1、1外文题目THEIMPORTANCEOFINFORMALFINANCEINKENYANMANUFACTURING出处INTERNATIONALJOURNALOFSOCIALECONOMICS作者ANDERSISAKSSON原文THEIMPORTANCEOFINFORMALFINANCEINKENYANMANUFACTURINGANDERSISAKSSONABSTRACTTHISPAPERINVESTIGATESTHEIMPORTANCEOFINFORMALFINANCEFORKENYANMANUFACTURINGFIRMSTHERESULTSINDICATETHATINFORMALBORROW
2、INGISNOTANIMPORTANTALTERNATIVETOOTHERFORMSOFFINANCETHEMAINCLIENTSOFINFORMALFINANCEAREINFORMALFIRMSANDRELATIVELYSMALLFORMALONES,ALTHOUGHINFORMALCREDITISTOSOMEEXTENTDEMANDEDBYFIRMSOFALLSIZESMOSTIMPORTANTAMONGTHEINFORMALFINANCIALSOURCESARERELATIVESANDFRIENDSTHEPRINCIPALREASONSFORUSINGINFORMALFINANCEARE
3、LOWINTERESTRATES,EASIERFORMALITIES,ANDTHEFACTTHATNOCOLLATERALISREQUIREDKEYWORDSINFORMALFINANCE,ANGELS,AFRICA,KENYA,MANUFACTURINGSECTORINTRODUCTIONACCESSTOEXTERNALFINANCEISIMPORTANTTOALLENTERPRISESFORINSTANCE,INVESTMENTINFIXEDCAPITALOFTENREQUIRESALARGELUMPSUMOFFUNDSTHEADOPTIONANDINSTALLATIONOFNEWANDB
4、ETTERTECHNOLOGYMIGHTDEMANDEXTERNALFINANCESOMEFIRMSNEEDACCESSTOWORKINGCAPITALFINANCINGTOSMOOTHOUTFLUCTUATIONSININCOMEDUETODIFFERENCESINTHETIMINGOFPRODUCTIONANDSALESINMANYSUBSAHARANAFRICANECONOMIESHOWEVER,FINANCIALANDLEGALSYSTEMSDONOTOPERATEEFFICIENTLYAND,THEREFORE,CREDITMAYNOTBEFORTHCOMINGINSUCHASITU
5、ATION,AFIRMHASTOSEEKALTERNATIVESOURCESOFFINANCETHEALTERNATIVESOURCEOFEXTERNALFINANCECONSIDEREDINTHISPAPERISTHEINFORMALFINANCIALSECTORHISTORICALLY,SSAFINANCIALSYSTEMSHAVEBEENHIGHLYFRAGMENTEDINTODUALMARKETS,NAMELY,AFORMALANDANINFORMALFINANCIALMARKETTRADITIONALLY,THEFORMALFINANCIALSECTORHASBEENSEENTOSE
6、RVETHEGOVERNMENT,WHILETHEINFORMALONESERVESTHEPRIVATESECTORTHEREARETWOMAINVIEWSEXPLAININGTHEEXISTENCEOFINFORMALFINANCEONEISTHATINFORMALFINANCEISAREACTIONTOPOLICYDISTORTIONS,ORFINANCIALREPRESSIONEGFRY,1995TAYLOR,1983SINCETHEINFORMALFINANCIALSECTORISNOTSUBJECTTOREGULATION,ITISMOREEFFICIENTTHANTHEFORMAL
7、ONETHEREMEDYFORTHERELATIVEINEFFICIENCYOFTHEFORMALCREDITMARKETMAYBESEENINFINANCIALLIBERALIZATIONTHESECONDVIEWMAINTAINSTHATTHEINFORMALSECTORHASACOMPARATIVEADVANTAGEINSOME2MARKETSEGMENTSNOTWITHSTANDINGFINANCIALLIBERALIZATIONWHILEITISCOSTLYFORFORMALINSTITUTIONSTOACQUIREINFORMATION,INFORMALAGENTSCANUTILI
8、ZELOCALPERSONALINFORMATION,RESULTINGINMONOPOLYPOWERITISWELLKNOWNTHATAWEAKLEGALSYSTEMINHIBITSCONTRACTENFORCEMENT,WHICHRESULTSINCREDITRATIONINGOFPOTENTIALBORROWERSWITHOUTCOLLATERALINFORMALAGENTSCANFILLSUCHMARKETSEGMENTSANDCOLLATERALCANBEREPLACEDBYREPUTATION,GROUPRESPONSIBILITY,ANDINTERLINKEDTRANSACTIO
9、NSSTEELETAL,1997WHILEINFORMALFINANCIALMARKETSINASIAAREOFTENVIBRANTANDRELATIVELYEFFICIENT,THEREAREFEWINDICATIONSTHATINFORMALFINANCEISANIMPORTANTALTERNATIVETOFORMALCREDITINSSAASTUDYBYBIGGSETAL1994,USINGKENYANDATAFORONEYEAR,FINDSTHATINFORMALFINANCEISUSEDTOALIMITEDEXTENTONLY,WITHTHEPREFERREDINFORMALSOUR
10、CEBEINGTHATOFRELATIVESANDFRIENDSANGELSITISINTERESTINGTONOTE,HOWEVER,THATTHOSEFEWFIRMSTHATDOUSEINFORMALFINANCECANBEOFANYSIZEWHILEMOSTOFTHELITERATURESTRESSESTHELIMITEDROLEOFINFORMALFINANCEINSSA,ANEXCEPTIONISTHEGHANASTUDYBYCUEVASETAL1993,WHICHFINDSTHATINFORMALFINANCIALACTIVITIESAREOFSIGNIFICANTIMPORTAN
11、CETOSMALLANDMEDIUMSIZEDFIRMSTHEDOMINANTINFORMALSOURCEISBORROWINGFROMANGELSFAFCHAMPS,PENDERANDROBINSON1995SHOWTHATINFORMALFINANCECONSTITUTES34PERCENTOFTOTALDEBTFORSMALLFIRMSINZIMBABWEFOROTHERSIZECATEGORIES,THECORRESPONDINGFIGUREWASLESSTHAN10PERCENTANOTHERRESULTFROMTHESEAUTHORSISTHATINFORMALCREDITISUS
12、EDONAVERAGEBY17PERCENTOFTHEFIRMS,AND23PERCENTOFTHELARGEFIRMSMOREOVER,THEWORKBYBIGSTENETAL2001COVERINGSIXSSACOUNTRIESSHOWSTHATFORMALFINANCIALMARKETSAREINEFFICIENTANDBIASEDAGAINSTLENDINGTOSMALLFIRMSTHISBIASIMPELSSMALLFIRMSOFTENTOTURNELSEWHEREFOREXTERNALFINANCEQUITEPOSSIBLYTOSOMEINFORMALFINANCIALLENDER
13、INTHEPRESENTSTUDY,ATTENTIONISPAIDTOTHEROLEOFTHEINFORMALFINANCIALSECTORINPROVIDINGEXTERNALFINANCETOMANUFACTURINGFIRMSINKENYAALTHOUGHTHEKENYANFINANCIALSYSTEMISQUITESOPHISTICATEDBYSSASTANDARDS,ITSEEMSUNABLETOPROVIDEADEQUATEEXTERNALFINANCETOSUPPORTFIRMGROWTHMCCORMICK,KINYANJUIANDONGILE1997,FOREXAMPLE,AR
14、GUETHATONEPRINCIPALOBSTACLETOFIRMGROWTHINKENYAISLACKOFEXTERNALFINANCEINSTEADOFCOMINGFROMTHEFORMALFINANCIALSECTOR,INITIALCAPITALTENDSTOSOURCEFROMOWNSAVINGSANDANGELSTHEDESCRIPTIVEANALYSISSUGGESTSTHATINFORMALFINANCEISUSEDMAINLYBYINFORMALFIRMSANDBYRELATIVELYSMALLFORMALFIRMSCOMPAREDWITHOTHERETHNICGROUPS,
15、FORMALFIRMSOWNEDBYAFRICANSAPPEARSLIGHTLYMORELIKELYTOBORROWFROMINFORMALSOURCESASREGARDSTHESHAREOFINFORMALLOANSINTOTALLOANS,AFRICANOWNERSHIPISMOREIMPORTANTFIRMSWITHOWNERSHIPSTATUSOTHERTHANAFRICANHOLDONLYNEGLIGIBLEAMOUNTSOFINFORMALLOANSASASHAREOFTOTALBORROWINGINTHEFORMALSECTOR,ONLYMICROANDSMALLFIRMSBOR
16、ROWANYSIGNIFICANTAMOUNTSOFMONEYFROMINFORMALSOURCESASCANBEEXPECTED,ITISMAINLYINFORMALFIRMSTHATRELYONINFORMALBORROWINGTHEREASONSFORBORROWINGFROMINFORMALSOURCESDIFFEROFTHEFIRMSWITHINFORMALFINANCING,FORMALFIRMSSTRESSTHERELATIVELYLOWCOSTCOMPAREDWITHFORMALBORROWINGOFSUCHLOANSANDTHELESSERFORMALITYASREASONS
17、FORTURNINGTOINFORMAL3SOURCES,WHILEANOVERWHELMINGAMOUNTOFINFORMALFIRMSSINGLEOUTTHELESSERFORMALITYPOOLEDREGRESSIONANALYSISONTHEPROBABILITYOFHAVINGANINFORMALLOANSUGGESTSTHATOTHERMODESOFFINANCING,INCLUDINGINTERNALFINANCE,CONSIDEREDPREFERABLETORESORTINGTOINFORMALSOURCESTHEREGRESSIONRESULTSALSOCONFIRMTHAT
18、THETYPICALUSEROFINFORMALCREDITISRELATIVELYSMALLASKETCHOFTHEINFORMALFINANCIALMARKETTHEINFORMALFINANCIALSECTORCANBEDESCRIBEDASTHATPARTOFTHEECONOMYINWHICHFINANCIALACTIVITIESTAKEPLACEWHICHARENOTTHEOFFICIALLYREGULATEDORMONITOREDTHISUNOFFICIALACTIVITYSHOULD,HOWEVER,NOTBEDISMISSEDASUNIMPORTANTANDMARGINALTH
19、EREARECOUNTRIESWHERETHEINFORMALECONOMYACCOUNTSFORASMUCHAS2030PERCENTOFGDPTHUS,ITISCLEARTHATINFORMALSECTORACTIVITIESCOULDEVENHAVEMACROECONOMICEFFECTSINSOMECOUNTRIESINFORMALACTIVITIESAREILLEGAL,WHILEINOTHERSTHEYARELEGALTOVARIOUSDEGREESBOLNICK,1992THEPRINCIPALREASONFORTHEEMERGENCEOFANINFORMALFINANCIALM
20、ARKETISTHEUNWILLINGNESSOFTHEFORMALFINANCIALSECTORTOLENDTOSOMERELATIVELYRISKYCATEGORIESOFBORROWERSINCREASEDRISKOFTENSTEMSFROMTHEDIFFICULTYTOOBTAINACCURATEANDRELIABLEINFORMATIONABOUTBORROWERSEXAMPLESTHATHINDERTHEFLOWOFACCURATEINFORMATIONAREGEOGRAPHICALREMOTENESSORILLITERACYSMALLCLIENTSAREALSOEFFECTIVE
21、LYSHUTOUTFROMTHEFORMALMARKETDUETOHIGHCOLLATERALREQUIREMENTSANDHIGHMINIMUMDEPOSITREQUIREMENTS,BUTTHEREISSOMEEVIDENCETHATSMALLENTERPRISESSELDOMTURNTOINFORMALFINANCIALSOURCESTWOREASONSFORNOTDRAWINGONINFORMALFINANCEAREEXPECTEDHIGHCOSTSORTHESMALLNESSANDUNRELIABILITYOFLENDERSANOTHERREASONFORTHEEMERGENCEOF
22、INFORMALFINANCIALACTIVITIESISTHATSOMEFIRMSMAYTURNTOINFORMALSOURCESINCASEOFLIQUIDITYSHOCKSYETANOTHEREXPLANATIONFORUSINGINFORMALSOURCESMAYBETHATMOREFUNDSCANBERAISEDATALOWERCOSTANDWITHOUTCOLLATERALWHENTHESOURCEISARELATIVEORFRIENDHENCEFORTHCALLED“ANGEL”INTERESTRATESINTHEINFORMALFINANCIALSECTORTENDTOBEHI
23、GHERTHANINTHEFORMALFINANCIALSECTOR,ALTHOUGHAMONGINFORMALLENDERS,INTERESTRATESARESELDOMUSEDASADISCRIMINATIONDEVICETOSCREENBORROWERSALEEM1990ARGUESTHATLENDERSSOMETIMESBORROWFROMTHEINFORMALMARKETTHEMSELVESANDLENDONATANEVENHIGHERINTERESTRATETHELARGECOSTOFMONITORINGANDADMINISTERINGINFORMALCONTRACTSINCREA
24、SESTHECOSTOFBORROWINGHIGHERRISKSANDCOSTSOFDELINQUENCYAREOTHEREXPLANATIONSFORTHERELATIVELYHIGHINTERESTRATES,ALTHOUGHTHELOANPORTFOLIOSOFTHEINFORMALLENDERSCOMPAREDWITHFORMALLENDERSHADLOWDELINQUENCYANDDEFAULTRATESSTEELETAL,1997TOTHESEREASONS,THEOPPORTUNITYCOSTSOFHOLDINGCASHMAYALSOBEADDEDTHISPAPERLATERPR
25、OVIDESINDICATIONSTHATTHEINTERESTCHARGEDONINFORMALLOANSMAYACTUALLYBELOWERTHANTHATCHARGEDONFORMALCREDITUNLIKECOMMERCIALBANKS,INFORMALLENDERSUSEPERSONAL,SOCIAL,ANDBUSINESSRELATIONSHIPSTOPRESELECTCLIENTSROTATINGSAVINGSANDCREDITASSOCIATIONSROSCASUSEGROUPMEMBERSHIPASASELECTIONDEVICE,TRADERSANDLANDLORDSONL
26、YLENDTOTHEIRCUSTOMERSANDTENANTS,WHILESAVINGSCOLLECTORSTENDTOLENDTOREGULARCUSTOMERSMOREOVER,RECOMMENDATIONSFROMPREVIOUSCLIENTSANDPERSONALKNOWLEDGEAREIMPORTANTINGREDIENTSINTHESELECTIONPROCESS4INFORMALFINANCEISSOMETIMESTAKENASSYNONYMOUSWITHMONEYLENDERACTIVITY,BUTSTEELETAL1997SHOWFORTHECASESOFGHANA,MALA
27、WI,NIGERIA,ANDTANZANIATHATANGELSARETHEMOSTCOMMONINFORMALCREDITORSNORMALLYSUCHLOANSBEARNOINTERESTANDSOCIALANDECONOMICTIESREPLACECOLLATERALASWELLASEASEENFORCEMENTOFTHELOANCONTRACTSTHERELATIONSHIPBETWEENTHEBORROWERANDTHEANGELREDUCESTHEINVOLVEDMORALHAZARDANDHENCETHEMONITORINGCOSTSRECIPROCITYISNOTUNCOMMO
28、N,MEANINGTHATTHEBORROWERCANSOMETIMESBECOMETHELENDERANDVICEVERSAFIRMSENGAGEALSOINRECIPROCALLENDINGAMONGTHEMSELVES,OFTENINORDERTOSMOOTHOUTSHORTTERMCASHFLOWPROBLEMSSOMETIMESANGELSSUPPLYLONGTERMBORROWINGITISALSOPOSSIBLETHATFIRMSWITHEXCESSLIQUIDITY“INVEST”INTHEINFORMALMARKETBYPLACINGANAMOUNTFORONLENDINGH
29、OWEVER,INSUCHINSTANCES,THETRANSACTIONSTAKEPLACEATMARKETTERMSMONEYLENDERSLENDWITHOUTTYINGTHELOANSTOOTHERTRANSACTIONSAMONEYLENDER,WHO,FORINSTANCE,COULDBEAREGULARMONEYLENDER,APAWNBROKER,ORANINDIGENOUSBANKER,OFTENHASINTIMATEKNOWLEDGEOFTHEBORROWERSDESPITETHEHIGHINTERESTRATES,SMALLANDMEDIUMSIZEDFIRMSTURNT
30、OMONEYLENDERSASA“LENDEROFLASTRESORT”BECAUSEOFTHIS,THEMONEYLENDERSARESOMETIMESINAMONOPOLISTICPOSITIONTHEEARNEDRENTCOMESFROMTHEINFORMATIONADVANTAGETHATTHEMONEYLENDERHASOVERCOMPETITIONTHEHIGHINTERESTRATESOFTENCHARGEDBYMONEYLENDERSARENOTONLYAMONOPOLYRENTBECAUSEHEALSOINCURSINFORMATIONANDTRANSACTIONCOSTSA
31、NDTHERENTALSOCOVERSTHEOPPORTUNITYCOSTOFHOLDINGCASHBALANCESEXCEPTFORMONEYLENDERSBEINGTHELASTINSTANCEOFCREDIT,BOLNICK1992ARGUESTHATMONEYLENDERSPROMPTLYPROVIDELOANSTOTHESEFIRMSFURTHERMORE,THEREARELOWTRANSACTIONCOSTSANDNORESTRICTIONSONTHEUSEOFFUNDSTRADERSTIEDCREDITAREANOTHERFAIRLYCOMMONSOURCEOFINFORMALC
32、REDITTHEYSUPPLYEITHERINPUTSORCASHADVANCESTOFIRMSANDTHECREDITISLINKEDTOPURCHASESOFSOMEPRODUCTATAHIGHLYDISCOUNTEDPRICEINTERLINKEDLOANSHAVESOMEADVANTAGESCOMPAREDWITHOTHERTYPESOFLOANSBECAUSETHEYREPRESENTAFORMOFCOLLATERALTHATHELPSREDUCEUNCERTAINTY,MORALHAZARD,ANDADVERSESELECTIONUDRY,1990LOANSATTACHEDTOTR
33、ANSACTIONSTENDTOHAVELOWERIMPLICITINTERESTRATESANDTOBEOFLARGERSIZEINROSCAS,INDIVIDUALSPOOLTHEIRSAVINGSONAREGULARBASISTOGENERATELOANABLEFUNDS,PRIMARILYFORTHEMEMBERSTHEROTATIONOFACCESSTOTHEFUNDSDIFFERSAMONGROSCAS,BUTMOSTSEEMTOUSELOTTERIESANDBIDDINGWITHOUTGOINGINTOADETAILEDDESCRIPTIONOFTHEBIDDINGSYSTEM,
34、THEOUTCOMEISLENDINGATAMARKETDETERMINEDINTERESTRATEORGANIZATIONALANDMONITORINGCOSTSOFROSCASAREVERYLOWDEFAULTRATESBYTHEVERYNATUREOFROSCASARELOWASWELLMEMBERSCOULDBEANGELSASWELLASTRADERSORMANUFACTURERSCONCLUSIONSTHISPAPERHASSTUDIEDTHEEXTENTTOWHICHKENYANMANUFACTURINGFIRMSUSEINFORMALFINANCETHEDESCRIPTIVEA
35、NALYSISSHOWEDTHATINFORMALFINANCECONSTITUTESAVERYSMALLPROPORTIONOFTHEFIRMSDEBTPORTFOLIOSITWASALSOSHOWNTHATITISMAINLYINFORMAL5FIRMSTHATUSEINFORMALFINANCE,ALTHOUGHTOSOMEDEGREEALSOFORMALFIRMSBORROWFROMINFORMALSOURCESINTHELATTERCASESFIRMSTENDTOBESMALLANDHAVEAFRICANOWNERSHIPHOWEVER,THEDIFFERENCEDUETOETHNI
36、CITYWASTOOSMALLTOSHOWUPINTHEREGRESSIONANALYSISTHEMAINREASONSFORUSINGINFORMALSOURCESOFFINANCEWERELOWERINTERESTRATES,WHICHARELIKELYTOBERELATEDTOANGELFINANCING,EASIERFORMALITIES,ANDTHEFACTTHATNOCOLLATERALISREQUIREDREGRESSIONANALYSISSUGGESTEDTHATINFORMALFINANCEISTHELASTCHOICEOFEXTERNALFINANCINGEVENANGEL
37、SAPPEARTOCONSIDERTHEBUSINESSPROSPECTSFORTHEBORROWINGFIRMASWELLASTHETRACKRECORDFORREPAYMENTSBEFOREPROVIDINGFUNDINGTHISPAPERTHUSAGREESWITHTHECONCLUSIONSOFBIGGSETAL1994THATINFORMALFINANCEISLIMITEDINKENYATHERESULTSONKENYAAPPEARTOSTANDINSTARKCONTRASTTOTHERESULTSOBTAINEDBYCUEVASETAL1993FORGHANA,WHOSHOWEDT
38、HATINFORMALFINANCEISOFCONSIDERABLEIMPORTANCETOMANUFACTURINGFIRMSMOREOVER,ACCORDINGTOFAFCHAMPS,PENDERANDROBINSON1995,ITSEEMSTHATFIRMSINZIMBABWEHOLDAMUCHLARGERPROPORTIONOFDEBTININFORMALLOANSTHANKENYANFIRMSDOTHERESULTSOBTAINEDHEREPAVETHEWAYFORSOMEPOLICYTARGETING,IMPLICITLYASSUMINGTHATAWELLFUNCTIONINGFO
39、RMALFINANCIALMARKETISMOREDESIRABLETHANADUALONETOINCREASETHEIRACCESSTOFORMALCREDIT,INFORMALFIRMSNEEDTOLEARNHOWTOAPPLYCLEARLY,BEINGABLETOFILLOUTALOANAPPLICATIONISASCREENINGDEVICE,ALBEITACRUDEONETHISOBSERVATIONBECOMESEVERMOREIMPORTANT,SINCEFORMALFIRMSASWELLIMPLICITLY“COMPLAIN”ABOUTCURRENTLOANAPPLICATIO
40、NFORMALITIESHOWEVER,ITNEEDSTOBEACKNOWLEDGEDTHATATTHEINDIVIDUALFIRMLEVEL,INCREASEDACCESSORUSEOFINFORMALFINANCECOULDMEANTHEDIFFERENCEBETWEENFIRMGROWTHORSTAGNANCY,OREVENBETWEENDEATHORSURVIVALFORFIRMSWITHOUTASSETS,THEREWILLPROBABLYALWAYSBENEEDFORANINFORMALFINANCIALMARKETITISEQUALLYIMPORTANTTHATFIRMSIMPR
41、OVETHEFLOWOFINFORMATIONASWELLASTHEIRACCURACYINORDERTOREDUCETHERISKASSOCIATEDWITHLENDINGTOTHEMAFEWCAVEATSAREINPLACETHERESULTSINTHISPAPERSHOULDBEVIEWEDASINDICATIVERATHERTHANDEFINITIVE,ESPECIALLYWHENCONSIDERINGTHELOWINCIDENCEOFINFORMALBORROWINGTOWHATEXTENTTHERESULTSOBTAINEDFROMTHEREGRESSIONANALYSISCANB
42、ETRUSTEDISUNCERTAINBECAUSEONLYABOUT10PERCENTOFTHEOBSERVATIONSHAVEINFORMALLOANSITCANALSOBEASKEDTOWHATEXTENTTHEINTERVIEWSWEREABLETOTRULYCAPTURETHEINCIDENCEOFINFORMALFINANCEITISPOSSIBLETHATSOMEFIRMSWEREUNWILLINGTOADMITTHEIRUSEOFINFORMALFINANCEASTHEFIRMMIGHTBEREGARDEDFINANCIALLYWEAKFURTHERMORE,ACCESSTOI
43、NFORMALLOANSISPROBABLYUNDERESTIMATEDBECAUSETHEDATASHOWONLYWHICHFIRMSHAVEANINFORMALLOANANDWHICHDONOTIFTHERESHOULDSUDDENLYBENEEDFOREXTERNALASSISTANCE,INMANYCASESANGELSOROTHERINFORMALFINANCIALSOURCESWOULDLIKELYPROVIDESOMESHORTTERMFUNDINGNEVERTHELESS,PRELIMINARYANSWERSTOTHEQUESTIONSPOSEDINTHEINTRODUCTIO
44、NCANBEGIVENASFOLLOWSFIRST,THEINFORMALFINANCIALMARKETDOESNOTSEEMTOBEANIMPORTANTALTERNATIVETOTHEFORMALONE,ALTHOUGHTHEPOSSIBILITYCANNOTBEEXCLUDEDTHATTHESMALLAMOUNTOFINFORMALFINANCETHATDOESEXISTMAKESALOTOFDIFFERENCETOKENYANFIRMSSECOND,ITISMAINLYSMALL,INFORMALANDRELATIVELYUNPROFITABLEAFRICAN6OWNEDFIRMSTH
45、ATDEMANDINFORMALFINANCETHIRD,THEMAINREASONSFORUSINGINFORMALFINANCEARELOWINTERESTRATES,EASIERFORMALITIES,ANDTHEFACTTHATNOCOLLATERALISREQUIRED译文非正规金融在肯尼亚制造业重要性的探讨摘要本文以肯尼亚生产企业为例说明了非正规金融的重要性。非正式贷款相对于其他融资方式而言并不十分重要。因此，在某种程度上它的主要客户是非正规公司和规模相对较小的正规公司。由于非正规金融的利率低，手续简便，且不需要抵押品，所以其资金来源主要是亲戚和朋友。关键词非正规金融、代理人、非洲
46、、肯尼亚、制造业一、引言对所有企业来说，外部资本的获取是很重要的。固定资产投资往往需要大量资金，采用并安装新的技术也要求一定的外来资金。一些公司也需要一定的营运资本来消除收入的波动。在撒哈拉沙漠以南的非洲，由于财务和法律系统运作效率不高，因此在这种情况下,一个公司必须寻求其他的资金来源以满足日后的生产和销售。本文认为，非正规金融部门可以替代外部资本的来源。历史上的财务系统分裂成双市场，即正规和非正规金融市场。传统上的正规金融部门是为了政府服务，而不是为非正规的私有企业服务。对非正规金融的解释主要有两种观点第一种观点认为，非正规金融是指在金融抑制的场所进行会面。由于非正规金融部门不受规定约束,与
47、正规的信贷市场相比更有效率，所以可作为一种补救办法出现在金融自由化中。第二种观点认为，一些具有相对优势的市场需要非正规金融部门。正式机构依靠非正式的代理人利用地方个人资料获取信息，由此导致垄断势力的扩张。因合同执行的法律体系较薄弱而抑制信贷配给，使得潜在借款人没有担保，非正式的代理人就能够在7该市场成为担保人。在亚洲，非正规金融市场往往充满活力和效率。比格斯研究一年的肯尼亚数据，发现优先使用非正规金融的非正式来源主要是亲朋好友。而那些使用非正规金融的公司则优先使用正规金融。虽然大部分的学者认为非正规金融的作用是有限的，但库娃等人却认为非正规金融活动的意义十分重大。在中小型企业中，借款是主要的非
48、正式来源。从彭德博士、罗宾逊的研究可知，非正规金融的比例占34的小公司在津巴布韦地区的比例不低于10，23的大公司使用非正式信用。由调查可知，正规金融市场的效率不高,因此非正规金融改革的第一步就是小公司的外部融资。目前的研究主要注重的是金融领域的非正式作用，即提供外部资本。肯尼亚制造公司的金融系统相当复杂，它似乎无法提供足够的外部金融来支持企业的成长。例如,肯尼亚公司的一个外部融资达芬奇传世名画，来自于非正规金融部门而不是正规金融部门，初始资本倾向于源从自己的储蓄。非正规金融主要通过非正式的公司和相对较小的正式公司展开应用。相较于其他公司而言，正式公司拥有非洲人的可能性稍大。他们利用非正式来源
49、以取得非正式贷款来进行股票投资。企业所能容纳的非正式的贷款所占总借款的比例在正式部门是微不足道的。而在非正式部门，小公司依靠非正式的贷款可以借大量的钱。不同公司的借款从来源上分为正式融资和非正式融资。企业成本相对较低的正式借款比贷款压力弱一点。非正式公司选用非正式的贷款融资方式即公司内部融资，证实普通用户的非正式信用是相对较小的。二、非正规金融市场的概述非正规金融部门可以被描述成部分金融活动发生的地方。在一些国家里，非正式活动的监测不是很重要，它约占国内生产总值的2030左右。因此一些国家内的非正式活动在有些地方是不合法的，有些地方是合法的。非正规金融出现的最主要原因是在金融市场上正规金融部门难以准确、可靠的计算出借款人的风险。借款人由于地理偏远，信息流动差等原因，不能满足客户高担保要求和最低存款要求。但也有迹象表明，小企业的非正式资金来源较少的原因是非正规金融的高成本。非正规金融出现的另一个原因是非正式金融活动在一些公司能变成正式的8来源，也可以解释为流动性的冲击，即让更多的资金降低成本，为没有担保的企业提供新途径。非正规金融部门的利率高于正规金融市场。但在非正式的贷方，利率是很少由借方提出的。阿连斯认为，贷款机构有时向不正规的市场借钱，甚至产生较高的利率。非正式合同协调成本和管理，其中贷款的成本风险和费用较高。这些贷款组合是由非正式的贷方提出的，正式贷款人违约率较低。非正规的
