小微企業(yè)金融外文翻譯--烏干達(dá)小微企業(yè)融資路徑依賴和融資的決定性因素

1、<p><b>　　中文6555字 </b></p><p>　　出處：Tarinyeba-Kiryabwire W M. Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing Decisions[J]. Available at SSRN 163339

2、3, 2010</p><p>　　烏干達(dá)小微企業(yè)融資：路徑依賴和融資的決定性因素</p><p>　　Dr. Winifred Tarinyeba- Kiryabwire</p><p><b>　　摘要</b></p><p>　　通過查閱發(fā)展中國家的金融文獻(xiàn)我們往往可以發(fā)現(xiàn)由于中小企業(yè)是推動發(fā)展中國家經(jīng)濟(jì)增長的主要

3、動力源，其金融問題則就主要側(cè)重于中小企業(yè)的融資受限方面。然而，在低收入國家，小微企業(yè)卻比中小企業(yè)扮演著更加重要的角色，這主要是由于他們在非農(nóng)業(yè)領(lǐng)域的自主性擇業(yè)方面有著突出貢獻(xiàn)。小微企業(yè)主要使用非正規(guī)信貸而不是正規(guī)的銀行信貸證明了在小微企業(yè)形成與業(yè)務(wù)發(fā)展的過程中前者（非正規(guī)信貸）優(yōu)于后者（正規(guī)信貸）。另外，一些其他方面的因素，比如：長時(shí)間的信貸申請程序，信貸申請過程的消極看法等都使得非正式信貸愈顯活躍。另一方面，一些具體的因素，比如：商業(yè)

4、形式的多元化，小微企業(yè)獲得商業(yè)資金或者資產(chǎn)投入的需求與市場供給的靈活性，使得供應(yīng)商并不傾向于使用正規(guī)信貸。</p><p><b>　　簡介</b></p><p>　　市場中極易建立的信貸約束是小企業(yè)獲取信貸的最大障礙（1）。各種不同的政策相繼制定旨在改良信貸獲取途徑，這其中就包括信息改革和契約框架下宏觀經(jīng)濟(jì)手段，金融系統(tǒng)內(nèi)部競爭，在嚴(yán)格的監(jiān)管下促使金融機(jī)構(gòu)開展對中

5、小企業(yè)產(chǎn)品的租賃和保理業(yè)務(wù)（2）?？v觀過去的十年，發(fā)展中低收入國家的政策制定者們主要集中于通過干預(yù)微觀經(jīng)濟(jì)來彌補(bǔ)信貸鴻溝并為那些不能從諸如大型商業(yè)銀行等主流金融機(jī)構(gòu)中獲得正規(guī)信貸的小微企業(yè)改善融資渠道。然而，盡管那些被認(rèn)為是“創(chuàng)新型借貸”的方法，比如：組團(tuán)信貸、抵押品替代品信貸等旨在暢通融資渠道，小微企業(yè)卻更加傾向于非正規(guī)信貸而不是正規(guī)信貸。其他的一些調(diào)查則側(cè)重于制約信貸渠道暢通的原因分析，本文旨在尋求小微企業(yè)相比于正規(guī)信貸來說更加傾向

6、于使用非正規(guī)信貸的一些具體特征。這正如我之前所說的路徑依賴因素。</p><p>　　小微企業(yè)路徑依賴：形成與商業(yè)特性</p><p>　　多數(shù)的小微企業(yè)是作為非正式成立的個(gè)人獨(dú)資企業(yè)而經(jīng)營的。這一發(fā)現(xiàn)在關(guān)于小微企業(yè)的各種文獻(xiàn)中均是一致的，特別是他們在非正式部門工作的事實(shí)。然而，幾乎所有的小微企業(yè)在他們的經(jīng)營地域卻都有由一些當(dāng)?shù)卣C發(fā)的經(jīng)營許可證。在每一個(gè)財(cái)政年度，小微企業(yè)雇主和經(jīng)營地點(diǎn)

7、都是可再生資源。大部分受訪者并不了解商業(yè)公司的概念和思想，有經(jīng)營許可證就意味著他們被接納。有幾個(gè)因素可以歸結(jié)為微型企業(yè)的建立方式，第一，就財(cái)務(wù)和法律問題，業(yè)主們既不理解公司成立的概念，也沒有建立一個(gè)企業(yè)作為獨(dú)立的法人實(shí)體。第二，大多數(shù)微型企業(yè)開始自發(fā)的從事商業(yè)或經(jīng)濟(jì)機(jī)會，而不是作為經(jīng)過深思熟慮的企業(yè)，尤其是路邊的或在其他戰(zhàn)略領(lǐng)域的小微企業(yè)，例如電話亭，沿著繁華的街道。業(yè)主主要關(guān)心的是建立的業(yè)務(wù)手續(xù)問題，而不是與經(jīng)濟(jì)機(jī)遇有關(guān)。第三，法治問

8、題也解釋了在企業(yè)普遍建立和資助的方式。雖然在烏干達(dá)，過程和正式業(yè)務(wù)的法律和監(jiān)管負(fù)擔(dān)，納入企業(yè)存在的機(jī)制，建立成本，在大多數(shù)情況下，遠(yuǎn)遠(yuǎn)大于好處，甚至業(yè)務(wù)創(chuàng)造的經(jīng)濟(jì)機(jī)會。</p><p>　　談及法律在經(jīng)濟(jì)活動的效率的調(diào)節(jié)與決定中所扮演的角色時(shí)，埃爾南多·德索托認(rèn)為如果法律阻礙了經(jīng)濟(jì)效率的提高，那么他們不僅在正規(guī)系統(tǒng)中強(qiáng)加一些不必要的成本，在非正式的操作層面亦是如此（3）。前者包括商業(yè)啟動的時(shí)間與登記注冊

9、成本，稅收和遵守官僚程序（4）。另一方面，非正規(guī)成本包括避免處罰的成本，逃稅和勞動法以及由于較完善的法律比如不足的財(cái)產(chǎn)權(quán)利保護(hù)等的缺失所造成的額外成本，合同制度的無力，以及合同法外的低效（5）。</p><p>　　根據(jù)公司法案，在烏干達(dá)的公司注冊需由該公司的注冊處處長登記實(shí)施。公司注冊處處長的辦公室設(shè)在首都堪培拉，這對于該國其他地區(qū)經(jīng)營的企業(yè)而言無疑是一個(gè)額外的負(fù)擔(dān)。然而，商業(yè)登記處的偏遠(yuǎn)并不是主要問題因?yàn)榫退?/p>

10、是靠近登記辦公室的公司也并不喜歡去登記，這和地處偏遠(yuǎn)點(diǎn)兒的公司并沒有什么區(qū)別。另外，合并一個(gè)公司還要征收下列費(fèi)用：名字搜索與登記定金。25,000（$12.50），股本金額0.5%的印花稅，組織章程大綱和注冊費(fèi)。35,000（$17.5）和登記費(fèi)50，000到4,000,000（$25到2000美金）（6）。較低的監(jiān)管負(fù)擔(dān)決定了法律系統(tǒng)的特點(diǎn)，股東和債權(quán)人權(quán)益的保護(hù)，法人企業(yè)中有效的破產(chǎn)保護(hù)程序以及增加融資渠道（7）。另一方面，有限責(zé)任

11、公司的成立往往又缺少足夠的法律保護(hù)，聯(lián)合創(chuàng)業(yè)活動的不積極，和較高的融資障礙。這些障礙就是指德索托認(rèn)為的法律失敗之謎。他指出盡管幾乎每個(gè)發(fā)展中和前共產(chǎn)主義國家都有一個(gè)較為正規(guī)的金融體系，但是大多數(shù)市民卻不能夠獲得，并且他們的唯一選擇就是將他們的資產(chǎn)撤到法律范圍以外的可以生活和經(jīng)商的地方。</p><p>　　政策制定者們應(yīng)該將非正式部門納入正規(guī)部門的整合之中，改善商業(yè)登記制度為微型企業(yè)更加方便簡單低成本的獲取信貸服

12、務(wù)。通過當(dāng)?shù)卣块T的發(fā)牌過程可以有效地創(chuàng)建一個(gè)登記和業(yè)務(wù)識別機(jī)制以辨明所識別的業(yè)務(wù)和位置。</p><p>　　大部分微型企業(yè)都從事零售貿(mào)易，比如一個(gè)賣雜貨，家庭日用品，服裝，汽車零部件或者書籍的商店。其他一些受訪者從事一些包括農(nóng)業(yè)在內(nèi)的商業(yè)活動（養(yǎng)蜂，牛奶生產(chǎn)）處理（蜂蜜，中藥材），一些小規(guī)模生產(chǎn)（木材和家具），和服務(wù)行業(yè)（理發(fā)，飯店里賣小食品和飲料）然而，這些受訪者數(shù)量上還不足以與那些從事零售行業(yè)的人多。有

13、兩點(diǎn)因素可以很好地詮釋這項(xiàng)發(fā)現(xiàn)。第一個(gè)就是這大多數(shù)微企建立初期的啟動資金往往來源于個(gè)人儲蓄或者親朋好友的借款，并且對于零售行業(yè)來說并需要投入大量資金，所以說零售行業(yè)成為主體這并不奇怪。</p><p>　　通常一個(gè)企業(yè)所擁有的員工數(shù)這個(gè)指標(biāo)經(jīng)常被用來劃分微企、小企和中型企業(yè)。盡管沒有明確的標(biāo)準(zhǔn)來界定一個(gè)企業(yè)所擁有的員工最小或者最大數(shù)，小微企業(yè)由于資本規(guī)模的限制往往擁有較少的員工數(shù)。上面圖表的數(shù)據(jù)告訴我們?yōu)醺蛇_(dá)大多

14、數(shù)微型企業(yè)的雇員在一到五人之間，這說明這些企業(yè)大多數(shù)是依靠自我就業(yè)作為員工的來源而不是給社會創(chuàng)造了多少的就業(yè)機(jī)會。這些微企也是非農(nóng)業(yè)領(lǐng)域自我就業(yè)的最大來源。這就意味著隨著氣候變遷對農(nóng)業(yè)造成的不利影響，土地的人口承載壓力增加和越來越多的農(nóng)村人口向城市遷移小微企業(yè)吸納非農(nóng)業(yè)人口的作用將會增加。由于沒有足夠的資本來創(chuàng)造就業(yè)機(jī)會小微企業(yè)這種膨脹式發(fā)展無疑將會對國家經(jīng)濟(jì)和經(jīng)濟(jì)轉(zhuǎn)型造成各種影響。</p><p>　　面積是另

15、一個(gè)被用來區(qū)別微企、小企、中型和大型企業(yè)的指標(biāo)。然而，正如雇員這個(gè)變量一樣，面積也并不是被明確規(guī)定的。在歐盟，一家企業(yè)所擁有的資產(chǎn)不超過兩百萬歐元就被認(rèn)為是微型企業(yè)，同時(shí)那些資產(chǎn)不超過一千萬歐元的企業(yè)則被認(rèn)為是小型企業(yè)，而中型企業(yè)所擁有的資產(chǎn)不超過三千四百萬歐元。這些數(shù)據(jù)告訴我們?yōu)醺蛇_(dá)的大多數(shù)微型企業(yè)所擁有的資產(chǎn)不超過Ugshs。五百萬（$2,500）。這個(gè)發(fā)現(xiàn)指出了這些作為獨(dú)資企業(yè)的微企往往是通過一些非正式融資渠道成立的。因?yàn)檫@大多數(shù)

16、微企既不會紀(jì)錄財(cái)務(wù)狀況也不會被相關(guān)部門審核，受訪者們只在被問及其業(yè)務(wù)的價(jià)值估計(jì)時(shí)坦言只是為了公司的持續(xù)經(jīng)營。</p><p>　　上圖中我們可以明顯看出男性擁有的微企比女性擁有的微企數(shù)量要多。這種發(fā)展趨勢在其他國家其他地區(qū)也是相同的。僅僅只有68家微企是由男女微企主所共有，這其中大多數(shù)共有企業(yè)主主要么是夫妻要么就是兄弟姐妹。這種較低水平的共有微企不僅僅是微企的典型代表而且也是其他商業(yè)形式的代表。這也許是缺乏足夠的

17、法律措施來保護(hù)股東的利益。目前公司的法律是1948年制定的明顯落后于當(dāng)前公司的治理標(biāo)準(zhǔn)。大多數(shù)微企所有者并沒有擁有大量的資產(chǎn)可以用來做抵押品貸款。只有少數(shù)擁有抵押品的微企可以從一些小型金融機(jī)構(gòu)獲取諸如組團(tuán)貸款，強(qiáng)制性儲蓄和小額貸款等信貸。然而，由于以下涉及的一些原因，獲取小額信貸對于小微企業(yè)來說任然是一個(gè)不小的挑戰(zhàn)。</p><p>　　影響烏干達(dá)小微企業(yè)融資決策的一些其他因素</p><p&

18、gt;　　不同于以上路徑依賴所分析，這里有其他幾個(gè)影響影響微企融資決策的因素。包括正規(guī)或者非正規(guī)信貸的選擇，從小型金融機(jī)構(gòu)或者商業(yè)銀行借款的選擇，個(gè)人借款或者組團(tuán)借款的選擇。后者的討論，舉個(gè)例子來說，可能會受到借款者個(gè)人的信貸歷史記錄以及抵押品的可用性影響。如果一個(gè)微企主之前既沒有與金融機(jī)構(gòu)建立良好的合作關(guān)系也沒有大量的抵押品可用，那么他就可能發(fā)現(xiàn)獲取個(gè)人信貸是有多么的困難并有可能采取組團(tuán)信貸的方式。盡管微企的成立是很容易的并且通常其往

19、往通過個(gè)人來源獲取啟動資金，但為了微企的可持續(xù)發(fā)展獲取正規(guī)信貸是必不可少的。以下，我將試圖討論不同因素對微企融資決策所造成的不同影響。</p><p><b>　　獲取正規(guī)信貸</b></p><p>　　在參與調(diào)查的602家微企中，僅僅只有34%的微企主承認(rèn)他們有過申請貸款的歷史，與此同時(shí)，大部分（64%）微企從未有過信貸紀(jì)錄。一項(xiàng)調(diào)查顯示不同地域的受訪者在獲取正規(guī)

20、信貸的渠道上并不存在所謂的地域性差異優(yōu)勢。例如在堪培拉，僅僅只有31%的微企主申請過帶狂，在北部和西北部地區(qū)達(dá)到了46%，在西部地區(qū)是42%，在東部地區(qū)則是35%。因此，在所有的地區(qū)中，申請過貸款的微企數(shù)量顯著地小于從未申請過貸款的微企數(shù)量?？煽康臄?shù)據(jù)顯示在中部和西部地區(qū)的小型金融機(jī)構(gòu)比東部和北部地區(qū)的小型金融機(jī)構(gòu)有著更顯著的貢獻(xiàn)作用（11）。然而，這種趨勢并沒有反映在此次調(diào)查之中。中、西部地區(qū)小微企業(yè)獲取信貸的渠道并不比其他地區(qū)獲取信

21、貸的渠道有多明顯的優(yōu)勢。另外，分析受訪者發(fā)現(xiàn)并沒有標(biāo)明有任何的性別限制。經(jīng)過觀察發(fā)現(xiàn)男性微企主與女性微企主在申請信貸方面也并不存在顯著的不同。</p><p>　　在聲稱申請過信貸的微企中，86%的人成功地申請并獲得了信貸，同時(shí)有24%的人因?yàn)橄旅婺承┰蛏暾埍痪芙^了。然而24%的數(shù)量還是低于42%從其他途徑獲取信貸的數(shù)量。因此，僅僅只有58%曾經(jīng)有過一次或者多次申請記錄的微企沒能夠成功的獲取信貸。</p&

22、gt;<p>　　在申請并成功獲取信貸的微企中，大多數(shù)（77%）微企是從小型金融機(jī)構(gòu)獲取的貸款，同時(shí)僅僅只有23%是從商業(yè)銀行獲取的貸款。這種現(xiàn)象可以用微企的自然屬性來解釋。非正式成立、只需求少量的貸款和沒有擁有大量抵押品作抵押其很難從商業(yè)銀行處獲得貸款。然而，值得重視的是就算是那些商業(yè)銀行處獲取貸款的23%的微企，也只能從像百年銀行那些包涵小額信貸的銀行處獲取。微企從商業(yè)銀行處獲取貸款其實(shí)是非常困難的。另外，就算是那些能

23、夠從商業(yè)銀行處獲取貸款的大多數(shù)微企，與整個(gè)調(diào)查總體（602家）相比，能夠獲取貸款的微企數(shù)遠(yuǎn)遠(yuǎn)小于那些不能夠成功獲取貸款的微企。這就意味著微企大部分使用的是非正式信貸。</p><p>　　一項(xiàng)在微企借款的數(shù)據(jù)中分析指出在微企申請正式信貸中大多數(shù)同一申請人申請信貸的次數(shù)不少于一次。這個(gè)模式也側(cè)面證實(shí)了一個(gè)事實(shí)那就是大部分微企還是需要信貸來幫助其解決資金問題（不然大多數(shù)也不會申請很多次）。因此，重復(fù)性借款是圍繞資金活

24、動的一個(gè)指標(biāo)。另外，微企借貸人往往通過不斷信貸的方式來是借貸風(fēng)險(xiǎn)最小化，所以借款人往往是不斷貸入小型貸款。</p><p>　　另一個(gè)因素也許可以解釋這個(gè)現(xiàn)象，那就是通過不斷的信貸過程借款人與放貸人之間一旦建立關(guān)系，借款人就會很容易的從放貸人那里借到資金。信貸信息的不對稱給信貸歷史記錄從一個(gè)放貸人向另一個(gè)放貸人處轉(zhuǎn)移造成了相當(dāng)大的困難并因此限制了放貸人放貸的機(jī)會。這是銀行關(guān)系的一個(gè)不利之處。一個(gè)借款人往往會在同一

25、個(gè)放貸人那里借款不僅僅是放貸人會提供給他們最好的信貸模式，而是因?yàn)楹土硪粋€(gè)放貸人建立起新的借貸關(guān)系是非常不容易的。近來烏干達(dá)成立了一個(gè)新的信貸管理局。然而，其對局勢的影響還不是十分明朗。</p><p>　　這些受訪微企同樣被問到是否預(yù)先知曉一些關(guān)于獲取信貸的信息，他們說他們對信貸成本掌握了足夠的信息也非常清楚違約所可能造成的后果。大部分人對這兩者都很清楚并且無論他們是從放貸人處或者同行那里獲取信貸關(guān)于這兩點(diǎn)他們

26、都是十分清楚的。</p><p>　　小微企業(yè)融資決策：正式與非正式信貸之間的選擇</p><p>　　根據(jù)602家受訪微企調(diào)查發(fā)現(xiàn)，69%的人聲稱他們解決企業(yè)的融資問題是依靠個(gè)人資金、從朋友或者家人那里借錢、或者信貸貿(mào)易。這個(gè)數(shù)據(jù)遠(yuǎn)遠(yuǎn)高于29%使用正規(guī)信貸來解決他們微企的融資問題的人。這清晰地表明盡管當(dāng)局在信貸渠道改進(jìn)上面做出了更多的努力，尤其是在小額信貸方面，非正式信貸比正式信貸扮演著

27、更加重要的角色。事實(shí)上，一些學(xué)者調(diào)查后很明顯地發(fā)現(xiàn)在一些低收入國家借款人從放貸人或者其他非正規(guī)渠道獲取的信貸往往需要支付非常高的利息率，而這些利息率通常又在100%以上。以下，我會討論非正規(guī)信貸成為微企主獲取信貸的主要來源的一些原因。</p><p><b>　　需要信貸</b></p><p>　　大多數(shù)微企并不使用正規(guī)的信貸，這一點(diǎn)在非洲其他國家的調(diào)查中也是一致的

28、，比如說加納、津巴布韋和肯尼亞就發(fā)現(xiàn)信貸貿(mào)易和其他形式的非正規(guī)信貸的廣泛使用遠(yuǎn)大于正規(guī)信貸的使用規(guī)模。然而，區(qū)分使用信貸和需要信貸是非常重要的。使用非正規(guī)信貸并不一定意味著不需要信貸。在這項(xiàng)調(diào)查中，僅僅只有11%的受訪者表示他們使用非正規(guī)信貸卻不需要信貸。另外，調(diào)查發(fā)現(xiàn)需要信貸往往是出于各種不同的理由，他們選擇不使用正規(guī)信貸。另外一些理由就是銀行收取貸款利息是被宗教所禁止的，“貸款貸走了好運(yùn)”、“銀行在你向他們貸款的時(shí)候偷走了你的財(cái)產(chǎn)”

29、和“我將我所有的利潤都再投入我的生意中因此我不需要貸款”。最后一條清晰的表明那些受訪者并不需要貸款。然而，其他的一些原因則是信貸渠道限制。</p><p>　　供應(yīng)商信貸的廣泛使用</p><p>　　大多數(shù)微企主，尤其是那些在市場上營業(yè)販賣大量農(nóng)產(chǎn)品的微企主們往往會大量使用供應(yīng)商信貸。農(nóng)產(chǎn)品生產(chǎn)商或者那些將農(nóng)產(chǎn)品從鄉(xiāng)村地區(qū)運(yùn)送到城市地區(qū)販賣的中間人往往以農(nóng)產(chǎn)品本身為抵押來獲取信貸并且在農(nóng)

30、產(chǎn)品出售后償還貸款。這樣的實(shí)踐是被廣泛傳播的，以至于一些受訪者承認(rèn)這是他們與供應(yīng)商建立良好合作關(guān)系的重要組成部分。這種合作關(guān)系對于供應(yīng)商和零售商來說是雙贏的。對于前者，保證了他們在一個(gè)市場上的穩(wěn)定地位，而對于后者來說他們不需要預(yù)先準(zhǔn)備資金來購買能夠出售的農(nóng)產(chǎn)品。這種現(xiàn)象大幅地減少了做生意的成本并且可以解釋為什么微企能夠以少量的資本作為啟動資金。其他一些形式的微企，比如小商店、沙龍和服務(wù)供應(yīng)商也承認(rèn)嚴(yán)重依賴供應(yīng)商信貸或者經(jīng)常放置一些有限的

31、商品和補(bǔ)益。使用供應(yīng)商信貸有幾個(gè)好處比如質(zhì)量把控和供應(yīng)確保最終將有益于與供應(yīng)商保持良好的合作關(guān)系。另外，使用供應(yīng)商信貸比從放貸人那里借錢要便宜些，更加方便的啟動生意因?yàn)楹笳甙艘恍├?，而利息在供?yīng)商信貸中則不存在。</p><p>　　然而，供應(yīng)商信貸有著一定的限制和其固定的圈子，其他供應(yīng)商則需要尋找另外的正規(guī)或者非正規(guī)信貸來源。例如非正規(guī)信貸被用來獲取公司股票，就不太合適用來資本投入比如一些設(shè)備像冰箱、家具

32、或者其他可以改善某人生意的物品的購買。另外，另一些公司的多樣化很有可能造成累計(jì)利潤或者信貸資金被擠出。</p><p>　　簡單、方便地獲取非正規(guī)信貸</p><p>　　這一點(diǎn)是非正規(guī)信貸相比于正規(guī)信貸而言的非常大的優(yōu)勢，即使正規(guī)的小型金融機(jī)構(gòu)使用相似的借貸方式也并不能比非正規(guī)信貸顯得更有活力。調(diào)查發(fā)現(xiàn)有這么幾個(gè)優(yōu)勢比如快捷或者十分簡單的信貸程序，重組償還的情況下一個(gè)依賴貸款的人將會體會

33、到其困難。高額利息則是最大的缺點(diǎn)。然而，快捷簡單的信貸過程的優(yōu)點(diǎn)還是蓋過了其缺點(diǎn)。這是為什么呢，通過調(diào)查我們發(fā)現(xiàn)有時(shí)候微企主們很急切的需要信貸而從正規(guī)信貸部門又不能夠立即獲取貸款。這就包括培養(yǎng)預(yù)期貸款申請、組團(tuán)過程和初期儲蓄的積累等。組團(tuán)編隊(duì)的過程往往平均下來要花費(fèi)二到四周的時(shí)間。另外，一些小額貸款人需要預(yù)先積累一部分資金并且要計(jì)算所占貸款的百分比（通常在1-5%），或者規(guī)定最小貸款總量，或者花一到三個(gè)月時(shí)間與放貸人建立良好的個(gè)人關(guān)系。

34、這些要求往往使那些急需信貸的微企主們望而卻步。然而，對于那些貸款需求不是那么急切比如計(jì)劃購買設(shè)備像冰箱或者股票來改善微企經(jīng)營的微企來說，他們還是寧肯向正規(guī)點(diǎn)兒的金融機(jī)構(gòu)申請信貸而不是申請非正規(guī)信貸。一下是一張小型金融機(jī)構(gòu)預(yù)先申請信貸的時(shí)間表和需要的成本支出。</p><p><b>　　●第一周 客戶導(dǎo)向</b></p><p><b>　　●第二周 組團(tuán)編

35、隊(duì)</b></p><p>　　●第三周 探訪組成員處所，開戶和支付初始最低保證金，2,200（$1.00）</p><p>　　●第四周 按要求填寫貸款申請表和最低儲蓄存款 2,200（$1.00）</p><p>　　●第五周 提交貸款申請表和支付貸款申請費(fèi)用與貸款保證金的2%和貸款價(jià)值的1%</p><p>　　●第六周 存

36、款費(fèi)用2,200（$1.00）和第一筆貸款的支出</p><p><b>　　結(jié)論</b></p><p>　　路徑依賴是抑制微型企業(yè)進(jìn)入正規(guī)信貸的一個(gè)主要因素。這是因?yàn)樗麄兺鄙贅O少的初始資本和技能。這種定義的特點(diǎn)在整個(gè)烏干達(dá)都是類似的，他們對經(jīng)濟(jì)的貢獻(xiàn)主要限于非農(nóng)業(yè)非正規(guī)部門自我就業(yè)上。他們的融資約束提供給我們微型企業(yè)融資動態(tài)的觀察窗口。雖然啟動資金可以從非正規(guī)

37、渠道包括個(gè)人儲蓄、從朋友和家人那里的借貸，微企決定使用正式或者非正式信貸往往取決于具體的因素，如供應(yīng)商的信用可用性，需要購買資本設(shè)備或者多樣化的業(yè)務(wù)。另外，一些因素諸如冗長的貸款處理程序，有關(guān)貸款申請過程的負(fù)面看法和違約賬戶的惡劣后果都導(dǎo)致了非正式信貸的廣泛使用。</p><p>　　Micro Enterprise Finance in Uganda: Path Dependence and Other and

38、 Determinants of Financing Decisions</p><p>　　Dr. Winifred Tarinyeba- Kiryabwire</p><p><b>　　Abstract</b></p><p>　　Access to finance literature in developing countries f

39、ocuses on access to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much

40、more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are for

41、med an</p><p>　　Introduction</p><p>　　It well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit1. Var

42、ious policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory fra

43、meworks that enable financial institutions to develop products for SMEs such as leasing and factoring2. Over the past ten ye</p><p>　　Path Dependence in Micro Enterprises: Formation and Business Characterist

44、ics</p><p>　　The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they ope

45、rate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in which they operate. The license identifies the owner of the business and

46、its location, and is renewable every financial year. Most respondents did not understa</p><p>　　Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando D

47、e Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well.3 The former include the

48、 time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalti</p><p>　　Businesses in Uganda are reg

49、istered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the

50、 country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registrat

51、ion office, as it was in those t</p><p>　　Policy makers concerned with integration of the informal sector into the formal and improving access to credit for informal sector micro enterprises should consider

52、a business registration system that is simple, cost effective and decentralized. The licensing process through local government authorities can be used to create a registration and business identification mechanism that

53、can identify the business and its location.</p><p>　　The majority of micro enterprises are engaged in retail trade, such as a shop selling merchandise such as groceries, household items, clothes, motor vehic

54、le spare parts or books. Some respondents reported other business activities including agriculture (beekeeping, milk production), processing (honey, herbal medicines), small scale production (timber and furniture), and s

55、ervices (hair dressing, restaurants selling food and beverages). However, these respondents were few compared to those who rep</p><p>　　Employment by Micro Enterprises</p><p>　　The number of emp

56、loyees of a business is one of the factors used to classify micro, small and medium enterprises. Although no standard definition specifies a minimum or maximum number of employees for these categories, micro enterprises

57、are on the lower end of the scale regarding capacity to employ. The data show that the majority of microenterprises in Uganda employ between one and five persons, indicating that the businesses are largely a source of se

58、lf-employment rather than of large scale jo</p><p>　　Size is another indicator used to classify businesses as micro, small, medium and large scale enterprises. However, like the employment variable, size is

59、not consistently defined. In the European Union, business enterprises that have assets not exceeding two million Euros are classified as micro enterprises, while those with assets not exceeding ten million Euros are smal

60、l enterprises, and a medium enterprise has assets not exceeding 34 million Euros.10 The data show that the majority of micro e</p><p>　　There were slightly more micro enterprises owned by men than by women.

61、This trend was the same in the different regions of the country. Only 68 micro enterprises were jointly owned, and, in most cases, the co-owners were either spouses or siblings. The low level of joint enterprise is not o

62、nly typical of micro enterprises but also of other forms of business enterprises as well. This is may be due to inadequate legal protection for shareholders. The current Companies Act was enacted in 1948 and i</p>

63、<p>　　Other Determinants of Financing Decisions of Micro Enterprises in Uganda</p><p>　　Apart from the path dependence factors discussed above, there are other several factors influence the financing d

64、ecisions of micro enterprises, including the choice of using formal or informal credit, borrowing from microfinance lenders or commercial banks, and accessing credit individually or through group lending. The latter deci

65、sion, for example, may be influenced by the credit history of the borrower and the availability of collateral. If a business has neither a prior relationship with a fi</p><p>　　Access to Formal Credit</p&

66、gt;<p>　　Out of the 602 micro enterprises surveyed, only 34% stated that they had applied for a loan, while the majority (64%) had never done so. An analysis of the respondents by business location did not reveal

67、any regional advantages in access to formal credit. In Kampala, only 31% had applied for a loan; in the north and north-western region, 46%; in the western region 42%; and in the eastern region, 35%. Therefore, in all th

68、e regions, the number of micro enterprises that had applied for a loan is si</p><p>　　Of the respondents who stated that they had applied for a loan, 86% successfully applied for and obtained credit, while 2

69、4% were denied credit for reasons discussed below. However, of the 24%, less than half (42%) have obtained formal credit on other occasions. Therefore, only 58% enterprises that applied for a loan on one or multiple occa

70、sions failed to get credit.</p><p>　　Source of Formal Credit</p><p>　　For the micro enterprises that applied for and obtained credit, the majority (77%) borrowed from microfinance institutions,

71、while only 23% borrowed from commercial banks. This phenomenon can be attributed to the nature of micro enterprises. Being informally established, requiring small loans, and not having substantial collateral make access

72、to commercial bank credit difficult. However, it is important to note that even the 23% that were able to access credit from commercial banks, they did so f</p><p>　　Borrowing Trends of Micro Enterprises<

73、/p><p>　　An analysis of the borrowing trends of micro enterprises that applied for formal credit revealed that the majority applied for credit more than once with the same lender. This pattern is attributed to

74、the fact that most micro enterprises need credit to finance working capital. Therefore, repeated borrowings are indicative of a revolving financing activity. In addition, micro lenders use contingent credit to minimize t

75、he risk of default, so borrowers get into a cycle of repeated borrowing of smal</p><p>　　Information Prior to Obtaining Credit</p><p>　　The respondents were also asked whether, prior to obtainin

76、g credit, they had adequate information about cost and the consequences of defaulting. The majority indicated that they were aware of both and that they had obtained this information either from the lender or from their

77、peers.</p><p>　　Micro Enterprise Finance: The Choice between Formal and Informal Credit</p><p>　　Out of the 602 micro enterprises that responded to the survey, 69% stated that they finance their

78、 businesses using personal funds, credit from friends and family, and trade credit. This category is significantly higher than the 29% respondents who stated that they use formal credit to finance their businesses. This

79、clearly shows that despite efforts to increase access to credit, particularly micro credit, informal credit plays a more significant financing role than formal credit. Informal credit</p><p>　　Need for Credi

80、t</p><p>　　The fact that the majority of micro enterprises do not use formal credit is consistent with other studies in Africa, such as Ghana14, Zimbabwe15, and Kenya16 that show extensive use of trade credi

81、t and other forms of informal finance rather than formal credit. However, it is important to distinguish between the use of and the need for credit. Using informal credit does not necessarily mean that there is no need f

82、or credit. In this study, only 11% of respondents who use informal reported they did</p><p>　　The Extensive Use of Supplier Credit</p><p>　　The majority of micro enterprises, particularly those

83、that operate in markets and sell groceries that are largely agricultural produce extensively use supplier credit. Agricultural producers or middle men who transport agricultural produce from the rural areas to the urban

84、markets provide goods on credit and are paid after the goods have been sold. This practice is so widespread that some respondents stated that it was a critical part of their business to have a relationship with a suppler

85、. The </p><p>　　However, supplier credit has limitations and in those circumstances, micro enterprises look to other formal or informal sources of credit. For example while informal credit is used to obtain

86、business stock, it is not suitable for the purchase of capital inputs such as equipment like refrigerators, furniture or other items to improve one’s business. These were more likely to be purchased using either accumula

87、ted savings or credit. In addition, diversification into another business was likely to b</p><p>　　Simplicity and Ease of Access to Informal Credit</p><p>　　This is the biggest advantage that in

88、formal credit has over formal credit and even the use of near informal lending methods by microfinance has not succeeded in making it more attractive than informal credit. Respondents reported several advantages includin

89、g quick or almost instantaneous processing of credit, restructuring repayments in cases where one experiences difficulties repaying the loan. The high interest rates charged was the most cited disadvantage. However, the

90、quick processing of cre</p><p>　　? ●1st week - Client orientation</p><p>　　? ●2nd week - Group formation</p><p>　　? ●3rd week - Visits to premises of group members, account opening,

91、 and payment of initial forced saving of Ugshs. 2,200 ($1.00)</p><p>　　? ●4th week - Request loan application form and deposit savings of Ugshs. 2,200 ($1.00)</p><p>　　? ●5th week - Submit loan

92、application form and pay loan application and loan insurance fees of 2% and 1% of the value of the loan respectively</p><p>　　? ●6th week - Deposit savings of Ugshs. 2,200 ($1.00) and 1st loan is disbursed&l

93、t;/p><p>　　Conclusion</p><p>　　Path dependence is a major factor that inhibits micro enterprise access to formal credit. This is because they require very minimal initial capital and skills to set

94、up. Their defining characteristics are similar throughout Uganda and their economic contribution is largely confined to non-agriculture informal sector self employment. Their financing constraints provide an insight into