融资决策和与非正规融资来源的关系影响了当前的融资决策。

本研究建议政策应着重改善小微企业获得正规融资的渠道，并促进金融素养，减少对非正规融资来源的依赖。

Access to credit is crucial for small and medium enterprises (SMEs) and micro enterprises。

as they are considered to be the main drivers of economic growth。

In e countries。

XXX role than SMEs。

XXX-agricultural self-XXX。

XXX due to the way they are XXX。

小微企业金融外文翻译--乌干达小微企业融资路径依赖和融资的决定性因素论文文献外文翻译-中英文对照译文

第一部分外文文献原文部分中文6555字题目：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing Decisions作者：Dr. Winifred Tarinyeba- Kiryabwire出处：Tarinyeba-Kiryabwire W M. Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing Decisions[J]. Available at SSRN 1633393, 2010AbstractAccess 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, 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 businesses 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 acquirebusiness inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit1. Various policy 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 and factoring2. 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 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 studies have focused broadly onfactors 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 former are what I term as path dependence factors.Path Dependence in Micro Enterprises: Formation and Business CharacteristicsThe 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 enterprises 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 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 business asa 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 booths 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. 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 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.3 The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. Onthe 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 protection, 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 Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden 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 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 a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).6 Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated withincorporated businesses and increased access to finance.7 On the other hand, inadequate legal protection is associated with limited businessincorporation, 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 nation 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.Policy makers concerned with integration of the informal sector into the formal and improving access to credit for informal sector micro enterprises should consider a business registration system that is simple, cost effective and decentralized. The licensing process through local government authorities can be used to create a registration and business identification mechanism that can identify the business and its location.The majority of micro enterprises are engaged in retail trade, such as a shop selling merchandise such as groceries, household items, clothes, motor vehicle spare parts or books. Some respondents reported other business activities includingagriculture (beekeeping, milk production), processing (honey, herbal medicines), small scale production (timber and furniture), and services (hair dressing, restaurants selling food and beverages). However, these respondents were few compared to those who reported engaging in retail business. This finding can be attributed to two factors. The first is that the majority of micro enterprises are established with start-up capital from personal savings or contributions from friends and family members and since such retail businesses do not require a lot of capital, it not surprising that they are the majority.Employment by Micro EnterprisesThe number of employees of a business is one of the factors used to classify micro, small and medium enterprises. Although no standard definition specifies a minimum or maximum number of employees for these categories, micro enterprises are on the lower end of the scale regarding capacity to employ. The data show that the majority of microenterprises in Uganda employ between one and five persons, indicating that the businesses are largely a source of self-employment rather than of large scale job creation. They are also the largest source of non-agricultural self employment. This means that with the increasing adverse effects of climate change on agriculture,increasing population pressure on land and swelling rural-urban migration, micro enterprises of this nature will continue to rise. The result is an expanding informal sector that has no capacity to create jobs, contribute to the national economy and transform economically.Size is another indicator used to classify businesses as micro, small, medium and large scale enterprises. However, like the employment variable, size is not consistently defined. In the European Union, business enterprises that have assets not exceeding two million Euros are classified as micro enterprises, while those withassets not exceeding ten million Euros are small enterprises, and a medium enterprise has assets not exceeding 34 million Euros.10 The data show that the majority of micro enterprises in Uganda have assets not exceeding Ugshs.5 million ($2,500). This finding is indicative of the manner in which these businesses are set up — as small, informally established, sole proprietorship businesses initially financed with little start-up capital, usually from informal sources. Because most micro enterprises neither keep financial records nor are audited, respondents were simply asked to estimate the value of their businesses as a going concern.There were slightly more micro enterprises owned by men than by women. This trend was the same in the different regions of the country. Only 68 micro enterprises were jointly owned, and, in most cases, the co-owners were either spouses or siblings. The low level of joint enterprise is not only typical of micro enterprises but also of other forms of business enterprises as well. This is may be due to inadequate legal protection for shareholders. The current Companies Act was enacted in 1948 and is out of date with current corporate governance standards. The majority of micro enterprise owners do not own any substantial assets that can be used as collateral for a loan. A few were able to obtain credit from microfinance institutions that provide credit using collateral substitutes such as group loans, forced savings and small contingent loans. However, for other reasons discussed below, access to micro credit remains a challenge for micro enterprises.Other Determinants of Financing Decisions of Micro Enterprises in UgandaApart from the path dependence factors discussed above, there are other several factors influence the financing decisions of micro enterprises, including the choice of using formal or informal credit, borrowing from microfinance lendersor commercial banks, and accessing credit individually or through group lending. The latter decision, for example, may be influenced by the credit history of the borrower and the availability of collateral. If a business has neither a prior relationship with a financial institution nor substantial collateral, it may find obtaining credit difficult and instead do so through group lending. Although micro enterprises are easy to establish and usually obtain start-up capital from personal resources, access to formal credit is critical for subsequent growth. Below, I discuss the findings on various factors that influence the financing decisions of micro enterprises.Access to Formal CreditOut of the 602 micro enterprises surveyed, only 34% stated that they had applied for a loan, while the majority (64%) had never done so. An analysis of the respondents by business location did not reveal any regional advantages in access to formal credit. In Kampala, only 31% had applied for a loan; in the north and north-western region, 46%; in the western region 42%; and in the eastern region, 35%. Therefore, in all the regions, the number of micro enterprises that had applied for a loan is significantlysmaller than the number that had neverapplied. Available data show that the central and western regions have a significantly higher distribution of microfinance institutions than the northern and eastern regions.11 However, this trend is not reflected in the survey. Micro enterprises in the central and western regions that were able to access credit are not significantly higher than those that were able to do from the rest of the regions. In addition, analyzing the respondents by ownership did not reveal any gender related constraints. No significant variations were observed between enterprises owned by men that applied for credit and those owned by women.Of the respondents who stated that they had applied for a loan, 86% successfully applied for and obtained credit, while 24% were denied credit for reasons discussed below. However, of the 24%, less than half (42%) have obtained formal credit on other occasions. Therefore, only 58% enterprises that applied for a loan on one or multiple occasions failed to get credit.Source of Formal CreditFor the micro enterprises that applied for and obtained credit, the majority (77%) borrowed from microfinance institutions, while only 23% borrowed from commercial banks.This phenomenon can be attributed to the nature of micro enterprises. Being informally established, requiring small loans, and not having substantial collateral make access to commercial bank credit difficult. However, it is important to note that even the 23% that were able to access credit from commercial banks, they did so from those commercial banks that are involved in micro credit delivery such as Centenary Bank. Micro enterprise access to commercial banks is very difficult. In addition, even though the majority of micro enterprises that obtained credit did so from microfinance institutions, compared to the total survey (602), those that access credit are significantly smaller than those that are unable to access credit. This means that micro enterprises largely use informal credit.Borrowing Trends of Micro EnterprisesAn analysis of the borrowing trends of micro enterprises that applied for formal credit revealed that the majority applied for credit more than once with the same lender. This pattern is attributed to the fact that most micro enterprises need credit to finance working capital. Therefore, repeated borrowings are indicative of a revolving financing activity. In addition, micro lenders use contingent credit to minimizethe risk of default, so borrowers get into a cycle of repeated borrowing of small loans. Another factor that may explain this trend is that once a relationship has been established with a particular lender, borrowers find it easier to obtain future credit from that lender. The lack of credit information systems makes it diff icult to transfer one’s credit history from one lender to another hence limiting lender choice. This is one of the disadvantages of relationship banking. Borrowers may find themselves continuing a relationship with a lender not necessarily because the lender offers themthe best, but because of the difficulties of starting a new relationship with another lender. A credit reference bureau has recently been established in Uganda. However, it’s too to assess its impact.Information Prior to Obtaining CreditThe respondents were also asked whether, prior to obtaining credit, they had adequate information about cost and the consequences of defaulting. The majority indicated that they were aware of both and that they had obtained this information either from the lender or from their peers.Micro Enterprise Finance: The Choice between Formal and Informal CreditOut of the 602 micro enterprises that responded to the survey, 69% stated that they finance their businesses using personal funds, credit from friends and family, and trade credit. This category is significantly higher than the 29% respondents who stated that they use formal credit to finance their businesses. This clearly shows that despite efforts to increase access to credit, particularly micro credit, informal credit plays a more significant financing role than formal credit. Informal credit is not necessarily cheaper than formal credit. In fact some scholars have suggested that there is evidence to show that borrowers from low income countries obtain credit from money lenders and other informal sources at very high interest rates, often above 100%13. Below, I discuss some of the reasons that continue to make informal credit an attractive source of finance for micro enterprises.Need for CreditThe fact that the majority of micro enterprises do not use formal credit is consistent with other studies in Africa, such as Ghana14, Zimbabwe15, and Kenya16 that show extensive use of trade credit and other forms of informal finance rather than formal credit. However, it is important to distinguish between the use of and the need for credit. Using informal credit doesnot necessarily mean that there is no need for credit. In this study, only 11% of respondents who use informal reported they did not need credit. In addition, some of the reasons given, show that there is a need for credit but for various reasons, they opted not to use formal credit. Some of the reasons given were that banks charge interest on loans which, is prohibited by religion, “loans have no luck”, “b anks steal your property when you borrow from them,” and “I re-invest all my profits into the business so I do not need a loan.” The last reason clearly points to the fact that the respondent does not need a loan. However, the other reasons are access to credit constraints.The Extensive Use of Supplier CreditThe majority of micro enterprises, particularly those that operate in markets and sellgroceries that are largely agricultural produce extensively use supplier credit. Agricultural producers or middle men who transport agricultural produce from the rural areas to the urban markets provide goods on credit and are paid after the goods have been sold. This practice is so widespread that some respondents stated that it was a critical part of their business to have a relationship with a suppler. The relationship is beneficialto both the supplier and the sellers. For the former, it guarantees a reliable market and for the latter, it means that they are able to obtain goods for sale without prior capital to purchase the goods. This phenomenon substantially reduces the costs of doing business and explains why micro enterprises are easy to start with minimum capital. Other types of micro enterprises such as shops, salons and service providers also reported relying heavily on supplier credit or alternatively stocking limited merchandise and replenishing it often. There are several advantages associated with use of supplier credit including quality control and guaranteed supply that result from an established relationship with the supplier. In addition, using supplier credit is cheaper than borrowing from a lender to stock up a business because the latter involves payment of interest, which is not the case with supplier credit.However, supplier credit has limitations and in those circumstances, micro enterprises look to other formal or informal sources of credit. For example while informal credit is used to obtain business stock, it is not suitable for the purchase of capital inputs such as equipment like refrigerators, furniture or other items to improve one’s business. These were more likely to be purchased using either accumulated savingsor credit. In addition, diversification into another business was likely to be funded either out accumulated profits or credit.Simplicity and Ease of Access to Informal CreditThis is the biggest advantage that informal credit has over formal credit and even the use of near informal lending methods by microfinance has not succeeded in making it more attractive than informal credit. Respondents reported several advantages including quick or almost instantaneous processing of credit, restructuring repayments in cases where one experiences difficulties repaying the loan. The high interest rates charged was the most cited disadvantage. However, the quick processing of credit appeared to outweigh this cost. This because, as some respondents stated, sometimes one needs credit urgently and procedures used by micro credit lenders make it difficult to obtain credit immediately. These include training of prospective loan applicants, group formation processes and accumulation of prior savings. Group formation takes on average two to four weeks. In addition, some micro lenders require prospective borrowers to accumulate prior savings of either a percentage of the loan (usually ranging between 1-5%), or of a minimum amount, or a prior relationship with the lender fora period ranging from one to three months. These requirements were considered prohibitive for cases where credit is needed urgently. However, for those respondents where credit needs were not urgent, for example where one planned to acquire equipment that would improve their business, such as a refrigerator, or to buymore stock, they were more inclined to obtain such credit from micro lenders rather than informal money lenders. Below is a schedule of activities at a microfinance institution prior to loan application and disbursement.• ●1st week - Client orientation• ●2nd week - Group formation• ●3rd week - Visits to premises of group members, account opening, and payment of initial forced saving of Ugshs. 2,200 ($1.00)• ●4th week - Request loan application form and deposit savings of Ugshs. 2,200 ($1.00)• ●5th week - Submit loan application form and pay loan application and loan insurance fees of 2% and 1% of the value of the loan respectively• ●6th week - Deposit savings of Ugshs. 2,200 ($1.00) and 1st loan is disbursedConclusionPath dependence is a major factor that inhibits micro enterprise access to formal credit. This is because they require very minimal initial capital and skills to set up. Their defining characteristics are similar throughout Uganda and their economic contribution is largely confined to non-agriculture informal sector self employment. Their financing constraints provide an insight into the dynamics of micro enterprise finance. While start-up capital may be mobilized from informal sources, including personal savings and credit from friends and family, the decision to use formal or informal credit depends on specific factors such as availability of supplier credit, the need to purchase capital equipment or to diversify ones business. In addition, factors such as lengthy loan processing procedures, negative perceptions about the loan application process and harsh expected consequences of default account for the extensive use of informal credit.第二部分中文对照翻译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力源，其金融问题则就主要侧重于中小企业的融资受限方面。

孟加拉PKSF：一个成功的自主性批发式小额信贷基金机构案例

孟加拉PKSF：一个成功的自主性批发式小额信贷基金机构案例杜晓山孟加拉国小额信贷扶贫活动在世界上是首屈一指的，就其人口比例而言，小额信贷覆盖的贫困人口属世界之最，而且它拥有一批象“乡村银行”（GB）、农村进步委员会（BRAC）、社会进步协会（ASA）这样世界知名的小额信贷机构，它们的发展为世界小额信贷产业提供了丰富的科研素材、经验教训和实践借鉴作用。

在这里，向读者再推荐一个区别于零售式小额信贷机构的名为PKSF的孟加拉国批发式小额信贷机构。

它独具特色，是一个成功的自主性批发小额信贷机构，受到了国际小额信贷产业界的广泛关注和推崇。

笔者认为，PKSF模式的扶贫小额信贷对我国扶贫小额信贷产业有直接的借鉴意义，可以设想，在我国现有的正规金融机构中专门成立类似的这样一个机构，或在己有的小额信贷机构中蕴酿组建这样一个机构，是有可行性的。

这样做，将有利于进一步推动我国小额信贷事业规范、健康地成长。

一、PKSF的目标PALLIKARMA—SAHAYAK基金（简称PKSF）由孟加拉国政府于1990年建立。

目的在于通过向农村穷人提供资源，帮助他们自我就业以改善生活景状。

PKSF的具体目标是：（l）向符合条件的非政府、半政府和政府机构、自愿机构和团体，地方政府机构提供金融支持。

将这些机构作为合作伙伴，共同为贫困群体提供服务，使他们能增加收入和就业机会。

（2）协助加强它的合作伙伴的机构建设，以利于改进它们的营运水平。

PKSF自身并不向贫困者直接提供贷款，而是通过其上述合作伙伴来帮助穷人。

它也在这一过程中帮助提高它的合作伙伴的能力和素质，但它并不偏向于某一种具体的小额信贷操作模式，而是鼓励创新和多模式的共同发展。

它的合作伙伴包括孟加拉一些最大的小额信贷机构，例如BRAC，Proshika ，ASA，TMSS，等等。

从法律地位上讲，PKSF以非赢利公司的身份，根据国家1913年的公司法注册。

这一法律地位使PKSF有权在全国范围内灵活地开展有关各类项目活动。

小额贷款与创业能力中英文对照外文翻译文献

小额贷款与创业能力中英文对照外文翻译文献1. 简介创业活动受到其所处环境的强烈影响（Baumol，1990，1993；Autio 和Acs，20XX年；Welter，20XX年）。

特别是在新兴市场，企业家面临着诸多挑战，例如创新成败参半（Bradley 等，20XX 年）、制度薄弱（Acemoglu，20XX年）和人力资本水平低下（Acs 和Virgill，20XX年）。

这些企业家面临的一个特别挑战是获得资金的机会(Honohan，20XX年)，这可能导致他们陷入“贫困陷阱”(Berthelmy 和Varoudakis，1996)，最终削弱了他们自由选择的能力(Gries 和Naudé，20XX年)和追求价值目标的能力(Alkire，20XX年)。

相反，一个发展良好的金融部门将使他们有能力更充分地参与到经济交流中（Sen，1999；Beck、Demirgüç-Kunt 和Levine，20XX年）。

为了应对发展中经济体特有的融资挑战，向企业家提供小额信贷已被视为可以改善生计战略的一个重要组成部分（Mair 和Marti，20XX年；Peredo 和Mclean，20XX年；Khavul，20XX年）。

小额信贷机构（MFIs）追求盈利战略，促进和1/ 7支持向企业家提供资本的持续活动，同时努力扩大服务范围，并推动外联（Morduch，1999；Fernando，20XX年）。

通过提供小额信贷、储蓄、保险和退休计划，个人能够获得资金，用于资助新企业的创建和生存（Campbell，20XX年；Khavul，20XX 年）。

因此，因此，小额信贷使企业家能够建立资产和经济资源，同时为当地社区创造就业机会和服务（Helms 20XX年）。

这最终可能会对个人能力和企业家的经营环境产生影响（Mair 和Marti，20XX年）。

目前关于小额信贷和小额融资的文献中的辩论侧重于小额信贷的部署动态，特别是对女性的小额信贷及其有效性（参见Mair、Marti 和Ventresca，20XX年；Milanov、Justo 和Bradley，20XX年；Chliova、Brinckmann 和Rosenbusch，20XX年），小额信贷机构如何运作（参见Morduch，1999；Armendariz 和Morduch，20XX年）小额信贷的可持续发展水平（参见Gonzalez-Vega，1994；Morduch，20XX年），以及小额信贷塑造其运作环境的能力（参见Mair 和Marti，20XX年；Khavul、Chavez 和Bruton，20XX年）。

孟加拉格莱珉银行模式对中国小额信贷发展的启示

孟加拉格莱珉银行模式对中国小额信贷发展的启示段然【摘要】：小额信贷在国外众多的实践中被证明是一种有效的扶贫工具。

它最早产生于20世纪70年代的孟加拉,最初被认为是扶贫的一种手段。

小额信贷通过特殊的制度设计,向贫困者们提供不需要资产担保、小额度并且利率较高的贷款,并且具有资金到户率高、还贷率高、项目成功率高的特点。

小额信贷作为一种向中低收入人群提供金融服务的模式,已经在世界范围内进行了广泛的实践,其中以孟加拉格莱珉银行的小额信贷实践最成功,其创立了一套向贫困农民提供小额信贷运作模式(GB模式),在帮助借款人摆脱贫困的同时,有效地控制了信贷的风险,实现了自身的盈利和可持续发展。

世界上110多个国家和地区都以GB模式作为设计模板进行小额信贷实践并且取得良好的效果。

我国在20世纪90年代初引入了孟加拉格莱珉银行模式的小额信贷,十多年来我国小额信贷呈飞速发展的态势。

政府的关注和支持,对我国小额信贷的发展起到非常大的推进作用。

但是,目前我国小额信贷发展还面临着不少问题,小额信贷机构还不能实现可持续发展,因此,借鉴国际上成功的小额信贷发展经验非常重要。

本文借鉴格莱珉银行小额信贷的成功经验,结合易县小额信贷项目的运营情况,经过比较分析我国小额信贷发展所面临的各种困境,对建立中国特色的小额信贷发展模式,构建现代农村金融体制以及如何做好小额信贷的可持续发展给出了一些参考和建议。

这不仅有利于小额信贷机构自身的生存发展,而且有利于促进贫困地区的经济发展、完善金融市场以及帮助低收入群体提高生活质量。

论文共分为五个部分。

第一部分是绪论内容,主要介绍选题的意义与目的,准备解决的关键问题等。

第二部分主要介绍小额信贷概念、特征、背景及模式、国际小额信贷的发展、我国小额信贷发展的阶段和现状。

第三部分主要介绍格莱珉银行理念、特点、模式、现状和影响。

第四部分主要介绍采用格莱珉银行模式建立的易县扶贫社在我国的应用分析。

第五部分主要介绍如何探索适合我国国情的小额信贷可持续发展道路。

外文翻译-----小额信贷与经济增长,对印度经验的思考

原文Microfinance and Economic Growth –Reflections on IndianExperience1.IntroductionAchieving balanced and inclusive economic growth is a key challenge facedbypolicymakers in countries around the world. The gains of economic growthareaccessible to a greater extent by the relatively advantaged, who find it easiertoparticipate in the growth process. Poorer people, who are separated by distancefromthe urban areas where economic activity is concentrated, have to wait much longertoreap the benefits of economic growth. Engaging these sections of society intheeconomic mainstream is essential to achieve balanced growth, which is critical forthelong-term sustainability of social development and economic prosperity. Accesstofinancial services is a key element of the process of socio-economicempowerment.Only by delivering financial services to people in rural areas and lower incomestratacan they be brought within the ambit of economic activity. Only then can thefull potentialofthecountry’s p hysicalandhumanresourcesberealised.Therural economy represents a large latent demand for credit, savings and riskmitigationproducts like insurance. Governments and regulators the world over havearticulatedthe expansion of financial service delivery to this segmentofthe population as a priorityobjective.2.TheImportanceofFinancialServicesThe delivery of financial services to lower income households in ruralareas,however,presents a unique set of challenges. This customer segment has ahighvolume of low value transactions and requires doorstep services, flexibility intimingas well as simple procedures and documentation . These require a set ofskillscompletely different from those deployed by mainstream financial intermediaries.Atthe same time, traditional modes of outreach, like physical branch networks, provetobe inappropriate because of their high costs. Microfinance is a model which seekstoprovide financial services to the rural population in a viable and sustainable manner.3.MicrofinanceMicrofinance encompasses the provision of a broad range of services suchasdeposits,loans, payment services, money transfers and insurance products to poorandlow-income households and microenterprises. Microfinance allows replacementofhigh-costdebtfrominformalsources,therebyincreasingdisposableincome.Itinculcates financial discipline, resulting in ownership of assets, and enhances theability to withstand shocks due to access to savings products, credit and insurance.Inlower income countries with inadequate institutional infrastructure, microfinance isanimportant development tool and has helped expand the depth of financialservices.4.TheIndianContextWith a population of over 1 billion and estimates of the number of poorpeopleranging from 300 to 400 million, India is one of the largest markets formicrofinancialservices. It is estimated that a large part of the demand for credit in this stratumiscurrently met by informalsources.The twentieth century saw large-scale efforts to improve the quality of life inrural India. Different approaches were adopted by government agenciesandnongovernment organisations (NGOs) to improve the condition oftheruralpopulation.Theseincludedlandredistribution,buildingeconomicand politicalawareness, technology transfer and delivery of a variety of services. Credit in theruralsector was largely supplied by co-operative societies till the mid-1960s withthecommercial banks’rural operationscenteredaroundagri-businessesandmarketing. Oneoftheobjectivesofbanknationalisationsin1969and1980wastoincreasetheflowofruralcredit .However,merelyexpandingphysicalpresenceinruralareasdid not achieve the desired results, given the need to overlay mainstream financialservicedelivery models with the social mobilisation skills that were essential tomeetdevelopmentalobjectives.The self-help group (SHG)-bank linkage programme was the initialmicrofinanceinitiative launched by the National Bank for Agriculture and RuralDevelopment(NABARD) in 1992. While this model of partnership between the banking sectorandvoluntary organisations achieved reasonable success, it continued to depend onthecreation of an extensive banking network. Challenges in scaling up this model ledtothe introduction of financial intermediation by microfinance institutions (MFIs) that provide microfinance services to the poor, especially in rural areas.5.MicrofinanceInstitutionsMFIs borrow from commercial sources and on-lendtoclients(groups/individuals). Most MFIs in India started with grants and concessionalloansand gradually made the transition to commercial funding. While much of thegrowthintheinitialyearswasfinancedbyconcessionalloansfromfundingagencies,thisw as followed from 2001 onwards by raising equity from domestic as wellasinternational agencies and by borrowings from the banking sector. MFIs havebeenobserved to administer risks better than the traditional banking sector. There maybetwo explanations forthis:〃M FIshavedevelopedspecialisedsystemsofevaluation,supervision,administrationand recovery of credits attuned to their clientele,and〃t h e clientshavedevelopedanappropriatefinancialculture.Since2003,severalbankshave entered the microfinance sector with innovative scaling-up strategies. Inadditiontotermloans,someoftheinnovativestructuresofferedbybanksinIndiato createaccess to financial services in the rural areasare:〃Partnership:SeveralMFIshaveanexcellentbaseandinfrastructureintheirspecific markets. However,theylackaccesstoproductknowledge,fundingandtechnologyplatforms. In the partnership model, the bank provides mezzanine equity and technology to the NGO/M FI and lends directly to clients with risk-sharing bythe NGO/MFI.Thebankalsoprovidesloanfundsforthe MFI’s owninvestment requirements. The MFI undertakes loan origination, monitoring and collection. The advantage of this structure is that it separates the risk of the MFI from the risk oftheportfolio. Here the intermediary or the MFI assumes a fraction of the credit risk(tothe extent of risk sharing), leading to a reduction in capital required. It combinesthecore competence of NGOs/M FIs with that of banks–social mobilisation skills withfinance.〃S ecuritisation:Inthismodelthecommercialbankidentifies a portfoliobasedon fulfillment of minimum criteria and past portfolio performance. Though theMFIcontinues to collect receivables from the borrowers, its leverage is reducedwhichenables it to originate further assets. This product gives the bank the advantageof differentiating between the financial and operational risk of the MFI whilecreditenhancement improves the rating of the portfolio and enables competitivepricing.Theproduct has highlighted the potential for creating a large secondary market inIndiaformicrofinancereceivables.Bondsmayalsobeissuedagainstsecuritisedmicrofinance assets, creating linkages between MFIs and capitalmarkets.〃On-Tap Securitisation:InthisproductthebankprovidestheMFIadvancefundingwith which the MFI can build assets. Once created, assets are assigned to thebank.TheMFI can continue to build assets and assign them to the bank onaregularbasis.Microfinance provides a credit delivery channel to rural households. Themainimpactsofmicrofinanceareincreasedaccesstocreditforthoseatthe‘Bottom ofthe Pyramid’w itheasyanddoor-stepdeliveryofinstitutionalcredit,and,whereavailable, the provision of risk cover for financial losses through a range ofinsuranceproducts.6.WayForward–ScalingupMicrofinanceScaling up the MFI model would involve thefollowing:〃Delivery ofservicesat appropriatecosts:Reductioninthecostofintermediationwould have a direct impact on the profitability of MFIs. This could beachievedthrough increased efficiency in operations and through greateroutreach.〃S ervingawider setofclients:Inadditiontofinancingpoorhouseholds,MFIscouldextend their services to individuals with larger loan capacity to set upenterprises,purchasing farm equipment and housing. This would involve a shift from acting asanMFI to acting as an LFI (local financialinstitution).〃Increasing profitabilitythroughcross-selling:MFIbranchesinunbankedareas provide significant opportunities to bundle services like insurance and collectionofsavings. Income from cross-selling would lead to an increase in the profitsofMFIs.7.SummaryIn every country, development takes place over time, but its level and pacemaynot be adequate to maintain a satisfactory standard of living for the lessadvantaged.In such situations, intervention is in order to speed up the natural paceofdevelopment.Microfinance is an intervention which tries to speed up this process ina twopronged manner –improving household income by providing timely andadequatesupport for economic activities, and sharing the responsibilities of the governmentandof the mainstream financial sector. In India, microfinance is at a nascent stage withavast potential for growth. While the sector has begun to grow, challenges mustbeaddressed to make this growth both effective andsustainable.Microfinanceneeds to become more accessible, more customised and more comprehensive.Toscale up activity in this area, we must build financial skills inmicrofinanceinstitutions and establish linkages to the debt and equity capitalmarkets.Microfinancecan then truly contribute to transforming rural India into an engine of economicgrowth.外文题目：MicrofinanceandEconomicGrowth ——ReflectionsonIndianExperience出处：M anagingDirector&CEO,ICICIBank,CHAPTER5:85-88.作者：K.V.Kamath一、译文小额信贷与经济增长，对印度经验的思考（一）前言实现具有平衡性和包容性的经济增长，是世界各国政策制定者所共同面临的一个关键挑战。

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外文翻译原文题目：Microfinance institutions in Bangladesh: achievements and challenges出处：MFIs in Bangladesh: 999-1010译文题目：小额信贷机构在孟加拉的成就与挑战论文题目：我国小额贷款公司发展问题研究小额信贷机构在孟加拉的成就与挑战Salehuddin Ahmed孟加拉国南北大学1.摘要目的:本文的目的是研究孟加拉国小额信贷的经验。

世界其他国家对孟加拉国小额信贷的成功产生了极大兴趣，该文件强调了自主的国家小额信贷基金的作用，并分析了小额信贷在孟加拉国执行机制的效率。

考察了孟加拉国小额信贷运行面临的新现实和挑战。

设计/方法/方式：本文提供了小额信贷机构 (MFIs) 的演变历史，及其借款人在孟加拉国投资活动的覆盖面的概述。

还有发表一些独立的影响评估的研究结果。

使用了来自孟加拉国各种机构、经过调查的数据。

发现：本文讲述了小额贷款的概念，小额贷款机构和各种向穷人提供的金融服务促成了大量生活在贫困线以下的孟加拉国人的发展。

研究限制和启示：本文是根据在有限的时间内收集的数据和信息，覆盖了一些选择的问题。

进一步的研究可能会建立在更可靠的数据基础之上提出来。

实际影响：本文提出小额贷款的应用是国家发展和减贫的有效工具。

发现：文章指出建立一个增加穷人获得金融服务机会的强劲的可持续的制度的实际影响。

关键词：贷款，扶贫，金融机构，孟加拉国，授权论文类型：一般审查简介：近年来，小额贷款在发展中国家和最不发达国家已成为一个被日渐青睐扶贫干预措施。

几乎没有一个贫穷的国家和以发展为导向的捐助机构（多边，双边和私人）不参与促进小额信贷项目。

许多研究成果都说明了小额贷款方案的影响，旁观者虽然没有研究但是不能不对小额贷款多样性的好处置若罔闻。

由于各种社会经济原因，孟加拉国在世界上最贫穷的国家之中有巨大的发展潜力。

有50%的人生活在贫困线一下，其中80%是农村人口。

贫困的负担不成比例地落在只占人口数量一半的妇女身上。

从逻辑上，扶贫和农村创造就业机会都是孟加拉国政府(GOB)的首要任务，政府已经通过了一个具有广泛基础的扶贫方法，这个方法强调了宏观经济数量稳定、经济自由化，并支持政府机构和非政府组织（NGO）的发展。

小额贷款项目已取得重大进展，并且其有效范围是巨大的。

俗语说：“钱生钱。

”当你得到一点点的时候，往往容易得到更多，很大的困难就得到最先的那些少的（史密斯，1937）。

由于各种原因对穷人来说从正规的银行系统获得少量的营运资金是非常困难的。

穷人起步阶段需要一个免费的流动资金贷款担保帮助他们方便可行的开始创收活动（IGAs），这是小额贷款作为减轻贫困的重要途径之一。

目前的研究致力于孟加拉小额贷款的经验，着重于自主的小额贷款基金的作用和它提供小额贷款机制的效率，并探讨小额贷款面临的新挑战和变迁。

本文的结构如下：本节突出了小额贷款部门在孟加拉国的经验。

具体而言讨论小额贷款机构(MFIs)的变革。

第二小节讨论了关于小额信贷计划，小额借款人行为和小额信贷计划对贫穷的影响。

第三节借鉴PalliKarma - Sahayak基金会（PKSF，位于孟加拉国的世界上最大的小额信贷和资金建设组织）的经验，强调在全球所有参与国家自主建立小额信贷基金的必要性。

第四节主要讨论小额信贷运动所面临的七个战略性问题。

最后一节进行总结性发言。

2.孟加拉国小额信贷部门的经验孟加拉国二十年的实践显示了小额信贷、储蓄和其他金融服务是与贫困作斗争的重要工具。

尽管还在进行的研究还没有明显的说明向穷人提供金融服务能实质上消除贫困，但是增加金融服务确实能减轻贫困.正在进行的努力至少包含消除贫困的具体方案。

因此人们应该让各种贫困人群获得金融服务。

不仅要满足当今的贫困人口的需要，而且要解决可能变穷的人的需要。

在70年代末，当尤努斯米教授正在进行一项名为“Jobra”的项目时，孟加拉银行与Swanirvar孟加拉国发起的“Dheki Rin Prokolpa''计划，还有少数几个非政府组织启动了其他几个试验计划。

当时很难设想，这些举措将导致重大的小额信贷运动，这将使孟加拉国闻名世界。

在20世纪80年代，尽管Grameen银行取得了成功，人们主要关注于孟加拉国小额信贷的集中性，而不是可取性。

通过1990年，关于这方面的一个安静的辩论决议导致了小额信贷活动的扩大。

这种快速扩张引起许多重要方面关注：政策制定者，学术界和发展实践者，每个人都想研究相关的未知的问题，并试图塑造社会和经济动态引起的小额信贷引进模型。

随着一个观点认为基金可以通过发展伙伴（非政府组织小额信贷机构NGO-MFIs）进行再贷款，而且由于这些小额信贷资金可以优先使用，Palli Karma-Sahayak基金会（简称PKSF和完整的孟加拉语名字可以翻译成英语作为农村就业支持基金会）到1990年中后期应运而生。

在多年来，它在循环贷款的小额信贷机构基金增加份额从1996年的9%至2002年的24%（见表1）。

近年来，小额信贷机构已经从边缘走向主流的金融体系。

现在传统上由财政部门拒绝帮助的贫困人口广泛接受了，这是银行服务的一个创新。

1997年小额信贷首脑会议在华盛顿举行，同时发起了一项全球运动到2005年使1亿的世界上最贫穷的家庭获取信贷以自谋职业和提供其他的金融和商业服务。

但是，还有许多工作要做，比如整合小额信贷系统，以及使正统的金融机构，尤其是商业银行承认小额信贷的全部潜力。

3.小额信贷项目的覆盖范围孟加拉各种正规金融机构（国有商业银行和专业银行）和专门政府机构以及半正式的机构（近700个非政府组织金融机构的小额信贷机构）都在实施小额信贷项目。

20世纪90年代期间小额信贷机构的增长是惊人的直到今天仍在继续。

孟加拉国的小额信贷计划的覆盖范围大约是1300万家庭。

表2报告的是正式和半正规主要机构。

但是以同一借款人可以在几个小额信贷机构贷款还存在这着争议。

普遍的共识是全国平均15% 的借款人从多个小额信贷机构借款。

在这种情况下，小额贷款的有效覆盖率约1100万个家庭。

在1100万个家庭之外，约百分之八十是在贫困线以下，所以大约880万贫困家庭拥有小额信贷。

据估计共有家庭2600万，其中约46%是的贫困家庭，总贫困家庭的数量大约是1196万。

因此，小额信贷计划的范围仍然可以扩大近似316万个家庭。

在孟加拉国非政府组织小额信贷机构是小额信贷的主要提供者。

表1描绘了孟加拉国非政府组织的小额信贷机构的资金来源。

表1 非政府组织小额信贷资金及循环贷款基金的来源资金来源1998年6月资金/占比1999年6月资金/占比2000年6月资金/占比2001年6月资金/占比2002年6月资金/占比PKSF 2,880.8018.7 4,784.0023.486,597.7024.037,598.7023.508,829.8023.64当地银行1,833.6012.07 2,343.0011.503,100.0011.292,959.609.513,359.208.99国外投资3,942.9025.96 4,157.0020.414,648.2016.935,633.017.436,160.0017.50储蓄委员会3,020.2019.89 4,813.0023.636,943.5025.298,321.9025.749,518.1025.49金融中介机构2,275.3014.98 2,338.0011.483,862.1014.065,563.3017.216,194.9016.59其他1,235.508.13 1,936.009.502,309.008.402,251.806.973,285.407.79总计15,188.00100.00 20,371.00100.0027,460.00100.0032,328.30100.0037,347.40100.00资金单位：百万。

PKSF ：Palli Karma-Sahayak基金会表2 2002年6月小额信贷项目规模机构名称借款人数量支出金额（单位：百万）借款数量（单位：百万）PKSF的合伙人或机构并由PKSF建立35,69,565 67,066.22 11,912.45PKSF的合伙人或机构非PKSF建立40,00,979 90,584.00 13,880.68非政府组织小额信贷机构不是PKSF伙伴组织11,18,931 29,689.03 3,503.925Grameen银行23,67,641 161,411.20 12,218.7 BRDB银行634,500 26,500.48 2,148.20 青年发展部352,956 4,713.27 274.47 Palli DaridraBimochon基金会276,923 9,158.18 1,164.84 巴德银行41,494 734.33 167.88社会服务部49,452 NA 139.71孟加拉国小及平房工业公司46,002 NA 359.09人力，就业及培训局1,912 NA 131.04 Jatiyo MohilaSangsth人民党银行3,052 NA 27.50Rupali银行有限公司129,920 16,240.40 991.364续表2机构名称借款人数量支出金额（单位：百万）借款数量（单位：百万）孟加拉国Krishi银行（BKB）1,51916.779.09Agrani银行418,7978,346.003,113.10Krishi 银行516,24119,188.405,528.52 Unnoyan银行11,615NA468.20总计13,541,499 433,648.26 56,038.75PKSF ：Palli Karma-Sahayak基金会 NA：无数据4.在孟加拉国小额信贷机构借款人的活动各种就业活动（主要是自雇）或小规模商业和贸易占有超过百分之四十的小额信贷份额。

另一方面农业，食品加工，运输，住房和畜牧部门都拿到资金相对较小的部分。

这表现在表3。

表3 小额信贷行业分布部门分类2000年6月（476小额信贷机构）支付比例%2000年10月（469小额信贷机构）支付比例%2001年6月（468小额信贷机构）支付比例%农业12.63 12.77 12.23 渔业 4.74 4.48 4.91 食品加工 6.99 7.11 3.78 小型企业41.31 41.81 43.02 平房工业公司 3.03 3.08 3.03 运输 3.42 3.49 2.78 房屋 1.28 1.30 1.16 健康0.39 0.37 0.45 教育0.02 0.02 0.08部门分类2000年6月（476小额信贷机构）支付比例%2000年10月（469小额信贷机构）支付比例%2001年6月（468小额信贷机构）支付比例%牲畜20.91 20.53 18.11其他 5.28 4.71 10.45总计100.00 100.00 100.00 该表显示，农村地区贫困家庭的经济活动正在发生变化。