外文资料翻译----中小企业融资难相关问题分析
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.。
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。
市场营销外文翻译---金融危机中国的中小企业的影响及对策
The financial crisis on the impact of SMEs in Chinaand CountermeasuresBy the U.S. sub-prime crisis triggered by the financial crisis spread to all areas of the world, has not only the financial crisis, but a history of rare and strong impact on the world Economic crisis. Integration into the world economy, China has also been greatly affected, especially SMEs. Since the reform and opening up, small and medium enterprises developed rapidly, China's industrial restructuring, to ease the employment pressure, technological innovation, promoting Economic growth has played a very important role, but this time the economic crisis of the majority of SMEs have been facing crisis of survival, if you do not have a high degree of attention and to take effective measures, it may cause greater volatility in the national economy, the threat to build a harmonious society. This article will brief analysis of the financial crisis on the impact of China's small and medium enterprises and to propose measures to bail out small and medium enterprises in order to be helpful. The financial crisis on China's enterprises, especially SMEs, is a very serious impact, resulting in a lot of SMEs are forced to cease operation or even bankruptcy. (1) market decline in aggregate demand, sales of small and medium enterprises affected.The financial crisis had a direct impact on SMEs is a decline in export volume. The sub-prime crisis in the world economic recession, decline in international demand, China's SMEs, exports, reduction in export trade, which makes for a relatively high dependence on foreign markets, export-oriented small and medium enterprises in the production declines, the profit decline in the state, especially in the eastern coastal many enterprises have been cut, layoffs or even close. There are also turning to SMEs in the domestic market, in fact, depressed foreign markets, while domestic demand is declining, due to: the impact of economic transmission mechanism, the financial crisis has led to the stock market downturn and a decline in corporate profitability, is also a corresponding reduction in income the purchase of desire is not wang. On the other hand, from the financial crisis for the world economy creates a fear of mind to consumers, in order to take preventive measures, they try to curb government spending and reduce consumption. These have led to the difficult situation of domestic-based small and medium enterprises, or even bankruptcy. Reduction in theface of market share, increasing competition among enterprises on the market the product even more serious oversupply of lower prices, corporate profit margins shrink, survival more difficult.(2) The increase in cost, small and medium enterprises be further squeezed profit margins.First of all, in recent years, raw materials and energy prices overall rose substantially higher prices for agricultural products, leading to increased production costs of SMEs; Second, the new 'Labor Contract Law' demand for workers on foot 3 business insurance, payment overtime, which is no doubt regulated employment system, and improving the income of the workers and safeguard the basic rights of workers, but on the other hand, this will also increase their labor costs and make Enterprise Management more difficult; again, due to environmental degradation, governments at all levels also increased environmental management efforts to require companies waste water treatment, exhaust gas recycling purification, for non-compliance emissions, polluting enterprises to adopt a deadline for correction according to law, and other measures, which also forced the The costs for enterprises to improve the environment. At the same time as the prices of production factors, enterprises pay for the cost of land use is also increasing.(3) SME financing difficulties.In recent years, SMEs widespread system is not sound Financial Management was not standardized, low mortgage guarantee agencies, Information opaque, such phenomena as lack of credit, resulting in difficulties in obtaining bank loans for SMEs, financing channels less difficult, insufficient funds, which SME Development has been troubled by a major 'bottleneck'. With the advent of the financial crisis, this issue become more prominent. In the context of world economic recession, SMEs operating difficulties, increased credit risk, banks in order to reduce the risk of their own to raise the threshold for lending to SMEs, lending amount is declining, which makes it more difficult for the financing of SMEs. Although countries have introduced financial institutions to increase credit support for SMEs policy, but because of the credit market Information asymmetry caused by the 'adverse selection' and the moral hazard problem would make the bank is limited enforcement of these policies. In addition, the advent of the financial crisis, the decline in aggregate demand, domestic and international markets, raw materials and energy costs, corporate profit margins narrow,with the result of internal financing capacity of small and medium enterprises also dropped significantly.Small and medium enterprises to promote China's economic development has an important role in helping small and medium enterprises out of difficulty, the Government is duty-bound, to come from the following aspects:First of all, to improve the financing environment for SMEs to increase policy support. Local governments can finance through the creation of a special fund to develop small business loan interest subsidy system; the establishment of SME credit risks and increase the compensation funds, to increase loans to SMEs financial institutions to give appropriate compensation; perfect the security system and establish a security risk compensation mechanism, to reduce Small secured loan interest rate, increase the amount small secured loans; got the right to make good use private capital to expand the financing channels; to strengthen and improve the services for SMEs, to establish and improve social service system for SMEs. Second, relevant government departments should guide scientific Research institutes, colleges and universities with the SMEs 'production and research' combination of technological Innovation for SMEs to provide credit support to facilitate the transformation of scientific and technological achievements. Government policy is helping SMEs to cope with the financial crisis, external causes, the SME's own forces are internal, according to philosophical principles we can see that external and internal factors must play a role, but play a decisive role in internal and external causes by internal factors play a role. Therefore, SMEs can not simply rely on the Government introduced a large number of policies to deal with the financial crisis, SMEs play a decisive role in the survival or the enterprise's own strength, SMEs must take measures on their own, actively respond to the crisis. (1) reaffirm our confidence.To overcome the financial crisis, should first of all confidence, clarify development ideas. As Premier Wen put it, before the crisis, confidence is more important than gold and currency, confidence is a source of strength to overcome the crisis.(2) seize the opportunity.First of all, use good policy. In order to maintain rapid and sound economic development, expanding domestic demand, the Government has stepped up its efforts to support SMEs in 2008, since the state has adopted a series of policies conducive tothe development of SMEs. If the mitigation aspects of SME financing difficulties, encouraging financial institutions to steadily increase the proportion of SME lending and the recognition of the legalization of private lending, etc.; in improving the financing environment, the PBOC promulgated the 'on further improvement of the views of financial services for SMEs' and 'on strengthening and improving the guidance of financial services for SMEs' and so on; in expanding domestic demand, encourage transformation and upgrading of processing trade enterprises and stability of capital markets. Make good use of these policies will help small and medium enterprises out of difficulties. Reposted elsewhere in the paper for free download Second, to attract talent. Financial crisis occurred in developed countries have laid off a number of large enterprises, which for our small and medium enterprises to attract foreign high-end talents and provide opportunities for overseas students; the same time, the financial turmoil on China's trade, finance and other industries affected relatively large, many of these industries enterprises are lower, and layoffs or bankruptcy, some or all of these enterprises need to re-career personnel, employment pressures, which for our small and medium enterprises to introduce low-cost, high-level managerial talent and financial talent to create opportunities. SMEs should seize this opportunity, reserve personnel, in order to lay a solid foundation for future development.Again, within the framework of a global industrial restructuring opportunities. Europe and the United States and other developed economies affected by financial crisis relatively large, in order to cushion the slump in the domestic economy against the adverse effects of the manufacturing sector, the manufacturing sector in these countries is bound to transfer to developing countries, for China to become the world's largest manufacturing base with a come to a historic opportunity for development. China's small and medium enterprises should seize this opportunity to actively respond to and seek more funds intermediation, merger or acquisition of foreign scientific Research institutions, the upstream raw material supply enterprises and downstream product sales business, efforts to improve the technological content of products, reduce production costs, increase its global market share of sales and enhance China become the world 'manufacturing hub' status.Finally, the industrial upgrading opportunities. The financial crisis, labor-intensive, management is poor, the net production of low value-added processing of primaryproducts or production-oriented enterprises be a major shock, facing the threat of closing or closed down, which forced some enterprises to strengthen management and technical innovation, to upgrade the Industry structure of level, taking product upgrading, winning by quality intensive type business model. At the same time, countries to enhance high-tech products to deep processing of agricultural products as raw materials for export tax rebate rate, reduced or eliminated coal, steel and other resources of value-added products is not high, the export tax rebate rate, which also forced a number of primary products processing enterprises the positive development of production of high-tech products, accelerate industrial restructuring and upgrading, upgrade the structure of export products and expand exports of hi-tech products and strive to enjoy the benefits of the export tax rebate policy.(3) strengthening internal management and enterprises for independent innovation. First of all, we should strengthen management and improve operational efficiency. May take the following specific measures: to retain the best employees, enhance the exchange of ordinary employees, motivate and keep employees motivated, in-house to create a strong cohesive force, improve production efficiency; strengthen their internal management, and build an efficient organization structure, cutting management layers and links, and lower administrative costs; the introduction of specialized production, reduce operating costs of production in order to save money; right to dispose of idle assets to reduce asset loss, but also increase the capital reserves. Secondly, we must increase R & D investment, foster innovation. Production skills on staff training and training to develop staff's sense of Innovation and the establishment of innovative mechanisms to motivate staff, encourage staff to carry out technological innovations, forming their own unique core technology; the use of new Technology Research and development of new products and promote upgrading of products and take the brand development path, to improve the visibility of companies; on service innovation, build first-class service system and improve the corporate reputation.(4) make full use of the Internet, to establish a suitable model of network marketing.With the widespread use of the Internet, people in online shopping has become a fashion, which for the network to create the conditions for the emergence of marketing. Internet marketing, low cost, quick, is to boost sales in an effective way. SMEs should be based on characteristics of their products, customer demand forPopulation characteristics, to establish a suitable model of the enterprise's network marketing.(5) SME joint between horizontal or vertical will help enhance the competitiveness of enterprises. SMEs, due to management, technology, capital and so there are more disadvantages of going it alone is difficult to compete too large enterprises, so in order to improve competitiveness and enhance strength, producing the same or similar products, enterprises and enterprises upstream and downstream of the , are all can be horizontal or vertical, so that is conducive to the formation of economies of scale, lower transaction costs, reduce management costs and production costs, improve efficiency, avoid price wars and malicious competition; but also help to improve operational capability of enterprises, financing capability, science and Technology Innovation ability and management level, enhance their ability to withstand the crisis. In the economic globalization, China will inevitably be drawn into the financial crisis, in which Chinese SMEs have been hit is quite large. SMEs in order to successfully tide over the difficulties, in addition to helping the government, SMEs themselves also need to strengthen confidence, seize opportunities, improve enterprise capability of independent innovation and establish an appropriate network Marketing model lateral vertically integrated companies, only to take these measures will be useful in the context of the financial crisis to survive and develop, can we remain invincible in the fierce competition in order to achieve the post-crisis grow.References[1] Wu Qun: 'The global financial crisis environment for SME development Analysis'[J];' Nanjing Institute of Politics Journal of '2008 (6): 43.[2] Zhanbi English: 'on the global financial crisis on the impact of private enterprisesand coping thinking' [J]; 'Central Institute of Socialism Journal of '2009 (2): 77. [3] Feng-Ying Zhang: 'Financial crisis SME Marketing Strategy' [J]; 'academic paperson '2009 (13): 15. Reposted elsewhere in the paper for free download金融危机中国的中小企业的影响及对策由美国次贷危机引发并蔓延到世界所有地区的金融危机，不仅是金融危机，更是一种世界历史罕见的强烈影响和经济危机。
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【外文翻译】
Financing of SMEsJan Bartholdy, Cesario MateusOriginally Published in“Financing of SMEs”.London business review.2007(9).pp.43-45AbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind thedifferent types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers. Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing.Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view of financial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financial institutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier may be able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use forthem than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangible assets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have anycomparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the expected bankruptcy costs and the “ne gative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, that proposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。
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。
中小企业融资难外文资料与翻译
NEW IDEAS FROM THE WORLD BANK OF SMALL AND MEDIUM ENTERPRISES World Bank Group SME Department V ol. 2, No. 1 March 2001A thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid SMEs, sensing—understandably—that the transaction costs of financing them will be excessively high. What SMEs 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 der Vaart, 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 SME investing.Small and medium sized enterprises (SMEs) Sare 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 taxes and 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 SMEs 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 SMEs 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 SME investments. These can be coupled with perceptions that local SMEentrepreneurs 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 SMEs are often under-utilized.SME entrepreneurs’ lack of experience in accounting and other areas of financial documentation makes 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, allows it to invest at relatively attractive multiples. This offers an array of potential 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 SMEs.世界银行对中小企业的援助计划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。
中小企业融资研究文献综述及外文文献资料
本文档包括改专题的：外文文献、文献综述一、外文文献The Role of Banks in Small and Medium Enterprises Financing: A Case Studyfrom KosovoAbstractIn this study we investigate the impact of firm and entrepreneurship characteristics in small and medium enterprises (SME-s) investment finance through debt (bank loan). Data are gathered from interviews based on a self-organized questionnaire with 150 SME-s in Kosovo. Based on the econometric model of linear regression, key factors are identified which influence the investment growth financed by debt. The results indicate that there is mutual correlation among the firm's age, size, business plan, sector, number of owners, sources of financing and the investment growth financed from banks in Kosovo. Therefore, findings in this work suggest that the access to external sources of financing through bank loan is an important factor that influences the investment growth. The paper provides some important conclusions and implications for policymakers and entrepreneurs.Keywords: SME, entrepreneurship, financing through debt, investment, Kosovo1. IntroductionIt is explicitly accepted that SME-s present a pivotal element in the economic activity in both, developed and developing countries (Acs & Audretsch, 1990; Johnson & Loweman, 1995). Numerous authors from academic and professional world designate SME-s as generators of both, economic growth and overall social development (Audretsch & Klepper, 2000; World Bank Group, 2005; McMillan & Woodruff, 2002).The discussion of the relevant literature related to the access of SME-s to finance, as well as to investment finance is of particular importance (Krasniqi, 2007). According to Beck et al. (2007), the SME-s access to, and cost of, finances is quite often characterized as a major difficulty, up to the extent of 35 percent. It should alsobe stressed that the small firms come with more difficulty to loans, since they encounter higher transaction costs and higher premium risks, for they are more fragile and they offer lower collaterals (Beck et al., 2006). Audretsch and Elston (2006) also stress that small firms confronted higher financial difficulties than large ones. Similar conclusions can be found among other authors who have worked in this direction (Beck et al., 2006; Oliveira & Fortunato, 2006).Brinckmann et al. (2011) finds that small firms have higher limitations to access external sources of financing than bigger firms, and, thus, they become more dependent on internal funds for financing their investment needs. A major obstacle in financial markets to the access on finances by SME-s is also the asymmetry of information. Thus, based on Zhao et al. (2006), one from the major difficulties for accessing finance is the asymmetry of information among lenders and debtors; for instance, borrowers have private information on the firm that lenders do not possess. Because of their small size, short history and inconsistent accounting data, the issue of asymmetric information for SME-s becomes more serious (Deakins et al., 2008; EBRD, 1999; Pissardies et al., 2003; Klapper et al., 2002).Difficulties of this kind are expressed also among SME-s of Kosovo, as one from the last countries in transition. In spite of the fact that the SME sector in Kosovo is relatively new, it constitutes 98% of all the firms, thus representing a huge potential for generation of new jobs and for economic development of the country. Based on data of the World Bank (2010), the major obstacle to the development of SME-s in Kosovo is access to bank loans. Only 10% of investments made by SME-s are financed through bank loans, and above 85% of investments are financed from private sources (World Bank, 2010).Objective of this work is to empirically investigate the role and importance of the firms and entrepreneurship characteristics that influence the investment growth through debt finance (loans) in Kosovo. Therefore, the research question in this study is: How does the investment growth impact the performance of SME-s, by discussing the firm and entrepreneurship characteristics of the investment growth of SME-s in Kosovo?The organization of the work is as following: Part one discusses the context of the research, part two the theoretical aspect and the summary of literature. In part three we provide the research methodology and model. Part four contains the results and empirical findings. And, part five deals with the conclusions.2. Theory and Literature ReviewUntil now, there is no single and unique theoretical model that explains the financing of SME-s, which influences the performance of investments, their growth and development. The theoretical principles underlying capital structure can generally be describes in terms of the static trade off theory by Modigliani and Miller (1958), the pecking order theory (Myers & Majluf, 1984), managerial theory of investments (Marris, 1963; Baumol, 1967), agency theory by Jensen and Meckling (1976) and extended by Stiglitz and Weiss (1981).According to neoclassical theory of investments (M-M), which affirms the attitude on the irrelevance of the capital structure for the value of the firm, internal and external sources of financing are perfect substitutes. In the world of the perfect functioning of the market, the choice between financing through capital or debt is irrelevant. Therefore, the cost of capital and the market value of the firm are independent from the value of the firm (Modigliani & Miller, 1958). The theory of M-M is based on the following premises: there are no taxes, there are no transaction costs, there are no bankruptcy costs, the equal cost of debt for companies and for investors, symmetrical information in the market, there is no influence of debt in the profit of the company before interest and taxation.Modigliani and Miller (1958) modify their theory by introducing the tax on profit. In this case, the value of the firm is positively related to debt. After introducing the tax on profit in their analysis, they ascertain that the financial leverage increases the value of the firm, since the interest decreases the tax base (it is deduced from the business profit), and, therefore, we have savings which have the value of the interest. From this ascertainment, the value of the firm grows bigger, as the financial leverage increases, which means that the highest value of the firm is achieved if the burden of debt becomes 100%. In this way the firm attains absolute advantage, given that it isdefended from taxes.Scott (1972) emphasizes that 100% tax shield does not exist in reality, because of distress costs. Debt leads to legal obligation to pay interest and principal. If a firm cannot meet its debt obligation, it is forced in to bankruptcy an incurs associated costs (Fatoki & Asah, 2011). This theory, in fact, does not take into the consideration all the other factors, such as: the costs of the bankruptcy of the firm, the costs of the agency, the impact of debt in profit, the asymmetry of information, and, therefore, this theory is challenged by other theories (Harris & Raviv, 1991).Thus, the static trade off theory, which is based on the M-M theory and is its complementary, except savings from the tax on profit, incorporates into the discussion also the cost of bankruptcy, such as: judicial taxes, attorney costs, administrative costs, and, also, the agency costs (the firms managers damage the interests of the creditors by working in the interest of shareholders), and this can reduce the value of the firm (Jensen and Meckling, 1976). This theory is, in fact, the dominant theory regarding the determination of the financial structure of the firm, and it is founded on the premise that it is the firm that chooses how much it will be financed from debt, and how much from the capital, by balancing the cost of profits. According to this theory, the optimal level of the structure of capital is the one which equates the profit and costs from debt.According to pecking order theory, the firm initially prefers internal sources of financing to external ones, and, regarding external sources, they prefer debt to capital (Donaldson, 1961). Thus, initially we have the use of accumulated profit, amortization, debt, and, finally, the equity capital. According to this theory, the firms finance their investment requirements based on a hierarchic order. This can direct also to existence of the asymmetry of information between managers (insiders) and investors (outsiders). As a result of this, managers have more information then investors (Myers & Majluf, 1984).Based on the agency theory, Stiglitz and Weiss (1981) present the problem that, as a consequence of asymmetrical information, occur between managers and shareholders, on one hand, and the problem among shareholders, managers andcreditors, on the other. They argue that only SME-s knows the real financial structure of their own, the real strength of their investment projects and the tendencies for settling up the debt, and, therefore, the firm possesses superior private information (Mazanai & Fatoki, 2012).3. Hypothesis3.1 Business PlanAccording to Guffey, the business plan is a necessary requirement at the beginning of business, and it is used as an important element to acquire financial support during application to banking institutions (Guffey, 2008). An increase in the level of skills of those who are looking for credits in the compilation of business plans, will increase their opportunities to have properly prepared documentation, and to have a clear idea on the course of their business. According to Maziku (2012), the asymmetric information between the debt-seeking SME-s and the bank, is reflected in the incapability of the majority of SME-s to provide consistent financial data and real business plans, which increases the operational cost during the decision making for permitting the loans by the a bank (Maziku, 2012). Thus, the business plan does not have an impact only in reduction of operational costs, but it is also a key instrument in the decision making regarding the use of banking loans by the firms (Zhang, 2008; Madura, 2007). This is valid particularly for start-up businesses.Therefore, the following hypothesis is generated:H1: SME-s which have business plans are more likely to use bank loans than SME-s without written business plans.3.2 The Growth of the FirmThe growth of SME-s depends on the level of investments. The growth of SME-s can be measured in different ways, including the growth of sales, profits, or number of employees (McPerson, 1996). We measure this variable through the growth of the number of employees.The ability of SME-s to grow depends on a large measure from their potential to invest in the restructuring and innovations. All these investments require capital, that is, they require access to finance (Mazanai & Fatoki, 2012). According to Ganbold(2008), in a research of the World Bank, one among the key difficulties in the growth of the firm is access to financial services, which reflects in economic growth, employment generation, and reduction of poverty in the developing countries (Ganbold, 2008). Based on the theory of firm growth (Jovanovic, 1982), new enterprises grow faster, which means that these have to invest more.Therefore, the following hypothesis is generated:H2: SME-s that grow faster invest more than those with low level of growth.3.3 GenderIn the professional literature there are contradictory opinions regarding the impact that gender of the owner of the firm has into the access to finance. While a group of thinkers assert that gender of the owner has an impact into the capital structure of the firm, the other group denies this, ascertaining that gender doesn't have any impact into the determination of the capital structure.On one hand, Abor (2008) argues that businesses owned by female owners use the debt (loans) less for different reasons, including discrimination and aversion to risk. Watson et al. (2009) emphasize that a key factor in determining the capital structure in businesses owned by female owners is their propensity towards not accepting risk from the desire to keep things under control. Female clients are more hesitant to seek loans, since they feel discriminated and discouraged (Kon & Storey, 2003).On the other hand, Coleman (2000) find that there ar no important differences in the use of debt (banking loan) between female and male owners, and that gender is not an important predictor of the financial leverage of the firm. Whereas, Irving and Scott (2008), analyzing 400 SME-s, and based on the questionare prepared by Barclays Bank, in the most surprising way ascertain that female have easier access to finance then male. Therefore, based on the findings reported above, the following hypothesis is generated:H3: The male owners of firms are more likely to use bank loans then the female owners of firms.3.4 Sources of FinancingThe larger participation of investment finance from internal sources of SME-s increases the probability for acquiring of bank loans, since the internal sources carry the opportunity cost of financing of the project. Thus, SME-s provide higher level of trust to banks, since, in the case of failure, the unexpected burden falls on SME-s themselves. In their research conducted in 16 countries of OECD, Japelli and Pagano (1994) ascertain that banks don't finance 100% of the property value in any of these countries, but they do that with a certain coeficient loan/property. This is not equal for all the countries, and it differs from country to country, starting from the minimum financing of 50% in Turkey and Greece, up to 95% in Denmark.Thus, authors Lee and Ratti (2008) and Ahn et al. (2006) reports negative relationship between debt and investments. This relationship is stronger among smaller firms. As the debt (loans) grows, the cash flow is increasingly used for settling up the loan and its interest. Consequently, firms fulfill their obligations to creditors with more difficulties, and, on the other hand, the possibility for new investments is reduced.Therefore the following hypothesis is generated:H4: The higher the internal sources of SME-s, the higher probability to acquire bank loans for investment finance.3.5 EducationEducation is one of the important factors that influence the growth of the firm. Therefore, the high level of human capital (education and experience) has a positive impact in the growth of the firm. The owners of the firm who are of young age and low level of education are more active in using the external sources of financing, in spite of the fact that higher education reduces the fear for refusing the loans. In the meantime the owners of more mature age and with higher education, the so called "wiser" ones, can be found as less interested for external sources of financing (V os et al., 2007). Therefore, the majorities of owners of SME-s prefer to keep the control and do not apply for external capital (Curran, 1986; Jarvis, 2000).Thus, the internal capital is the major source of financing the SME-s (Ou & Haynes, 2003). Rand (2007) finds also negative influence between education ofowners-managers and access to credit, arguing that owners-managers with higher education can understand easier that their requirements for credits can be refused. Therefore, these owners-managers are for this reason discouraged and hesitate to apply for loans. In their study on new firms, Hartarska and Gonzales Vega (2006) find that education does not have an important role in the decision-making of the banks for lending.Therefore, the following hypothesis is generated:H5: Owners/managers with high level of education use less bank loans for financing the investment requirements.4. Methodology4.1. Sources of DataThe organization of data gathering from the questionnaire was developed in the period March-July, 2012, and data processing based on the answers was conducted in November and December 2012. On this occasion, a database was developed, which includes characteristics of SME-s in general, and characteristics related to investments and their financing in particular. Data processing was conducted with the STATA software.The questionnaire is specially designed for this scientific research with 150 SME-s in Kosovo, and it includes years 2010 and 2011. The sample selection is made randomly, from database at the Agency for Businesses Registration in the Ministry of Industry and Trade of Kosovo, and it is stratified in three basic sectors, in order to reflect eventual changes among the production, trade and service firms. Interviews were conducted directly (face to face) with owners/managers, or financial managers of the firms.4.2 QuestionnaireThe questionnaire consisted of 4 major sections. The first section included data on the owner/manager of the firm, and general data about the firm (location, the year of establishment, type of activity, and qualification of owners/managers). Second section included the orientation regarding the development in the future as well as investments, and here are presented data regarding volume of investments, sources ofinvestment, the use of bank loans in realization of investments, conditions of financing, activities that are conducted during the realization of investments, and investment plans for the future. The third section covers information regarding business activities of the firms inside and outside of the country, that is, whether a certain firm imports or exports merchandise. The fourth section includes data regarding the business plans of the firms: possession of the business plan, its impact on the decisions of the banks. Information gathered from the questionnaire was important for determining the variables in the econometric model of linear regression.5. Survey ResultsBased on the results, we conclude that the regression linear model mentioned above is specified good, given that Adj R-squared 0.36, which shows that the variation in independent variables explains the variation in dependent variable for more than 36%. In addition, the statistical F-test, shows that all the independent variables, jointly, which are statistically significant, are different from zero.Also, the correlation analysis shows that the problem of correlation in independent variables is not present in our data, given that there no higher coefficients in our estimation. Also, the dependent variable has a normal distribution and does not represent a statistical problem that requires treatment.Based on the table 2, in which the results of the linear regression are presented, from nine independent variables, six are statistically significant with impact on the dependent variable, or on the investment growth.According to results, the variable business plan, is statistically significant and with positive sign. This means that the firms that have business plans, on average have investment growths that are bigger than those of the firms that do not have business plans. Similar ascertainments can be found among other authors who emphasize that the business plan serves as a mean for increasing financing from external sources (Zhang, 2008).The variable trade is statistically significant and with negative impact in the investment growth when compared with the firms that belong to the service sector. This has the meaning that services on average invest more than other sectors. Inaddition the variable production is also statistically significant and with negative impact on the increase of investments when compared with the firms that belong to the sector of services. This has the meaning that when compared with the services, the sector of production invests less than other sectors. Similar ascertainments for the case of Kosovo can be found in the work of the author Krasniqi (2010).The next variable no_own, which indicates the number of owners, is statistically significant and with positive impact, which means that the greater the number of owners, the greater will be the investments. We have also size_emp as a variable that shows the size of the firm expressed by the number of employees, and is statistically significant and with inverse impact on the growth of investments. This means that smaller firms have larger investment growths. This finding clearly reflects that as the number of employee's grows, the firms grow slowlier. This is in full accordance with findings of other authors (Audretsch & Klepper, 2000; Caves, 1998). These results are the same with other studies that oppose the Gibrat Law (Krasniqi, 2006; Harris & Trainor, 2005).The firm_age as an independent variable is statistically significant and with negative sign, which means that new firms grow faster than older firms. This ascertainment is in accordance with findings of many authors who ascertain that younger firms grow faster than the older ones, and, therefore, have higher investment growth (Woldie et al., 2008; Storey, 1994; Barkham et al., 1996).The gender of the owner of the firm in the presented model, as a variable is not statistically significant, which means that the owners of the businesses of both genders have the same probability to obtain bank loans for SME-s investments. These results are in accordance with the studies conducted by Kalleberg and Leicht (1991), who, in a study conducted with 300 firms in three sectors, ascertain that female owners were as successful as male owners. We find similar ascertainment in the study of 298 businesses in United Kingdom, which emphasizes that gender, is not a determinant for financing the business (Johnson & Storey, 1993). Coleman (2000) emphasizes that there are no important differences in the use of debt (bank loans) between males and females, and that gender is not an important predictor for financial leverage of thefirm.Finally, education represents a variable which is not statistically significant and has negative sign, which means that the level of education of the managers/owners doesn't impact external sources of financing (bank loans) for SME-s investments. This is explained by the fact that Kosovan SME-s suffer from permanent lack of capital, and on average the time frame of establishment is short and the means that are accumulated from the profits are insufficient for financing the investments. Therefore, the only alternative that remains to them is financing from banking credits, taking into the consideration that the capital market does not function in Kosovo, which causes that the possibility to use other forms of external financing is very difficult. Similar results can be found at Krasniqi (2010).6. ConclusionsIn this study we have investigated empirically the key factors of the firms and entrepreneurship which influence the increase of investment growth through bank loans. The data gathered by the self organized questionnaire with 150 SME-s in the entire territory of Kosovo for the years 2010 and 2011 are used to test the impact of certain factors in the increase of investments through the use of financial means from debt (bank loans). Based on the statistical analysis and the method of linear regression, key factors are identified as indicators that influence the growth of investments of SME-s in Kosovo.The findings of this work stress that the business plan is a factor with statistical importance which has positive influence in the access to the bank loans for financing the SME-s investment. This means that the firms that posses business plan and use it for seeking bank loans necessary for financing investments, on average have higher growth of investments than the firms who do not have a business plan.The variables trade and production are statistically significant, but they have negative influence in the growth of investments. This means that the firms that use bank loans for investment in the sector of trade and production, on average, have lower chance to grow, than firms in the service sector. This is an indicator that shows that the sector of services is more attractive in the aspect of investments of Kosovanfirms, than other sectors of the economy, and this results from faster returns of investments and, consequently, faster settling up of the bank loans.The next variable named as the number of owners also results positive and significant in the statistical aspect, which means that the larger the number of owners, the greater the investments. This is explained by the fact that in Kosovo firms have started to use other forms of organization that influence the growth of business and of firm, through larger number of owners who use investment as another opportunity for the growth and development of the firm.The size of the firm expressed by the number of employees results with inverse influence in the growth of investments, and is statistically significant. The meaning of this is that smaller firms have bigger growth of investment on average than other firms. This result is in accordance with other studies that oppose the Gibrat's Law for the case of Kosovo (Krasniqi, 2010). Similar results are attained regarding the variable the age of the firm, which is statistically significant and has a negative sign, which means that the younger firms invest more on average than older firms.Empirical evidence and findings in this work can be used as recommendations for a broad spectrum of users. The problems of asymmetric information between owners-managers and creditors (banks) are of particular importance. This represents a clear signal for policy makers to create conditions for favorable environment for stimulating the sources of external financing of SME-s in Kosovo, such as: the creation of the guarantee fund for SME-s, the increase of banking supply through licensing of new banks in the financial market, which will increase the competition between the existing banks, and which will, in turn, enable the improvement of the conditions of financing of SME-s, with the reduction of the interest, reduction of managerial costs, increase of the grace period, softening of the conditions for collateral, longer periods of use of financial means, particularly for SME-s that have longer investment plans. Also, in the institutional aspect, initiatives should be undertaken for the creation of conditions for development of entrepreneurial capabilities, and for other forms of cooperating networks of firms that will facilitate the growth of businesses in general, and investment growth in particular.二、文献综述中小企业融资研究文献综述摘要长时间以来，融资难问题都是制约中小企业长期稳定发展的最主要因素之一，各国学者对于中小企业的融资问题从本国范围和世界范围内进行了深入的研究,在此对国内外学者的研究成果进行了文献综述，主要内容包括：中小企业融资现状和制度环境分析；分别从内、外部原因以及信息不对称等原因分析中小企业融资难问题；第三部分是关于应对中小企业融资难问题的对策研究；最后给出关于中小企业融资难问题的建议。
外文翻译---中国中小企业融资难和融资结构特点
外文翻译F inancing Difficulties and Structural文献标题Characteristics of SMEs in China作者Yanzhong Wang发表日期2004出版社或China & World Economy论文页码Vol. 12 No. 2, 2004期刊名称英文原文China’s reform and opening-up policy has created a good environment for the development of small- and medium-sized enterprises (SMEs), especially the burgeoning SMEs in the private sector. In the meantime, SMEs have been playing an important role in China’s economic reform and development and, to some extent, have become a growth engine in theChinese economy. However, SMEs are still facing many financial difficulties due to various reasons, such as lagging in the banking system, an inadequate financial structure, lack of a guarantee system, etc. This paper will analyze the structural roots of SMEs financing difficulties and put forward possible measures to mitigate such financing obstaclesSince China’s reform and opening up, the market-oriented reform of the country’seconomic system has gradually engendered labor and capital markets, which have promoted an organic combination of rich labor resources and increasingly expandedcapital resources. The development of SMEs, especially the sharp rise in non-stateownedand non-public-owned enterprises, have provided a vast space and permanent vehicle for this type of combination. Although the overall size of the state-owned economy is still increasing in terms of number of enterprises and developmentalpotential, non-state-owned SMEs have become a main part of the Chinese economy and played an increasingly important role in the national economy and social development.With the rapid growth of the Chinese economy, many kinds of SMEs have been established and gradually developed. In 1980, the number of industrial enterprises at the level of collective township and village enterprises and above (excluding village and family enterprises), was about 377,300. Among them were 1,400 large enterprises, 3,400 medium enterprises and 372, 500 small enterprises, about 0.37, 0.90 and 98.73 percent of all firms respectively ( National Bureau of Statistics, 1981, p. 204). In the same year, China had 1.81 million commercial enterprises (including private businesses), more than 99 percent of which were SMEs. The number of individually owned enterprises was 686,000. The Chinese economy experienced rapid growth in the 1980s, and there was a tremendous boost in the number of SMEs. In 1990, the total number of industrial enterprises reached 7,957,800. The proportions of large, medium and small enterprises were 0.95, 2.27 and 96.78 percent respectively.1 The significant increase in the number of SMEs reflects the objective reality of its fast development at the time. Apart from an increase in industrial enterprises, the number of construction, commercial, food-and-beverage and service enterprises all increased by over 300 percent over 1980 (NBS, 1991, p. 16-17). In the 1990s, the Chinese economy maintained a trend of steady and rapid growth and the overall scale of the economy continued to expand. According to the new standards on the scale of industrial enterprises carried out in 1998, there were 7,864 large enterprises, 14, 371 medium enterprises and 139,798 small enterprises – about 4.85, 8.87 and 86.28 percent of all firms respectively (NBS, 2000, p. 412-413). Compared to figures from 1980 and 1990, while there was an increasein the proportion of large and medium-sized enterprises, the proportion of small enterprises decreased by 10 percent. There were several reasons for this: (1) Large and medium-sized enterprises increased their scale after the structural adjustment, merge and acquisition; (2) With the improvement of the enterprise differentiation standard, a great number of SMEs could not be brought into the statistical category due to their small scale. The number of SMEs decreased (the statistics for the number of firms in 1999 was 38.9percent of the 1990 figure) and, naturally, the proportion of large and medium-sized enterprises increased; (3) Since the mid-1990s, China has switched from a shortage economy to a buyer’s market. The expansion of the opening-up policy and the Asian economic crisis exposed Chinese enterprises to more ardent international competition. Due to the system reforms, the number of state-owned SMEs was cut down largely. Many non-state-owned SMEs also left the market for many reasons, including the pressures of environmental protection, capital difficulties, increased tax burden and fierce market competition. On the whole, it is already difficult to maintain the previous growth momentum in the number of SMEs as seen in the 1980s and 1990s. Since the late 1970s, the reform and opening-up policy and objective terms of the phase of economic take-off have provided a good external environment for the development of SMEs. Therefore, the increasing number and variety of emerging SMEs not only impelled the development of local and national economies, but also became an important indicator for a boost in the Chinese economy. Today, SMEs are getting stronger and continue to contribute to the development ofChinese society and economy. They exert the same function as SMEs in other countries, which is mainly expressed by promoting employment, technological innovation, training of entrepreneurs, developing international economic relationships, accelerating market competition, maintaining economic vitality, and so on. Comparatively speaking, the special nature of Chinese SMEs manifests their specific influence on the transition of China’s economic system and social structure. For example, the development of non-public-owned SMEs not only changes the enterprise ownership structure, but also lays an important foundation in the process of developing China’s market economy. At present, the numberof non-public-owned Chinese enterprises far exceeds the number of state-owned firms. Excluding over 20 million individually-owned enterprises, the proportion of formally registered non-state-owned legal entities grew from 26.1 to 59.5 percent between 1996 and 2001 (Table2). The proportion of non-state-owned enterprises also far surpassed state-owned ones. According to the statistics on industrial value-added output, in the first three months of 2003, the state-owned and collective economy fell to 30 percent, while the non-publicowned economy jumped to 70 percent.Since China’s reform and opening up, SMEs have gradually enjoyed a healthy external environment for development. By reforming the system of a planned economy, the nation relaxed its limitations on the development of SMEs so that urban collective enterprises, township and village enterprises, individual businesses, private enterprises, foreign-funded enterprises and joint ventures could rapidly develop. Regarding the various forms of SME ownership, different development policies were adopted. For state-owned SMEs, from its efforts to “decentralize authority to release benefits” (fangquan rangli) in 1978 to “grasp the large and let go of the small” (zhuada fangxiao) adopted at the Third Plenary Session of the 14th Central Comm ittee in 1995, the government’s policy has focused on reforming the old system which did not adapt to the demand of a market economy. In the mid-1990s, China adopted the policy of “deregulation to render agile” (fangkai gaohuo) and privatization policy for small-sized state-owned enterprises. Many state-owned and collective SMEs reinforced their competitive activities through reform and “privatization”, which transformed the system of property rights and management. As for non-state-owned SMEs, China mainly adopted policies of relaxing policy restrictions, granting political acceptance and financial support, and gradually established a market environment of fair competition andSince the mid-1990s, developing SMEs has been an important strategy in China.The Asian financial crisis of 1997 made the Chinese government and academic circles completely rethink the shortcomings of the simplistic strategy that relied on large enterprises. The government and its institutions came torecognize the need to stress the development of SMEs. Later, a unified administrative framework for all types of SMEs began to take shape. Because of the successive governmental institution reform in 1998, some government departments of various industries were incorporated intothe State Economic and Trade Commission.2 At the same time, a SME department was established in the State Economic and Trade Commission, the highest-level comprehensive management department in charge of reform and development policy of SMEs. Since the trend for the township industry to transform into an urban one is growing, the management of the village and township industry will be gradually consolidated with urban management. Government departments at different levels gradually adopted some accommodating policies to begin building a specialized support service system. From 1999, the Ministry of Finance and other departments started to actively establish a SMEs loan guarantee system. By 2001, they published some laws and regulations, such as the Provisional Regulation of SME Credit Guarantee System and Management Methods of Credit Guarantees for SMEs.3 By the end of 2000, 30 provinces, municipalities and autonomous regions in China had opened pilot sites forthe SME credit-guarantee system, established more than 200 credit-guarantee institutions, raised a guarantee fund of 10 billion yuan, and put forth an important effort to improve the credit environment for SME development. The Ministry of Science and Technology provides 10 billion yuan per year to build venture capital funds for hitech enterprises. Shanghai established the Shanghai SMEs Service Center, which released 13.9 million yuan in credit to 11 SMEs from June to September 1998 (Yao Jun, 1999). The Shanghai Branch of the China Industrial and Commercial Bank set up SME credit departments and took 10 measures to support SMEs. By April 1999, it had shelledout about 300 million yuan in credit to SMEs.4Throughout the reform process and especially in recent years, China has begun placing an emphasis on the issue of supporting SME development. But there are still many problems in the relevant policies. First of all, China lacks a long-term, systematic, unified and relatively independent SME development strategy and policy system. Second, the SME management system and relevant policies are inconsistent, and basic management is weak. Furthermore, since the design of the social service system is severely behind the times, the burden of taxation and quotas is heavy. Finally, without sufficient financial support for SMEs, difficulties in obtaining loans and raising funds will block SME development.外文翻译论文标题中国中小企业融资难和融资结构特点作者王延忠发表时间2004年出版社或中国与世界经济论文页码12期201-218页期刊名称中文翻译中国的改革开放政策为中小型企业（SMEs）创造了良好的发展环境，特别是中小企业的蓬勃发展私营部门。
外文翻译---中小企业融资难相关分析
附录Sme financing problems related to the analysisFirst, small and medium-sized enterprises financing statusReform and opening up, china for 30 years of small and medium-sized enterprises obtained a rapid development of enterprises, 99% of the small and medium-sized enterprises of our country more than 60% GDP contribution, tax over 50%, provides 70% of import and export trade and 80% of urban jobs. Small and medium-sized enterprises in our country is also an important power of independent innovation, 66% of invention patent , 82% of new product development of small and medium-sized enterprises ,from small and medium-sized enterprises has become the economic prosperity , expanding employment , adjusting structure, promote innovation and new industries of important strength.From 80 years since the outbreak of the international financial crisis, the implementation of the positive fiscal policy and loser monetary policy , but no small and medium-sized enterprises from the proactive fiscal policy and moderate looser monetary policy benefit directly , for instance, of the new 2008 225 million small loan only more than previous year , but rose 1.4% only the loans increased 14.9%, 09 year three months of national credit increased 48 trillion , including loans to small and medium-sized enterprises increased amount only less than 5% .Current , loan financing difficult has become the bottleneck of restricting the development of small and medium-sized enterprises and small and medium-sized enterprise production and management faced difficulties, according to the state statistical bureau of statistics and letter until the and of 2008 in the small and medium-sized enterprises of production or collapse closed accounts for about 7.5%,the urban employment, this situation is not only more difficult economic recovery, influence and directly affect the growth and development of people’s livelihood ,stable target .In this sense ,the international financial crisis under the impact of China’s economy could not really low, the key is out of small and medium-sized enterprises vitality can be fully recovered.Second, the sme financing reason analysisSme loans and financing is a cosmopolitan should say, see, both from China, and mechanism of medium and small and medium-sized enterprises, there are three main reasons: first, the medium and small and medium-sized enterprises, small and medium-sized enterprises generally weak awareness of honesty, similar to a few of the common phenomenon, may report on tax on some, less ugly statements in Banks, this intersection, some may form good-looking, such loans point is reliable became a problem. But this approach is very adverse instead of enterprises, the development of small and medium-sized enterprises are not healthy, we imagine, if several departments 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, market environment 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 high enough to enter the market is weak, the low threshold, the fierce competition in the market will increase, these are not good for the development of small and medium-sized enterprises. Second, from the bank, for small and medium-sized enterprise credit conditions stricter, because we are most Bands, it is also considered commercial bank, the risk of their own profits. To the end of 2008, the small bad loans is higher than that of the entire banking industry relies low come m&a, solving some problems, bur the loans of the small and medium-sized enterprises, like a big problem, once, countries will still enterprises, especially those small problems, once the bankruptcy, nobody tube, so the loan quality cannot guaranteed, so in this management system, to reduce the risks, the bank will demand of small and medium-sized enterprises in providing enough after pawn dare loan. Another bank from the operation cost of small and medium-sized enterprises, do loans will pay more manpower, so also does not want to extend loans to small and medium-sized enterprises, A bank operating costs, the half is labor cost, small and medium-sized enterprises 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 the capital markets have direct financing ways of securities market, including small plate and gem, And private equity funds, industrial investment funds, venture investment funds, risk investment funds, and the bond market, etc. But since the sept.25, 2008, the small plate market, securities issued after huachang chemical and closed the door, just recently IPO to restart the IPO. But gem is “ten years”, good sword, people until now only be vivivdly portrayed. Although with gem listing conditions, but a lot of small and medium-sized enterprises to financing, for many enterprises, it is still a luxury. In overseas, small and medium-sized enterprises in the process of growing only rely on bank loan financing, many times is a venture investment risk or the help of small and medium-sized enterprises in China, however, can grow in the basic of financing Shenzhen has 3,000 venture company, with a registered capital of 6,000 billion, but no company is willing to startup investment enterprise. The company is more mature, can the fancy of the securities market and gem.\ Third, the sme financing difficulty in solving the problem(a) From the Angle of the government1.The government should relax market access control, reducing barriers, let more smaller Bands, small and medium-sized enterprises in service for the strategic positioning og those small Banks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more than a hundred villages and towns of the bank, bank established to improve the bottleneck of the economic investment county, including improving agriculture development of small and medium-sized enterprises and support will play a very important role. For existing five state-owned Banks. Should be encouraged to develop their own businesses for the financing of the specialized agencies, relax its has branches and encourage them in the land, and county, township, even closer to provide financial services and more convenient.2.The government should help Banks to establish a credit system, further reducing their information cost, in our country, the central bank since 1998 enterprise credit system construction was started by the specialized agencies, collection and storage, sorting, analysis, and use of enterprise 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 credit system, hope to cover those and financial institutions have no credit relations of small and medium-sized enterprises. Of course, the credit system is not only by the government, and now has some network company, for example, try to use labara. Com in online transaction information into small and medium-sized enterprises credit index, the index of credit, if out of the bank to further reduce the cost of information..3. The government should several of bank risk compensation, the local interest risk compensation mechanism and policy, just compensation fund is to solve the sme financing way, and cannot be fundamentally solved. As to the end, fujian province of bad loans is small loans 6071%, but the average level of banking, is a two percent, while a few risk compensation, just to 0.8 percent, only a small part, So many of bank risk compensation. As all of the loans to small and medium-sized enterprises, then according to the bank loans, reduce its tax, business tax, income tax reduction, Countries can help enterprises to improve bank interest, risk and return, If the loan losses, the government formed by risk compensation fund to patch up it, this makes bif business loans and small and medium-sized enterprises loan to achieve the balance is the basic yields.4.The government should actively promote the multi-level capital market system, in order to better satisfy all kinds of small and medium-sized enterprises include the financing needs of enterprise. Different types of small and medium-sized enterprises, the development stage is endless and same, determines the sme financing needs is not the same, So small and medium-sized enterprises, groups of differentiation determines the diversified financing needs, then satisfy sme financing demand also needs the various forms of financing mode, such as bank loans, bonds, equity financing, etc.200to 4 years in Shenzhen stock exchange medium plate, founded bu promoting capital, technology, management, and the effective factors of high quality as cultivating board, also to promote the upgrading of industrial structure is playing a positive role.In October 2009, gem officially launched. Founded board will provide for independent innovation, promoting effective supervision mechanism of small and medium-sized enterprises in the new development stage. But for more than for small and medium-sized enterprises are listed to solve this kind of condition, enterprise’s equity financing, stock transfer to a valid the over-the-counter marker, In 2006, China launched fei joint-stock company listing for trading of securities companies entering the pilot work, Besides the government should vigorously promote the development of the bond market, bond financing for small and medium enterprises to provide more convenient, in the developed countries, the bond market is the main financing, financing, in the United States, for example, 2008, the company bonds is circulation stock circulation of 5 times, with the United States, Europe and other countries and regions in the bond market, also has the big development space.(b) From the bank angleIf rely on the existing in the banking financial products and sme loans, to solve the difficulty in financing smes is impossible, we cannot change the present situation of small and medium-sized enterprises, so we would change our bank credit, financial innovation is imminent. Currently banking is through the organization, risk management technical innovation, innovation, and security 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 not realistic to high-tdch enterprise, as the core of assets should be their intellectual property righs, the patent righ and one on the market in technology, creative team, is the blood to support its development, as well as several pieces of the mortgaged property, bur all need money to lend, bank, The small and medium-sized enterprises, such an jiangsu cooperatives experiment widely warehouse inventory impawn, through a mortgage loan product, Tianjing coastal rural commercial bank actively carry out enterprise sharehoulding pledge loan., benjing bank recently launched intellectual 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, an income statement and a cash flow statement, small and medium-sized enterprises have even thes three tables are not high, the bank information costs, zhejiang tyrone arisen, commercial Banks, they look for innovative water meter, customs declaration form, large, large, reduce cost, still can make small loans to earn enough money. Like Shenzhen development bank, by focusing on their Opponent’s credit transaction, the authenticity of the enterprise, chooses a new of enterprises credit rating. For enterprises in the ctedit rating method for enterprises itself, the credit rating weight only 15%. Pay more attention to the authenticity of the trading counterparty and downstream of the raw material supply semi-finished products or services or transportation or logistics can be easier to choose good credit are true of the enterprise, trade background to provide enough good service, mobilize various financial tools, in the process of enterprise development, shenfazhan also created the profits.3. Business process innovation. Our country commercial bank, the bank is mostly official in the house, wait for a loan to customers approval for a month , three months, such a kind of management, such an examination result is impossible to small and medium-sized enterprise financial services, it is impossible to improve the financing difficulties of small and medium-sized enterprises. Banks to reduce threshold the other is to simplify the process, reduce link, establish examination mechanism, so as to adapt to the credit factory. The bank is factory, small and medium-sized enterprises is raw material, into the line after the marketing, sales, and service, with approval, and customer maintenance and post-loan management, obtain loans. But Banks are not a person guard line and batch production. Through the way of examination and approval procedures simplified. Through this process to make sure that the smes credit approval from the cycle over the past 2, 3 months, shorten to 3, 5 days now.4.Strengthening the training of personnel. After construction in mechanism to have a group of people to do it, and do it well, it is to strengthen the training of the staff, further strengthen the sme, small business loans and high-tech smes job training and the loan of communication, increasing the entire product r&d efforts, with the strain of new incentive and restraint measures to professional team and the new service.\ (c) From the Angle of enterprises1, Enternises should strengthen management improve quality. To correctly understand the situation, face, establish the risk by management effectiveness and development idea, must pay more attention to technical innovation, technological innovation, pay attention to the new product development, improve quality and brand construction and development of new products, improve the product quality improvement, and win the market.. Reducing energy consumption, to increase, increasing earning. Increasing market development ability, reduce”products, accounts,receivable” two nbre, accelerate the capital turnover. Through the development way, not only by the expansion of production of production, but improve the quality of the industrial sector realize rapid growth.2. The enterprises should strengthen the construction of credit system. Establish the standard of management system, establish she transparent reliable statements, the accumulation of enterprise credit system.中小企业融资难相关分析一、中小企业融资难现状改革开放30年来，我国的中小企业得到了迅速的发展，占企业总数的99%中小企业对我们国家GDP贡献超过了60%，税收超过了50%，提供了70%的进出口贸易和80%的城镇就业岗位。
中小企业融资难外文翻译
附录Financing small and medium-sized problem is not unique to China. In the United States, the existence of such an economic phenomenon of the same, the difference is that the U.S. government measures to support a market-oriented SMEs.China's very rapid development of SMEs, currently has more than 430 million small and medium enterprises, SMEs can be seen in economic activity in China to occupy more and more of the components already. In order to help the development of SMEs in China, the central government has promulgated a number of policies in recent years. However, as funding is concerned, the majority of domestic small and medium enterprises are still everywhere, "meet with a rebuff." Because of shortage of funds in many small and medium enterprises, development has been limited. Perhaps, the U.S. government to encourage small and medium-sized ways and means of financing is worth learning from.Similarly the United States there are difficulties in SME lendingAlthough the U.S. companies the proportion of bank financing through external financing accounted for about 61.8 percent, but small and medium-sized view, because of the existence of relatively high credit risk, leading financial institutions, commercial loans to small and medium-sized lack of impact on the financing of small and medium enterprises.U.S. commercial well-developed financial system, but the prevalence of small and medium-sized small scale, lack of credit, the reasons for poor business environment, small and medium-sized financial institutions are not commercial loans the preferred target. Development and stability that only those products with market and credit conditions favorable to small and medium-sized commercial banks to obtain loans. This point and treat China's commercial banks loans to SMEs with little difference between the attitudeTypically, the United States the amount of long-term financing of SMEs and 25%~ 85% from the accumulation of the enterprise. 90 In the mid-20th century, the total internal sources of funds financing the proportion rose to 61.5 percent from 82.8 percent, which shows that the United States to obtain commercial financing of small and medium-sized proportion was not high.The difference is that the U.S. government has never been to the commercial financial institutions to "issue" administrative indicators, but mainly through government policy on small and medium-sized financial institutions to provide the Guarantee Fund, and guide financial institutions in commercial lending to SMEs. In addition, the SME Credit Guarantee in the United States, the commercial banks also have a larger initiative, to decide whether or not the loan, whether to apply for government guarantees.In addition, the U.S. government and the local small and medium-sized foreign banks have not provided any financing and loan services. Would like to obtain financing unless the business has been successfully registered in the United States, and the owner of this business is a U.S. citizen or permanent residence of the U.S. federal taxpayers.Contrast, the financing structure of SMEs in the United StatesU.S. small and medium-sized and large enterprises through equity financing and debt financing to fund access to business development. Equity financing for SMEs in the United States accounted for 49.63% of total assets, debt financing for SMEs accounted for 50.37% of total assets. Financing structure of the United States through the analysis and comparison, we get the following revelation:In improving the financial industry specialization to develop at the same time small and medium-sized financial institutions, the financing of small and medium-sized changes in the status of the system also depends on the arrangements for non-financial innovation. On the one hand, including large enterprises, including the system of innovation is to broaden the financing channels for SMEs in an important way. On the other hand, the effectiveness of innovation in the financial system, also depends on the real economy to create the system.With the West is relatively sound financial system countries, China's small andmedium enterprises financing difficulties faced by SMEs in Western countries than in more difficult, not only is China's financial institutions, the impact of preferences, there are many reasons for their own financial institutions. At the same time, the market system, interest rates and charges, mortgages and guarantees, and other aspects of integration of the financial sector, China's market and the need to improve the system.China started the development of SMEs with foreign capital compared to less than significant in the development of the industry are often subject to restrictions on the adjustment. In fact, China's small and medium enterprises in the Credit Ratings in the lower grades, it is difficult to obtain the trust of financial institutions, which directly affect their lending. China's small and medium-sized to the development process in the future to address the financing difficulties, the most important issues is to establish good faith.Let's look at private financing. Although our country has been to broaden the financing channels for civil society, but still very smooth. Market-oriented operation of the informal or semi-formal financial financing models have not yet fully developed, even if the development in some areas and did not embark on the track of normal operation.The United States is encouraging the development of supporting measures for SMEsAs a result of the national economy of a country SMEs are the most active ingredient, which the governments of the world on the development and financing of small and medium enterprises attach great importance to the issue, the United States is no exception. In order to encourage the development of SMEs, the U.S. government to take a lot of ways to be used for reference.Establish and improve laws and regulations to support SME financing. The U.S. federal government to support the development of SMEs for the development of the regulations, the adoption of legislative norms in the form of financing small and medium-sized service system, including: "small and medium-sized law", "small and medium-sized investment law", "Economic Policy Act of SMEs", "small andmedium-sized Enterprise Technology Innovation Promotion Law, "" Small Business Investment Incentive Act, "" Small Business Development Center Act "and so on.The establishment of special funds. Special fund is the U.S. government to make small and medium enterprises in the national economy and social development and give full play to the role of certain aspects of the financial assistance given. In the U.S. There are two major categories: the Government's financial results for the special science and technology research and development funds, product procurement funds, small and medium-sized start-up fund, employment fund, such as the unemployed population can encourage small and medium-sized product innovation and creating jobs; risk compensation fund, the Financial special funds (as distinct from direct financial subsidies, it has strict regulatory requirements, the need for funds of funds must be clear before the number, purpose, targets, methods of payment and subsidies), special industries, such as re-insurance fund to help small and medium-sized to reduce market risks.The establishment of specialized agencies, to provide financing for small and medium-sized security and assistance. The United States to manage small and medium-sized sector is the Federal Small Business Administration (SBA), has sent in the state institutions, the role is to fight for small businesses a level playing field conditions, to serve the small business economic groups.The U.S. government's policy towards SMEs only a small number of loans, the Government mainly through the federal Small Business Administration to develop macro-control policies to guide the private capital investment to small and medium enterprises. In the United States nearly 45 years of history, Small Business Investment Company (under the federal Small Business Administration) through the investment projects 140,000 to about 90,000 small businesses provided 40 billion U.S. dollars of funds, the creation of about one million new jobs.U.S. Small Business Investment Company, former head of the Tang Christensen • A view that "China should learn from the United States or some experience in grafting, if small businesses can give full play to the role of investment companies, then, China's small enterprises will be developed into a medium-sized enterprises . "U.S. small and medium enterprises financing structureEquity financing:The main owner of the assets of the owner's equity accounted share of 2 / 3, representing approximately 31.33% of total assets.Assets are the rights and interests "other options", accounting for about 12.86 percent of total assets. This part of the shares of the owner is mainly relatives and friends. They neither have the majority of shares, nor is it a major business decision-makers.There is also a known as the "angel funding" equity, total assets of the enterprises accounted for about 3.95 percent. "Angel capital" refers to small and medium enterprises in the start-up period for the development of small and medium-sized to provide a direct personal or family funds, but also to provide certain management advice and experience.In addition, the "venture capital", this type of investment, mainly to vote for small, medium and high-tech enterprises. True in the development of small and medium enterprises have access to this type of venture capital, the amount accounted for only 1.58% of total assets. The proportion of foreign capital is not high, about 2.69 percent, but very clearly the purpose of investment is to encourage and promote the development of small and medium-sized high-tech enterprises.Debt Financing:From financial institutions:Bank credit accounted for 8.75% of total assetsFinancial companies accounted for 4.91% of total assetsOther financial institutions (including non-financial institutions) accounted for 3% of total assetsFrom non-financial institutions and government funding:15.78% for commercial credit1.74% for other enterprises0.49% GovernmentParticipation by the private investment funds, accountingfor 5.71%United States Government to provide loans to small and medium-sized security modelLoan guarantees for small and medium-sized federal Small Business Administration is an important task, and its security as follows: to the Federal Small Business Administration's reputation as a small business loan guarantees to commercial banks, under normal circumstances, the Federal Small Business Administration loans the total amount of 75% ~ 80% of the guarantee, the rest of the commercial banks. Federal Small Business Administration loans up to a maximum of 750,000 U.S. dollars. The risk of loss of loan guarantee by the Government as a risk management budget. Federal Small Business Administration in accordance with financial institutions, small business lending experience and performance, to participate in the secured loan lending institutions are classified based on different procedures.中小企业融资难的问题不是中国所特有。
中英文外文文献翻译中小企业的融资困境研究
本科毕业设计（论文）中英文对照翻译(此文档为word格式,下载后您可任意修改编辑!)作者：Groot M期刊：International Business Research，第5卷，第2期，pp:31-41 原文The research of financing difficulty in SMES作者：Groot M1. IntroductionThe principles of the European Union funding of SME have gradually emerged and are constantly analyzed for improvement.Unfulfilled or only partially achieved expectations to the property less, deviations from the model for better or worse, complaints, problems, deficiencies noticed in the comparison, all of them are challenges needed to be met by training operations that EU experts will bring out. Given the political interest which European structures manifested in this direction, this process will undoubtedly continue, because it allows better management of financial resources and an increase with large positive effects. Furthermore, access to finance is the most important factor promoting employment, growth and innovation in SME in Europe. Given the size of the Structural Funds, the European Commission tried not to leave to chance the "right to know". The research period focused in this paper encompasses the years 2007 - 2009. (Note 1) The research methodology used was based on document analysis, secondary data analysis and statistical analysis. The analysis of levels of funding granted through different EU financial instruments has been conducted on basis of statistical analysis of financial information from European Commission budget. 2. Structural and Cohesion Financing Sources for SME According to the Guidelines on financing of small and medium enterprises, funding may be made by calling the internal sources (equity capital) and / or external funding sources (http://www.finantare.ro/ghid-finantari.html). The internal funding sources are:* Contributions of the owners or associated members. * Resources generated by the company's activity (retaining profit). Internal funding sources have some advantages, such as preserving the independence and financial autonomy, because it creates no additional binding (interest, guarantees), or maintaining borrowing capacity, being a reliable mean of financial support of the enterprise's needs. They also bear disadvantages because the owners have fewer funds to invest in other more profitable activities than the activity which generated the financial overflow (alternative cost). External financing sources of SME include: loans, grants, and capital market instruments. The needed borrowing is obtained by the analysis of the evolution indicators of costs that are generated by the SME development. This need should be determined from the planning stage of development. Depending on the characteristics of this necessary, one develops the company's financing policy. External financing is necessary if the SME does not have sufficient internal resources to cover the investments necessary for the planned activities. Regardless of the country, it is intended to facilitate access of SME to external financing sources, especially venture capital, micro-loans, financial mezzanine, and the development of a stimulating legal and business environment. Attracting capital is one of the conditions necessary for both establishing a successful business (especially SME) and for ensuring its development. The use of own resources or loans is often insufficient for start-up firmsor those with strong growth potential. Investors hesitate to invest in start-up companies because of high transaction costs and because the returns do not compensate for risk. Therefore, these companies usually seek a venture capital, which may provide the amounts necessary for entering the market and developing faster. The venture capital is essential for the innovative SME' financing and for the assurance of the best investment opportunities. However, in Europe, venture capital market is fragmented, which affects cross-border investments and growth potential of venture capital funds and reduces the level of investment. Therefore, given the need to improve SME' access to financing (and especially for the innovative ones), the European Commission established facilitating cross-border investments as one of the main objectives, and initiated some measures to overcome regulatory and tax obstacles at EU and each Member State level. To become competitive, European venture capital markets wish to increase their efficiency and profitability, and a way to achieve this goal is by extending the benefits of a single venture capital market to facilitate cross-border transactions. The European Commission will evaluate the options for the introduction of a private placement regime to facilitate cross-border investments to stimulate the development of venture capital funds in Europe and will assist Member States to promote programs which stimulate investments.Regarding financial mezzanine, this is a hybrid financing instrumentthat combines features of equity and loan and increases the possibilities of companies' financial option. In fact, financial mezzanine can be an important complementary source of financing firms. The most important instruments of mezzanine financing include private placement instruments (private mezzanine) and capital market instruments (public mezzanine).Mezzanine capital is an appropriate solution especially when the requirements for financing may not be covered by traditional loans. Hybrid forms of financing can be employed also in less dynamic periods (e.g. maturity phase) to optimize the financial mix. Cases of refinancing are also suitable for using mezzanine capital. In these stages of the business, financial mezzanine is an attractive option for companies with positive cash flows and developing perspectives to attract additional funds. Mezzanine financing is inappropriate for restructuring, because in these phases capital flows are volatile and more difficult to predict. Further, financial mezzanine is not recommended for companies with an unstable position on the market and negative forecasts of development, with a high debt rate and accounting and financial weaknesses.The mezzanine financial instruments are little used now, compared with traditional financial loans, but amid a trend of change and rapid evolution of financial markets, where the survival and development of the companies will require substantial resources, it is estimated that this formof financing will grow significantly.3. Current Scenarios for Financing SME The increasing attention paid in the last decade to SME in most countries of the world, as a result of the recognition of their major contribution to economic development and generating new jobs in the economy, is reflected in the development of various public financing schemes. There are two significantly different concepts at the basis of their design and operation: 1. Financing schemes for SME based on governmental economic policies, which aim to achieve certain economic and social objectives by financing with priority some certain categories of firms. Adherents of this approach are the Japanese, who are currently preferentially financing through a variety of public schemes, small businesses which develop strongly and with great potential for job creation (Klein et al., 2003).2. Financing schemes for SME focused on market requirements, which aim to provide financial resources, but under the same or very close conditions to the market conditions. The main concern is to avoid causing distortions in market competition, which might advantage certain categories of firms. These schemes, which forecast modest subsidies to SME financing costs, have a less sensitive role in stimulating them. In Europe, there are especially in Germany and the UK approaches based largely on this model, while in the period 2007-2009, the previous approach was predominantly used.Romanian SME' requirements consider the types of investment needed during the development of their commercial activities, the risks related to investments which will be financed, and the factors to be considered when selecting a funding source. In choosing the source of funding for SME several aspects should be carefully considered: what kind of source of funding is best suited to the business' objectives, what financing size can meet the needs of the business and its own assessment of the company, which will be made in order to assess the ability of the business, to have access to financing and to repay it. When the financing source is chosen, the following factors should be taken into account (Nicolescu &Nicolescu, 2008). 4. An Outline of Financing SME in Romania In Romania, public schemes which promote SME financing can be divided mainly into four categories (Figure 1). Financing schemes by grants provide, under certain conditions, grants for SME. Generally, these grants address companies from certain economic sectors or areas of the country. Most often, there are financed investments in equipment and, more rarely, in capital. The basic principle of providing grants is financial co-participation, which implies the allocation by the SME of a part of the funds necessary for the whole project at a clearly stated minimum level. Such schemes were operationalized through some foundations (CRIMM, FIMAN) or governmental agencies (the National Agency of Small and Medium Enterprises, the National Agency for Regional Development, theNational Employment Agency) and ministries (Ministry of Transport, Ministry of Labor and Social Protection, etc.).EU Structural Funds are managed by the European Commission and have as destination financing the structural aid measures at communitarian level, in order to promote the regions with delays in development, reconversion of areas affected by industrial decline, combating long-term unemployment, and promoting the employability of young people or rural development. If one considers that Romania would benefit by 2013 from structural funds of about 28-30 billion Euros from the EU, it is of great importance to known the level of the Romanian SME connected with the accessing of these forms of financing.5. Concluding DiscussionConsidering the results presented above, one can identify and outline areas where the following priority actions are recommended: 1. Gradual establishment of a system of guarantee funds for financing entrepreneurs at national and regional level. 2. Significant reduction of the amount of guarantees and fees required by banks in lending in accord with the EU practices. 3. Simplifying procedures for obtaining credit. 4. Interest subsidy on loans to SME, at least in certain sectors with competitive advantages and for certain groups (youth, disabled persons, etc.). 5. Developing a national training program for entrepreneurs in order toaccess structural funds based on the principle of public - private partnership. 6. Providing adequate grace period on loans for investment. It is also necessary to give credits for investment for a longer period of time, at least 5-7 years. These two measures would facilitate a comprehensive and rapid development of SME. 7. Transforming a state bank in a development bank (investments) for SME.译文中小企业的融资困境研究作者：格鲁特1.引言欧盟中小企业融资的原则问题已经显现出来并需要不断地进行分析改进。
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本科生毕业论文外文资料翻译专业财务管理（财务管理方向）班级姓名指导教师所在学院管理学院附件1.外文资料翻译译文;2.外文原文中小企业融资难相关问题分析一、中小企业融资难现状改革开放30 年来，我国的中小企业得到了迅速的发展，占企业总数99％的中小企业对我们国家GDP 贡献超过了60％，税收超过了50％，提供了70％的进出口贸易和80％的城镇就业岗位。
中小企业同样是我们国家自主创新的一个重要力量，66％的发明专利，82％的新产品开发都来自于中小企业，中小企业已经成为繁荣经济、扩大就业、调整结构、推动创新和形成新的产业的重要的力量。
自0 8 年国际金融危机爆发以来, 我国实施了积极的财政政策和宽松的货币政策, 但广大中小企业至今没有从积极的财政政策和适度宽松的货币政策当中直接受益,例如08 年全国新增小企业贷款只有225 亿，比上年只增长了1.4％，可是全国的贷款增加了14.9％，09 年头三个月全国的信贷规模总量增加了4 .8万亿，其中给中小企业贷款增加的额度只占不到5％。
目前融资难、贷款难已经成为制约中小企业发展的瓶颈, 中小企业生产经营面临着严峻困难，据国家统计局和工信部统计到08 年底，全国中小企业中歇业停产或者倒闭的大约占7 .5％，城镇就业更加困难，这个状况不仅影响我国经济的复苏，而且直接影响保增长、保民生、保稳定的发展目标。
从这个意义上说，国际金融危机冲击下的我国经济能否真正的走出低谷，关键是广大中小企业的活力能否得到完全恢复。
二、中小企业融资难原因分析中小企业融资难、贷款难应该说也是一个世界性的难题，从我国看，既有体制机制问题，也有中小企业自身的问题，主要有三个方面的原因：第一个，中小企业自身的问题, 中小企业一般规模小，实力弱，它的信誉不是太高。
中小企业普遍诚信意识薄弱，类似的一家企业几套报表的现象屡见不鲜，可能在税务这边报表难看一些, 少交点税，在银行这边可能表好看一些，多贷点款，这样信息是否真实可靠就成了问题。
而这种做法对企业反而是很不利的，对中小企业的发展是不健康的，我们试想一下，如果几个部门把这些表全拿在一起，那首先这个企业是不诚信的，他就没有立足之地了。
我们的制造型和外向型中小企业在人才、技术、资金、市场环境等方面面对着金融危机，存在着巨大的发展压力，它的根本原因是企业的科技含量不够高，创新的能力比较弱，进入市场的门槛比较低，市场竞争的激烈也增加, 这些都不利于中小企业的发展壮大。
第二个，从银行方面来看，对于中小企业的贷款条件更加严格，因为我们的银行大部分是商业银行，它也考虑自身的风险，自身的利润。
到2008 年末，小企业不良贷款率是11.6%，高于整个银行业七八个百分点, 像国有的大企业，一旦出了问题，国家还会来并购重组，解决一些贷款难的问题，但是这些中小型的企业，特别小企业，一旦产生问题破产的话，就没人管，所以银行的贷款质量就没有办法得到保证，因此在这样的经营体制下，银行为降低风险，必然会要求中小企业在提供了足够的抵押物后才敢放款。
另外银行从运营成本考虑，做中小企业贷款将付出更多的人力物力，因此也不愿意向中小企业发放贷款。
一个银行经营的成本，有一半左右是劳动力成本，做中小企业特别是做小企业的劳动力成本非常高，无论是五百万还是五千万，是五个亿还是五十个亿的一笔贷款，它的工作量是相同的，但是它所产生的效益是成百倍的不同。
第三个，中小企业融资渠道太窄，中小企业在资本市场上直接融资的途径有证券市场、包括中小板和创业板；还有私募股权基金、产业投资基金、创业投资基金、风险投资基金，以及债券市场等等。
而自从2008 年9 月25 日，中小板市场华昌化工发行之后，证监会便关闭了IPO 大门，近日才重启新股发行。
而创业板也是“十年磨一剑”，到现在才呼之欲出。
尽管符合创业板上市条件的中小企业不少，但真正能够上市融资，对于很多企业来说，仍然是一种奢望。
在海外，中小企业成长过程中的融资不仅仅依靠银行的贷款，很多时候是获得风险投资或者创投的帮助，然而我国的中小企业在成长中，基本无法获得这样的融资。
深圳拥有3000 家创投公司，注册资金达6000 亿，但没有公司愿意投资给创业初期的企业。
这些公司更多的时候只是看中比较成熟、能上创业板和证券市场的企业。
三、中小企业融资难解决之道( 一) 从政府角度而言1、政府应该放松管制，降低市场准入壁垒，让更多的小银行，以服务中小企业为战略定位的那些小银行能够蓬蓬勃勃的发展起来。
现在我国有大概一百多家村镇银行，村镇银行的成立对改善县经济投资的瓶颈，包括改善中小企业和支持三农发展将会起到非常重要的作用。
对现有五大国有银行, 应鼓励其大力发展自己有利于小企业融资的专门机构，放松其下设分支机构的审批环节，鼓励它们在地、县，甚至乡，来提供更接近、更方便的金融服务。
2 、政府应该帮助银行建立一个信用体系，进一步降低他们的信息成本，在我国，央行从1998 年起就开始启动了企业征信体系建设，由专门机构采集、保存、整理、分析、使用企业的信用信息，以防范信用风险，保持金融市场稳定。
2006 年开始，央行又着手建立中小企业信用体系，希望把征信体系覆盖到那些和金融机构没有信贷关系的中小企业。
当然，信用体系也不是只靠政府，现在有一些网络公司，比如阿里巴巴在尝试用网上交易的信息变成中小企业的信用指标，这个信用指标如果出来了以后，可以进一步降低银行的信息成本。
3 、政府应该多方面的对银行进行风险补偿, 目前各地出台的利益补偿机制和风险补偿基金政策，仅仅是解决中小企业融资难的一种办法，并不能从根本上解决。
例如到去年末为止，福建省小企业贷款的不良贷款率是6.71%，而整个银行业，平均的水平是百分之二点一几，而风险补偿金，只是给0.8 个百分点，只解决一小部分。
因此需要多方面的对银行进行风险补偿。
例如凡是给中小企业贷款的，那么就根据银行的贷款量，减少它的税收，减少营业税、所得税; 国家可以帮助企业贴息，提高银行风险收益; 如果贷款形成损失，政府用风险补偿基金把它补起来，这就使大企业的贷款和中小企业的贷款能够达到比较收益率是基本平衡的。
4 、政府应该积极推进多层次资本市场体系建设, 以更好的满足包括中小企业在内的各类企业的融资需求。
中小企业类型不一，所处的发展阶段不尽相同，决定了中小企业的融资需求也不一样。
因此中小企业群体的差异化决定了企业融资需求的多元化，那么满足中小企业融资需求也需要形式多样的资金提供方式，比如银行贷款、债券融资、股权融资等等。
我国2 0 0 4 年深圳交易所创立中小板,通过推动资本、科技、管理等要素有效的结合，中小板既培育了一批优质企业，也为促进产业结构的升级发挥了积极的作用。
09 年10 月，创业板正式启动。
创办板推出将为自主创新的企业提供有效的监管机制，推动一批中小企业迈上新的发展台阶。
但对于更多中小企业而言还达不到上市的条件，解决这类企业股权融资、股份流转需要一个有效的场外市场。
在2006 年开始，我国启动了非上市股份公司进入证券公司挂牌交易的试点工作。
此外政府应大力推动债券市场的发展，为中小企业债券融资提供更多的便利，在发达市场国家，债券融资是企业主要的融资方式，以美国为例，2008 年，美国的公司债券发行额是同期股票发行额的5倍，与美国、欧洲等国家和地区相比，我国债券市场还有很大拓展的空间。
( 二) 从银行角度而言如果依靠我国银行业的现有金融产品和对中小企业贷款的相关规定，要想解决中小企业融资难问题是不可能的，我们改变不了中小企业的现状，那么我们就改变我们银行的信贷方式，金融创新迫在眉睫。
目前银行业正在通过组织架构创新，风险管理技术创新，担保抵押创新，和产品创新等多种途径改变中小企业融资难的现状。
1、担保抵押创新。
抵押品不足是中小企业最大软肋, 他们不可能买一堆房子然后准备做担保，这是不现实的，对于高新企业而言核心的资产应该是他们的知识产权，专利权和一个在技术、在市场上创新的团队，是最重要的资产，可以使他们每年高速增长，但是资金就像血液一样支撑其发展，这几块都需要资金，而抵押物不足，银行不给放贷。
目前全国很多省份的中小银行都开展了面向中小企业的金融创新实验，如江苏农信社广泛推广仓单质押，通过库存产品作为抵押取得贷款；天津滨海农村商业银行积极开展企业股权质押贷款; 北京银行新近推出知识产权作为质押从银行获得贷款。
2、信用评级创新。
大银行做业务的时候，通常看资产负债表、损益表、现金流量表，中小企业有的连这三表都没有，银行信息成本很高，导致惜贷, 浙江泰隆商业银行进行创新, 他们就看水表、电表、海关报关表，大量降低成本，使得小额贷款还能够有钱可赚。
又如深圳发展银行, 他们通过关注企业交易对手的信用，关注企业的真实性，选择了一种新的对企业的信用评级方式。
在对企业的信用评级方法里边，对企业自身的信用评级权重只有15％，更加关注交易对手和交易的真实性。
大部分企业都是在贸易链中，在供应链中生存的，它一定有上游的原材料供应和下游的产品或者是半成品的服务或者是运输或者是物流的管理，那么在这个过程当都能够检索到企业的信用记录，用这些东西就可以比较容易的选择到好的重信用的有真实贸易背景的这些企业，向其提供足够好的服务，调动各种各样的金融工具，在企业发展的过程中，深发展也创造了利润。
3、业务流程创新。
我国商业银行大都是官办的银行，习惯在房子里坐等客户，一笔贷款要审批一个月、三个月，这样一种管理、这样一种审批效果是不可能适应中小企业金融服务，也不可能来改善中小企业的融资困难。
银行一方面要降低门槛，另一方面必须简化程序、减少环节，建立高效的审批机制, 这样才能适应小企业对信贷资金短、平、快的要求。
中国银行四月底推出了信贷工厂。
就是把银行当作工厂，中小企业是原材料，进入流水线后经过营销、销售、业务申报、审批、支用、客户维护和贷后管理，获得贷款。
而银行也不是一个人从头到尾完成所有环节，而是派出7组工人，每人把住流水线上的一个环节，批量生产。
通过这样的方式简化审批的流程。
通过这种流程安排使其对于中小企业信贷审批的周期从过去2、3 个月，缩短到现在的3、5 天。
4、加强人员培训。
在机制建设以后就要有一批人能够做这件事情，而且把它做得很好，这就要加强员工的培训，进一步加强对中小企业、微小企业贷款以及高新技术的中小企业的贷款工作的培训和交流的力度，加大整个产品应变研发的力度，用新的激励约束的办法来培养一支专业的队伍和新的服务文化。
(三) 从企业角度而言1、企业应加强管理、提高素质。
要正确认识当前形势，正视风险，树立靠管理求效益、谋发展的观念, 要更加注重技术改造、科技创新，注重新产品研发、质量改进和品牌建设，不断拓展新产品，提高产品附加值，以内在质量的提高，赢得市场。