小微企业金融外文翻译--乌干达小微企业融资路径依赖和融资的决定性因素(编辑修改稿)

小微企业金融外文翻译--乌干达小微企业融资路径依赖和融资的决定性因素(编辑修改稿)内容摘要：

e business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business. Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as The former include the time and cost of registering a business, taxes and plying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law. Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a pany: a name search and reservation fee of Ugshs. 25,000 ($), stamp duty of % of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2020).6 Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former munist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business. Policy makers concerned with integration of the informal sector into the formal and improving access to credit for informal sector micro enterprises should consider a business registration system that is simple, cost effective and decentralized. The licensing process through local government authorities can be used to create a registration and business identification mechanism that can identify the business and its location. The majority of micro enterprises are engaged in retail trade, such as a shop selling merchandise such as groceries, household items, clothes, motor vehicle spare parts or books. Some respondents reported other business activities including agriculture (beekeeping, milk production), processing (honey, herbal medicines), small scale production (timber and furniture), and services (hair dressing, restaurants selling food and beverages). However, these respondents were few pared to those who reported engaging in retail business. This finding can be attributed to two factors. The first is that the majority of micro enterprises are established with startup capital from personal savings or contributions from friends and family members and since such retail businesses do not require a lot of capital, it not surprising that they are the majority. Employment by Micro Enterprises The number of employees of a business is one of the factors used to classify micro, small and medium enterprises. Although no standard definition specifies a minimum or maximum number of employees for these categories, micro enterprises are on the lower end of the scale regarding capacity to employ. The data show that the majority of microenterprises in Uganda employ between one and five persons, indicating that the businesses are largely a source of selfemployment rather than of large scale job creation. They are also the largest source of nonagricultural self employment. This means that with the increasing adverse effects of climate change on agriculture, increasing population pressure on land and swelling ruralurban migration, micro enterprises of this nature will continue to rise. The result is an expanding informal sector that has no capacity to create jobs, contribute to the national economy and transform economically. Size is another indicator used to classify businesses as micro, small, medium and large scale enterprises. However, like the employment variable, size is not consistently defined. In the European Union, business enterprises that have assets not exceeding two million Euros are classified as micro enterprises, while those with assets not exceeding ten million Euros are small enterprises, and a medium enterprise has assets not exceeding 34 million The data show that the majority of micro enterprises in Uganda have assets not exceeding Ugshs. 5 million ($2,500). This finding is indicative of the manner in which these businesses are set up — as small, informally established, sole proprietorship businesses initially financed with little startup capital, usually from informal sources. Because most micro enterprises neither keep financial records nor are audited,。