【正文】 本支出。他們 的融資約束提供給我們 微型企業(yè)融資動(dòng)態(tài)的觀察窗口。例如非正規(guī)信貸被用來(lái)獲取公司股票 ，就不太合適用來(lái)資本投入比如一些設(shè)備像冰箱、家具或者其他可以改善某人生意的物品的購(gòu)買(mǎi)。使用非正規(guī)信貸并不一定意味著不需要信貸。另外，微企借貸人往往通過(guò)不斷信貸的方式來(lái)是借貸風(fēng)險(xiǎn)最小化，所以 借款人往往是不斷貸入小型 貸款。中、西部地區(qū)小微企業(yè)獲取信貸的渠道并不比其他地區(qū)獲取信貸的渠道有多明顯的優(yōu)勢(shì)。目前公司的法律是 1948 年制定的明顯落后于當(dāng)前公司的治理標(biāo)準(zhǔn)。上面圖表的數(shù)據(jù)告訴我們?yōu)醺蛇_(dá)大多數(shù)微型企業(yè)的雇員在一到五人之間，這說(shuō)明這些企業(yè)大多數(shù)是 依靠自我就業(yè)作為員工的來(lái)源而不是給社會(huì)創(chuàng)造了多少的就業(yè)機(jī)會(huì)。然而， 商業(yè)登記處的偏遠(yuǎn)并不是主要問(wèn)題因?yàn)榫退闶强拷怯涋k公室的公司也并不喜歡去登記，這和地處偏遠(yuǎn)點(diǎn)兒的公司并沒(méi)有什么區(qū)別。 小微企業(yè)路徑依賴(lài)：形成與商業(yè)特性 多數(shù)的小微企業(yè)是作為非正式成立的個(gè)人獨(dú)資企業(yè)而經(jīng)營(yíng)的。 另一方面，一些具體的因素，比如：商業(yè)形式的多元化，小微企業(yè) 獲得商業(yè)資金或者資產(chǎn)投入的需求與市場(chǎng)供給的靈活性，使得供應(yīng)商并不傾向于使用正規(guī)信貸。雖然在烏干達(dá)，過(guò)程和正式業(yè)務(wù)的法律和監(jiān)管負(fù)擔(dān)，納入企業(yè)存在的機(jī)制，建立成本，在大多數(shù)情況下，遠(yuǎn)遠(yuǎn)大于好處，甚至業(yè)務(wù)創(chuàng)造的經(jīng)濟(jì)機(jī)會(huì)。通過(guò)當(dāng)?shù)卣块T(mén)的發(fā)牌過(guò)程可以有效地創(chuàng)建一個(gè)登記和業(yè)務(wù)識(shí)別機(jī)制以辨明所識(shí)別的業(yè)務(wù)和位置。這個(gè)發(fā)現(xiàn)指出了這些作為獨(dú)資企業(yè)的微企 往往是通過(guò)一些非正式融資渠道 成立 的。以下，我將試圖討論不同因素對(duì)微企融資決策所造成的不同影響。然而，值得重視的是就算是那些商業(yè)銀行處獲取貸款的 23%的微企，也只能從像百年銀行那些包涵小額信貸的銀行處獲取。 小微企業(yè)融資決策：正式與非正式信貸之間的選擇 根據(jù) 602 家受訪微企調(diào)查發(fā)現(xiàn)， 69%的人聲稱(chēng)他們解決企業(yè)的融資問(wèn)題是依靠個(gè)人資金、從朋友或者家人那里借錢(qián)、或者信貸貿(mào)易 。這種合作關(guān)系對(duì)于供應(yīng)商和零售商來(lái)說(shuō)是雙贏的。另外，一些小額貸款 人需要預(yù)先積累一部分資金并且要計(jì)算所占貸款的百分比（通常在 15%），或者規(guī)定最小貸款總量，或者花一到三個(gè)月時(shí)間與放貸人建立良好的個(gè)人關(guān)系。 Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing Decisions Dr. Winifred Tarinyeba Kiryabwire Abstract Access to finance literature in developing countries focuses on access to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low ine countries, micro enterprises play a much more significant role than SMEs because of their contribution to nonagricultural selfemployment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit. Introduction It well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit1. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macroeconomic performance, petitiveness in the financial system, and regulatory frameworks that enable financial institutions to develop products for SMEs such as leasing and factoring2. Over the past ten years, policy makers in developing and low ine countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as mercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors. Path Dependence in Micro Enterprises: Formation and Business Characteristics The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in which they operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as wellthought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the 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 cos