小額貸款，為窮人創(chuàng)造機(jī)會(huì)？【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Microfinance: Creating Opportunities for the Poor?</p><p>　　Material Source:Academy of management perspect

2、ives,august 2009</p><p>　　Author: Susanna Khavul </p><p>　　Microfinance is an emerging phenomenon that opens access to capital for individuals previously shut out from financial services. In i

3、ts direct engagement with the poor, microfinance represents a new way for financial capital to potentially stimulate economic growth in developing countries. However, microfinance is poorly understood, and it remains

4、 unclear whether it delivers on its promises. The goal of this paper is to introduce the topic of microfinancing to a wider audience of managemen</p><p>　　Images of poverty are ubiquitous. For decades,povert

5、y alleviation has topped the international development agenda. United Nations Millennium Goals state that by 2015 the number of people living in extreme poverty should be half of what it was in 2000 (World Bank, 2000

6、). However,the tools for creating economic growth tomove people out of poverty have been hard to come by.Microfinance is now promoted as a means to solve the crushing poverty that faces atleast a third of the world’s pop

7、ulation.</p><p>　　As it has grown, microfinancing has also opened the floodgates of international financial capital. Perhaps the best-known microfinancing organization is Grameen Bank, which, along with its

8、 founder Mohammad Yunus, won the 2006 Nobel Peace Prize for establishing a microcredit program in Bangladesh. In more than 30 years,</p><p>　　Grameen Bank has disbursed $9.1 billion in loans and expanded t

9、o 37 countries. Notably, 97% of Grameen Bank’s clients are women (Grameen Bank, 2010). Today, thousands of microfinancingorganizations around the world see lending to the poor as a chance to do well by doing good. Microf

10、inancing has turned into an international industry with multiple stakeholders. However, rapid growth of microfinancing notwithstanding, it is still far from clear whether microfinancing creates the benefits that</

11、p><p>　　In this paper, I give an overview of the literature on microfinance and suggest that the emergence of microfinance presents a golden opportunity for management scholars, through our research, to make a

12、difference in understandingthis complex and as yet unsettled phenomenon. The story of microfinance is being written now.The phenomenon is emerging, multifaceted, and engaging for management scholars who are prepared to

13、 roll up their sleeves, cross disciplinary boundaries, and move between levels</p><p>　　Microfinance Today </p><p>　　Poverty alleviation is the cornerstone of many microfinance initiatives (Khan

14、dker, 1998,2005). The majority of microfinance is aimed at the estimated 2.8 billion people who live on less than $2 a day in the developing world. In creasingly, microfinance is also being offered in developed countries

15、 to those who want to become micro-entrepreneurs but cannot access credit. Previoussolutions to end poverty in the developing world have been the purview of large intergovernmental institutions such as t</p><p

16、>　　Microfinance organizations are diverse. Manyare nongovernmental, most are private or involve private–public partnerships, and an increasing number are for-profit (Battilana & Dorado, 2010). Indeed, with more t

17、han half of the world’s population living without access to banking or other financial services (Beck, Demirguc-Kunt, & Peria, 2008; Chaia et al., 2009), the potential market for microfinancing is substantial. As the

18、 number of microlending organizations has expanded (Swibel, 2007), so has </p><p>　　This influx of institutional and individual private capital has allowed well-established microfinancing organizations to sc

19、ale up activities in terms of their client numbers and their portfolio of services. For example, micro savings and microinsurance are recent additions to the suite of services that microfinancing organizations offer, but

20、 they are now increasingly common alongside more traditional loans to individuals and groups. Enthusiasm for microlending is also evident in the several high</p><p>　　Challenges in Economic Development</p

21、><p>　　The last two centuries have brought unprecedented economic growth to millions of individuals across the globe. However, persistent differences in growth rates have left many regions of the world, includi

22、ng sub-Saharan Africa, Southeast Asia, and Latin America, with high levels of entrenched poverty, large income inequalities, and economic instability. Measuring poverty is highly controversial. However, estimates sugg

23、est that approximately 1.2 billion people live in extreme poverty, or on less</p><p>　　As a segment of humanity that survives day to day, the poor also experience high seasonal fluctuations in income (Collin

24、s, Morduch, Rutherford, & Ruthven, 2009). They have few viable alternatives for smoothing out either income or consumption across time (Collins etal., 2009; Morduch, 1999b; Rutherford, 2000).Moreover, the potential f

25、or catastrophic events to unhinge the lives of the poor is evident not only when natural disasters make the evening news, but in millions of unnoticed ways—when </p><p>　　Poverty has been seen as a big pr

26、oblem for which historical approaches to development have sought big institutional solutions. However, publicly driven initiatives to reduce poverty have been met with skepticism and mixed success. Critics point out that

27、 in the last 50 years several trillion dollars have been spent on foreign aid programs to developing countries. These programs are typically top-down, poorly designed, and mediated through official government channels in

28、 countries where good gover</p><p>　　However, to make the sorts of investment that stimulate endogenous economic growth, one needs access to financial capital that comes either from savings or from borrowing

29、, which is difficult in environments where the formal means of either saving or borrowing are typically absent. Traditional communities do have informal mechanisms for savings. For example,voluntary rotating savings and

30、credit associations of various sorts are proliferating across Southeast Asia and Africa (Anthony, 2005; Mayoux</p><p>　　The savings that the poor accumulate are vulnerable to depletion by numerous unintended

31、 uses. Women in particular find it hard to accumulate savings because their household responsibilities as well as kinship obligations mean that something or someone always comes along to make a claim (Khavul, Bruton, &am

32、p; Wood, 2009; Mayoux, 2001). To control their savings, women often sew their savings into their saris (Morduch, 2005) or bury their cash in the ground (Khavul et al., 2009), and need to watch out </p><p>&l

33、t;b>　　譯文</b></p><p>　　小額貸款，為窮人創(chuàng)造機(jī)會(huì)？</p><p>　　資料來(lái)源:管理學(xué)會(huì)展望，2010年第8期 作者：蘇珊娜·卡夫</p><p>　　小額信貸是一個(gè)新興的現(xiàn)象，從一定角度來(lái)說(shuō)又創(chuàng)造了新的貨幣資金，是一種給予人們提供小額度借貸的金融服務(wù)。在與貧困的直接接觸中，小額信貸作為一種新的

34、途徑，使得流動(dòng)的金融資本不斷刺激發(fā)展中國(guó)家的經(jīng)濟(jì)增長(zhǎng)。然而，我們對(duì)小額信貸所知甚少，且目前還不確定它是否應(yīng)該提供擔(dān)保。本文的目的是引進(jìn)小額貸款的管理概念，使其成為更受大眾廣泛研究的主題，并確定這種新的研究領(lǐng)域內(nèi)未來(lái)的融資機(jī)會(huì)。 </p><p>　　貧窮的形象無(wú)處不在，幾十年來(lái)，扶貧現(xiàn)象已經(jīng)大大超出了國(guó)際發(fā)展會(huì)議議程所制定的范圍。聯(lián)合國(guó)一直的目標(biāo)狀態(tài)是希望那些在在2000年生活得極端貧困的人們，數(shù)量能在2015年

35、減少一半。 然而，想要促使經(jīng)濟(jì)長(zhǎng)期有效的增長(zhǎng)，光靠感動(dòng)人來(lái)博取同情，從而擺脫貧困是不可行的。如今小額信貸已幫助世界三分之一的貧困人口擺脫困境，晉升為解決貧困的有效方法之一。小額信貸跨越了金融工具的范圍，包括信貸、儲(chǔ)蓄、保險(xiǎn)、抵押貸款、退休等一系列領(lǐng)域。所有這些均以少量持有， 使他們避免光從正規(guī)途徑借貸和儲(chǔ)蓄，而選擇多元化的小額信貸作為融資手段。最普遍的小額信貸模式是微型貸款或小額貸</p><p>　　款，這是一

36、種發(fā)行小，無(wú)抵押為目的的貸款，以個(gè)人或團(tuán)體為發(fā)放對(duì)象，從而擴(kuò)大業(yè)務(wù)。小額貸款目的是減輕貧困，通過(guò)企業(yè)發(fā)展的倡議刺激經(jīng)濟(jì)。該小額信貸的可用性已開(kāi)通訪問(wèn)資本，通過(guò)在小額貸款數(shù)十億美元向全世界最貧窮的公民發(fā)放。</p><p>　　伴隨著小的信貸業(yè)務(wù)的不斷壯大，其也打開(kāi)了國(guó)際金融資本的閘門(mén)，以多渠道獲取融資，加強(qiáng)資金鏈的穩(wěn)定性。隨著它的創(chuàng)始人穆罕默德尤努斯， 2006年諾貝爾和平獎(jiǎng)得主，在孟加拉國(guó)設(shè)立了以小額信貸項(xiàng)目為

37、代表的鄉(xiāng)村銀行組織，從此小額信貸走上了蓬勃發(fā)展的道路，而鄉(xiāng)村銀行也成為了小額信貸的典型。在超過(guò)30年的時(shí)間里， 格拉明銀行發(fā)放的貸款達(dá)九十一億美元，遍及多達(dá)37個(gè)國(guó)家和城市。更值得注意的是，格萊珉銀行97%的客戶(hù)都是婦女。今天，世界各地的組織普遍認(rèn)為：小額貸款作為一個(gè)做好事的機(jī)會(huì)將錢(qián)借給成千上萬(wàn)的貧困人群。 在本文中我例舉了一個(gè)文獻(xiàn)資料，關(guān)于小額信貸對(duì)小額信貸的的建議，對(duì)于小額信貸的出現(xiàn)，管理學(xué)家提出了一個(gè)很好的機(jī)會(huì)，通過(guò)我們的

38、研究來(lái)證明這一復(fù)雜的尚未解決的現(xiàn)象有所不同。小額信貸的故事正在編寫(xiě)中，這種現(xiàn)象是新興的、多方面的，使得許多管理學(xué)者捋起袖子大展拳腳。跨越學(xué)科界限，深度分析其中的奧秘。我的目標(biāo)是提供足夠的背景，并確定成功的機(jī)會(huì)，使管理學(xué)者在一個(gè)新的增長(zhǎng)領(lǐng)域研究，從而激發(fā)廣大觀眾對(duì)此的興趣。這是一個(gè)新奇的事情對(duì)于小額信貸到達(dá)一個(gè)令人可喜的研究領(lǐng)域。可以體現(xiàn)在研究成果不被以往提出的觀點(diǎn)所約</p><p>　　扶貧是許多小額信貸項(xiàng)目的

39、根本目的。大部分的小額信貸針對(duì)的是約2.8億每天生活費(fèi)不到2美的發(fā)展中國(guó)家人群。但事實(shí)上小額信貸在發(fā)達(dá)國(guó)家也同樣被運(yùn)用，專(zhuān)門(mén)提供給那些誰(shuí)想要成為國(guó)家微型企業(yè)主，但無(wú)法獲得信貸的戶(hù)主。按照以往的解決方案，世界相關(guān)組織一直是利用大型政府間機(jī)構(gòu)來(lái)結(jié)束在發(fā)展中國(guó)家的貧困。例如世界銀行為刺激經(jīng)濟(jì)增長(zhǎng)，專(zhuān)門(mén)派遣經(jīng)濟(jì)學(xué)家去發(fā)展中國(guó)家進(jìn)行實(shí)地工作，幫助其擺脫貧困。相比之下，小額貸款代表著一邊新的海域-----運(yùn)用金融資本來(lái)刺激發(fā)展中國(guó)家的經(jīng)濟(jì)增長(zhǎng)。讓小

40、額信貸直接作用于窮人，這看起來(lái)想一個(gè)獨(dú)立的個(gè)體，通過(guò)市場(chǎng)驅(qū)動(dòng)的業(yè)務(wù)舉措直接促進(jìn)社會(huì)經(jīng)濟(jì)的增長(zhǎng)。 小額信貸組織的形式多種多樣，許多是民間組織，也有私人設(shè)立或者涉及公私伙伴關(guān)系，這些組織的數(shù)量因?yàn)槔娑尸F(xiàn)不斷增加趨勢(shì)。事實(shí)上，超過(guò)世界人口的一半的群體在以沒(méi)有獲得銀行或其他金融服務(wù)的方式生存著，這說(shuō)明小額貸款業(yè)務(wù)的市場(chǎng)潛力是巨大的。隨著小額貸款的機(jī)構(gòu)數(shù)目不斷擴(kuò)大，開(kāi)始向世界范圍內(nèi)提供小額貸款。大約有100個(gè)私人股本接近65億美元價(jià)

41、值的基金作為小額信貸組織的資金渠道。其中包括由國(guó)際銀行設(shè)立的基金，機(jī)構(gòu)投資者和基金會(huì)。然而，這些</p><p>　　這種機(jī)構(gòu)和私人的資本流入使得信譽(yù)卓越的小額信貸機(jī)構(gòu)擴(kuò)大發(fā)展，不論是在客戶(hù)數(shù)量上還在在投資組合服務(wù)方面。例如，較傳統(tǒng)的個(gè)人貸款來(lái)說(shuō)，小額信貸機(jī)構(gòu)現(xiàn)在越來(lái)越普遍對(duì)個(gè)人或者群體提供儲(chǔ)蓄和小額保險(xiǎn)等最近添置的系列服務(wù)。對(duì)小額貸款熱情也越來(lái)越高漲，特別是小額信貸機(jī)構(gòu)在墨西哥和印度幾個(gè)高姿態(tài)的首次公開(kāi)招股之后

42、。然而，隨著小額貸款在日益普及，觀察員最近警告說(shuō)，一個(gè)潛在的泡沫可能正在形成。這種資金流入的快速增長(zhǎng)允許借款人承擔(dān)更多負(fù)債超過(guò)他們能夠償還的資金，這在某些情況下，導(dǎo)致他們采取以額外貸款的方式來(lái)償還前面的債務(wù)。例如，在印度，從2004年的27美元至2009年的135美元，個(gè)人小額貸款的平均債務(wù)已經(jīng)翻了五倍。</p><p>　　過(guò)去的兩個(gè)世紀(jì)給世界各地的人們帶來(lái)了前所未有的經(jīng)濟(jì)增長(zhǎng)，然而，利率持續(xù)增長(zhǎng)的差異已經(jīng)離開(kāi)

43、了世界，包括一直以來(lái)受貧窮影響根深蒂固的撒哈拉以南非洲，東南亞，拉丁美洲等許多地區(qū)，這些地區(qū)表現(xiàn)出收入差距大大加大，以及經(jīng)濟(jì)水平的不穩(wěn)定性高等現(xiàn)象。</p><p>　　衡量貧窮是極具爭(zhēng)議性。然而，據(jù)估計(jì)，大約有12億人生活在極端貧困，過(guò)著每一天不到1美元的生活，（1993年美元和購(gòu)買(mǎi)力跨越國(guó)界平價(jià)調(diào)整），另有16億人生活在1到2美元之間的生活，（德亞頓生活，2006）。這是金字塔的底部，表示“對(duì)商品和服務(wù)的潛在

44、市場(chǎng)”（普拉哈拉德，2005年，第5頁(yè)），對(duì)做跨國(guó)公司在發(fā)展中國(guó)家的商業(yè)未開(kāi)發(fā)的前沿（普拉哈拉德，2005;普拉哈拉德和哈蒙德，2002;普拉哈拉德＆哈特，2002）作為人類(lèi)每天生存的一分部，窮人也遇到收入隨著季節(jié)高頻率波動(dòng)的情況（柯林斯，Morduch，盧瑟福，＆魯斯文，2009）。</p><p>　　他們沒(méi)有切實(shí)可行的方案去緩解這種收入的波動(dòng)性和隨著時(shí)間的流逝收入的消耗，（柯林斯埃塔爾，2009，Mordu

45、ch，1999年，盧瑟福，2000）。此外，潛在的災(zāi)難性事件，拉開(kāi)了窮人的生活，這不僅體現(xiàn)在晚間新聞里的自然災(zāi)害使還體現(xiàn)在許多不被注意的方式，當(dāng)一個(gè)家庭成員生病了，一個(gè)孩子死了，火災(zāi)毀滅了一幢簡(jiǎn)易的房屋，或因?yàn)橛昙緵](méi)有來(lái)導(dǎo)致莊家收成不好，（布魯頓，Khavul，與查韋斯；Morduch， 2005年）。窮人面對(duì)的風(fēng)險(xiǎn)，需要有一些方法來(lái)減少他們的損失及其產(chǎn)生的后果</p><p>　　貧困已經(jīng)被看作是一個(gè)大問(wèn)題來(lái)尋

46、求發(fā)展的歷史方法有很大的制度上的解決辦法。然而，公開(kāi)推動(dòng)的舉措，以減少貧困已經(jīng)與懷疑和混合取得了成功。</p><p>　　批評(píng)者指出，在過(guò)去的50幾萬(wàn)億美元已經(jīng)對(duì)外國(guó)援助計(jì)劃向發(fā)展中國(guó)家花了幾年時(shí)間。這些程序通常是自上而下的，設(shè)計(jì)不當(dāng)，并通過(guò)官方途徑介導(dǎo)的政府善治的國(guó)家里通常是不存在，在那里可以到達(dá)滴滴的錢(qián)到小窮人（東風(fēng)，2006）。而不是這種方法，很多人都主張一個(gè)自下而上，創(chuàng)業(yè)投資分配的解決方案，促進(jìn)個(gè)人的倡

47、議為基礎(chǔ)的決策。其后果可能是提高生產(chǎn)力和創(chuàng)新，能夠創(chuàng)造經(jīng)濟(jì)增長(zhǎng)內(nèi)生（阿洪和Armendariz環(huán)德阿洪，2004）。</p><p>　　然而，為了使投資刺激各種內(nèi)部經(jīng)濟(jì)增長(zhǎng)，無(wú)論是儲(chǔ)蓄還是借貸，都需要獲得金融資本，這是在任何環(huán)境下，沒(méi)有正式手段的儲(chǔ)蓄或借貸通常都是很困難的。傳統(tǒng)社區(qū)也有一些關(guān)于積蓄的非正式機(jī)制。例如輪轉(zhuǎn)基金類(lèi)在東南亞和非洲實(shí)現(xiàn)（安東尼，2005年; Mayoux，2001），允許個(gè)人定期收到來(lái)自