中小企业融资外文翻译
中小企业的融资问题外文翻译（可编辑）
中小企业的融资问题外文翻译外文翻译the Financing problems of Small and medium sized enterprisesMaterial Source: ////0>. Author: ModiglianiA thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid small and medium sized enterprises, sensing?understandably?that the transaction costs of financing them will be excessively high. What Small and medium sized enterprises need is not to be left without access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van deer Avert, CEO of Small Enterprise Assistance Funds SEAF. This US- and Dutch-based NGO manages a network of 14 commercially driven investment funds worldwide with total assets of $140 million, and has developed a unique “equity plus assistance” approach to Small and medium sized enterprises investing.Small and medium sized enterprises Sara widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open to foreign direct investment, they also tend to pay disproportionately more in taxesand social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, often find a way to reduce their tax obligations through transfer pricing, royalty payments, and negotiated tax holidays. Microenterprises, on the other hand, often fall in the informal sector, neither paying taxes nor making social security contributions.Yet if Small and medium sized enterprises constitute a critical dimension of growth and development and are often well positioned to achieve high revenue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?The reasons are multiple and, for the most part, understandable. For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investing in local Small and medium sized enterprises also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, most private capital would much prefer to invest in a few large-asset There are broader issues to be considered as well, including the lack of transparency in local legal systems and governments that make investing in these countries difficult at best. enterprises in fields such as pharmaceuticals,telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making small and medium sized enterprises investments. These can be coupled with perceptions that local Small and medium sized enterprises entrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks receive from development institutions for on-lending to Small and medium sized enterprises are often under-utilized. Small and medium sized enterprises entrepreneurs’ lack of experience in accounting and other areas of financial documentation make it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.SEAF believes that the investment levels it takes, coupled with its focused efforts on increase value after investments, and allows it to invest at relatively attractive multiples. This offers an array ofpotential exit possibilities. By contrast, many conventional Emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee Small and medium sized enterprises.The financial sector infrastructure will need to change to accommodate the substantial financing requirements of new activities and industries. Going forward, while financial institutions would need to transform to remain innovative and responsive to demands of their customers, efforts need to be directed to facilitate financing by non-banks for high-risk ventures. These include financing for knowledge-intensive and technology-intensive start-up enterprises where only ideas intangible collateral are principal assets. As such, these knowledge-intensive and technology-intensive enterprises will need alternative forms of financing to complement traditional financing sources. These alternative modes of financing include among others, venture capital and credit enhancements such as financial guarantee insurance and agriculture insurance.The financial infrastructure that supports Small and medium sizedenterprises in Serbia is undeveloped. Up to now, small and medium sized enterprises and entrepreneurs have financed their operations out of their own resources because financial markets in Serbia were isolated and lacked the support of international financial institutions. The local financial sector in the former Yugoslavia was designed to support large scale, socially owned enterprises ? otherwise known as the “Pillars of Development.” B anks, especially large-scale socially owned banks, had a redistributive function imposed on them by the state, and they dealt solely with large-scale, socially owned enterprises. In addition, the Fund for Development of the Republic of Serbia disbursed its funds to the same target group. Capacity to repay the banks or the Fund was not a criterion for credit approval.Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamicsAs a matter of intellectual history, the reason is not difficult to understandDuring the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costsBut without such frictions, financial markets have little reason to existFor example, with complete markets and if we ignore taxes, we know that whether acorporation finances itself by debt or equity is irrelevant the Modigliani-Miller theorem.The former economic and political system did not support the development of financial instruments for Small and medium sized enterprises. Cooperation with SMEs focused on a few selected companies, while sole traders were almost completely excluded from credit transactions with the banking sector. SME owners and citizens completely lost their trust in the banks and channeled their savings into the grey economy, to banks abroad, or kept their savings at home. Only payments effected through the National Payment Bureau functioned properly for Small and medium sized enterprises.译文中小企业的融资问题资源来源:////. 作者:詹姆斯?沃尔芬森中小企业的蓬勃发展对促进经济增长,减少发展中国家的贫穷和经济转型具有重要意义。
中小企业融资渠道中英文对照外文翻译文献
中小企业融资渠道中英文对照外文翻译文献Title: Financing Channels for Small and Medium-sized Enterprises: A Comparative Analysis of Chinese and English LiteratureIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, they often face challenges in accessing finance due to limited assets, credit history, and information transparency. This article aims to provide a comprehensive analysis of financing channels for SMEs, comparing existing literature in both Chinese and English.1. Overview of SME Financing Channels:1.1 Bank Loans:Traditional bank loans are a common financing option for SMEs. They offer advantages such as long-term repayment periods, lower interest rates, and established banking relationships. However, obtaining bank loans may be challenging for SMEs with insufficient collateral or creditworthiness.1.2 Venture Capital and Private Equity:Venture capital (VC) and private equity (PE) attract external investments in exchange for equity stakes. These financing channels are particularly suitable for high-growth potential SMEs. VC/PE investors often provide not only financial resources but also expertise and networks to support SMEs' growth. However, SMEs may face challenges in meeting the stringent criteria required by VC/PE firms, limiting accessibility.1.3 Angel Investment:Angel investors are wealthy individuals who provide early-stage funding to SMEs. They are often interested in innovative and high-potential ventures. Angel investments can bridge the funding gap during a company's initial stages, but SMEs need to actively seek out and convince potential angel investors to secure funding.1.4 Government Grants and Subsidies:Governments offer grants and subsidies to support SMEs' business development and innovation. These resources play a pivotal role in ensuring SMEs' survival and growth. However, the application process can be cumbersome, and the competition for these funds is usually high.1.5 Crowdfunding:Crowdfunding platforms allow SMEs to raise capital from a large poolof individual investors. This channel provides opportunities for SMEs to showcase their products or services and engage directly with potential customers. However, the success of crowdfunding campaigns depends on effective marketing strategies and compelling narratives.2. Comparative Analysis:2.1 Chinese Literature on SME Financing Channels:In Chinese literature, research on SME financing channels focuses on the unique challenges faced by Chinese SMEs, such as information asymmetry, high collateral requirements, and insufficient financial transparency. Studiesemphasize the importance of government policies, bank loans, and alternative financing channels like venture capital and private equity.2.2 English Literature on SME Financing Channels:English literature encompasses a broader range of financing channels and their implications for SMEs worldwide. It highlights the significance of business angel investment, crowdfunding, trade credit, factoring, and peer-to-peer lending. The literature also emphasizes the role of financial technology (fintech) in expanding SMEs' access to finance.3. Recommendations for SMEs:3.1 Enhancing Financial Literacy:SMEs should invest in improving their financial literacy to understand different financing options and strategies. This knowledge will help them position themselves more effectively when seeking external funding.3.2 Diversifying Funding Sources:To mitigate financing risks, SMEs should explore multiple channels simultaneously. A diversified funding portfolio can help SMEs access different sources of capital while reducing dependence on a single channel.3.3 Building Relationships:Developing relationships with banks, investors, and relevant stakeholders is crucial for SMEs seeking financing. Strong networks and connections can provide valuable support and increase the likelihood of securing funding.Conclusion:Access to appropriate financing channels is crucial for the growth and development of SMEs. This analysis of financing channels for SMEs, comparing Chinese and English literature, highlights the diverse options available. By understanding the strengths and limitations of each channel, SMEs can make informed decisions and adopt strategies that align with their unique business requirements. Governments, financial institutions, and other stakeholders should continue to collaborate in creating an enabling environment that facilitates SMEs' access to finance.。
小微企业融资外文文献翻译
小微企业融资外文文献翻译the XXX credit to small and medium enterprises (SMEs)。
However。
micro enterprises (MEs) which are smaller than SMEs。
have been XXX。
using a path XXX finance。
such as family and friends。
due to the lack of access to formal finance。
Path dependence is also evident。
XXX finance.翻译：乌干达的小微企业融资：路径依赖和其他融资决策的决定因素XXX：Winifred XXX-XXX博士摘要：发展中国家的融资文献主要关注正规金融机构向中小型企业（SMEs）提供信贷的角色。
然而，小微企业（MEs）比SMEs更小，却被忽视了。
本文使用路径依赖框架，研究了乌干达小微企业的融资决策，识别了影响它们获得融资的因素。
研究发现，由于缺乏正规融资渠道，小微企业严重依赖非正规融资来源，如家人和朋友。
路径依赖也很明显，过去的融资决策和与非正规融资来源的关系影响了当前的融资决策。
本研究建议政策应着重改善小微企业获得正规融资的渠道，并促进金融素养，减少对非正规融资来源的依赖。
Access to credit is crucial for small and medium enterprises (SMEs) and micro enterprises。
as they are considered to be the main drivers of economic growth。
In e countries。
XXX role than SMEs。
XXX-agricultural self-XXX。
XXX due to the way they are XXX。
中小企业融资难外文翻译说课讲解
中小企业融资难外文翻译Sme financing problems related to the analysis First small and medium-sized enterprises financing status Reform and opening up china for 30 years of small and medium-sized enterprises obtained arapid development of enterprises 99 of the small and medium-sized enterprises of our countrymore than 60 GDP contribution tax over 50 provides 70 of import and export trade and80 of urban jobs. Small and medium-sized enterprises in our country is also an important powerof independent innovation 66 of invention patent 82 of new product development of smalland medium-sized enterprises from small and medium-sized enterprises has become the economicprosperity expanding employment adjusting structure promote innovation and new industriesof important strength. From 80 years since the outbreak of the international financial crisis the implementation ofthe positive fiscal policy and loser monetary policy but no small and medium-sized enterprisesfrom the proactive fiscal policy and moderate looser monetary policy benefit directly for instanceof the new 2008 225 million small loan only more than previous year but rose 1.4 only theloans increased 14.9 09 year three months of national credit increased 48 trillion includingloans to small and medium-sized enterprises increased amount only less than 5 .Current loanfinancing difficult hasbecome the bottleneck of restricting the development of small andmedium-sized enterprises and small and medium-sized enterprise production and managementfaced difficulties according to the state statistical bureau of statistics and letter until the and of2008 in the small and medium-sized enterprises of production or collapse closed accounts forabout 7.5the urban employment this situation is not only more difficult economic recoveryinfluence and directly affect the growth and development of people’s livelihood stable target .Inthis sense the international financial crisis under the impact of China’s economy could not reallylow the key is out of small and medium-sized enterprises vitality can be fully recovered. Second the sme financing reason analysis Sme loans and financing is a cosmopolitan should say see both from China and mechanismof medium and small and medium-sized enterprises there are three main reasons: first themedium and small and medium-sized enterprises small and medium-sized enterprises generallyweak awareness of honesty similar to a few of the common phenomenon may report on tax onsome less ugly statements in Banks this intersection some may form good-looking such loanspoint is reliable became a problem. But this approach is very adverse instead of enterprises thedevelopment of small andmedium-sized enterprises are not healthy we imagine if severaldepartments with all those together the first this enterprise is not sincere he will have a foothold.We manufacture and export-oriented smes in human resources technology capital marketenvironment faced financial crisis there was a huge pressure the development of it is the rootcause of the scientific and technological content of the enterprise the innovation ability of highenough to enter the market is weak the low threshold the fierce competition in the market willincrease these are not good for the development of small and medium-sized enterprises. Secondfrom the bank for small and medium-sized enterprise credit conditions stricter because we aremost Bands it is also considered commercial bank the risk of their own profits. To the end of2008 the small bad loans is higher than that of the entire banking industry relies low come mampasolving some problems bur the loans of the small and medium-sized enterprises like a bigproblem once countries will still enterprises especially those small problems once thebankruptcy nobody tube so the loan quality cannot guaranteed so in this management system toreduce the risks the bank will demand of small and medium-sized enterprises in providing enoughafter pawn dare loan. Another bank from the operation cost of small and medium-sized enterprisesdo loans will pay more manpower so also does not want to extend loans to small andmedium-sized enterprises A bank operating costs the half is labor cost small and medium-sizedenterprises especially do small very high labor workload but it is the benefit of different times.Third the sme financing channel is too narrow and small and medium-sized enterprisesin thecapital markets have direct financing ways of securities market including small plate and gemAnd private equity funds industrial investment funds venture investment funds risk investmentfunds and the bond market etc. But since the sept.25 2008 the small plate market securitiesissued after huachang chemical and closed the door just recently IPO to restart the IPO. But gemis “ten years” good sword people until now only be vivivdly portrayed. Although with gemlisting conditions but a lot of small and medium-sized enterprises to financing for manyenterprises it is still a luxury. In overseas small and medium-sized enterprises in the process ofgrowing only rely on bank loan financing many times is a venture investment risk or the help ofsmall and medium-sized enterprises in China however can grow in the basic of financingShenzhen has 3000 venture company with a registered capital of 6000 billion but no company iswilling to startup investment enterprise. Thecompany is more mature can the fancy of thesecurities market and gem. Third the sme financing difficulty in solving the problem a From the Angle of the government 1.The government should relax market access control reducing barriers let more smallerBands small and medium-sized enterprises in service for the strategic positioning og those smallBanks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more thana hundred villages and towns of the bank bank established to improve the bottleneck of theeconomic investment county including improving agriculture development of small andmedium-sized enterprises and support will play a very important role. For existing fivestate-owned Banks. Should be encouraged to develop their own businesses for the financing of thespecialized agencies relax its has branches and encourage them in the land and county townshipeven closer to provide financial services and more convenient. 2.The government should help Banks to establish a credit system further reducing theirinformation cost in our country the central bank since 1998 enterprise credit system constructionwas started by the specialized agencies collection and storage sorting analysis and use ofenterprise credit information to guard against credit risks maintain stable financial marker In2006 the central bank andsmall and medium-sized enterprises credit system to establish the creditsystem hope to cover those and financial institutions have no credit relations of small andmedium-sized enterprises. Of course the credit system is not only by the government and nowhas some network company for example try to use labara. Com in online transaction informationinto small and medium-sized enterprises credit index the index of credit if out of the bank tofurther reduce the cost of information.. 3. The government should several of bank risk compensation the local interest riskcompensation mechanism and policy just compensation fund is to solve the sme financing wayand cannot be fundamentally solved. As to the end fujian province of bad loans is small loans6071 but the average level of banking is a two percent while a few risk compensation just to0.8 percent only a small part So many of bank risk compensation. As all of the loans to smalland medium-sized enterprises then according to the bank loans reduce its tax business taxincome tax reduction Countries can help enterprises to improve bank interest risk and return Ifthe loan losses the government formed by risk compensation fund to patch up it this makes bifbusiness loans and small and medium-sized enterprises loan to achieve the balance is the basicyields. 4.The government should activelypromote the multi-level capital market system in order tobetter satisfy all kinds of small and medium-sized enterprises include the financing needs ofenterprise. Different types of small and medium-sized enterprises the development stage isendless and same determines the sme financing needs is not the same So small and medium-sizedenterprises groups of differentiation determines the diversified financing needs then satisfy smefinancing demand also needs the various forms of financing mode such as bank loans bondsequity financing etc.200to 4 years in Shenzhen stock exchange medium plate founded bupromoting capital technology management and the effective factors of high quality as cultivatingboard also to promote the upgrading of industrial structure is playing a positive role. In October 2009 gem officially launched. Founded board will provide for independentinnovation promoting effective supervision mechanism of small and medium-sized enterprises inthe new development stage. But for more than for small and medium-sized enterprises are listed tosolve this kind of condition enterprise’s equity financing stock transfer to a valid theover-the-counter marker In 2006 China launched fei joint-stock company listing for trading ofsecurities companies entering the pilot work Besides the government shouldvigorously promotethe development of the bond market bond financing for small and medium enterprises to providemore convenient in the developed countries the bond market is the main financing financing inthe United States for example 2008 the company bonds is circulation stock circulation of 5 timeswith the United States Europe and other countries and regions in the bond market also has the bigdevelopment space. b From the bank angleIf rely on the existing in the banking financial products and sme loans to solve the difficulty infinancing smes is impossible we cannot change the present situation of small and medium-sizedenterprises so we would change our bank credit financial innovation is imminent. Currentlybanking is through the organization risk management technical innovation innovation andsecurity collateral product innovation so as to change the status of financing for smes. 1. Guarantee mortgage innovation Collateral shortage is small and medium-sized enterprisebiggest soft rib they could not buy a heap of the house and then prepare for security it is notrealistic to high-tdch enterprise as the core of assets should be their intellectual property righs thepatent righ and one on the market in technology creative team is the blood to support itsdevelopment as well as several pieces of the mortgagedproperty bur all need money to lendbank The small and medium-sized enterprises such an jiangsu cooperatives experiment widelywarehouse inventory impawn through a mortgage loan product Tianjing coastal rural commercialbank actively carry out enterprise sharehoulding pledge loan. benjing bank recently launchedintellectual property as a pledge from the bank for a loan. 2. Credit rating innovating Big Bnaks do business of time usually see a balance sheet anincome statement and a cash flow statement small and medium-sized enterprises have even thesthree tables are not high the bank information costs zhejiang tyrone arisen commercial Banksthey look for innovative water meter customs declaration form large large reduce cost still canmake small loans to earn enough money. Like Shenzhen development bank by focusing on theirOpponent’s credit transaction the authenticity of the enterprise chooses a new of enterprisescredit rating. For enterprises in the ctedit rating method for enterprises itself the credit ratingweight only 15. Pay more attention to the authenticity of the trading counterparty anddownstream of the raw material supply semi-finished products or services or transportation orlogistics can be easier to choose good credit are true of the enterprise trade background to provideenough goodservice mobilize various financial tools in the process of enterprise developmentshenfazhan also created the profits. 3. Business process innovation. Our country commercial bank the bank is mostly official inthe house wait for a loan to customers approval for a month three months such a kind ofmanagement such an examination result is impossible to small and medium-sized enterprisefinancial services it is impossible to improve the financing difficulties of small and medium-sizedenterprises. Banks to reduce threshold the other is to simplify the process reduce link establishexamination mechanism so as to adapt to the credit factory. The bank is factory small andmedium-sized enterprises is raw material into the line after the marketing sales and service withapproval and customer maintenance and post-loan management obtain loans. But Banks are not aperson guard line and batch production. Through the way of examination and approval proceduressimplified. Through this process to make sure that the smes credit approval from the cycle overthe past 2 3 months shorten to 3 5 days now. 4.Strengthening the training of personnel. After construction in mechanism to have a groupof people to do it and do it well it is to strengthen the training of the staff further strengthen thesme small business loans and high-tech smes job training and the loan ofcommunicationincreasing the entire product rampd efforts with the strain of new incentive and restraint measures toprofessional team and the new service. c From the Angle of enterprises 1 Enternises should strengthen management improve quality. To correctly understand thesituation face establish the risk by management effectiveness and development idea must paymore attention to technical innovation technological innovation pay attention to the new productdevelopment improve quality and brand construction and development of new products improvethe product quality improvement and win the market.. Reducing energy consumption to increaseincreasing earning. Increasing market development ability reduce” pro ducts accountsreceivable” two nbre accelerate the capital turnover. Through the development way not only bythe expansion of production of production but improve the quality of the industrial sector realizerapid growth. 2. The enterprises should strengthen the construction of credit system. Establish the standardof management system establish she transparent reliable statements the accumulation ofenterprise credit system.。
中小企业融资渠道中英文对照外文翻译文献
中小企业融资渠道中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：The areas of SME financing channels: an overview 1.IntroductionIn all countries, SMEs are an important source of economic growth and create jobs. In addition, these companies through their dynamism and flexibility, the power of innovation and development.The research method is to start from the literature to highlight the importance of the theme of our research. This paper analyzes the data and statistics based on mainly by the World Bank survey, small and medium-sized private enterprises in Romania by some empirical research. According to the method used, and pointed out the importance of financing of SMEs and enhance the public bodies concerned about, especially the measures taken to improve financial development.2.the literature on SMEs financing channelsA popular academic literature on the financing channels of SMEs, has witnessed a lot of research to solve this problem.Countless research studies have indicated that financing channels is a critical obstacle in the growth and development process, especially in small and medium enterprises.Through Baker Dumont reggae - Ke Lute, Ivan, and Marca Smokin Popovich (2004) research, reflecting the fundamental factors of 10 000 enterprises from 80 countries mainly depend on the financing of enterprises. Therefore, the relationship between the study highlights the corporate finance and its characteristics such as age, size and structure of property rights. From this perspective, the authors found that the small size of the young company, and face greater obstacles when they seek financial resources.The iResearch Dick Mei Leke and Salta (2011) analysis of macroeconomic and institutional factors affecting SME financing loans through the statistical data found. In other similar studies, the authors found a positive correlation between the overall economic development (a measure of per capita income) and financial development (measured by private lending ratio of gross domestic product), on the other hand, the level of SME financing is the opposite. In addition, the authors show that the level of financing for SMEs depends on the legal structure and overall business environment.3.in the process of SME financing in the general obstaclesIn general, access to financial products or financial services or financial inclusion assumes that there is no trade barriers to the use of financial products or services, regardless of whether these barriers or non-related pricing (Dumont reggae - Ke Lute, Baker, and Honorine root 2008:2). Therefore, to improve this means of access means increasing the degree of financial products or financial services at a fair price toeveryone.Enterprise does not use financial products or services can be divided into several categories, their identification is necessary, in order to take the necessary measures to improve their financing channels. Therefore, on the one hand, enterprises obtain financing, the financial products and services, but do not use them because they do not have a viable investment projects. On the other hand, it can distinguish between non-voluntary refuse corporate Although these business needs, but not have access to financial services. The status of independent corporate finance or financial services in some companies do not earn enough money or safeguards required by financing institutions and therefore have higher credit risk. At the same time, when some companies in need of funding, financial and banking institutions involved too costly and can not agree to financing. Finally, in the context of the enterprise refused to appear over-priced financial products or services and financial products or services that meet their requirements.Financing channels for enterprise development and the efficient allocation of funds essential. However, compared with large enterprises, SMEs seeking finance is facing many difficulties, because of several reasons, including: the judicial and legislative structure of the instability and imperfect, it does not support the enterprises in need of financing and funding the relationship between; part of the funding and corporate information is incomplete or even lack of information, which hinders the normal and efficient development of relations between enterprises and providers of finance; especially in the young company, the lack of credit history and guarantees the creditors, and sometimes limits the range of financial products that can be used.The number of surveys, especially the World Bank stressed that the financing is one of the biggest obstacle to good development and growth of the SME. For example, the World Bank in the 2006-2009 survey foundthat 31% of the worldwide study of corporate finance is a major obstacle to the current implementation, and even higher proportion of young company in the 40% of cases up to three years of experience (Chavez, kt Boer and Ireland 2010:1). In addition, a series of global surveys, including the information provided by the World Business Environment Survey show that SME financing transaction costs is the main obstacle to enterprise development.4.SME bank financing difficulties and support measuresIn most countries, especially in countries with bank-oriented financial system, the main source of external financing for SMEs by bank loans. Therefore, this type of loan is crucial to the development of SMEs. However, the survey showed, compared to the SMEs and large enterprises are using the new investment in the small extent of bank financing.As we mentioned, the use of financial products is determined by supply and demand. It is therefore important to understand why the SMEs use bank financing to a small extent only. In this regard, some studies (Banerjee and Duflo: 2004) has shown that the main reason for the supply, because every time when SMEs are able to obtain loans, they use it to increase production. This behavior is more proof of financing is an important factor in the development of enterprises. In addition, in the context of the current global financial crisis, the declining availability of bank loans and limited financing opportunities for SMEs. Therefore, it is the main problem facing small and medium enterprises.October 29, 2010, this survey of SMEs in Romania highlights the main problems faced by SMEs and banks. Therefore, 82% of the interviewed entrepreneurs obtain bank financing is very difficult, mainly because of excessive bureaucracy, unreasonable high demand, high interest rates, rigid bank credit indicators, as well as many types of commission and expenses. In addition, more than 61% of SMEentrepreneurs and managers reporting banks lack of transparency (hidden costs, lack of communication channels, etc.), there is no real consultation (using the standard contract, the bank refused to modify or complete the credit contract, etc.) and banks do not legitimate or misuse of the terms of the contract (for example, perform the unauthorized transaction accounts or bank fraud). Understanding this knowledge to take measures to support and promote SME financing.Improve SME financing is still cause for concern, but also national, European and international facing a challenge. For example, in the EU, through the implementation of the new measures established by the Small Business Administration for Europe to improve the financing channels for SMEs, by reducing the return of the structural funds requirements to promote the access of small and medium enterprises, the establishment of the Credit Ombudsman to promote small and medium-sized enterprises and dialogue between the credit institutions, to avoid the double taxation of the tax legislation, which will hinder the international venture capital plays an important role.In particular, empirical research, emphasizing the impact of the degree of financial development of a country is essential that the level of development of the SME financing. Therefore, a series of measures to support SMEs to obtain financing, to ensure the efficient development of the country's financial, which will ensure greater availability of corporate finance. Specifically, the authorities should take measures commonly used to measure the degree of financial development in the seven pillars, namely, the institutional environment, business environment, financial stability, banking and financial services, non-bank financial services, financial markets and access to finance.5 .ConclusionEffective financing for SMEs to create new business is of great significance, and existing growth and development of enterprises, whilepromoting the country's economic and social development. In addition, in the case of the economic crisis, SMEs contribute to restoring the national economy, so it is particularly important to support SME financing. However, most of the survey report stressed, always the financing channels of SMEs is one of the most important factor to affect its operation and development.SMEs trying to get the necessary financial resources to face difficulties related to the entrepreneurs and the economic environment of each country, as well as existing legal and institutional structure. To alleviate these difficulties, the measures taken by public authorities should focus on improving the financial development and to ensure that the corporate finance and economic growth, greater effectiveness.In various countries, including Romania, the decline on the availability of SME financing, or even the lack of statistical data, we believe that policy makers need to focus on and monitor a series of important indicators, depending on the size of the SMEs, experience and industry events share of its loans, which will benefit the public authorities, creditors and investors.原文来自罗马·安吉拉中小企业的融资渠道的领域:概述（奥拉迪亚大学：经济科学，2011年第一卷第一期，431-437）摘要通过中小企业在创造附加值和新的就业岗位中的贡献,使它在国家的经济和社会发展中拥有一个显著的角色。
小微企业融资外文文献翻译
小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。
(英文版)中小企业融资The financing problem of SMEs in China
The financing problem of SMEs in China中国中小企业融资的若干问题国际经济与贸易专业 2009-01 ×××内容简介：财政部部长谢旭人在3月5好的第五次会议第十一届全国人民代表大会的新闻发布会上指出，中国将继续加大对中小企业的发展，预计在2012年政府将为中小企业提供20亿美元的专项资金，用以支持中小企业的发展。
Key word：中小企业SMEs 融资financing 政府government 商业银行commercial banks Proactive fiscal policies will continue playing a vital part in supporting the development of smaller businesses, China's Finance Minister Xie Xuren said on March05, 2012.There was 12.87 billion yuan ($2 billion) invested in development for small and medium-sized enterprises, and the support will continue to expand this year, Xie said at a press briefing in Beijing during the National People's Congress.With the development of China's Socialist market economy. The rapid development of SMEs has become a strong driving force of economic development, especially after China's accession to the WTO in 2001 and further intensified competition in the world market, However, inconveniences in financing this global problem in our country has become the bottleneck which hinders the rapid and healthy development of SMEs1 The contribution about SMEs1.1 The contribution to GDPSome 99% of the China's the total enterprise are the SMEs . Economically, they account for 65% of the China’s gross domestic product (GDP) and contribution to the tax rate of 50%, . SMEs therefore have a key role to play in helping China emerge stronger from the finacing crisis and meet the goals of the 2011 Strategy.1.2 The contribution to employmentThe information shows that SMEs in China has more than 10 million. In recent years, industrial and commercial small and medium-sized enterprises to provide employment opportunities for about 80% of the whole society and about 65% of new patents, the vast majority of Chinese labor from the agricultural sector, employment in such enterprises in 20112 The activities of SME financing status and Problems2.1 The lack of financial support for SMEsSMEs lack financial support from the goverment, financing is very difficult, especially non-state financing of SMEs is even more prominent. It has become a major problem restricting the development of SMEs ,so 'financing' this long-standing problem is still not a fundamental solution, according to statistics, more than 90% of SMEs within the enterprise funds from the raising, family and friends, as well as various non-normal channels (eg, high-interest private loans, embrace the build, etc.) These not only increase the cost of doing business, but also disrupt the normal financial order.2.2 Financing channel is narrow, the cost is too highMainly small and medium enterprises to loans from traditional financing institutions ,mainly state-owned banks in particular are the main sources of credit is too concentrated, not conducive to the bank's risk prevention.On the other hand, the reform and opening up 20 years, the number of SMEs in China increased four times, including urban and rural credit cooperatives, including local financial institutions increased by only 1 times, demand exceeds supply is one of the reasons causing difficulties in financing.They are not willing to lend currency to the small and medium-sized enterprises makes it difficult for smaller companies to obtain finance.Small companies have difficulty borrowing from banks,so they have to lend from other larger companies for fear of bad loans.2.3 Short life cycleA statistics shows that the average life cycle of SMEs is about 3 years, which has an accelerated decline trend. According to related data, SMEs, which declare bankrupt as quickly as their birth, have made up above 90% of the totalenterprises in the country . Therefore, SMEs have been the focus of the society. To some extent, the development and strengthening of the SMEs directly relate to the energy and vitality of national economy.3 The reason of financing difficulties for SMEs3.1 Factors of the state's macroeconomic policy◆Policy support is not enough.Countries in the poor selling process, the state-owned large enterprises and enterprise groups to develop and implement a lot of progressive support policies, their funding problem has been resolved in varying degrees.However, the issue of revitalizing small and medium enterprises, although in recent years, emphasis gradually, but such factors as the market is not perfect, fit a variety of complementary measures is not enough.◆Has not attracted sufficient attention.In support of SMEs, and our government is still a lack of supporting preferential policies to provide financial services.3.2 The financial systemSmall amount of profit is thin, the lack of economies of scale.For the state-owned commercial banks, loans to SMEs do exist do not form a scale problem.As compared with large enterprises, small and medium small amount of each loan request, but the issuance of each loan program, handling areas, such as investigation, assessment, monitoring and so much the same, the results of banks and supervision unit operating cost loans costs rose.Banking supervision from the cost savings in operating costs and the Economics of starting, do not want to deal with SMEs.3.3 Their own area and the low level of financial servicesMost SMEs are small, weak, and industry low level and subject of its dominant position in the industry still is a labor-intensive industries, the various economic indicators are also a wide gap with large enterprises. Under these state their competitive is weak.The competitiveness of enterprises not only the price of the product or service, quantity, quality and other economic indicators, but also by the corporate image, social responsibility, environmental awareness, sustainable development and other factors.SMEs in these conditions is much lower than large enterprises.SMEs competitiveness and from their own social responsibility to consider, the bank can not support those weak competitive SMEs, the SMEs credit competition, difficult to get bank trust.Relative to large enterprises, small and medium small number of assets, poor quality, low credit rating, poor credit, mortgages and credit loans are more difficult.Therefore, SMEs led to strong demand for bank loans with the bank between the loanable funds is difficult to effectively integrate.But also because the state-owned commercial banks, credit rating assessment criteria there are disadvantages of SMEs credit rating, making the conflict more acute.4 The stage to solve the financing problems of SMEs4.1 To build a sound system of legal protection ,improve the laws and regulations in support of SMEsWe must seize the development of SMEs or SMEs Promotion Law, the Basic Law and other laws and regulations, so that SMEs Management on the legal track.SMEs or SME Promotion Law, the Basic Law should be established with financial institutions for SMEs, the SME financing measures such as rules, making SMEs to financial institutions and the financing of small and medium enterprises with legal status and legal requirements.On this basis, the response to small and medium banks, funds and other financial institutions to specific legislation, to regulate their responsibilities, funding sources, operational methods.4.2 To explore new forms of SME financing strategy.Most SME financing both their small size, assets less liabilities rate, weak security, the low quality of management, financial systems, credit rating is low, there are bank loans risk, high cost problems, but also the problem of insufficient government support.Therefore, the development of multi-channel for SMEs to raise capital to support the implementation of policy, government-led, based on the local, market operations, mitigate risks, increase the intensity of financing for SMEs, support the development of SMEsIn conclusion,corporate finance is a system which needs the coordination of relevant parties, with the reasonable solution is currently financing the further development of SMEs in China for an important part.March09, WORDS:1349。
2019年中小企业融资外文翻译文献
文献信息：文献标题：Financing in SMEs: Case of the Baltic States（中小企业融资：以波罗的海国家为例）国外作者：Ramona Rupeika-Apoga文献出处：《Procedia - Social and Behavioral Sciences》,2014, 150:116-125字数统计：英文2177单词，11410字符；中文3954汉字外文文献：Financing in SMEs: Case of the Baltic States Abstract Access to finance represents one of the most significant challenges for SMEs’ entrepreneurs. To ensure SMEs creation, existence and growth it is vitally important to understand the financing needs of SMEs and entrepreneurs, the main obstacles to finance availability and accessibility. The study indicates the difficulties in SMEs financing for the three Baltic States and provides the governments and other stakeholders with a tool to understand SMEs’ financing needs. The study results highlight importance of alternative resources of external financing for small developing countries such as the Baltic ones and the need to support the design and evaluation of policy measures and to monitor the implications of financial reforms on SMEs’ access to finance.Keywords: SMEs financing, access to finance, alternative finance recourses, the Baltic States1.Introduction2008-2009 financial crises has effected availability of external financing for SMEs more dramatically than large enterprises, in the form of higher interest rates, shortened maturities and increased request for collateral. As a result nowadays access to finance represents one of the most significant challenges for SMEs’ entrepreneurs. In the Baltic States SMEs form the largest part of companies, providing the majorityof jobs. Nevertheless, SMEs commonly follow “niche strategies,” using high product quality, flexibility, and responsiveness to customer needs as a means of competing with large-scale mass producers (see, for example, Hallberg, 2000 and Snodgrass, 1996), many researchers have highlighted the shortage of financial resources and access to finance as one of the main barriers to SMEs innovation capacity. Baltic companies find difficult to obtain commercial bank financing, especially long-term loans, for a number of reasons, including lack of collateral, difficulties in proving creditworthiness, small cash flows, inadequate credit history, high risk premiums, underdeveloped bank-borrower relationships and high transaction costs.Over the past two decades, the Baltic exchanges have strived to address their clients’needs by employing the latest developments and innovations, and in taking the lead in reforming the securities market. This process has been accelerated by integrating with one of the world’s largest exchange operator and technology supplier across six continents, NASDAQ OMX Group. Altogether, above eighty companies are listed on two Baltic equities lists, which had a market cap of around EUR 5.8 billion in July 2013. The biggest equity market is in Lithuania, then in Estonia and the smallest in Latvia. For SMEs the equity market is more available than the bond market. Unfortunately, the choice of making company shares available for public purchase is in most cases only possible for already well known and with good reputation as well with high growth potential ones. Only in such cases companies can attract investors and to raise public interest. There are strict entry requirements imposed on companies wishing to go ahead with this process. Nevertheless such small listed company quantity and market cap shows that capital market availability is even more problematic than banking loans.2.Literature Review And Hypotheses2.1.Access to finance as a challenge for SMEs’existenceOver 2007-2010 in most countries, SMEs faced more severe credit conditions that did large enterprises, in the form of higher interest rates, shortened maturities and increased request for collateral (OECD, 2012). After a slight improvement in 2010,credit conditions tightened in most countries in 2011, possibly triggered by an increased awareness of risk on the part of lending institutions. In the Euro area, trends in nominal interest rates reflected tensions on sovereign debt, which increased at the end of 2011, as the interest rate on national debt is usually a lower threshold for the cost of financing in the remaining sectors. A broad range of studies based on various surveys have highlighted that access to finance is one of the main challenges in the way of companies’growth and development, especially in the case of small and medium enterprises (Peachey, 2004; Beck, 2006; Beck, 2008; ECB, 2012). Numerous studies that use firm-level survey data demonstrate that access to finance and the cost of credit pose barriers to SME financing (Scholtens, 1999; Schiffer, 2001; Galindo, 2003; IADB, 2004; Beck, 2006(a); Beck, 2006 (b)). Similar results were found also in other studies: access to credit is one of the biggest constraints for SMEs in Colombia (Stephanou, 2008); lack of access to finance together with management, labour skills and regulation are the main constraints to growth of SMEs in the UK (Binks, 1997); inability to raise external finance in Slovenia is one of the main obstacles for the SME sector underdevelopment (Hutchinson, 2006); lack to access of external finance is one of the main problems in most of Central and Eastern Europe (Anderson, 1997; Budina, 2000; Gros, 2000; Konings, 2003).Conducted literature and surveys review shows that importance of access to finance significantly differs by country development level, business environment and economic prospects.H1: Access to finance is one of the main challenges for SMEs to doing business in the Baltic States2.2.Alternative finance resourcesWhen a company wants to raise money, one of its first decisions is whether to do so by bank lending or by issuing bonds and shares. In the 20th century, most company finance, apart from share issues was raised by bank loans. But since about 1980 there has been an ongoing trend for disintermediation, where large and credit worthy companies have found they effectively have to pay out less in interest if they borrow from the capital markets rather than banks. The tendency for companies to borrowfrom capital markets instead of banks has been especially strong in the US, whereas in Europe the most popular external resources of finances are bank loans, bank overdrafts, trade credits, when other resources as securities, venture capital and other funds are seldom used.H2: The importance of alternative financing for the Baltic States is growing3.Methodology3.1.Research GoalIn this study the author aims to highlight importance of alternative funds as a source of external financing for the Baltic States SMEs. The research indicates the difficulties in SMEs financing and provides the governments and other stakeholders with a tool to understand SMEs’ financing needs that helps to improve the access to financing for companies and to support the design and evaluation of policy measures an d to monitor the implications of financial reforms on SMEs’ access to finance.During development of the paper the generally accepted qualitative and quantitative methods of economic research were used including comparative analysis and synthesis, graphical illustration methods.3.2.Sample and Data CollectionThe analysis conducted in this paper is based on data and statistics provided mainly by the Baltic States Central banks, Venture Capital funds and grants programmes, by certain empirical studies and by the World economic forum data base.3.3.Analyses and ResultsSurvey on the access to finance of small and medium-sized enterprises (SMEs) in the euro area conducted by ECB has highlighted that in 2013 “Access to finance” was second ranked most pressing problem faced by SMEs in the Euro Area (16%), with a wide divergence across countries, with similar results in previous years (see Fig 1).On the high side, 32% of the SMEs in Greece, 23% in Spain and 20% in Ireland, Italy and the Netherlands mentioned access to finance as the most pressing problem, compared with around 8% of the SMEs in Germany and Austria on the low side (see Fig. 2).Finding customers is the main concern for euro area SMEs (24% of euro area SMEs), whereas availability of skilled staff or experienced managers (14%) and cost of production or labour were mentioned as other very important obstacles for doing business.Across euro area countries, when asked how pressing “access to finance” is as a problem in their current situation, a very large percentage of firms in Greece (61%), Spain and Italy (both 50%) and, to a lesser extent, Portugal (40%) reported that this is a very pressing problem (scale 7-10), while the corresponding percentage in Germanyand Belgium is around 30% and in Finland it drops to 24%. At the same time, 55% of firms in Finland, 45% in Belgium, and 43% in Germany and Austria considered access to finance a not pressing problem (scale 1-3) (ECB, 2013).In accordance with SME Finance forum data, access to finance is the major problem for ¼ of all SMEs in Latvia and Lithuania (see table1) and mostly companies are using loans (about 20% of all companies) or overdrafts (about 10% ). Almost half of the companies have stated that they don’t need credit and companies that received loans had gotten them from private commercial banks (about 80%).Table 1 Access to finance as major/ severe barrier in the Baltic States SMEs (SME Finance forum data)The results of the conducted analysis support H1- Access to finance is one of the main challenges for SMEs to doing business in the Baltic States as well in Europe and that importance of access to finance significantly differs on country development level, business environment and economic prospects.In table 2 the author reflected her personal knowledge of financial resources availability in the Baltic markets. The summary is general, and of course shifts in both directions are possible.Table 2 Access to finance for new and small/ unknown companiesAvailability of financial funds strongly depends on company development level, the bigger and familiar you are the broader choices you have. What is important, that for new companies alternative funds are more available: business angels, venture capital funds, different government support programs and seed funding. This field for Baltic States is rather new, but it’s new also for other countries as a result all countries (more or less) are in the same conditions and as showed previous analysis the Baltic States so far showed rather good results and hopefully this market segmentwill be the way for Baltic states to become innovative driven economies.Analysing availability of financial services in the Baltic States in general, the author concluded that in Estonia companies and individuals have better access than in Latvia and Lithuania, ranking Estonia in 43 place (2012), within 45 best countries, at the same level as Slovak Republic and Czech Republic, and not far from Japan’s and Israel’s levels. Whereas Latvia’s and Lithuania’s positions are 65 and 74 respectively, placing Latvia at the same level as Jamaica and Colombia, and for Lithuania - Uganda and Zambia. Whereas access to finance is significantly better in Estonia, the affordability of financial services is rather similar in the all Baltic countries, placing Latvia and Estonia in 58 and 59 places out of 144 countries, and Lithuania in 73rd place. By evaluating the positions of the Baltic States in the world countries ranks, Latvia shows an improved affordability of financial services when compared with access to services, whereas in Estonia the situation is opposite, as for Lithuania in both determinants situation is the same.Conducted analysis supports H2 by emphasising the importance of alternative financing for the Baltic States.4.ConclusionConducted empirical analysis proves that SMEs’ access to finance in the Baltic States is one of the major obstacles to doing business in the Baltic States as well as in the rest of Europe and availability of alternative financing for the Baltic States is improving. As a result H1 (access to finance is one of the main challenges for SMEs to doing business in the Baltic States) and H2 (the importance of alternative financing for the Baltic States is growing) are fully supported.Availability of financial funds strongly depends on company development level, the bigger and familiar you are the broader choices you have. What is important, that for new companies alternative resources: business angels, venture capital funds, different government support programs and seed funding are more available than bank loans. This field for the Baltic States is rather new, but it’s new also for other countries as a result all countries (more or less) are in the same conditions andhopefully this market segment will be the way for the Baltic states to become innovative driven economies.The Baltic States Governments responded to the global financial crisis and its effects on SME financing with a variety of instruments. The most popular measure was loan guarantee programmes, which expanded substantially over 2007-2011. Furthermore, new elements were added to these programmes, or new instruments were created outside of the traditional guarantee programmes. Other public instruments to enhance SME finance included direct loans, micro loans, export guarantees, and support for risk capital (equity) either in the form of co-financing or tax credits for investors.中文译文：中小企业融资：以波罗的海国家为例摘要获得融资是中小企业企业家面临的最大挑战之一。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
本科毕业论文（设计）外文翻译原文：Financing of SMEsAbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are fromcollecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits topromote sales without officially reducing prices or use them as a tool for price discrimination between different buyers. Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing. Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view of financial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financialinstitutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier may be able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information isrelatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangible assets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.2.3. Expensive trade credit and other loansAfter other sources of finance have been exhausted firms can delay payment on their trade credits. However, this is expensive since it involves giving up the discountand maybe incurs penalty payments. Also the use of this type of credit can have reputational costs and it may be difficult to obtain trade credit in the future. The nature of the costs, of course, depends on the number of suppliers, if there is only one supplier then these costs can be rather high whereas if the firm can obtain the same goods and services from other suppliers then these costs are not particularly high.Other debt is composed of credit card debt, car loans etc. that are dearer than bank loans. Again, the variables determining this type of debt are financial health and performance. Below, however, we do not have any good information regarding these types of loans and what they consists of thus we pay little attention to them in the empirical work.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the expected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, that proposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.Source: Jan Bartholdy,Cesario Mateus,“Financing of SMEs”.London business review. 2007(9).pp.43-45译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。