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.docx
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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.docx
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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:
MicroEnterpriseFinanceinUganda:
PathDependenceand
OtherandDeterminantsofFinancingDecisions
作者:
Dr.WinifredTarinyeba-Kiryabwire
出处:
Tarinyeba-KiryabwireWM.MicroEnterpriseFinanceinUganda:
PathDependenceandOtherandDeterminantsofFinancingDecisions[J].AvailableatSSRN1633393,2010
Abstract
Accesstofinanceliteratureindevelopingcountriesfocusesonaccesstocreditconstraintsofsmallandmediumenterprises(SMEs)microenterprisesbecausetheyareconsideredthedriversofeconomicgrowth.However,inlowincomecountries,microenterprisesplayamuchmoresignificantrolethanSMEsbecauseoftheircontributiontonon-agriculturalself-employment.Thepredominantuseofinformalcreditratherthanformalcreditshowsthatthemannerinwhichmicroenterprisesareformedandconducttheirbusinessesfavorstheformeroverthelatter.Inaddition,otherfactorssuchaslengthycreditapplicationprocedures,negativeperceptionsaboutcreditapplicationprocessesmakeinformalcreditmoreattractive.Ontheotherhandspecificfactorssuchasbusinessdiversification,theneedtoacquirebusinessinputsorassetsthancannotbeobtainedusingsuppliercreditareassociatedwithatendencytouseformalcredit.
Introduction
Itwellestablishedthatinmarketswhereaccesstocreditisconstrained,itisthesmallerbusinessesthathavethemostdifficultyaccessingcredit1.Variouspolicyinterventionshavebeenmadetoimproveaccesstocreditincludingreformingtheinformationandcontractualframeworks,macro-economicperformance,competitivenessinthefinancialsystem,andregulatoryframeworksthatenablefinancialinstitutionstodevelopproductsforSMEssuchasleasingandfactoring2.Overthepasttenyears,policymakersindevelopingandlowincomecountrieshavefocusedonmicrofinanceasaninterventiontobridgetheaccesstocreditgapandimproveaccesstocreditforthosethancannotobtaincreditfrommainstreamfinancialinstitutionssuchascommercialbanks.However,despite,theuseofwhatareoftentermedas“innovativelending”methodsthataredesignedtoeaseaccesstocredit,suchasuseofgrouplendingandothercollateralsubstitutes,microenterprisescontinuetorelyheavilyoninformalfinanceasopposedtoformalcredit.Whileotherstudieshavefocusedbroadlyonfactorsthatinhibitaccesstocredit,thisarticleseekstothrowsomelightonspecificcharacteristicsofmicroenterprisesthatmakethemmoreinclinedtouseinformalcredit,aswellasspecificfactorsthataremoreassociatedwithuseofformalcredit.TheformerarewhatItermaspathdependencefactors.
PathDependenceinMicroEnterprises:
FormationandBusinessCharacteristics
Themajorityofmicroenterprisesoperateasinformallyestablishedsoleproprietorships.Thisfindingisconsistentwiththeliteratureonmicroenterprises,particularlythefactthattheyoperateintheinformalsector.However,nearlyalloftheenterpriseshadsomeformoftradinglicenseissuedbythelocalgovernmentoftheareainwhichtheyoperate.Thelicenseidentifiestheownerofthebusinessanditslocation,andisrenewableeveryfinancialyear.Mostrespondentsdidnotunderstandtheconceptofbusinessincorporationandthoughtthathavingatradinglicensemeantthattheywereincorporated.Severalfactorscanbeattributedtothemannerinwhichmicroenterprisesareestablished.First,proprietorsgenerallyunderstandneithertheconceptofincorporationnorthefinancialandlegalimplicationsofestablishingabusinessasalegalentityseparatefromitsowner.Second,themajorityofmicroenterprisesstartasspontaneousbusinessoreconomicopportunities,ratherthanaswell-thoughtoutbusinessventures,particularlybusinessesthatoperatebytheroadside,orinotherstrategicareas,suchastelephoneboothsthatoperatealongbusystreets.Theownersareprimarilyconcernedwiththeeconomicopportunitythatthebusinesspresentsratherthanwiththeformalitiesofestablishingthebusiness.Third,ruleoflawissuesalsoexplainthemannerinwhichbusinessesgenerallyareestablishedandfinanced.AlthoughamechanismexistsforincorporatingbusinessesinUganda,theprocessandthelegalandregulatoryburdens,associatedwithformalizingabusiness,createcoststhat,inmostcases,faroutweighthebenefitsoreventheeconomicopportunitycreatedbythebusiness.
Commentingontheroleoflawindeterminingtheefficiencyoftheeconomicactivitiesitregulates,HernandoDeSotoarguesthatiflawsimpedeordisrupteconomicefficiency,theynotonlyimposeunnecessarycostsofaccessingandremainingintheformalsystem,butcostsofoperatinginformallyaswell.3Theformerincludethetimeandcostofregisteringabusiness,taxesandcomplyingwithbureaucraticprocedures.
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- 关 键 词:
- 企业 金融 外文 翻译 乌干达 融资 路径 依赖 决定性 因素 论文 文献 中英文 对照 译文
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