中小企业融资难外文翻译
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.。
中小企业融资难外文翻译
Sme f inancing problems related to the analysis First small and medium-sized enterprises financing statusReform and opening up china for 30 years of small andmedium-sized enterprises obtained arapid developmentof 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 inour country is also an important powerof independentinnovation 66 of invention patent 82 of new product development of smalland medium-sized enterprises fromsmall and medium-sized enterprises has become the economicprosperity expanding employment adjusting structure promote innovation and new industriesof important strength. From 80 years since the outbreakof the international financial crisis the implementation ofthe positive fiscal policy and losermonetary policy but no small and medium-sized enterprisesfrom the proactive fiscal policy and moderate looser monetary policy benefit directly forinstanceof the new 2008 225 million small loan only more than previous year but rose 1.4 only theloans increased14.9 09 year three months of national credit increased 48 trillion includingloans to small and medium-sizedenterprises increased amount only less than 5 .Current loanfinancing difficult has become the bottleneck ofrestricting 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 financingis a cosmopolitan should say see both from China and mechanismof medium and small and medium-sized enterprises there are three main reasons: firstthemedium and small and medium-sized enterprises small and medium-sized enterprises generallyweak awarenessof honesty similar to a few of the common phenomenonmay report on tax onsome less ugly statements in Banksthis 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 and medium-sized enterprisesare not healthy we imagine if severaldepartments withall those together the first this enterprise is notsincere 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 contentof 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 notgood 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 consideredcommercial bank the risk of their own profits. To theend of2008 the small bad loans is higher than that ofthe entire banking industry relies low come mampasolving some problems bur the loans of the smalland medium-sized enterprises like a bigproblem oncecountries will still enterprises especially those small problems once thebankruptcy nobody tube so theloan quality cannot guaranteed so in this managementsystem toreduce the risks the bank will demand of small and medium-sized enterprises in providing enoughafterpawn dare loan. Another bank from the operation costof small and medium-sized enterprisesdo loans will pay more manpower so also does not want to extend loans tosmall andmedium-sized enterprises A bank operating costs the half is labor cost small and medium-sizedenterprises especially do small very highlabor workload but it is the benefit of different times.Third the sme financing channel is too narrow and small and medium-sized enterprises in thecapital markets have direct financing ways of securities market including small plate and gemAnd private equity fundsindustrial investment funds venture investment fundsrisk investmentfunds and the bond market etc. But since the sept.25 2008 the small plate market securitiesissued after huachang chemical and closedthe 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 inChina 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. The company is more mature can the fancy of thesecuritiesmarket and gem. Third the sme financing difficulty insolving the problem a From the Angle of the government1.The government should relax market access controlreducing barriers let more smallerBands small and medium-sized enterprises in service for the strategicpositioning og those smallBanks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more thana hundred villages and towns of thebank 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 andmore convenient. 2.The government should help Banks to establish a credit system further reducing theirinformation cost in our country the central banksince 1998 enterprise credit system constructionwasstarted by the specialized agencies collection and storage sorting analysis and use ofenterprise creditinformation to guard against credit risks maintain stable financial marker In2006 the central bank andsmall and medium-sized enterprises credit system toestablish the creditsystem hope to cover those andfinancial institutions have no credit relations of small andmedium-sized enterprises. Of course the credit system is not only by the government and nowhassome 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 smallloans6071 but the average level of banking is a twopercent 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 bankloans reduce its tax business taxincome tax reductionCountries 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 makesbifbusiness loans and small and medium-sizedenterprises loan to achieve the balance is the basicyields. 4.The government should actively promotethe multi-level capital market system in order tobetter satisfy all kinds of small and medium-sized enterprises include the financing needs ofenterprise. Differenttypes 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 qualityas cultivatingboard also to promote the upgrading ofindustrial structure is playing a positive role. InOctober 2009 gem officially launched. Founded boardwill 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-sizedenterprises are listed tosolve this kind of conditionenterprise’s equity financing stock transfer to a valid theover-the-counter marker In 2006 China launched fei joint-stock company listing for tradingofsecurities companies entering the pilot work Besides the government should vigorously 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 example2008 the company bonds is circulation stock circulationof 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 onthe existing in the banking financial products and sme loans to solve the difficulty infinancing smes is impossible we cannot change the present situation ofsmall and medium-sizedenterprises so we would changeour bank credit financial innovation is imminent. Currentlybanking is through the organization risk management technical innovation innovation andsecurity collateral product innovation so as tochange the status of financing for smes. 1. Guaranteemortgage innovation Collateral shortage is small andmedium-sized enterprisebiggest soft rib they could not buy a heap of the house and then prepare for securityit is notrealistic to high-tdch enterprise as the core of assets should be their intellectual property righsthepatent righ and one on the market in technology creative team is the blood to support itsdevelopmentas well as several pieces of the mortgaged property bur all need money to lendbank The small and medium-sized enterprises such an jiangsu cooperatives experiment widelywarehouse inventory impawn through a mortgageloan 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 formlarge large reduce cost still canmake small loans toearn enough money. Like Shenzhen development bank by focusing on theirOppone nt’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 orservices or transportation orlogistics can be easierto choose good credit are true of the enterprise trade background to provideenough good service mobilize various financial tools in the process of enterprise developmentshenfazhan also created the profits. 3. Business process innovation. Our country commercialbank the bank is mostly official inthe house wait fora loan to customers approval for a month three monthssuch 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 theother is to simplify the process reduce link establishexamination mechanism so as to adapt to thecredit factory. The bank is factory small andmedium-sized enterprises is raw material into theline after the marketing sales and service withapproval and customer maintenance and post-loan management obtain loans. But Banks are not aperson guard line andbatch production. Through the way of examination andapproval proceduressimplified. Through this process to make sure that the smes credit approval from the cycleoverthe 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 todo it and do it well it is to strengthen the trainingof the staff further strengthen thesme small businessloans and high-tech smes job training and the loan of communicationincreasing the entire product rampd efforts with the strain of new incentive and restraint measures toprofessional team and the new service. cFrom the Angle of enterprises 1 Enternises should strengthen management improve quality. To correctly understand thesituation face establish the risk bymanagement 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” products accountsrec eivable” two nbre accelerate the capital turnover. Through the development way not only bythe expansion of production of production but improve thequality of the industrial sector realizerapid growth.2. The enterprises should strengthen the constructionof credit system. Establish the standardof managementsystem establish she transparent reliable statementsthe accumulation ofenterprise credit system.。
中小企业融资和企业家外文翻译(可编辑)
中小企业融资和企业家外文翻译（可编辑）中小企业融资和企业家外文翻译外文翻译原文Financing SMEs and EntrepreneursMaterial Source: ////0>.Author: ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENTIntroductionSmall and medium-sized enterprises SMEs are the backbone of all economies and are a key source of economic growth, dynamism andflexibility in advanced industrialised countries,as well as in emerging and developing economies。
SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country。
They are responsible for between 60-70% net job creation in OECD countries。
Small businesses are particularly important for bringing innovative products or techniques to the market。
Microsoft may be a software giant today, but it started off intypical SME fashion, as a dream developed by a young student with the help of family and friends.Only when Bill Gates and his colleagues had a saleable product were they able to take it to the marketplace and look for investment from more traditional sources.While not every small business turns into a multinational, they all face the same issue in their early days ? finding the money to enablethem to start and build up the business and test their product or service.Why is it harder for them to borrow money from banks or to find private investors than for larger firms?And why is it easier for small businesses to raise money in some countries than in others?These are important questions given the fact that small businesses, and particularly innovative SMEs, become increasingly vital to economic development and job creation as the knowledge-based economy develops.This Policy Brief looks at the extent of the SME “financing gap”, and what governments can do to make it easier for them to obtain the funding they need to start, grow and prosper, and thus contribute to creating jobs and economic growth.SMEs are vital for economic growth and development in both industrialised and developing countries, by playing a key role in creating new jobs.Financing is necessary to help them set up and expand their operations, develop new products, and invest in new staff or production facilities.Many small businesses start out as an idea from one or two people, who invest their own money and probably turn to family and friends for financial help in return for a share in the business.But if they are successful, there comes a time for all developing SMEs when they need newinvestment to expand or innovate further.That is where they often run into problems, because they find it much harder than largerbusinesses to obtain financing from banks, capital markets or other suppliers of credit.This “financing gap” is all the more important in a fast-changing knowledge-based economy because of the speed ofinnovation.Innovative SMEs with high growth potential, many of them in high-technology sectors, have played a pivotal role in raising productivity and maintaining competitiveness in recent years.But innovative products and services, however great their potential, need investment to flourish.If SMEs cannot find the financing they need, brilliant ideas may fall by the wayside and this represents a loss in potential growth for the economy.The “bagless” vacuum cleaner and the “wind-up” radio or flashlight whic h need nobatteries are now common household items, but nearly failed to see the light of day because their inventors could not find financial backing to transform their ideas into production.Already, differences are emerging between countries in terms of how easy it is for innovative SMEs to grow and develop.This sector has been very dynamic in the United States and a few other countries, but has lagged in many continental European countries and Japan, to the detriment of job creation and competitiveness.图 1Note: In many cases of debt in OECD countries, this problem is limited to a sub set of SMEs, mostly start-ups and very young firms. Data is based on the responses of 20 OECD and 10 non-OECD economies.Source: OECD SME and Entrepreneurship Financing Survey.While the SME financing gap is more pervasive in emerging markets, business financing overall is not a problem in OECD countries Figure 1, where banks are adopting strategies to cope with reducing the risk of lending to SMEs and where there are well-established systems for raising money through banks and capital markets.Many countries that do not report an overall financing gap for SMEs say that they do have a financing problem when it comes to innovative SMEs, precisely because they do not fit the mould applied in traditional SME financing.Since innovative SMEs tend to be newcomers to the market, or seeking financing for a new type of product or service, and usually havenegative cash flows and untried business models, they represent a higher risk to banks and cannot be assessed in the same manner as traditional SMEs or large firms.One fundamental problem in dealing with the SME financing gap islack of basic information about just how big such a gap may be.Often the only evidence is in the form of complaints from SMEs themselves and this is difficult to use in analysis or for comparison.Moreover, thedefinition of an SME varies between countries and financial institutions, some only compile figures by size of loan, not by size of the company borrowing, and some do not keep regular statistics of SME lending atall.And this is just in OECD countries ? outside the OECD area, information is even scarcer.The difficulties that SMEs encounter when trying to access financing can be due to an incomplete range of financial products and services, regulatory rigidities or gaps in the legal framework, lack of information on both the bank’s and the SME’s side.Banks may avoid providing financing to certain types of SMEs, in particular, start ups and very young firms that typically lack sufficient collateral, or firms whose activities offer the possibilities of high returns but at a substantial risk of loss.SMEs tend by their very nature to show a far more volatile patternof growth and earnings, with greater fluctuations, than larger companies.Their survival rate is lower than for larger companies ? one analyst found that manufacturing firms with fewer than 20 employees were five times more likely to fail in a given year than largerfirms.Thus, SMEs are at a particularly severe disadvantage when trying to obtain financing relative to larger and more established firms.It can also be difficult for potential creditors or investors to distinguish the financial situation of the company from that of its owners.The entrepreneur may have re-mortgaged his or her house to acquire the start-up funds for the company, for example.If there are two cars in the driveway, can one or both be considered part of the company’s assets? If the owner dies, is there someone to ta ke over the business, or will it die with him or her?In order to assess the success of such actions, governments need to be able to measure the size of the SME financing gap and evaluate theimpact of government actions.OECD and non-OECD governments have asked the OECD to take the lead in establishing international benchmarks to facilitate comparisons of the relative performance of markets in providing financing to SMEs and entrepreneurs and to shed light on outstanding financing gaps and issues.译文中小企业融资和企业家资料来源: ////. 作者:经济合作与发展组织在先进的工业化国家,中小企业不仅是所有经济的中坚力量,也是经济增长的关键,也是一种新兴经济体和发展中的经济。
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.。
中小企业融资问题与对策外文资料翻译
淮阴工学院毕业设计(论文)外文资料翻译学院：专业：姓名：学号：外文出处：Facts for You(用外文写)附件： 1.外文资料翻译译文；2.外文原文。
注：请将该封面与附件装订成册。
附件1：外文资料翻译译文中小型企业融资决策企业的产生、生存及发展均离不开投资与融资活动。
随着我国加入WTO 组织，市场经济体制的逐步完善，金融市场的快速发展，投资与融资效率也越来越成为企业发展的关键。
对于中小型企业而言，应要根据自身发展需求，认真考虑如何选择自己需要和适合自己发展阶段的融资方式以及各种融资方式的利用时机、条件、成本和风险，确定合适的融资规模以及制定最佳融资期限等问题。
要解决这些问题，需要中小型企业制定适当的融资策略，以作出最优化的融资决策。
一、企业融资决策概述(一)企业融资决策概述企业融资决策，是企业根据其价值创造目标需要，利用一定时机与渠道，采取经济有效的融资工具，为公司筹集所需资金的一种市场行为。
它不仅改变了公司的资产负债结构，而且影响了企业内部管理、经营业绩、可持续发展及价值增长。
典型的融资决策包括出售何种债务和股权（融资方式）、如何确定所要出售债务和股权的价值（融资成本）、何时出售些债务和股权（融资时机）等等。
而其中最主要的包括融资规模的决策和融资方式的决策。
融资规模应为企业完成资金使用目的的最低需要量。
而企业的融资方式则多种多样，常见的以下几种：1.财政融资。
财政融资方式从融出的角度来讲，可分为：预算内拨款、财政贷款、通过授权机构的国有资产投资、政策性银行贷款、预算外专项建设基金、财政补贴。
2.银行融资。
从资金融出角度即银行的资金运用来说，主要是各种代款，例如：信用贷款、抵押贷款、担保贷款、贴现贷款、融资租凭、证券投资。
3.商业融资。
其方式也是多种多样，主要包括商品交易过程中各企业间发生的赊购商品、预收货款等形式。
4.政券融资。
该方式主要包括股标融资和债券融资两大类。
(二)融资决策过程企业制定融资决策的过程，也即确定最优资本结构的过程。
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。
外文翻译--中小企业融资缺口：理论和证据
外文题目：The SME Financing Gap: Theory and Evidence出处：Financial Market Trends作者：James Clunie原文：The SME Financing Gap: Theory and EvidenceSummaryI. BackgroundAt the 2nd OECD Ministerial Conference on SMEs held in Istanbul, Turkey, in June 2004, Ministers recognised in the Istanbul Ministerial Declaration "the need to improve access to financing for SMEs on reasonable terms |...|". Ministers underlined the importance of this issue by encouraging the OECD to organise a thematic conference for further discussion to seek more innovative solutions and initiatives for facilitating SME access to financing, from firm creation through all stages of development.The high-level OECD Global Conference on "Better Financing for Entrepreneurship and SME Growth"。
hosted by the Brazilian Government (Brasilia, 27-30 March 2006) in the framework of the OECD Bologna Process on SME and Entrepreneurship Policies, provided an occasion to achieve these objectives. At that conference, a keynote paper on the SME Financing Gap was presented and discussed which provided the basis fora report being published on the responsibility of the Secretary-General of the OECD (The SME Financing Gap (Vo/. 1): Theory and Evidence, OECD 2006*). The following is the executive summary of the report, which analyses the financing gap, discusses challenges of debt financing of SMEs and perspectives for venture capital financing, draws conclusions and gives recommendations on how to foster SME financing.II. Executive SummaryMany commentators have postulated a "financing gap" for small and mediumsized enterprises (SMEs), meaning that there are significant numbers of SMEsthat could use funds productively if they were available, but cannot obtain finance from the formal financial system. The OECD report on the SME financing gap, which is summarized here, analyses the "financing gap" concept, seeks to determine how prevalent such a gap may be - both for OECD countries and non-member economies –and recommends measures to foster an improved flow of financing to SMEs.SMEs and entrepreneurship are now recognised world-wide to be a key source of dynamism, innovation and flexibility in advanced industrialised countries, as well as in emerging and developing economies. SMEs constitute the dominant form of business organisation world-wide, accounting for over 95 per cent and up to 99 per cent, depending on the country; they are responsible for between 60-70 per cent net job creation in OECD countries and make important contributions to innovation, productivity and economic growth. If the SME sector does not have access to external funds for investment, the capacity to raise investment per worker, and thereby improve productivity and wages, is seriously impaired.The difficulties that SMEs experience can stem from several sources. The domestic financial market may contain an incomplete range of financial products and services. The lack of appropriate financing mechanisms could stem from a variety of reasons, such as regulatory rigidities or gaps in the legal framework. Moreover, development economists increasingly accept the proposition that, due to monitoring difficulties such as principal/agent problems and asymmetric information, suppliers of finance may rationally choose to offer an array of financial services that leaves significant numbers of potential borrowers without access to credit. Credit rationing is said to occur if: 1) among loan applicants who appear to be identical some receive credit while others do not; or 2) there are identifiable groups in the population that are unable to obtain credit at any price. Owing to their inherent monitoring problems, SMEs will be at a particularly severe disadvantage relative to larger and more established firms. SMEs' difficulty in obtaining financing will be compounded when the business environment lacks transparency, when the legal system is weak, and when monopolies are present. As well, loan originators may avoid providing financing to certain types of SMEs, in particular, start-ups and very young firms that typically lack sufficient collateral or firms whose activities offer the possibilities ofhigh returns, but at a substantial risk of loss.In a competitive market, suppliers of finance have powerful incentives to overcome barriers to SME finance. In most OECD countries, banks perceive SME finance as an attractive line of business and thus have developed effective monitoring techniques. Whether any country experiences a financing gap will ultimately depend upon whether the business environment is sufficiently robust to enable borrowers and lenders to interact with confidence on an "arm's length" basis.In order to determine how widespread the "financing gap" problem is, the OECD Secretariat circulated a questionnaire to officials in all member countries as well as to a large number of non-members (over 100 economies in all) to gain some insights into factors influencing the provision of financing to the SME sector. Much of the information sought is of a qualitative nature, and thus, the results of this survey along with related information {e.g. national surveys and development finance analyses), even when complete, permit only some tentative conclusions. The experience of OECD and non-OECD economies with SME financing gaps can be divided into three groups:1. OECD countries do not report any generalised SME financing gap. Most SMEs in OECD countries are able to obtain sufficient credit from banks and other credit institutions, supplemented in some cases by a modest volume of official guarantees.2. Most non-OECD economies, by contrast, report a widespread shortage of SME finance. Even though SMEs typically account for a large share of enterprises, employment, and output in many emerging and developing countries, they receive a very low share of credit, with the majority often denied any access to the formal markets. This development is closely related to the phenomenon of "informality" in emerging markets in which many enterprises operate outside the formal system. There are three factors favouring informality: 1) established financial institutions are not interested in dealing with SMEs and, hence, there are few positive incentives to operate transparently; 2) entrepreneurs in SMEs seek to avoid regulation and taxation in the formal sector; and 3) governments lack the administrative capacity to enforce laws and regulations.3. Most OECD countries perceive that a lack of appropriate financing has been a hindrance to the expansion of innovative SMEs (ISMEs), i.e. firms, often in technology sectors, with new business models and high growth prospects. In a small number of countries the ISME sector has expanded significantly, with positive implications for employment and technological competitiveness, but it has lagged considerably in most OECD countries, producing a gap to which policy makers often attribute low job creation and sagging competitiveness. Many OECD countries consider this gap to be an important challenge for policy.Banking and creditIn most jurisdictions commercial banks as a group are the main source of external finance for SMEs. Therefore, it is essential that the banking system be prepared to extend credit to the SME sector. However, there are a number of rigidities of a macroeconomic, institutional and regulatory nature that may bias the entire banking system against lending to SMEs. Macroeconomic policies may lead to excess demand for available domestic savings, while government policy may favour industrialisation and/or import substitution, which effectively gives large domestic firms privileged access to finance. The legal system may not provide adequate protection for rights of creditors and may be relatively inefficient in resolving cases of delinquent payments and bankruptcy. Additionally, the tax and regulatory framework may encourage firms to operate opaquely. Furthermore, the financial market may not contain the necessary range of products and services to meet the needs of SMEs.The characteristics of the banking system in emerging markets frequently inhibit SME lending. In many cases, many banks are state-owned. Histories of substandard lending may leave many banks with weak balance sheets. Significant shares of total credit are often allocated on the basis of government guarantees or under special programmes to support targeted sectors. Banks may also be subjected to interest rate ceilings that make it difficult to price credit to SMEs to fully reflect the risk of lending to SMEs. In many countries the authorities have been reluctant to allow banks to fail and the banking system was supported by implicit or explicit government guarantees. Many banks may have ownership and other ties to industrial interests and, thus, tend to favour affiliated companies.If the banking system has possibilities to earn acceptable returns by lending to other borrowers, it will not develop the skills needed to do SME lending. If the formal banking system shows little inclination to lend to SMEs, there is little incentive for firms to produce credible accounts and operate transparently.On a global level, a model of market-based banking has gained acceptance under which banks' management and boards are accountable for achieving high returns to shareholders and maintaining high prudential standards. As this model is applied and as the business environment becomes more competitive, banks have stronger incentives to find means to overcome the difficulties in SME lending. However, many emerging markets have been comparatively slow in implementing this model, which may be reflected in low volumes of SME lending. Lending to the SME sector would still be, in any case, subject to agency problems and the phenomenon of incomplete markets.The fact that SMEs in many emerging markets do not have access to bank financing is especially worrisome because SMEs typically employ a large share of the labour force and account for a large part of national income.By way of contrast, banks in the most advanced countries are adopting strategies to reduce the risk of lending to SMEs. They are investing considerable resources in seeking to overcome information asymmetry problems by using credit scoring models and other sophisticated techniques to discriminate between high and low-risk borrowers. These lending mechanisms enable banks to identify businesses likely to survive and expand, and with which it is worthwhile to develop a long-term relationship. Banks are also altering the nature of their products. An increasing proportion of bank revenue now comes from fees for services, which favours lending to entities such as SMEs.Governments of OECD countries are convinced that there are still enough instances of market failure in SME finance to justify government intervention. Thus, countries have launched a number of programmes to utilise public funds in order to facilitate SME lending. Official surveys at the national level or on a crosscountry regional basis suggest that the efforts of banks to develop the SME market, supported in some cases by a moderate amount of government guarantees, have resulted in asituation in which a large share of SMEs have access to bank finance. It is worth mentioning that in most cases the volume of funds supplied under official programmes is modest in comparison to that supplied by banks at their own risk. Risk capitalNonetheless, there are, as noted previously, still problems in directing funds to certain other categories of SMEs, particularly ISMEs. They include start-ups and very young firms in all categories and those in riskier endeavours in particular. Providing adequate finance to such SMEs is a challenge in a broad range of countries. Traditional bank finance is of limited relevance to ISMEs, which usually have negative cash flows, untried business models and high risk. Instead, investors provide risk capital through equity and quasi-equity products [e.g. "mezzanine finance" and "hybrid products"). The investor can assume high risks, but may also reap large rewards. Unlike traditional listed equity investments, ISMEs will usually progress through several stages of private equity (i.e. not listed on stock exchanges or subject to full formal regulation) finance adapted to their special needs.Geographic proximity is a factor in ISME development in the sense that investors need ongoing communication with technical innovation, innovative entrepreneurs and the marketing plans of competitors. Therefore, these investors, like the entrepreneurs they support, tend to locate near "technology clusters" in areas near universities and other research facilities. The trend toward concentration is often reinforced by policies to locate "science parks" and "business incubators" near research facilities. Some of these facilities are supported only by private funds but most use public funds as well.The ISME typically proceeds through several stages, from "seed" before production has begun through an "early stage" and then one or more "expansion" or "development" rounds. ISMEs require a range of financing vehicles as they progress through the life cycle, and investment at any stage of the life cycle is frequently contingent on there being some potential to advance to the next stage.译文：中小企业融资缺口：理论和证据摘要一、背景2004年6月在土耳其伊斯坦布尔举行的第2次中小企业部长级会议经合组织会议中，部长们认识到在伊斯坦布尔部长级宣言“以合理的条件改善中小企业获得融资|...|的需要。
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。
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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 nationalcredit increased 48 trillion includingloans to small and medium-sized enterprises increased amount only less than 5 .Current loanfinancing difficult has become 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 direct ly 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 ofhonesty 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 and medium-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. T o the end of2008 the small bad loans is higher than that of the entire banking industry relies low comemampasolving 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 enterprises in 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. The company 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 ofsmall 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 and small 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 ofinformation.. 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 actively promote 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 andmedium-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 should vigorously 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 mainfinancing 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 mortgaged property bur all need money to lendbank The small and medium-sizedenterprises 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 theirOppone nt’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 enterprisetrade background to provideenough good service 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 tohave 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 of communicationincreasing 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. T o 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” products accountsrec eivable” 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. Theenterprises should strengthen the construction of credit system. Establish the standardof management system establish she transparent reliable statements the accumulation ofenterprise credit system.。