【出版时间及名称】：2010年全球微观金融展望
        【作者】：摩根大通
        【文件格式】：pdf
        【页数】：52
        【目录或简介】：


Table of Contents
Executive Summary .................................................................3
Introduction ..............................................................................7
1. Asset Quality Concerns .....................................................10
Unprecedented Drop in Asset Quality in 2009 ..........................................................12
Rapid, But Limited, Decline in Profitability..............................................................15
MFI Capital Is Still Relatively Safe, in Our View.....................................................16
2. Valuation of Private Equity Transactions – Microfinance
Institutions ..............................................................................18
Valuations Continued Rising in 2009 despite Adverse Economic Conditions ..........18
Investors Increased their Allocation to Microfinance in 2009 and Focused on MFIs
with Good Asset Quality............................................................................................20
Asset Quality, Net Income Growth, and Age of the MFI Drive Valuations ..............21
The Case of India: High Valuations in a Dynamic Market........................................24
3. Valuation of Public Transactions – Lower-Income
Finance Institutions................................................................27
Asset Quality Deteriorated During the Crisis ............................................................27
The Strength of Bank Capital Varies by Country ......................................................28
Despite Stresses in Asset Quality, Valuations of LIFIs Increased and Outperformed
Mainstream Banks’ ....................................................................................................30
Despite the Outperformance, LIFI Index Still Trades at a Discount to Mainstream
Banks .........................................................................................................................32
Conclusion..............................................................................34
Appendices
Appendix I: Glossary..............................................................36
Appendix II: Methodology and Data Sets for Private
Transactions ...........................................................................39
Appendix III: Valuations of Listed Banks .............................43
Appendix IV: List of Contributors .........................................47