世界银行-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）-2018.11-80页-11mb

报告摘要

MSME Finance Gap Summary

Core Content

This report, MSME FINANCE GAP: Assessment of the Shortfalls and Opportunities in Financing Micro, Small and Medium Enterprises in Emerging Markets, is authored by Miriam Bruhn, Martin Hommes, Mahima Khanna, Sandeep Singh, Aksinya Sorokina, and Joshua Seth Wimpey, with analytical support from Yangyang Zhou. It provides a comprehensive assessment of the finance gap for micro, small and medium enterprises (MSMEs) in emerging markets, focusing on the magnitude, nature, and implications of the gap.

Main Points

MSMEs as Economic Drivers: MSMEs are vital for job creation, economic growth, and innovation. They are the main source of employment, with nine out of ten new jobs worldwide created by small businesses.
Finance Gap Magnitude: The report estimates that in developing countries, the potential demand for MSME finance is $8.9 trillion, while the current credit supply is only $3.7 trillion, resulting in a $5.2 trillion finance gap. This is equivalent to 19% of the GDP of the countries analyzed.
Informal Sector Demand: There is also an estimated $2.9 trillion potential demand for finance from informal enterprises, which is 10% of the GDP in these countries.
Credit Constraints: About 65 million formal MSMEs in developing countries are credit constrained, representing 40% of all enterprises in the 128 reviewed countries.
Methodology: The report introduces a new methodology that uses both supply and demand data to estimate the finance gap more accurately. It includes:
- Potential Demand Approach: Assumes that firms in developing countries have the same willingness and ability to borrow as those in developed countries.
- Regression Analysis: Uses macroeconomic and institutional variables to estimate the potential demand for MSME finance.
- Data Sources: Includes the Bureau Van Dijk - Orbis, IMF Financial Access Survey, OECD Financing SME and Entrepreneurs Scoreboard, and World Bank Enterprise Surveys.
Implications:
- Public Sector: Governments and multilateral organizations need to address the finance gap through improved data collection, regulatory reforms, and support for financial institutions.
- Private Sector: Financial institutions, including banks and fintech companies, should explore innovative financing models and expand their reach to underserved MSMEs.
Role of Fintech: IFC has been working with fintech companies such as Ant Financial, Welabs, Afluenta, Moni, Kreditech, and Confio to improve access to finance for MSMEs using technology-driven solutions.

Key Findings

The finance gap is more accurately estimated now due to a new methodology that includes both supply and demand data.
The increase in the gap estimate is mainly due to methodological improvements, not an actual increase in the gap.
Informal sector MSMEs face significant challenges in accessing finance due to lack of transparency, collateral, and data.
Gender Finance Gap: Women-owned SMEs are particularly affected, with 60.2% in Bangladesh and 24% in Mongolia facing unmet financing needs.
Regional Analysis: The report includes regional comparisons and highlights the different challenges faced by MSMEs in various parts of the world.
Need for Data Improvement: Better data collection is essential for accurate and actionable estimates of the MSME finance gap.

Conclusion

The MSME finance gap is a critical issue in emerging markets, with significant implications for economic development and poverty reduction. IFC and its partners have developed a more robust and comprehensive methodology to estimate the gap, which has led to more accurate results. However, the availability and reliability of data, especially in the informal sector, remains a challenge. The report calls for improved data collection, regulatory reforms, and collaboration between the public and private sectors to address the finance gap and support MSME growth.