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外文翻譯-----小額信貸的可持續發展問題-其他專業.doc

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外文翻譯-----小額信貸的可持續發展問題-其他專業.doc

原文 The Question of Sustainability for Microfinance Institutions 1.Preface Microentrepreneurs have considerable difficulty accessing capital from mainstream financial institutions. One key reason is that the costs of information about the characteristics and risk levels of borrowers are high. Relationship-based financing has been promoted as a potential solution to information asymmetry problems in the distribution of credit to small businesses. In this paper, we seek to better understand the implications for providers of “microfinance” in pursuing such a strategy. We discuss relationship-based financing as practiced by microfinance institutions MFIs in the United States, analyze their lending process, and present a model for determining the break-even price of a microcredit product. Comparing the model’s results with actual prices offered by existing institutions reveals that credit is generally being offered at a range of subsidized rates to microentrepreneurs. This means that MFIs have to raise additional resources from grants or other funds each year to sustain their operations as few are able to survive on the income generated from their lending and related operations. Such subsidization of credit has implications for the long-term sustainability of institutions serving this market and can help explain why mainstream financial institutions have not directly funded microenterprises. We conclude with a discussion of the role of nonprofit organizations in small business credit markets, the impact of pricing on their potential sustainability and self-sufficiency, and the implications for strategies to better structure the credit market for microbusinesses. 2.The MFI Lending Model in the United States Marketing Marketing drives the business model in terms of the volume of potential borrowers that an MFI is able to access and the pool of loans it can develop. Given that MFIs do not accept deposits and have no formal prior insight into a fresh potential customer base, they must invest in attracting new borrowers. Marketing leads are generated from a variety of sources soliciting loan renewals from existing borrowers, marketing to existing clients for referrals, “grassroots” networking with institutions possessing a complimentary footprint in the target environment, and the mass media. At the outset of operations, before a borrower base is developed, portfolio growth is determined by the effectiveness of marketing through network and mass media channels. Once a borrower pool is established, marketing efforts can be shifted toward lower-cost marketing to existing borrowers and their peer networks. Even so, loans will likely attrite from a portfolio at a faster rate than renewals and borrower referrals can replenish itnew leads must continue to be generated through other, less effective channels. The Loan Application Process In economic terms, the loan application process represents an investment at origination with the aim of minimizing credit losses in the future. All else being equal, a greater investment in the credit application process will result in lower subsequent rates of delinquency and default; conversely, a less stringent process would result in greater rates of credit loss in the future. Setting the appropriate level of rigor in a credit application process is an exercise in analyzing loan applicant characteristics and forecasted future behaviors while being cognizant of the cost of performing these analyses. Three steps characterize the loan application process. Preliminary Screen. The applicant is asked a short set of questions to establish the applicant’s eligibility for credit under the MFI’s guidelines. This is sufficient to determine the likely strength of an application and whether an offer of credit could, in principle, be extended. Interview. At the interview stage, due diligence is performed to ensure that the loan purpose is legitimate and that the borrower’s business has sufficient capacity and prospects to make consistent repayments. Cash-flow analysis is the core of the MFI due diligence procedure and for microfinance borrowers the data is often insufficiently formal, hindering easy examination of cash flow stability and loan payment coverage. As a result, this is a less standardized, more timeconsuming task than its equivalent in the formal lending markets. Underwriting and Approval. If a loan is recommended by an officer following the interview the application is then stresstested by an underwriter, who validates the cash flow and performs auxiliary analysis to ensure that the loan represents a positive addition to the lending portfolio. The dynamics of loan origination illustrate the trade-offs to be made to ensure an efficient credit process. Improved rigor could lead to a higher rate of declined applicants, and so higher subsequent portfolio quality, but at the expense of increased processing costs. For medium and larger loans, as application costs increase past an optimal point, the marginal benefit of improved portfolio quality is outweighed by the marginal expense of the credit application itself. However, for small loans there exists no such balance pointthe optimal application cost is the least that can be reasonably achieved. This motivates a less intensive credit application process, administered when a loan request falls beneath a certain threshold, typically a principal less than 5,000. MFIs can disburse such loans more quickly and cheaply by fast-tracking them through a transaction-based process and context learning. Loan Monitoring Post-loan monitoring is critical toward minimizing loss. In contrast to the credit application process, which attempts to preempt the onset of borrower delinquency by declining high risk loans, monitoring efforts minimize the economic impact of delinquency once a borrower has fallen into arrears. In addition to the explicit risk to institutional equity through default, managing delinquent borrowers is an intensive and costly process. When dealing with repeat clients, there exists the opportunity to leverage information captured through monitoring on previous loans, enabling the MFI to shorten the full credit application without materially impacting the risk filter. In short, there is an opportunity to reduce operational costs without a corresponding increase in future loss rates. Repeat borrowers enable the information accrued during the relationship to be leveraged to mutual benefit of MFI and borrower. In this case, much of the information required to validate a loan application has been gathered during the previous lending relationship. An MFI will also possess the borrower’s payment history, a more accurate indicator of future performance than an isolated financial snapshot taken during the standard application process. The challenge, however, is that for many MFI, a part of their mission is to graduate customers into mainstream commercial banking, which would not allow the MFI to collect additional interest payments from those customers. Overhead Costs For an MFI to sustain itself, each outstanding balance must contribute a proportional amount to institutional costs. Institutional costs are driven primarily by the size of the portfolio being maintained. The necessary staff, tools, technology, work environment, and management are functions of portfolio scale. We outline in Table 2 the institutionallevel costs of five MFIs with varying portfolio sizes to identify the proportional cost loading necessary to guarantee that central costs are compensated for. The table shows that institutional costs increase at a slower rate than the rate at which the loan portfolio grows, so that the overhead allocation declines as an MFI achieves scale. We find that an MFI with a 500,000 portfolio will incur indirect costs of 26 percent, while an MFI with a 20 million portfolio will experience a much lower indirect cost loading of 6 percent. In the United States, the largest institution engaging solely in microfinance presently has a portfolio of 15 million. 3.Discussion and Conclusions Continued subsidization of credit also has implications for the long-term sustainability of MFIs. Our high-level analysis of projected self-sufficiency levels of various MFI sizes shows the importance of pricing appropriately. Even a modest deviation from the value-neutral price has a significant impact on the amount of subsidies needed to sustain the institution. As a consequence, it is imperative that MFIs rigorously analyze the true costs and review their pricing structures accordingly. It has yet to be demonstrated that microfinance can be performed profitably in the United States. Nondepository MFIs may not have better information and/or technology to identify and serve less risky microbusinesses than formal institutions. It would therefore appear that formal institutions are acting rationally in choosing not to serve this market at present. However, MFIs have succeeded in channeling capital to microbusinesses. Still, MFIs often operate with certain public and/or private subsidies. Ultimately, more research is needed to ascertain whether the provision of microfinance offers a societal benefit in excess of economic costs. This paper is one of the first to document a very wide dispersion in the difference between value-neutral and actual pricing for a sample of MFIs. This suggests a wide dispersion in the economic subsidies inferred by these MFIs. More specifically,these subsidies are not being allocated on a consistent basis. If subsidies are required to serve the market at palatable interest rates for lenders and borrowers, it is incumbent on the microfinance industry to demonstrate that theirs is an efficient mechanism for delivering such subsidies. Once a subsidy is justified, institutions must be motivated to improve their operational efficiency so that they may offer microfinance borrowers the lowest possible equitable prices while not jeopardizing institutional viability. 外文題目The Question of Sustainability for Microfinance Institutions 出 處Journal of Small Business Management 2007 451, pp. 23–41. 作 者J. Jordan Pollinger, John Outhwaite,and Hector Cordero-Guzmn 譯 文 小額信貸的可持續發展問題 (一)前言 微型企業從主流金融機構獲得資金有相當大的困難,其中的一個重要原因是對了解借款者所花費的信息費以及風險等級是很高的。關系型融資在解決分配信息不對稱的小企業信貸問題時被晉升為一個潛在的方案。在本論文中,我們力求更好地了解“小額信貸”這樣的戰略供應商的含義。我們討論在美國實行的關系型融資的小額信貸機構(MFIs),分析其貸款過程中,確定目前的小額貸款產品盈虧平衡價格的模式。該模型比較符合實際的結果是由現有機構提供的價格來顯示的,信貸通常是在可提供的范圍內對微型企業補貼利率。這意味著,小額信貸機構必須提高從贈款或每年其他基金的額外資源,以維持其運營。因為僅僅從它們的貸款及相關業務產生的收入來看,很少有人能夠生存。此項信貸的資助已對這一為市場服務的機構的長期可持續發展形成影響,可以幫助解釋主流金融機構為什么沒有直接資助微型企業。最后,我們討論非營利組織在小企業信貸市場的作用及其影響定價,討論他們的可持續性發展潛力和自給自足性,并得到相關結構戰略的啟示,以便更好地為微型企業的信貸市場服務。 (二)美國的小額信貸模型 在本節中,我們描述了當前在美國小額信貸機構所應用小額貸款模式的過程和經驗。我們討論小額信貸機構經營模式的每個環節和從現實世界得到的成本以及作者在產業研究過程中所得經驗來總結出結果。在實踐中,我們承認經營成本的高低和分布可能會受到各種因素的影響,其中包括地理區位因素,機構戰略因素,以及每一個小額信貸機構的貸款效率。 1.市場營銷 這么一個市場驅動的商業模式,為小額信貸機構在數量上提供了許多的潛在借款人。鑒于小額信貸機構的不接受存款性,已經決定他們進入一個新的沒有正式事先洞察潛在客戶群前,他們必須在投資上吸引新的借款人。市場營銷,領導了各種資源的產生招攬新的貸款來更新現有的借款者,營銷關系的存在,使得“草根”網絡與小額貸款機構擁有廣闊的目標環境和大眾媒體。 在行動開始前,要發展借款人池,投資組合的經濟增長是通過營銷網絡和媒體渠道來實現的。一旦借款人池建立,營銷工作可由成本較低的市場轉移到現有借款人及他們的對等網絡。即便如此,貸款仍然可能會流失,從投資組合中可以以更快的速度更新借款人,可以及時補充資金而不必繼續通過其他不太有效的渠道。 2.貸款申請過程 在經濟方面,貸款申請放在總投資過程的起點,目的是為了減少未來的信貸損失。在其它條件都相同, 更大規模的投資信貸申請程序將導致隨后較低的拖欠率;相反,一個不太嚴格的信貸申請過程將導致未來更大的信用損失率。設置適當嚴格信貸申請的水平,在分析一個貸款申請人風險特征和預測未來行為的過程中是被認為是值得付出分析成本的。 3.貸款申請的三個步驟 1初步印象。根據小額信貸機構的指導方針建立一套信貸申請人資格,向申請人問一個簡短的問題。這足以能確定一個申請人的等級以及是否可以提供信用。 2面談。在面試階段,由于誠懇的態度是明確的,以確保貸款目的是合法的,而借款人所從事的業務要有足夠的能力和前景,能夠到期還款。小額信貸機構調查程序的核心是對借款人進行財務分析,但小額貸款借款人數據往往是不夠正規的,阻礙了檢查其現金流量的穩定及貸款的支付范圍。因此,與同等規模正規的貸款市場相比,這是一個不太規范、更加耗時的任務。 小額信貸機構經常代理執行技術援助,同時在貸款發放中,幫助編制借款人的財務報表,例如。在這個信用欺詐更廣泛的社會中,許多小額信貸機構扮演了一個阻礙借貸活動效率的角色。反之,較大的企業可能并不需要這種類型的技術幫助,但這是抵消了其業務復雜性的增加。 小額貸款的借款人往往缺乏傳統的抵押資產,而小額信貸機構需要其他相關擔保人對高風險貸款進行擔保.但低風險貸款則可以免除安排一個連帶保證人的擔保。在拖欠貸款的情況下,對借款人的連帶保證人施加壓力。這種關系在與借款人的訪談期間可以進一步深化,并且可以對申請人的業務操作進行觀察。 3包銷和批準. 如果一筆貸款發放后,由審貸人員采訪申請人,然后由承銷商來驗證借款人的現金流量,并執行輔助分析,以確保貸款是一個積極的貸款組合。 貸款動力學的產生得以確保一個有效的信貸過程。嚴謹的改進制度可導致申請人的上升速度的下降,因此能保證后續貸款組合擁有較高的質量,但需要超過所增加的處理成本。對于大、中貸款,申請成本會增加,邊際組合質量效益的提高是沒法改變信貸申請邊際費用本身的。然而,對于小額貸款,至少不存在這樣最佳平衡機制費用點。這促使當一個較低的密集的信貸申請程序的貸款請求下降到一定值時,通常是在五千美元以內,小額信貸機構可以更快、更廉價發放此類貸款,并且快速跟蹤他們所通過的每一個貸款所運用的過程和內容。 4.貸款監測 貸后監督是最大限度地減少損失的關鍵步驟。與此相反的信貸申請過程中,它試圖降低對借款人拖欠及搶占高風險貸款的發生率,努力進行經濟監測可以減少借款人落入欠款的深淵。此外通過機構的默認股權來管理拖欠借款人是一個相當昂貴的過程。 當處理重復的客戶時,對先前的貸款就存在便利的財務杠桿監測機會,使得小額信貸機構可以縮短信貸申請過程,過濾掉一些沒有重大影響的風險。簡而言之,就是有機會降低相應的運營成本及未來可能增加的損失率。重復借款可以不斷積累借款人的信息,這對于借款人與小額信貸機構是互惠互利的。因此在這種情況下大部分的資料信息都來自以前收集的信貸申請關系。一個小額信貸機構也擁有借款人歷史的準確支付指標,而不是一個孤立的、不確定的未來表現。過去的融資印象也在新的貸款申請過程中作為標準。面對這些挑戰,對于許多小額信貸機構來說,他們的一部分任務是爭取一些在正規金融機構的忠實顧客。這讓小額信貸機構為收集可靠顧客而支付額外的費用。 5.管理費用 對于小額信貸機構維持自身發展,每個未償貸款必須在費用制度上達成相應的比例,費用制度的驅動和維持很大程度上取決于小額信貸機構的規模。這包括必要的工作人員,工具,技術,工作環境,以及投資組合規模。 我們在制度層面的小額信貸費用,是根據5個不同的投資組合比例大小來確定必要的管理費用的,以保證其核心費用能得到補償。研究表明,小額信貸機構費用的增加的速度要慢于該貸款組合的增長,開銷的下降也能幫助小額信貸機構實現規模經濟。具體地,我們發現一個小額信貸機構用50萬美元的投資組合將招致26的間接費用,而一個小額信貸機構用2000萬美元的投資組合并可以將間接費用降到6。在美國,最大的小額信貸機構的投資組合是1500萬美元。 (三)討論和結論 對小額信貸機構繼續補助對于其可持續發展是具有一定的意義的。從更高層次來說,根據小額信貸機構自給能力的大小以及其規模的大小來定價是十分重要的。即便只是輕微的補貼金額的偏差對于小額信貸機構維持中立價值的定價都是影響深遠的。因此,小額信貸信貸機構進行嚴格的真實成本費用分析和審查,與他們的定價結構是息息相關的。 在美國,小額信貸還未被證明是有利可圖的。非存款性的小額信貸機構由于不是正規金融機構,沒有更好的信息和技術來識別風險較小的微型企業。所以,正規的金融機構理性地選擇不服務于這一市場。然而,小額信貸機構卻把資金成功的引入了微型企業。盡管如此,小額信貸機構還在公共的或是個人資助方面運作。最終,還需要更多的研究以確定小額信貸是否提供了一個令社會受益過剩的經濟代價。這也表明把經濟補貼廣泛的分散于這些小額信貸機構并不明智。更具體地說,這些補貼在分配的基礎上就不一致。 如果在市場上貸款人和借款人需要大量的利率補貼服務,那么小額信貸行業是有責任表明他們具備有效的機制來提供這類補貼的。一旦這種補貼是合理的,小額信貸機構就必須積極提高自己的業務效率,使他們可以提供的小額貸款應該是令借款人可能接受的最低公平價格,同時不觸犯制度的可行性。

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