小微企业金融外文翻译乌干达小微企业融资路径依赖和融资的决定性因素论文文献外文翻译中英文对照译文.docx

小微企业金融外文翻译乌干达小微企业融资路径依赖和融资的决定性因素论文文献外文翻译中英文对照译文.docx

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小微企业金融外文翻译乌干达小微企业融资路径依赖和融资的决定性因素论文文献外文翻译中英文对照译文

第一部分外文文献原文部分

中文6555字

题目：

MicroEnterpriseFinanceinUganda:

PathDependenceand

OtherandDeterminantsofFinancingDecisions

作者：

Dr.WinifredTarinyeba-Kiryabwire

出处：

Tarinyeba-KiryabwireWM.MicroEnterpriseFinanceinUganda:

PathDependenceandOtherandDeterminantsofFinancingDecisions[J].AvailableatSSRN1633393,2010

Abstract

Accesstofinanceliteratureindevelopingcountriesfocusesonaccesstocreditconstraintsofsmallandmediumenterprises（SMEs）microenterprisesbecausetheyareconsideredthedriversofeconomicgrowth.However,inlowincomecountries,microenterprisesplayamuchmoresignificantrolethanSMEsbecauseoftheircontributiontonon-agriculturalself-employment.Thepredominantuseofinformalcreditratherthanformalcreditshowsthatthemannerinwhichmicroenterprisesareformedandconducttheirbusinessesfavorstheformeroverthelatter.Inaddition,otherfactorssuchaslengthycreditapplicationprocedures,negativeperceptionsaboutcreditapplicationprocessesmakeinformalcreditmoreattractive.Ontheotherhandspecificfactorssuchasbusinessdiversification,theneedtoacquirebusinessinputsorassetsthancannotbeobtainedusingsuppliercreditareassociatedwithatendencytouseformalcredit.

Introduction

Itwellestablishedthatinmarketswhereaccesstocreditisconstrained,itisthesmallerbusinessesthathavethemostdifficultyaccessingcredit1.Variouspolicyinterventionshavebeenmadetoimproveaccesstocreditincludingreformingtheinformationandcontractualframeworks,macro-economicperformance,competitivenessinthefinancialsystem,andregulatoryframeworksthatenablefinancialinstitutionstodevelopproductsforSMEssuchasleasingandfactoring2.Overthepasttenyears,policymakersindevelopingandlowincomecountrieshavefocusedonmicrofinanceasaninterventiontobridgetheaccesstocreditgapandimproveaccesstocreditforthosethancannotobtaincreditfrommainstreamfinancialinstitutionssuchascommercialbanks.However,despite,theuseofwhatareoftentermedas“innovativelending”methodsthataredesignedtoeaseaccesstocredit,suchasuseofgrouplendingandothercollateralsubstitutes,microenterprisescontinuetorelyheavilyoninformalfinanceasopposedtoformalcredit.Whileotherstudieshavefocusedbroadlyonfactorsthatinhibitaccesstocredit,thisarticleseekstothrowsomelightonspecificcharacteristicsofmicroenterprisesthatmakethemmoreinclinedtouseinformalcredit,aswellasspecificfactorsthataremoreassociatedwithuseofformalcredit.TheformerarewhatItermaspathdependencefactors.

PathDependenceinMicroEnterprises:

FormationandBusinessCharacteristics

Themajorityofmicroenterprisesoperateasinformallyestablishedsoleproprietorships.Thisfindingisconsistentwiththeliteratureonmicroenterprises,particularlythefactthattheyoperateintheinformalsector.However,nearlyalloftheenterpriseshadsomeformoftradinglicenseissuedbythelocalgovernmentoftheareainwhichtheyoperate.Thelicenseidentifiestheownerofthebusinessanditslocation,andisrenewableeveryfinancialyear.Mostrespondentsdidnotunderstandtheconceptofbusinessincorporationandthoughtthathavingatradinglicensemeantthattheywereincorporated.Severalfactorscanbeattributedtothemannerinwhichmicroenterprisesareestablished.First,proprietorsgenerallyunderstandneithertheconceptofincorporationnorthefinancialandlegalimplicationsofestablishingabusinessasalegalentityseparatefromitsowner.Second,themajorityofmicroenterprisesstartasspontaneousbusinessoreconomicopportunities,ratherthanaswell-thoughtoutbusinessventures,particularlybusinessesthatoperatebytheroadside,orinotherstrategicareas,suchastelephoneboothsthatoperatealongbusystreets.Theownersareprimarilyconcernedwiththeeconomicopportunitythatthebusinesspresentsratherthanwiththeformalitiesofestablishingthebusiness.Third,ruleoflawissuesalsoexplainthemannerinwhichbusinessesgenerallyareestablishedandfinanced.AlthoughamechanismexistsforincorporatingbusinessesinUganda,theprocessandthelegalandregulatoryburdens,associatedwithformalizingabusiness,createcoststhat,inmostcases,faroutweighthebenefitsoreventheeconomicopportunitycreatedbythebusiness.

Commentingontheroleoflawindeterminingtheefficiencyoftheeconomicactivitiesitregulates,HernandoDeSotoarguesthatiflawsimpedeordisrupteconomicefficiency,theynotonlyimposeunnecessarycostsofaccessingandremainingintheformalsystem,butcostsofoperatinginformallyaswell.3Theformerincludethetimeandcostofregisteringabusiness,taxesandcomplyingwithbureaucraticprocedures.