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Jingdong book

微型金融方法与案例

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微型金融方法与案例

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1. 本书作者均为微型金融从业人员,拥有丰富的相关实践经验和理论积累,而且对中国也有相当程度的了解,对中国情境下的微型金融发展有很好的借鉴意义。

2. 本书包含大量很有代表性的实例,结合这些例子来思考相关理论和实践问题,更具可操作性。

3. 本书译者均为本土金融行业探索微型金融的积极实践者和先行者,他们对国际经验的引介更为中肯。


Content Description

本书以简短的篇幅,简明扼要地结合经典实例回答了有关微型金融的若干基本问题。对于读者联系中国特定的情境,根据普遍的原则和个案的启发进行有效创新,都大有帮助。

这些案例包括:

红杉资本投资SKS的故事

沃尔玛与Salinas集团在墨西哥竞争开办微银行的故事

率先使用网络空间开展小额信贷业务的Kiva.org的故事

IPO高达15亿美元的微银行——康帕银行的故事

奥巴马政府与微型金融之间隐含的联系

……

这些基本问题包括:

微型金融有哪些基本原则?

有哪些经典方法?

大致的发展现状?

应如何把握商业营利性与社会公益性的平衡问题?

应如何适应特定的情境来调动人们的积极性?

应如何抓住互联网等新技术提供的机遇来进行变革和突破?

政府能够在其中扮演怎样的角色?

……


Author Description

萨提亚南达?加布里埃尔 美国马萨诸塞州蒙特霍利约克学院(南哈德利)经济学和金融学教授,经济学系主任。他为许多机构做过微型金融顾问,包括联合国发展计划署、世界银行。他也是《中国资本主义与现代化》一书的作者,他还写作了其他一些有关中国和经济发展的著作。

迈克尔?欣克利 阿默斯特学院研究生,纽约德意志银行投资银行分析师;

汉尼?瓦格斯 蒙特霍利约克学院研究生,加布里埃尔教授的研究助理,目前为巴基斯坦银行家。

译者简介

游春 江苏建湖人,上海财经大学金融学院博士后,高级经济师。主要译著有《微型金融》、《诚信的银行业》及《经济学家是如何打赢二战的》。

陈允宏 江苏滨海人,上海大学经济学博士。现供职于中国平安保险集团。


Catalogue

丛书总序巴曙松

理论篇

导言

同类借贷群组:为什么性别很重要

多样化的微型金融:只是关于经济?

需要一个基础广泛的方法

微型金融如何发端?

微型金融与当前的危机

案例篇

商业化:红杉资本和“微型金融界的星巴克”

沃尔玛作为小微贷款人?消费者小额信贷和工业微银行的故事

手机、投资银行家和纽约市停电:格莱珉电话的故事

以营利为目的的微型金融机构的未来:康帕银行的故事,其IPO价值15亿美元

Web2.0和P2P贷款:Kiva.org的故事

奥巴马和微型金融

结论:微型金融和技术变革的演变

尾注

参考文献


Book Abstract

红杉资本和“微型金融界的星巴克”

2007年1月,世界上最好最聪明的经济头脑齐聚瑞士达沃斯年度世界经济论坛。本次会议持续了数天,汇集了世界上最强大和最有影响力的人。诺贝尔奖得主、经济学家,跨国公司的CEO、全球政治领袖和王室君主都挤在这座瑞士度假小镇,讨论当今的金融和经济问题。

当时的情景如维克拉姆·阿库拉(Vikram Akura),一个第一次参加此会的异想天开的家伙经历的,发现自己在不经意地与国际金融家乔治·索罗斯(George Soros)、 Sun微系统的创始人之一维诺德·科斯拉(Vinod Khosla),以及前联合国秘书长候选人沙希·塔鲁尔(Shashi Tharoor)聊天。

这些人的谈话让阿库拉感到意外的是,并非都聚焦于大的经济和政治事务,虽然这些对话者已经成为这些事件中不可或缺的参与者。相反,这些掌控宇宙的大师们对阿库拉和他的小额贷款公司SKS很有兴趣。他在印度海得拉巴创立这家公司已近十年。在这一周晚些时候,阿库拉发现与自己共同主持一场讨论全球发展问题分会的是梅琳达·盖茨(Melinda Gates)。她是微软的创始人比尔的妻子,是35亿美元的比尔和梅琳达·盖茨基金会的联席主管。

也许我们不应该对他的这种奇遇觉得奇怪,因为仅仅一年前,在2006年,《时代杂志》曾称他是100个塑造世界的人之一。“这些经验都是一些我无法想象的,当我于1998年创立SKS时,我的5万美元资金来自朋友和家人的东拼西凑。”阿库拉后来回忆道。46

他可能从来没有预测这样的成功或名气,但在2007年,这位38岁的企业家发现自己正处在这样的现实环境中。虽然他在美国长大,但印度的贫困对年轻时常常造访印度的阿库拉产生了影响。“作为一个孩子,当我访问印度时我很震惊地看到如此庞大的贫困人口。为我不断目睹的贫困,我决定有一天做点什么。”471990年阿库拉从塔夫斯大学(Tufts University)毕业,之后他曾在一家小的NGO组织担任了18个月的一个社区的组织者。在经历了一系列与发展有关的项目——从那些专注于改善健康状况的到教育项目,到微型金融项目——后,阿库拉认为“在各种发展干预措施中,微型金融——给穷人提供小额贷款和其他金融产品——对贫困的影响最大。”48

在此之后的工作,阿库拉决定要拥有这一领域更深入的在现场的第一手经验。在获得了著名的富布赖特奖学金后他回到印度,花了一年时间帮助组建另一个非政府机构的微型金融项目。在此期间,阿库拉意识到,尽管它的潜力巨大,但在他的实践领域中,大多数小额贷款机构的实践方式还有待大大提升。他回忆说:“我从我的经验中主要学习到了,虽然微型金融对贫困产生影响,但目前实践它的方式是非常低效的和不可扩展的。”49

明知山有虎,偏向虎山行。阿库拉返回美国在芝加哥大学攻读博士学位,他要研究出方法来提高微型金融的效率。“我确定了三个制约增长的主要因素:资本、容量和成本。”他后来说。

为了克服这些挑战,阿库拉提出微型金融机构如何能够克服这些挑战,并改善其性能的三个主要处方。他建议采取以下策略:50

l 采取一种以营利为目的的方法,以增加传统慈善捐赠者之外的融资机会。

l 采用以营利为目的的经营方针,来处理日常运营,以提高容量和确定增长机会。

l 采用相应的技术,克服服务的高运输成本。

带着这些研究结果,在90年代中期阿库拉与多家微型金融机构讨论实现这些新的策略。令他失望的是,这些微型金融机构的主管们对他的提议都表现得犹豫和偏狭。

他解释说:“我接触了现有的微型金融机构来试图应用这些新的概念。但是,没有人愿意尝试这些想法,于是我创办了自己的非营利性公司SKS,或称为Swayam Krishi Sanyam。该公司后来转变为营利性的。”自1998年推出以来, SKS已经实现了惊人的增长。在2008年3月接受采访时,阿库拉称, 这家小额贷款公司已拥有近200万客户,遍及印度的15个州,散布在25000个村庄里。

当被问及SKS公司未来的目标时,阿库拉解释说:“我们希望在未来两年,将规模扩大到800万客户。今天在印度我们是最大的MFI。如果我们达到800万这个数,我们会成为世界上最大的MFI。”51SKS的运营也非常有利可图;SKS在2008年取得的23%的股本回报率,远远超过大多数传统贷款商的回报率。52

这样的财务表现引起了世界各地顶尖投资者和融资者的关注,其中包括传奇性的风险投资公司红杉资本。红杉资本曾经对苹果、谷歌、YouTube、思科以及其他许多成功的公司进行过早期投资。它介入微型金融行业的第一笔交易是2007年4月投资1150万美元给SKS,这见证了微型金融行业的一个分水岭。据相关交易的条款,SKS要么在IPO上市公开发行时提供其股票,要么在三到五年内被收购。53

观察家注意到, 红杉——被广泛认为是最精明和成功的风险投资者之一——表现出的兴趣可能标志着微型金融发展的一个新阶段的开始。达成这笔交易后,阿库拉说,这是微型金融行业“第一个纯营利性的私人股权活动”。54该交易获得的关注不仅因为交易中有私人资本的存在,也因投资于它的这个公司的名称和声誉。如CNBC报道的:“红杉私人股权投资公司的直接投资可被看作是一个迹象,表明微型金融不再只是一个社会意识的投资选择,同时也是一个潜在的有利可图的投资。”55

红杉的投资之所以值得注意,因为它暗示了所谓的主流财经界已经认识到微型金融的财务盈利能力,并可能在未来更愿意投资于微型金融。阿库拉也对此表示同意。他在交易达成后议论道:“今天SKS创造了一个模式,即像红杉这样全球领先的私募股权投资公司有信心引导资金流向穷人手中。”56联合投资者尤尼图斯(Unitus)股票基金也预料,在行业的“分水岭”之后,对微型金融的兴趣将不断增加。尤尼图斯的负责人克里斯·布鲁克菲尔德(Chris Brookfield)解释说:“全世界有20亿人的生活费每天不到2美元,帮助这些人站起来,为了更好的未来而工作,这个市场潜力是巨大的。”57

正如阿库拉和布鲁克菲尔德所发现的,没有多久,业内同行就证明他们的预测是正确的。


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Jingdong book