典當行是馬來西亞微型企業(yè)的信貸工具【外文翻譯】

1、本科畢業(yè)論文（設計）外文翻譯原文：原文：PawnshopasaninstrumentofmicroenterprisecreditinMalaysiaTherearenoofficialestimatesoftheimptanceofpawnshopsasasourceofcreditintheMalaysianfinancialmarket.TheCentralBankofMalaysiadoesnotcollectdataonpaw

2、nbrokingdoesnotincludeanestimateofpawnshopcreditinitsstatisticsontotaldomesticcredit.HoweverbyexplingthedataprovidedbyafewpawnshopsitcanbeseenthatthetotalpawnshopcreditisestimatedaboutRM125millionattheendof1995(ofwhichRM

3、67millionisnewcredit).Fcomparisonpurposestheoutstingcreditattheendof1995amountedtoRM306.6billionofwhichRM174.2billionwasaccountedbycommercialbanksloansRM62.7billionbyfinancecompanies.Bythesemeasurespawnshopsappeartodeser

4、vethestatusasasmallbankastheyarethesourcefonlyabout0.03percentofnewcreditintheMalaysianfinancialmarket.ByothermeasurespawnbrokingclearlyplaysakeyroleintheMalaysianfinancialmarket.Attheendof1995therewere282pawnshopsinMala

5、ysiaaboutonepawnshopfeveryfivebranchesofcommercialbanks.Meoverinthatyearthenumberofbrowersamountedtoabout1015200(withanaverageof300customerspermonth).TheaverageloanisonlyRM803therefepawnshoplendingasapercentageoftotalcre

6、ditismuchlesssignificantthanasapercentageofthepopulationserved(in1995thetotalMalaysianpopulationwas19million).BeyondtheseaggregatemeasurespawnshopsarealsoveryimptanttothoussofMalaysiansespeciallythelowincomegroup(RM500)l

7、esseducated(secondarylevel)whosecreditrisksexcludethemfromfmalfinancialmarkets.AsurveybyRagayah(1986)showsthattheoccupationofbrowerscanbeBecausepawnbrokerslendonlyonthebasisofcollateralleftinthebroker’spossessionbrokersd

8、onotgatherinfmationtoassesscreditriskbutratherfocusonproperlyevaluatingthecollateral.Oncethisprocedureisdeterminedacashloanisadvancedimmediatelyonthecompletionofthepawnreceipt.Atypicalloanprocessinglastslessthanonehour.H

9、enceitisnmaltoseeacustomerwishingtopledgeapreciousassetcompletingthetransactionwithinafewminutesprovidedthatthereisnosuspicionthattheassetsmaybestolen.Inmosttransactionspawnbrokersmakeloanswithmaturitiesuptosixmonths.How

10、everitiscommonlyunderstoodfcustomerstorenewtheseloansbypayingextrafeesinterestontheloanextension.Incertaincircumstancescustomersmayredeemwithinaweektwo.InfactasmentionedbyBoumanHoutman(1988)therearecaseswheremoneyisbrowe

11、dnotoncebutrepeatedlyloansaremadepiecemealfextremelyshtperiods.Apawnbrokerlendsacustomerapercentageofthevaluewhichthepawnbrokerbelievesthecollateralwouldbringinacompensation.Theloantothecollateralratiovariesovertimeacros

12、spawnshopsbutaloanofabout50percentofthevalueofthecollateraliscommon.Furthermepawnbrokersoffertwicetheloanlimitofthecommercialbankswhileseldomimposingamaximumlimitonloansize.Thismeansthatthepawnbrokeralmostalwaysmakesaone

13、timeprofitfromadefault.Howeverpawnbrokerspreferthecustomertoredeemthecollateral.Acustomerwholoseshishercollateralmayfeeluncomftabletowardsthepawnshop.Therefepawnbrokersprefertolendrepeatedlytoacustomerratherthangainaonet

14、imeprofitfromadefault.Nmallypawneditemsincludejewelleryelectronicassets.Theseitemsmaintaintheirvalueoverareasonableperiodoftimeareeasytosteespeciallyjewellery.HoweverintheIslamicbasedpawnshopgoldisthepermitteditem.Theinc

15、reasingamountofcreditgivenbythefinancialinstitutionsasdiscussedinsectionIV(a)showstheaggregateeffectofincreasingcapitalrequirement.ThenumberofSSEsisexpectedtoincreaseintothefeseeablefutureasaresultofindustrialization.The