外文翻譯--小額信貸業(yè)發(fā)展的陣痛

1、<p><b>　　中文3108字</b></p><p><b>　　外文原文： </b></p><p>　　Microfinance's Latest Growing Pains</p><p>　　The most recent crisis to hit microfinance began i

2、n India's southern state of Andhra Pradesh, where allegations of widespread over-indebtedness, heavy-handed collection tactics and borrower suicides have stirred a national debate about regulating the industry.</p

3、><p>　　In October, the state government slapped restrictions on microfinance institutions that crippled lending and sent collection rates plummeting along with the share price of SKS Microfinance, India's l

4、argest for-profit microlender. On January 19, the Malegam Committee Report, released by the Reserve Bank of India, recommended a range of new regulations for India's microfinance institutions, including interest rate

5、 caps, loan limits and income ceilings for borrowers. Some observers welcomed the new</p><p>　　While it is too early to tell how the sector will respond, the crisis in Andhra Pradesh has sparked heated debat

6、e and soul-searching throughout the world's microfinance community. During a recent program for microfinance leaders at Wharton's Aresty Institute of Executive Education, discussion turned repeatedly to questions

7、 of over-indebtedness, rapid industry growth, and the fine line between profits and purpose.</p><p>　　The microfinance sector has experienced "a rude awakening" by "a delinquency earthquake,&q

8、uot; said one of the program's 26 international participants, Kamran Azim, during a general discussion about the growth and sustainability of the microfinance industry. Azim, head of operations at the Kashf Foundatio

9、n, a microfinance organization established in 1996 in Lahore, Pakistan, pointed out that methods and methodologies in microfinance have changed little in the past 20 or 30 years. Now suddenly, the ea</p><p>

10、　　Sponsored by the Women's World Banking Center for Microfinance Leadership, the Advanced Leadership Program at Wharton brought together microfinance leaders for a week of intensive study, brainstorming and netw

11、orking to help prepare them for the challenges facing microfinance today. The goal of this year's cohort: to find innovative ways to confront the global economic crisis, new competition, increased regulation and rele

12、ntless pressure to perform.</p><p>　　"During times of accelerated change, there is a tendency to rely on known ways of doing business," reads the introduction to one of the program's courses. &

13、quot;Yet it is at just these times that innovation is of heightened importance." At the same time, as several participants noted, the industry must find new ways to sustain growth without losing sight of clients'

14、; needs. For some microfinance institutions, that could require a crash course in business fundamentals such as due diligence, sustainable</p><p>　　The Effects of Over-lending</p><p>　　The moder

15、n microfinance movement began in Bangladesh in 1977, as an experiment by economics professor Muhammad Yunus, who gave out small, no-collateral loans to groups of borrowers too poor to get credit from traditional banks. O

16、ver the next three decades, the model he established became widely accepted and replicated in other countries as a way to fight poverty. Microfinance spread around the world and earned Yunus a Nobel Prize in 2006.</p&

17、gt;<p>　　But over the past few years, increasing competition among lenders and a weak global economy have strained borrowers and microfinance institutions alike. As an increasing number of banks and for-profit com

18、panies entered the market and contributions from investors increased, some markets became over-saturated and borrowers over-extended. Microfinance institutions are now seeking ways to continue growing with less risk.<

19、/p><p>　　"We are in a tension field between sustainability and ... social impact," said participant Carine Roenen, executive director of Fonkoze, a grass-roots microfinance organization based in Port-

20、au-Prince, Haiti. "You take one of these two poles out of the equation and things go wrong."</p><p>　　Fonkoze, Haiti's largest microfinance institution, is used to operating under such tension.

21、 After hurricanes affected the lives of one-third of its clients in 2008, Fonkoze helped struggling borrowers by rescheduling existing loans. Since the earthquake in January 2010, it has distributed thousands of cash gra

22、nts, and more than 10,000 new loans to clients, and has developed a catastrophe micro-insurance program.</p><p>　　"Microfinance, especially after Yunus received his [Nobel] prize, was branded as somethi

23、ng that was good for the people," Roenen noted. "And now Andhra Pradesh comes with a story where it is bad.... We can probably learn what happened there. The public knows and expects from us that we provide soc

24、ial value. But we need to communicate about that much more than we do."</p><p>　　The last three years have witnessed a wave of events stemming from over-lending, said program participant Inez Murray, ex

25、ecutive vice president of New York-based Women's World Banking. Among them: Nicaragua's microfinance industry suffered a crisis in 2008 when a "No Pago" (No Pay) movement led to widespread defaults and

26、violent protests; Morocco's microfinance sector experienced a wave of defaults that led to the demise of one of the biggest MFIs; and Bosnia witnessed over-indebtedness after wa</p><p>　　Program particip

27、ant Mavsuda Vaisova saw the negative results of overlending in Tajikistan, where she works as general director for Humo and Partners, a micro-lending fund in Dushanbe. Started with a staff of just 19 in 2005, the microle

28、nding organization now has 11 branches, 260 employees, 10,000 clients and an active portfolio of US$5.5 million.</p><p>　　"Last year, during the crisis situation, we saw what happened. People were killi

29、ng themselves because they could not repay five or six loans," Vaisova said. "These cases in Tajikistan happened so often [that we said] to all our creditors, 'Please don't push us because we cannot pus

30、h people to kill themselves.'"</p><p>　　In some countries, the problem of over-indebtedness has been attributed to a lack of information: Without a system of credit bureaus or official identificatio

31、n cards for the poor, lenders could not determine a borrower's credit history or the presence of existing loans from other lenders. But that was not the case in Tajikistan, according to Vaisova. The country has a goo

32、d information exchange about clients, so microfinance companies were able to see that borrowers were already in debt. "They ca</p><p>　　Traditional banks, too, have begun to woo the micro-borrower in ma

33、ny countries, increasing pressure on microfinance institutions to hold market share. "In this context of new competitors, of different competitors, bigger competitors than us, all this fight [means it can be] very e

34、asy to lose the mission," said participant Rafael Llosa, general manager of Mibanco, a private bank in Lima, Peru, that focuses on micro and small businesses. "Because you are fighting to be the leader in the m

35、arket and</p><p>　　And yet, profits are essential if the microfinance institution wants to carry out its mission of poverty alleviation, participants said. "You have to charge interest to cover all expe

36、nses," said Marie Louise Nsabiyumva, CEO of Burundi-based savings and credit cooperative C.E.C.M. and vice chair of the Burundian Microfinance Network. "Otherwise, you would disappear. And that isn't useful

37、 for the client." Added Llosa: "If we are not profitable, we are not sustainable. For that reason, it's not an </p><p>　　Building Coalitions</p><p>　　But how much profit? In Andhra

38、 Pradesh, state government officials in October cited microlenders' quest for "hyper profits" as reason to clamp down on the industry.</p><p>　　Many microfinance companies in India seek investo

39、r capital, in part because of India's banking laws, noted participant Vikram Jetley, chief operating officer for Bangalore-based microfinance company Ujjivan's north region. According to the company's we

40、bsite, Ujjivan has completed four rounds of capital infusions and plans to offer an IPO after three years of profitable operations.</p><p>　　"We have two different kinds of investors," he noted: pu

41、re social investors and private equity investors. "As a part of our mission, we have clearly defined that our return on equity would be at best 15%. So someone who is looking for a really aggressive return on equity

42、 would never come with us."</p><p>　　Established in 2005, Ujjivan uses the Grameen model of lending to groups of women borrowers and focuses on urban microfinance. It currently boasts a 99.12% repayment

43、 rate from its more than 975,000 customers in 20 states.</p><p>　　Regulated by the Reserve Bank of India as "Non-Banking Financial Companies," microfinance institutions such as Ujjivan must maintai

44、n a minimum capital adequacy ratio but cannot take deposits, according to Jetley. "So we have to go to the capital markets. Otherwise we will never be able to scale up."</p><p>　　According to Naras

45、imhan Srinivasan, author of "State of the Sector Microfinance India 2010," the number of microloans in Andhra Pradesh now amounts to almost 10 times the number of poor households in the state. But Srinivasan al

46、so reports that not all loans came from microfinance institutions. Borrowers in Andhra Pradesh can also get credit from the Self Help Group (SHG) program, a government poverty alleviation program funded in part by the Wo

47、rld Bank that offers microloans at below-market rate</p><p>　　"The Andhra Pradesh crisis happened because the government has been going there and promising a 3% rate of interest while my rate of interes

48、t even on our debt funding is 12%," said Jetley. "How can you survive? This is not an India problem; it's one state's problem. It is not cascading to other states."</p><p>　　Oversimpli

49、fying the challenges in Andhra Pradesh and painting the entire microfinance industry with the same broad brush will not help find creative solutions going forward, said participant Georgette Jean-Louis, CFO of Fonkoze, t

50、he microfinance institution in Port-au-Prince, Haiti.</p><p>　　"I think the sector right now is at risk because everybody is trying to take what happened in one part [of the world] and say it is the sam

51、e thing that is happening in Peru, in Haiti, in Taijikistan or in some part of Africa," Jean-Louis stated. "Yes, there is a problem [with] what happened in India. We have to learn from it, we have to study it,

52、in order to prevent it from happening in every part of the world.... But at the same time, you have to look at the context. You have to look at the env</p><p>　　Every country is different, she added, and sol

53、utions must account for the differences and involve everyone. "There are lots of stakeholders. Government has to play its role. Microfinance has to play its role. The investors have to play a role. And then we can f

54、ind a solution."</p><p>　　The recent developments in Andhra Pradesh and other hotspots have brought industry leaders together to explore ways to limit the potential for overlending in the future, said W

55、omen's World Banking's Murray. "The sector has to do this and build coalitions. It must also engage in self-regulation. However, this will only work up to a point. Legal regulation will likely be required, b

56、ut this needs to be done in a way that enables growth." </p><p>　　The industry is focusing heavily on finding ways to measure social impact, and setting industry standards by which microfinance ins

57、titutions can self-regulate. Organizations are also pushing product diversification: After years of extending credit, many microfinance institutions argue that other types of financial services could have an even greater

58、 impact than loans. Savings accounts, for example, would give poor households a safe place to store emergency funds. Insurance products would help th</p><p>　　In a study in Morocco, Women's World Banking

59、 found that women borrowers tended to set aside 40% of their incomes for health emergencies, Murray pointed out. "It's pretty easy to argue that spending 20% on an insurance premium and the other 20% on investin

60、g in business to get out of poverty" could be a better option long-term, she said.</p><p>　　And growth -- for both borrowers and lenders -- is what microfinance institutions say they want. "We beli

61、eve there's a tremendous future for microfinance ... if you focus on having an impact at the client level and the household level, creating services that will enable poor people to make better choices for how to use

62、their money," Murray added. "We're absolutely optimistic that the microfinance sector is here to stay." Problems in Andhra Pradesh and other hotspots are "essentially a lot of gro</p><p

63、>　　來源《Knowledge Wharton》February 2nd 2011</p><p><b>　　中文譯文：</b></p><p><b>　　小額信貸業(yè)發(fā)展陣痛</b></p><p>　　近期的小額信貸危機(jī)源于印度南部城市安得拉邦，當(dāng)?shù)剡^度負(fù)債、暴力催款和借款者被迫自殺等問題引發(fā)了民眾對小額信貸行

64、業(yè)的廣泛指責(zé)，并強(qiáng)烈呼吁政府加強(qiáng)監(jiān)管。</p><p>　　10月，印度政府對損害信貸、強(qiáng)行控制回款天數(shù)并拖累印度最大的盈利性小額信貸公司SKS股價暴跌的小額信貸機(jī)構(gòu)實施管制。1月19日，印度儲備銀行發(fā)布Malegam委員會報告，建議對印度小額信貸機(jī)構(gòu)施加一系列新的監(jiān)管措施，包括設(shè)置利率上限、貸款限額以及對借款人的收入進(jìn)行規(guī)定。有些觀察家對此表示歡迎，而悲觀人士則認(rèn)為此舉難以避免信貸緊縮和行業(yè)崩潰。</p&

65、gt;<p>　　盡管現(xiàn)在要分析行業(yè)前景還為時尚早，但安得拉邦的危機(jī)著實引發(fā)了民眾對全球小額信貸行業(yè)的熱烈討論和深刻反省。近期在沃頓阿瑞斯高級管理教育學(xué)院小額信貸管理培訓(xùn)班上，討論的焦點集中在過度信貸、高速的行業(yè)增長以及如何在追求利潤的同時更好地實現(xiàn)小額信貸的設(shè)立宗旨。</p><p>　　小額信貸業(yè)經(jīng)歷了一場由壞賬“大地震”所引發(fā)的“痛苦的覺醒”，26名來自全球各地的社會財富計劃參與者之一Kamr

66、an Azim在一堂主題為小額信貸業(yè)的增長與可持續(xù)發(fā)展的討論中如此比喻道。Azim是創(chuàng)立于1996年的巴基斯坦拉合爾小額信貸機(jī)構(gòu)Kashf基金的運營總監(jiān)。他指出，過去20到30年間，小額信貸的方式方法幾乎都沒有發(fā)生過變化。但現(xiàn)在，突然之間，這個行業(yè)經(jīng)歷了一場地震。</p><p>　　正如該培訓(xùn)計劃中一門課程的導(dǎo)言所說：“面對不斷加速的變革，人們趨向于依賴傳統(tǒng)的方式進(jìn)行商業(yè)發(fā)展。然而，正是在這樣的時刻，創(chuàng)新方顯得

67、尤為重要?！贝送?，幾名學(xué)員也指出，小額信貸行業(yè)必須在兼顧客戶需求的同時通過創(chuàng)新的方式來鞏固發(fā)展。對于部分小額信貸機(jī)構(gòu)而言，他們亟待補充的是諸如盡職調(diào)查、可持續(xù)發(fā)展和關(guān)注客戶等基本商業(yè)知識。</p><p><b>　　過度負(fù)債的效應(yīng)</b></p><p>　　現(xiàn)代小額信貸活動發(fā)源于1977年孟加拉國。當(dāng)時經(jīng)濟(jì)學(xué)教授穆罕默德·尤努斯發(fā)起了一項實驗，向難以獲得

68、傳統(tǒng)銀行貸款的窮人提供小額無擔(dān)保貸款。之后的三十年內(nèi)，尤努斯教授創(chuàng)建的模式被人們所廣泛接受，并被許多國家復(fù)制，作為對抗貧困的方式。小額信貸自此在全球范圍內(nèi)廣為傳播，尤努斯教授也因此而在2006年獲得諾貝爾獎。</p><p>　　然而，近年內(nèi)，愈加激烈的業(yè)內(nèi)競爭以及全球經(jīng)濟(jì)走低讓借款人和小額信貸機(jī)構(gòu)雙雙陷入困境。隨著越來越多的商業(yè)銀行和盈利性企業(yè)進(jìn)入市場、股東提高投資，部分市場開始過度飽和，借款人所得到的資金也大

69、大超出其信用水平?，F(xiàn)在，小額信貸機(jī)構(gòu)開始尋求持續(xù)增長、降低風(fēng)險的途徑。</p><p>　　“我們正處于一個緊張的局勢之下，既要保證可持續(xù)發(fā)展，又要兼顧社會影響”，F(xiàn)onkoze公司執(zhí)行董事Carine Roenen表示：“如果無法平衡這兩者之間的關(guān)系，事情就會變得非常糟糕?！盕onkoze小額信貸公司位于海地首都太子港，是一家真正的草根企業(yè)。</p><p>　　目前，F(xiàn)onkoze是海

70、地最大的小額信貸機(jī)構(gòu)，但它也曾經(jīng)面臨過類似的尷尬處境。2008年，颶風(fēng)致使其三分之一的客戶遭受嚴(yán)重?fù)p失。Fonkoze公司通過對現(xiàn)有貸款進(jìn)行重組，幫助客戶渡過難關(guān)。自2010年1月海地大地震以來，F(xiàn)onkoze公司已經(jīng)提供了上千次的現(xiàn)金補助，新增貸款超過一萬筆。同時，該公司還設(shè)立了小額災(zāi)難保險計劃。</p><p>　　“小額信貸一直被奉為有益于人民的產(chǎn)物，尤其是在尤努斯教授獲得諾貝爾獎之后”，Roenen指出，

71、“但是現(xiàn)在安得拉邦的情況讓大家對小額信貸產(chǎn)生了負(fù)面的看法…我們應(yīng)該可以從中得到一些教訓(xùn)。公眾認(rèn)為也期待我們能夠為社會貢獻(xiàn)價值。但我們需要更好地溝通這一理念。”</p><p>　　過去三年內(nèi)，過度負(fù)債問題引發(fā)了一系列的危機(jī)和抗議活動。據(jù)沃頓商學(xué)院社會財富計劃的另一名參與者、紐約婦女世界銀行行政副總裁Inez Murray指出，這些活動包括：2008年尼加拉瓜“不付款”(No Pago)運動引發(fā)了大范圍的違約和暴力

72、抗議，致使當(dāng)?shù)匦☆~信貸業(yè)遭受危機(jī)；摩洛哥小額信貸業(yè)遭遇大量違約，導(dǎo)致當(dāng)?shù)刈畲蟮男☆~信貸機(jī)構(gòu)之一倒閉；波斯尼亞在戰(zhàn)后恢復(fù)期內(nèi)過度發(fā)展信貸，在根本沒有足夠客戶的情況下，卻出現(xiàn)了大量小額信貸機(jī)構(gòu)。產(chǎn)生以上種種情況的根本原因不盡相同，但都十分復(fù)雜：惡性競爭——例如，互相爭奪優(yōu)質(zhì)客戶——以及缺乏完善的盡職調(diào)查而一味追求快速擴(kuò)張；通過當(dāng)?shù)卣瘟α坎倏v客戶；此外還有宏觀經(jīng)濟(jì)的疲軟。小額信貸“有自己的生態(tài)系統(tǒng)，”Murray表示，“太過成功就會導(dǎo)致更多

73、資金流入，自然也就會孳生更多風(fēng)險”。</p><p>　　同樣參與社會財富計劃的Mavsuda Vaisova則與大家分享了塔吉克斯坦過度負(fù)債的負(fù)面影響，她曾在位于杜尚別的小額信貸基金Humo and Partners擔(dān)任總監(jiān)。2005年，該公司僅有19位員工，而發(fā)展至今，已經(jīng)擁有11家分支機(jī)構(gòu)，260名員工，10，000名客戶以及550萬美金的帳戶規(guī)模。</p><p>　　在部分國家，

74、過度負(fù)債的問題被歸咎于信息缺乏：在缺乏信用體系或正規(guī)的身份證明的情況下，貸款人難以判斷借款人的信用歷史或是否已經(jīng)有其他貸款。但據(jù)Vaisova表示，塔吉克斯坦的情況卻并不是這樣。這個國家擁有完善的客戶信息交換系統(tǒng)，因此小額信貸公司可以很清楚地知道客戶是否已經(jīng)有負(fù)債?！八麄兛梢钥吹侥硞€客戶已經(jīng)在其他貸款公司借了幾筆款項，是否已經(jīng)償清。但是，急于擴(kuò)張的欲望讓這些公司不顧一切，依然為客戶進(jìn)行貸款。”既然有機(jī)可乘，大多數(shù)借款人當(dāng)然樂得拿到更多的

75、錢?！叭藗儫o法正確地評估自己的貸款需求。他們只是一味的借錢，借錢，借錢——最終導(dǎo)致自己無力償還?！?lt;/p><p>　　而許多國家的傳統(tǒng)商業(yè)銀行也開始發(fā)起攻勢，為了保持市場份額，小額信貸公司不得不面臨越來越大的壓力。“這些新的競爭者不同于一般的競爭者，他們的規(guī)模遠(yuǎn)遠(yuǎn)大于我們，面對這樣強(qiáng)大的對手，我們很容易就輸?shù)暨@場戰(zhàn)爭，”Mibanco公司總經(jīng)理、社會財富計劃的參與者之一Rafael Llosa表示，“當(dāng)你希望成

76、為市場中的領(lǐng)導(dǎo)者，為生存而不斷抗?fàn)帟r，你就會開始關(guān)注其他的事情。”Mibanco是一家位于秘魯利馬的私人銀行，主要客戶為微型和小型企業(yè)。</p><p>　　然而，社會財富計劃的參與者們認(rèn)為如果小額信貸機(jī)構(gòu)希望繼續(xù)為緩解貧困做出貢獻(xiàn)，就不得不考慮利潤問題。</p><p><b>　　建立聯(lián)盟</b></p><p>　　但是多少才算利潤？拿安

77、得拉邦來說，去年10月份，該國政府官員就將小額信貸機(jī)構(gòu)追求“超額利潤”作為打壓這一行業(yè)的理由。</p><p>　　印度的許多小額信貸公司之所以尋求投資者的資金，部分原因是印度的銀行法所致，班加羅爾小額信貸公司Ujjivan北區(qū)首席運營官、社會財富計劃參與者Vikram Jetley表示。據(jù)公司網(wǎng)站信息顯示，Ujjivan已經(jīng)完成了四輪資本輸入，并且在連續(xù)三年盈利后，正在籌備上市計劃。</p>&l

78、t;p>　　“現(xiàn)在，大家都把一個地方發(fā)生的事情當(dāng)作是全世界都會發(fā)生的事情，認(rèn)為安得拉邦的情況就是秘魯、海地、塔吉克斯坦或是非洲其他地方的情況。我認(rèn)為這將讓小額信貸行業(yè)面臨巨大的風(fēng)險，”Jean-Louis指出，“確實，印度發(fā)生了一些問題。我們應(yīng)該從中吸取教訓(xùn)，對問題進(jìn)行研究分析，從而避免在世界上的其他地方出現(xiàn)同樣的問題…但是與此同時，我們也應(yīng)該綜合地來分析。不同環(huán)境下的不同情況，具體事情具體分析，仔細(xì)研究問題，而不是將問題全球化，

79、把任何問題都當(dāng)作是一定會發(fā)生在自己身上的事情。”</p><p>　　近期，安得拉邦的危機(jī)以及其他國家的事態(tài)發(fā)展讓小額信貸行業(yè)的領(lǐng)導(dǎo)者們匯聚一堂，探索如何在未來更好地控制過度負(fù)債，Murray說道?！靶☆~信貸行業(yè)必須面對現(xiàn)實，建立聯(lián)盟，同時還需要加強(qiáng)自我監(jiān)管。然而，這將是一個循序漸進(jìn)的過程。這其中，我們可能還需要引入法律監(jiān)管，但前提是，監(jiān)管不能妨礙增長?！?lt;/p><p>　　小額信貸行業(yè)

80、重點關(guān)注的領(lǐng)域在于如何衡量社會影響，建立行業(yè)標(biāo)準(zhǔn)從而讓企業(yè)能夠?qū)崿F(xiàn)自我監(jiān)管。同時，小額信貸企業(yè)還在追求產(chǎn)品多樣化：經(jīng)過多年的貸款經(jīng)驗，許多小額信貸機(jī)構(gòu)認(rèn)為其他類型的金融服務(wù)甚至可能會比貸款帶來更大的影響。例如，儲蓄賬戶可以給窮人們一個安全的存放緊急備用資金的選擇。而保險產(chǎn)品則可以幫助他們管理風(fēng)險。</p><p>　　根據(jù)在摩洛哥開展的一項研究，婦女世界銀行發(fā)現(xiàn)婦女借款人傾向于將收入的40%作為健康緊急備用資金，