[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(shí)證研究（節(jié)選）

1、字?jǐn)?shù)：英文 字?jǐn)?shù)：英文 3661 3661 單詞， 單詞，21609 21609 字符；中文 字符；中文 6504 6504 漢字 漢字出處： 出處：Kimmitt J, Scarlata M, Dimov D. An empirical investigation of the interplay between microcredit, institutional context, and entrepreneurial capab

2、ilities[J]. Venture Capital, 2016, 18(3): 257-276.外文文獻(xiàn) 外文文獻(xiàn) An empirical investigation of the interplay between microcredit, institutional context, and entrepreneurial capabilitiesAbstract Understanding under which cond

3、itions microcredit is used by new, growing ventures is becoming increasingly pertinent to scholars. This paper investigates the interplay of the use of microcredit with entrepreneurial capabilities and the moderating rol

4、e of institutional development in sub-Saharan Africa. Our findings show that higher constraints to entrepreneurial capabilities are associated with higher use of microcredit. In addition, we find that new, growing ventur

5、es use microcredit more where either economic or political institutions are less developed. Our findings suggest the importance of the existence of some type of institutional strength that must be in place to form the ba

6、sis for microcredit activity. This allows for speculation as to whether microcredit works as the literature currently assumes.KEYWORDS: Capabilities; entrepreneurial finance; institutions; microfinance1.IntroductionEntre

7、preneurial activity is strongly influenced by the context it is embedded in (Baumol 1990, 1993; Autio and Acs 2010; Welter 2011). Particularly in emerging markets, entrepreneurs face a number of challenges, such as the m

8、ixed success of innovation (Bradley et al. 2012), weak institutions (Acemoglu 2003), and low human of financial crisis (Silva and Chávez 2015) and that institutions influence how entrepreneurial finance is channeled

9、 to entrepreneurs in developing economies (Eid 2005). However, Beck (2007) and McKenzie and Woodruff (2008) indicate that small and medium-sized businesses, often called “missing middle,” offer high returns on investment

10、s in these contexts. Yet, they remain underserved financially and overlooked by researchers. We also know that empirical access to finance is a critical issue for firms in developing economies and microcredit is a partic

11、ular type of high-risk debt which may not always be sought after (Hulme 2000; George 2005).In addition, if context shapes entrepreneurship and sets the boundaries for entrepreneurial action (Welter 2011), it is not clear

12、 (a) whether ventures using microcredit are those whose capabilities are constrained the most by the environment they operate in and (b) under which institutional conditions these ventures actually use microfinance to fu

13、nd their business needs. The question about when and where entrepreneurs decide to pursue or forgo the option of using microfinance loans still remains unanswered (Khavul 2010). In this paper, we ask the following questi

14、on: How do formal institutions shape the use of microcredit by firms with varying entrepreneurial capabilities? To answer these questions, our empirical analysis focuses on the use of microcredit by firms in sub-Saharan

15、Africa, characterized as a context with a high level of constrained capabilities. Often viewed as institutionally homogenous (Rivera-Santos et al. 2015), we highlight the institutional heterogeneity of this context and t

16、he varying capabilities associated with it. We test predictions using data from the World Bank’s Enterprise Survey, the Economic Freedom of the World Report index (2011), as well as the World Economic Forum Global Compet

17、itiveness Report (2008). Our findings indicate that microcredit is indeed used in areas where individuals’ entrepreneurial capabilities are more constrained. At the same time, in these contexts, microcredit tends to be m

18、ostly used where there is either a well-developed market or a well-functioning political–judicial system which guarantee a minimal“rule of game”. It is only under those institutional conditions that firms, constrained by