2018-中小微企业融资缺口_对新兴市场微型_小型和中型企业融资不足与机遇的评估（英文版）-11mb

报告摘要

MSME Finance Gap Summary

Core Content

The MSME Finance Gap report, published by the International Finance Corporation (IFC) in 2017, provides a comprehensive assessment of the shortfall in financing for micro, small, and medium enterprises (MSMEs) in emerging markets. It outlines the challenges MSMEs face in accessing financial resources and highlights the opportunities for improving this situation through better data, innovative financial services, and collaborative efforts between the public and private sectors.

Main Findings

Global Potential Demand for MSME Finance: The potential demand for MSME finance in developing economies is estimated at $8.9 trillion, while the current credit supply is $3.7 trillion.
Formal MSME Finance Gap: The formal MSME finance gap in developing countries is valued at $5.2 trillion, which is equivalent to 19% of GDP in these countries.
Informal MSME Finance Gap: The potential demand for finance from informal enterprises in developing countries is estimated at $2.9 trillion, or 10% of GDP.
Number of Credit-Constrained Enterprises: 65 million formal MSMEs in developing countries are credit constrained, representing 40% of all enterprises in the 128 reviewed countries.

Key Views

MSMEs as Economic Drivers: MSMEs are critical to job creation, economic growth, and innovation. They are believed to be the engine of growth in most economies, particularly in emerging markets.
Credit Constraints: MSMEs face significant credit constraints due to their small size, limited diversification, weak financial structures, and reliance on informal sources of credit.
Methodology Evolution: The report introduces a new methodology that uses more diverse and reliable data from both the supply and demand sides to estimate the finance gap more accurately.
Data Limitations: The accuracy of the estimates is limited by the lack of data, especially in the informal sector, and the reliability of existing data sources.
Role of Fintech: The report emphasizes the importance of FinTech in addressing the MSME finance gap, citing examples such as Ant Financial, Welabs, Afluenta, Moni, Kreditech, and Confio.
Public-Private Collaboration: The IFC and other institutions stress the need for collaboration between the public and private sectors to close the finance gap and promote financial inclusion.

Implications

Public Sector Role: Governments and multilateral organizations need to support the development of financial infrastructure and regulatory frameworks to improve access to finance for MSMEs.
Private Sector Role: Financial institutions and FinTech companies should innovate and expand their services to reach underserved MSMEs, especially in the informal sector.
Policy Priority: Closing the MSME finance gap is identified as a policy priority globally, with the World Bank Group aiming for universal financial inclusion by 2020 and the UN Sustainable Development Goals emphasizing access to finance for small businesses.

Methodology Overview

Potential Demand Approach: The methodology estimates the potential demand for MSME finance by assuming that firms in developing countries have the same willingness and ability to borrow as those in developed economies.
Data Sources: The study uses data from Bureau Van Dijk (Orbis), IMF Financial Access Survey, OECD SME Finance Scoreboard, and World Bank Enterprise Surveys.
Model Specification: A regression model is used to estimate the relationship between MSME outstanding finance volumes and country-level macroeconomic and institutional characteristics.
Limitations: The methodology is sensitive to data limitations, including missing data and outliers. The team opted to present results based on the potential demand approach due to these constraints.

Conclusion

The report underscores the importance of MSMEs in driving economic development and highlights the significant finance gap they face. It calls for improved data collection, policy reforms, and innovation in financial services to address this gap and support the growth of MSMEs in emerging markets. The findings are intended to inform strategic decisions and foster collaboration between the public and private sectors to achieve financial inclusion and economic growth.