1、 INTERNATIONAL FINANCE CORPORATION 2017.All rights reserved.2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 www.ifc.orgThe material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC encourages diss
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7、All other queries on rights and licenses, including subsidiary rights, should be addressed to IFCs Corporate Relations Department, 2121 Pennsylvania Avenue, N.W., Washington, D.C. 20433.International Finance Corporation is an international organization established by Articles of Agreement among its
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9、 of IFC and are protected under international law.Photo Credits: World Bank Photo Library and ShutterstockCONTENTS iContentsAcknowledgements . iiiAcronyms .VForeword. ViiExecutive Summary.iXI. Introduction. 1II. Other Finance Gap Studies.3III. Current Methodology . 7IV. Quantifying the Finance Gap .
10、 21Number of Enterprises. 21Formal Finance Gap.27Gender Finance Gap . 36Potential Demand in the informal Sector . 40V. Implications of the MSME Finance Gap . 43The Role of the Public Sector . 43The Role of the Private Sector. 46Conclusion. 51Bibliography . 53Annex.61ACKNOWLEDGEMENTS iiiAcknowledgeme
11、ntsThis report, MSME FINANCE GAP: Assessment of the Shortfalls and Opportunities in Financing Micro, Small and Medium Enterprises in Emerging Markets, was authored by Miriam Bruhn, Martin Hommes, Mahima Khanna, Sandeep Singh, Aksinya Sorokina and Joshua Seth Wimpey. Analytical support was provided b
12、y Yangyang Zhou.The authors would like to acknowledge guidance from an Advisory Board consisting of Deepa Chakrapani, Julie Fawn Earne, Matt Gamser, Dan Goldblum, Sharmila Hardi, Bill Haworth, Anushe Khan, Jorge Rodriguez-Meza, Maria Soledad Martinez Peria, Peer Stein, and Wendy Teleki, as well as v
13、aluable contributions from Raymond Anderson, Minerva Adei Kotei, Kaylene Alvarez, Nuria Alino Perez, Melina Mirmulstein and Leila Search.The team received useful insights from consultations with Luke Haggarty, Hans Peter Lankes, Toshiya Masuoka and others in the leadership team of IFCs Economics & P
14、rivate Sector Development Vice-Presidency. The authors also benefited from discussions with Mary Hallward-Driemeier and Navin Girishankar, members of the Country Private Sector Diagnostics team within the World Bank Groups Trade and Competitiveness Global Practice.We thank Nadia Afrin, Barbara Balaj
15、, and Li Wen Quach for the coordination in editing, design, and production.The authors would also like to acknowledge the major data providers: Bureau Van Dijk (Orbis), the IMFs Financial Access Survey, the OECDs Financing Small and Medium Enterprise and Entrepreneurs Scoreboard, and the World Banks
16、 Enterprise Surveys.ACRONYMS VAcronymsAFI BOW CAGR CENFRI CGAP DTF EAP ECA ECB EIBEIF ES EU FI FCC FAS FMO GDPGSMA IFC IFRS IMF IRR ISIC ITKPIAlliance for Financial Inclusion Banking on WomenCumulative Adjusted Growth RateCentre for Financial Regulation and Inclusion Consultative Group to Assist the
17、 Poor Distance to frontierEast Asia and Pacific Europe and Central Asia European Central Bank European Investment Bank European Investment Fund Enterprise Survey European UnionFinancial institution Fully credit-constrained Financial Access SurveyNetherlands Development Finance Company Gross domestic
18、 productGroupe Spciale Mobile Association (Mobile Network Operators) International Finance CorporationInternational Financial Reporting Standards International Monetary FundInternal rate of returnInternational Standard Industrial Classification Information technologyKey performance indicatorVi MSME
19、FiNANCE GAPKYCLAC LIFTKnow Your CustomerLatin America and the Caribbean Livelihoods and Food Securities Trust FundLTDB Long-Term DebtMPOS Mobile point-of-saleMIX Microfinance Information ExchangeNCC Not credit-constrainedNFS Non-financial servicesNPL Non-performing loanOECD Organisation for Economic
20、 Co-operation and DevelopmentOLS Ordinary least squaresPCC Partially credit-constrainedPO Purchase orderMAPE Mean absolute percentage errorMENA Middle East and North AfricaMFI Microfinance institutionMSME Micro, Small and Medium EnterprisesRoA Return on assetsRoE Return on equitySA South AsiaSAFE Su
21、rvey on the Access to Finance of EnterprisesSCF Supply chain financingSME Small and Medium EnterprisesSSA Sub-Saharan AfricaUNDP United Nations Development ProgrammeUNIDO United Nations Industrial Development OrganizationWBG World Bank GroupWDI World Development IndicatorsFOREWORD ViiForewordAt the
22、International Finance Corporation, we pay special attention to small businesses because they are the engines of job creation and economic growth. Nine out of ten new jobs worldwide are created by small businesses, and we need nearly 3,3 millionjobs every month in emerging markets by 2030 to absorb t
23、he growing workforce. Lack of access to finance is one of the biggest hurdles small businesses face that prevent them from growing and creating jobs.The private and public sector can better address this problem if they have better insights about the magnitude and nature of the finance gap. With this
24、 in mind, IFC and McKinsey & Company conducted the first comprehensive assessment of the global MSME finance gap in 2010. At that time, the magnitude of the gap over $2 trillion annually caused quite a stir. However, looking back now we find that with the scarce data available then along with the li
25、mitations of the methodology, we were, if anything, too conservative in our estimation before. To address this, a group of staff from across the World Bank Group has developed a new methodology that utilizes better and more diverse data from both supply and demand sides to assess the finance gap in
26、developing countries.The results this time are even more staggering: 65 million enterprises, or 40 percent of formal micro, small and medium businesses in developing countries, have an unmet financing need of $5.2 trillion every year.So how are we addressing this financing gap and helping small busi
27、nesses thrive? We are providing investments and advisory services to financial intermediaries catering to small businesses. In 2016, 304 of our financial institution clients made 62 million loans to micro, small and medium enterprises valued at $412 billion. We are strengthening financial markets by
28、 supporting collateral registries and credit bureaus that facilitated more than $250.6 billion in financing in 2016. More than 679,900 micro, small and medium enterprises were able to receive loans secured with movable property. We are investing and working with the multiple FinTech companies such a
29、s Ant Financial, Welabs, Afluenta, Moni, Kreditech, and Confio, which use cutting edge innovations to revolutionize MSME finance. Through these fintechs, IFC reaches hundreds of thousands of MSMEs. We also are promoting knowledge-sharing. The SME Finance Forum, which is managed by IFC, helps banks,
30、fintechs and development banks learn from each other, link to new business and partnership opportunities, and lead in the industry-policymaker dialogue.viii MSME FiNANCE GAPThe World Bank Group has taken on an ambitious goal of universal financial inclusion by 2020. The UN Sustainable Development Go
31、als adopted by 193 member states calls for ensuring access to finance for small businesses, and the G20 leaders have also recognized the importance of financing SMEs as a critical piece of economic development. There is no doubt that closing the financing gap for small businesses has become a policy
32、 priority around the world. With co-operation and action by governments and the private sector, we believe that closing this gap for small businesses is achievable.Philippe Le HourouChief Executive Officer of IFCEXECUTiVE SUMMARY iXExecutive SummaryMicro, Small and Medium Enterprises (MSMEs) represe
33、nt a significant part of the worldeconomy, and are one of the strongest drivers of economic development, innovation andemployment. Access to finance is frequently identified as a critical barrier to growth forMSMEs.1 A growing body of literature has highlighted the extent to which MSMEs are credit c
34、onstrained across developing countries including the importance of relieving this constraint to achieve higher growth.2 Creating opportunities for MSMEs in emerging markets is a key way to advance economic development and reduce poverty. In this regard, it is also one of the major priorities of the
35、World Bank Group and other development institutions around the globe.In recognition of the need to quantify the extent of the MSME finance gap, the International Finance Corporation (IFC) partnered with McKinsey & Company in 2010 to produce an estimate of the gap.3 As the first study of its kind, th
36、e aim was to produce approximate figures that could, at an aggregate level, highlight this critical issue and the scale of the challenge. However, the assumption and methodology of the study raised concerns about its use at a more granular level. For example, cross-country comparisons, crucial for s
37、trategic policy decisions by international organizations and others, were not possible.In response, a collaboration between various units at the IFC and the World Banks research unit developed an innovative methodology that reassesses the gap and significantly moves this analytical work forward. The
38、 team has estimated the systemic finance gap by utilizing more data from both the demand and supply sides. As a result, it has produced more accurate, actionable country-level estimates of the gap.In the developing economies studied,4 the potential demand for MSME finance is estimated at US$ 8.9 tri
39、llion, compared to the current credit supply of $3.7 trillion.5 The finance gap from formal MSMEs in these developing countries is valued at $5.2 trillion, which is equivalent to 19 percent of the gross domestic product (GDP) of countries covered in this analysis. This in turn amounts to1.4 times th
40、e current level of MSME lending in these countries. In addition, there is an estimated$2.9 trillion potential demand for finance from informal enterprises in developing countries, which is1. For example, see World Bank Enterprise Surveys: http:/www.enterprisesurveys.org/research/enterprisenotes/topi
41、c/finance.2. World Bank, Global Financial Development Report 2014: Financial Inclusion. (Washington, DC: World Bank Group, 2013).3.Stein, Peer, Tony Goland and Robert Schiff. Two Trillion and Counting: Assessing the Credit Gap for Micro, Small, and Medium-size Enterprises in the Developing World. (2010).4.This study covers 128 countries, of which 112 are low- and-middle income countries. The remaining low- and middle-income countries for which the analysis was not carried ou
