Microequity: some thoughts for an emerging research agenda
总结了绩效型小额金融的最新研究，提出“微型股权”概念，即还款额随企业绩效变动的融资合同，并探讨其在小企业投资和资产使用中的潜力。
Abstract This paper summarizes recent research in performance-based microfinance, and outlines future directions for research. We use the term ‘microequity’ to refer to any small-enterprise financing contract in which the repayment owed in each instalment depends positively upon the variable performance of the enterprise. We summarize research from financial economics and development economics to highlight the importance of implicit insurance in microequity contracts, and present a theoretical framework to illustrate the potential of microequity in supporting capital investment and incentivizing asset use. We conclude by highlighting directions for future research in this emerging field of microfinance.