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文档格式.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文档格式.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.
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- 企业 金融 外文 翻译 乌干达 融资 路径 依赖 决定性 因素 论文 文献 中英文 对照 译文
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