金融學專業(yè)外文翻譯---非正規(guī)金融在肯尼亞制造業(yè)重要性的探討

1、<p>　　外文題目：The importance of informal finance in kenyan manufacturing </p><p>　　出 處： International Journal of Social Economics

2、 </p><p>　　作 者：Anders Isaksson </p><p><b>　　原 文：</b></p><p>　　THE IMPORTANCE OF INFORMAL FINANCE IN K

3、ENYAN MANUFACTURING</p><p>　　Anders Isaksson</p><p>　　Abstract: This paper investigates the importance of informal finance for Kenyan manufacturing firms. The results indicate that informal borr

4、owing is not an important alternative to other forms of finance. The main clients of informal finance are informal firms and relatively small formal ones, although informal credit is to some extent demanded by firms of a

5、ll sizes. Most important among the informal financial sources are relatives and friends. The principal reasons for using informal finance ar</p><p>　　Keywords:Informal finance,Angels,Africa,Kenya, Manufactur

6、ing sector</p><p>　　Introduction</p><p>　　Access to external finance is important to all enterprises. For instance, investment in fixed capital often requires a large lump sum of funds. The adop

7、tion and installation of new and better technology might demand external finance. Some firms need accessto working capital financing to smooth out fluctuations in income due to differencesin the timing of production and

8、sales. In many Subsaharan African economies. However, financial and legal systems do not operate efficiently and,therefore, cred</p><p>　　The alternative source of external finance considered in this paper i

9、s the informal financial sector.Historically,SSA financial systems have been highly fragmented into dual markets,namely,a formal and an informal financial market.Traditionally,the formal financial sector has been seen to

10、 serve the government,while the informal one serves the private sector.</p><p>　　There are two main views explaining the existence of informal finance.One is that informal finance is a reaction to policy dis

11、tortions,or financial repression(e.g.Fry,1995;Taylor,1983).Since the informal financial sector is not subject to regulation,it is more efficient than the formal one.The remedy for the relative inefficiency of the formal

12、credit market may be seen in financial liberalization.The second view maintains that the informal sector has a comparative advantage in some market segmen</p><p>　　While informal financial markets in Asia ar

13、e often vibrant and relatively efficient,there are few indications that informal finance is an important alternative to formal credit in SSA.A study by Biggs et al(1994),using Kenyan data for one year,finds that informal

14、 finance is used to a limited extent only,with the preferred informal source being that of relatives and friends(angels).It is interesting to note,however,that those few firms that do use informal finance can be of any s

15、ize.</p><p>　　While most of the literature stresses the limited role of informal finance in SSA,an exception is the Ghana-study by Cuevas et al(1993),which finds that informal financial activities are of sig

16、nificant importance to small and medium-sized firms.The dominant informal source is borrowing from angels.Fafchamps,Pender and Robinson(1995)show that informal finance constitutes 34 per cent of total debt for small firm

17、s in Zimbabwe.For other size categories,the corresponding figure was less than 10 per c</p><p>　　In the present study,attention is paid to the role of the informal financial sector in providing external fina

18、nce to manufacturing firms in Kenya.Although the Kenyan financial system is quite sophisticated by SSA standards,it seems unable to provide adequate external finance to support firm growth.McCormick,Kinyanjui and Ongile(

19、1997),for example,argue that one principal obstacle to firm growth in Kenya is lackof external finance.Instead of coming from the formal financial sector,initial capital </p><p>　　The descriptive analysis su

20、ggests that informal finance is used mainly by informal firms and by relatively small formal firms.Compared with other ethnic groups,formal firms owned by Africans appear slightly more likely to borrow from informal sour

21、ces.As regards the share of informal loans in total loans,African ownership is more important.Firms with ownership status other than African hold only negligible amounts of informal loans as a share of total borrowing.In

22、 the formal sector,only micro and</p><p>　　The reasons for borrowing from informal sources differ.Of the firms with informal financing,formal firms stress the relatively low cost(compared with formal borrowi

23、ng of such loans and the lesser formality as reasons for turning to informal sources,while an overwhelming amount of informal firms single out the lesser formality.Pooled regression analysis on the probability of having

24、an informal loan suggests that other modes of financing,including internal finance,considered preferable to resortin</p><p>　　A sketch of the informal financial market</p><p>　　The informal fina

25、ncial sector can be described as that part of the economy in which financial activities take place which are not the officially regulated or monitored.This unofficial activity should,however,not be dismissed as unimporta

26、nt and marginal.There are countries where the informal economy accounts for as much as 20-30 percent of GDP.Thus,it is clear that informal sector activities could even have macro economic effects.In some countries inform

27、al activities are illegal,while in others t</p><p>　　The principal reason for the emergence of an informal financial market is the unwillingness of the formal financial sector to lend to some(relatively risk

28、y)categories of borrowers.Increased risk often stems from the difficulty to obtain accurate and reliable information about borrowers.Examples that hinder the flow of accurate information are geographical remoteness or il

29、literacy.Small clients are also effectively shut out from the formal market due to high collateral requirements and high minim</p><p>　　Another reason for the emergence of informal financial activities is th

30、at some firms may turn to informal sources in case of liquidity shocks.Yet another explanation for using informal sources may be that more funds can be raised at alower cost and without collateral when the source is a re

31、lative or friend(hence forth called“angel”).</p><p>　　Interest rates in the informal financial sector tend to be higher than in the formal financial sector,although among informal lenders,interest rates are

32、seldom used as a discrimination device to screen borrowers.Aleem(1990)argues that lenders sometimes borrow from the informal market themselves and lend on at an even higher interest rate.The large cost of monitoring and

33、administering informal contract sin creases the cost of borrowing.Higher risks and costs of delinquency are other explanations </p><p>　　Unlike commercial banks,informal lenders use personal,social,and busin

34、ess relationships to preselect clients.Rotating Savings and Credit Associations(ROSCAs) use group membership as a selection device,traders and landlords only lend to their customers and tenants,while savings collectors t

35、end to lend to regular customers.Moreover,recommendations from previous clients and personal knowledge are important ingredients in the selection process.</p><p>　　Informal finance is sometimes taken as syno

36、nymous with moneylender activity,but Steel et al(1997)show(for the cases of Ghana,Malawi,Nigeria,and Tanzania)that angels are the most common informal creditors.Normally such loans bear no interest and social and economi

37、c ties replace collateral as well as ease enforcement ofthe loan contracts.The relationship between the borrower and the angel reduces the involved moral hazard and hence the monitoring costs.Reciprocity is not uncommon,

38、meaning that the </p><p>　　Moneylenders lend without tying the loans to other transactions.A moneylender,who,for instance,could be a regular moneylender,a pawnbroker,or an indigenous banker,often has intimat

39、e knowledge of the borrowers.Despite the high interest rates,small and medium-sized firms turn to moneylenders as a“l(fā)ender of last resort”.Because of this,the moneylenders are sometimes in a monopolistic position.The ear

40、ned rent comes from the information advantage that the moneylender has over competition.The high int</p><p>　　Traders(tied credit)are another fairly common source of informal credit.They supply either inputs

41、 or cash advances to firms and the credit is linked to purchases of some product at a highly discounted price.Interlinked loans have some advantages compared with other types of loans because they represent a form of col

42、lateral that helps reduce uncertainty,moral hazard,and adverse selection(Udry,1990).Loans attached to transactions tend to have lower implicit interest rates and to be of larger size.</p><p>　　In ROSCAs,indi

43、viduals pool their savings on a regular basis to generate loanable funds,primarily for the members.The rotation of access to the funds differs among ROSCAs,but most seem to use lotteries and bidding.Without going into a

44、detailed description of the bidding system,the outcome is lending at a market determined interest rate.Organizational and monitoring costs of ROSCAs are very low;default rates by the very nature of ROSCAs are low as well

45、.Members could be angels as well as traders or</p><p>　　Conclusions</p><p>　　This paper has studied the extent to which Kenyan manufacturing firms use informal finance.The descriptive analysis s

46、howed that informal finance constitutes a verysmall proportion of the firms’debt portfolios.It was also shown that it is mainly informal firms that use informal finance,although to some degree also formal firms borrow fr

47、om informal sources.In the latter cases firms tend to be small and have African ownership.However,the difference due to ethnicity was too small to show upin the re</p><p>　　The main reasons for using informa

48、l sources of finance were lower interest rates,which are likely to be related to angel financing,easier formalities,and the factthat no collateral is required.Regression analysis suggested that informal finance isthe las

49、t choice of external financing.Even angels appear to consider the business prospects for the borrowing firm as well as the track record for repayments before providing funding.</p><p>　　This paper thus agree

50、s with the conclusions of Biggs et al(1994)that informal finance is limited in Kenya.The results on Kenya appear to stand in stark contrast tothe results obtained by Cuevas et al(1993)for Ghana,who showed that informal f

51、inance is of considerable importance to manufacturing firms.Moreover,according to Fafchamps,Pender and Robinson(1995),it seems that firms in Zimbabwe hold a much larger proportion of debt in informal loans than Kenyan fi

52、rms do.</p><p>　　The results obtained here pave the way for some policy targeting,implicitly assuming that a well functioning formal financial market is more desirable than a du alone.To increase their acces

53、s to formal credit,informal firms need to learn how to apply.Clearly,being able to fill out a loan application is a screening device,albeit a crude one.This observation becomes ever more important,since formal firms as w

54、ell implicitly“complain”about current loan application formalities.</p><p>　　However,it needs to be acknowledged that at the individual firm level,increased access or use of informal finance could mean the d

55、ifference between firm growth or stagnancy,or even between death or survival.For firms without assets,there will probably always be need for an informal financial market.It is equally important that firms improve the flo

56、w of information as well as their accuracy in orderto reduce the risk associated with lending to them.</p><p>　　A few caveats are in place.The results in this paper should be viewed as indicative rather than

57、 definitive,especially when considering the low incidence of informal borrowing.To what extent the results obtained from the regression analysis can be trusted is uncertain because only about 10 per cent of the observati

58、ons have informal loans.It can also be asked to what extent the interviews were able to truly capture the incidence of informal finance.It is possible that some firms were unwilling to </p><p>　　Nevertheless

59、,preliminary answers to the questions posed in the introduction canbe given as follows:First,the informal financial market does not seem to be an important alternative to the formal one,although the possibility cannot be

60、 excluded that the small amount of informal finance that does exist makes a lot of difference to Kenyan firms.Second,it is mainly small,informal and relatively unprofitable(African owned) firms that demand informal finan

61、ce.Third,the main reasons for using informal fin</p><p><b>　　譯 文：</b></p><p>　　非正規(guī)金融在肯尼亞制造業(yè)重要性的探討</p><p><b>　　摘要</b></p><p>　　本文以肯尼亞生產企業(yè)為例說明了非

62、正規(guī)金融的重要性。非正式貸款相對于其他融資方式而言并不十分重要。因此，在某種程度上它的主要客戶是非正規(guī)公司和規(guī)模相對較小的正規(guī)公司。由于非正規(guī)金融的利率低，手續(xù)簡便，且不需要抵押品，所以其資金來源主要是親戚和朋友。</p><p>　　關鍵詞：非正規(guī)金融、代理人、非洲、肯尼亞、制造業(yè)</p><p><b>　　一、引言</b></p><p>

63、;　　對所有企業(yè)來說，外部資本的獲取是很重要的。固定資產投資往往需要大量資金，采用并安裝新的技術也要求一定的外來資金。一些公司也需要一定的營運資本來消除收入的波動。在撒哈拉沙漠以南的非洲，由于財務和法律系統(tǒng)運作效率不高，因此在這種情況下,一個公司必須尋求其他的資金來源以滿足日后的生產和銷售。</p><p>　　本文認為，非正規(guī)金融部門可以替代外部資本的來源。歷史上的財務系統(tǒng)分裂成雙市場，即正規(guī)和非正規(guī)金融市場。

64、傳統(tǒng)上的正規(guī)金融部門是為了政府服務，而不是為非正規(guī)的私有企業(yè)服務。</p><p>　　對非正規(guī)金融的解釋主要有兩種觀點：第一種觀點認為，非正規(guī)金融是指在金融抑制的場所進行會面。由于非正規(guī)金融部門不受規(guī)定約束, 與正規(guī)的信貸市場相比更有效率，所以可作為一種補救辦法出現(xiàn)在金融自由化中。第二種觀點認為，一些具有相對優(yōu)勢的市場需要非正規(guī)金融部門。正式機構依靠非正式的代理人利用地方個人資料獲取信息，由此導致壟斷勢力的擴張

65、。因合同執(zhí)行的法律體系較薄弱而抑制信貸配給，使得潛在借款人沒有擔保，非正式的代理人就能夠在該市場成為擔保人。</p><p>　　在亞洲，非正規(guī)金融市場往往充滿活力和效率。比格斯研究一年的肯尼亞數(shù)據(jù)，發(fā)現(xiàn)優(yōu)先使用非正規(guī)金融的非正式來源主要是親朋好友。而那些使用非正規(guī)金融的公司則優(yōu)先使用正規(guī)金融。</p><p>　　雖然大部分的學者認為非正規(guī)金融的作用是有限的，但庫娃等人卻認為非正規(guī)金融活

66、動的意義十分重大。在中小型企業(yè)中，借款是主要的非正式來源。從彭德博士、羅賓遜的研究可知，非正規(guī)金融的比例占34%的小公司在津巴布韋地區(qū)的比例不低于10%，23%的大公司使用非正式信用。由調查可知，正規(guī)金融市場的效率不高, 因此非正規(guī)金融改革的第一步就是小公司的外部融資。</p><p>　　目前的研究主要注重的是金融領域的非正式作用，即提供外部資本。肯尼亞制造公司的金融系統(tǒng)相當復雜，它似乎無法提供足夠的外部金融來

67、支持企業(yè)的成長。例如, 肯尼亞公司的一個外部融資——達芬奇?zhèn)魇烂嫞瑏碜杂诜钦?guī)金融部門而不是正規(guī)金融部門，初始資本傾向于源從自己的儲蓄。</p><p>　　非正規(guī)金融主要通過非正式的公司和相對較小的正式公司展開應用。相較于其他公司而言，正式公司擁有非洲人的可能性稍大。他們利用非正式來源以取得非正式貸款來進行股票投資。企業(yè)所能容納的非正式的貸款所占總借款的比例在正式部門是微不足道的。而在非正式部門，小公司依靠非

68、正式的貸款可以借大量的錢。</p><p>　　不同公司的借款從來源上分為正式融資和非正式融資。企業(yè)成本相對較低的正式借款比貸款壓力弱一點。非正式公司選用非正式的貸款融資方式即公司內部融資，證實普通用戶的非正式信用是相對較小的。</p><p>　　二、非正規(guī)金融市場的概述</p><p>　　非正規(guī)金融部門可以被描述成部分金融活動發(fā)生的地方。在一些國家里，非正式活

69、動的監(jiān)測不是很重要，它約占國內生產總值的20%-30%左右。因此一些國家內的非正式活動在有些地方是不合法的，有些地方是合法的。</p><p>　　非正規(guī)金融出現(xiàn)的最主要原因是在金融市場上正規(guī)金融部門難以準確、可靠的計算出借款人的風險。借款人由于地理偏遠，信息流動差等原因，不能滿足客戶高擔保要求和最低存款要求。但也有跡象表明，小企業(yè)的非正式資金來源較少的原因是非正規(guī)金融的高成本。</p><p

70、>　　非正規(guī)金融出現(xiàn)的另一個原因是非正式金融活動在一些公司能變成正式的來源，也可以解釋為流動性的沖擊，即讓更多的資金降低成本，為沒有擔保的企業(yè)提供新途徑。</p><p>　　非正規(guī)金融部門的利率高于正規(guī)金融市場。但在非正式的貸方，利率是很少由借方提出的。阿連斯認為，貸款機構有時向不正規(guī)的市場借錢，甚至產生較高的利率。非正式合同協(xié)調成本和管理，其中貸款的成本風險和費用較高。這些貸款組合是由非正式的貸方提出的

71、，正式貸款人違約率較低。非正規(guī)的貸款收取可能低于正規(guī)的信貸收取。</p><p>　　與其他商業(yè)銀行相比，非正規(guī)金融部門的貸方包括個人、社會和商業(yè)關系。他們給出旋轉儲蓄，信貸協(xié)會利用團體會員選擇設備，他們的儲蓄傾向于借給老客戶。此外, 在挑選的過程中，先前的客戶和個人知識是重要的組成部分。</p><p>　　有時作為非正規(guī)金融的活動，在一些地方例如加納、馬拉維、尼日利亞和坦桑尼亞等，法人

72、是最常見的非正式的債權人。貸款通常指社會和經(jīng)濟聯(lián)系的利益，包括更換擔保以及緩解借款合同的期限，法人涉及借款人之間的關系。監(jiān)測成本互惠并不少見，他意味著借款人隨時會變成貸款人，反之亦然。公司之間的借貸往往以長期借款撫平短期資金流動問題，有時法人也供應流動性過剩的公司。將貸款金額置入不正規(guī)的市場，在這種情況下交易將在市場中進行。</p><p>　　放債者借給其他放高利貸的人沒有追平的貸款，比如說當鋪老板或其原有的銀

73、行家。中小企業(yè)的借款者熟悉高利率，被稱為“最后貸款人”。因此，放債者的壟斷地位來自于信息優(yōu)勢。放債人的貸款會引發(fā)信息和交易成本，覆蓋著的機會成本的現(xiàn)金余額為金錢以外的貸方所有，也就是最后的信用額度。柏明克認為，放債者貸款給這些公司的是擁有低交易費用和沒有限制用途的資金。</p><p>　　貿易商是另一個常見的非正式信用來源。他們提供現(xiàn)金，并向信貸公司采購一些有關的產品，與其他類型的貸款相比有一個高度的價格折扣。

74、因為他們代表了一種形式的擔保，減少了不確定性和道德風險。逆選擇貸款連接到交易則會有較低的隱式利率。</p><p>　　輪轉儲蓄信貸協(xié)會的個人定期存款產生可貸資金，主要是為會員獲得資金。在不同情況下，大多數(shù)輪轉儲蓄信貸協(xié)會是運用彩票和投標去詳細描述招投標制，但結果仍是由貸方市場決定組織利率。輪轉儲蓄信貸協(xié)會的成本很低，默認的本質利率也很低，輪轉儲蓄信貸協(xié)會成員可能是一些法人以及商人和制造商。</p>

75、<p><b>　　三、結論</b></p><p>　　肯尼亞生產企業(yè)中對非正規(guī)金融的研究表明, 非正式公司中以債務為主的公司占很小的比例。盡管非正規(guī)金融在一定程度上是正式公司的非正式來源，但由于種族差異太小，公司主要傾向于非洲所有權的小公司。</p><p>　　使用非正規(guī)來源資金的主要原因是較低的利率及相對簡便的手續(xù)。分析表明，法人在考慮了運營借款公

76、司的前景及還款記錄后，決定選擇非正規(guī)金融的外部融資。</p><p>　　非正規(guī)金融已經(jīng)成為重要的金融組織形式。制造公司的非正規(guī)金融占相當重要的比重。彭德博士和羅賓遜的研究結果表明，公司的非正式貸款債務在津巴布韋地區(qū)比肯尼亞占有更大的比例。</p><p>　　良好的正規(guī)金融市場增加公司的正規(guī)信貸，非正規(guī)的公司則需要學會如何申請貸款及篩選設備。這點是很重要的，因為正式的企業(yè)隱含了對當前貸款

77、申請手續(xù)的“抱怨”。</p><p>　　然而，在個體公司使用非正式金融可能意味著該企業(yè)的成長。公司的成長需要一個非正式的金融市場。公司通過提高信息的流動性及準確性來降低美英銀行業(yè)的風險貸款。</p><p>　　考慮到非正式借款的發(fā)生率低，所以該研究結果存在爭議。因為只有大約10%的非正式貸款可以被問及訪談。非正規(guī)金融的發(fā)生率低可能是因為一些公司不愿意承認他們使用的是非正規(guī)金融。他們認為