非洲中小企业融资约束因素研究
摘要
本文的研究目的是分析和评估非洲国家中小企业的融资政策与环境,深入探讨非洲中小企业从正式银行系统取得信贷的约束因素与主要障碍,确定非洲中小企业比较容易获得的贷款类型；区分不同规模的企业在融资障碍上的差异；评估有关融资约束的决定因素；定量评价中小企业面临的融资障碍程度；在借鉴中国中小企业融资经验基础上,提出如何进一步改善非洲中小企业融资环境、增强非洲中小企业的融资效率和效果的有关政策建议。
无论是发达国家还是发展中国家,中小企业(SMEs)对于经济增长的促进作用的重要性已被学者和政策制定者广泛接受。中小企业的融资方式因对国民经济产生直接的影响而具有十分重要的研究意义。融资手段的组合代表着一个企业的财务结构。在完全市场中,企业内源性融资和外源性融资融资没有差异,他们能够完美地替换。但在不完全市场中,企业财务结构变得异常重要。一种最佳的资本结构是内部融资和外部融资的组合,它可优化公司的价值。因此,怎样融资或从哪里去融资的问题就成为了一个关键性的决策。
中小企业可以选择运用股权融资、负债融资或者同时选择这两种融资方式来为其业务的开展筹集资金,并通过内部和外部资金的组合形成最佳资本结构从而优化公司价值。然而,中小企业受到包括政府支持力度、债权人的态度、金融机构的放贷标准与流程以及其自身问题等众多因素的制约很难获取信贷支持。
非洲经济是世界经济的重要组成部分。自独立以来,许多非洲国家在试图跨越大规模的公共投资工业直接走向现代工业阶段。但这些国家往往为了避免对外国投资者的依赖,主要精力放在培养一个强大的本土企业家阶层,不够重视企业经济效益和市场前景,导致大量产能过剩,许多大公司只能寻求政府保护或靠补贴生存。面对这种局面,政府被迫调整政策,即减少保护与补贴,抑制需求,改变相对价格,不得不依靠越来越多的私营企业、中小企业。非洲中小企业融资来源多种多样,包括金融机构、政府机构、非政府组织、个人储蓄、朋友、家人、国际捐助机构和合作社,其中,银行信贷是主要途径。但非洲国家的中小企业在获得银行信贷方面受到一系列因素的制约,严重阻碍了中小企业发展获得足够的资金,是中小企业发展的一个主要瓶颈。
在非洲,由于政府政策和经济体制的变化,民营企业在国民经济体系中发挥着越来越重要的作用。政府部门已经意识到了民营企业对经济增长以及创造就业机会的重要性,已经着手减少限制民营企业扩张的许多障碍,并促使中小企业获得与国有企业同等的待遇。值得关注的是,非洲的银行体系却并没有为国民经济增长提供足够的支持,为中小企业的发展与扩张提供充足的资金帮助尤为不足。一些银行在扩大信贷规模方面十分谨慎,除了大部分信誉好的借款人以外,在很多情况下,银行拒绝贷款给中小企业。因此,争议者认为,如果不能进一步深化金融体系改革、尤其是银行部门不能为中小型企业提供更多的金融支持,那么,非洲国家要实现持续快速的经济增长将是一件非常困难的事情。
在一些非洲国家,中小企业的融资失败率很高。虽然近年来非洲小额信贷机构发展迅速,但其信贷规模依然有限,依然满足不了许多小项目、小企业的金融需求。同时,小额信贷的利率偏高也是阻碍中小企业获得信贷支持的重要原因。此外,由于商务技巧、管理技术、业绩记录以及融资渠道的缺乏,缺少满足银行借贷条件的抵押品或担保,中小型企业获得的小额信贷大部分来自于非正式的部门,比如朋友,亲戚,而大型企业则主要通过银行获取资金。中小型企业和大型企业的这种不平等的融资渠道,已经严重影响了小规模企业在非洲国家经济发展中的作用。
许多非洲的中小企业常常抱怨缺乏正式的信贷融资渠道。缺乏融资渠道的原因包括正式的银行系统不够深化、缺乏贷款记录、因公有部门贷款而遭受排挤、选择性的借贷来建立与银行机构的联系,担保要求高,资金成本全部按额分配,很大一部分企业没有自己的审计账目,这使得贷款人很难评估它们的信誉。另外一些人则认为本土公司处于特别的不利地位。很明显,在非洲许多国家,融资企业的等级受到极大的关注。大多数的公司利用内源性融资来运营,这意味着它们融资的渠道可能存在问题。
在非洲,由于企业的所有制性质的不同,大量的金融资源分配给了效率最低的企业(国有企业),而效率最高的企业(私有企业)分配的资源远远不够。尽管民营企业是经济增长的引擎,但是在获得外部资金、产权保护、税收以及市场机遇方面,私营企业是被排斥的。
在过去的几年里,非洲金融系统见证了经济的适度成长。经过1990年的一些自由主义的改革,在大多数的非洲国家中,普遍形成了改进金融效率、改善金融服务有效性将促进金融系统更好发展的共识。非洲国家努力废除被视为阻碍银行竞争力发展的政策,希望通过实施银行自由发展的道路以支持金融体系的快速成长。在过去的几年里,许多非洲国家的金融市场发展得到了极大的改善。非洲私营企业需要法律来确保企业单位的创造,合同的执行,私人所有制,财产权,以及一种公平的、强制的税收制度和货币的可兑换性。然而,保证银行自由发展带来的是金融环境发生的较大变化,非洲国家在任何时候都缺乏两个参数。中小型企业特别容易受到环境波动的影响。由于全球化、贸易保护主义的财政安排和贸易安排、其它的如包括竞争在内的有关问题,风险涉及到给中小型企业提供的金融产品和服务。这包括商业技能的不足：当小企业主开始熟悉他们经营的技术领域比如菠萝种植,汽车修理,或编织等时,他们通常缺乏经营企业的才能和经验。但这些才能,如管理方面的流动资金管理,基础会计,信息技术,销售和市场等往往决定着企业的生存。很多中小型企业缺乏可靠的财务信息来确保金融机构的正确评估和风险防范。这些公司规模偏小,最终意味着他们的资本额低,导致了相对于其业务规模的高昂的交易成本。在非洲国家,因为许多中小企业都只有少量的资产可以作为抵押,导致此类困境不断扩大。
同时,政府对金融部门的相关政策也显著影响着中小企业小额信贷的发展。在过去,对于金融政策,普遍的观念就是紧急控制银行部门,调整贷款和存款的利率,在某些情况下,甚至也控制贷款的数额。有些国家也尝试着通过严格管理法定准备金,以及信贷机构的资产债务比率、资本充足率等来监管银行的流动资产。在有些国家,当涉及贷款较大时,对银行从借款人那里收取的抵押品等也有着法律上的要求。所有这些制度和规定都限制了金融部门发放中小企业的小额信贷。贷款机构可以自由设定更高的利率来支付进行小额贷款甚至无担保贷款时所产生的交易成本。于是,为发放此类贷款以收取更多利益,并找到管理办法降低小额信贷所产生的交易成本,是任何银行机构努力的方向。
在非洲,中小企业许多方面均不同于大企业。中小企业的所有者通常是主要的业主,它们很少有机会进入资本市场。而且,在信息获取方面,中小企业相对同行也存在很多劣势。创建新公司可能也是成功企业适应不断变化的市场机遇的手段。许多企业都能够把内部产生的资金转移出去,因为外部融资在促进这一过渡时,起到的作用是有限的。
在非洲,财务支持系统包括企业融资可利用的所有外部资源。金融服务的范围和质量在不断变化,主要取决于运作良好的银行体系的存在,复杂的金融市场,以及专门为大部分需求者提供金融服务的非正式中介代理的实用性。内部的资金来源和家人朋友的供给尽管不是一个国家财务支持系统的一部分,但在非洲,它们形成了企业融资的主要来源。当企业需要融资时,需要衡量它的可信度,只有可信度高的中小企业,正式的融资才相对容易,尽管来自于内部资源的非正式融资依然占主导地位。除了自我融资,从供应商那里收到的信贷似乎在非洲国家的中小企业里也是融资的重要手段。这种类型的信贷往往是和贸易商或老板以优惠的价格进行销售联系在一起的。最近由世界银行确认的一项调查显示,每个国家和地区的大公司通常有更多的机会获得银行信贷,包括本地和外地公司,但不包括小公司,后者严重依赖内部资金和留存收益。
和中国类似,在非洲,中小企业信贷具有小额、紧急、频繁的特点。对银行而言,这种信贷管理成本比贷款给大企业的成本要高得多。中小企业贷款的小规模使得银行对它们的监督费用相对昂贵。大银行更喜欢和大企业发生业务往来。中小型银行对其区域内的中小型企业更为熟悉,倾向于给信誉良好的中小企业发放贷款,但这些中小型银行的自由资金比较少,竞争力很弱。中小企业由于存在管理不善、复杂而又相关联的交易,不透明的账目以及微弱的抗风险能力等特点,加剧了它们难以从银行获得贷款的困境。由于信息不对称,交易和控制成本高,银行不愿意贷款给它们。银行在降低新的不良存款努力时,往往降低了中小型企业获得贷款的机会。就银行信贷而言,由中央或地方政府所支持的相对较大的国营企业存在隐形担保,所以能够获得大笔贷款。对于中小型企业来说,缺乏担保是它们从银行那里获取贷款的主要困境。改善中小型企业在扩张时的融资状况已经成为了政府一个主要关心的问题。事实上,许多国家中央政府已经采取了许多措施来改善信贷流程。除了督促银行积极进入市场外,政府也在积极促进对小型企业的信贷担保方案的建立。此外,还有少数的中小型企业互助担保基金和私营部门投资的商业性担保公司,这两种形式都早于政府信贷担保机构的建立。
银行试图采取一系列的方式方法来区分不同类别的公司。有的使用债务规模,资金偿付率,以及是否具有坚实的债券评级的方式来区别公司；或同时使用定量和定性数据来区别公司。有些是根据公司是否以银行为基础或以市场为基础的运作体系来区分；或者使用财政约束指标来区分,它考虑到一系列的因素,如公司的流动性,影响力,盈利能力以及成长性。还有的是通过员工的数量来区分大公司和小公司。然而,所有这些方式所共有的特点是它们尝试着对只在有机会接近资本市场的公司来区分。非洲许多中小企业的经营业绩之所以比较差,商业环境是最大的嫌疑。和中国类似,改善非洲的投资环境已经被看成是一项优先政策。在非洲,公司管理者们认为主要的约束条件是融资,其次是腐败,基础建设和通货膨胀。
在非洲,中小型企业面临许多障碍。在小额信贷、捐赠者、政策制定者和实践者方面面临一系列的挑战,包括：扩大服务范围,认识到小额信贷不是灵丹妙药,但可以帮助减少贫困,承认小企业更需要金融帮助,小额信贷对小型企业的融资是唯一奏效的,它是启动和扩大这些基本经济活动的关键。在中小型企业领域,小企业获得融资的障碍通常包括：金融机构只提供小额贷款,而不是给少数企业提供大额贷款,这使得交易成本高；借款人由于缺乏信贷记录,缺乏足够的抵押品,创业能力以及和市场约束相联系的偿还能力的不确定性,缺乏法律制度以防贷款拖欠等等存在风险；满足银行要求的投资项目不充分；金融机构的弱点较多；宏观经济的不稳定和政策倾向,如在利率管制方面,大型国有企业有优惠待遇；由于文化障碍、地域偏僻等等所产生的困境。在非金融援助方面,也存在着许多挑战,以帮助金融中介机构为中小型企业提供更有效的金融服务：金融中介机构与其建立自己的企业发展服务,还不如更有效地建立它们与企业发展服务提供者的联系；企业发展服务提供者必须意识到他们各自的作用,不同于金融机构；中小型企业必须从广大范围内寻求可行的、企业发展服务提供者的来源；对于企业发展服务,必须有一种公认的付款方式。
和中国类似,非洲中小企业面临的问题多种多样：中小企业往往无法进入全球市场；在日益开放、竞争激烈的国内市场中,它们的业绩也是有限的；中小企业无法利用市场机遇；中小企业是在压力下创新,为了参与国际市场,它们只有提升运作能力；中小企业特别是小企业和私营企业,没有或很少有可靠的抵押品,因为它们大多数都是以家庭为中心或小企业的形式而建立的；中小企业的企业管理水平和管理技巧较低。
本论文的研究主要有两个方面的贡献。第一,对于公司融资障碍的感知水平,通过使用相关调查数据,避免从公司的财务报表来不完善地推断公司的融资约束。这使我们可以测试在过去文献中区分有金融约束和无金融约束公司的有效性,这样可以更准确地评估融资障碍的决定因素。第二,由于论文研究所选数据库来自于世界商业环境调查(WBES),其中包含非洲许多国家在不同的体制发展水平下的不同规模的公司,总计包括16个非洲国家的1559个公司样本。由于融资约束因素是一个多分类的自然序列因变量,本文应用的模型主要是有序probit模型估计的回归模型,假定扰动参数项具有正常的分配以及使用标准的最大似然估计。论文根据有关模型,基于公司层面数据,对影响企业融资的约束因素进行了定量评估,其结论有助于我们更好地理解非洲中小企业的企业属性对企业融资障碍的影响。
WBES数据库包含有详细的企业层面的公司运营体制环境质量方面的数据。世界银行已经开展了大量的企业水平调查,其意图是度量“商业环境”或“投资环境”的质量。该调查的主要目的是为了确定公司的业绩以及其在全球增长的障碍。因此,该调查包含了大量有关融资障碍的特性和障碍程度等方面的信息,如基础设施、犯罪、宏观经济政策、贪污腐败、法律制度的不足和融资障碍等。该数据库还拥有企业特征方面的信息,如企业所有权、销售额、雇佣员工数和业绩增长情况等指标。该数据库的数据还能表明公司是否是跨国企业。
我们由此可以更准确地判定企业融资障碍的最重要因素。在我们的研究当中,所研究的每一个公司特征都在文中详细说明。首先,我们探讨规模或所有权性质对融资障碍的影响。结果表明,小公司在融资问题上受到更多的约束。无论企业是小型,中型还是大型,我们通过虚拟变量指标来衡量企业的规模。外资企业更容易获得外部融资的国际资源,因此它们的融资障碍较低。政府所有的企业也因存在隐性担保融资障碍较低,因为在许多国家,它们可从政府获得直接的财政支持,而且,它们在政府所有的金融机构面前也能获得优惠待遇。
随着全球经济一体化趋势的加强,以及经济改革和自由化在非洲生根,非洲本土的中小型企业也不得不建立联盟,以便生存和有效地竞争。本文研究表明：通过建立联盟和聚集,可提高中小企业竞争力,在成长中与大企业合作。通过合作,企业可以获得集合效应所带来的好处,使它们能够与更大的企业相联系,开拓国际国内市场。其成功的关键在于建立一个以客户为导向的互相支持的机制,通过不断完善来确保其持续性。概括的说,区分行业的三个主要联系方式是：联盟,群集和联合。它们之间的区别并不非常清晰,但并不应该意味着一种联系类型的存在将会妨碍其它类型。实际上,它们可以在各个行业、生产部门以及国家之间共同存在并相互联系。
由于该数据库省略了国家特征,可能导致那些与国家特征密切相关的企业在计算和度量上出现误差,因此,我们设计了集群误差项的。在相关模型中,我们探讨的是财政、体制以及经济发展水平是否能够有助于缓解融资障碍,用国家水平这一变量来替代有关国家特征的假设。各项统计数据表明,企业融资障碍与企业的特征显著相关。
我们的研究结果显示,非洲小企业的融资障碍明显要高于中型和大型企业,国内企业面临着的障碍比国外厂商的要大,这是比较一致的。研究结果还表明,根据企业规模和所有权结构(国外和国内所有权)对企业进行排序从而来度量融资障碍的影响因素是比较合理的一种分类方式。这也表明,在规模和所有权基础上进行的分类在度量融资约束的存在上非常有用。
The potential of SMEs in promoting economic growth in both developed and developing countries is widely accepted and documented by both scholars and policy makers. It is therefore important to study how they finance themselves, as this may have a direct impact on the overall growth rate of the economy. A firm can choose whether to finance its activities with equity, debt, or both. An optimal capital structure is that mix of internal and external finance that optimizes the value of a firm. Therefore, the question of how to finance or equivalently from where to borrow becomes a crucial decision
However, SME sector is constraints by a number of factors which include among others difficulty in accessing credit. Lack of access to sufficient financing for SMEs, especially in African countries, has been identified as a major bottleneck in realizing this potential. Bank credit is one of the major ways of addressing the challenge of inadeauate funding that exists in the SME sector.
The objectives of the study are to evaluate the financing policies of African SMEs: to discuss factors which limit African SMEs access to credit from the formal hanking system; to identify which types of credit are easily obtainable to African SMEs;to distinguish between financially constrained and unconstrained firms:to assess the determinants of financing obstacles; to determine more precisely the most important firm-level predictors of financing obstacles; and to make relevant policy recommendations to enhance the financing of African SMEs.
The research is conducted with a survey dataset on a sample of 1559 firms from 16 African countries taken from the World Business Environment Survey (WBES). Given that Financing Obstacle is a polychotomous dependent variable with a natural order, we use the ordered probit model to estimate all the regression models. We assume that the disturbance parameter has normal distribution and use standard maximum likelihood estimation.
We find that, size and ownership predict financing obstacles best; smaller and domestic firms report higher obstacles; categorizing firms by their size and ownership is therefore most useful when considering the effect of financial and institutional development on firms'financing obstacles; some of the a priori classifications used in the literature to distinguish between financially constrained and unconstrained firms are more useful than others; given the limitations of existing methods to estimate financing constraints directly from firm-level data, our results based on survey data are an important contribution in improving our understanding of which firm attributes.predict best firms'financing obstacles.
无论是发达国家还是发展中国家,中小企业(SMEs)对于经济增长的促进作用的重要性已被学者和政策制定者广泛接受。中小企业的融资方式因对国民经济产生直接的影响而具有十分重要的研究意义。融资手段的组合代表着一个企业的财务结构。在完全市场中,企业内源性融资和外源性融资融资没有差异,他们能够完美地替换。但在不完全市场中,企业财务结构变得异常重要。一种最佳的资本结构是内部融资和外部融资的组合,它可优化公司的价值。因此,怎样融资或从哪里去融资的问题就成为了一个关键性的决策。
中小企业可以选择运用股权融资、负债融资或者同时选择这两种融资方式来为其业务的开展筹集资金,并通过内部和外部资金的组合形成最佳资本结构从而优化公司价值。然而,中小企业受到包括政府支持力度、债权人的态度、金融机构的放贷标准与流程以及其自身问题等众多因素的制约很难获取信贷支持。
非洲经济是世界经济的重要组成部分。自独立以来,许多非洲国家在试图跨越大规模的公共投资工业直接走向现代工业阶段。但这些国家往往为了避免对外国投资者的依赖,主要精力放在培养一个强大的本土企业家阶层,不够重视企业经济效益和市场前景,导致大量产能过剩,许多大公司只能寻求政府保护或靠补贴生存。面对这种局面,政府被迫调整政策,即减少保护与补贴,抑制需求,改变相对价格,不得不依靠越来越多的私营企业、中小企业。非洲中小企业融资来源多种多样,包括金融机构、政府机构、非政府组织、个人储蓄、朋友、家人、国际捐助机构和合作社,其中,银行信贷是主要途径。但非洲国家的中小企业在获得银行信贷方面受到一系列因素的制约,严重阻碍了中小企业发展获得足够的资金,是中小企业发展的一个主要瓶颈。
在非洲,由于政府政策和经济体制的变化,民营企业在国民经济体系中发挥着越来越重要的作用。政府部门已经意识到了民营企业对经济增长以及创造就业机会的重要性,已经着手减少限制民营企业扩张的许多障碍,并促使中小企业获得与国有企业同等的待遇。值得关注的是,非洲的银行体系却并没有为国民经济增长提供足够的支持,为中小企业的发展与扩张提供充足的资金帮助尤为不足。一些银行在扩大信贷规模方面十分谨慎,除了大部分信誉好的借款人以外,在很多情况下,银行拒绝贷款给中小企业。因此,争议者认为,如果不能进一步深化金融体系改革、尤其是银行部门不能为中小型企业提供更多的金融支持,那么,非洲国家要实现持续快速的经济增长将是一件非常困难的事情。
在一些非洲国家,中小企业的融资失败率很高。虽然近年来非洲小额信贷机构发展迅速,但其信贷规模依然有限,依然满足不了许多小项目、小企业的金融需求。同时,小额信贷的利率偏高也是阻碍中小企业获得信贷支持的重要原因。此外,由于商务技巧、管理技术、业绩记录以及融资渠道的缺乏,缺少满足银行借贷条件的抵押品或担保,中小型企业获得的小额信贷大部分来自于非正式的部门,比如朋友,亲戚,而大型企业则主要通过银行获取资金。中小型企业和大型企业的这种不平等的融资渠道,已经严重影响了小规模企业在非洲国家经济发展中的作用。
许多非洲的中小企业常常抱怨缺乏正式的信贷融资渠道。缺乏融资渠道的原因包括正式的银行系统不够深化、缺乏贷款记录、因公有部门贷款而遭受排挤、选择性的借贷来建立与银行机构的联系,担保要求高,资金成本全部按额分配,很大一部分企业没有自己的审计账目,这使得贷款人很难评估它们的信誉。另外一些人则认为本土公司处于特别的不利地位。很明显,在非洲许多国家,融资企业的等级受到极大的关注。大多数的公司利用内源性融资来运营,这意味着它们融资的渠道可能存在问题。
在非洲,由于企业的所有制性质的不同,大量的金融资源分配给了效率最低的企业(国有企业),而效率最高的企业(私有企业)分配的资源远远不够。尽管民营企业是经济增长的引擎,但是在获得外部资金、产权保护、税收以及市场机遇方面,私营企业是被排斥的。
在过去的几年里,非洲金融系统见证了经济的适度成长。经过1990年的一些自由主义的改革,在大多数的非洲国家中,普遍形成了改进金融效率、改善金融服务有效性将促进金融系统更好发展的共识。非洲国家努力废除被视为阻碍银行竞争力发展的政策,希望通过实施银行自由发展的道路以支持金融体系的快速成长。在过去的几年里,许多非洲国家的金融市场发展得到了极大的改善。非洲私营企业需要法律来确保企业单位的创造,合同的执行,私人所有制,财产权,以及一种公平的、强制的税收制度和货币的可兑换性。然而,保证银行自由发展带来的是金融环境发生的较大变化,非洲国家在任何时候都缺乏两个参数。中小型企业特别容易受到环境波动的影响。由于全球化、贸易保护主义的财政安排和贸易安排、其它的如包括竞争在内的有关问题,风险涉及到给中小型企业提供的金融产品和服务。这包括商业技能的不足：当小企业主开始熟悉他们经营的技术领域比如菠萝种植,汽车修理,或编织等时,他们通常缺乏经营企业的才能和经验。但这些才能,如管理方面的流动资金管理,基础会计,信息技术,销售和市场等往往决定着企业的生存。很多中小型企业缺乏可靠的财务信息来确保金融机构的正确评估和风险防范。这些公司规模偏小,最终意味着他们的资本额低,导致了相对于其业务规模的高昂的交易成本。在非洲国家,因为许多中小企业都只有少量的资产可以作为抵押,导致此类困境不断扩大。
同时,政府对金融部门的相关政策也显著影响着中小企业小额信贷的发展。在过去,对于金融政策,普遍的观念就是紧急控制银行部门,调整贷款和存款的利率,在某些情况下,甚至也控制贷款的数额。有些国家也尝试着通过严格管理法定准备金,以及信贷机构的资产债务比率、资本充足率等来监管银行的流动资产。在有些国家,当涉及贷款较大时,对银行从借款人那里收取的抵押品等也有着法律上的要求。所有这些制度和规定都限制了金融部门发放中小企业的小额信贷。贷款机构可以自由设定更高的利率来支付进行小额贷款甚至无担保贷款时所产生的交易成本。于是,为发放此类贷款以收取更多利益,并找到管理办法降低小额信贷所产生的交易成本,是任何银行机构努力的方向。
在非洲,中小企业许多方面均不同于大企业。中小企业的所有者通常是主要的业主,它们很少有机会进入资本市场。而且,在信息获取方面,中小企业相对同行也存在很多劣势。创建新公司可能也是成功企业适应不断变化的市场机遇的手段。许多企业都能够把内部产生的资金转移出去,因为外部融资在促进这一过渡时,起到的作用是有限的。
在非洲,财务支持系统包括企业融资可利用的所有外部资源。金融服务的范围和质量在不断变化,主要取决于运作良好的银行体系的存在,复杂的金融市场,以及专门为大部分需求者提供金融服务的非正式中介代理的实用性。内部的资金来源和家人朋友的供给尽管不是一个国家财务支持系统的一部分,但在非洲,它们形成了企业融资的主要来源。当企业需要融资时,需要衡量它的可信度,只有可信度高的中小企业,正式的融资才相对容易,尽管来自于内部资源的非正式融资依然占主导地位。除了自我融资,从供应商那里收到的信贷似乎在非洲国家的中小企业里也是融资的重要手段。这种类型的信贷往往是和贸易商或老板以优惠的价格进行销售联系在一起的。最近由世界银行确认的一项调查显示,每个国家和地区的大公司通常有更多的机会获得银行信贷,包括本地和外地公司,但不包括小公司,后者严重依赖内部资金和留存收益。
和中国类似,在非洲,中小企业信贷具有小额、紧急、频繁的特点。对银行而言,这种信贷管理成本比贷款给大企业的成本要高得多。中小企业贷款的小规模使得银行对它们的监督费用相对昂贵。大银行更喜欢和大企业发生业务往来。中小型银行对其区域内的中小型企业更为熟悉,倾向于给信誉良好的中小企业发放贷款,但这些中小型银行的自由资金比较少,竞争力很弱。中小企业由于存在管理不善、复杂而又相关联的交易,不透明的账目以及微弱的抗风险能力等特点,加剧了它们难以从银行获得贷款的困境。由于信息不对称,交易和控制成本高,银行不愿意贷款给它们。银行在降低新的不良存款努力时,往往降低了中小型企业获得贷款的机会。就银行信贷而言,由中央或地方政府所支持的相对较大的国营企业存在隐形担保,所以能够获得大笔贷款。对于中小型企业来说,缺乏担保是它们从银行那里获取贷款的主要困境。改善中小型企业在扩张时的融资状况已经成为了政府一个主要关心的问题。事实上,许多国家中央政府已经采取了许多措施来改善信贷流程。除了督促银行积极进入市场外,政府也在积极促进对小型企业的信贷担保方案的建立。此外,还有少数的中小型企业互助担保基金和私营部门投资的商业性担保公司,这两种形式都早于政府信贷担保机构的建立。
银行试图采取一系列的方式方法来区分不同类别的公司。有的使用债务规模,资金偿付率,以及是否具有坚实的债券评级的方式来区别公司；或同时使用定量和定性数据来区别公司。有些是根据公司是否以银行为基础或以市场为基础的运作体系来区分；或者使用财政约束指标来区分,它考虑到一系列的因素,如公司的流动性,影响力,盈利能力以及成长性。还有的是通过员工的数量来区分大公司和小公司。然而,所有这些方式所共有的特点是它们尝试着对只在有机会接近资本市场的公司来区分。非洲许多中小企业的经营业绩之所以比较差,商业环境是最大的嫌疑。和中国类似,改善非洲的投资环境已经被看成是一项优先政策。在非洲,公司管理者们认为主要的约束条件是融资,其次是腐败,基础建设和通货膨胀。
在非洲,中小型企业面临许多障碍。在小额信贷、捐赠者、政策制定者和实践者方面面临一系列的挑战,包括：扩大服务范围,认识到小额信贷不是灵丹妙药,但可以帮助减少贫困,承认小企业更需要金融帮助,小额信贷对小型企业的融资是唯一奏效的,它是启动和扩大这些基本经济活动的关键。在中小型企业领域,小企业获得融资的障碍通常包括：金融机构只提供小额贷款,而不是给少数企业提供大额贷款,这使得交易成本高；借款人由于缺乏信贷记录,缺乏足够的抵押品,创业能力以及和市场约束相联系的偿还能力的不确定性,缺乏法律制度以防贷款拖欠等等存在风险；满足银行要求的投资项目不充分；金融机构的弱点较多；宏观经济的不稳定和政策倾向,如在利率管制方面,大型国有企业有优惠待遇；由于文化障碍、地域偏僻等等所产生的困境。在非金融援助方面,也存在着许多挑战,以帮助金融中介机构为中小型企业提供更有效的金融服务：金融中介机构与其建立自己的企业发展服务,还不如更有效地建立它们与企业发展服务提供者的联系；企业发展服务提供者必须意识到他们各自的作用,不同于金融机构；中小型企业必须从广大范围内寻求可行的、企业发展服务提供者的来源；对于企业发展服务,必须有一种公认的付款方式。
和中国类似,非洲中小企业面临的问题多种多样：中小企业往往无法进入全球市场；在日益开放、竞争激烈的国内市场中,它们的业绩也是有限的；中小企业无法利用市场机遇；中小企业是在压力下创新,为了参与国际市场,它们只有提升运作能力；中小企业特别是小企业和私营企业,没有或很少有可靠的抵押品,因为它们大多数都是以家庭为中心或小企业的形式而建立的；中小企业的企业管理水平和管理技巧较低。
本论文的研究主要有两个方面的贡献。第一,对于公司融资障碍的感知水平,通过使用相关调查数据,避免从公司的财务报表来不完善地推断公司的融资约束。这使我们可以测试在过去文献中区分有金融约束和无金融约束公司的有效性,这样可以更准确地评估融资障碍的决定因素。第二,由于论文研究所选数据库来自于世界商业环境调查(WBES),其中包含非洲许多国家在不同的体制发展水平下的不同规模的公司,总计包括16个非洲国家的1559个公司样本。由于融资约束因素是一个多分类的自然序列因变量,本文应用的模型主要是有序probit模型估计的回归模型,假定扰动参数项具有正常的分配以及使用标准的最大似然估计。论文根据有关模型,基于公司层面数据,对影响企业融资的约束因素进行了定量评估,其结论有助于我们更好地理解非洲中小企业的企业属性对企业融资障碍的影响。
WBES数据库包含有详细的企业层面的公司运营体制环境质量方面的数据。世界银行已经开展了大量的企业水平调查,其意图是度量“商业环境”或“投资环境”的质量。该调查的主要目的是为了确定公司的业绩以及其在全球增长的障碍。因此,该调查包含了大量有关融资障碍的特性和障碍程度等方面的信息,如基础设施、犯罪、宏观经济政策、贪污腐败、法律制度的不足和融资障碍等。该数据库还拥有企业特征方面的信息,如企业所有权、销售额、雇佣员工数和业绩增长情况等指标。该数据库的数据还能表明公司是否是跨国企业。
我们由此可以更准确地判定企业融资障碍的最重要因素。在我们的研究当中,所研究的每一个公司特征都在文中详细说明。首先,我们探讨规模或所有权性质对融资障碍的影响。结果表明,小公司在融资问题上受到更多的约束。无论企业是小型,中型还是大型,我们通过虚拟变量指标来衡量企业的规模。外资企业更容易获得外部融资的国际资源,因此它们的融资障碍较低。政府所有的企业也因存在隐性担保融资障碍较低,因为在许多国家,它们可从政府获得直接的财政支持,而且,它们在政府所有的金融机构面前也能获得优惠待遇。
随着全球经济一体化趋势的加强,以及经济改革和自由化在非洲生根,非洲本土的中小型企业也不得不建立联盟,以便生存和有效地竞争。本文研究表明：通过建立联盟和聚集,可提高中小企业竞争力,在成长中与大企业合作。通过合作,企业可以获得集合效应所带来的好处,使它们能够与更大的企业相联系,开拓国际国内市场。其成功的关键在于建立一个以客户为导向的互相支持的机制,通过不断完善来确保其持续性。概括的说,区分行业的三个主要联系方式是：联盟,群集和联合。它们之间的区别并不非常清晰,但并不应该意味着一种联系类型的存在将会妨碍其它类型。实际上,它们可以在各个行业、生产部门以及国家之间共同存在并相互联系。
由于该数据库省略了国家特征,可能导致那些与国家特征密切相关的企业在计算和度量上出现误差,因此,我们设计了集群误差项的。在相关模型中,我们探讨的是财政、体制以及经济发展水平是否能够有助于缓解融资障碍,用国家水平这一变量来替代有关国家特征的假设。各项统计数据表明,企业融资障碍与企业的特征显著相关。
我们的研究结果显示,非洲小企业的融资障碍明显要高于中型和大型企业,国内企业面临着的障碍比国外厂商的要大,这是比较一致的。研究结果还表明,根据企业规模和所有权结构(国外和国内所有权)对企业进行排序从而来度量融资障碍的影响因素是比较合理的一种分类方式。这也表明,在规模和所有权基础上进行的分类在度量融资约束的存在上非常有用。
The potential of SMEs in promoting economic growth in both developed and developing countries is widely accepted and documented by both scholars and policy makers. It is therefore important to study how they finance themselves, as this may have a direct impact on the overall growth rate of the economy. A firm can choose whether to finance its activities with equity, debt, or both. An optimal capital structure is that mix of internal and external finance that optimizes the value of a firm. Therefore, the question of how to finance or equivalently from where to borrow becomes a crucial decision
However, SME sector is constraints by a number of factors which include among others difficulty in accessing credit. Lack of access to sufficient financing for SMEs, especially in African countries, has been identified as a major bottleneck in realizing this potential. Bank credit is one of the major ways of addressing the challenge of inadeauate funding that exists in the SME sector.
The objectives of the study are to evaluate the financing policies of African SMEs: to discuss factors which limit African SMEs access to credit from the formal hanking system; to identify which types of credit are easily obtainable to African SMEs;to distinguish between financially constrained and unconstrained firms:to assess the determinants of financing obstacles; to determine more precisely the most important firm-level predictors of financing obstacles; and to make relevant policy recommendations to enhance the financing of African SMEs.
The research is conducted with a survey dataset on a sample of 1559 firms from 16 African countries taken from the World Business Environment Survey (WBES). Given that Financing Obstacle is a polychotomous dependent variable with a natural order, we use the ordered probit model to estimate all the regression models. We assume that the disturbance parameter has normal distribution and use standard maximum likelihood estimation.
We find that, size and ownership predict financing obstacles best; smaller and domestic firms report higher obstacles; categorizing firms by their size and ownership is therefore most useful when considering the effect of financial and institutional development on firms'financing obstacles; some of the a priori classifications used in the literature to distinguish between financially constrained and unconstrained firms are more useful than others; given the limitations of existing methods to estimate financing constraints directly from firm-level data, our results based on survey data are an important contribution in improving our understanding of which firm attributes.predict best firms'financing obstacles.
引文
Abel, A. (1980), "Empirical Investment Equations:An Integrative Framework", in: K. Brunner and A. Meltzer (eds.), On the State of Macroeconomics, Carnegie-Rochester Conference Series 12, pp.39-93.
African Development Bank (1997). Private Sector Development in Africa. Collection of papers from the ADB 1997 Annual Meetings Symposium, Abidjan
Adenikinju, A.F. (2005). Productivity Performance in Developing Countries: Country Case Studies, Nigeria. United Nations Industrial Development Organisation.
Aes, Z., Morek, R., and Young, B. (1999) "Productivity Growth and Size Distribution". In Acs Zoltan, Bo Carlson, and Charlie Karlsson, edt., Entrepreneurship, Small and Medium-Sized Enterprises, and Macro economy. Cambridge:University Press.
All-China Federation of Industry and Commerce (2002). \Report on SMEs in China". Internal report, ACFIC. (in Chinese)
Allen, F., J. Qian, and M. Qian,2005, "Law, Finance, and Economic Growth in China", Journal of Financial Economics,77,57-116.
Anderson, T.W. and Hsiao. C (1982): 《Formulation and Estimation of Dynamic Models Using Panel Data》 Journal of Econometrics,18,47-82.
Anderson D., "Small Industries In Developing Countries:A Discussion Of Issues", World Development 10(11, November),913-48,1982.
Ang, J. (1991),'Small Business Uniqueness and The Theory of Financial Management', Journal of Small Business Finance 1(1), pp1-13.
Ang J.S. and Jung, M (1993), "An Alternate Test of Myers'Pecking Order Theory of Capital Structure; The case of South Korean Firms," Pacific-Basin Finance Journal 1(1) pp31-46.
Arellano, M. and S. Bond (1991), "Some Tests of Specification for Panel data: Monte Carlo Evidence and an Application to Employment equations," Review of Economic Studies,58, pp 277-97.
Asian Development Bank, (2002), Development of SME Financing Support System, Final Report Asian Development Bank TA 3534-PRC, Manila, Asian Development Bank.
Aryeetey, E.1994. Financial Integration and Development in Sub-Saharan Africa: A Study of Informal Finance in Ghana, Overseas Development Institute, Working Paper 78, London.
Aryeetey, E. and F. Gockel 1991. Mobilizing Domestic Resources for Capital Formation in Sub-Saharan Africa:A Study of Informal Finance in Ghana, Research Paper 3, African Economic Research Consortium, Nairobi
Attali, J., Planet Finance:A New Approach to the Challenge of World Poverty, Declaration in Aspen, December 1997
Avirgan, T., Bivens, L.J. and S. Gammage (eds.) (2005) Good Jobs, Bad Jobs, No Jobs Labor Markets and Informal Work in Egypt, El Salvador, India, Russia, and South Africa. Economic Policy Institute, Washington.
Ayyagari, Meghana, Ash Demirguc-Kunt and Vojislav Maksimovic,2006. "How Important Are Financing Constraints? The Role of Finance in the Business Environment." World Bank Policy Research Working Paper 3820.
Bagachwa, M.S.D.1994. Financial Integration and Development in Sub-Saharan Africa:A Study of Informal Finance in Tanzania, Working Paper 79, Overseas Development Institute, London.
Basu, S., Markov, S. & Shivakumar, L.2005. "Do Financial Analysts Suffer from Inflation Illusion?", Available at SSRN:http://ssrn.com/abstract=667322
Batra, G., D. Kaufmann and A. H. W. Stone (2003), Investment Climate Around the World:Voices of the Firms from the World Business Environment Survey. Washington D.C.:The World Bank.
Beck, T., A. Demirguc-Kunt, and V. Maksimovic (2004), "Financial and Legal Constraints to Firm Growth:Does Size Matter?", Journal of Finance, forthcoming.
Beck, T., A. Demirguc-Kunt, L. Laeven, and R. Levine (2008).'Finance, Firm Size, and Growth'. World Bank.
Beck, T. and A. Demirguc-Kunt. (2006) "Small and Medium-size Enterprises: Access to Finance as a Growth Constant." Journal of Banking and Finance 30 (2006): 2931-2943.
Becker, K.F. (2004) "The Informal Economy", SIDA Report-March 2004.
Benito, A. (2003), "The Capital Structure Decisions of Firms:Is There A Pecking Order?" Bank of Spain, Document 0310
Berens J.L and C.J. Cuny (1995), "The Capital Structure Puzzle Revisited," The Review of Financial Studies,8(4) pp185-1208.
Berger, A.N. and Udell, G.F. (1998). The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance,22,613-673.
Berger, Allen N. & Gregory F. Udell (1995). \Relationship Lending and Lines of Credit in Small Firm Finance". Journal of Business 68(3) (July):351{81
Bernanke, Ben S., and Mark Gertler (1989). "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, vol.79 (March), pp.14-31.
Bernstein, Thomas P. & Xiaobo Liu (2003). Taxation without Representation in Contemporary Rural China. Cambridge Modern China. Cambridge, England:Cambridge University Press
Bigsten A. et al,2000. "Credit Constraints in Manufacturing Enterprises in Africa." CSAE WPS/2000-24. Centre for the Study of African Economies, University of Oxford, Department of Economics, Oxford, United Kingdom.
Bigsten A. et al,1999. "Contract Flexibility and Dispute Resolution in African Manufacturing." CSAE WPS/99-20. Centre for the Study of African Economies, University of Oxford, Department of Economics, Oxford, United Kingdom.
Bond, S. and C. Meghir, (1994) "Dynamic Investment Models and the Firm's Financial Policy", Review of Economic Studies, vol.61, April, pp.147-222.
Bond S., Harhoff D., Van Reenen J. (1999), "Investment, R&D, and Financial Constraints in Britain and in Germany", IFS working paper, n°99/5.
Boyreau-Debray G. and S.-J. Wei,2005, "Pitfalls of a State-dominated Financial System:The Case of China" NBER Working Paper 11214.
Brander, J. A. and T.R. Lewis (1986), "Oligopoly and Financial Structure:The Limited Effect," American Economic Review,76, pp 956-970.
Braude, W. (2005) "South Africa:bringing informal workers into the regulated sphere, overcoming Apartheid's legacy," in Avirgan et al. (eds.) (2005).
Brennan, M. and A. Kraus (1987), "Efficient Financing under Asymmetric Information," Journal of Finance,42, pp 1225-1243.
Btesh, I., Multi Credit Bank, Panama, Lecture at FIPED course, Harvard Institute for International Development, August 1998
Byoun, S. and Rhim, Jong C. (2003), "Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure," Proceedings of the Midwest Business Economics Association.
Carpenter R.E and A. Guariglia (2003),"Cash Flow, Investment and Investment Opportunities:New Tests using UK panel Data," Unpublished.
Cassar, G. and Holmes S. (2003), Capital structure and financing of SMEs: Australian evidence, Journal of Accounting and Finance 43 (2003) 123-147
Castells, Manuel and Alejandro Portes (1989).'World Underneath:The Origins, Dynamics, and Effects of the Informal Economy'. In Alejandro Portes, Manuel Castells and Lauren A. Benton (eds), The Informal Economy:Studies in Advanced and Less Advanced Developed Countries. Baltimore:Johns Hopkins University Press.
CBRC,2005, "SME Finance in China" (November), CBRC, Beijing, China.
CBRC,2006, "2006 Annual Report," CBRC, Beijing, China,
Cetorelli, N., and P. E. Strahan (2006).'Finance as a Barrier to Entry:Bank Competition and Industry Structure in Local US Markets'. Journal of Finance,61(1): 437-61.
Charmes, J. (1998a) "Women working in the informal sector in Africa:new methods and new data," Paper prepared for the UN Statistics Division, the Gender in Development Programme of UNDP, and the project " Women in Informal Employment:Globalizing and Organizing "
Charmes, J. (1998b) "Street vendors in Africa:data and methods," Paper prepared for the UN Statistics Division, the Gender in Development Programme of UNDP, and the project "Women in Informal Employment:Globalizing and Organizing"
Chen, M.A. (2001) "Women in the informal sector:a global picture, the global movement", SAIS Review, Winter-Spring 2001
Chen, Martha Alter, Jennefer Sebstad and Leslie O'Connell (1999).'Counting the Invisible Workforce:The Case of Homebased Workers'. World Development,27 (3): 603-610.
Chen, J. Jean,2004. Determinants of capital structure of Chinese-listed companies Journal of Business Research,57,1341-1351.
China Development Brief online publication,2007, Beijing, China, March 16,2007, http://www.chinadevelopmentbrief.com/node/1029
China International Cooperation Association of Small and Medium Enterprises (2006). Yearbook of China Small and Medium Enterprises,2006. Beijing, China: CICASME
Chipeta, C. and M.L.C. Mkandawire.1996. Financial Integration and Development in Sub-Saharan Africa:Case Study of Informal Finance Sector in Malawi, Overseas Development Institute, Working Paper 85, London.
Chirinko, R. and A. Singha (2000), "Testing Static Tradeoff against Pecking Order Models of Capital Structure:A Critical Comment," Journal of Financial Economics,65, pp337-363.
Cleary, S.1999. "The Relationship Between Firm Investment and Financial Status." Journal of Finance 54(2):673-92.
Collier, P. and J.W. Gunning (1999), "Explaining Africa's Economic Performance," Journal of Economic Literature 37:64-111.
Committee of Donor Agencies for Small Enterprise Development, (1995). Micro and Small Enterprise Finance:Guiding Principles to Selecting and Supporting Intermediaries. Washington
Constantinides, G. M. and B. D. Grundy B. D, (1989), "Optimal Investment with Stock Repurchase and Financing as Signals," The Review of Financial Studies,2, pp 445-466.
Cull, R., and L. C. Xu (2003).'Who Gets Credit? The Behavior of Bureaucrats and State Banks in Allocating Credit to Chinese State-Owned Enterprises'. Journal of Development Economics,71(2):533-59.
Davis, S. J., Haltiwanger, J., and Schuh, S. (1993) "Small Business and Job Creation: Dissecting the Myth and Reassessing the Facts". National Bureau of Economic Research, Working Paper No.4492, October.
Dawson J, "Small -Scale Industry Development In Ghana-A Case Study On Kumasi", ODA, London,1988.
Dawson, J. and Jeans, A., (1997). Looking Beyond Credit:Business Development Services and the Promotion of Innovation Among Small Producers. Intermediate Technology Publications, London.
De Haan, L. and J. Hinloopen (2003), "Preference Hierarchies for Internal Finance, Bank Loans, Bond and Shares Issues:evidence for Dutch Firms," Journal of Empirical Finance,10,(5) pp 661-681.
De Soto, H (1989). The Other Path:The Economic Answer to Terrorism. New York: HarperCollins.
Demirguc-Kunt, A. and V. Maksimovic (1998), "Law, Finance, and Firm Growth" Journal of Finance 53,2107-2137.
Diamond, D.W. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies,51,393-414.
Ekpenyong, D. B. (1997) "The Role of Institutions in Promoting Entrepreneurship and Small Business in Developing Economy:Lessons of Experience." In Fadahunsi Olu and Tunji Daodu edts., Small and Medium Enterprises Development:Policies, Programmes and Prospects. West African Management Development Institutes Network (WAMDEVN):pp 38-52
El Mahdi, Alia and Mona Amer (2005):'Egypt:Growing Informality,1990-2003' in Avirgan et al (eds), Good Jobs, Bad Jobs, and No Jobs:Labour Markets and Informal Work in Egypt, El Salvador, India, Russia and South Africa, Economic Policy Institute, Washington DC
Emery, James in Van de Walle, Ball, and Ramachandran, eds.2003. Beyond Structural Adjustment:the Institutional Context of African Development, Palgrave Macmillan.
Fadahunsi, O. (1997) "The Challenge of Promoting Entrepreneurship and Small Business:The Common Wealth Experience." In Fadahunsi Olu and Tunji Daodu edts., Small and Medium Enterprises Development:Policies, Programmes and Prospects. West African Management Development Institutes Network (WAMDEVN):pp 170-186.
Fafchamps, M. and R. Oostendorp (1999), "Investment," in J.W. Gunning and R. Oostendorp (eds.):Industrial Change in Africa:Micro Evidence on Zimbabwean Firms under Structural Adjustment. London:Macmillan.
Fama, Eugene F. and Kenneth R. French,2003, Financing decisions:Who issues stock?, Working Paper, University of Chicago
Fama, E. F. and K. R. French (2002), "Testing the Tradeoff and Pecking Order Predictions about Dividends and Debt," Review of Financial Studies,15 ppl-33.
Fama, E. F., and M.H. Miller (1972), "The Theory of Finance," New York:Holt, Rinehart & Winston.
Fazzari, S., G. Hubbard and B. Petersen (1988), "Financing Constraints and Corporate Investment", Brookings Papers on Economic Activity 1,141-95.
Fisher, B., The basic problem in financing small business, in:Brugger, E. A., and Rajapatirana, S., New Perspectives on Financing Small Business in Developing Countries, Institute for Contemporary Studies,1995
Fox, J. W., The Venture Capital Mirage, Assessing USAID Experience with Equity Investment, USAID Program and Operations Assessment Report No.17,1996
Frank, M. Z. and V.K Goyal (2002), "Testing the Pecking Order Theory of Capital Structure," Journal of Financial Economics,67, pp217-248.
Gelb, Alan, Vijaya Ramachandran, Manju Kedia Shah and Ginger Turner, (2007) "What Matters to African Firms? The Relevance of Perceptions Data". World Bank Policy Research Working Paper No.4446.
Germidis, D., D. Kessler, and R. Meghir (1991). Financial Systems and Development:What Role for the Formal and Informal Financial Sectors? Paris:OECD.
Graham, J.,1996, Debt and Marginal Tax Rate, Journal of Financial Economics,41, 41-73.
Graham, J.R. (2000), "How big are the Tax benefits of Debt?" Journal of Finance 55, pp1901-1941.
Guang Ming Daily, Feb.29,2008
Hallberg, K. (1999) "A Market Oriented Strategy for Small and Medium Scale Enterprises". IFC Discussion Paper No.40, The World Bank, Washington D.C.
Halov, N and F. Heider (2004), "Capital Structure, Risk and Asymmetric Information," EFA 2004 Maastricht, Available at SSRN:http://ssrn.com/abstract=566443
Haltiwanger, J. (1999) "Job Creation and Destruction:Cyclical Dynamics". In Acs Zoltan, Bo Carlson, and Charlie Karlson, eds., Entrepreneurship, Small and Medium-Sized Enterprises, and the Macro-Economy. New York:Cambridge University Press.
Hamilton, Robert T. & Mark A. Fox (1998).\The Financing Preferences of Small Firm Owners". International Journal of Entrepreneurial Behavior & Research 4(3) (December):239{248
Harris, M. and Raviv, A. (1990), "Capital Structure and the Informational Role of Debt," Journal of Finance, Vol.45, pp.321-349.
Harris, M. and Raviv, A. (1991), "The Theory of Capital Structure," Journal of Finance, Vol.49, pp.297-355.
Harrison, A. and M McMillan (2003), "Does Direct Foreign Investment Affect Domestic Firm Credit Constraints?", Journal of International Economics 61(1),73-100.
Hart, K. (1973).'Informal Income Opportunities and Urban Employment in Ghana'. Journal of Modern African Studies,11 (1):61-89.
Hayashi, F. (1982), "Tobin's Marginal q and Average q:A Neoclassical Interpretation", Econometrica 50(1),213-224.
Heilmann, S. (2002).'The Chinese Stock Market-Pitfalls of Policy-driven Market'. Center for East Asian and Pacific Studies, Trier University.
Hennessy, C., and T. M. Whited,2004, Beyond investment-cash flow sensitivities: using indirect inference to estimate costs of external funds, Working paper, University of Wisconsin
Hirshleifer, D. and Thakor, A.V., (1989), "Managerial Reputation, Project Choice and Debt", Anderson Graduate School of Management at UCLA:CA, USA., mimeo.
Holmes, S. and Kent, P., (1991), "An Empirical Analysis of the Financial Structure of Small and Large Australian Manufacturing Enterprises", Journal of Small Business Finance,1 (2), pp141-154.
Hubbard, G.R., (1998), "Capital-Market Imperfections and Investment", Journal of Economic Literature, March, ⅩⅩⅩⅥ(1), pp.193-238.
International Finance Corporation (2002).\Review of Small Business Activities". Report, World Bank
International Finance Corporation (2006).\Micro, Small, and Medium Enterprises: A Collection of Published Data". Database, World Bank
International Labour Office (1972). Employment, Incomes and Equality:A Strategy for Increasing Productive Employment in Kenya. Geneva:International Labour Office.
International Labour Office (2002a). Decent Work and the Informal Economy: Report Ⅵ, International Labour Conference,92nd Session. Geneva:International Labour
International Labour Office (2002b). Women and Men in the Informal Economy:A Statistical Picture. Geneva:International Labour Office.
International Labour Office (2002c).'ILO Compendium of Official Statistics on Employment in the Informal Sector'. STAT Working Paper 2002, No 1, Geneva.
International Monetary Fund (IMF) Website:www.imf.org/
Jalilvand, A. and Harris R.S (1984),'Corporate behavior in adjusting to capital structure and dividend targets:an econometric study,'Journal of Finance 39, pp 127-145.
Jensen, M.C. (1986), "Agency Costs of Free Cash Flow, Corporate Finance and Take-overs", American Economic Review, Vol.76, pp.323-339.
Jensen, M.C. and Meckling, W.H. (1976), "Theory of the Firm:Managerial Behaviour, Agency Costs and Ownership Structure", Journal of Financial Economics, Vol.3, pp.305-360.
Kaplan, S. and L. Zingales (1997), "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?", Quarterly Journal of Economics 112,169-215.
Kaplan, S. and L. Zingales (2000), "Investment-Cash Flow Sensitivities Are Not Valid Measures of Financing Constraints", Quarterly Journal of Economics 115,707-712.
Hoshi, T., A.Kashyap and D.Scharfstein (1991), "Corporate Structure, Liquidity and Investment:Evidence from Japanese Panel Data, Quarterly Journal of Economics, vol.106, no.1, pp.33-60.
Kilby, Peter, "Breakjing The Entrepreneurial Bottleneck In Late-Developing Countries:Is There A Useful Role For Government?" Journal Of Development Planning, 18:221-49,1988.
Krasker, W.S. (1986), "Stock Price Movements in Response to Stock Issue under Asymmetric Information," Journal of Finance 41(1), pp93-105.
Leary, M. and M. Roberts (2004), "Do Firms Rebalance their Capital Structures?" mimeo, Fuqua School of Business, Duke University.
Leland, H. and D. Pyle (1977),'Information Asymmetries, Financial Structure, & Financial Intermediation', Journal of Finance, pp371-388.
Levitsky, J., Best Practice in Credit Guarantee Schemes, in:SME Credit Guarantee Schemes, Special Issue of The Financier published for The Inter-American Development Bank, Vol.4., No.1 & 2, February/May 1997
Levy, B., Berry, A. and Nugent, J., (1999). Fulfilling the Export Potential of Small and Medium Firms. Kluwer Academic Publishers, Massachusetts.
Li Jian Jun, (2006), China's underground finance survey, Shanghai, Shanghai People's Publishing House.
Liedholm, C. and Mead, D., (1999). Small Enterprise and Economic Development. The Dynamics of Micro and Small Enterprises. Routledge, London.
Little,I. M., Mazundar, D. and Page, J. M. (1987) "Small Manufacturing Enterprises: A Comparative Analysis of India and other Economies." New York:Oxford University Press.
Love, I. (2003), "Financial Development and Financing Constraints:International Evidence from the Structural Investment Model", Review of Financial Studies 16(3), 765-791.
MacKie-Mason, J. K. (1990), "Do taxes affect corporate financing decisions?" Journal of Finance,45, pp.1471-1493.
Maksimovic, V., A. Demirguc-Kunt, and M. Ayyagari (2008).'Formal Versus Informal Finance:Evidence from China'. World Bank Policy Research Working Paper 4465. Available at SSRN:http://ssrn.com/abstract=1080690.
Marsh, P. (1982), "The Choice between Equity and Debt:An empirical Study," Journal of Finance,37, ppl 21-144.
Mayer, C. and O. Sussman (2004), "A New Test of Capital Structure" AFA 2005 Philadelphia Meetings. Available at SSRN:http://ssrn.com/abstract=643388.
Mazumdar, D. and A. Mazaheri (2003), The African Manufacturing Firm. London: Routledge.
McKenzie, David, and Christopher Woodruff.2008. "Experimental Evidence on Returns to Capital and Access to Finance in Mexico." World Bank Economic Review Mead, D. and Liedholm, C., (1998).'The Dynamics of Micro and Small Enterprises in Developing Countries', World Development,26,1, pp.61-74.
Michaelas, N., F. Chittenden, and P. Poutziouris (1999), Financial policy and capital structure Choice in U.K. SMEs:Empirical Evidence from Company Panel Data, Small Business Economics,12,113-130
Miguel, A and J. Pindado (2001), "Determinants of Capital Structure:New evidence From Spanish Panel Data," Journal of Corporate Finance,7, pp77-99.
Minton, B. A. and K.H. Wruck (2001), "Financial Conservatism:Evidence on Capital Structure from Low Leverage Firms" AFA 2002 Atlanta; Dice Ctr. Working Paper No.2001-6. Available at SSRN:http://ssrn.com/abstract=269608
Modigliani, F. and Miller, M.H. (1958), "The Cost of Capital, Corporation Finance and the Theory of Investment", American Economic Review,48, pp.261-297.
Molnar Margit and Tanaka Kensuke, (2007), What is different about monitoring by informal financial institutions? International Conference "Opening and Innovation on Financial Emerging Markets", Beijing.
Moser, Caroline N. (1978).'Informal Sector or Petty Commodity Production: Dualism or Independence in Urban Development'. World Development,6:1041-1064.
Myers, S.C. (1984), "The Capital Structure Puzzle", Journal of Finance, Vol.34, pp. 575-592.
Myers, S. C. (2001), "Capital Structure," Journal of Economic Perspectives,15 pp81-102.
Myers, S.C. and Majluf, N.S. (1984), "Corporate Financing and Investment Decisions when Firms have Information that Investors do not have", Journal of Financial Economics, Vol.13, pp.187-221.
Narayanan, M. P. (1990), "Debt versus Equity under Asymmetric information," Journal of Financial and Quantitative Analysis,23 pp39-51.
Nasar, S. (1994) "Myth:Small Business as Job Engine." The New York Times, March 25.
Nissanke, M. and E. Aryeetey 1998. Financial Integration and Development, Liberalization and Reform in Sub-Saharan Africa, ODI and Routledge, London.
Noe, T. (1988), "Capital Structure and Signalling game Equilibria," Review of Financial Studies,1, pp331-359.
OECD, (2005), Economic Surveys:China, Paris, OECD.
Ozer, B. and S. Yamak (2000), "Self-sustaining Pattern of finance in Small Businesses:evidence from Turkey," International Journal of Hospitality Management,19 (3)pp261-273.
Panno, A. (2003), "An Empirical Investigation on the Determinants of Capital Structure:the UK and Italian experience," Applied Financial Economics,13, pp97-112.
Pissarides, F., M. Singer and J. Svejnar (2003), "Objectives and Constraints of Entrepreneurs:Evidence from Small and Medium Size Enterprises in Russia and Bulgaria", Journal of Comparative Economics, September, Vol.31, No.3,503-531.
Povel, P. and M. Raith (2002), "Optimal Investment Under Financial Constraints: the Roles of Internal Funds and Asymmetric Information", mimeo, Universities of Minnesota and Rochester, July 2002.
Rahman M. and Bhattacharya, D. (1999).'Female Employment Under Export Propelled Industrialization:Prospects for Internalizing Global Opportunities in the Apparel Sector in Bangladesh'. Occasional Paper No.10, Geneva:United Nations Research Institute for Social Development.
Raturi, M. and A.V. Swamy (1999), "Explaining Ethnic Differentials in Credit Market Outcomes in Zimbabwe", Economic Development and Cultural Change, pp.585-604.
Reinikka, R. and J. Svensson (2001), "Confronting Competition:Investment, Profit, and Risk," chapter 7 in Reinikka and Collier (eds.) Uganda's Recovery. Washington D.C.: The World Bank.
Robinson, M., The Paradigm Shift in Micro-finance-A Perspective from HIID, Development Discussion Paper No.510, May 1995
Romano, C. A., G.A Tanewski and K. X. Smyrnois (2001), "Capital Structure Decision Making:A Model for Family Business," Journal of Business Venturing,16 (3) pp 285-310.
Ross. S. (1977), "The Determination of Financial Structures:An Incentive Signalling Approach", Bell Journal of Economics, Vol.8, No.1, pp.23-40.
Sacerdoti, E. (2005) "Access to Bank Credit in Sub-Saharan Africa:Key Issues and Reform Strategies". International Monetary fund (IMF) Working Paper WP/05/166, August.
Saito, Katrine Anderson & Delano P. Villanueva (1981). \Transaction Costs of Credit to the Small-Scale Sector in the Philippines". Economic Development and Cultural Change 29(3) (April):631{40
Schiffer, M. and B. Weder (2001), "Firm Size and the Business Environment: Worldwide Survey Results", Discussion Paper No.43, International Finance Corporation, Washington, D.C., August 2001.
Schneider, F. (2002) "Size and measurement of the informal economy in 110 countries around the world", Paper presented at the Workshop of Australian National Tax Centre, ANU, Canberra, Australia, July 17,2002.
Sethuraman, S. V. (1976).'The Urban Informal Sector:Concept, Measurement and Policy'. International Labour Review,114 (1):69-81.
Shaw, Kenneth W.,2008. Revised pension rules and the cost of debt. Research in Accounting Regulation 20:3-25.
Shyam-Sunder, L. and S. Myers (1999), "Testing Static Tradeoff against the Pecking Order Models of Capital Structure," Journal of Financial Economics,51, pp219-244.
Snodgrass, D. and Biggs, T. (1995) "Industrialization and the Small Firm:Patterns and policies." International Center for Economic Growth.
Soderbom, M. (2002), "Investment Behaviour," chapter 7 in Bigsten and Kimuyu (2002).
Sogorb-Mira, F. and J. Lopez-Gracia (2004), "Pecking Order versus Tradeoff:An Empirical Approach to the Small and Medium Enterprise Capital Structure," Working Papers. Serie EC, Instituto Valenciano de Investigaciones Economicas, S.A. (Ivie).
Soyibo, A.1996, "Financial Linkage and Development in Sub-Saharan Africa:A Study of Informal Finance in Nigeria", Working Paper 90, Overseas Development Institute, London.
Stanley and Morse, "Modern Small-Scale Industry For Developing Countries", Mcgraw-Hill, New York,1965.
State Statistics Bureau, The Statistics of 2006, http://www.stats.gov.cn
Steel, W.F. (2006) "Extending Financial Systems to the Poor:What Strategies for Ghana?" Paper presented at the 7th ISSER-Merchant Bank Annual Economic Lectures, University of Ghana, Legon
Steel, William F. and David O. Andah,2005 "Rural and Micro Finance Regulation in Ghana:Implications for Development of the Industry." Forthcoming in Aryeetey and Kanbur (eds.).
Steel W. F., "Small-Scale Empoyment And Production In Developing Countries: Evidence From Ghana", New York, Praeger,1977.
Steel W. F. and Webster M, "How Small Enterprises In Ghana Have Responded To Adjustment", The World Bank Economic Review, Vol.6 (3) pp.423-438,1992
Storey, D. and S. Johnson (1987) Small and Medium-sized Enterprises and Employment Creation in the EEC Countries:Summary Report. EC Commission, Programme of Research and Actions on the Development of the Labour Market, Study No.85/407.
Storey, D., (1994). Understanding the Small Business Sector. International Thomson Business Press, London.
Stulz, R.M. (1991),'Managerial Discretion and Optimal Financing Policies,'Journal of Financial Economics 26, pp3-27
Taggart, R. A, Jr. (1977), "A Model of Corporate Financing Decisions," Journal of Finance,32(3), pp1467-1484
The People's Bank of China, (2005), "SME Financing System Reform Studies in Fujian Province", Almanac of China's Finance and Banking, Beijing, China Finance Yearbook Publishing House, pp.620-621
Titman, S. and Wessels, R. (1988):"The Determinants of Capital Structure Choice" Journal of Finance,43(1), pp.1-19.
Tobin, J. (1969), "A General Equilibrium Approach to Monetary Theory", Journal of Money, Credit, and Banking 1(1),15-29
Tokman, V. (1978).'An Exploration into the Nature of the Informal-Formal Sector Relationship'. World Development,6 (9/10):1065-75.
United Nations (1996) Informal Sector Development in Africa, UN, New York.
UNIDO (1999).'SMEs in Africa Survive against All Odds', Industrial Africa, July edition, Vienna.
Vishwanath, T. (2001) "Informal economy:safety valve or growth opportunity," Paper presented at the Linking Work, Skills, and Knowledge:Learning from Survival and Growth International Conference,10-12 September 2001, Interlaken, Switzerland.
Viswanath, P.V. (1993), "Strategic Considerations, the Pecking Order Hypothesis and Market Reactions to Equity Financing," Journal of Financial and Quantitative Analysis,28 (2) pp213-234.
Vogt, S.C. (1994), "The Cash Flow/Investment Relationship:Evidence from US Manufacturing Firms," Financial Management, pp3-20.
Wang, Yanzhong.2004. "Financing Difficulties and Structural Characteristics of SMEs in China." China & World Economy (Wiley-Blackwell) 12, no.2:34-49.
Webster, L., World Bank Lending for Small and Medium Enterprises-Fifteen Years of Experience, World Bank Discussion Paper 113,1991
Whited, T. (1992), "Debt, Liquidity Constraints and Corporate Investment: Evidence from Panel Data," Journal of Finance,4,pp1425-1460.
Wines, Michael.2007. "Toiling in the Dark:Africa's Power Crisis." New York Times. July 29. http://www.nytimes.com/2007/07/29/world/africa/29power.html
Wong, Poh-Kam (1999). \National Innovation Systems for Rapid Technological Catch-up:An Analytical Framework and a Comparative Analysis of Korea, Taiwan and Singapore". In Proceedings of the DRUID Conference on National Innovation Systems, Industrial Dynamics, and Innovation Policy. Ribild, Denmark
World Bank (2004), World Development Report 2005:A Better Investment Climate For Everyone. New York:Oxford University Press.
World Bank (2005), Doing Business in 2005:Removing Obstacles to Growth. Washington D.C:The World Bank.
World Bank. "Review of Small Business Activities." World Bank report, Washington, D.C.,2007.
Xaba, J., Horn, P. and S. Motala (2002) "The informal sector in sub-Saharan Africa," ILO Working Paper on the Informal Economy, No.2002/10.
Yung Yoon Park Innovative Financing for SSEs Promotion with Special Reference to Venture Capital Financing in Korea, in Financing of Small and Medium Enterprises-WASME, New Delhi, November 1992
Zoppa A.and McMahon, R.G.P. (2004), "Pecking Order Theory and The Financial Structure of Manufacturing SMEs From Australia's Business Longitudinal Survey," The Flinders University of South Australia, School of Commerce, Research Paper series:02-2, ISSN:1441-3906.
African Development Bank (1997). Private Sector Development in Africa. Collection of papers from the ADB 1997 Annual Meetings Symposium, Abidjan
Adenikinju, A.F. (2005). Productivity Performance in Developing Countries: Country Case Studies, Nigeria. United Nations Industrial Development Organisation.
Aes, Z., Morek, R., and Young, B. (1999) "Productivity Growth and Size Distribution". In Acs Zoltan, Bo Carlson, and Charlie Karlsson, edt., Entrepreneurship, Small and Medium-Sized Enterprises, and Macro economy. Cambridge:University Press.
All-China Federation of Industry and Commerce (2002). \Report on SMEs in China". Internal report, ACFIC. (in Chinese)
Allen, F., J. Qian, and M. Qian,2005, "Law, Finance, and Economic Growth in China", Journal of Financial Economics,77,57-116.
Anderson, T.W. and Hsiao. C (1982): 《Formulation and Estimation of Dynamic Models Using Panel Data》 Journal of Econometrics,18,47-82.
Anderson D., "Small Industries In Developing Countries:A Discussion Of Issues", World Development 10(11, November),913-48,1982.
Ang, J. (1991),'Small Business Uniqueness and The Theory of Financial Management', Journal of Small Business Finance 1(1), pp1-13.
Ang J.S. and Jung, M (1993), "An Alternate Test of Myers'Pecking Order Theory of Capital Structure; The case of South Korean Firms," Pacific-Basin Finance Journal 1(1) pp31-46.
Arellano, M. and S. Bond (1991), "Some Tests of Specification for Panel data: Monte Carlo Evidence and an Application to Employment equations," Review of Economic Studies,58, pp 277-97.
Asian Development Bank, (2002), Development of SME Financing Support System, Final Report Asian Development Bank TA 3534-PRC, Manila, Asian Development Bank.
Aryeetey, E.1994. Financial Integration and Development in Sub-Saharan Africa: A Study of Informal Finance in Ghana, Overseas Development Institute, Working Paper 78, London.
Aryeetey, E. and F. Gockel 1991. Mobilizing Domestic Resources for Capital Formation in Sub-Saharan Africa:A Study of Informal Finance in Ghana, Research Paper 3, African Economic Research Consortium, Nairobi
Attali, J., Planet Finance:A New Approach to the Challenge of World Poverty, Declaration in Aspen, December 1997
Avirgan, T., Bivens, L.J. and S. Gammage (eds.) (2005) Good Jobs, Bad Jobs, No Jobs Labor Markets and Informal Work in Egypt, El Salvador, India, Russia, and South Africa. Economic Policy Institute, Washington.
Ayyagari, Meghana, Ash Demirguc-Kunt and Vojislav Maksimovic,2006. "How Important Are Financing Constraints? The Role of Finance in the Business Environment." World Bank Policy Research Working Paper 3820.
Bagachwa, M.S.D.1994. Financial Integration and Development in Sub-Saharan Africa:A Study of Informal Finance in Tanzania, Working Paper 79, Overseas Development Institute, London.
Basu, S., Markov, S. & Shivakumar, L.2005. "Do Financial Analysts Suffer from Inflation Illusion?", Available at SSRN:http://ssrn.com/abstract=667322
Batra, G., D. Kaufmann and A. H. W. Stone (2003), Investment Climate Around the World:Voices of the Firms from the World Business Environment Survey. Washington D.C.:The World Bank.
Beck, T., A. Demirguc-Kunt, and V. Maksimovic (2004), "Financial and Legal Constraints to Firm Growth:Does Size Matter?", Journal of Finance, forthcoming.
Beck, T., A. Demirguc-Kunt, L. Laeven, and R. Levine (2008).'Finance, Firm Size, and Growth'. World Bank.
Beck, T. and A. Demirguc-Kunt. (2006) "Small and Medium-size Enterprises: Access to Finance as a Growth Constant." Journal of Banking and Finance 30 (2006): 2931-2943.
Becker, K.F. (2004) "The Informal Economy", SIDA Report-March 2004.
Benito, A. (2003), "The Capital Structure Decisions of Firms:Is There A Pecking Order?" Bank of Spain, Document 0310
Berens J.L and C.J. Cuny (1995), "The Capital Structure Puzzle Revisited," The Review of Financial Studies,8(4) pp185-1208.
Berger, A.N. and Udell, G.F. (1998). The economics of small business finance:The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance,22,613-673.
Berger, Allen N. & Gregory F. Udell (1995). \Relationship Lending and Lines of Credit in Small Firm Finance". Journal of Business 68(3) (July):351{81
Bernanke, Ben S., and Mark Gertler (1989). "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, vol.79 (March), pp.14-31.
Bernstein, Thomas P. & Xiaobo Liu (2003). Taxation without Representation in Contemporary Rural China. Cambridge Modern China. Cambridge, England:Cambridge University Press
Bigsten A. et al,2000. "Credit Constraints in Manufacturing Enterprises in Africa." CSAE WPS/2000-24. Centre for the Study of African Economies, University of Oxford, Department of Economics, Oxford, United Kingdom.
Bigsten A. et al,1999. "Contract Flexibility and Dispute Resolution in African Manufacturing." CSAE WPS/99-20. Centre for the Study of African Economies, University of Oxford, Department of Economics, Oxford, United Kingdom.
Bond, S. and C. Meghir, (1994) "Dynamic Investment Models and the Firm's Financial Policy", Review of Economic Studies, vol.61, April, pp.147-222.
Bond S., Harhoff D., Van Reenen J. (1999), "Investment, R&D, and Financial Constraints in Britain and in Germany", IFS working paper, n°99/5.
Boyreau-Debray G. and S.-J. Wei,2005, "Pitfalls of a State-dominated Financial System:The Case of China" NBER Working Paper 11214.
Brander, J. A. and T.R. Lewis (1986), "Oligopoly and Financial Structure:The Limited Effect," American Economic Review,76, pp 956-970.
Braude, W. (2005) "South Africa:bringing informal workers into the regulated sphere, overcoming Apartheid's legacy," in Avirgan et al. (eds.) (2005).
Brennan, M. and A. Kraus (1987), "Efficient Financing under Asymmetric Information," Journal of Finance,42, pp 1225-1243.
Btesh, I., Multi Credit Bank, Panama, Lecture at FIPED course, Harvard Institute for International Development, August 1998
Byoun, S. and Rhim, Jong C. (2003), "Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure," Proceedings of the Midwest Business Economics Association.
Carpenter R.E and A. Guariglia (2003),"Cash Flow, Investment and Investment Opportunities:New Tests using UK panel Data," Unpublished.
Cassar, G. and Holmes S. (2003), Capital structure and financing of SMEs: Australian evidence, Journal of Accounting and Finance 43 (2003) 123-147
Castells, Manuel and Alejandro Portes (1989).'World Underneath:The Origins, Dynamics, and Effects of the Informal Economy'. In Alejandro Portes, Manuel Castells and Lauren A. Benton (eds), The Informal Economy:Studies in Advanced and Less Advanced Developed Countries. Baltimore:Johns Hopkins University Press.
CBRC,2005, "SME Finance in China" (November), CBRC, Beijing, China.
CBRC,2006, "2006 Annual Report," CBRC, Beijing, China,
Cetorelli, N., and P. E. Strahan (2006).'Finance as a Barrier to Entry:Bank Competition and Industry Structure in Local US Markets'. Journal of Finance,61(1): 437-61.
Charmes, J. (1998a) "Women working in the informal sector in Africa:new methods and new data," Paper prepared for the UN Statistics Division, the Gender in Development Programme of UNDP, and the project " Women in Informal Employment:Globalizing and Organizing "
Charmes, J. (1998b) "Street vendors in Africa:data and methods," Paper prepared for the UN Statistics Division, the Gender in Development Programme of UNDP, and the project "Women in Informal Employment:Globalizing and Organizing"
Chen, M.A. (2001) "Women in the informal sector:a global picture, the global movement", SAIS Review, Winter-Spring 2001
Chen, Martha Alter, Jennefer Sebstad and Leslie O'Connell (1999).'Counting the Invisible Workforce:The Case of Homebased Workers'. World Development,27 (3): 603-610.
Chen, J. Jean,2004. Determinants of capital structure of Chinese-listed companies Journal of Business Research,57,1341-1351.
China Development Brief online publication,2007, Beijing, China, March 16,2007, http://www.chinadevelopmentbrief.com/node/1029
China International Cooperation Association of Small and Medium Enterprises (2006). Yearbook of China Small and Medium Enterprises,2006. Beijing, China: CICASME
Chipeta, C. and M.L.C. Mkandawire.1996. Financial Integration and Development in Sub-Saharan Africa:Case Study of Informal Finance Sector in Malawi, Overseas Development Institute, Working Paper 85, London.
Chirinko, R. and A. Singha (2000), "Testing Static Tradeoff against Pecking Order Models of Capital Structure:A Critical Comment," Journal of Financial Economics,65, pp337-363.
Cleary, S.1999. "The Relationship Between Firm Investment and Financial Status." Journal of Finance 54(2):673-92.
Collier, P. and J.W. Gunning (1999), "Explaining Africa's Economic Performance," Journal of Economic Literature 37:64-111.
Committee of Donor Agencies for Small Enterprise Development, (1995). Micro and Small Enterprise Finance:Guiding Principles to Selecting and Supporting Intermediaries. Washington
Constantinides, G. M. and B. D. Grundy B. D, (1989), "Optimal Investment with Stock Repurchase and Financing as Signals," The Review of Financial Studies,2, pp 445-466.
Cull, R., and L. C. Xu (2003).'Who Gets Credit? The Behavior of Bureaucrats and State Banks in Allocating Credit to Chinese State-Owned Enterprises'. Journal of Development Economics,71(2):533-59.
Davis, S. J., Haltiwanger, J., and Schuh, S. (1993) "Small Business and Job Creation: Dissecting the Myth and Reassessing the Facts". National Bureau of Economic Research, Working Paper No.4492, October.
Dawson J, "Small -Scale Industry Development In Ghana-A Case Study On Kumasi", ODA, London,1988.
Dawson, J. and Jeans, A., (1997). Looking Beyond Credit:Business Development Services and the Promotion of Innovation Among Small Producers. Intermediate Technology Publications, London.
De Haan, L. and J. Hinloopen (2003), "Preference Hierarchies for Internal Finance, Bank Loans, Bond and Shares Issues:evidence for Dutch Firms," Journal of Empirical Finance,10,(5) pp 661-681.
De Soto, H (1989). The Other Path:The Economic Answer to Terrorism. New York: HarperCollins.
Demirguc-Kunt, A. and V. Maksimovic (1998), "Law, Finance, and Firm Growth" Journal of Finance 53,2107-2137.
Diamond, D.W. (1984). Financial intermediation and delegated monitoring. Review of Economic Studies,51,393-414.
Ekpenyong, D. B. (1997) "The Role of Institutions in Promoting Entrepreneurship and Small Business in Developing Economy:Lessons of Experience." In Fadahunsi Olu and Tunji Daodu edts., Small and Medium Enterprises Development:Policies, Programmes and Prospects. West African Management Development Institutes Network (WAMDEVN):pp 38-52
El Mahdi, Alia and Mona Amer (2005):'Egypt:Growing Informality,1990-2003' in Avirgan et al (eds), Good Jobs, Bad Jobs, and No Jobs:Labour Markets and Informal Work in Egypt, El Salvador, India, Russia and South Africa, Economic Policy Institute, Washington DC
Emery, James in Van de Walle, Ball, and Ramachandran, eds.2003. Beyond Structural Adjustment:the Institutional Context of African Development, Palgrave Macmillan.
Fadahunsi, O. (1997) "The Challenge of Promoting Entrepreneurship and Small Business:The Common Wealth Experience." In Fadahunsi Olu and Tunji Daodu edts., Small and Medium Enterprises Development:Policies, Programmes and Prospects. West African Management Development Institutes Network (WAMDEVN):pp 170-186.
Fafchamps, M. and R. Oostendorp (1999), "Investment," in J.W. Gunning and R. Oostendorp (eds.):Industrial Change in Africa:Micro Evidence on Zimbabwean Firms under Structural Adjustment. London:Macmillan.
Fama, Eugene F. and Kenneth R. French,2003, Financing decisions:Who issues stock?, Working Paper, University of Chicago
Fama, E. F. and K. R. French (2002), "Testing the Tradeoff and Pecking Order Predictions about Dividends and Debt," Review of Financial Studies,15 ppl-33.
Fama, E. F., and M.H. Miller (1972), "The Theory of Finance," New York:Holt, Rinehart & Winston.
Fazzari, S., G. Hubbard and B. Petersen (1988), "Financing Constraints and Corporate Investment", Brookings Papers on Economic Activity 1,141-95.
Fisher, B., The basic problem in financing small business, in:Brugger, E. A., and Rajapatirana, S., New Perspectives on Financing Small Business in Developing Countries, Institute for Contemporary Studies,1995
Fox, J. W., The Venture Capital Mirage, Assessing USAID Experience with Equity Investment, USAID Program and Operations Assessment Report No.17,1996
Frank, M. Z. and V.K Goyal (2002), "Testing the Pecking Order Theory of Capital Structure," Journal of Financial Economics,67, pp217-248.
Gelb, Alan, Vijaya Ramachandran, Manju Kedia Shah and Ginger Turner, (2007) "What Matters to African Firms? The Relevance of Perceptions Data". World Bank Policy Research Working Paper No.4446.
Germidis, D., D. Kessler, and R. Meghir (1991). Financial Systems and Development:What Role for the Formal and Informal Financial Sectors? Paris:OECD.
Graham, J.,1996, Debt and Marginal Tax Rate, Journal of Financial Economics,41, 41-73.
Graham, J.R. (2000), "How big are the Tax benefits of Debt?" Journal of Finance 55, pp1901-1941.
Guang Ming Daily, Feb.29,2008
Hallberg, K. (1999) "A Market Oriented Strategy for Small and Medium Scale Enterprises". IFC Discussion Paper No.40, The World Bank, Washington D.C.
Halov, N and F. Heider (2004), "Capital Structure, Risk and Asymmetric Information," EFA 2004 Maastricht, Available at SSRN:http://ssrn.com/abstract=566443
Haltiwanger, J. (1999) "Job Creation and Destruction:Cyclical Dynamics". In Acs Zoltan, Bo Carlson, and Charlie Karlson, eds., Entrepreneurship, Small and Medium-Sized Enterprises, and the Macro-Economy. New York:Cambridge University Press.
Hamilton, Robert T. & Mark A. Fox (1998).\The Financing Preferences of Small Firm Owners". International Journal of Entrepreneurial Behavior & Research 4(3) (December):239{248
Harris, M. and Raviv, A. (1990), "Capital Structure and the Informational Role of Debt," Journal of Finance, Vol.45, pp.321-349.
Harris, M. and Raviv, A. (1991), "The Theory of Capital Structure," Journal of Finance, Vol.49, pp.297-355.
Harrison, A. and M McMillan (2003), "Does Direct Foreign Investment Affect Domestic Firm Credit Constraints?", Journal of International Economics 61(1),73-100.
Hart, K. (1973).'Informal Income Opportunities and Urban Employment in Ghana'. Journal of Modern African Studies,11 (1):61-89.
Hayashi, F. (1982), "Tobin's Marginal q and Average q:A Neoclassical Interpretation", Econometrica 50(1),213-224.
Heilmann, S. (2002).'The Chinese Stock Market-Pitfalls of Policy-driven Market'. Center for East Asian and Pacific Studies, Trier University.
Hennessy, C., and T. M. Whited,2004, Beyond investment-cash flow sensitivities: using indirect inference to estimate costs of external funds, Working paper, University of Wisconsin
Hirshleifer, D. and Thakor, A.V., (1989), "Managerial Reputation, Project Choice and Debt", Anderson Graduate School of Management at UCLA:CA, USA., mimeo.
Holmes, S. and Kent, P., (1991), "An Empirical Analysis of the Financial Structure of Small and Large Australian Manufacturing Enterprises", Journal of Small Business Finance,1 (2), pp141-154.
Hubbard, G.R., (1998), "Capital-Market Imperfections and Investment", Journal of Economic Literature, March, ⅩⅩⅩⅥ(1), pp.193-238.
International Finance Corporation (2002).\Review of Small Business Activities". Report, World Bank
International Finance Corporation (2006).\Micro, Small, and Medium Enterprises: A Collection of Published Data". Database, World Bank
International Labour Office (1972). Employment, Incomes and Equality:A Strategy for Increasing Productive Employment in Kenya. Geneva:International Labour Office.
International Labour Office (2002a). Decent Work and the Informal Economy: Report Ⅵ, International Labour Conference,92nd Session. Geneva:International Labour
International Labour Office (2002b). Women and Men in the Informal Economy:A Statistical Picture. Geneva:International Labour Office.
International Labour Office (2002c).'ILO Compendium of Official Statistics on Employment in the Informal Sector'. STAT Working Paper 2002, No 1, Geneva.
International Monetary Fund (IMF) Website:www.imf.org/
Jalilvand, A. and Harris R.S (1984),'Corporate behavior in adjusting to capital structure and dividend targets:an econometric study,'Journal of Finance 39, pp 127-145.
Jensen, M.C. (1986), "Agency Costs of Free Cash Flow, Corporate Finance and Take-overs", American Economic Review, Vol.76, pp.323-339.
Jensen, M.C. and Meckling, W.H. (1976), "Theory of the Firm:Managerial Behaviour, Agency Costs and Ownership Structure", Journal of Financial Economics, Vol.3, pp.305-360.
Kaplan, S. and L. Zingales (1997), "Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?", Quarterly Journal of Economics 112,169-215.
Kaplan, S. and L. Zingales (2000), "Investment-Cash Flow Sensitivities Are Not Valid Measures of Financing Constraints", Quarterly Journal of Economics 115,707-712.
Hoshi, T., A.Kashyap and D.Scharfstein (1991), "Corporate Structure, Liquidity and Investment:Evidence from Japanese Panel Data, Quarterly Journal of Economics, vol.106, no.1, pp.33-60.
Kilby, Peter, "Breakjing The Entrepreneurial Bottleneck In Late-Developing Countries:Is There A Useful Role For Government?" Journal Of Development Planning, 18:221-49,1988.
Krasker, W.S. (1986), "Stock Price Movements in Response to Stock Issue under Asymmetric Information," Journal of Finance 41(1), pp93-105.
Leary, M. and M. Roberts (2004), "Do Firms Rebalance their Capital Structures?" mimeo, Fuqua School of Business, Duke University.
Leland, H. and D. Pyle (1977),'Information Asymmetries, Financial Structure, & Financial Intermediation', Journal of Finance, pp371-388.
Levitsky, J., Best Practice in Credit Guarantee Schemes, in:SME Credit Guarantee Schemes, Special Issue of The Financier published for The Inter-American Development Bank, Vol.4., No.1 & 2, February/May 1997
Levy, B., Berry, A. and Nugent, J., (1999). Fulfilling the Export Potential of Small and Medium Firms. Kluwer Academic Publishers, Massachusetts.
Li Jian Jun, (2006), China's underground finance survey, Shanghai, Shanghai People's Publishing House.
Liedholm, C. and Mead, D., (1999). Small Enterprise and Economic Development. The Dynamics of Micro and Small Enterprises. Routledge, London.
Little,I. M., Mazundar, D. and Page, J. M. (1987) "Small Manufacturing Enterprises: A Comparative Analysis of India and other Economies." New York:Oxford University Press.
Love, I. (2003), "Financial Development and Financing Constraints:International Evidence from the Structural Investment Model", Review of Financial Studies 16(3), 765-791.
MacKie-Mason, J. K. (1990), "Do taxes affect corporate financing decisions?" Journal of Finance,45, pp.1471-1493.
Maksimovic, V., A. Demirguc-Kunt, and M. Ayyagari (2008).'Formal Versus Informal Finance:Evidence from China'. World Bank Policy Research Working Paper 4465. Available at SSRN:http://ssrn.com/abstract=1080690.
Marsh, P. (1982), "The Choice between Equity and Debt:An empirical Study," Journal of Finance,37, ppl 21-144.
Mayer, C. and O. Sussman (2004), "A New Test of Capital Structure" AFA 2005 Philadelphia Meetings. Available at SSRN:http://ssrn.com/abstract=643388.
Mazumdar, D. and A. Mazaheri (2003), The African Manufacturing Firm. London: Routledge.
McKenzie, David, and Christopher Woodruff.2008. "Experimental Evidence on Returns to Capital and Access to Finance in Mexico." World Bank Economic Review Mead, D. and Liedholm, C., (1998).'The Dynamics of Micro and Small Enterprises in Developing Countries', World Development,26,1, pp.61-74.
Michaelas, N., F. Chittenden, and P. Poutziouris (1999), Financial policy and capital structure Choice in U.K. SMEs:Empirical Evidence from Company Panel Data, Small Business Economics,12,113-130
Miguel, A and J. Pindado (2001), "Determinants of Capital Structure:New evidence From Spanish Panel Data," Journal of Corporate Finance,7, pp77-99.
Minton, B. A. and K.H. Wruck (2001), "Financial Conservatism:Evidence on Capital Structure from Low Leverage Firms" AFA 2002 Atlanta; Dice Ctr. Working Paper No.2001-6. Available at SSRN:http://ssrn.com/abstract=269608
Modigliani, F. and Miller, M.H. (1958), "The Cost of Capital, Corporation Finance and the Theory of Investment", American Economic Review,48, pp.261-297.
Molnar Margit and Tanaka Kensuke, (2007), What is different about monitoring by informal financial institutions? International Conference "Opening and Innovation on Financial Emerging Markets", Beijing.
Moser, Caroline N. (1978).'Informal Sector or Petty Commodity Production: Dualism or Independence in Urban Development'. World Development,6:1041-1064.
Myers, S.C. (1984), "The Capital Structure Puzzle", Journal of Finance, Vol.34, pp. 575-592.
Myers, S. C. (2001), "Capital Structure," Journal of Economic Perspectives,15 pp81-102.
Myers, S.C. and Majluf, N.S. (1984), "Corporate Financing and Investment Decisions when Firms have Information that Investors do not have", Journal of Financial Economics, Vol.13, pp.187-221.
Narayanan, M. P. (1990), "Debt versus Equity under Asymmetric information," Journal of Financial and Quantitative Analysis,23 pp39-51.
Nasar, S. (1994) "Myth:Small Business as Job Engine." The New York Times, March 25.
Nissanke, M. and E. Aryeetey 1998. Financial Integration and Development, Liberalization and Reform in Sub-Saharan Africa, ODI and Routledge, London.
Noe, T. (1988), "Capital Structure and Signalling game Equilibria," Review of Financial Studies,1, pp331-359.
OECD, (2005), Economic Surveys:China, Paris, OECD.
Ozer, B. and S. Yamak (2000), "Self-sustaining Pattern of finance in Small Businesses:evidence from Turkey," International Journal of Hospitality Management,19 (3)pp261-273.
Panno, A. (2003), "An Empirical Investigation on the Determinants of Capital Structure:the UK and Italian experience," Applied Financial Economics,13, pp97-112.
Pissarides, F., M. Singer and J. Svejnar (2003), "Objectives and Constraints of Entrepreneurs:Evidence from Small and Medium Size Enterprises in Russia and Bulgaria", Journal of Comparative Economics, September, Vol.31, No.3,503-531.
Povel, P. and M. Raith (2002), "Optimal Investment Under Financial Constraints: the Roles of Internal Funds and Asymmetric Information", mimeo, Universities of Minnesota and Rochester, July 2002.
Rahman M. and Bhattacharya, D. (1999).'Female Employment Under Export Propelled Industrialization:Prospects for Internalizing Global Opportunities in the Apparel Sector in Bangladesh'. Occasional Paper No.10, Geneva:United Nations Research Institute for Social Development.
Raturi, M. and A.V. Swamy (1999), "Explaining Ethnic Differentials in Credit Market Outcomes in Zimbabwe", Economic Development and Cultural Change, pp.585-604.
Reinikka, R. and J. Svensson (2001), "Confronting Competition:Investment, Profit, and Risk," chapter 7 in Reinikka and Collier (eds.) Uganda's Recovery. Washington D.C.: The World Bank.
Robinson, M., The Paradigm Shift in Micro-finance-A Perspective from HIID, Development Discussion Paper No.510, May 1995
Romano, C. A., G.A Tanewski and K. X. Smyrnois (2001), "Capital Structure Decision Making:A Model for Family Business," Journal of Business Venturing,16 (3) pp 285-310.
Ross. S. (1977), "The Determination of Financial Structures:An Incentive Signalling Approach", Bell Journal of Economics, Vol.8, No.1, pp.23-40.
Sacerdoti, E. (2005) "Access to Bank Credit in Sub-Saharan Africa:Key Issues and Reform Strategies". International Monetary fund (IMF) Working Paper WP/05/166, August.
Saito, Katrine Anderson & Delano P. Villanueva (1981). \Transaction Costs of Credit to the Small-Scale Sector in the Philippines". Economic Development and Cultural Change 29(3) (April):631{40
Schiffer, M. and B. Weder (2001), "Firm Size and the Business Environment: Worldwide Survey Results", Discussion Paper No.43, International Finance Corporation, Washington, D.C., August 2001.
Schneider, F. (2002) "Size and measurement of the informal economy in 110 countries around the world", Paper presented at the Workshop of Australian National Tax Centre, ANU, Canberra, Australia, July 17,2002.
Sethuraman, S. V. (1976).'The Urban Informal Sector:Concept, Measurement and Policy'. International Labour Review,114 (1):69-81.
Shaw, Kenneth W.,2008. Revised pension rules and the cost of debt. Research in Accounting Regulation 20:3-25.
Shyam-Sunder, L. and S. Myers (1999), "Testing Static Tradeoff against the Pecking Order Models of Capital Structure," Journal of Financial Economics,51, pp219-244.
Snodgrass, D. and Biggs, T. (1995) "Industrialization and the Small Firm:Patterns and policies." International Center for Economic Growth.
Soderbom, M. (2002), "Investment Behaviour," chapter 7 in Bigsten and Kimuyu (2002).
Sogorb-Mira, F. and J. Lopez-Gracia (2004), "Pecking Order versus Tradeoff:An Empirical Approach to the Small and Medium Enterprise Capital Structure," Working Papers. Serie EC, Instituto Valenciano de Investigaciones Economicas, S.A. (Ivie).
Soyibo, A.1996, "Financial Linkage and Development in Sub-Saharan Africa:A Study of Informal Finance in Nigeria", Working Paper 90, Overseas Development Institute, London.
Stanley and Morse, "Modern Small-Scale Industry For Developing Countries", Mcgraw-Hill, New York,1965.
State Statistics Bureau, The Statistics of 2006, http://www.stats.gov.cn
Steel, W.F. (2006) "Extending Financial Systems to the Poor:What Strategies for Ghana?" Paper presented at the 7th ISSER-Merchant Bank Annual Economic Lectures, University of Ghana, Legon
Steel, William F. and David O. Andah,2005 "Rural and Micro Finance Regulation in Ghana:Implications for Development of the Industry." Forthcoming in Aryeetey and Kanbur (eds.).
Steel W. F., "Small-Scale Empoyment And Production In Developing Countries: Evidence From Ghana", New York, Praeger,1977.
Steel W. F. and Webster M, "How Small Enterprises In Ghana Have Responded To Adjustment", The World Bank Economic Review, Vol.6 (3) pp.423-438,1992
Storey, D. and S. Johnson (1987) Small and Medium-sized Enterprises and Employment Creation in the EEC Countries:Summary Report. EC Commission, Programme of Research and Actions on the Development of the Labour Market, Study No.85/407.
Storey, D., (1994). Understanding the Small Business Sector. International Thomson Business Press, London.
Stulz, R.M. (1991),'Managerial Discretion and Optimal Financing Policies,'Journal of Financial Economics 26, pp3-27
Taggart, R. A, Jr. (1977), "A Model of Corporate Financing Decisions," Journal of Finance,32(3), pp1467-1484
The People's Bank of China, (2005), "SME Financing System Reform Studies in Fujian Province", Almanac of China's Finance and Banking, Beijing, China Finance Yearbook Publishing House, pp.620-621
Titman, S. and Wessels, R. (1988):"The Determinants of Capital Structure Choice" Journal of Finance,43(1), pp.1-19.
Tobin, J. (1969), "A General Equilibrium Approach to Monetary Theory", Journal of Money, Credit, and Banking 1(1),15-29
Tokman, V. (1978).'An Exploration into the Nature of the Informal-Formal Sector Relationship'. World Development,6 (9/10):1065-75.
United Nations (1996) Informal Sector Development in Africa, UN, New York.
UNIDO (1999).'SMEs in Africa Survive against All Odds', Industrial Africa, July edition, Vienna.
Vishwanath, T. (2001) "Informal economy:safety valve or growth opportunity," Paper presented at the Linking Work, Skills, and Knowledge:Learning from Survival and Growth International Conference,10-12 September 2001, Interlaken, Switzerland.
Viswanath, P.V. (1993), "Strategic Considerations, the Pecking Order Hypothesis and Market Reactions to Equity Financing," Journal of Financial and Quantitative Analysis,28 (2) pp213-234.
Vogt, S.C. (1994), "The Cash Flow/Investment Relationship:Evidence from US Manufacturing Firms," Financial Management, pp3-20.
Wang, Yanzhong.2004. "Financing Difficulties and Structural Characteristics of SMEs in China." China & World Economy (Wiley-Blackwell) 12, no.2:34-49.
Webster, L., World Bank Lending for Small and Medium Enterprises-Fifteen Years of Experience, World Bank Discussion Paper 113,1991
Whited, T. (1992), "Debt, Liquidity Constraints and Corporate Investment: Evidence from Panel Data," Journal of Finance,4,pp1425-1460.
Wines, Michael.2007. "Toiling in the Dark:Africa's Power Crisis." New York Times. July 29. http://www.nytimes.com/2007/07/29/world/africa/29power.html
Wong, Poh-Kam (1999). \National Innovation Systems for Rapid Technological Catch-up:An Analytical Framework and a Comparative Analysis of Korea, Taiwan and Singapore". In Proceedings of the DRUID Conference on National Innovation Systems, Industrial Dynamics, and Innovation Policy. Ribild, Denmark
World Bank (2004), World Development Report 2005:A Better Investment Climate For Everyone. New York:Oxford University Press.
World Bank (2005), Doing Business in 2005:Removing Obstacles to Growth. Washington D.C:The World Bank.
World Bank. "Review of Small Business Activities." World Bank report, Washington, D.C.,2007.
Xaba, J., Horn, P. and S. Motala (2002) "The informal sector in sub-Saharan Africa," ILO Working Paper on the Informal Economy, No.2002/10.
Yung Yoon Park Innovative Financing for SSEs Promotion with Special Reference to Venture Capital Financing in Korea, in Financing of Small and Medium Enterprises-WASME, New Delhi, November 1992
Zoppa A.and McMahon, R.G.P. (2004), "Pecking Order Theory and The Financial Structure of Manufacturing SMEs From Australia's Business Longitudinal Survey," The Flinders University of South Australia, School of Commerce, Research Paper series:02-2, ISSN:1441-3906.