股权融资和债务融资中英文外文文献翻译.doc

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标题: Equity financing and debt-based financing: Evidence from Islamic microfinance institutions in Indonesia
作者: Bayu Fianto, Christopher Gan, Jamal Roudaki
期刊: Pacific-Basin Finance Journal
年份: 2017
原文
Equity financing and debt-based financing: Evidence from Islamic microfinance institutions in Indonesia
Bayu Fianto, Christopher Gan, Jamal Roudaki
Abstract
This paper investigates the impact of Islamic microfinance on rural households' welfare in Indonesia. Using a survey questionnaire, this study explores two group of financing in Islamic microfinance, equity and debt-based financing. A two-year panel dataset and a double difference-in-difference approach are used to examine the impact of the two Islamic microfinance groups on rural household in Indonesia. The study also evaluates shari'acompliance based on the national shari'a board of Indonesia. The study results indicate that both financing groups exhibit a positive and significant impact on rural households' e, but equity financing performed better than debt-based financing. Moreover, the Shari’ compliance evaluation indicates that clients received financing that parable with the national shari'a board of Indonesia.
Keywords:Equity financing,Debt-based financing, Difference-in-difference, Shari'pliance, Islamic microfinance,Indonesia
1. Introduction
A microfinance institution (MFI), in general, is an institution that can create financial inclusion for the poor, improve household welfare and reduce poverty. An MFI is a flexible institution that can easily adjust to the needs of local people, especially the poor (Ahmad and Ahmad, 2009). There are many types of MFI, such as non-anizations, rural banks, village banks, and cooperatives (Karim et al., 2008). However, the main problem with formal financial institutions (., banks) is that they demand specific requirements such as collateral, land and wealth, before granting credit (Li et al., 2011a).