[雙語翻譯]小額貸款外文翻譯—小額信貸、制度環(huán)境與創(chuàng)業(yè)能力之間相互作用的實證研究（原文）

1、Full Terms Fernando 2006). By providing microcredit, savings, insurance, and retirement plans, individuals are able to obtain capital which can be used to finance the creation and the survival of new ventures (Campbell

2、2010; Khavul 2010). As such, microcredit allows entrepreneurs to build assets and economic resources, while creating employment opportunities and services for local communities (Helms 2006). This can ultimately have an e

3、ffect on individuals’ capabilities and the contexts entrepreneurs operate in (Mair and Marti 2009).Current debates in the microcredit and microfinance literature have focused on the dynamics through which microcredit is

4、deployed, particularly to women, as well as its effec-tiveness (cfr. among others Mair, Marti, and Ventresca 2012; Milanov, Justo, and Bradley 2015; Chliova, Brinckmann, and Rosenbusch 2015), how microfinance institutio

5、ns function (cfr. among others, Morduch 1999; Armendariz and Morduch 2007) as well as their level of sus-tainability (cfr. among others, Gonzalez-Vega 1994; Morduch 2000), and their ability to shape the context they oper

6、ate in (cfr. among others, Mair and Marti 2006; Khavul, Chavez, and Bruton 2013). Research has also indicated that institutional quality determines the perfor-mance of MFIs in periods of financial crisis (Silva and Ch

7、25;vez 2015) and that institutions influence how entrepreneurial finance is channeled to entrepreneurs in developing econ-omies (Eid 2005). However, Beck (2007) and McKenzie and Woodruff (2008) indicate that small and me

8、dium-sized businesses, often called “missing middle,” offer high returns on investments in these contexts. Yet, they remain underserved financially and overlooked by researchers. We also know that empirical access to fin

9、ance is a critical issue for firms in developing economies and microcredit is a particular type of high-risk debt which may not always be sought after (Hulme 2000; George 2005).In addition, if context shapes entrepreneur

10、ship and sets the boundaries for entrepreneur-ial action (Welter 2011), it is not clear (a) whether ventures using microcredit are those whose capabilities are constrained the most by the environment they operate in and

11、(b) under which institutional conditions these ventures actually use microfinance to fund their business needs. The question about when and where entrepreneurs decide to pursue or forgo the option of using microfinance l

12、oans still remains unanswered (Khavul 2010). In this paper, we ask the following question: How do formal institutions shape the use of microcredit by firms with varying entrepreneurial capabilities? To answer these quest

13、ions, our empirical analysis focuses on the use of microcredit by firms in sub-Saharan Africa, characterized as a context with a high level of constrained capabilities. Often viewed as institutionally homog-enous (Rivera

14、-Santos et al. 2015), we highlight the institutional heterogeneity of this context and the varying capabilities associated with it. We test predictions using data from the World Bank’s Enterprise Survey, the Economic Fre

15、edom of the World Report index (2011), as well as the World Economic Forum Global Competitiveness Report (2008). Our findings indicate that microcredit is indeed used in areas where individuals’ entrepreneurial capabilit

16、ies are more constrained. At the same time, in these contexts, microcredit tends to be mostly used where there is either a well-developed market or a well-functioning political–judicial system which guarantee a minimal “

17、rule of game” . It is only under those institutional conditions that firms, constrained by their capabilities, are prone to/can use microcredit to finance their business activities.We aim at making a number of contributi