1、原文MICROFINANCEINVESTMENTSANDIFRSTHEFAIRVALUECHALLENGEDEMANDFORMICROFINANCEPRODUCTSCLEARLYEXCEEDSSUPPLYOVER25BILLIONPEOPLE,OR83OFTHEGLOBALMARKET,LACKACCESSTOFINANCIALSERVICESONECONSTRAINTTHATPREVENTSMICROFINANCEINSTITUTIONSFROMREACHINGMORECUSTOMERSISTHEIRLACKOFACCESSTOREFINANCINGGIVENTHESCARCITYOFDON
2、ORFUNDSANDTHELIMITSOFLONGTERMDOMESTICFUNDINGSOURCES,SEEKINGFUNDINGAREINCREASINGLYTURNINGTOINTERNATIONALPRIVATECAPITALMARKETSTHEHURDLESMFISFACEINATTRACTINGPRIVATECAPITALARECOMPLEXANDPROFUSE2INDUSTRYSPECIFICCHARACTERISTICS,INCLUDINGSIZE,ADEARTHOFREGULATION,LACKOFINTERNATIONALLYRECOGNIZEDRATINGS,ANDLOC
3、ATIONINDEVELOPINGANDTRANSITIONCOUNTRIESIMPEDEMFIACCESSTOINTERNATIONALCAPITALMARKETSMFISMUSTALSOOVERCOMETHECHALLENGESOFATTRACTINGPRIVATECAPITALTOANEWASSETCLASSMICROFINANCEDOESNOTFITNEATLYINTOINSTITUTIONALINVESTMENTMANDATES,FEWINSTITUTIONALINVESTORSHAVEMICROFINANCEEXPERTISEINHOUSE,ANDTHEPERCEPTIONOFMI
4、CROFINANCEASARISKYASSETCLASS,ASWELLASTHEHIGHCOSTOFTHOROUGHANALYSISRELATIVETOINVESTMENTSIZE,MAYDISCOURAGEDUEDILIGENCEMOREOVER,THETOTALPOTENTIALVOLUMEOFINSTITUTIONALINVESTORSPORTFOLIOSOFMICROFINANCEINSTRUMENTSISVERYLARGERELATIVETOTHELIMITEDNUMBERANDSMALLSIZEOFSUCHINVESTMENTSTHISMAYLIMITINSTITUTIONALIN
5、VESTORSABILITYTOREAPTHEBENEFITSOFDIVERSIFICATIONANDMAYCONTRIBUTETOPROHIBITIVELYHIGHTRANSACTIONCOSTSYETFORINVESTORS,THECHALLENGESOFINVESTINGINMICROFINANCEASANASSETCLASSDONOTENDONCETHEINVESTMENTISMADEADIFFERENTTYPEOFCHALLENGEMAYTHENARISEINTERNATIONALFINANCIALREPORTINGSTANDARDSIFRSREQUIRETHATINVESTMENT
6、SBEREPORTEDATFAIRVALUEFORMICROFINANCEDEBTINSTRUMENTS,FAIRVALUEISUSEDPRIMARILYFORINFORMATIONALPURPOSESINTHESUPPORTINGBALANCESHEETNOTESSEEBOX1ONTHEOTHERHAND,DETERMININGFAIRVALUEFORMICROFINANCEEQUITYINVESTMENTSINTHEABSENCEOFRELIABLEEARNINGSANDTRANSACTIONDATACANBEQUITECOMPLEXTHEPURPOSEOFTHISPAPERISTOIDE
7、NTIFYTHESECHALLENGESANDTODISCUSSHOWKFWAPPROACHESTHESEISSUESONITSWAYTOFULLADOPTIONOFIFRSATYEAREND2007WEBEGINWITHANOVERVIEWOFTHECURRENTSTATEOFMFIFUNDINGANDTRENDS,FOCUSINGONEQUITYANDMEZZANINEFUNDINGNEXT,WEPROVIDEABRIEFBACKGROUNDOFIFRS,FOLLOWEDBYACOMPARISONOFSTANDARDSETTERSFAIRVALUEDEFINITIONSWEEXAMINET
8、HEOPTIONSFORDETERMININGFAIRVALUE,INCLUDINGTHOSEBASEDONMARKETPRICES,ANDOFMOSTRELEVANCETOTHECASEOFMICROFINANCE,METHODOLOGIESRECOMMENDEDFORUSEINTHEABSENCEOFACTIVEMARKETSFINALLY,WECONCLUDEWITHABRIEFSUMMARYTHELARGESTOVERALLSOURCEOFMFIFINANCINGISDOMESTIC,INCLUDINGCOMMERCIALLOANS,SAVINGSDEPOSITSFORINSTITUT
9、IONSWITHBANKINGLICENSES,ANDRETAINEDEARNINGSYETDOMESTICSOURCESALSOPOSETHEGREATESTBOTTLENECK,WHICHISTHEDEARTHOFLONGTERMDOMESTICFUNDINGSOURCESINEMERGINGMARKETSTHELACKOFDEVELOPEDPENSIONSYSTEMSANDINSTITUTIONALINVESTORFUNDSARETHEPRIMARYMISSINGLINKSATTHESAMETIME,ONLYASMALLPROPORTIONOFTOTALMFIFUNDINGCOMESFR
10、OMFOREIGNINVESTMENT,DEFINEDBYCGAPAS“QUASICOMMERCIALINVESTMENTINEQUITY,DEBT,ANDGUARANTEES,MADEBYPRIVATESECTORFUNDINGARMSOFBILATERALANDMULTILATERALDONORAGENCIESDEVELOPMENTINVESTORSANDBYSOCIALLYMOTIVATED,PRIVATELYMANAGEDINVESTMENTFUNDSFINANCEDBYBOTHPUBLICANDPRIVATECAPITALSOCIALINVESTMENTFUNDS”YETITISDI
11、FFICULTTOMAKEGENERALIZATIONSABOUTMFIFUNDINGSOURCES,ASTHEYVARYSIGNIFICANTLYWITHTYPEOFINSTITUTIONANDMATURITY,AMONGOTHERVARIABLESONEWAYTOCATEGORIZETHESEDIFFERENCESISTHROUGHA“TIERED”APPROACHWEREGARDFIRSTTIERMFISASTHOSETHATARESUSTAINABLEONBOTHAFINANCIALANDOPERATIONALBASISTHE2NDTIERISCOMPRISEDOFPROMISINGM
12、FISONTRACKTOWARDBECOMING1STTIERINSTITUTIONSINSTITUTIONSSEEKINGTORETAINTHEIRPRIMARYSOCIALOBJECTIVE,ORUNABLETOMAKETHELEAPTOFINANCIALANDOPERATIONALSUSTAINABILITYFOROTHERREASONS,MAYPREFERANDMAYBELIMITEDTOFINANCINGTHEIROPERATIONSTHROUGHGRANTSANDDONATIONSTHESEINSTITUTIONSWOULDBEREGARDEDASTHE3RDTIERFIRSTTI
13、ERINSTITUTIONSHAVETHEGREATESTACCESSTODOMESTICANDINTERNATIONALFUNDINGSOURCESTHEYTENDTOBEMOREMATUREANDOFTENHAVEBANKINGLICENSES,ALLOWINGTHEMTOFUNDTHEMSELVESPARTIALLYTHROUGHDEPOSITSTHEIR“FORMALIZATION”ALSOSUBJECTSTHEMTOAHIGHERLEVELOFREGULATORYOVERSIGHT,INTURNREQUIRINGAHIGHERLEVELOFMANAGEMENT,OPERATIONAL
14、ANDSYSTEMSCOMPETENCYALLOFWHICHDECREASETHEIRCREDITRISK,WHICHMAKESTHEMMOREATTRACTIVETODOMESTICCOMMERCIALFUNDINGSOURCESBECAUSEOFTHEIRFINANCIALSUSTAINABILITY,THEINTERESTOFPRIVATEFOREIGNINVESTORSFOCUSESALMOSTEXCLUSIVELYONTHISGROUPWEBEGANTHISPAPERBYSTATINGTHATONEOFTHEREASONS25BILLIONPEOPLELACKACCESSTOFINA
15、NCIALSERVICESISTHATTHEINSTITUTIONSTHATWOULDSERVETHEMLACKFUNDINGPARTICULARLYLONGTERMFUNDINGSOWHEREARETHESEFUNDINGGAPSTHEYLIEINTHE2NDTIERMFISTHIRDTIERINSTITUTIONSHAVELIMITEDPOSSIBILITIESTOATTRACTFOREIGNINVESTMENTGIVENTHEIRLACKOFOPERATIONALANDFINANCIALSUSTAINABILITYSOMEMAYHAVELITTLEINTERESTINTAKINGONQU
16、ASICOMMERCIALFUNDINGASTHEIRFOUNDERSMAYPRESUMETHATCOMMERCIALFUNDINGWOULDCOMPROMISETHEINSTITUTIONSSOCIALMISSIONTHEPROSPECTSFORFOREIGNINVESTMENTIN2NDTIERINSTITUTIONS,HOWEVER,AREPROMISINGTHESEINSTITUTIONS,OFTENNOTLICENSEDTOACCEPTDEPOSITSANDDEEMEDTOOHIGHACREDITRISKFORCOMMERCIALLOANS,MAYNOTBEATTRACTIVETOD
17、OMESTICFUNDINGSOURCESTHISSITUATIONISACHALLENGEFORASWELLASTHEDUTYOFDEVELOPMENTFINANCIERSTHEYMAYPROVIDESUPPORTINTHEFORMOFLONGTERMREFINANCINGASWELLASTECHNICALASSISTANCEFORINSTITUTIONALIMPROVEMENTNECESSARYTOPROMOTEA2NDTIERINSTITUTIONTO1STTIERSTATUSWHILERETAININGTHEINSTITUTIONSREACHANDAVOIDING“MISSIONDRI
18、FT”EXPANDINGTHE1STTIERMEANSMOREINSTITUTIONSWILLBEABLETOACCESSPRIVATECAPITAL,DECREASINGTHESEINSTITUTIONSRELIANCEONFUNDINGFROMDEVELOPMENTFINANCEINSTITUTIONSDFISDETERMININGFAIRVALUEFOREQUITYINVESTMENTSTENDSTOBEMORECOMPLEXTHANFORDEBTINVESTMENTSTHEEXTENTTOWHICHEQUITYVALUATIONISSUESWILLARISEISAFUNCTIONOFT
19、HEPERCENTAGEOFEQUITYANDQUASIEQUITYFUNDINGRELATIVETODEBTASMFISTAPINTERNATIONALCAPITALMARKETS,WHATFORMWILLTHISFUNDINGTAKEACCORDINGTOA2004CGAPSTUDY,DEBTANDEQUITYACCOUNTEDFOR73AND20RESPECTIVELYOFTHEUSD1673MILLIONINFOREIGNINVESTMENTINMICROFINANCESURVEYEDINTHESTUDYSOMEPUNDITSHAVEQUESTIONEDANARROWINGOFTHIS
20、GAPA2006COUNCILOFMICROFINANCEEQUITYFUNDSCMEFSTUDYIDENTIFIEDJUST199MFISASELIGIBLEFORFOREIGNEQUITYINVESTMENTS,UNDERPINNINGTHELIMITEDNUMBEROFPOTENTIALINVESTEES,MAKINGITMOREIMPORTANTTOSUPPORT2NDTIERINSTITUTIONSOTHEROPPORTUNITIESFOREQUITYINVESTMENTDOEXISTTWOOFTHEMOSTSALIENTARETHEUPGRADINGOF2NDTIERTO1STTI
21、ERINSTITUTIONS,DISCUSSEDABOVE,ANDGREENFIELDINVESTMENTSINNEWLYESTABLISHEDMFISBOTHOFWHICHREQUIREEQUITYTHEMINIMUMCAPITALADEQUACYREQUIREMENTCARUNDERBASELIIS8OFRISKWEIGHTEDASSETS,THOUGHANAPPROPRIATEMINIMUMCAPITALLEVELMAYBEDEEMEDTOBEMUCHHIGHERINDEED,ASHIGHAS20INTHECASEOFSTARTUPBANKSINSOMEDEVELOPINGCOUNTRI
22、ESWHETHERUPGRADINGANEXISTINGINSTITUTIONINTOABANKORESTABLISHINGANEWONE,RISKCAPITALISNECESSARY,ANDITSMOSTLIKELYSOURCEISDONORSACCORDINGTOTHEINTERNATIONALACCOUNTINGSTANDARDSBOARDIASB,IFRSISCOMPRISEDOFTHESTANDARDSANDTHEIRCORRESPONDINGINTERPRETATIONSADOPTEDBYIASB,ANINDEPENDENTANDPRIVATELYFUNDEDACCOUNTINGS
23、TANDARDSORGANIZATIONSTANDARDSINCLUDEINTERNATIONALACCOUNTINGSTANDARDSIAS,ISSUEDFROM1973TO2001BYTHEINTERNATIONALACCOUNTINGSTANDARDSCOMMITTEE,ANDIFRSISSUEDBYTHEIASBSTANDARDSANDTOPICSRANGEINSCOPEANDDEPTHFROMTHEPRESENTATIONOFFINANCIALSTATEMENTSTOFINANCIALREPORTINGINHYPERINFLATIONARYECONOMIESTHESTANDARDRE
24、LEVANTTOVALUINGINVESTMENTSINMFISISIAS39,ENTITLED“FINANCIALINSTRUMENTSRECOGNITIONANDMEASUREMENT”THEOBJECTIVEOFIAS39IS“TOESTABLISHPRINCIPLESFORRECOGNIZINGANDMEASURINGFINANCIALASSETS,FINANCIALLIABILITIESANDSOMECONTRACTSTOBUYORSELLNONFINANCIALITEMS”ITREQUIRESTHATAFINANCIALASSETORLIABILITYBERECOGNIZEDATF
25、AIRVALUEATINITIATION,INCLUDINGRELATEDTRANSACTIONCOSTSTHEREAFTER,EQUITYINSTRUMENTSANDEMBEDDEDDERIVATIVESSHOULDBESTATEDATFAIRVALUEWHEREASDEBTINSTRUMENTSAREUSUALLYHELDATAMORTIZEDCOSTDEPENDINGONTHEIRCLASSIFICATIONINTOONEOFTHECATEGORIESDEFINEDINIAS399SEEBOX3THEREISANIMPORTANTEXCEPTIONTHATISRELEVANTTOMICR
26、OFINANCE“EQUITYINVESTMENTSTHATDONOTHAVEAQUOTEDMARKETPRICEINANACTIVEMARKETANDWHOSEFAIRVALUECANNOTBERELIABLYMEASURED”DETERMININGFAIRVALUEATINVESTMENTINITIATIONWHENTHEFIRSTFUNDINGTRANSACTIONISMADEFORADENOVEENTITYISUSUALLYASIMPLETASKACCORDINGTOIFRS,THETRANSACTIONPRICEISNORMALLYCONSIDEREDTHEFAIRVALUEOFAN
27、INVESTMENTTHEINITIALTRANSACTIONPRICEFORADEBT,EQUITYORMEZZANINEINVESTMENTINANEXISTINGMICROFINANCEINSTITUTIONORTHESUBSCRIPTIONPRICEFORANEQUITYSTAKEINAGREENFIELDTRANSACTIONWOULDBECONSIDEREDFAIRVALUEATREMEASUREMENT,THEDETERMINATIONOFFAIRVALUECANBEMORECOMPLICATEDANDAFAIRVALUEHIERARCHY,DISCUSSEDBELOW,MUST
28、BEAPPLIEDMARKETPRICES,WHENAVAILABLE,ARECONSIDEREDTHEBESTGAUGEOFFAIRVALUEACCORDINGTOIFRS,“THEEXISTENCEOFPUBLISHEDPRICEQUOTATIONSINANACTIVEMARKETISTHEBESTEVIDENCEOFFAIRVALUEANDWHENTHEYEXISTTHEYAREUSEDTOMEASURETHEFINANCIALASSETORLIABILITY”USUALLYTHECURRENTBIDPRICEINTHEMOSTADVANTAGEOUSMARKETISUSEDASABAS
29、IS,ADJUSTEDFORNECESSARYCONSIDERATIONSSUCHASDIFFERENCESINTHECREDITRISKPROFILEOFTHECOUNTERPARTYYETMARKETPRICESREQUIREACTIVEFINANCIALMARKETS,WHICHCREATEAPROBLEMINVALUINGMFIINVESTMENTSMARKETSFORMFIINVESTMENTSARENEITHERACTIVEBYANYDEFINITION,NORDOTRANSACTIONSOCCURONANARMSLENGTHBASISSEEBELOWFORMOREDETAILON
30、MICROFINANCESECONDARYMARKETSACCORDINGTOIFRS,“AFINANCIALMARKETISQUOTEDINANACTIVEMARKETIFQUOTEDPRICESAREREADILYANDREGULARLYAVAILABLEFROMANEXCHANGE,DEALER,BROKER,INDUSTRYGROUP,PRICINGSERVICEORREGULATORYAGENCYANDTHOSEPRICESREPRESENTACTUALANDREGULARLYOCCURRINGMARKETTRANSACTIONSONANARMSLENGTHBASIS,”THISTE
31、RMREFERRINGTOINDEPENDENTTHIRDPARTYTRANSACTIONSINCASESWHERECURRENTMARKETPRICESAREUNAVAILABLE,THETASKOFDETERMININGFAIRVALUEBECOMESMORECOMPLICATEDINSUCHACASE,THESTARTINGPOINTFORDETERMININGFAIRVALUEISTHEPRICEOFTHEMOSTRECENTTRANSACTIONPROVIDINGTHATNO“SIGNIFICANTCHANGEINECONOMICCIRCUMSTANCES”HASTAKENPLACE
32、SINCETHATTRANSACTIONSETTLEMENTIFSUCHACHANGEHASOCCURRED,ORIFTHEREPORTINGORGANIZATIONCANPROVETHATTHEPRICEOFTHEMOSTRECENTTRANSACTIONDOESNOTACCURATELYREPRESENTFAIRVALUE,THENTHEMARKETPRICEISADJUSTEDACCORDINGLYTOARRIVEATFAIRVALUEACCORDINGTOIAS39THEINITIATIONPRICEOFTHEINVESTMENTITSELFMAYBEUSEDASTHEFAIRVALU
33、E,ORTHEPRICEOFARECENTINVESTMENTINTHESAMEENTITYBYADIFFERENTINVESTINGPARTYMAYBEUSEDTHEINTERNATIONALPRIVATEEQUITYANDVENTURECAPITALVALUATIONGUIDELINESIPEVCVGPROVIDESPECIFICGUIDANCEASTOEVENTSWHICHMAYMATERIALLYREDUCECURRENTFAIRVALUEINRELATIONTOTHEINVESTMENTINITIATIONVALUE1THEPERFORMANCEORPROSPECTSOFTHEUND
34、ERLYINGBUSINESSHASSIGNIFICANTLYDETERIORATEDRELATIVETOEXPECTATIONSATINVESTMENTINITIATION2ASIGNIFICANTADVERSECHANGEINTHEUNDERLYINGBUSINESSORBUSINESSMILIEUHASOCCURRED3MARKETCONDITIONSHAVEDECLINEDAND4THEUNDERLYINGBUSINESSISRAISINGCAPITALANDEVIDENCEEXISTSTHATFUTUREFINANCINGWILLTAKEPLACEUNDERCONDITIONSMAT
35、ERIALLYDIFFERENTFROMTHEINVESTMENTINQUESTIONTHETHIRDPOINTISOFPARTICULARIMPORTANCETOMICROFINANCEINVESTMENTSANDISRELEVANTTOBOTHNEWANDEXISTINGINVESTORSMANYMICROFINANCEINVESTORSAREMOTIVATEDBYSTRATEGICCONSIDERATIONS,INCLUDINGSUSTAINABLEDEVELOPMENTANDMORESPECIFICSOCIALGOALSINADDITIONTOPROFITIF,ASPUNDITSPRE
36、DICT,MFISTAPINTOPRIVATECAPITALMARKETSINTHEFUTURE,MOREPROFITORIENTEDINVESTORSMAYJOINTHERANKSOFTHECURRENTSOCIAL/MIXEDORDUALOBJECTIVEINVESTORSINMFISINTHEFUTURE,PROFITDRIVENEQUITYHOLDERSINAPARTICULARMFIMAYHAVETOADJUSTFORTHEDUALORMIXEDGOALSOFOTHERINVESTORSINTHESAMEMFIWHENCONSIDERINGUSINGTHEMOSTRECENTTRAN
37、SACTIONPRICEASTHEFAIRVALUEMARKETSFORMFIINVESTMENTSARENEITHERACTIVEBYANYDEFINITION,NORDOTRANSACTIONSOCCURONANARMSLENGTHBASISTHOUGHTHENUMBEROFMICROFINANCEINVESTORSISGROWING,THENUMBERREMAINSLIMITEDANDMANYTRANSACTIONSTAKEPLACEBETWEEN“RELATEDPARTIES”DATAONTRANSACTIONSAMONGRELATEDPARTIES,CLEARLYVIOLATINGT
38、HE“ARMSLENGTH”PRINCIPLE,CANNOTBEUSEDASABASISFORDETERMININGTHEFAIRVALUEOFA“COMPARABLE”TRANSACTIONTHELACKOFANACTIVESECONDARYMARKETFORMFIINVESTMENTSPRECLUDESTHEUSEOFPUBLISHEDPRICEQUOTATIONSORRECENTTRANSACTIONSASABASISFORCALCULATINGFAIRVALUEVALUATIONOPTIONSSETOUTINIAS39INCLUDETHOSEBASEDONRECENTTRANSACTI
39、ONS,THECURRENTFAIRVALUEOFASIMILARINVESTMENT,OPTIONPRICINGMODELS,ORDISCOUNTEDCASHFLOWANALYSISDCFWHILENOTDISCUSSINGTHEMETHODOLOGIESINDETAIL,IAS39OUTLINESINPUTSTOVALUATIONTECHNIQUESTHATSHOULDBETAKENINTOCONSIDERATION,INCLUDINGTHETIMEVALUEOFMONEY,CREDITRISK,FOREIGNCURRENCYEXCHANGEPRICES,COMMODITYPRICES,E
40、QUITYPRICES,VOLATILITY,PREPAYMENTRISKANDSURRENDERRISK,ANDTHESERVICINGCOSTSFORAFINANCIALASSETORAFINANCIALLIABILITYSOURCEMARK“GUIDELINES“INTERNATIONALJOURNALOFBUSINESS,JUNE2005P2325译文小额信贷投资和国际财务报告准则公允价值的挑战小额信贷产品在市场上显然已供不应求可以说，有超过25亿人,或者说全球市场的83缺乏金融服务。阻碍小额信贷机构客户量的一个约束便是他们缺乏再融资的能力。考虑到赞助资金的缺乏和长期国内资金源的限制，
41、越来越多筹集资金者开始涉足国际私营资本市场。小额信贷机构在吸引私人资本方面遇到的难题复杂且繁多。一些行业方面的特点包括发展中国家规模，规则的缺乏和国际认证的等级，地理位置都不约而同阻碍了小额信贷机构向国际资本市场发展的脚步。小额信贷机构还必须克服将私人资本吸引到一个全新的资产阶级的挑战。小额信贷并不能完美的融入到公司投资方案当中来，很少有公司投资者有自己的小额信贷专家，同时将小额信贷视作冒险资产阶级来全面分析投资规模带来的高成本的理念往往也打击了这投资者的信心。除此之外，相对小额信贷投资的有限数量和小型规模，此类投资者的潜在投资总额是非常巨大的。这也许会限制此类公司投资者获取多元化利益的手段，
42、同时也可能导致过高的贸易成本。但是对投资者来说，在完成投资之后，为一个资产阶级投资小额信贷所带来的挑战远远没有结束。到时候可能会出现的另一类挑战便是国际财务报告准则要求投资报告公允化。作为小额信贷借贷工具，公允价值首先应用在支持资产负债表笔记的信息里。另一方面，在缺少可靠的收入以及交易信心的时候来确定小额信贷股权投资的公允价值是十分复杂的。这篇论文的目的便在于理清这些挑战并讨论复兴信贷银行是如何在2007年底一路解决国际财务报告准则方面的难题的。首先我们先展望一下当前的小额信贷资金和趋势，将重点放在股权和夹层资金上。接下来，我们会提供简要的国际财务报告准则的背景信息，并在第一时间与一些其他标准
43、的公允价值进行比较。我们检查了用来确定公允价值的因素包括基于市场价格的因素，与小额信贷关系最紧的因素以及在缺乏积极市场情况下推荐使用的方法论。最后，我们得出了一个简要的结论。小额信贷总体上最大的融资来源来自国内，包括商业贷款，拥有银行执照的公司的储蓄和结余下来的薪水。然而国内的资源同样遇到很大的瓶颈，即新兴市场缺乏长期国内资金来源，缺乏完善的抚恤金制度和公司投资基金是主要的缺失环节。同时，小额信贷公司资金只有很小一部分来源于外国投资，这被注册政府审计专家定义为“双边和多变赞助机构（发展投资者）在股权，债务和担保人方面用有利于社会发展以及个体经营的投资资金的私人资金以及公私双重自主资本的准商业投
44、资”。然而要概括小额信贷机构来源仍非易事，因为来源由于公司种类，成熟度以及其他变数方面差异很大。可以统一这些差异的一个方法便是通过一个“分层”的办法。我们认为第一层小额信贷机构在财务和操作基础方面都可持续的。第二层则是由正在成为第一层公司的小额信贷机构构成。那些寻求保留他们首要社会目的，或者由于其他原因不能获得财务和操作方面的可持续性的公司，或许会更倾向于（或许受限于）通过赞助和捐赠来扶持自己的运行这些公司被划为第三层。第一层公司最有机会获得国内和国际的资金来源。他们往往更加成熟而且有银行执照，可以通过储蓄部分来增加自己的资金。他们的“正式化”同时决定他们受上级的管制，从而反过来会要求公司拥有
45、更高的管理，运营和制度条件。所有的这些降低了他们的信贷冒险，这让他们更受国内资金源的青睐。由于它们财务方面的可再生性，私营国外投资者的兴趣几乎都在这个群体之上。我们以陈述为何25亿人缺乏资金服务的一个原因开题，即那些愿意为他们服务的公司们缺乏资金，尤其是长期资金。因此这些资金缺口究竟在哪呢恰恰是在第二层小额信贷公司。第三层公司吸引外资的可能性很小，因为他们缺乏运营和资金的持续性。有些公司没什么兴趣接受准商业资金，因为他们的老板会认为商业资金会危及公司的社会人物。而第二层公司的外资前景则是光明的。这些公司通常没有执照接受储蓄并对商业贷款来说太冒险，通常不容易吸引国内的资金源。这种处境对新投资者来
46、说会是挑战也是一种责任他们也许可以通过长期再融资和技术扶持来提供足够的帮助让第二层公司升级为第一层公司同时保留公司的目标，避免改变任务。第一层公司的扩充意味着更多的公司可以获得私营资本，降低他们对新投资公司的依赖。确定股权投资的公允价值通常比债务投资更加复杂。股权评估会在什么时候出现是由股权所占百分比和相对债务而言的准股权资金所占百分比决定的当小额信贷公司试水国际资本市场的时候，这类资金会以何种形式出现根据2004年CGAP的研究，债务和股权分别占了研究中调查的小额信贷外资总额1亿六千七百三十美元中的73和20。一些专家质疑了这个空缺的缩小2006年小额信贷股权资金委员会研究表明仅有数量有限的
47、199家小额信贷公司有资格为潜在投资寻求这一服务，获得国外股权投资，这使得扶持第二层公司变得更加重要。股权投资的其他机会同样存在。两个最显著的便是如上所述的第二层公司向第一层公司的发展和新兴小额信贷公司的绿地投资他们两个都对股权有要求。最低资本充裕度的要求是冒险度权衡资产的8，虽然合适的最低资本或许应该高很多，确切点，以一些发展中国家的新兴银行为例来说要高达20。不论将已有的公司升级为银行或者新建个银行，冒险资本都是必须的，而这最可能的来源便是捐赠。根据国际会计标准通告，IFRS是由一系列标准和I沿用IASB的相关诠释，是个独立和私人资金会计标准组织。这些标准包括国际会计准则，是国际会计准则委
48、员会从1973年到2001年间提出的，而IFRS则是由IASB提出的。并提出了在恶性通货膨胀经济中编织财务报表的标准和范围。有关评估小额信贷公司中的投资准则是IAS39，名为“财务工具认知和措施”。IAS39的目的在于“建立认知和测量财政资产，财务可靠度和一些非财务项目的买卖合同。”它要求财务资产或债务要第一时间用公允价值识别，包括相关的贸易成本。因此，权益工具嵌入式衍生方案都应该在公允价值里说清楚，而债务工具通常根据他们归属IAS39的所定义的类别列为摊余成本。关系小额信贷有个很重要的例外“即那些在积极市场没有市场引入价格又可以靠测量公允价值的股权投资”在投资一开始便确定公允价值（当第一笔资
49、金交易完成）通常十分轻松根据IFRS，交易价格通常被认为是投资的公允价值。小额信贷公司债务，股权或夹层投资的初次交易价格或者绿地交易中股权冒险度的签署价格都会被认为是公允价值。重新测量，公允价值的确定会更加负载而且如下面提到的，必须应用公允价值等级。可以的时候，市场价格被认为是最佳公允价值指标。根据IFRS，“积极市场公布的报价是公允价值的最好证据。当这些报价存在的时候，他们会被用于测量财务资产和债务。”通常用当下最优市场的买入价作为基础，根据订约方在信贷冒险度方面的差异作出适当调整。然而市场价格要求积极的财务市场，这就在评估小额信贷公司投资方面产生了一个问题。小额信贷公司投资的市场既不积极，交易也不会出现公平基础。（下面可以看到更多关于小额信贷第二市场的信息。）根据IFRS，“如果一个财务市场的报价能够及时有规律地从交易所，商人，证券经纪人，业主，价格服务或常规机构得到，并且这些价格可以代表公平基础上有规律出现在市场交易上的价格，那么这些价格可以被作为一个积极市场的报价。”这就指向了第三方交易。在当前市场价格不能获得的时候，确定公允价值就变得更加复杂。在这样的时候，确定公允价值的起始点便是确定最近的交易价格即在经济环境下没有发生重大变化情况下完成交易。如果出现了变化，或者组织报告可以证明最近的交易价格不能准确代表公允价值，那么市场价格会根
