小微企業金融外文翻譯--烏干達小微企業融資路徑依賴和融資的決定性因素-資料下載頁

【導讀】然而，在低收入國家，小微企業卻比中小企業扮演著更加重要的角色，這主要是由于他們在非農業領域的自主性擇業方面有著突出貢獻。程中前者優于后者。另一方面，一些具體的因素，比如：商業形式的多元化，小微企業獲得。行等主流金融機構中獲得正規信貸的小微企業改善融資渠道。多數的小微企業是作為非正式成立的個人獨資企業而經營的。關于小微企業的各種文獻中均是一致的，特別是他們在非正式部門工作的事實。在每一個財政年度，小微企業雇主和經營地點都是可再生資源。尤其是路邊的或在其他戰略領域的小微企業，例如電話亭，沿著繁華的街道。雖然在烏干達，過程和正式業務的法律。另一方面，非正規成本包括避免處罰。根據公司法案，在烏干達的公司注冊需由該公司的注冊處處長登記實施。由于沒有足夠的資本來創造就業機會小微企業這種膨脹式發展。無疑將會對國家經濟和經濟轉型造成各種影響。業則被認為是小型企業，而中型企業所擁有的資產不超過三千四百萬歐元。

　　

【正文】 oo to assess its impact. Information Prior to Obtaining Credit The 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 Credit Out 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 ine 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 Credit The 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 does not 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”, “banks steal your property when you borrow from them,” and “I reinvest 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 Credit The majority of micro enterprises, particularly those that operate in markets and sell groceries 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 beneficial to 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 savings or 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 Credit This 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 15%), or of a minimum amount, or a prior relationship with the lender for a 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 equip