典當(dāng)行是馬來西亞微型企業(yè)的信貸工具外文翻譯

1、<p>　　2100單詞，3368漢字</p><p>　　出處: Abdul Ghafar Ismail,Nor Zakiah Ahmad,1997.“Pawnshop as an instrument of microenterprise credit in Malaysia”.International Journal of Social Economics, vol.24.November.pp

2、.1343-1352.</p><p><b>　　原文：</b></p><p>　　Pawnshop as an instrument of microenterprise credit in Malaysia</p><p>　　There are no official estimates of the importance of pa

3、wnshops as a source of credit in the Malaysian financial market. The Central Bank of Malaysia does not collect data on pawnbroking and does not include an estimate of pawnshop credit in its statistics on total domestic c

4、redit. However, by exploring the data provided by a few pawnshops, it can be seen that the total pawnshop credit is estimated about RM125 million at the end of 1995 (of which RM67 million is new credit). For comparison p

5、urpos</p><p>　　By these measures, pawnshops appear to deserve the status as a small bank as they are the source for only about 0.03 per cent of new credit in the Malaysian financial market. By other measures

6、, pawnbroking clearly plays a key role in the Malaysian financial market. At the end of 1995, there were 282 pawnshops in Malaysia or about one pawnshop for every five branches of commercial banks. Moreover, in that year

7、, the number of borrowers amounted to about 1,015,200 (with an average of 300 customers </p><p>　　Beyond these aggregate measures, pawnshops are also very important to thousands of Malaysians, especially the

8、 low income group (< RM500) and less educated (secondary level), whose credit risks exclude them from formal financial markets. A survey by Ragayah (1986) shows that the occupation of borrowers can be classified into

9、three groups, i.e. housewives, private and government employees. These customers turn to pawnshops for credit because they are not eligible to borrow from formal financial ma</p><p>　　Both conventional- and

10、Islamic-based pawnshops, are separately regulated by Pawnshop Act (1972) and Pawnshop Act (1972) (with several amendments). Although, the acts vary, a general pattern could be discovered. First, when a customer pawns goo

11、ds, terms of the loan contract must be specified in a receipt, a copy of which the customer receives. The receipt states the customer’s name and address, a description of the collateral, amount lent, maturity date and th

12、e amount that must be paid to redeem </p><p>　　Detailed account of the assets, amount and maturity are provided in Table I. The Islamic-based pawnshops only allow gold to be pawned and the amount lent depend

13、s on the value of the gold.</p><p>　　Second, the interest rate and other charges are determined by each pawnbroker. Normally, the interest rate is fixed at 2 per cent per month. This rate is expected to incr

14、ease if the maturity of the loan is more than one month. In the Islamic-based pawnshop, the loan granted is based on two concepts, i.e. loan without interest, but the borrower pays service charge and keeping valuable goo

15、ds by guarantee. The deposit fee is based on the value of gold, as shown in Table II. This fee is charged diff</p><p>　　Because pawnbrokers lend only on the basis of collateral left in the broker’s possessio

16、n, brokers do not gather information to assess credit risk but, rather, focus on properly evaluating the collateral. Once this procedure is determined, a cash loan is advanced immediately on the completion of the pawn re

17、ceipt. A typical loan processing lasts less than one hour. Hence, it is normal to see a customer wishing to pledge a precious asset and completing the transaction within a few minutes provided </p><p>　　In m

18、ost transactions, pawnbrokers make loans with maturities up to six months. However, it is commonly understood for customers to renew these loans by paying extra fees or interest on the loan extension. In certain circumst

19、ances, customers may redeem within a week or two. In fact, as mentioned by Bouman and Houtman (1988), there are cases where money is borrowed not once but repeatedly and loans are made piecemeal for extremely short perio

20、ds.</p><p>　　A pawnbroker lends a customer a percentage of the value which the pawnbroker believes the collateral would bring in a compensation. The loan to the collateral ratio varies over time and across p

21、awnshops, but a loan of about 50 per cent of the value of the collateral is common. Furthermore pawnbrokers offer twice the loan limit of the commercial banks while seldom imposing a maximum limit on loan size. This mean

22、s that the pawnbroker almost always makes a one-time profit from a default. However, p</p><p>　　Normally pawned items include jewellery and electronic assets. These items maintain their value over a reasonab

23、le period of time and are easy to store, especially jewellery. However, in the Islamic-based pawnshop, gold is the permitted item.</p><p>　　The increasing amount of credit given by the financial institutions

24、, as discussed in section IV(a), shows the aggregate effect of increasing capital requirement. The number of SSEs is expected to increase into the foreseeable future as a result of industrialization. The structural chang

25、es accompanying this development are the demand for capital which is translated into the growing demand for credit. Although the exact number of microenterprises in Malaysia cannot be estimated precisely, neverthe</p&

26、gt;<p>　　However, production, income, capital and credit use will become increasingly</p><p>　　Pawnshops as an instrument concentrated among the larger borrowers. The owners and operators of the micro

27、enterprises will stay in business largely through their growing reliance on income from internal and informal sources. These trends raise some important questions. First, can the financial institutions that supply credit

28、 continue to meet the challenge of providing for the financial needs of this sector? Second, how can the pawnshops provide credit with the rapidly rising capital requirements?</p><p>　　With regard to the fir

29、st question, of course, the financial institutions are able to provide the credits to the microenterprise. However, some borrowers are willing to get credit from the pawnshop. Among the reasons are: first, transportation

30、 and waiting costs. To obtain a loan, a customer must travel to and from the branches of financial institutions which are normally located in the city. In addition, the loans processing time is about one month. With an a

31、verage loan of around RM 5,000 (for SS</p><p>　　Second are interest rate regulations. Although, the interest rate in the formal financial institutions has been liberalized, the trend shows that this interest

32、 rate is expected to increase in the boom period. However, the interest rate charged by the conventional-based pawnshop is quite high compared with the interest rate charged by the financial institutions. The higher inte

33、rest rate in conventional-based pawnshop is partly compensated by the marginal costs of transportation and processing. Ho</p><p>　　Third is that the other main factor is likely to be an increase in the numbe

34、r of people who do not use the formal financial institutions because of poverty. Although the poverty rate has declined from 15.4 per cent in 1976 to 7.5 per cent in 1989 (Table IV), the number of low-income groups is st

35、ill significant. As discussed earlier, low-income individuals are much less likely to use formal financial institutions. </p><p>　　Fourth are the effects of financial liberalization. Bank deregulation may be

36、 another factor contributing to an increase in the population operating independently of the banking system. Following the financial liberalization in 1980s, banks increasingly introduced charges on several services. Sin

37、ce people without bank accounts would find it extremely difficult, and most likely impossible to obtain bank or finance company loans, the trends may indicate an increase in the percentage of the populati</p><

38、p>　　Fifth is duration of the loan. Normally pawnshop credit is used for very short periods, to tide over until the next pay-day when the pawned item will be redeemed. </p><p>　　Sixth is confidentiality of

39、 the loan. In acquiring pawnshop credit the customers need not reveal the reason for acquiring the loan. It is deemed that the customer is in the best position to determine how the loan will be utilized.</p><p

40、>　　Seventh are the banking hours. It is often said that banks keep awkward hours: opening late in the morning while closing early in the afternoon, weekends and public holidays. It is during these periods that pawnbro

41、king business is at its most brisk. When pawnshops stay open at the hours preferred by the customers, they offer greater access and discretion, speedy processing and few formalities. </p><p>　　Therefore, the

42、 development of microenterprise could be enhanced by providing capital through pawnshops. The amount of capital, the terms and conditions under which it is obtained, and the way it is used, determine to a large degree, t

43、he level of income, especially to eradicate poverty. Usually when the word pawnshop and poverty are mentioned, the image portrayed is that of a poor farmer in the rural area trying to raise credit via the pawnshop. There

44、 have been numerous studies and literature in </p><p>　　However, we could also look at urban poverty and pawnshops as a means of acquiring credit. With rapid urbanization we are experiencing an increase in t

45、he rate of urban poverty, as indicated in Table IV. Similar to their rural counterparts, these groups of the population too will need access to credit for all intent and purposes. As discussed earlier, for reasons best k

46、nown for these marginalized groups of society, pawnshops offer a better alternative to acquiring loans.</p><p>　　If we accept that rapid industrialization is synonymous with urbanization, which is in turn ca

47、uses a corresponding increase in urban poverty, then we have to accept the importance of pawnshops as a leader of the preferred last resort in financing. Perhaps this is one of the factors that led to a steady increase i

48、n the number of pawnshops as indicated in Table III, with Johore being the exception.</p><p>　　Capital for providing the operating expenses of microenterprise needs careful management. Thus short-term funds

49、could be raised in a number of ways, such as retained profits, self-finance or borrowing. However, the limited amount of retained profits and self-finance forces the microenterprises, alternatively, to borrow from the pa

50、wnshops. Mechanization and new production methods have all been combined to increase production. These methods have brought about several significant changes in the man</p><p>　　The present trends in the cre

51、dit market show that the amount of loans is expected to increase over the 1990s. In addition, the number of small-scale enterprises is expected to increase into the foreseeable future as a result of industrialization. Th

52、ese developments are expected to increase the amount of credit in pawnshops to finance the microenterprises. Several factors have been identified to explain the ability of pawnshops to provide credit to the microenterpri

53、ses. First are cheaper transpor</p><p><b>　　譯文：</b></p><p>　　典當(dāng)行是馬來西亞微型企業(yè)的信貸工具</p><p>　　典當(dāng)行作為馬來西亞金融市場信貸來源的重要性沒有官方的評估。馬來西亞中央銀行并沒有對典當(dāng)業(yè)進(jìn)行數(shù)據(jù)收集，不包括對國內(nèi)總體信貸統(tǒng)計(jì)數(shù)據(jù)中典當(dāng)信貸的估算。然而，通過研究

54、少數(shù)典當(dāng)行提供的數(shù)據(jù)，可以看出，在1995年底典當(dāng)行信貸的總額約12500萬令吉（其中6700萬令吉新貸款）。為了便于比較，在1995年底為解決的貸款數(shù)量是3066億，其中商業(yè)銀行占1742億令吉，金融公司占627億令吉。</p><p>　　通過這些措施，典當(dāng)行似乎應(yīng)得到小型銀行的地位，因?yàn)轳R來西亞金融市場新貸款中只有百分之0.03來自于它們。通過其他措施，典當(dāng)業(yè)顯然在馬來西亞金融市場中扮演了一個(gè)關(guān)鍵角色。截至

55、1995年底，馬來西亞共有282家典當(dāng)行或者每5家商業(yè)銀行分支機(jī)構(gòu)中就有一家是典當(dāng)行。此外，在那年，借款者的數(shù)量達(dá)到1015200（平均每個(gè)月300個(gè)消費(fèi)者）。平均貸款只有803令吉，所以典當(dāng)行貸款在貸款總數(shù)的比例遠(yuǎn)小于人口比例（在1995年，馬來西亞人口數(shù)量是1900萬）。</p><p>　　除了這些總體措施，典當(dāng)行對成千上萬的馬來西亞人也非常重要，特別是對低收入人群（<500令吉）和教育程度較低的人群

56、（中等教育層次），其貸款風(fēng)險(xiǎn)排除從正規(guī)金融市場貸款。一份拉賈雅（1986）的調(diào)查顯示，借款人的職業(yè)可以分為三組，即家庭主婦、私人和政府雇員。因?yàn)樗麄儧]有資格向正規(guī)金融市場借貸，這些客戶轉(zhuǎn)向典當(dāng)行信貸。別的客戶為了方便使用典當(dāng)行，如家庭和應(yīng)急開支。借來的金額會在幾分鐘之內(nèi)毫無疑問地支出。</p><p>　　常規(guī)的和伊斯蘭的典當(dāng)行都是分別受典當(dāng)行法（1972）和典當(dāng)行法（1972）（數(shù)項(xiàng)修訂）管理。雖然，行為各不相

57、同，但可以發(fā)現(xiàn)一個(gè)普遍的模式。首先，當(dāng)客戶典當(dāng)貨物，貸款合同條款必須在客戶收到的收據(jù)副本中明確說明。該收據(jù)說明客戶的姓名和地址，抵押物名稱，借款數(shù)量，到期日期和必須支付贖回金額的資產(chǎn)。</p><p>　　資產(chǎn)，數(shù)額和期限的詳細(xì)說明記載于表一，伊斯蘭教典當(dāng)行只允許典當(dāng)黃金，借貸數(shù)量取決于黃金的價(jià)值。</p><p>　　其次，利率及其他費(fèi)用取決于每個(gè)典當(dāng)商。通常情況下，利率是固定在每月百分

58、之二。如果貸款期限超過一個(gè)月，這個(gè)比率有望增加。在伊斯蘭教典當(dāng)行，發(fā)放貸款基于兩個(gè)概念，即貸款不計(jì)利息，但借款人支付服務(wù)費(fèi)和保持擔(dān)保貴重物品。定金費(fèi)用基于黃金的價(jià)值，如表二所示。每個(gè)典當(dāng)商收取的費(fèi)用不同。萬一貸款違約，在貸款逾期超過一個(gè)特定的時(shí)間段，通常長達(dá)六個(gè)月后附屬擔(dān)保物成為典當(dāng)行財(cái)產(chǎn)。伊斯蘭教典當(dāng)行規(guī)章要求任何盈余來自于黃金的銷售額與典當(dāng)商擁有的數(shù)量的差額，包括定金累計(jì)費(fèi)用及任何銷售相關(guān)成本，退還給客戶。百分之五至百分之十的違約率

59、在報(bào)告中報(bào)道。因此，違約率作為貸款數(shù)量的比例比作為較小的貸款總額的比例高。</p><p>　　因?yàn)榈洚?dāng)商們借款只基于經(jīng)紀(jì)人財(cái)產(chǎn)的附屬擔(dān)保物。經(jīng)紀(jì)人不收集信息評估借貸風(fēng)險(xiǎn)，但是專注于嚴(yán)格評價(jià)附屬擔(dān)保物的價(jià)值。一旦這個(gè)過程是確定的，立即完成現(xiàn)金貸款的典當(dāng)收據(jù)。一個(gè)典型的貸款過程持續(xù)不到一個(gè)小時(shí)。因此，客戶希望抵押珍貴的財(cái)產(chǎn)以及在排除財(cái)產(chǎn)被盜嫌疑的情況下在幾分鐘內(nèi)完成交易是正常的。</p><p&

60、gt;　　在大部分交易中，典當(dāng)商們作出長達(dá)六個(gè)月的貸款。但是，它通常被理解為通過在貸款延長期支付額外費(fèi)用或利息來更新貸款。在某些情況下，客戶可在一到兩周內(nèi)贖回。事實(shí)上，正如波曼和霍特曼（1988）提到的，有些案子的資金不是只借一次，而是在很短的時(shí)間內(nèi)多次重復(fù)借款。</p><p>　　一個(gè)典當(dāng)商給客戶的貸款是他相信能帶來補(bǔ)償?shù)膿?dān)保物價(jià)值的一定比例。擔(dān)保物價(jià)值的比例的貸款隨著時(shí)間而改變，但一般占擔(dān)保物價(jià)值的百分之五

61、十。此外典當(dāng)商們提供商業(yè)銀行貸款限額的兩倍，而很少對貸款規(guī)模實(shí)行最高限額。這意味著典當(dāng)商們經(jīng)常從違約中獲取一次性利潤。然而，典當(dāng)商更希望顧客贖回?fù)?dān)保物。一個(gè)客戶失去他的/她的擔(dān)保物會對典當(dāng)行產(chǎn)生不舒服的情緒。因此，典當(dāng)行更愿意向客戶提供多次的而不是從違約中獲取一次性利潤。</p><p>　　一般典當(dāng)物品包括了珠寶首飾和電子資產(chǎn)。這些物品能在一段合理的時(shí)間內(nèi)保值，且易于儲存，特別是珠寶首飾。然而在伊斯蘭的典當(dāng)行，

62、黃金是許可項(xiàng)目。</p><p>　　金融機(jī)構(gòu)給予越來越多的信貸，就像所討論的第四節(jié)一樣，顯示了越來越多的資金需求的所有影響。由于工業(yè)化，小規(guī)模企業(yè)的數(shù)量預(yù)計(jì)將在可預(yù)見的將來增加。伴隨這一發(fā)展的結(jié)構(gòu)性變化是對資金的需求轉(zhuǎn)化為持續(xù)增長的對信貸的需求。雖然馬來西亞微型企業(yè)的確切數(shù)量不能準(zhǔn)確估計(jì)，不過總趨勢是相當(dāng)明確的。因此，總資本和信貸需求將繼續(xù)增加。</p><p>　　然而，生產(chǎn)、收入、資

63、產(chǎn)和信貸的使用量將持續(xù)增加。大規(guī)模借款者將當(dāng)鋪?zhàn)鳛橐环N工具，微型企業(yè)的擁有者和經(jīng)營者越來越依賴來自于內(nèi)部和非正式資源的收入。這些趨勢提出了一些重要的問題。首先，提供信貸的金融機(jī)構(gòu)能繼續(xù)遇見滿足這個(gè)部門金融需求的挑戰(zhàn)嗎？第二，典當(dāng)行如何繼續(xù)提供信貸以滿足快速增長的資金需求？</p><p>　　關(guān)于第一個(gè)問題，當(dāng)然，金融機(jī)構(gòu)能夠提供信貸給微型企業(yè)。然而，一些借貸者一直希望從典當(dāng)行得到信貸。原因是：第一，運(yùn)輸和等待成

64、本。為了獲得貸款，客戶必須親自前往通常坐落于城市的金融機(jī)構(gòu)。此外，貸款的處理時(shí)間是一個(gè)月。隨著平均每次貸款額為5000馬幣，每林吉特貸款的運(yùn)輸及等待成本是巨大的，顧客通常會因?yàn)榭焖俚某绦蚝偷土慕灰壮杀径敢夂妥罱牡洚?dāng)行做生意。</p><p>　　第二是因?yàn)槔⒙室?guī)則。雖然在正式的金融機(jī)構(gòu)利息率已經(jīng)自由化，但是趨勢顯示利息率有望在這段急速增長的時(shí)段繼續(xù)上漲。然而，傳統(tǒng)典當(dāng)行收取的利息率比金融機(jī)構(gòu)收取的要高。傳

65、統(tǒng)典當(dāng)行的高利息率在一定程度上抵消了運(yùn)輸和程序的微小成本。然而，相對地說，顧客更愿意選擇價(jià)格相對低廉的伊斯蘭典當(dāng)行。</p><p>　　第三，另一個(gè)重要的因素是由于貧窮，不使用正規(guī)金融機(jī)構(gòu)的人數(shù)逐步上升。雖然貧困率從1976年的15.4%下降到1989年的7.5%（表Ⅳ），低收入人群的數(shù)量還是非常巨大。如前所述，低收入者不太可能使用正規(guī)的金融機(jī)構(gòu)。</p><p>　　第四是金融自由化的

66、影響。銀行的撤銷管制規(guī)定可能是另一個(gè)使經(jīng)營獨(dú)立銀行系統(tǒng)的人數(shù)增長的因素。隨著在80年代的金融自由化，銀行漸漸開始采用收取服務(wù)費(fèi)。自此以后人們會發(fā)現(xiàn)沒有銀行賬戶會非常困難，幾乎不可能得到銀行或者是金融機(jī)構(gòu)的貸款，趨勢指出越來越多的人被迫轉(zhuǎn)向典當(dāng)行以滿足短期信貸需求。</p><p>　　第五是貸款期限。通常典當(dāng)行信貸被用于非常短的時(shí)期，以渡過直到典當(dāng)物品被贖回的那段時(shí)間。</p><p>　

67、　第六是貸款的保密性。在典當(dāng)行獲取信貸的客戶無需透露貸款的理由，顧客被認(rèn)為在最好的立場決定貸款該如何運(yùn)用。</p><p>　　第七是銀行營業(yè)時(shí)間。人們常說銀行營業(yè)時(shí)間很尷尬：早上開門很遲而下午、周末及公共假日關(guān)門很早。但是典當(dāng)融資業(yè)務(wù)在這些時(shí)間段最興隆。當(dāng)?shù)洚?dāng)行在顧客期望的時(shí)間段保持營業(yè)，它們將會提供更多的機(jī)會和自由，更快的程序和更少的手續(xù)。</p><p>　　因此，典當(dāng)行提供的資金將

68、會加快微型企業(yè)的發(fā)展。資金的數(shù)量、獲取的條件和條款以及使用的方式，在很大程度上決定了收入的水平，特別是根除了貧困。通常當(dāng)?shù)洚?dāng)行以及貧困這兩個(gè)詞被提到時(shí)，描繪的畫面是一個(gè)很窮的農(nóng)民在農(nóng)村試圖通過典當(dāng)行提高貸款。在這方面已經(jīng)有許多研究和文學(xué)作品，比如，亞當(dāng)斯埃塔爾（1984年）。</p><p>　　然而我們也可以把城市貧困和典當(dāng)行看成是獲得信貸的一種手段。隨著快速的城市化我們經(jīng)歷著越來越高的城市貧困比率，如表四。類

69、似的像農(nóng)村貧困人口，這些人群也需要所有有意圖和目的的貸款。如前所述，在這些社會的邊緣群體里眾所周知的原因是典當(dāng)行提供了更好的選擇去獲取貸款。</p><p>　　如果我們接受了快速工業(yè)化同義與城市化，這又引起城市貧困的相應(yīng)提高，然后我們不得不接受典當(dāng)行作為融資領(lǐng)頭人的重要性。也許這就是引起表Ⅲ中指出的典當(dāng)行數(shù)量快速增加的因素之一，柔佛州是個(gè)例外。</p><p>　　微型企業(yè)提供營運(yùn)支出的

70、資金需要仔細(xì)管理。因此，短期資金可以有很多種方式籌集，如保留利益，自我融資和借貸的方式。然而，有限數(shù)量的有保留利潤和自我融資能力的微型企業(yè)有選擇地去典當(dāng)行借款。機(jī)械化和新的生產(chǎn)方法已經(jīng)全部被合并去提高產(chǎn)量。這些方式已經(jīng)在微型企業(yè)資金管理中引起一些巨大的變化。</p><p>　　信貸市場最近的趨勢顯示貸款數(shù)量有望超過九十年代。另外，由于工業(yè)化的結(jié)果，小型企業(yè)的數(shù)量有望上升至可預(yù)見的未來。這些發(fā)展有望使微型企業(yè)在典

71、當(dāng)行的融資數(shù)量增加。幾個(gè)已經(jīng)確定的因素解釋了典當(dāng)行為微型企業(yè)提供信貸的能力。第一是便宜的運(yùn)輸和等待成本。二是利息率規(guī)章。三是正規(guī)金融市場的可及性。四是金融自由化的影響。五和六是貸款期限和保密性，第七是營業(yè)時(shí)間。因此，典當(dāng)行有望與微型企業(yè)發(fā)展永久金融聯(lián)系，而為了在這兩個(gè)市場里競爭，大多數(shù)正規(guī)金融市場應(yīng)該提高自己的服務(wù)。</p><p>　　出處:［馬來西亞］阿卜杜勒加法爾伊斯梅爾，努爾扎基亞艾哈邁德，《典當(dāng)行是馬來