典當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>　　典當行是馬來西亞微型企業(yè)的信貸工具</p><p>　　典當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業(yè)進行數據收集，不包括對國內總體信貸統(tǒng)計數據中典當信貸的估算。然而，通過研究

54、少數典當行提供的數據，可以看出，在1995年底典當行信貸的總額約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，典當行似乎應得到小型銀行的地位，因為馬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，典當業(yè)顯然在馬來西亞金融市場中扮演了一個關鍵角色。截至

55、1995年底，馬來西亞共有282家典當行或者每5家商業(yè)銀行分支機構中就有一家是典當行。此外，在那年，借款者的數量達到1015200（平均每個月300個消費者）。平均貸款只有803令吉，所以典當行貸款在貸款總數的比例遠小于人口比例（在1995年，馬來西亞人口數量是1900萬）。</p><p>　　除了這些總體措施，典當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），其貸款風險排除從正規(guī)金融市場貸款。一份拉賈雅（1986）的調查顯示，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。因為他們沒有資格向正規(guī)金融市場借貸，這些客戶轉向典當行信貸。別的客戶為了方便使用典當行，如家庭和應急開支。借來的金額會在幾分鐘之內毫無疑問地支出。</p><p>　　常規(guī)的和伊斯蘭的典當行都是分別受典當行法（1972）和典當行法（1972）（數項修訂）管理。雖然，行為各不相

57、同，但可以發(fā)現一個普遍的模式。首先，當客戶典當貨物，貸款合同條款必須在客戶收到的收據副本中明確說明。該收據說明客戶的姓名和地址，抵押物名稱，借款數量，到期日期和必須支付贖回金額的資產。</p><p>　　資產，數額和期限的詳細說明記載于表一，伊斯蘭教典當行只允許典當黃金，借貸數量取決于黃金的價值。</p><p>　　其次，利率及其他費用取決于每個典當商。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月，這個比率有望增加。在伊斯蘭教典當行，發(fā)放貸款基于兩個概念，即貸款不計利息，但借款人支付服務費和保持擔保貴重物品。定金費用基于黃金的價值，如表二所示。每個典當商收取的費用不同。萬一貸款違約，在貸款逾期超過一個特定的時間段，通常長達六個月后附屬擔保物成為典當行財產。伊斯蘭教典當行規(guī)章要求任何盈余來自于黃金的銷售額與典當商擁有的數量的差額，包括定金累計費用及任何銷售相關成本，退還給客戶。百分之五至百分之十的違約率

59、在報告中報道。因此，違約率作為貸款數量的比例比作為較小的貸款總額的比例高。</p><p>　　因為典當商們借款只基于經紀人財產的附屬擔保物。經紀人不收集信息評估借貸風險，但是專注于嚴格評價附屬擔保物的價值。一旦這個過程是確定的，立即完成現金貸款的典當收據。一個典型的貸款過程持續(xù)不到一個小時。因此，客戶希望抵押珍貴的財產以及在排除財產被盜嫌疑的情況下在幾分鐘內完成交易是正常的。</p><p&

60、gt;　　在大部分交易中，典當商們作出長達六個月的貸款。但是，它通常被理解為通過在貸款延長期支付額外費用或利息來更新貸款。在某些情況下，客戶可在一到兩周內贖回。事實上，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，而是在很短的時間內多次重復借款。</p><p>　　一個典當商給客戶的貸款是他相信能帶來補償的擔保物價值的一定比例。擔保物價值的比例的貸款隨著時間而改變，但一般占擔保物價值的百分之五

61、十。此外典當商們提供商業(yè)銀行貸款限額的兩倍，而很少對貸款規(guī)模實行最高限額。這意味著典當商們經常從違約中獲取一次性利潤。然而，典當商更希望顧客贖回擔保物。一個客戶失去他的/她的擔保物會對典當行產生不舒服的情緒。因此，典當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>　　一般典當物品包括了珠寶首飾和電子資產。這些物品能在一段合理的時間內保值，且易于儲存，特別是珠寶首飾。然而在伊斯蘭的典當行，

62、黃金是許可項目。</p><p>　　金融機構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)的數量預計將在可預見的將來增加。伴隨這一發(fā)展的結構性變化是對資金的需求轉化為持續(xù)增長的對信貸的需求。雖然馬來西亞微型企業(yè)的確切數量不能準確估計，不過總趨勢是相當明確的。因此，總資本和信貸需求將繼續(xù)增加。</p><p>　　然而，生產、收入、資

63、產和信貸的使用量將持續(xù)增加。大規(guī)模借款者將當鋪作為一種工具，微型企業(yè)的擁有者和經營者越來越依賴來自于內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，提供信貸的金融機構能繼續(xù)遇見滿足這個部門金融需求的挑戰(zhàn)嗎？第二，典當行如何繼續(xù)提供信貸以滿足快速增長的資金需求？</p><p>　　關于第一個問題，當然，金融機構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行得到信貸。原因是：第一，運輸和等待成

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構。此外，貸款的處理時間是一個月。隨著平均每次貸款額為5000馬幣，每林吉特貸款的運輸及等待成本是巨大的，顧客通常會因為快速的程序和低廉的交易成本而愿意和最近的典當行做生意。</p><p>　　第二是因為利息率規(guī)則。雖然在正式的金融機構利息率已經自由化，但是趨勢顯示利息率有望在這段急速增長的時段繼續(xù)上漲。然而，傳統(tǒng)典當行收取的利息率比金融機構收取的要高。傳

65、統(tǒng)典當行的高利息率在一定程度上抵消了運輸和程序的微小成本。然而，相對地說，顧客更愿意選擇價格相對低廉的伊斯蘭典當行。</p><p>　　第三，另一個重要的因素是由于貧窮，不使用正規(guī)金融機構的人數逐步上升。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)的金融機構。</p><p>　　第四是金融自由化的

66、影響。銀行的撤銷管制規(guī)定可能是另一個使經營獨立銀行系統(tǒng)的人數增長的因素。隨著在80年代的金融自由化，銀行漸漸開始采用收取服務費。自此以后人們會發(fā)現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構的貸款，趨勢指出越來越多的人被迫轉向典當行以滿足短期信貸需求。</p><p>　　第五是貸款期限。通常典當行信貸被用于非常短的時期，以渡過直到典當物品被贖回的那段時間。</p><p>　

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

68、會加快微型企業(yè)的發(fā)展。資金的數量、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。通常當典當行以及貧困這兩個詞被提到時，描繪的畫面是一個很窮的農民在農村試圖通過典當行提高貸款。在這方面已經有許多研究和文學作品，比如，亞當斯埃塔爾（1984年）。</p><p>　　然而我們也可以把城市貧困和典當行看成是獲得信貸的一種手段。隨著快速的城市化我們經歷著越來越高的城市貧困比率，如表四。類

69、似的像農村貧困人口，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提高，然后我們不得不接受典當行作為融資領頭人的重要性。也許這就是引起表Ⅲ中指出的典當行數量快速增加的因素之一，柔佛州是個例外。</p><p>　　微型企業(yè)提供營運支出的

70、資金需要仔細管理。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)有選擇地去典當行借款。機械化和新的生產方法已經全部被合并去提高產量。這些方式已經在微型企業(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量有望超過九十年代。另外，由于工業(yè)化的結果，小型企業(yè)的數量有望上升至可預見的未來。這些發(fā)展有望使微型企業(yè)在典

71、當行的融資數量增加。幾個已經確定的因素解釋了典當行為微型企業(yè)提供信貸的能力。第一是便宜的運輸和等待成本。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)時間。因此，典當行有望與微型企業(yè)發(fā)展永久金融聯系，而為了在這兩個市場里競爭，大多數正規(guī)金融市場應該提高自己的服務。</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，《典當行是馬來