47956 : . )LIFIs( 2003 )CGAP ( 238 ) ( )MSCI( 2 .)J.P.Morgan( 8 ( .)2008 / . 2008 1.9x( . / 28 1.5x 144 : 2009 .)2009 22 .2 10 1 . . 5 : . )NIMs( . . . . . . 7.9x 7.2x 1.9x 1.3x .1 . . 15 2009 / . 10 1 .1998 / 31 100 . )MSCI( 2 . 2 8 . )( : )( . )( )( . ( )( )( . ( )( )( ) .) . 2008 : .1 / / # 28 1.7 1.6 7.9 9.1 2005 37 1.3 1.5 7.4 8.6 2006 37 1.3 2.5 7.2 9.9 2007 38 1.9 2.2 7.9 10.2 2008 / 2008 . . : / : .2 / )P/E( / )P/BV( / 09E 08E 07A 09E 08E 07A 6.5 7.6 10.4 1.6 1.9 2.3 8.6 8.6 8.8 1.9 1.9 2.0 6.4 5.0 4.4 0.9 1.0 0.9 6.9 7.2 6.8 1.3 1.2 1.4 8.7 8.5 1.4 1.5 8.4 8.1 6.3 1.3 1.5 1.4 .2009 / 28 . : 6 : . Rakyat . . )IPF( : . 148 3 . 5. / . .2009 24 2008 . 1.5 . . . )TIAA CREF( 100 )ABP( .)SRI( )DFIs( . . )Sequoia( )Legatum( 3 . . . )IPO( . 1x .2008 1.9x 2009 . . . . ( .2010 ) . . : . . 4. . . . )SKS( 11.5 )Sequoia( 3 )Share( )Legatum( .Barclay O'Brien, Valuing Microfinance Institutions, Savings and Development, Quaterly Review Issue 4-2006, Milan 4 .2008 / 20-18 / 5 4 .3 . . ) ( )#( 144 107,969,182 28 2005 . 19,905,978 37 2006 61,440,959 37 2007 . 103,893,011 38 2008 3,307,321 4 296,516,451 144 . : . . : . 10 60 . 5 :)LIFIs( : .www.cgap.org . 4 .2008 14 13 / 2005 10 . 6 .2008 . 60 144 . ( . 36 4 ) . 4 . 70 50 . .2008­2005 . . . . CGAP, Microfinance Investment Vehicles (MIV) Disclosure Guidelines for Reporting on Performance Indicators ­ Microfinance Consensus Guidelines, 2007, 6 http://www.cgap.org/gm/document1.9.3140/MIV%20Disclosure%20Guidelines%202007.pdf 5 397 2007 - . ­ 900 85 . 5.2 . 2007 . 100 24 . . 7.2007 . 9 .2008 / 1.5 .1995 2007 2007 10 . 40 8 . .2007 14.1 . 200 . 1.4 30 . .2009 . 2007 7 8 .2008 2008 .2007 9 .Blackstone, Carlyle eye microfinance firms, The Economic Times, India, October 12, 2007 10 6 . .1 . . . . ­ . . 11 . 5 . .4 . .4 .) ( .1 . . . .2 . 30 .3 + . )( . .4 .5 / . : ( / .) . .CGAP, J.P. Morgan : )Eurosif SRI 2007 4.9 11 .study 2008( 7 :)macroeconomic( .3 . . . . 12 . . . . 2006 . 3 . 24.8 . ) ( : .1 . . 500 200 2008 / . 14 . :)microeconomic( .2 . . . 13 . 2007 :1 68.5% 24.4% 28.2% 18.7% 20.8% 20.2% 17.3% 17.7% 14.2% 6.1% 45 . . ( . : 45 .) .)2007 ( 150 .) ( 22 . 12 6 ) ( and Reille, . 847 117 13 "Interest Rate Ceilings and Microfinance: The Story So Far," CGAP, 2004. Helms 25 ( 2008 14 .) 8 . . . 30 15. 4 30 . ) ( . 30 . 30 . . . 2009 / . . . : . . . . :2007 30 :2 8.1% 3.2% 3.7% 4.2% 2.0% 2.7% 1.8% 1.0% 1.5% 0.1% 0.2% 45 . . * .2007 . : )BRI( . 10 45 . )MIX( .)2007 ( 150 . .) ( 90 * 30 . . ) ( ) ( 15 . 90 60 30 9 . . . . . . / ( : ( ) ( ) / . .) / . 2008 . 30 . 2009 . . 3 . . . :3 2007 34.2% 24.0% 14.0% 13.7% 16.2% 15.4% 11.5% 12.3% 14.3% 12.8% 11.5% 7.0% . 45 . .2007 )MIX( : . 45 . .) ( . 10 :4 . 21% . 42% . : 37% . . .)2007( ­ : : . ( . ) .5 45 19 ) 150 ( ( 16 . ) . :5 2007 44.8% 28.1% 19.4% 15.7% 10.9% 9.9% 11.6% 11.0% 10.7% 9.1% 7.8% 45 . . 10 . . : . . .)2007 ( 150 . 45 . 45 .) ( .) ( 16 11 . . . . 2008 / . . ( .2009 . ) : . . 17 5 : . ( ) ( .) ( ( ) 2009 .) . . 36 17 2008 . 60 12 . . 5 . . . . . ) ( ) ( .5 · : ) · ( / · · ·· · / )( · · : ( ) · · / · · )( · · · · . · · · · · · · · . . : 13 / . : . / . . . . . ) ( / . . / . . / . . . . . . . . / . . ( : ) . . . / . 10 5 ( .) / : . / . )/( : .)/( . . 10 . 14 / . / . . . .) : ( )FCFF( ( )FCFE( . .) . . . . )( : ( )( . .) . . . )CAPM( . ( )( . )MRP( ) . . COE = rf + * MRP . . / 10 ( . ) ) ( . . . 5 . 18. 7 5 .Dimson, Marsh, and Staunton, Triumph of the Optimists, Princeton University Press, 2002 18 15 . . . 0.9 0.9 . .1 ( . 2001 .) 19 . 1999 . . : . .1 20 . : . . ) ( . . . . . .2 . . ) ( . . .3 30 10 . . .)/ ( . .Glenn D. Westley, Microfinance in the Caribbean: how to go further, Inter American Development Bank, 2005, Technical paper 19 Adrian Gonzalez, Resilience of microfinance institutions to national macroeconomic events: an econometric analysis of MFI asset quality, MIX discussion paper 20 No 1, Washington DC, 2007; Nicholas Krauss and Walter I., Can microfinance reduce portfolio volatility? NYU Stern School of Business, Working .paper, New York, 2008 16 : .) ( 21 . 144 . 2008 / 2005 / ( .)6 ( 300 ) ) ( . . . 22 .)www.cgap.org( ( ) ( . ( .) .) . . 16 . . ( . ) . 1.9x 1.3 . 7.9x 7.2 . / / 1.9x 1.3x 7 ./ 7.9x 7.2x 2007 2006 . 2008 .2008 . . 2007 . . .Dyl, Edward and George Jiang, "Valuing Illiquid Common Stock," Financial Analysts Journal, vol.64, Number 4, pp. 40­47 21 22 . 17 . /( / )/ .)7 ( . 8 50 . . ( 2008 .) 12 . . 23 . 24 . 1.0x . 50 2008 .2008 / . ) ( 2011­2010 . . 2009 .6 ) ( 2008 2007 2006 2005 144 4 38 37 37 28 )( 296,516,451 3,307,321 103,893,011 61,440,959 19,905,978 107,969,182 ) ( . : . . / 23 24 18 2008 .7 / / # 28 1.7 1.6 7.9 9.1 2005 37 1.3 1.5 7.4 8.6 2006 37 1.3 2.5 7.2 9.9 2007 38 1.9 2.2 7.9 10.2 - / 2008 / . 2008 : 2008 / : .8 / / 2008 2007 2006 2005 2008 2007 2006 2005 1.7 1.6 1.2 0.9 11.8 17.1 6.2 5.6 2.4 7.0 2.0 1.7 6.0 2.0 1.0 1.3 1.8 9.3 13.8 8.6 9.3 1.2 1.1 1.2 1.4 7.8 5.6 6.7 . 5 : : : . / : .6.7 . )( / )( / )( 25 . . / )1.5x( / . . 9 . 100+( 26. )2007 . .) 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Morgan : 26 )( 40% 37% 18% 22% 28% 20% . 09 33% 41% 20% 22% 28% 23% 08 :)N ( . .. 47% 20% 21% 27% 27% 07 8.4 8.7 6.9 6.4 8.6 09 6.5 5.5 9.5 5.9 4.2 7.7 6.8 09 . :)OW 8.1 8.5 7.2 5.0 8.6 08 7.6 6.7 11.2 6.5 4.6 9.1 8.0 148 . 08 ( 10.4 13.8 10.2 10.8 6.3 .. 6.8 4.4 8.8 7.2 5.3 9.9 07 07 1.3 1.4 1.3 0.9 1.9 09 1.6 2.1 3.1 1.1 0.9 2.0 1.4 09 :)ADTV 1.5 1.5 1.2 1.0 1.9 08 1.9 3.1 4.1 1.2 1.0 2.4 1.5 08 (. / 1.4 1.4 0.9 2.0 2.3 1.8 5.2 1.6 1.0 2.7 1.6 .. 07 07 2,225.0 4,250.0 2,495.0 27.7 128.8 5.8 . ) 0.24 1.39 0.92 1.38 7.17 9.42 ( 3 ) 1,003 4,931 2,143 258 829 473 ( : : COMPARTO IPF BBRI .2009 *FINDEP BDMN ABLSJ LN IJ IJ / .15 28 : 27 :8 1000 800 293 600 400 55 200 0 / / / / / / / / / / / 03- 04- 04- 05- 05- 06- 06- 07- 07- 08- 08- . : ) ( .2003 / 10 100 = / 28 .2007 ) ( .2009 2007 / :9 120 100 80 37 60 40 20 36 0 / 2 07 / 22 08 08 / 2 08 / 2 / 2 08 . : .2009 / 28 .2009 / 10 100 = . 8 )MSCI( 10 )MSCI( .)2008 / 15( . 28 )/ 15( 8 :10 140 120 100 65 80 60 40 20 57 0 / 15 / 15 / 15 08 08 / 15 08 / 15 08 09 . : .2009 / 28 .2008 / 15 100 = )%( .16 07 / / / / 06 / / / 07 06 02 07 03 07 / ­21 11 2 154 ­49 ­18 5 11 ­15 18 7 83 8 ­25 69 28 3 ­26 85 107 114 6 ­16 62 17 6 2 10 227 136 33 ­61 110 -6 12 ­13 3 0 151 ­51 ­13 1 8 ­15 -9 6 74 4 ­14 45 21 3 ­18 54 74 91 20 ­16 47 11 6 23 -7 161 99 55 ­26 65 ­13 12 ­14 . . . . 149 ­49 ­16 6 12 ­11 . . . . 65 ­5 ­11 37 33 3 ­4 . . . . 82 11 ­17 37 19 6 45 . . . . 108 50 ­24 44 2 12 )MSCI( . . : .)( )( . . )MSCI( 2009 / 28 . 2000 29 .17 0 2002 / 0 / 2003 0 / 2006 )MSCI( ) ( . . 2006 / .) ( 37 / 2007 82 2007 / . 17 2007 / 100 . 65 / 2007 45 . : 38 . )MSCI( )2008 / ( ( .)2008 / ( MSCIUK/FTSE ) 2007 . . )IPF( MSCIUK/FTSE . . .18 ) ( 07 / / / / / / / 07 03 06 06 02 07 07 / 8.12 2.03 12.37 0.22 0.10 0.03 4.93 20.45 4.96 0.95 8.93 0.28 0.12 0.02 2.12 10.92 3 3.43 1.32 6.84 0.34 0.09 0.02 1.65 6.61 6 2.65 1.78 5.30 0.55 0.10 0.02 1.04 4.64 12 4.04 0.49 8.73 0.71 0.18 0.08 0.29 1.28 6 .2009 / 28 . : 30 ... .18 ( . ) 19 82( . ) 65 . . . / / :11 2008 20 15 10 5 0 08 / 08 / 08 / 08 / .2009 / 28 . : / :12 30 25 20 15 10 5 0 08 / 07 / 06 / 05 / 04 / 03 / 02 / .2009 / 28 . : 31 . . ) ( . . ) ( ) ( . .) ( / .)11 ( .) ( 19 ( . . ).12 110 88 . . . ( 28 ) 20 15 1977 . 2007­2006 . .)20 ( . . .19 )%( )%( 1+. . . . . . 1-. . . 1+. . . . . . 1-. . . 1+. . . . . . 1- . . 1.6 1.6 0.7 308 252 187 27.3 40.7 46.6 * 6.7 8.4 6.2 187 152 117 53.6 49.2 16.5 * 2.0 0.5 1.9 81 52 42 110.2 88.1 92.2 . . . . . . 170 106 33 132.5 . . . . 22.4 . . . . 266 315 . . 5.0 . . . . 4.7 4.2 6.0 . . . . . . 21.1 31.1 20.9 7.7 12.8 3.0 519 467 361 66.0 65.9 102.6 . . . . . . . . . . . . 35.7 33.8 . . * . : .) ( .. 2008 / * 32 .20 )%( )%( 1+. . . . . . 1-. . . 1+. . . . . . 1-. . . 1+. . . . . . 1- . . 8.5 11.2 12.7 68.4 69.1 71.3 64.9 65.0 65.1 * 6.8 15.4 11.0 57.3 56.3 61.1 61.0 65.7 59.6 * 1.4 0.8 0.9 6.6 9.5 9.3 5.6 8.7 8.5 16.6 32.5 . . 27.2 51.3 . . 26.1 40.0 . . . . . . . . . . . . . . . . . . . . 5.1 5.1 9.0 21.5 24.6 30.0 12.5 12.9 10.3 6.5 6.7 5.7 10.4 9.8 9.0 5.8 5.4 4.7 7.2 6.0 6.2 89.6 77.0 97.3 88.6 85.4 90.9 * : : .) ( .. 2008 / * .21 )%( )%( 1+. . . . . . 1-. . . 1+. . . . . . 1- . . 19.9 36.5 66.0 20.0 20.7 22.6 * 12.8 11.5 . . 14.5 16.4 17.2 * 148.4 ­27.1 . . 5.2 4.8 3.8 37.3 335.7 . . 7.2 7.6 2.5 . . . . . . 7.1 11.8 . . 3.6 22.2 65.1 3.3 3.6 2.8 87.0 ­23.7 66.4 1.6 1.4 1.4 ­4.6 41.3 . . 4.4 5.2 4.4 * : : .) ( .. 2008 / * . 21 . . 85 ( .) . . 33 / 238 2008 .2003 . 8 )MSCI( . . . . . . . . 2009 . . . . . . . 2009 1.9x 1.3x 1x / 2005 7.9x 7.2x . .2008 . . .2010 . . 34 . : . )DFIs( . )Profund( . . . 40 78( ) . . )2007 +95( .2008 1.5 . 19 )Procredit( .) ( . 2008 ( 12.5 19 . .)2002 .2007 )SRI( 4 . 55 ) 60( . . 890 .2007 / . )( 2008 . 80 )FMO( 2008 )( 5 . 2 . 2.6 )MIVs( )MFIs( . 2007 93 . 5.4 3( . 30 . ) . . 2005 .2007 7 30 35 1300 )( . - .) ( . . 36 ) ( : .22 / / 64 1.4 1.8 6.7 8.3 500 < 29 1.4 1.5 7.4 9.3 500 29 1.3 1.6 5.2 9.3 2 1 21 2.5 3.5 12.2 14.0 2 < . : .23 / / 61 1.5 1.7 6.2 8.9 <$5m 28 1.3 1.5 9.1 11.1 $5m-$10m 31 1.3 1.6 6.9 7.4 $10m-$20m 23 2.3 3.6 9.7 11.6 <$20m . : .24 / / 71 1.3 1.9 7.2 9.2 36 1.8 2.4 8.6 14.3 28 1.5 1.8 7.4 7.8 . : : .25 / / 31 1.3 1.6 8.2 10.9 27 1.4 1.8 7.8 11.5 66 1.5 2.3 7.3 8.0 . : 30 : 30 10 : 10 : 37 .26 / / 38 1.7 1.9 13.0 14.7 36 1.5 2.6 8.1 8.7 51 1.2 1.6 5.8 7.1 . : : 10 = 10 6 = 6 0 = .27 / / 59 1.4 1.8 9.3 10.6 81 1.4 2.1 6.4 8.8 . : .28 / / 6 5.1 5.8 6.8 6.6 <10% 76 1.4 1.8 7.3 8.6 10%­20% 10 1.1 1.4 9.3 8.9 20%­30% 22 1.5 2.0 11.3 13.1 <30% . / . : 30 : .29 / / 51 1.7 2.5 8.3 9.9 <1% 41 1.2 1.4 6.8 7.0 1%­3% 29 1.4 1.9 7.5 10.9 <3% . : . / 30 ) ( 38 : .30 / / 36 1.3 2.5 6.5 8.3 35 1.6 1.9 6.0 9.5 52 1.4 1.7 8.2 10 . : = ,and <20% 0 < / = 0 = / = .20% / : .31 / / 30 1.6 1.9 11.1 13.3 <3 45 1.3 1.7 7.9 9.8 3 to 6 49 1.4 2.3 6.6 7.2 <6 . : / : .32 / / 37 1.5 2.7 6.6 8.6 <50% 40 1.6 1.8 7.9 9.3 50%­150% 45 1.3 1.6 7.8 10.1 <150% . : . / : .33 / / 22 1.8e 2.5e 6.6 12.6 <50% 37 1.4 1.6 8.9 8.9 50%­100% 25 1.3 1.5 7.4 8.6 <100% . : . / 39 )CGAP( : 4 31 .2008 . 14 13 . : BIO FMO PROPARCO ACCION INTERNATIONAL ADVANS SA AKAM INCOFIN INVESTISSEUR ET PARTENAIRE POUR LE DEVELOPPEMENT )I&P( MECENE INVESTMENT, ADVISOR OF AFRICAP MICROVEST OMTRIX OPPORTUNITY INTERNATIONAL RESPONSABILITY SHORECAP MANAGEMENT SIDI BANCO DEL EXITO )BANEX( CENTENARY BANK COMPARTAMOS BANCO FUNDATION D-MIRO MISION ALIANZA-ECUADOR UGANDA FINANCE TRUST XACBANK 2009 / 14 . . www.cgap.org. 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