国外负债经营的分析【外文翻译】.docx

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1、外文翻译Foreigndebt management analysis Material Source: Womens Consultation Briefing Paper Author: Gail Lerner, Rebecca Desiree Lozada and Viola TorresThere is a strong consensus in the international community that the debt burden is a serious barrier to the creation of any meaningful development strat

2、egy. The Secretary Generals report of earlier this year rightly identifies debt as a significant obstacle to development in low-income, middle-income and transition economy countries. It recognizes that debt financing ought to be an integral part of a countrys development effort and not a hindrance.

3、The foreign debt is growing exponentially. Debt relief continues to be an exercise of power and control through the conditionalities imposed by the International Financial Institutions (IFIs). Structural Adjustment Programmes (SAPs) impose unacceptable conditions on debtor nations and drain them of

4、precious resources.Presentdebt-managementproposalssuchasthosedevisedby creditorsthe Heavily Indebted Poor Countries (HIPC) Initiative, to include the Enhanced HIPCoffer too little, too late, to too few countries. Because these are designed by creditors, their purpose is debt collection, not debt rel

5、ief. Both lenders and borrowers must take responsibility for the debt crisis. It is unjust that creditors dominate the debt relief process. Unless present debt-management plans are transformed into effective, equitable, development-oriented and durable debt release opportunities, the devastating cyc

6、le of debt accumulation will repeat itself, condemning millions more people to suffering.Debtor governments are obliged to prioritize debt repayments over spending on health, education, sanitation, clean water and other social needs. This undermines accountability by debtor governments to the people

7、, which in turn erodes local democratic institutions. Debt and loan negotiations are always conducted in secret between elites in the North and elites in the South, fostering corruption.Finally, if the debt problem is to be resolved in a way that contributes in an integral way to sustainable communi

8、ty, attention must be paid to how concurrent channels of development financing contribute towards the creation and expansion of external debt. For example, attention needs to be given to how existing trade andinvestment agreements might inhibit rather than enhance revenue-generatingopportunities for

9、 developing countries. Vigilance needs to be maintained so that development efforts are not financed through modalities, instruments or mechanisms that create additional burdensome debt.International fora of civil society convened by the international Jubilee campaigns call for the cancellation of a

10、ll illegitimate debts of all Southern countries. The prevailing opinion is that there are several categories of illegitimate debt, which can be identified as follows:1. Debts that are illegitimate to repay, that is, they cannot be serviced without causing harm to people and communities.2. Debts incu

11、rred by illegitimate debtors and creditors acting illegitimately which includes both “odious debt”(that is any debt incurred not for the needs or interests of the state but to strengthen a despotic regime that represses its own population).3. Debts incurred for illegitimate uses, such as debts for p

12、rojects which were never built or did not befit the people as they were intended; debts contracted for fraudulent purposes;4. Debts incurred with illegitimate terms, included debts incurred at usurious interest rates; debts that became unpayable as a result of external factors (unilateral increase i

13、n interest rates) over which debtors have no control.Caught as they are at the divide between the productive and reproductive spheres of life, women have borne the full impact of debt dependence, adherence to SAPs and underdevelopment. In their multitude roles of worker, caregiver, home manager, wif

14、e and mother, womens time and energies are stretched to breaking point as they strive to enable the family to survive economic crises.Instead of perpetuating this set-up, the Financing for Development process must work for systemic, structural and policy changes and programmes that will free countri

15、es from the debt trap, prevent the repetition of these problems and promote political and economic democracy and equity, gender equality, popular empowerment and sustainable communities.From this framework and towards this end, we recommend that the international community ensure the:* Immediate can

16、cellation of 100% of the debts of low-income countries, immediate debt relief for severely indebted middle income countries, and cancellation of the illegitimate debts of all Southern countries.* Active participation of civil society in decision-making processes thatdetermine the allocation of funds

17、 from new loans and debt relief.* Elimination of any conditionalities attached to new loans and debt relief that perpetuate indebtedness, as articulated in the Poverty Reduction Strategy Papers (PRSPs) and the enhanced HIPC initiatives, starting with heavily indebted poor countries in Africa.* Intro

18、duction of a new, independent and transparent arbitration process for negotiating and agreeing upon international debt cancellation which ensures that losses and gains are equally shared along with the introduction of ethical lending and borrowing policies to prevent future recurrence of the debt cr

19、isis.Debt financing involves any money that a business borrows in order to run operations. Also referred to as loans, it can be a long-term or short-term solution to needed cash flow. There are various options for obtaining the money a business may need to operate effectively.For any viable business

20、, loans are available. Terms may vary, but every loan is set to be repaid with interest at a future date. This cash flow option can be attractive to business owners because they do not have to sacrifice any ownership interests in their business. Furthermore, the interest on borrowed money may be tax

21、-deductible. Finally, the costs are relatively fixed, and therefore predictable in planning for future business expenses.When looking for a short- or long-term cash flow solution, a business may find that a loan is the most viable option. By definition, short-term debt financing provides money neede

22、d for day-to-day business operations with plans for repayment in less than one year. Day-to-day business operation needs may include purchasing inventory or supplies or paying employee wages. Short-term financing is also referred to as operating loans, and can include lines of credit or credit cards

23、.On the other hand, long-term loans provide greater amounts of money that are paid back over a longer period of time. A business may use long-term debt financing to purchase equipment, land, buildings or machinery. This money then is used to purchase business assets in which the scheduled loan repay

24、ment and the usefulness of the asset extends longer than one year.A business can obtain money from different sources depending on its needs and financial situation. Banks and credit unions are traditional sources for borrowing money and offer a variety of options especially for businesses. If a busi

25、ness does not yet have established credit, or its credit is poor, it still may be able to get the moneyneeded through a commercial finance company, which offers loans with higherinterest rates to high-risk borrowers. Also, commercial financial institutions are available for loaning money, as well as

26、 for providing funds for inventory or equipment purchases.Debt financing can be a useful tool for a business in need of additional cash flow. However, it is meant to be a means to an end, namely of generating more money for a business in order to grow it. Business owners should try to avoid falling

27、into the revolving trap of getting their business into an unmanageable state of debt. Remember that he that loveth silver shall not be satisfied with silver; nor he that loveth abundance with increase .译 文国外负债经营的分析资料来源：联合国妇女咨询简报作者：Ga i l Ler ner , Re becca De s i r ee Lozada and Vi ol a Tor r es 在当今

28、国际社会有一个强烈的共识：债务负担对制定有意义的发展战略是一个严重的障碍。今年早些时候的秘书长报告指出：债务在中低等收入及发展 中国家是一个重要的经济因素。报告承认债务融资应该是一个国家的发展不可 分割的一部分。国外债务是呈指数增长的。免除债务是由国际金融机构( 财务) 通过一定附 加条件来行使控制权力。结构的调整计划( SAPs ) 对债务国来说是宝贵资源的流 失，是不可接受的条件的。现在管理者建议提高那些重债穷国。( HI PC 包括供 给太小、太迟、太少的国家) 。因为债权人的目的是收集债务，而不是免除债务。 借款人既贷方必须承担债务危机。债务的减免支配过程对债权人来说是不公平 的。除非

29、管理机构计划一个有效的、公平的、发展的和持久的债务的计划，制 止债务的恶性循环, 这样将会缓解数以百万计的人的烦恼。政府必须优先偿还在健康、教育、卫生、洁净水和其他社会需要领域的债 务支出。这不但削弱了债务人对政府的责任，反过来也就会削弱当地民主制度。 债券和贷款总是在北方和南方的精英之间进行秘密地谈判，这也培育了腐败。最后, 注重债务的支付，同时开发融资渠道，建立并扩张对外的债务渠道。这在某种程度上是解决债务问题一个完整的，可持续的方案。例如, 要更加注意 如何贸易和投资的协议，可能存在抑制而不是提高收益的情况。所以发展中国 家要保持警惕，要注重发展成果，而通过某些的金融方式可能带来额外的债

30、务 负担。由国际欢乐运动组织的国际公民社会号召消除所有南部国家的非法债务。 所谓的非法债务, 可以鉴别如下:（1）不合理的债务, 也就是说, 这些债务没有对任何人和社会造成损害。（2）债务由债务人和债权人的非法行动所成立的“恶债”( 即任何不必要 或损害国家利益，强化专制政权, 压抑人民的债务) 。（3）债务为非法的使用, 如根本不成立或不合民意的，而是被一些人欺骗 来有预谋的挪作他用的债务项目。（4）债务因非法的条款而产生的债务利息。如因债务人无法支付而导致的 无法控制住控制的高利贷债务利息。作为生产者和繁殖者存在，女性也承担了偿还的债务的重担。在工作中妇 女们是经理，管理者；在家里，妇女又

31、是丈夫的妻子，孩子的母亲。为了努力 减少家庭生存的经济危机，妇女们的时间和精力都伸到了极点。发展筹资过程必须系统的工作, 而不是一成不变的这个设置。利用结构和 政策计划和变化, 将国家从债务陷阱中解放出来, 防止这些问题变得更加严重, 促进政治和经济的民主和公平、男女平等，建立一个可持续发展的社会。从这个框架出发，为了实现这个目标，我们建议国际社会保证以下几点：（1）立即解除低收入国家 100%的债务，直接减免中等收入国家的沉重的 债务, 并取消对南欧国家的所有非法债务。（2）通过社会公民的积极参与和决策，建立新的贷款和减免债务的资金分 配制度。（3）解除任何由新的贷款和减免债务所产生的债务的

32、附加条款，制定可持 续发展的扶贫战略文件( PRSPs ) 和提高 HI PC 倡议，从重债穷国的非洲开始实行。（4）对取消国际债务建立一个新的独立和透明的谈判和达成一致的过程， 以确保损益和收益的平等，引入道德拆借的政策来防止未来的债务危机。债务融资业务涉及一个业务经营活动所需要的资金。就像贷款一样, 它可以 是一个长期或短期的解决现金流量需要的方案。为了这个业务能有效地运作， 可以有多种方式来获取资金。对于那些可行的项目，商业贷款是可得到的。贷款的方式可能不同, 但都是要在将来的某个日期偿还贷款利息的。该现金流量可以吸引企业主, 因为他们在 生意中不必牺牲任何权益。另外另外借来的资金在最后

33、计算最后所得税是还能 予以扣除。要寻找一个短期或长期的现金流，贷款是最可行的办法。根据定义, 短期债 务融资为业务提供日常运作资金，并要在一年内偿还。日常的商业运作需要包 括采购库存和运输，支付员工工资。短期融资既可以是经营贷款, 也可以包括信 用贷款或信用卡。另一方面，长期的贷款提供了更大数额的资金，还款的时间也会延长很多。 一个业务可以用长期债务融资来购买设备、土地、厂房和器械。这些资金常常 被用来购买还款计划在一年以上的商业资产。一个企业可以根据它的需要和财务状况，从不同的机构获取资金。银行和 信用社是企业传统的借款机构，为企业提供各种各样的贷款业务。如果一个企 业还没有建立信用, 或其信用较差, 它还通过商业金融公司得到贷款，但是这类 贷款利率较高，风险也较大。当然, 商业金融机构的贷款是资金，也可以是设备 的库存或采购。债务融资对一个需要额外资金流的业务来说是一种有效的方式。然而，它 只是达到目的的一种手段，即产生更多的资金用于商业才能生长。企业主应该 尽量避免为了做成生意而落入债务陷阱，导致无法收拾的局面。记住“贪爱银 子的, 不因得银子知足，也不因得利益知足”。