2011年-世界发展银行全球_The_Impact_of_Business_and_Financial_Literacy_Training_for_Young_Entrepreneurs_in_Bosnia-Herzogovina_2页_553kb

报告摘要

Finance & PSD Impact Summary

Core Content

This document presents the findings of a randomized impact evaluation of a business and financial literacy training program for young entrepreneurs in Bosnia and Herzegovina. The study was conducted by Miriam Bruhn and Bilal Zia, and it aims to assess the effectiveness of such programs in improving business outcomes in a post-conflict setting.

Main Points

Study Overview

Program Focus: A comprehensive business and financial literacy training program for young entrepreneurs aged 18–30.
Location: Tuzla, Bosnia and Herzegovina.
Sample Size: 445 loan clients from Partner Microcredit Foundation, who either owned a business or had taken exploratory business loans.
Training Provider: Entrepreneurship Development Center, a local NGO.
Training Content: Covered basic business concepts, accounting skills, investment and growth strategies, with an emphasis on upfront capital investment.

Context and Significance

Bosnia and Herzegovina is an emerging post-conflict economy with a low business survival rate and high youth unemployment (58% in 2007).
The study focuses on slightly larger businesses than previous research, with an average of two employees and some owning operational assets.
The sample included individuals who had already expressed interest in attending the training.

Methodology

A randomized evaluation was conducted, dividing participants into treatment and control groups.
Baseline and follow-up surveys were used to measure the impact of the training on financial knowledge, attitudes, and business outcomes.
Administrative data from Partner Microcredit Foundation was used to analyze loan performance indicators such as default rates and refinance behavior.

Key Findings

Attendance and Satisfaction

Only 39% of interested individuals attended the training.
The main reason for non-attendance was lack of time.
Most attendees reported being satisfied with the course.

Financial Knowledge and Attitudes

The program led to significant improvements in financial knowledge for entrepreneurs with low initial financial literacy.
It increased the preference for using own funds over credit.
Improved understanding of the importance of a good credit history.

Business Outcomes

Intensive Margin Impact: The program had a positive effect on the growth of surviving firms.
Extensive Margin Impact: No significant effect was found on new firm entry or firm survival.
Specific Outcomes for Surviving Businesses:
- More likely to implement new production processes.
- More likely to inject new investment.
- More likely to separate business and personal accounts.
- More likely to refinance existing loans for better terms.
- More likely to negotiate more loan installments.
- Greater improvements in sales and profits, but only for those with higher initial financial literacy.

No Effect on Survival or Start-Up

The program had no impact on firm survival or new business start-up.
Only one new business was started during the study period.
36% of businesses in the sample eventually shut down, reflecting the high rate of business failure in the region.

Policy Implications

Business training can be effective in promoting firm growth, especially for entrepreneurs with higher financial literacy.
However, lack of access to finance appears to be a more critical factor in business development.
Targeted training for existing firms may be more beneficial than general programs.
The study suggests that managerial capital (business skills) is important for firm growth, but not necessarily for starting new businesses or survival.

Conclusion

The evaluation highlights the limited impact of business training on entrepreneurship initiation and business survival, but demonstrates its potential to enhance firm performance among existing businesses. These findings have important implications for policy design, emphasizing the need to target training programs more effectively and to address broader systemic issues such as access to finance.