非正规金融在肯尼亚制造业重要性的探讨[文献翻译].docVIP

外文题目：The importance of informal finance in kenyan manufacturing 出 处： International Journal of Social Economics 作 者：Anders Isaksson 原 文： THE IMPORTANCE OF INFORMAL FINANCE IN KENYAN MANUFACTURING Anders Isaksson Abstract: This paper investigates the importance of informal finance for Kenyan manufacturing firms. The results indicate that informal borrowing is not an important alternative to other forms of finance. The main clients of informal finance are informal firms and relatively small formal ones, although informal credit is to some extent demanded by firms of all sizes. Most important among the informal financial sources are relatives and friends. The principal reasons for using informal finance are low interest rates, easier formalities, and the fact that no collateral is required. Keywords:Informal finance,Angels,Africa,Kenya, Manufacturing sector Introduction Access to external finance is important to all enterprises. For instance, investment in fixed capital often requires a large lump sum of funds. The adoption and installation of new and better technology might demand external finance. Some firms need accessto working capital financing to smooth out fluctuations in income due to differencesin the timing of production and sales. In many Subsaharan African economies. However, financial and legal systems do not operate efficiently and,therefore, credit may not be forthcoming. In such a situation, a firm has to seek alternative sources of finance. The alternative source of external finance considered in this paper is the informal financial sector.Historically,SSA financial systems have been highly fragmented into dual markets,namely,a formal and an informal financial market.Traditionally,the formal financial sector has been seen to serve the government,while the informal one serves the private sector. There are two