2013年-世界发展银行全球_Republic_of_Moldova_Enterprise_Access_to_Finance___Background_Note_57页_1mb

报告摘要

Summary of the Report: Enterprise Access to Finance in Republic of Moldova

Core Content

This report, titled Republic of Moldova Enterprise Access to Finance Background Note (June 2013), provides an in-depth analysis of the challenges and opportunities related to enterprise access to finance in Moldova. It outlines the current state of the financial sector, identifies key barriers to accessing financial services, and offers recommendations for reform to improve financial inclusion and support enterprise development.

Main Points

1. Importance of Access to Finance

Access to finance is a critical enabler of economic growth and competitiveness.
Enterprises rely heavily on retained earnings and bank loans for funding.
Financial constraints affect the ability of businesses to invest, manage short-term needs, and adapt to market changes.

2. Current Financial Situation

Moldova has seen significant improvements in financial depth indicators, with credit to the private sector as a share of GDP increasing from 24% in 2005 to 38% in 2012.
Deposits increased from 30% of GDP in 2005 to 41% in 2012.
The financial sector is dominated by commercial banks, which account for 93% of total financial assets and 96% of total loan volume.
There are 14 commercial banks, 361 savings and credit associations (SCAs), and 73 microfinance institutions (MFIs) in Moldova.

3. Demand-Side Constraints

Profitability and Management Capacity: Enterprises often lack sound financial management practices, including poor or absent business and investment plans.
Business Environment and Investment Climate: Deficiencies in these areas limit business opportunities and the ability to secure financing.
Market Integration and Product Quality: Limited integration along value chains and low product quality reduce enterprise eligibility for loans and increase information asymmetries between borrowers and lenders.
Understanding of Financial Products: Enterprises often lack awareness of available financial products and associated costs, leading to suboptimal borrowing decisions.

4. Supply-Side Constraints

Segmented Market: The market for enterprise financing is segmented, with limited competition.
Collateral Requirements: High collateral demands (up to 200% in banks and 70% in non-bank institutions) disproportionately affect small and new enterprises.
Limited Long-Term Funding Sources: Capital markets and institutional investors are underdeveloped, limiting access to cheaper long-term financing.
Weak Risk Assessment and Management: Banks have limited internal risk assessment capabilities, contributing to high non-performing loans.
Inadequate Financial Infrastructure: Credit bureaus do not fully cover non-bank financial institutions, and the legal framework for secured transactions and collateral is incomplete.

5. Regulatory Framework and Financial Infrastructure

The regulatory framework has been improved, but gaps remain in oversight, consumer protection, and the balance between stability and financial deepening.
A private credit bureau was established in 2011, but more data from non-bank institutions is needed.
Leasing companies and MFIs are not fully integrated into the regulatory oversight system.
New accounting standards are being introduced to improve financial reporting.

Key Recommendations

Reform Area	Recommendations
Enhanced Targeting and Coordination	- Conduct a baseline survey on enterprise financial service demand and use. <br> - Establish a national coordination body to monitor progress. <br> - Develop sunset clauses for temporary programs and enhance sustainability.
Enhancing Enterprise Profitability	- Foster business linkages, financial management, and planning. <br> - Attract FDI and improve the business environment. <br> - Enhance transparency in government procurement and increase bidding opportunities for SMEs.
Increasing Availability of Term Funding	- Broaden the domestic investor base for government securities and develop the secondary market. <br> - Facilitate the issuance of corporate bonds by private entities. <br> - Develop a second pillar in the pension system. <br> - Promote a culture of savings and retirement planning. <br> - Increase the coverage limit of the Deposit Guarantee Fund.
Upgrading Legal and Regulatory Framework	- Establish a legal and regulatory framework for microfinance and leasing companies. <br> - Strengthen the capacity of supervisory agencies to enforce new regulations. <br> - Fully implement the 2013 Law on Financial Institutions to improve transparency. <br> - Develop legal amendments to enhance disclosure of ultimate beneficiary owners and tighten regulations on connected lending.
Strengthening Financial Infrastructure	- Incorporate data from non-bank credit institutions into the credit bureau. <br> - Include utility and telecom data in the credit bureau database. <br> - Continue reforms in auditing and accounting. <br> - Implement reforms in collateral and creditor rights, including amending the Pledge Law.
Enhancing Consumer Protection and Financial Literacy	- Assess and reform the consumer protection framework to improve transparency and complaint mechanisms. <br> - Launch targeted financial education campaigns to support reforms and foster a culture of savings.

Conclusion

Despite progress in financial depth and infrastructure, enterprise access to finance remains a critical challenge in Moldova. The report emphasizes the need for coordinated reform efforts, enhanced consumer protection, and the development of more inclusive financial products and services. Strengthening the regulatory framework, improving the availability of long-term funding, and fostering better financial management among enterprises are identified as essential steps to support sustainable economic growth and competitiveness.

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