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1、外文翻译原文EfficiencyofMicrofinanceInstitutionsMaterialSource:SpringerScience+BusinessMedia,LLC.Author:Mamiza,Haq·Michael,Skully·ShamsMicrofinanceinstitutions(MFIs)providearangeoffinancialservicestopoorhouseholds.Theirworldwidegrowthinnumbershashadapositiveimpactbyprovidingthepoorwithlo
2、ans,savingsproducts,fundtransfersandinsurancefacilities.Thishashelpedcreateanencouragingsocio-economicenvironmentformanyofthesedevelopingcountrieshouseholds.Thenatureoftheseinstitutionsisquitedifferentfromtraditionalfinancialinstitutions(suchascommercialbanks).MFIsaresignificantlys
3、mallerinsize,limittheirservicestowardspoorhouseholdsandoftenprovidesmallcollateral-freegrouploans.MostMFIsdependondonorfundsandarenot-for-profitorientedorganizationsthatshareacommonbondamongthemembers.Theyalsodifferintheirtwomainoperationalobjectives.First,asmentionedtheyactasfinan
4、cialintermediariestopoorhouseholds.Thisisknownasthe‘institutionisparadigm’whichaffirmsthatMFIsshouldgenerateenoughrevenuetomeettheiroperatingandfinancingcosts.Second,theyhaveasocialgoal.Thiscanbedefinedasthe‘welfarists’paradigm’whichincludesafocusonpovertyalleviationanddepthofoutre
5、achalongwithachievingfinancialsustainability.AnefficientMFImanagementshouldpromotethesetwoobjectives.TheformalMFIinstitutions(bankMFIs,nonbankfinancialinstitutionMFIsandcooperativeMFIs)aresubjecttoprudentialregulationandtheiractivitieslicensed;mainlydeliveringcreditfacilitiestothei
6、rmembers.Someofthesealsomobilizesavingsfromnon-members.Incontrast,semiformalMFIinstitutions,typicallynon-governmentorganizationMFIs(NGO-MFIs),areusuallyunregulatedbutregisteredundersomesocietylegislation.Tableshowstherangeofproductsandfundingsourceseachtypeentail.Finally,theinforma
7、lMFIinstitutionsincludemoneylenders,shopkeepersandpawnbrokers.Unfortunately,theirsmallsizeandoftenlackoflicensingmakethemdifficulttoidentifyandsotheyareexcludedfromourstudy.Thequestion,though,amongtheremainingfourMFItypesiswhetheronecategorymayprovemoreefficientthantheothers.MFIswi
8、ththelargestassetsizearefo
