外文翻译-----小额信贷的可持续发展问题(编辑修改稿)

外文翻译-----小额信贷的可持续发展问题(编辑修改稿)内容摘要：

izing loss. In contrast to the credit application process, which attempts to preempt the onset of borrower delinquency by declining high risk loans, monitoring efforts minimize the economic impact of delinquency once a borrower has fallen into arrears. In addition to the explicit risk to institutional equity through default, managing delinquent borrowers is an intensive and costly process. When dealing with repeat clients, there exists the opportunity to leverage information captured through monitoring on previous loans, enabling the MFI to shorten the full credit application without materially impacting the risk filter. In short, there is an opportunity to reduce operational costs without a corresponding increase in future loss rates. Repeat borrowers enable the information accrued during the relationship to be leveraged to mutual benefit of MFI and borrower. In this case, much of the information required to validate a loan application has been gathered during the previous lending relationship. An MFI will also possess the borrower’s payment history, a more accurate indicator of future performance than an isolated financial snapshot taken during the standard application process. The challenge, however, is that for many MFI, a part of their mission is to graduate customers into mainstream mercial banking, which would not allow the MFI to collect additional interest payments from those customers. Overhead Costs For an MFI to sustain itself, each outstanding balance must contribute a proportional amount to institutional costs. Institutional costs are driven primarily by the size of the portfolio being maintained. The necessary staff, tools, technology, work environment, and management are functions of portfolio scale. We outline in Table 2 the institutionallevel costs of five MFIs with varying portfolio sizes to identify the proportional cost loading necessary to guarantee that central costs are pensated for. The table shows that institutional costs increase at a slower rate than the rate at which the loan portfolio grows, so that the overhead allocation declines as an MFI achieves scale. We find that an MFI with a $500,000 portfolio will incur indirect costs of 26 percent, while an MFI with a $20 million portfolio will experience a much lower indirect cost loading of 6 percent. In the United States, the largest institution engaging solely in microfinance presently has a portfolio of $15 million. and Conclusions Continued subsidization of credit also has implications for the longterm sustainability of MFIs. Our highlevel analysis of projected selfsufficiency levels of various MFI sizes shows the importance of pricing appropriately. Even a modest deviation from the valueneutral price has a significant impact on the amount of subsidies needed to su。