小额信贷机构、小额贷款公司(外文翻译).docx

译文（字数 5047）：

小额信贷机构的推广与效率

尼尔斯·赫尔墨斯  罗伯特·伦辛克  爱尔嘉·梅斯特斯

中心国际银行，保险与金融，

经济与商业，格罗宁根大学，荷兰，

信贷，诺丁汉大学，英国。

摘要：本文采用随机前沿分析来研究是否有权衡在小额信贷机构的拓广和效率之间，使用了超过1300个观察样本，我们的研究表明，小额信贷机构的拓广和效率是负相关的。

1.简介

小额信贷机构专注提供信贷业务给在商业银行没有资格的穷人，为了减少贫穷和帮助建立他们自己的创收业务。在文献中，这个重点一般被描述为拓广，因为在很多情况下提供信贷业务给穷人是一个代价很高的活动。小额信贷机构往往是亏损的，即在财政上市不可持续的。然而，在很多情况下，小额信贷机构的成功是贷款给了国内小型企业和代理商，因为西方捐助者和非政府组织通过提供低于市场利率的贷款的方法来提供资金支持。

最近，似乎有从资助小型信贷机构向专注财政的可持续性和效率方面转变，这个目标强调了能够覆盖贷款成本的收入产生的未偿贷款投资组合的重要性并且尽可能的减少成本。在其他方面，这个增长更加重视财务的可持续性和效率，由于许多发展小额信贷业务最近面对很多难题，例如小额信贷公司之间的竞争和小额信贷的商业化，技术的改革也会实现小额信贷、金融自由化和政府监管政策。这些发展促使小额信贷机构改变业务并扩大服务和活动。

外文原文（字符数 29934）：

Outreach and Efficiency of Microfinance Institutions

Niels Hermes# *, Robert Lensink# ¶ and Aljar Meesters#

1.Introduction

Microfinance institutions (MFIs) focus on providing credit to the poor who have no access to commercial banks, in order to reduce poverty and to help the poor with setting up their own income generating businesses. In the literature, this focus is generally described as outreach. Because providing credit to the poor in many cases is a very costly activity, MFIs are often loss making, i.e they are not financially sustainable. Yet, in many cases MFIs succeed in lending to domestic small companies and poor agents, because Western donors and NGOs provide financial support by offering them loans against below-market interest rates.

Recently, however, there seems to be a shift from subsidizing MFIs institutions to a focus on financial sustainability and efficiency of these institutions. This goal stresses the importance of being able to cover the cost of lending money out of the income generated from the outstanding loan portfolio and to reduce these costs as much as possible. Among other things, this increased focus on financial sustainability and efficiency is due to a number of developments the microfinance business has been recently confronted with, such as the increasing competition among MFIs, the commercialization of microfinance (i.e. the interest of commercial banks and investors to finance MFIs), technological change that also has become available for, and implemented in microfinance, and financial liberalization and regulation policies of the government (Rhyne and Otero, 2006). These developments have induced microfinance institutions to change their behavior, and to broaden their services and activities.