漫紫色ˇ笔迹。

自认是感性之人。无论是当《面纱》里混杂着性欲和愚蠢的爱幡然醒悟时的为时已晚，还是《男才女貌》里徘徊在生死边缘却仍然单纯和美好到无以言表的爱情，我都对着屏幕傻傻地流泪挣扎着从剧情里解脱出来。自认是矛盾之人。强悍和脆弱，倔强和敏感，任性和细腻。那些相对词生存于我的身体和精神里，随着年龄的长大，细胞的增多而越发茂盛着，这让我无措和无奈。

写论文，焦头烂额。以贯有的姿态对待我已经决定的事情，以满腔的热情回报爱我的人。
暂时不写博，信手拈来的文字和随意而做的图片，以此证明页还在博上活着。

决然收场，郁郁惆怅；奈将过往，封印存档。

（图片与文字为原创，勿自行修改后盗用，万分感谢）

Abstract

The paper examines the research on finance and the small and medium-sized enterprise (SME) sector in developing countries. The paper argues that theoretical insights into this field have largely been confined to studies undertaken in the US and UK. In developing countries' research on both the supply and demand for finance in relation to SMEs has been empirically-based and has been pre-occupied with gathering information on the characteristics of SMEs and lending institutions rather than on testing theoretical proportions that would improve our understanding of the relationship between finance and SMEs. A research agenda is outlined.

Key words: Finance, enterprises, liberalization, developing economies

Interest in the role of small and medium-sized enterprises (SME) in the development process continues to be in the forefront of policy debates in developing countries. The advantages claimed for SMEs are various, including: the encouragement of entrepreneurship; the greater likelihood that SMEs will utilize labor intensive technologies and thus have an immediate impact on employment generation; the fact that they can usually be established rapidly and put into operation to produce quick returns; the ability of SME development to encourage the process of both inter- and intra-regional decentralization; and the notion that they may become a countervailing force against the economic power of larger enterprises. More generally, the development of SMEs is seen as accelerating the achievement of wider economic and socio-economic objectives, including poverty alleviation.

Staley and Morse (1965,p. 318) identify a `developmental approach' to SME promotion which has as its objective the creation of "economically viable enterprises which can stand on their own feet without perpetual subsidy and can make a positive contribution to the growth of real income and therefore to better living levels." This approach emphasizes the importance of efficiency in new SMEs. Small producers must be encouraged to adopt new methods, to move into new lines of production and in the longer-run, wherever feasible, be encouraged to become medium- or even large-scale producers.

Unfortunately, the empirical evidence on the relation between efficiency and firm size is rather inconclusive. Little, Mazumdar and Page (1987) reported technical efficiency does not vary systematically with firm size. A collection of studies found efficiency was lower in smaller firms (Ho, 1980; Cortes, Berry & Ishaq, 1987; Goldar, 1988). Opposite conclusions can be drawn from the twelve country studies by Liedholm and Mead (1987).

More recent concerns associated with the growth and efficiency of smaller enterprises have also become prominent (Mazumdar, 1997). Using the case of Northern Italy, Piore and Sabel (1984) have argued that small enterprises are more efficient because they have adopted a flexible specialization approach. Correspondingly, there has been growing interest in whether this model has been or can be replicated in developing countries (Schmitz, 1989; Pederson, 1994; Schmitz & Musyck, 1994; Schmitz, 1995).

The role of finance has been viewed as a critical element for the development of small and medium-sized enterprises. Previous studies have highlighted the limited access to financial resources available to smaller enterprises compared to larger organizations and the consequences for their growth and development (Levy, 1993). Typically, smaller enterprises face higher transaction costs than larger enterprises in obtaining credit (Saito & Villanueva, 1981). Insufficient funding has been made available to finance working capital (Peel & Wilson, 1996). Poor management and accounting practices have hampered the ability of smaller enterprises to raise finances. Information asymmetries associated with lending to small scale borrowers have restricted the flow of finance to smaller enterprises. In spite of these claims however, some studies show a large number of small enterprises fail because of non-financial reasons (Liedholm, MacPherson & Chuta, 1994).

The purpose of this paper is to systematically examine research on the relation between finance and small and medium-sized enterprise development, and identify some of the gaps in our knowledge. While a considerable amount is known about the characteristics and behavior of small and medium-sized enterprises, this knowledge continues to be imperfect and a large number of questions remain unanswered in relation to finance and small enterprise development in developing countries. This paper discusses some of the issues raised by previous research and points to newer areas that can fruitfully be investigated.

Section two provides some general characteristics of previous research on small enterprise development and indicates the main areas of emphasis. The third section reviews some of the issues that emerge from the literature assessing the impact of financial sector reforms on small and medium-sized enterprises. A number of the underlying assumptions concerning the effects of reforms on both the demand and supply of finance are also discussed in this section. The fourth section examines the theoretical treatment of the relation between finance and small and medium-sized enterprise development and examines some of these perspectives in relation to low income countries. The concluding section prioritizes the areas where our knowledge of finance and SMEs in developing countries needs to be enhanced.

Economic research on small and medium-sized enterprises has a number of distinctive features. First, the bulk of research has predominantly been undertaken in the context of US and UK firms and has sometimes entailed comparisons with other European economies (Storey, 1995). As such, the theoretical work has assumed an institutional setting and made assumptions about the policy environment that is relevant to these economies. Second, much of the theoretical work on enterprises has related to larger firms, and in the context of smaller firms, research efforts have tended to focus on the larger small enterprises. Third, research has been divided between examinations of the macro environment within which small and medium-sized firms operate and studies on the internal workings of enterprises.

With respect to the macroeconomic environment, the work has involved: assessing the importance of aggregate demand and the role of macroeconomic policies for small enterprise development; the role played by the various formal sector and informal sector lending institutions that provide credit for the small scale sector and the importance of promotional policies in terms of providing managerial, technical and marketing information to small enterprises. With respect to internal factors, attention has concentrated on the choice of investment; employment; firm level performance and productivity; capital structure and the ownership and incentive structures for management.

SME Research on Developing Countries

There has been less work directly related to small and medium-sized enterprises in low income countries, although the geographical spread of this work has been wide, covering Africa, Asia and South America. It is also the case that the major proportion of this work has been empirically rather than theoretically focused, and it is reasonable to conclude that relatively little is known about the behavior of entrepreneurs in low income countries relative to those operating in higher income countries.

The literature on developing countries follows the same division as studies on the industrialized countries, by attempting to distinguish between the external and internal factors that affect small and medium-sized enterprise development. In terms of external factors, much of the earlier literature in the 1970s was concerned with the biases established against smaller enterprises through trade and industrial policies pursued in low income countries, and with the design of appropriate support institutions that would compensate for these so-called policy-induced biases. Schmitz (1982) identified a number of external factors that affected small enterprise development. These included lack of credit at reasonable cost, lack of working capital, poor infrastructure, and competition from larger and foreign firms. Policies of economic liberalization were introduced later, partly with the aim of reducing the bias in favor of larger enterprises. The 1980s also witnessed greater concern for the need to establish policies at the macro, meso and micro level regarding the development of smaller enterprises in low income countries (Stewart, 1990).

Earlier research on the internal workings of small and medium-sized enterprises was mainly concerned with the size of small firms and providing explanations for their growth. Staley and Morse (1965) examined the stages small firms pass through as an economy grows. They postulated several reasons why small firms in low income countries initially grow rapidly before their share of total industrial activity begins to decline. Rapid growth of small firms could be explained where (a) demand was rising as rural incomes were growing and where infrastructure costs still favored small firms locating near fragmented markets and (b) subcontracting and local assembly was common, as for example in varieties of machine-shop activities and where smaller firms produced a range of differentiated and innovative products serving small total markets. But as Anderson (1982) pointed out, these propositions had not been quantitatively tested by the early 1980s.

These early researchers were also preoccupied with investigating the extent to which small businesses create the foundation for larger company growth. As Anderson (1982,p. 923) reported:

    "firms practically always begin as very small entities, with
    low amounts of capital drawn from the savings of the owner
    or borrowings from friends and relatives; initial levels of
    employment are low, typically less than a dozen, though the
    figure varies with the nature of the business; the social
    and occupational backgrounds of the owners varies greatly;
    and the firms that expand into medium or large scale
    activities do so continually or in steps. Expansion can be
    very fast for some firms, though the growth rates appear as
    broadly distributed as their final sizes"

Anderson (1982,p. 926) concluded that the available empirical evidence suggested that a significant part of the growth of large-scale enterprises was rooted in the expansion of once small firms through the size distribution.

In low income countries, work directed towards the internal workings of enterprises has been hampered by the lack of basic data on the management and characteristics of smaller firms. Considerable effort has been expended on attempting to gather consistent and measurable information about small firms. Industrial censuses in a large number of low income countries have not been undertaken annually; they have concentrated on larger enterprises; they have only infrequently surveyed small enterprises, and have often been published with long delays. As a consequence, useful time series data for smaller enterprises from official sources are largely absent.

This has had implications for research efforts into small enterprises in low income countries in three important ways. First, a considerable amount of time has been spent on gathering baseline information on small firms. This has involved identifying universes and constructing samples, devising methods to deal with delinquent returns and editing the results in a consistent manner. Second, information collected tends to be more qualitative than quantitative because of the poor record keeping, as well as the lack of cross-referencing sources through formal channels that can be used to confirm data reliability. This tends to limit the use of the data in statistical analysis. Third, surveys are more often conducted on an ad hoc basis and at a point in time. Few compare different points in time and fewer still have attempted to use the same database for follow-up work.

As a result, time series work on the small scale sector is relatively scarce. The preoccupation with gathering baseline data and the restricted nature of the data that have eventually been collected has resulted in a preponderance of studies that describe and report on the characteristics and features of the small scale sector rather than test theoretical propositions about relationships and the expected behavior of the small firm sector. This is not to suggest that theorizing and testing of theories is completely absent in relation to work on small enterprises in low income countries. But in comparison with work in industrialized countries, or in relation to research on the behavior of larger foreign-owned enterprises in low income countries, it is demonstrably less evident.

In contrast to the earlier work, a distinctive feature of the current spate of empirical work undertaken in low income countries rests with its emphasis on attempting to identify the constraints facing the development of the small scale sector (Levy, 1993). Most surveys have sought to capture the range of factors that inhibit the growth and development of small firms. Since the early 1980s, various attempts have been made to classify constraints into those emanating from either the demand or supply side (Anderson, 1982; Little, Mazumdar & Page, 1987). On the supply side, again lack of access to investment and working capital were identified as prominent constraints. Others have included problems associated with the supply of raw materials, lack of skilled labor, insufficient training and poor infrastructure.

Three aspects relating to demand side constraints were repeatedly emphasized. The first of these is formidable competition from large and foreign enterprises causing instability in demand for the products of smaller firms and low rates of capacity utilization (Bruch & Hiemenz, 1984). Second, smaller firms often suffered from insufficient demand related to the low purchasing power of the main customers for many of their products (Harper, 1984). Third, smaller firms faced obvious disadvantages in export markets through their inability to gain marketing knowledge and supply goods on time and with sufficient quality. More recent research into factors likely to affect the export success of smaller firms has pointed to the importance of working in clusters (Schmitz, 1998). Collective efficiency is achieved by smaller firms producing differentiated products in such clusters.

A large proportion of the information on constraints has been collected from smaller firms through questionnaires asking owners and managers to give their views on either the kind of constraint they face, whether it be related to such factors as access to finance, poor managerial skills and lack of training opportunities and the high cost of inputs, or on the severity of the constraints, often ranking them on an ordinal scale. Few studies have concentrated on a particular constraint, so that finance has most often been identified as an inhibiting factor as part of a larger investigation into a wider range of variables. A recent exception has been the study by Cobham and Subramaniam (1998), which compared patterns of corporate finance in India with those found in industrialized countries in Europe. In India, they found sources of internal finance to be more significant among larger firms than smaller firms. The results in terms of the significance of financing as a constraint to development are mixed and it is difficult to draw conclusions about the subject. Interpretation is complicated because of the qualitative nature of the surveys and due to the fact that inquiries have almost exclusively been directed at firms that exist rather than following the histories of those that have eventually failed.

In summary, it cannot be denied that a considerable amount is known about the behavior of smaller firms in a range of areas relating to growth, efficiency, management, investment and employment. A smaller proportion of this work is theoretical in nature. The vast majority of studies, particularly those relating to low income countries, are empirical, and in general surveys have been used to generate basic information on smaller enterprises where official enumeration is lacking.

The dilemma facing researchers is how to maximize the use of existing surveys and forgo the need for newer inquiries that may waste resources and time by duplicating or replicating existing sources of information. What seems clear is that, in the past, there has been too distinct a separation between theoretical work that advances hypotheses about the small scale sector and empirical work that has not clearly sought to test hypotheses, but instead has been involved with describing the characteristics of small enterprises. In part, this can best be explained by the preoccupation with gathering original data that in some way has crowded out initiatives to apply the data to test theories. Alternatively, it may simply reflect data inadequacies once they had been collected. Whatever the reasons, it is apparent that work in relation to low income countries, where these data problems most evidently exist, has lacked the formalized hypotheses, data collection and testing approaches widely adopted in other branches of industrial studies.

In the 1990s, greater attention was given to assessing the impact on smaller enterprises of economic reforms introduced as part of World Bank structural adjustment programs (Cook, 1996). Overall views concerning the likely impact of these reforms on small enterprise development have varied. Whereas some claim structural adjustment has brought considerable benefits to small scale enterprises, others argue that wide-ranging constraints have frequently prevented such effects from reaching small scale enterprises. Empirical evidence in support of these claims is briefly examined in this section in relation to the financial reforms that have been implemented in low income countries over the past fifteen years.

The evidence reviewed is found in a growing but relatively small number of studies that directly attempt to measure the impact of economic liberalization and structural adjustment on the small scale industrial sector (Liedholm, 1990; Koppel, 1991; Steel & Webster, 1992; Boeh & Ocansey, 1995; Dawson, 1993; Steel, 1993, 1994; Vachani, 1994; Zake, 1994; Helmsing & Kolstee, 1993). Further evidence can be extracted from a larger number of studies that concentrate more specifically on constraints to small scale enterprise development. However, the ability to establish direct causal links is problematic owing to the paucity of time series data for measuring the impact of structural adjustment on small scale enterprise development, and to the limitations of evaluation methodologies.

Studies broadly fall into three categories: those attempting to determine the impact of measures designed to work through the market mechanism, such as interest and exchange rate policy; those that attempt to assess the overall impact of policy measures on small scale development, which generally include an array of market and non-market initiatives; and, those that review the policy environment. The former set of studies tends to rely on economic data drawn from official statistics, such as that supplied by the monetary authorities and census bureau at the establishment-level. Studies based on direct surveys, as a rule, tend to focus on whether or not the factors previously identified as constraining the development of small scale enterprises have been eased or removed. Finally, policy studies are generally broader in focus, reviewing the existing policy work and providing preions, often based upon what appears to work elsewhere. This brief review concentrates on the first category of studies, those that have attempted to evaluate the effects of specific policy changes, in this case dealing with the effects of financial reform on SME developments.

Financial Sector Liberalization

Financial liberalization is expected to result in the reallocation of domestic credit toward smaller enterprises, and the substitution of more expensive forms of credit for cheaper ones. Moreover, while nominal and real interest rises are anticipated, real returns are expected to outweigh this burden. It is also argued that the process of transferring from an administrative process of credit allocation to a market-based mechanism will not only improve the access to credit for smaller local enterprises, but will also lower the transaction costs associated with borrowing. Further, in cases where highly subsidized export credit schemes exist for larger enterprises, financial liberalization can be expected to remove this bias.

Questions have been raised in the developing country context over these predictions. Taylor (1988) argues that financial liberalization will not result in more funds for borrowing being available. As interest rates rise, funds available will be diverted out of the informal sector to the formal sector. An increased share of borrowing will take place in the formal financial sector but the total available funds between the two sectors will remain unchanged. The net result in a macro sense means there will be no new borrowing. This contradicts the McKinnon-Shaw hypothesis which argues that financial liberalization, by increasing interest rates, leads to higher savings, investment and growth. Unfortunately, the desired effects have not always materialized in the way that policy preions envisaged. As Steel (1994) highlights, high transaction costs and risks associated with small loans, a lack of collateral, and an historical orientation towards larger enterprises continue to restrict small scale enterprise access to formal credit.

The case of Ghana shows that despite financial sector reform, the strengthening of banking capabilities and the introduction of numerous financial instruments, such as the stock exchange, a venture capital company and business assistance funds, access to institutional credit for working capital and equipment continued to be a major constraint to small enterprise development (Steel & Webster, 1992). Even where demand for small scale enterprise products appeared strong, a lack of credit meant that many small enterprises did not have the capacity to respond and expand production. Interest rates of 30 per cent or more, high transactions costs and an administration and culture unfriendly to small scale enterprises contributed to the problem (Boeh & Ocansey, 1995). The Ghana study by Osei, et al., (1993) cites similar evidence; 95 per cent of the respondents depended solely on personal resources and loans from relatives and friends. Dawson's (1993) work in Ghana and Tanzania also confirms these findings; of the 672 small scale enterprises in the Ghana study, only two had received a bank loan. In Tanzania, the formal banking system was seen to be out of reach for almost all small enterprises. The World Bank reported that around 90 per cent of small enterprises surveyed indicated that access to credit was a major constraint to new investment (World Bank, 1994).

Kariuki's (1995) study of bank credit access in Kenya illustrates this point further. A survey of 89 small and medium-scale firms in manufacturing and service industries, combined with secondary information from commercial banks, found that from 1985 to 1990, the average real volume of credit for the sample firms fell, except for 1986, where there was a marginal increase of 1.5 per cent. Several deterrents to utilizing formal credit were identified. It was found that small scale borrowers were faced with higher nominal interest rates at higher inflation rates in the latter half of the 1980s. Moreover, the explicit transaction costs of borrowing were found to be high in relation to interest costs.

The cases of Bangladesh, Nepal and the Philippines appear to support these claims (Meier and Pilgrim, 1994). Despite specific programs aimed at small scale enterprises, only between 12 per cent and 33 per cent of those surveyed were found to have access to formal credit and, of those, the majority were from the larger end of the sector. Again, factors such as the relatively high cost of processing small loans, the need for high collateral, and bureaucratic procedures were seen to be restricting lending to small scale enterprises. The taxation policies that were also examined had little impact on small scale enterprises, particularly as many of those surveyed were found not to be paying taxes.

Similar evidence regarding the lack of importance given by small scale enterprises to tax policies is found in Southern Africa, including Niger, Botswana, Swaziland, Lesotho, Malawi, and Zimbabwe (Mead, 1994). Studies from these locations found little concern for government regulations, except from those enterprises in targeted locations and specific sectors such as food processing. Instead, the greatest concern for the majority of those surveyed was the lack of access to working capital, credit and finance.

Issues Raised in Research on Developing Countries

This brief review of empirical literature on finance and SME development in low income countries does raise a number of issues concerning the underlying assumptions in these types of investigations. These assumptions relate both to the theoretical and institutional context in which propositions about the nature of SME finance are being examined. Three issues would appear to be particularly relevant to the current analysis of SME finance in developing countries.

The first concerns the macroeconomic context in which financial reforms have been implemented. The second concerns the assumptions implicit in models of credit supply, in particular bank credit to SMEs in low income countries. The third is related to the relationship between corporate governance and enterprise finance that is assumed in studies of low income countries.

Macroeconomic Context. Much of the analysis of the impact of financial liberalization on SMEs has been done in the context of a simple interpretation of the process of financial repression and liberalization. The notion behind financial repression was developed by Goldsmith (1969), McKinnon (1973) and Shaw (1973). These authors concluded that there was a close relationship between financial development and economic growth. In their view, improved financial intermediation would increase the supply of credit and result in greater investment. Government intervention to control the pricing and allocation of credit, referred to as financial repression, would restrict financial development. This kind of analysis provided much of the theoretical underpinning for the introduction of financial reforms in low income countries in the 1980s and 1990s. It was argued that removing controls on interest rates and credit allocation would increase savings and improve the efficiency of investment.

However, both the experience of financial development and new theoretical insights linked to endogenous growth theory suggest financial markets play a different role in relation to growth than that portrayed by the so-called financial repression school. Financial repression in low income countries has led banks to underinvest in information capital (Caprio, 1994). Other economic reforms, such as trade liberalization, may have rendered uneconomic much of the information capital that is possessed by banks, which is, in any event, limited in low income countries (Griffith-Jones, 1998). As a result, banks are likely to lend relatively little, particularly to SMEs, which will ultimately reduce growth. Simply raising real interest rates as part of financial reform will not overcome this problem. In this situation, measures are required that reduce the cost of information capital to the financial sector. These include a wide range of measures to improve legal structures, audit processes, and accounting systems. These measures can be considered as pre-conditions for successful liberalization and have largely been bypassed by the repression school when designing financial reforms.

Further, credit rationing may continue to persist after financial liberalization to the detriment of lending to smaller enterprises. It has been argued that even in competitive credit markets, information asymmetries continue to keep up the costs of assessing the riskiness of investment projects, which are raised with interest rates, causing borrowers to seek projects with higher rates of return (Stiglitz and Weiss, 1981).

Supply of Finance. It is evident that banks play a key role in the financial system by pooling the liquidity risk of depositors and investing a large proportion of their funds in more liquid, but more productive projects (Griffith-Jones, 1998). In much of the financial literature, the principal-agent model has been used to rationalize the low level of bank lending to SMEs relative to larger enterprises. As developed, the application of principal-agent theory argues that banks have less perfect information on smaller firms than larger firms (costs of gathering this information are higher) and, as a consequence, lending to smaller firms is riskier. The observed outcome from this analysis is less lending to small firms relative to larger ones. In turn, lending institutions are likely to demand higher risk premiums.

In the developing country context, however, it may be argued that banks have better information to assess the riskiness of an investment than the small firm itself. This is because they are continually lending to small firms over extended periods of time and have acquired sufficient insights to be able to make sensible and sound judgments over lending decisions. Banks may have more experience about a small venture's survival prospects than they have information on larger firms, since the latter may be in a better position to conceal and manipulate information to their own advantage. Measuring the extent of information asymmetries is intrinsically difficult. Nevertheless, the low income country case may challenge the applicability of principal-agent analysis in terms of the conventional forms established in an industrialized country context, and lead to new insights in which lending institutions, rather than being seen as villains, are acting in the interests of small firm development. There is some empirical support for this argument from examining lending behavior of indigenous banks in Africa (Harvey, 1996).

In low income countries it is widely recognized that an imbalance exists between the demand and supply for finance, with the former exceeding the latter. An initial response to this situation was to adopt a supply-led approach by developing specialized development finance institutions that would provide funding for the fixed investment requirements of enterprises of all sizes. Financial liberalization and critical evaluations of these institutions have transferred attention to the development of capital markets as alternative sources of long-term investment financing. Hence, an active and broad-based capital market is expected to mitigate the acute shortage of term loans and equity financing (Nissanke, 1996).

In the context of low income countries, however, capital markets take a long time to develop and deepen and do not necessarily work in predicted ways (Singh and Weisse, 1998). Often, the lack of financial instruments and the number of participants restricts the capacity for financial deepening. In low income countries, many family-based indigenous enterprises are reluctant to change their corporate status. The development of capital markets is predicated on introducing efficient and effective mechanisms of regulation and supervision to avoid malpractices. If these are not in place, then the markets will fail to assess any intermediate risks appropriately, so that new capital does not emerge. As a consequence, bank finance is likely to remain the main source of finance for SMEs.

Corporate Governance and Enterprise Finance. It is clear that the Anglo-Saxon model of financing enterprises, with a heavy reliance on bond and equity markets, is less relevant to smaller enterprises and does not conform to patterns of SME financing in low-income countries where internally generated funds and bank finance are predominantly used. The relation between bank finance and SME development is frequently considered in terms of the premium paid for bank finance and the borrowers net worth (Gertler and Rose, 1994). Smaller enterprises pay higher premiums for bank finance where collateral is lacking and information to evaluate risks is imperfect. It is generally argued that borrowers' net worth measured by current assets and potential future earnings is positively correlated with economic development, while premiums attached to finance are negatively correlated to an enterprise's net worth. As a consequence, the problems of financing SMEs ought to decrease with economic development over time.

Clearly, the conditions required for easing the financing problems for SMEs in low income countries are not readily met. Economic growth is not assured and the banking system may be weak. Some elements of the supply problem are catered for through innovative forms of informal sector financing, but these are unlikely to be sufficient to meet the fixed and working capital requirements of growing SMEs. This is even the case in Asia, where considerable specialization in financial services between formal and informal sectors takes place (Biggs, 1991).

As already indicated, most of the theoretical work on small firm finance and the behavior of institutions that lend to small scale enterprises has been undertaken in the industrial countries (Chittenden, Hall & Hutchinson, 1996). A large proportion of this work has tended to concentrate on firms that, in terms of size, lie toward the upper end of the spectrum, where the range of ownership and financing options becomes greater.

In general, two areas of research have become prominent. First, there are studies that have attempted to examine the implications of different financial structures found in different sized firms. These studies are based, in part, on survey work that has attempted to catalog the range of finance sources available to smaller firms and to examine their implications for growth and investment. In firms where forms of formal equity holding have been employed, this work has been extended to incorporate a number of distributional issues concerning income flows to owners and managers and inside and outside shareholders (Myers, 1998). Much of this analysis has been set within the work of a principal-agent approach. The conditions under which each respective interest operates are examined with reference to the internal incentive systems that emerge in firms and to the external factors, such as the macroeconomic policy environment and the development of legal systems, that offer potential protection to outside investors in firms (La Porter, Lopez-de-Silanes, Shleifer & Vishny, 1998).

Second, there has been a concentration of theoretically based studies examining the behavior of various lending institutions as suppliers of finance to small and medium-sized enterprises. Typically, for small enterprises, these have involved models of lending behavior based on an agency work. Central to the hypotheses that have emerged from this body of research is the notion that information asymmetries lead to sub-optimal flows of finance available to smaller firms compared to larger firms. Imperfect information can lead to restricted flows of finance whether the problem lies within the firm, through poor record management, or in banks, through the relatively high costs associated with gathering information on smaller firms (Binks, Ennew and Reed, 1992). There is considerable debate over whether or not banks in low income countries have a comparative advantage in lending to smaller firms precisely because they may possess an accumulated knowledge concerning the riskiness of investing that places them in a position to make optimal rather than sub-optimal lending decisions. Building relationships with banks increases the information flow between lender and borrower (Berger & Udell, 1995).

The emphasis on the relative lack of theoretical work ought not to imply that the stock of knowledge gained about finance and smaller enterprises through empirical work is not valuable. Considerable insights have been gleaned from a wide range of empirical investigations (Hall, 1992; Kaplan & Zingales, 1995; Cosh & Hughes, 1996). In terms of work in the UK, some general conclusions have emerged and are summarized in Table 1. In order to enable comparisons, the likely situation in low income countries is presented on the right hand side of the table.

The general conclusions shown in the left hand column in Table I are drawn primarily from work in the UK, and have either been derived from hypotheses that have been subjected to empirical testing or have resulted from direct observation and measurement. Theories have been developed to explain them. Most of this kind of analysis continues to be undertaken in the context of the industrialized countries, which raises a number of issues concerning its relevance and applicability to the low income country case.

It was indicated earlier that the research into the relationship between enterprise finance and development is limited in the context of low income countries. An attempt is made in Table 2 to select a number of approaches relating to small enterprise finance and examine the elements that may contribute to the development of research in low income countries. Column 1 provides a summary of each theoretical perspective while columns 2-5 respectively outline the implications for the financing and capital structure of small firms, the implications for their growth, the hypotheses that can be tested, and finally the factors that need to be considered when applying the approaches to low income countries. The approaches summarized in Table 2 incorporate results from empirically-based studies (Bates, 1971); life cycle models (Weston & Brigham, 1981); pecking order approaches (Myers, 1984); principal agent models (Jensen & Meckling, 1976); transaction cost hypotheses and models of financial sector reform.

Simply examining the way in which the demand or supply of finance changes in response to policy changes may not be enough to indicate what kinds of enterprises will survive and contribute to economic growth. A useful perspective may be adopted by attempting to implant financial elements into an approach adopted by Dawson (1993) in an earlier study of Ghana and Tanzania. In this study, an attempt was made to identify a set of characteristics embodied in small enterprises that were either favored or disfavored by the adjustment process. Table 3 indicates the importance of technical and technological factors in determining the way in which small enterprises are likely to respond to structural adjustment. The relatively more technologically sophisticated enterprises appear to have been better able to upgrade their products and services to a level where they are able to develop linkages with the faster growing sectors of the economy. Further, they have been able to overcome scale constraints by finding new so-called niche markets more suited to their economies of flexibility and serving an import-substitution . In contrast, enterprises that were technologically weaker tended to remain dependent on low income groups for their main markets, where purchasing power may have been declining under adjustment.

What this type of analysis and the comparison between Ghana and Tanzania clearly pointed out, however, was not the importance of the cross-country differences in the response to adjustment processes, but variations between different types of enterprises within the countries. As pointed out above, some enterprises were better able to respond to the changes created in the policy environment than others. In this respect the creation of an environment favoring small scale enterprise development may not be sufficient to explain why some enterprises improve their performance and others fail. The response of small scale enterprises to structural adjustment reforms is more likely to be related to a wide range of factors, including internal enterprise characteristics, the level of development of the economy's infrastructure, and the institutional and political work that reinforces the sector's development.

This review has pointed to the weaknesses and gaps in our knowledge concerning the relation between finance and SME development. At least four strands of research can be identified that will contribute to a better understanding of the financing needs of SMEs and the ways to deliver financial services to them.

First, research is needed on the forms of finance used by small and medium-sized enterprises and made available by lending institutions and investors. In particular, a clear picture is required of the financing differences between firms of different sizes and the differences in financing in relation to types of ownership structures. Cross-country and regional differences may also exist in these respects. Second, research is required into the relation between different financial forms and firm-level performance. Existing research on `small size and performance has not isolated the importance of different forms of finance. Methods should be devised to examine the relationship between different financial structures of firms and a range of performance measures (including output, productivity, employment, and survival rates).

Third, research is required relating to the behavior of small and medium-sized firms with different forms of finance. We need to predict how different forms of finance will affect the allocation of profits between income (dividend flows), investment and consumption and their effect on other forms of expenditure relating to innovation, marketing and the development of human resources through training. In particular, the links need to be made between different forms of finance and the impact of small firm development on poverty alleviation. Fourth, research is required on the supply side of finance. This work should focus on formal and informal sector lending institutions and savers, and the macroeconomic environment, including economic policies, promotional policies, and the role played by private, international and non-governmental organizations.

很少在博里写除了情爱随感和时尚书籍之类其他的东西，爱情占据了彦页分类里绝大的空间，次之就是一些随感，随意而感。今天要特地写一下我尊敬的几位老师，文字能代替任何精致的礼物，言语能抵上任何华丽的赞词，所以在教师节的今天，打一通电话，写一段小文，也许就是心底深处的祝福了吧。

一. 老陈老师
年纪最大的老头，出于礼貌，置于第一位。大学里的系主任、教授、生产管理老师、我的论文指导老师很多称谓来形容和老陈的关系。

昨天“加油好男儿”尘埃落定，东方卫视在最后起升降机时的犹豫已经完全曝露了如今商业电视台的色彩了，到底是顺应民意，还是黑幕徐降，最终的指针让DFWS刹那那个红色的标志阴暗下来，至于变成灰色还是黑色，因感而异。

关于原则我从来不会改变自己最初的哲迷和如今笔亲的身份，也不会在中间夹杂其他的称号，晓波，天使高高在上，仰望欣赏即可，没有必要成为菠菜狂热只会给他带去负累，所以一直和灼远远看着晓波用他无声的世界抗击着我们中国整个花花污秽的社会，他用手语告诉人们言语的多余，他用眼神传达人们善良的真诚，他用微笑展示人们内心的温暖。连续四次以上人气王不二人选，总决赛里不到1个小时，票数飙升30万以上，身上带有八枚左右的好男儿徽章，包括最后的建飞，这样的晓波，基数应该如磐石般稳固，可是最后却输给了唱歌微微走音，在内地拥有相对较少喜欢西藏观众的蒲巴甲。

其实失败并不是偶然，胜利却是必然。在灼家里和他父母一起看了近四个小时的比赛，总结有几方疑惑。为什么蒲巴甲在第一轮PK时有他的VCR播放，有长达十分钟的场外拉票，五位喜欢他的观众一个个地说过来而晓波连VCR也没有？为什么没人说蒲巴甲的《男人哭吧不是罪》唱的不完美，而却有刻薄的评委一边又一边地说晓波不适合演艺圈？为什么最后没有票数公布？为什么升降机在观众和主持人喊零时不马上升起，而拖延了十秒以上？为什么连晓波获亚军的镜头和感谢的话都没有？为什么晓波空手而来空手而回，所有十强选手都抱个所谓的金牌回去，晓波为什么什么都没有？为什么大众评审要是各国人，难道DFWS给所有外国人都配备了翻译，还是根本不用翻译，评审只凭眼睛来判断up还是down呢？为什么在高晓松准备把小松直接淘汰掉的时候，胖子要插出来及时制止，而当吴建飞关键大众投票时，又插入了广告，广告的中间他们做了什么？

质疑过后几点感叹。媒体怎么就不能对晓波宽容一点，就连我最喜欢的报纸都会有那些字眼和反问句来描述晓波，就因为他不能配合媒体，只会呆呆在一个角落安静地坐着，这样就犯着媒体了，惹毛他们了？如果自己的亲人是聋哑人，还会不宽容么？感叹下高晓松那句看似关爱的话，晓波不适合进入娱乐圈，怕那份善良纯真会消失。怎么娱乐圈里就不能有善良的人了，怎么善良的人进来娱乐圈还破坏了他的不善良性了，高先生，你就是这样把自己贬低成那样的，那后面又何必让自己冠冕成清华的学子呢，清华出的人不也进了垃圾桶般的娱乐圈了，难道清华就培养垃圾的？晓波的努力和困难还值得感叹一下，别人在那里“男人男人哭吧哭吧”哼哼，或者混在其他好男儿唱歌高手里混个合音就可以了，晓波怎么办？舞蹈亚，排练亚，管他有几场舞，管他难度，管他音乐节奏听不到，只要给我跳出来跳好了就可以了，不然你拿什么和别人比，翻译伯伯的词不达意，语句比起其他好男儿简直拙劣不堪，而晓波不卑不亢，在那个无声的世界里，只有舞蹈时的节奏，老师的手势，还有妈妈的期许，家庭的负担，他承受的远比任何一个选手多。他说，请不要给投同情票，没想到成为媒体的话柄，不给他投同情票，还能给他投什么。是啊，请问如果是你，你会说，“大家都给我投票吧，我那么可怜，都给我投同情票吧”，是么？不然的话，就会被人说成虚伪。“逢宋必败”让晓波失去了很多该有的观众，但是为什么他身上却有那么多好男儿的寄托呢。大家要问残疾人干吗要参加选秀，其实为了赚钱是最功利却最实际的目的，建飞的穷苦家庭，晓波和他妈妈的疾病，为了钱用了这个特殊的方式，不偷不抢不出卖肉体和灵魂，我们有什么资格否定他参赛的动机。

现在的人就是太势利太功利，人性中的一些温存和善良的特点渐渐被金钱权利所抹灭，黑色的选秀活动和宋晓波的白有鲜明的反差，好男儿，身残志不残的好男儿，不畏蜚语和压力坚持努力在外界无法想象的困难中发挥到最好的好男儿，善良如天使的好男儿，不用冠军，你只要肯定。

晓波，空着手来，空着手回去，虽然遗憾，却潇洒和不带走一点虚伪和世俗的污秽。乐哉乐哉。

在枯竭的残寰，
我看到了新芽，
那是繁衍的伟大；

在沮丧的天空，
我听到了振翅，
那是欲欲的坚持；

在荒芜的角落，
我闻到了芬芳，
那是悸动的愉悦；

在久旱的大地，
我尝到了甘露，
那是自然的恩赐；

在险峻的峭壁，
我摸到了青松，
那是骇人的毅力；

在混沌的当口，
我感到了曙光，
那是生命的希望；

殆尽。而后逢生。

最近不是初恋额事体，就是胃痛，要么就是魔力25级了，再来就是俄罗斯到神匠了，忙得来七荤八素的，连脑袋里的论文两个字都没了，有愧老陈，周六去学校忏悔了。忙归忙，还是看了点书和几部电影，有必要做下笔记，证明自己曾经看过，免得流逝于记忆里。

1. 《X战警3：最后据点》 《X-Men: The Last Stand》
      看1记得是在很多年前的事了，依稀记得蓝额，白额女子，光头教授和狼人，这几个名称和样貌，还有大致的变异人的剧情。跳过2，直接看3的时候有点担心，怕会接不上去，可是途中这种担忧就被瓦解。
      动作和特技都很华丽和激动人心，情节有点新意，除了正邪两派变异人，X3中加入了第三排，一心想消灭所有变种人的人类。特制的针剂能让变异人瞬间法力消失，也鼓动着所有非正常人回归正常人的轨道。教授的死还是让我震惊得忘记了简的残忍，最终的结局总算让我舒了口气，和善的教授像普通人一样和人下棋，学校能够正常继续下去，该回来的战警都已经回来，人类最终放弃了消灭变异人的想法。
      依然喜欢里面几个男子在面临最终战争时表现出来的邪邪的笑容和胜利时的自信，懵懂的爱情线索穿插其中，恰到好处，是值得推荐的。

2. 《零下八度》 《Eight Below》
      从午夜12点看到近三点的残害我睡眠的罪魁祸首，看完之后的睡眠6个小时里还是在做着关于感动的美梦。一直以为只有中国的军犬才最可歌可泣可敬佩，没想到这个由真实故事改变的电影还是让我大为改观。已经算是有点老的片子了，等大碟版出来，一等等两个月，总算等待是值得的。八条雪橇让我疼爱得有想买一条的冲动，不过冲动止步于冲动。
      人与狗的感情从小定格在中国电影《军犬》中那条小黑的形象上，对于前段时间的日本电影《小Q》，完全不放于眼里，打心底里不喜欢日本人的伪善，连对狗都是一样。还是抱着试试看和些许不屑的心态看了外国的狗，结果与想象大相径庭。八条不同性格的雪橇像八个鲜活的人物形象，有鲜明的个性，不同的人生，却有惊人一致的勇敢和忠贞，那是人类几乎所没有的品格。在金钱下屈膝，在权利下折腰，人类带着面具，虚伪地苟活于世上，与那些雪橇和军犬相比，我们，实在太渺小。

3. 《超人归来》 《Superman Returns》
      美国人喜欢塑造真正man的荧幕形象，要说其中最完美男人，莫过于超人。他无所无能，重情重意，坚韧不拔，一个随时可以从青蛙变王子，从呆头鹅变超超人的男子，惹得惊艳四座，尖叫连连。女生青睐，孩子崇拜，男子羡慕，完美男人就此诞生。超人成为美国历史上最经典的男人形象，一部又一部的电影被重拍翻拍，《归来》里主角坚毅的棱角，魁梧的体魄再次吸引我的眼球大于故事情节，女主角漂亮的程度和《珍珠港》里的美女有得一拼，不过最近听说她厌食症，在拍《超人》时已经瘦的只能穿肥大的衣服遮掩了，不知道脸蛋再瘦下去，好莱坞是否还接受的了。
      大碟版还没出来，我就忍不住看了，所以极差的对白翻译给整体感觉打了折扣，说实话没怎么明白超人到底是如何失掉水晶变得功能尽失的，也没明白怎么从铁定死了又复活的，还没明白他最后交代他儿子接替他的工作，那他的儿子是否也具备超人的能力呢？好多疑问，可是还是提不起再看一边的兴趣，等大碟出来以后，买了收藏再和灼一起看一边吧。

　　8月22日，周笔畅现身凤凰卫视“名人面对面”录制现场，面对名嘴许 戈辉，笔畅的表现仍然慢热，但其中也不乏独家爆料引发的小高潮，一样有纹身情节的许 戈辉神来一笔，提到笔畅右手上的、传说中的小纹身，笔笔的话匣子打开了。

　　据笔畅讲，她手上的“小翅膀”是高考结束后，心里小小不爽跑去纹的，而且没有纹龙秀凤的原因非常简单，一是怕疼，再是龙凤没什么特别意思，所以笔畅就自己设计了个可爱异常翅膀，选了个比较特别而且好纹的地方，狠狠地纹了把。当许 戈辉问到，是因为想“展翅高飞”才纹的翅膀吗？笔笔笑笑表示，其实没想那么多，就是自己从小就特别中意带羽毛的东西。

　　据悉，要想听更多这个除了唱歌，其实没有想那么多的女孩的点点滴滴，凤凰卫视8月27日晚8点，周笔畅与你相约“名人面对面”。

{ 转自 sogua }

高贵典雅不一定是华贵礼服，知性优雅不一定是衬衣套装，也许只要一款特别的包袋，便能表达出心情。

大牌06秋冬特色包款

　　材料：薯仔1只、番茄3个、牛肉100g、红萝卜1条、洋葱1只、牛油、茄汁、生粉适量

　　做法：

1、将所有原材料洗干净，切成小块待用。
2、牛肉粒用少许盐、糖、白酒和生粉调匀，待用。
3、在锅里放入适量的水，水烧开后，倒入牛肉粒，转为中火煮牛肉汤。
4、用牛油将洋葱炒香后，放入番茄，薯仔和红萝卜一齐炒，加入茄汁后熄火，全部材料倒入牛肉汤中一齐煮。
5、大约煮20分钟后，倒入生粉水将汤调至浓度适中，调味，熄火就成为好渴的罗宋汤。

　　提示：如果想汤更加有西餐汤的味道，可以加入黑胡椒粉调味。

制作过程

转自 { sh online }

和成的再次有交集是四年后的如今，物是人非、百感交集、时过境迁，都不太能确切得形容我们彼此再见时的感受。即使我们都是对方美好初恋的怦然，即使分手后七年我们仍然能脱口对方电话和地址，即使他是我除了灼之外曾经最喜欢的男子，即使他是唯一一个让我放下高傲头颅的爱人，即使有那么多那么多的即使，可是曾经，终究是曾经。

灼说，书上写道，男人的初恋是最难忘的，即便恋爱、结婚、性爱、再婚，他都忘不了初恋，脑海里还是会不禁想起当初的她。不知道这样一句话是否适合女人，对于曾经最用心投入的第一份感情，难忘是必然，但是过往却是事实。沉湎于过去，回忆不能真正成为回忆，又如何让回忆美好，又如何善待回忆？让风逝过之处安静地沉淀，小心地保存，将当初心动的点点，甜蜜的滴滴纳于瓶中，置在心中最深的那个角落，取名为，初恋。

我会嫁给灼，一心一意的，恰恰和贾预测的都相反，不是为了赌气证明什么，只是，我们的感情像一湾港口。我是激荡的水，虽然经常汹涌经常怒号，可是那个港口静静包容我的全部收服我的所有，这样能停泊到永远的话，可谓是幸福吧。喜欢成的一句话，颜，我想你，真的好想，我的想念就像是在回想小时候的往事。这句话表明我在他心里的位置已经和童年一样，被裱在相框里，珍藏在心中记忆里了。对于你，我何尝不是呢。当初热烈的爱，愤愤的恨，苦苦的求，无奈的泣，清晰得在头脑中回放。想起相拥时的青涩，亲吻羞答，好像是学校里第一次拿奖状，第一次比赛得第一般的愉悦。我的第一份感情，我爱的第一个男人，在七年后的今天总算没让我太失望。成，你长大了。

请将那份美好那份悸动那份我们共有的最初的甜蜜，好好的保存在记忆里，在心情抑郁的时候拿出来晒下阳光，我喜欢历久弥新的隽永，我喜欢绵延不断的永恒，我喜欢终究成为曾经的曾经。

女人除了攀比之外，还有就是虚荣，其实实质上攀比也是由于虚荣。所以虚荣像华丽的毒，慢慢侵入女人的身体，掩盖女人的善良，丑化女人的外表，玷污女人的纯净。虚荣像火源，点燃环环相连女人的弊端，连锁的性格弱点曝露在阳光下，最后面目狰狞，血液发黑，变成人人憎恶的恶妇。一般虚荣分为在物质上的和在人物上的。

在物质上的虚荣无非是我要有钱，我要做一切有钱才能做的事，这样我才夺目才亮眼，才能在众目睽睽下，啧啧称赞里，傲视一切地走过。譬如我要变美，要用用钱堆砌出来的饰品、化妆品、用品、甚至奢侈品都要是别人买不到买不起的。这样的用钱用金裹住自己一圈又一圈之后，女人有没有想过，如此熠熠光彩之下的灵魂是多么苍白空洞。点缀，适当即可，灼总说我不化妆的时候最漂亮，其实自然纯白的状态就是最干净和舒服的。厚厚的粉浓浓的妆，闪闪的衣亮亮的包，组合成一个金钱和虚荣的傀儡。

在人物上的虚荣无非是我要有人爱，我要有很多男人来爱，无谓类型外貌性格，只要爱我的，并且在实际行动上表现给我或者别人看的男人，在女人的心底就会升腾一种满足感和成就感。被肯定和褒扬总是会像蜂蜜一般甜到女人的心坎里，而这些肯定和爱如果是男人发出的，甚至是出色的男人发出的就更容易让女人有鹤立鸡群的味道和感受了。被那些其他女生心中的完美男人爱过肯定过，就算分手，那也曾经辉煌。在这个过程中其他女生的羡慕、妒忌、诅咒、想方设法拆散，这些举动反而更演化成女人心中自豪的气体，而当这些自豪膨胀到一定程度的话，虚荣就此产生，而严重的话就是性格扭曲和心理变态了。

对于我来说，前者的程度还比较轻微，对美有特立独行的理解，页一贯的原则，内在涵养远比外表美丽有用的多。所以对于奢侈对于钱没有太大感觉，只要不至于寒酸，也无需庸俗到像富婆即可。至于后者男人上的，不得不提刚刚下楼和初恋男友成见面的事。四年不见，突兀地站在我面前，有恍然却没有怦然的感觉，他那样地站在那里，褪去了青涩留有份沧桑，不太敢正视看我，我知道是怕我读出他眼里的渴望。其实不用读，心里已有窃喜已有微微的骄傲。被肯定，即使还不能确定是否是肯定，即使冒着自作多情的骂名，只要有丝毫的渴望流露用言语或者眼神出来，那对女人来说已经是小小的成就了。可惜想象只停留在想，窃喜只停留在窃，回忆终究已成为回忆。

虚荣是女人天生固有的情愫，随着环境和人物的改变渐渐挥发出来。只要适度散之，虚荣不会成为蒙蔽心灵的暮霭，只要及时收手，虚荣不会成为控制人性的魔爪。小小奢侈，小小出轨，填补一下那颗发福的虚荣心，足矣。玫瑰，一朵，也会很甜蜜。

记忆里十几天以来上海的晚上是第一次有感觉微凉的晚风，空气里不再是湿粘的气体包裹着各类的杂质，堵塞着皮肤里各个毛孔，取而代之的是清透的风和大约干净的空气。灼在我家吃的晚饭，菜式丰盛的，几天以来我胃痛的关系，今天是吃的最畅快淋漓的，灼和父母在我身边幸福地笑大概有促进食欲的作用。晚饭后，被母亲逼着和他出去散步。一向总以为饭后散步对于我来说，要有特定的条件，或家里只能是三楼以下，或出门要有干净繁盛的花园，或有石子路，朦胧的月和星，这样的散步才能足够吸引我为之一踱。执拗不过我妈呵斥的语气和灼企盼的眼神，就拖着受伤的脚下了楼。

扑面而来的清凉还是给我了些许惊喜，整天对着散发热量和辐射的电脑，我已浑然不知道热的涵义，在当任何时候都突突散发热气的房间里迅速流逝我的生命，加速我的衰老，任凭脸皮肤，胃和脚三者的抗议，一意孤行地抱着我亲爱滴电脑耗费我每天18个小时的精力来等死。这次的出行让我感觉原来还有除了我房间之外的空间，美好而富有年轻的细胞。

上海一直是年轻的夜行女子，不羁狂放，又走在流行的尖端，青春热情，又踏上世界的顶峰。不用过多地叙述天空自然的情景，因为与灯红酒绿的上海街道相比，那些星啊月的，黯然得躲在云朵背后忽隐忽现起来。那些炫目的霓彩，震耳的乐章敲击着夜晚的心脏，蓬勃有力的年轻。拖着灼的手一路旋转地走，与上海夜晚的精彩融合在一起，去除非常的心理和想法，抛开前日的郁郁和委屈，呢喃爱情的蜜语和幸福，流逝在喧闹的街头。

漫步回来的时候路过电影院，确定了周六去看笔笔的新作《第601电话》，给笔笔的票房加上自己那份，看着大幅她微笑的海报，竟然有不忍，悲情的电影触动着心底最脆弱的弦，希望那天能和灼一同感受笔笔有进步的表演。在KFC里坐着看窗外人流和车流，想起四年前和灼补课回家总缠着他陪我坐在靠窗的KFC里，啃用激素养大的鸡腿，当油炸垃圾在胃里消化时，我竟然有病态的快感，还好今天没有，因为新上市鸡翅的香味让我有油炸不是垃圾的错觉。也许在灼的庇护下，页会渐渐从阴郁转向明媚，也许只要他在身边，所有事就不会那样糟糕了。

夜凉如水，心情如风。

在生日的尾巴上，给予我最诚挚的祝福，一如24小时以前，夜晚带去我的第一份生日祝福一样。这样特殊的方式，只希望能得到的祝愿可以加倍。知道你喜欢简单，所以刚刚草草地做了个小图作为礼物，粉色的玫瑰，只是希望爱情和人生丰满如花，娇艳如你。

希望你幸福，一如既往，与大一时的迫切心情相比，有增无减。在那个未来的某天，热烈地与最爱的他步入礼堂，无论对方是谁，我坚定地走在你的身后，用最简单地微笑看着我的困成为最美丽的新娘，那样的看着就已经足够了。

记着以后别吃太多亏，尽管你无奈也无力改变些你的个性，但我看在眼里，急在心里和行动上，还是一切自己小心。关于爱情，我无法用自己的尺度去衡量你的爱情观，我知道你自己可以把握和争取，请一定要幸福，是我最大的快乐了。

最后代替灼和佩在这里和你说happy birthday，灼一直在我面前说你的可贵，而佩也老吵着要多学你。我们3个人的祈祷，希望老天能够听到。

只愿，一切都好。

张爱玲说，“悄然而逝的时光之中到处可以发现一些珍贵的东西使人高兴一上午、一生、一世”。页道，简单而纯白的回忆像晾晒过的棉被一般，温暖得富有阳光味道，抱在怀里枕在耳边，有沁入人心的依赖和眷属，所以请善待回忆。

大部分人，在回忆过往的时候，意兴阑珊的，倦懒舒缓的，牵扯纠葛在从前的记忆中，挣扎努力地忘却其中悲伤的元素而保留甜蜜的点滴。这样看似明智的举动也许其实是懦弱的表现。生活由无数个叉和勾组成，当满面的记忆里只留有勾而抹去叉的话，壮观而养眼的场面会暂时蒙蔽我们的双眼和心灵。要敢于面对叉，敢于面对曾经受过的伤害和教训，那些是比甜蜜更珍贵的过往和财富。那些教会我们哭泣、失败、伤痛，然后教会我们微笑、胜利、幸福。如果没有叉，如何去拥有无尽的勾。

在血和泪的洗礼里我们迎来成功胜利的曙光，那样的光是最亮眼的；在一次次的感情挫折后我们迎来生命中真正契合的另一半，那样的爱是最长久的；在无以复加的委屈中我们迎来知心人的体谅和理解，那样的友是最珍贵的。

在人老珠黄，翻看旧日照片或念及往事时，你能想起曾经恨过的厌过的，曾经彼此深深伤害过的人，会释然，会感谢上天，彼时彼日还有一个这样的人让我有刻骨铭心的恨；你能想起曾经失败过悔恨过，让我有切肤之痛的经历，会淡然，会感激人生，彼时彼日还有一段这样的经历让我离成功又迈进了一步。

请善待回忆，事关一切美丽的令你动容的和所有甚至发指的。正如张爱玲说的，也许那回忆长河里的星星点点，无论好坏，都会让你记着一生一世。

页道，请记住那些爱你和你爱的人和事，甜蜜的细节咀嚼于心点缀今后生活。但更请记住那些恨你和你恨的人和事，因为正是那些人和事让我们更臻于完美，更有动力取得成功。

ps. 佩，我们三个小时的电话，我就是为了对你诉说以上种种。用了你最爱作家的话作开场，只为你能明白我的用意。

1. 灼出差回来了，晚上一起吃饭的时候，我们一直笑一直笑的，亲吻和拥抱重新缠绕在身边的空气里。虽然出差中间他特地回来参加过我老爸的生日，可是知道2天以后总要走的，笑也不是特别畅快。礼拜五回来的时候，正赶上和佩他们吃完饭回来，擦头到家的感觉就是好亚。忽忽。看来灼上班，我也有便宜好占。

2. 给佩网上找了个小老公id，好久没听佩和男孩子发嗲了，虽然现在是对着一个虚拟的文字，可是我知道佩还是很高兴啊，无意中还是很期待与他的聊天额哦。其实放飞一段感情的方法就是寻求可以将感情寄托的人或物，虽然曾经很痛，但带着伤口一路寻找的过程有止疼的作用，而当你找到的时候，结了疤的伤口就成为回忆而不再痛了。

3. 小困同志的论文在老陈那里得到了肯定拉，虽然老陈电话里嘱咐我好好休息几天，可是言语间听的出，这次小困的论文写的不错，希望我也能像她那样不辜负老陈期望，第二阶段报告里能多用我写的初稿。说来也怪，平时争强的性格在这次的论文小组里却没怎么得到体现，也许是因为对象是困和佩，难得有落人于后的希望，老陈就成全了我吧。

4. 斌斌还是对我很好亚，网上老是帮我这帮我那的，小孩子的天真却有大男人的成熟。我一委屈，马上跳出来一个人在那里狂骂，双鱼的性格淋漓尽致得在他身上体现。被他拖着一个个的游戏玩过来，赚的钱统统给我买衣服，宠物和装备，其实这样我很没有成就感，因为他说我进游戏就只要好好花钱就可以了。

5. 小号的QQ买了套衣服，蛮有野性的，符合我的风格，狂喜之下，给灼和佩一人买了一套。没想到俩人穿好以后回复的话居然一样的，“娃哈哈，越看越好看，太喜欢了”，我想肯定不是敷衍我的，因为我也真的很喜欢啊。佩明天那么热的天要上课，自己小心中暑哦，不过你瘦，应该不会的。

6. 礼拜五去学校的时候穿牛仔裤，发现自己明显瘦了，我开心得忘记了最近委屈，在家里饱受病痛折磨和相思之苦，大概人就会瘦下来了，估计再写一个月论文，我的体重可以降到两位数，我陶醉啊。啊哈哈。

7. 最近给00做的计数器在网站上很畅销，有好多mm都来问我怎么做的那样好看，我那个叫开心哦，原来当自己或自己的作品被人肯定的感觉那么好。已经好几个被推荐到首页了，看来要再继续加油，让成就感膨胀再膨胀。哈哈。

8. 网拜了笔笔的新专辑《谁动了我的琴弦》和BODYSHOP家的蜂蜜润唇膏。笔笔的新专辑很好听啊，封面很炫，还送了一张签名的海报。润唇膏听说限量版的，买到是运气拉。

最近很甜蜜，忽略一切不甜蜜的元素外。

ps. 下面分别是我，灼和佩的三套Qqshow衣服，大家看看怎么样。
ps又ps. 这是近几天以来第一次畅快地写博，不用过多地顾及别人的想法和眼光，想怎么写，就不用刻意地回避一些字眼和口吻，那样太累。我的博我做主，愿者看，喜者赏，不喜欢的可以不看，但请不要再次把我的留有心情写成炫耀卖弄，不要再把我这里纯白的地方写成作秀的舞台，我想即便作秀能坚持一年半，也有其独特魅力所在吧。