小额信贷机构：资本结构重要吗？【外文翻译】.doc

1、1本科毕业论文外文翻译外文文献译文小额信贷机构资本结构重要吗资料来源康奈尔大学学位论文作者薇琪博根小额信贷机构（MFIS）在发展过程中，小额信贷机构已经步入了重要机构的前列。然而资本的限制阻碍了小额信贷规划的扩张，比如金融服务的需求仍然大于目前的供给。而且研究证明小额信贷机构拥有不同程度的可持续性。因此如何尽最大的可能资助小额信贷机构成为了最关键的问题。这篇论文调查了现有的资金来源，探索了怎样改变资本结构可以促进小额贷款机构未来的发展和提高小额信贷机构的效率和金融的可持续发展。引言小额信贷机构给发展中国家的低收入家庭提供金融服务。大多人认为，小额信贷和小额贷款是同一个意思。然而小额信贷指的是大

2、量的金融服务，包括贷款、储蓄、保险，而小额贷款只提供贷款，这些贷款以前用来给发展中的小企业提供资金。小额信贷机构作为非政府机构，信用合作社，非银行金融中介机构或商业银行来运营。由于目标客户缺乏抵押品容易造成违约，为缓冲这种感知风险，小额信贷机构已知的名义利率很高（3060）。它的贷款是短期的，平均贷款规模非常小，只有小部分程序要求借款人抵押担保（比如贷款可以只有75美元，可以一年以后归还）。全球范围内，小额信贷机构为超过6700万的家庭提供金融服务。通过小额信贷机构，很多工资劳动者或农民可以已很少的资本成为潜在的企业家。小额信贷机构扩张到机构融资的边境，通过给穷人特别是贫穷妇女提供贷款来抵抗贫

3、穷形成正规的金融体系。小额信贷机构资金来源的演变尽管小额信贷在几个世纪中以不同的形式存在，不同的小额信贷机构在发展中越来越杰出，直到1980年后，格莱珉银行的出现。格莱珉银行的发展战略和贷款技术影响了世界各地的小额贷款机构。最初小额信贷机构使用社会资本来克服由于抵押品短缺和信誉信息缺乏导致长时间阻碍提供给穷人金融服务的2问题。大部分应用了关于小额贷款机构贷款机制领域的经济学文献（SEEMORDUCH,1999），小额贷款机构的社会价值（SEENAVAJASETAL,2003NAVAJASETAL,2000）或小额信贷机构的表现。有一部分研究已经详细描述了小额信贷机构的融资过程，资金来源和条款。

4、小额信贷机构拥有许多不同法律结构的供应商，任务，目标区，方法论。小额贷款机构可以按组织结构（合作社，社会团体，村镇银行，个人合同，连接模型）或法律地位（非政府组织，合作社，注册金融机构，社会组织，工程项目）分类为不同的类别。现有的研究都是在小额信贷机构生命周期制度发展的背景下，进行小额信贷机构资金来源的发展研究。根据这一分析框架，大多数小额信贷机构开始以非政府机构这一定位从捐助者那获得补助金，从国际金融机构处获得优惠贷款来为小额信贷部门提供风险资本进行资金运行。因此,文献致力于研究一个有关非政府组织转型这一过程的生命周期模型,从而概述了小额信贷机构发展HELMS,2006。一般来说，资金来源与

5、小额信贷机构每一阶段的资金来源有关。捐款和软贷款成为组织成立初期阶段的主要资金。随着小额信贷机构的成熟，可以借入资本，但是要满足限制条件或提供抵押物。到了小额信贷机构发展的最后阶段，出现了传统的股权融资（FEHRNAVAJASETAL,2000,ORTHEPERFORMANCEOFMFISTHEREHASBEENLIMITEDSCHOLARLYRESEARCHDETAILINGTHEFUNDINGPROCESSES,SOURCES,ANDTERMSFORMFISMFISENCOMPASSAWIDERANGEOFPROVIDERSTHATVARYINLEGALSTRUCTURE,MISSION,

6、TARGETAREAANDMETHODOLOGYMFISCANBECLASSIEDINTOCATEGORIESBYEITHERORGANIZATIONALSTRUCTURECOOPERATIVES,SOLIDARITYGROUPS,VILLAGEBANKS,INDIVIDUALCONTRACTS,ANDLINKAGEMODELSORLEGALSTATUSNGOS,COOPERATIVES,REGISTEREDBANKINGINSTITUTIONS,GOVERNMENTORGANIZATIONS,ANDPROJECTSTHEISSUEOFFUNDINGISCRUCIALTOTHENANCIALS

7、USTAINABILITYOFMFISREGARDLESSOFWHETHERTHEYOPERATEASCOMMERCIALBANKS,NANCECOMPANIES,CREDITUNIONS,ORNONPROTORGANIZATIONSEXISTINGRESEARCHPLACESTHEEVOLUTIONOFMFIFUNDINGSOURCESWITHINTHECONTEXTOFANINSTITUTIONALLIFECYCLETHEORYOFMFIDEVELOPMENTACCORDINGTOTHISFRAMEWORKOFANALYSIS,MOSTMFISSTARTOUTASNGOSWITHASOCI

8、ALVISION,FUNDINGOPERATIONSWITHGRANTSANDCONCESSIONALLOANSFROMDONORSANDINTERNATIONALNANCIALINSTITUTIONSTHATEECTIVELYSERVEASTHEPRIMARYSOURCESOFRISKCAPITALFORTHEMICRONANCESECTORTHUS,THELITERATUREONMICRONANCEDEVOTESCONSIDERABLEATTENTIONTOTHISPROCESSOF“NGOTRANSFORMATION”ASALIFECYCLEMODELOUTLININGTHE7EVOLU

9、TIONOFAMICRONANCEINSTITUTIONHELMS,2006GENERALLY,THELIFECYCLETHEORYPOSITSTHATTHESOURCESOFNANCINGARELINKEDTOTHESTAGESOFMFIDEVELOPMENTDONORGRANTSAND“SOFTLOANS”COMPRISETHEMAJORITYOFTHEFUNDINGINTHEFORMATIVESTAGESOFTHEORGANIZATIONASTHEMFIMATURES,PRIVATEDEBTCAPITALBECOMESAVAILABLEBUTTHEDEBTSTRUCTURESHAVERE

10、STRICTIVECOVENANTSAND/ORGUARANTEESINTHELASTSTAGEOFMFIEVOLUTION,TRADITIONALEQUITYNANCINGBECOMESAVAILABLEFEHRHISHIGSUREN,2004AGROWINGNUMBEROFMFISHAVEFORMALIZEDANDSOUGHTTOFUNDGROWTHTHROUGHPUBLICDEPOSITSANDTHUSBECAMEWILLINGTOACCEPTBANKINGREGULATIONANDTHECONCOMITANTSTANDARDSOFTRANSPARENCYANDPRUDENTIALMAN

11、AGEMENTASINSTITUTIONSHAVEEXPANDED,MANYMFISGRADUALLYMADETHETRANSITIONTOINCLUDECOMMERCIALFUNDINGTHATSPANNEDTHERANGEOFRISKANDLIQUIDITYPROLESANDTHUSCOULDBEADJUSTEDTOMATCHTHECAPITALSTRUCTUREREQUIREMENTSATDIERENTSTAGESOFTHEINSTITUTIONALLIFECYCLESOMEOBSERVERSVIEWTHESECHANGESASAGENERALSHIFTTOWARDCAPITALSTRU

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13、EDITHETENDENCYTOWARDSINCREASEDLEVERAGINGOFCAPITALIITHERISEINTHEPRACTICEOFACCEPTINGPUBLICDEPOSITS,ANDIIIASHIFTAWAYFROMSUBSIDIZEDDONORMONEYTOWARDCOMMERCIALFUNDINGFUNDINGPATTERNSALSOMAYBEINUENCEDBYOTHER,LOCALFACTORSTHATSHAPEINSTITUTIONALDEVELOPMENTINSOMECOUNTRIES,ASIGNICANTNUMBEROFMFISGREWOUTOFCREDITUN

14、IONSTHATTRADITIONALLYFOCUSEDONMOBILIZINGSAVINGSFROMMEMBERSALTHOUGHSOMEOFTHESEINSTITUTIONSCHOOSETOBECOMEREGULATEDENTITIES,OTHERSAREMORELIKELYTOCHOOSEASAVINGSBANKMODELRATHERTHANAMODELTHATISBASEDONCOMMERCIALBANKINGINTHECONTEXTOFINDIAADDRESSINGTHECHALLENGESOFDELIVERINGNANCIALSERVICES8TOTHEPOOR,BASU2005E

15、XPLORESTHEEVOLUTIONOFNANCINGMODELSFROMTRADITIONALLENDINGTOASSETBACKEDSECURITIZATION,CREDITDERIVATIVES,ANDMEZZANINENANCINGINGENERAL,HEFOUNDTHATINDIANMFISHAVEHADLIMITEDAVENUESTORAISEONBALANCESHEETFUNDSONLYESTABLISHEDPLAYERSHAVEBEENABLETOACCESSBANKLOANSANDTHESELOANSARESTILLATRELATIVELYHIGHCOSTSOFAROUND

16、1112PERANNUMCONSEQUENTLY,THESEMFISHAVEDEPENDEDONGRANTSANDLOANSFROMBANKSANDINSTITUTIONS,INCLUDINGMULTILATERALAGENCIES,TOMEETTHEIRRESOURCEREQUIREMENTSTHUS,THEOVERALLREGULATORYENVIRONMENTPLAYSAROLEINNATIONALANDREGIONALVARIATIONSINFUNDINGPATTERNS,SINCESOMECOUNTRIESBENETFROMAMOREBALANCEDANDINFORMEDREGULA

17、TORYSTRUCTURETHATFACILITATESTHETRANSFERTOAREGULATEDENTITYWHILESTILLASSURINGESSENTIALPRUDENTIALOVERSIGHTADDITIONALLY,BANERJEE,MUNSHI,ANDDUO2003HAVESHOWNTHATTHEMATURITYOFTHECAPITALMARKETSWITHINACOUNTRYCANAECTTHEALLOCATIONOFFUNDINGAND/ORRESOURCESINRECENTYEARS,THEREHASBEENINCREASINGINTERNALANDEXTERNALPR

18、ESSUREFORTHEMFISTODECREASEDEPENDENCEONSUBSIDIZEDORGRANTFUNDINGFOREXAMPLE,ACCIONINTERNATIONAL,ANORGANIZATIONDESIGNEDTOSUPPORTMFIS,HELPSMFISOBTAINEQUITYNANCING,DEBTNANCING,ANDOTHERCOMMERCIALFUNDINGINSTRUMENTSBYENABLINGMFISTOLINKDIRECTLYWITHINVESTORSANDCOMMERCIALBANKS,ACCIONSTRIVESTOHELPTHEMBECOMEINDEP

19、ENDENTOFDONORFUNDSOVERTHEPASTDECADE,ACCIONHASBEENHIGHLYINUENTIALINENCOURAGINGDONORSTOSUBSIDIZESTARTUPCOSTSONLYANDPUSHINGFORMFISTOHAVEACOMMERCIALFOCUSARMENDARIZDEAGHIONMORDUCH,2004SINCEDONORFUNDSARELIMITEDINAMOUNT,RELIANCEONDONORFUNDINGLIMITSTHEABILITYOFMFISTOEXPANDTOMEETRISINGDEMANDFORSERVICESTHEREI

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24、ONGRANTS,SOFTLOANS,ANDOTHERTYPESOFDONORFUNDSTHESIGNICANTANDNEGATIVERELATIONSHIPOFSHARECAPITALASAPERCENTOFASSETSALSOSUPPORTSTHEVIEWTHATONLYCOMMERCIALLYFUNDEDMFISRESPONDTOTHEPROTINCENTIVEBYWORKINGTOINCREASEREVENUESANDDECREASEEXPENSESWHILEMOSTINFORMATIONONTHECAPITALSTRUCTUREOFMFISISHIGHLYFRAGMENTED,THI

25、SPAPERATTEMPTSTOSYNTHESIZETHEINFORMATIONTOBETTERUNDERSTANDTHELINKBETWEENCAPITALSTRUCTUREANDMFIPERFORMANCETHELIFECYCLETHEORYISTHEMOSTPOPULAREXPLANATIONOFTHELINKBETWEENCAPITALSTRUCTURE,SUSTAINABILITY,ECIENCY,ANDOUTREACHHOWEVER,ITDOESNOTSEEMTOTELLTHEENTIRESTORYWITHRESPECTTOMFINANCINGVARIOUSFACTORSOTHER

26、THANLIFECYCLESTAGESEEMTOBEASSOCIATEDWITHMFIPERFORMANCEMYRESULTSINDICATETHATTHESIZEOFANMFISASSETSANDANMFISCAPITALSTRUCTUREAREASSOCIATEDWITHPERFORMANCEINDTHATFORMFIS,ASSETSIZEDOESMATTERBOTHINTERMSOFSUSTAINABILITYANDOUTREACHGRANTSASAPERCENTOFASSETSISSIGNICANTANDNEGATIVELYRELATEDTOSUSTAINABILITYBUTISPOS

27、ITIVELYRELATEDTO10MFICOSTPERBORROWERUSINGANIVANALYSIS,IALSONDCAUSALEVIDENCETOSUPPORTTHEASSERTIONTHATTHEUSEOFGRANTSDRIVESDOWNOPERATIONALSELFSUCIENCYTHISREINFORCESTHEVIEWTHATTHELONGTERMUSEOFGRANTSMAYBERELATEDTOINECIENTOPERATIONSDUETOLACKOFCOMPETITIVEPRESSURESASSOCIATEDWITHATTRACTINGMARKETFUNDINGNOTABL

28、Y,THERESULTSDONOTINDICATETHATGRANTSARERELATEDTOGREATERORMORECOSTLYOUTREACHTHUS,GRANTSCOULDHINDERTHEDEVELOPMENTOFMFISINTOCOMPETITIVE,ECIENT,SUSTAINABLEOPERATIONSEVENDEVELOPMENTANDDONORORGANIZATIONSSUCHASTHEINTERNATIONALFINANCECORPORATIONREALIZETHATONLYBYWEANINGODONORDEPENDENCYANDADOPTINGACOMMERCIALOR

29、IENTATIONCANTHESEMFISTRULYATTRACTTHECAPITALANDSAVINGSBASETHEYNEEDTOSCALEUPTHEIRMICROLOANPORTFOLIOS,INCREASESUSTAINABILITY,LOWERLENDINGRATES,INCREASEOUTREACH,ANDSTARTMEETINGTHEDEMANDTOADDRESSTHECAPITALCONSTRAINTISSUESOFMOSTMFIS,INNOVATIVENANCINGANDINSTRUMENTSWILLBEREQUIREDASMFITRANSPARENCYIMPROVESANDINNOVATIVENANCINGISUSED,TRANSACTIONCOSTSSHOULDBEGINTODECLINESOTHATEVENMORENEWNANCIALTOOLSCANINCREASETHELIQUIDITYINTHEMFIFUNDINGMARKET