中小企业融资问题与对策外文资料翻译

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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.。

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.。

我国中小企业融资租赁进展对策研究—金融专业外文翻译

2014届本科毕业设计（论文）文献综述题目我国中小企业融资租赁进展对策研究学院法商学院专业金融专业文献一：The Research on Financial Leasing and China’s Small MicroEnterprisesAbstract：The financing difficulties is China’s small micro enterprises existence a universal problem, it has become the main small micro enterprises development of a bottleneck. The financial leasing in the service of small micro enterprises has marked effect. First, to broaden the financing channels of small micro enterprises, second, reduce the fund pressure of small micro enterprises, and the third, promote the technology innovation of small micro enterprises, fourth, promote the market development of small micro enterprises. Due to lack of necessary knowledge on financial leasing, corresponding policies imperfect, lack of the necessary capital supply, affecting the development of financial leasing. To promote the development of financial leasing, China should establish uniform management system, improve the relevant policies, expand the funding sources of financial leasing.Key words: Small micro enterprises; Financial leasing; Role; Problems; SuggestionsINTRODUCTION：Small micro enterprises in the process of economic development of China plays a more and more prominent role, however, China’s small micro enterprises generally faced the difficulty of shortage of funds. How to solve the financing problems of small micro enterprises is a hot issue in China’s economic development. Studies have shown that financial leasing is an effective way to solve the financing difficulties of small micro enterprises in China. Positive development of financial leasing, can effectively resolve the financing problems of small micro enterprises, thereby promoting economic development.Financial Leasing as a new way to trade, it put the traditional rental, trade and financial way all organic combination up, be understood as a financing bank loans and capital markets after the third road. Financial leasing has the dual function of financing and financial objects, has its unique advantages in the service of the real economy, especially in services to small micro enterprises. In 2010 June, Chinese financial authorities issued further completes the small micro enterprise financial service work certain opinions, requirement to the development of the financial leasing business. The full display financial leasing’s function, may promote the small micro enterprise’s development effectively.1. FINANCIAL LEASING IS THE IDEAL FINANCING OPTIONS FOR SMES IN CHINABecause China’s small micro enterprises financing channel is narrow,the financial leasing in service for small companies can give full play to the advantages provided a enterprise financing way has stockholder’s rights financing and the creditor’s rights financing two types. Stockholder’s rights financing can be divided into two forms: public offering and private collect. The public to raise financing is IPO financing. From the present situa tion of the development of China’s capital market see, through the IPO of the financing of enterprise are only a small part, thousands of companies listed on the inside and outside is only a very small part of the tens of millions of enterprises. Do not need to undergo a rigorous listing of the audit through a private placement financing, relatively speaking, easier to achieve financing, however, due to the operation of the private equity funds to achieve legalization, even though the public has a lot of private equity funds exist, but really be able to supply the amount of money is relatively limited. On the creditor’s rights financing, at present China’s form of creditor’s rights financing is single, mainly bank credit channel. Bank considering security problems, often to provide money for a credit ratings, the strength of large enterprises, in addition, due to the bank credit market degree is relatively low, not established truly mature enterprise credit rating system, especially the rating system of the small micro enterprises, so that the bank credit activity impossible cover a much wider range of debt financing needs, only to meet a range of financing demand. So, small and medium-sized enterprises, especially small micro enterprises financingconstraints become enterprise development of a bottleneck. Financial leasing way was invented in the 1950s, as a kind of long-term debt financing, is by the lesser according to the lessee’s need, in advance in accordance with the contract, the lessee to designated betray a person to buy the lessee designate d fixed assets, in the lessor has the fixed assets under the premise of ownership, to the lessee pays the rent for conditions, will be a period of time fixed assets and earnings of the right to transfer to the lessee. Financial lease financing way has several obvious features: First, the lessee may have a full financing. Second, can save the lessee's capital investment, reduce business cash flow pressure. Third, the leased equipment is selec ted according to their needs to determine by the lessee. Fourth, lease activities involve at least three parties, can form the mutual restrict. Fifth, after the expiry of the lease, the lessee of the equipment used dispose of the three options remain to purchase, renew or surrender of tenancy rights. At the same time, the financial leasing has the function of financing and product promotion function. Financial leading’s characteristic and the function speaking of the financing channel narrow small micro enterprise, is one relatively ideal financing solution way. Therefore, financial leasing has superiority serves for the small micro enterprises, it easier to become one kind of substitution choice of small micro enterprises long-term creditor's rights debt financing.2. THE ROLE PLAYED BY FINANCIAL LEASING SERVICESTO SMESFinancial leasing advantage decided it has a unique role in service for small micro enterprises. Financial leasing has the following advantages: First, provides professional services for small micro enterprises. Leasing companies often choose some specific industry to carry out leasing business, can provide enterprises with professional services. In the process of cooperation with the enterprise, the leasing company in addition to providing financing service outside, with the development of it industry, enterprise to the understanding of the profit model, and master the management of the enterprise, which objectively can play on small micro enterprises guidance. Second, procedure is simple, flexible service. Usually, the small micro enterprises has short, anxious, the quick characteristic to the fund demand. Compared with the bank credit, financial leasing to the lessee of assets and liabilities of the requirements is not high, do not need to strict examination and approval, only need to the lessee of the future cash flow of an investigation. The small micro enterprises with rents the company to work out the different contract, satisfies the tenant to the cash flow request, the rent payment pattern may also process nimbly. Therefore, financial leasing way more accord with small micro enterprises capital demand characteristic. Third, helps small micro enterprises to reduce operation risk. Not afford to buy production equipment, the lessee obtained through financial leasing equipment, the project put into operation as early as theearly benefit from improved operating efficiency. The financial leasing reduces the outflow of funds for the enterprise equipping. Financial leasing scheme is designed with a certain degree of flexibility, leasing companies can be tailored according to the enterprise’s cash flow rent repayment plan, avoid enterprise repayment pressure too concentrated, thereby reducing the financial risk. Entered into a lease contract, the equipment prices, rentals and other important issues are to determine the one-time, the lease term remains fixed, thus reducing the uncertainty due to price fluctuations in the process of renting. Because financial leasing has the advantage, therefore, it plays a unique role in service for small micro enterprises.Expand the Small Micro Enterprise’sFinancing Channel Bank considers to the safety of the credit funds to set up corresponding assets loan mortgage conditions, the small micro enterprises are restricted by many factors, it is difficult to obtain loan from the bank. Compared with the cumbersome procedure of the bank loans, financial leasing often do not require the lessee to provide credit guarantee finance simplicity, therefore, the financial leasing for those in the early days, there’s no mortgage assets, the lack of complete credit history, asset-liability ratio higher small micro enterprises, especially small micro enterprises in the start-up stage to provide a realistic financing channels.Reduce the Small Mic ro Enterprise’s Fund Pressure Compared with corporate self-purchase of equipment, through financial leasing, thelessee pays the rent way to obtain the right to use of machinery and equipment, a combination of financing and investment, to create the operating profit. Although the equipment not getting the ownership of the equipment, but, the enterprise to pay the rent for the far less than the amount needed for the lump sum investment financing volume. With the aid of financial leasing, the lessee is by equipment, return the money, namely to rent way to pay for the equipment. The rent installment payment amount by the lessee and the lessor is both in their cash flow condition considered after certain, beneficial to the lessee cash flow, managing enterprise capital expenditure, reduce the financial pressure. In addition, because of the financial leasing is not included in the company’s balance sheet, through financial leasing enterprises can reduce the rate of assets and liabilities, for the enterprise development laid the foundation for other financing activities Promote the Small Micro Enterprise’s Technological Innovation Financial leasing can make both supply and demand meet directly, reduce the intermediate link, so as to facilitate the equipment into the fields, and drive enterprise production development, financial leasing to become the link of enterprises cohesion production and sales. Due to the strength of strong small micro enterprises reduce the full risk of equipment investment, so that enterprises have more energy to track changes in the market, accelerate technical innovation pace, produces more competitive products. Small micro enterprises through financial leasing to reduce the burden ofequipment investment, quickly get the needed technology and equipment. This way can shorten the technological transformation of the enterprise and equipment renewal cycle, through the continuous rent advanced equipment to shorten the time machine equipment use, thus speeding up production equipment renewal, maintain production technology lead, and seizes the market opportunities.Promote the Small Micro Enterprise to Develop the Market Financing and the sale are two difficult problems which the small micro enterprises faces. Financial leasing has not only solved enterprise's financing problem, moreover the help enterprise has developed the market. May reduce the selling expenses through financial leasing, reduces purchases the threshold, enhancement customer purchase ability, to reduce sells link's account receivable and the time sale risk. At the same time, because financial leasing is one kind manages the behavior, between the lessor and the tenant maintains continually the good communication condition, the tenant can act according to the customer feedback the information, carries on the renewal and the consummation to the product, maintains the product the lead. Through financial leasing, may communicate the finance, the trade, to produce three markets, the guidance capital reasonable order is mobile, promotion financial capital, industrial capital and trade capital fusion.3. THE PROBLEMS OF CHINA’S FINANCIAL LEASING AND WHY2011 China financial leasing industry development report shows, to the end of 2011, 286 Chinese operations in the book all types of financial leasing companies, financial leasing contract balance of approximately 930 billion yuan. Should say, financial leasing industry development scale and the development of the Chinese economy condition is don’t match Problems of Financial LeasingAlthough China financial leasing business started in 1981, but look on the whole, it is still a new business in China, is still in the initial stage of development, the external market environment, the legal environment is still not perfect and mature. As the main body of market rental company professional skills, management level, risk control ability has yet to be further improved. 2011 China financial leasing industry development report listed the problems of China’s financial leasing industry: First, to financial leasing profession understanding existence erroneous zone. The Department concerned thought that financial leasing will boost the inflation, thus, the financial leasing company has adopted the scale control policy, rented enterprise’s sources of fund to come under the influence. Second, financial leasing business in areas around the development is not balanced. As 90% of all types of financial leasing companies are concentrated in 30 cities, including Beijing, Shanghai, Tianjin, while the rest of the country more than 200 Earth-level above the city, including some capital cities, has not a financial leasing company. Third, relevant laws and regulations are notperfect. The development of financial leasing industry still lacks a unified and effective judicial safeguard. Fourth, financial leasing company’s risk awareness is still relatively weak. The country related supervisory d epartment’s supervision system is not perfect. Many lease enterprises did not set up effective risk control mechanism. Some lease enterprise on a smaller scale, but business promoting soon, capital adequacy ratio even less than 1%. Some comprehensive lease in the business enterprise develop, after-sales back to the proportion of the rent is too big. In addition, China’s financial leasing industry regulation is not uniform. China’s financial leasing industry, according to the different nature of the investor, by the People’s Bank of China, the CBRC, the CSRC, the Ministry of Commerce of China, both funded by commercial banks or the four asset management companies, non-bank financial institutions supervision by the CBRC, also includes by each kind of non-financial enterprise investment, the Ministry of Commerce of China is responsible to supervise, not to include the financial organ to rent the company。

中小企业融资现状问题及对策英文版

Researches On The Problems And Solutions Of SME FinancingStatus QuoAbstract:The medium and small enterprise plays an irreplaceable role in China's national economy, but harsh financing environment seriously restricts and even endangers the survival and development of medium and small enterprises. First, this article introduces the status and characteristics of SME financing. Second, analyzes the channels and the difficulties of SME financing in our country. Finally, comes up with some measures to ease difficulties of SME financing. In this article, the research on the problems and solutions of SME financing status quo has a certain significance and guiding value.Keywords: SME, Financing, The Analysis Of Countermeasures1 .The status quo of China's SME1.1 The development and current situation of SMENo matter in developed countries or in developing countries, the small and medium-sized enterprise is the important support of national economy in the development of a country. Small and medium-sized enterprises play an irreplaceable role in improving the national economic production, promoting the progress of science and technology, increasing employment, expanding exports, etc. After China carried out reform and open policy, our national small and medium-sized enterprises have developed very quickly, and the contribution rate of them to national economy have raised constantly. As of May 2011, the number of small and medium-sized enterprises in China has more than 40 million, and has taken up more than 99% of all enterprises. Total imports and exports of small and medium-sized enterprises have accounted for 69%. The gross industrial output value, sales income, taxes of SME have respectively accounted for 60% of the total, 57% and 50%. Small and medium-sized enterprises mostly engage in those jobs in the third industry, which are close to the market, close to the user. They are active in the most competitive areas of the market. SME is the main body of market economy and the micro foundation of market system. Because the cost of entrepreneurship and management of small and medium enterprises are relatively low, and the resilience of the SME market is strong, SME is the main place to employment. Small and medium-sized enterprises have provided nearly 80% of jobs for the society nowadays.1.2 The main characteristics of SMEAt present, small and medium-sized enterprises in our country are mainly private enterprises, and have already formed the situation of state-owned enterprises and private enterprises in two forms coexist. As for industrial enterprises, for example, state-owned enterprises have accounted for only 15% of the total, private enterprises have accounted for 85%. The development of SME is mainly concentrated on the labor-intensive industries. The employment capacity and employment investment elasticity of SME are significantly higher than large enterprises. According to statistics, in terms of resettlement workers, SME is nearly double higher than large enterprises. China is a large country, the distribution of SME in different regions is extremely uneven. According to statistics, the number of small and medium-sized enterprises in eastern and central each accounts for 42% of the total in China and the west accounts for 15%. This suggests that in the enterprisescale, the average output value of small and medium-sized enterprises in eastern is larger than the central and western. In the process of reform, compared with large enterprises, small and medium-sized enterprises are often the experimental zone and the breakthrough. Various results of the reform of small and medium-sized enterprises can provide some useful experiences for the reform practice of large enterprises.2.The channels and difficulties of SME financing in our country2.1 The major financing ways of SMEAt present, the financing channel of small and medium-sized enterprises is relatively narrow. The owner investment, internal financing and bank loan are the main financing channels of small and medium-sized enterprises. However, most of financing channels blocked, small and medium-sized enterprises do not have much practical significance. According to the sources of corporate funding, corporate finance can be divided into endogenous and exogenous financing two major types of financing.Figure 1: Three main financing channels of SME(1) Endogenous financingEquity financing and debt financing are two ways of the endogenous financing. The capital formation of endogenous financing has show the primitiveness, autonomy and other characteristics. Endogenous financing is the indispensable important component of the survival and development of small and medium-sized enterprises. However, small and medium-sized enterprises general have insufficient funds, and the self accumulation is limited.(2) Exogenous financingExogenous Financing refers to the use of corporate funds to external financing mainly in direct financing and indirect financing in two ways. As we know, stock, enterprise bond and the loan to bank are three kinds of main financing ways of the enterprise outside, also are the intrinsic foundation of capital market structure. However, the difficulty of obtaining external financing is always one of the problems that restrict the development of MES.(3) The relation between the two major types of financingAs Chinese small and medium-sized enterprises are developing from the stage of starting to growing, stead of continue to depending on internal financing, small and medium-sized enterprisesstart to look for exogenous financing. Since 1949, in direct financing system has played the dominating role in our financing system, so it is very important to the development of small and medium-sized enterprises.2.2 The problems of SME financingThe capital requirements are expected to increase rapidly with the continuous development of the small and medium-sized enterprises scale. From the point of capital requirements, compared with large enterprises, the demand for a single enterprise fund is not large. However, there is a difficulty in financing in small and medium-sized enterprises of our country, lack of capital has greatly limited the development of small and medium-sized enterprises of our country. Mainly displays in:Figure 2: The five problems of SME financing.(1)It has become increasingly difficult to obtain bank loans.It has become hard for banks, even healthy ones, to find finance; large companies with healthy cash flows have also been cut off from all but the shortest-term financing. Due to the small and medium-sized enterprise is difficult to meet the mortgage guarantee conditions of bank loans and the loan risk is bigger, the enthusiasm of bank lending is generally not high. According to incomplete statistics, small and medium-sized enterprises can obtain loans from the bank account for only 8% of the total credit.(2) Enterprise scale limits the financing from capital market.At present, our country capital market is still very imperfect, most enterprises, especially small and medium-sized enterprises are difficult to obtain funds through direct financing channels. Limited by the scale, managing experience and level, small and medium-sized enterprises cannot obtain bank loan and these above-mentioned directly affect financing capacity.(3) Small and medium-sized enterprises lack of credit and the credit reporting system is not perfect.Due to the information asymmetry in the credit finance market, factors like low credit will and insufficient credit become major reasons constraining the scale of SME financing. Our country’s experience in credit system construction indicates that credit information sharing problems have become the bottleneck of China’s further constructing corporate credit system.(4) The development of the credit guarantee and the small loan company is nonstandard.In recent years, the guarantee company and the small loan company are developing rapidly, which the main clients are small and medium-sized enterprises. However, the overall scale of these institutions is small, strength is weak, resist risk ability is not strong, business management is not standard and the financing cost is higher. As for small and medium-sized enterprises, their financing through the credit guarantee and the small loan company become helpless choice. (5) Their own problems.The small and medium-sized enterprise itself also has some problems and deficiencies: first, some defects exist in the administration system. Secondly, Chinese small and medium-sized enterprise oneself is integrated ability is low, and competition ability is not strong. Thirdly, industry personnel quality is not high. The management problem of the business enterprise only is resolved by enterprise governor themselves.3.The countermeasures to resolve the difficulties of SME financing3.1 To further improve the support of SME financial laws and regulationsChina's small and medium-sized enterprise ownership structure is more complex, it is not good for the faster development of SME. With the implementation of SME Promotion Law, the SME subject legal system will be perfected. In short, the implementation of SME Promotion Law will greatly benefit the development of SME in China. At the same time, in order to provide legal protection for SME financing, the authorities should further improve the support of SME financial laws and regulations.3.2 To strengthen the construction of SME credit systemConstruction of credit information system is of important significance for resolving the difficulties of SME financing. In present China, the law about credit investigating is absent and the construction of credit investigating model is very important. In the construction of the small and medium-sized enterprise credit system, the government should not blindly emphasize the role of banks, and should mobilize the enthusiasm and obligations of banks, enterprises and related departments. Therefore, the establishment of credit system should be led by the government, banks as the main body, and liaise with other departments to build together.3.3 To further improve SME financial support systemThe government should have been positively taking all kinds of measures to improve the financial support system and promote the technology innovation of small and medium-sized enterprises. Our financial support policies are being improved, a sound credit guarantee system installed and market access eased for the benefit of SME development. For example, the government should encourage commercial banks to develop financial products to adapt to the development of small and medium-sized enterprises. In short, the establishment of an efficient financial support system is of significance for the development and innovation of those enterprises and for the economic development.References:[1] XU Qin, XU Xiang Xiang. SME financing situation and countermeasures - based in Hubei province, Shandong province, and SME questionnaire comparative analysis [J] Contemporary Economic,2012,24:48-49.[2] ZHOU Ling Lan. The status, problems and countermeasures of SME financing in Zhejiang Province [J]. Economist,2006,02:274-275.[3] ZONG Song, LI Xiao Jun. SME financing problems and countermeasures -. Summary researches [J] Economic Research Guide,2012,01:66-68.[4] LI Yi. The status quo and recommendations of China's SME financing [J]. Cooperation in the economic and technological,2012,03:66-67.[5] HAN Yu Da, TANG Zhi Gang, KE Xiao Wei. The situations and countermeasures of SME financing - Based on the Wenzhou area [J] Zhejiang Financial,2010,09:41-43.[6] GUAN Wei Qi, HU Yu Jie. The situations and countermeasures of SME financing in Gansu province [J]. Hebei Agricultural Sciences,2010,12:131-133.。

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.。

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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。

具体决策程序是：首先，当一家企业为筹措一笔资金面临几种融资方案时，企业可以分别计算出各个融资方案的加权平均资本成本率，然后选择其中加权平均资本成本率最低的一种。

其次，被选中的加权平均资本成本率最低的那种融资方案只是诸种方案中最佳的，并不意味着它已经形成了最佳资本结构，这时，企业要观察投资者对贷出款项的要求、股票市场的价格波动等情况，根据财务判断分析资本结构的合理性，同时企业财务人员可利用一些财务分析方法对资本结构通行更详尽的分析。

最后，根据分析结果，在企业进一步的融资决策中改进其资本结构。

(三)中小企业融资的总思路中小企业融资的总体思路应是：投资与融资相结合，以投资带动融资。

融资决策在中小企业财务决策中并不具备像大企业（尤其是股份公司）那样的独立性，它应该是企业投资决策的一部分，融资必须直接为投资服务。

这也就是说，中小企业的融资决策必须通过投资决策这一环节才能通向财务管理目标，而不是像股份公司那样，融资决策与财务目标之间可以建立直接的函数关系。

这是因为：1.中小企业财务目标是利润最大化，只有投资活动才能为企业带来利润，即最优的投资决策就是最优的筹资决策。

2. 中小企业的资金供需矛盾突出，企业融资的渠道、数量、时间都受到各种客观条件的限制。

要像大企业那样灵活地运用多种手段来自由调整资本结构，对中小企业来说是不现实的。

因此，对于有数十年经营历史，由职业经理层管理的中小型企业而言，融资计划是为投资服务的，必须与投资需求相匹配，包括融资金额和融资时间上的匹配。

更重要的，投资项目必须是经过多方面因素考虑的，不是盲目圈钱的幌子，否则容易出现投融资决策失效，导致投资失败、损害企业权益的问题。

在监督职能缺乏的中小型企业中，进行程序化的项目可行性论证是必要的，但只是决策的一个部分，提供财务上的参考，不能对整个计划是否可行提供意见，更不能作为项目可行的决定性依据。

战略和内部需要等各种因素综合考虑是很重要的。

二、我国中小型企业融资环境分析企业是在一定环境下的各种经济资源的有机集合体。

企业运营只有适应和了解环境变化的要求，才能立于不败之地。

企业面临的环境是指存在于企业周围，影响企业生存和发展的各种客观因素和力量的总称，它是企业选择筹资方式的基础。

就现阶段而言，我国中小企业的融资环境现状主要有以下几个方面：(一)从中小企业自身的状况来看我国中小企业的经营管理水平和技术水平往往比较低，企业内部缺乏有效的监督制约机制，这样造成的一个结果就是资金使用效率不高，风险比较大。

因此，银行等金融机构对中小企业经营和发展的信任度很低，所以也不会轻易地将资金借贷给中小企业。

(二)从银行等金融机构的经营原则来考虑银行等金融机构的经营讲究资金的“效益性、安全性、流动性”，在实践中银行等金融机构给予客户贷款的一个前提条件就是要求客户能够提供有效的担保，中小企业自身则因资力有限而无法提供有效的担保，同时因为中小企业经营的风险性，第三人在一般情况下也不会为中小企业的债务提供担保。

既然不能提供足额有效的担保，银行等金融机构就不会给中小企业发放贷款。

(三)从国家的产业政策和经济政策来看政府对中小企业的扶持不足也是造成中小企业融资难的一个重要原因。

我国对中小企业虽然也有一些扶持政策，比如《中华人民共和国乡镇企业法》当中也规定，“国家运用信贷手段，鼓励和扶持乡镇企业的发展”：“县级以上人民政府依照国家有关规定，可以设立乡镇企业发展基金”，“乡镇企业发展基金专门用于扶持乡镇企业发展”等，但是因为缺乏有效的制度保障，这些规定很难落到实处。

(四)从我国的金融管制来看企业之间不能相互借贷也在一定程度上增加了中小企业融资的难度。

依据我国现行法律，公民之间、企业与公民之间、企业或公民与金融机构之间可以发生合法的借贷关系，然而企业与企业之间的借贷却被视为非法借贷关系而为法律所不允许。

这样，对于中小企业来说，等于少了一条融资的途径，无形之中也增加了中小企业的融资难度。

三、中小型企业应制定合理融资的具体策略因此，对于在现阶段我国的中小企业融资环境对中小企业融资不利的情况下而言，中小企业在制定具体的融资策略时，应注意以下几个方面：(一)资金数量上追求合理性对以股份公司为代表的大企业来讲，融资的目的在于实现最佳资本结构，即追求资金成本最低和企业价值最大；而对中小企业来讲，融资的目的是直接确保生产经营所需的资金。

资金不足会影响生产发展，而资金过剩也会导致资金使用效果降低，形成浪费。

由于中小企业融资不易，所以经营者在遇到比较宽松的筹资环境时，往往容易犯“韩信点兵，多多益善”的错误。

但如果筹来的资金用得不合理或者并非真正需要，那么好事就变成了坏事，企业反倒可能背负沉重的债务负担，进一步影响融资能力和获利能力。

因此，企业界在进行融资决策之初，要根据企业对资金的需要、企业自身的实际条件以及融资决策的难易程度和成本情况下，量力而行，确定企业合理的融资规模。

(二)资金使用上追求效益性中小企业在融资渠道和方式上不像大企业那样存在较大的选择余地，但这并不是说中小企业只能“饥不择食”，相反，由于中小企业的抗风险能力弱以及筹资困难，更应该对每笔资金善加权衡，综合考虑经营需要与资金成本、融资风险及投资收益等诸多方面的因素，必须把资金的来源和投向结合起来，分析资金成本率与投资收益串的关系，避免决策失误。

(三)资金结构上追求配比性中小企业的资金运用决定资金筹集的类型和数量。

我们知道，企业总资产由流动资产和非流动资产两部分构成。

流动资产又分为两种不同性态：一是其数量随生产经营的变动而波动的流动资产，即所谓的暂时性流动资产；二是类似于固定资产那样长期保持稳定水平的流动资产，即所谓的永久性流动资产。

按结构上的配比原则，中小企业用于固定资产和永久性流动资产上的资金，以中长期融资方式筹措为宜；由于季节性、周期性和随机因素造成企业经营活动变化所需的资金，则主要以短期融资方式筹措为宜。

强调融资和投资在资金结构上的配比关系对中小企业尤为重要。

(四)资金运作上，在追求增量筹资的同时更加注重存量筹资增量筹资指从数量上增加资金总占用量，以满足生产经营需要；存量筹资是指在不增加资金总占用量的前提下，通过调整资金占用结构、加速资金周转，尽量避免不合理的资金使用，提高单位资金的使用效果，以满足企业不断扩大的生产经营需要。

增量筹资与存量筹资的紧密结合，也反映出中小企业的筹资活动与投资活动的内在必然联系，因为存量筹资实际上就是一种资金运用，它属于投资活动的范畴。

比如，企业若能将闲置设备适时采用出租、出售转让等形式进行“存量筹资”，则不但可以避免损失和资金的积压，而且有助于提高长期资金的流动性，减轻过于沉重的融资压力。

(五)筹资渠道上，追求以信誉取胜主动与金融机构保持良好关系，使之了解企业，看到企业远大的前景，愿意支持企业的发展，这对每一个成功的中小企业经营者来说都是必修的一课。

具体包括两个方面：一方面是对金融机构的选择，应选择对中小企业立业与成长前途感兴趣并愿意对其投资的金融机构；能给予企业经营指导的金融机构；分支机构多、交易方便的金融机构；资金充足，而且资金费用低的金融机构；员工素质好、职业道德良好的金融机构等。

另一方面是中小企业要主动向合作的金融机构沟通企业的经营方针、发展计划、财务状况，说明遇到的困难，以实绩和信誉赢得金融机构的信任和支持，而不应以各种违法或不正当的手段套取资金。

(六)筹资方式上，选择适合企业本身规模、实力与所处阶段在对融资收益与成本进行比较之后，认为确有必要融资时，就需要考虑选择什么样的融资方式。

在选择融资方式时，通常要考虑企业自身规模的大小、实力强弱以及企业所处的发展阶段，同时结合不同融资方式的特点，选择适合本企业发展的融资方式，例如，在中小企业创业初期，其融资方式可以上选择股权融资，因为创业初期，风险很大，很少有金融机构等债权人来为你融资。

而在股权融资中，企业主与其朋友和家庭成员的资金占了绝大多数。

这部分融资是属于“内部人融资”或“内部融资”，也叫企业“自己投资”。

到中小企业发展到一定时期和规模以后，就可以选择债权融资。

债权融资主要来自金融机构，包括商业银行和财务公司等。

属于高科技行业的中小企业，可以考虑到创业板市场发行股票融资；不符合上市条件的中小企业，则可以考虑银行贷款融资等。

(七)融资方式上，选择最有利于提高企业竞争力的融资方式中小企业融资通常会给企业带来以下直接影响：首先，通过融资，可以壮大中小企业资本实力，增强中小企业的支付能力和发展后劲；其次，通过融资，可以提高中小企业的信誉，扩大企业产品的市场份额；再次，通过融资，可以扩大中小企业规模，增强企业获利能力，从而充分利用规模经济优势提高企业在市场上的竞争力，加快企业的发展。