小微企业金融外文翻译--乌干达小微企业融资路径依赖和融资的决定性因素

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中小企业的融资问题外文翻译（可编辑）

中小企业的融资问题外文翻译外文翻译the Financing problems of Small and medium sized enterprisesMaterial Source: ////0>. Author: ModiglianiA thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid small and medium sized enterprises, sensing?understandably?that the transaction costs of financing them will be excessively high. What Small and medium sized enterprises need is not to be left without access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van deer Avert, CEO of Small Enterprise Assistance Funds SEAF. This US- and Dutch-based NGO manages a network of 14 commercially driven investment funds worldwide with total assets of $140 million, and has developed a unique “equity plus assistance” approach to Small and medium sized enterprises investing.Small and medium sized enterprises Sara widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open to foreign direct investment, they also tend to pay disproportionately more in taxesand social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, often find a way to reduce their tax obligations through transfer pricing, royalty payments, and negotiated tax holidays. Microenterprises, on the other hand, often fall in the informal sector, neither paying taxes nor making social security contributions.Yet if Small and medium sized enterprises constitute a critical dimension of growth and development and are often well positioned to achieve high revenue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?The reasons are multiple and, for the most part, understandable. For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investing in local Small and medium sized enterprises also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, most private capital would much prefer to invest in a few large-asset There are broader issues to be considered as well, including the lack of transparency in local legal systems and governments that make investing in these countries difficult at best. enterprises in fields such as pharmaceuticals,telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making small and medium sized enterprises investments. These can be coupled with perceptions that local Small and medium sized enterprises entrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks receive from development institutions for on-lending to Small and medium sized enterprises are often under-utilized. Small and medium sized enterprises entrepreneurs’ lack of experience in accounting and other areas of financial documentation make it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.SEAF believes that the investment levels it takes, coupled with its focused efforts on increase value after investments, and allows it to invest at relatively attractive multiples. This offers an array ofpotential exit possibilities. By contrast, many conventional Emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee Small and medium sized enterprises.The financial sector infrastructure will need to change to accommodate the substantial financing requirements of new activities and industries. Going forward, while financial institutions would need to transform to remain innovative and responsive to demands of their customers, efforts need to be directed to facilitate financing by non-banks for high-risk ventures. These include financing for knowledge-intensive and technology-intensive start-up enterprises where only ideas intangible collateral are principal assets. As such, these knowledge-intensive and technology-intensive enterprises will need alternative forms of financing to complement traditional financing sources. These alternative modes of financing include among others, venture capital and credit enhancements such as financial guarantee insurance and agriculture insurance.The financial infrastructure that supports Small and medium sizedenterprises in Serbia is undeveloped. Up to now, small and medium sized enterprises and entrepreneurs have financed their operations out of their own resources because financial markets in Serbia were isolated and lacked the support of international financial institutions. The local financial sector in the former Yugoslavia was designed to support large scale, socially owned enterprises ? otherwise known as the “Pillars of Development.” B anks, especially large-scale socially owned banks, had a redistributive function imposed on them by the state, and they dealt solely with large-scale, socially owned enterprises. In addition, the Fund for Development of the Republic of Serbia disbursed its funds to the same target group. Capacity to repay the banks or the Fund was not a criterion for credit approval.Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamicsAs a matter of intellectual history, the reason is not difficult to understandDuring the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costsBut without such frictions, financial markets have little reason to existFor example, with complete markets and if we ignore taxes, we know that whether acorporation finances itself by debt or equity is irrelevant the Modigliani-Miller theorem.The former economic and political system did not support the development of financial instruments for Small and medium sized enterprises. Cooperation with SMEs focused on a few selected companies, while sole traders were almost completely excluded from credit transactions with the banking sector. SME owners and citizens completely lost their trust in the banks and channeled their savings into the grey economy, to banks abroad, or kept their savings at home. Only payments effected through the National Payment Bureau functioned properly for Small and medium sized enterprises.译文中小企业的融资问题资源来源:////. 作者:詹姆斯?沃尔芬森中小企业的蓬勃发展对促进经济增长,减少发展中国家的贫穷和经济转型具有重要意义。

中小企业融资和企业家外文翻译(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。

小微企业融资外文文献翻译

小微企业融资外文文献翻译the XXX credit to small and medium enterprises (SMEs)。

However。

micro enterprises (MEs) which are smaller than SMEs。

have been XXX。

using a path XXX finance。

such as family and friends。

due to the lack of access to formal finance。

Path dependence is also evident。

XXX finance.翻译：乌干达的小微企业融资：路径依赖和其他融资决策的决定因素XXX：Winifred XXX-XXX博士摘要：发展中国家的融资文献主要关注正规金融机构向中小型企业（SMEs）提供信贷的角色。

然而，小微企业（MEs）比SMEs更小，却被忽视了。

本文使用路径依赖框架，研究了乌干达小微企业的融资决策，识别了影响它们获得融资的因素。

研究发现，由于缺乏正规融资渠道，小微企业严重依赖非正规融资来源，如家人和朋友。

路径依赖也很明显，过去的融资决策和与非正规融资来源的关系影响了当前的融资决策。

本研究建议政策应着重改善小微企业获得正规融资的渠道，并促进金融素养，减少对非正规融资来源的依赖。

Access to credit is crucial for small and medium enterprises (SMEs) and micro enterprises。

as they are considered to be the main drivers of economic growth。

In e countries。

XXX role than SMEs。

XXX-agricultural self-XXX。

XXX due to the way they are XXX。

中小企业融资【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。

小微企业金融外文翻译--乌干达小微企业融资路径依赖和融资的决定性因素论文文献外文翻译-中英文对照译文

第一部分外文文献原文部分中文6555字题目：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing Decisions作者：Dr. Winifred Tarinyeba- Kiryabwire出处：Tarinyeba-Kiryabwire W M. Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing Decisions[J]. Available at SSRN 1633393, 2010AbstractAccess to finance literature in developing countries focuses on access to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquirebusiness inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit1. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enable financial institutions to develop products for SMEs such as leasing and factoring2. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly onfactors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.Path Dependence in Micro Enterprises: Formation and Business CharacteristicsThe majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in which they operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business asa legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well.3 The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. Onthe other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search and reservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).6 Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated withincorporated businesses and increased access to finance.7 On the other hand, inadequate legal protection is associated with limited businessincorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.Policy makers concerned with integration of the informal sector into the formal and improving access to credit for informal sector micro enterprises should consider a business registration system that is simple, cost effective and decentralized. The licensing process through local government authorities can be used to create a registration and business identification mechanism that can identify the business and its location.The majority of micro enterprises are engaged in retail trade, such as a shop selling merchandise such as groceries, household items, clothes, motor vehicle spare parts or books. Some respondents reported other business activities includingagriculture (beekeeping, milk production), processing (honey, herbal medicines), small scale production (timber and furniture), and services (hair dressing, restaurants selling food and beverages). However, these respondents were few compared to those who reported engaging in retail business. This finding can be attributed to two factors. The first is that the majority of micro enterprises are established with start-up capital from personal savings or contributions from friends and family members and since such retail businesses do not require a lot of capital, it not surprising that they are the majority.Employment by Micro EnterprisesThe number of employees of a business is one of the factors used to classify micro, small and medium enterprises. Although no standard definition specifies a minimum or maximum number of employees for these categories, micro enterprises are on the lower end of the scale regarding capacity to employ. The data show that the majority of microenterprises in Uganda employ between one and five persons, indicating that the businesses are largely a source of self-employment rather than of large scale job creation. They are also the largest source of non-agricultural self employment. This means that with the increasing adverse effects of climate change on agriculture,increasing population pressure on land and swelling rural-urban migration, micro enterprises of this nature will continue to rise. The result is an expanding informal sector that has no capacity to create jobs, contribute to the national economy and transform economically.Size is another indicator used to classify businesses as micro, small, medium and large scale enterprises. However, like the employment variable, size is not consistently defined. In the European Union, business enterprises that have assets not exceeding two million Euros are classified as micro enterprises, while those withassets not exceeding ten million Euros are small enterprises, and a medium enterprise has assets not exceeding 34 million Euros.10 The data show that the majority of micro enterprises in Uganda have assets not exceeding Ugshs.5 million ($2,500). This finding is indicative of the manner in which these businesses are set up — as small, informally established, sole proprietorship businesses initially financed with little start-up capital, usually from informal sources. Because most micro enterprises neither keep financial records nor are audited, respondents were simply asked to estimate the value of their businesses as a going concern.There were slightly more micro enterprises owned by men than by women. This trend was the same in the different regions of the country. Only 68 micro enterprises were jointly owned, and, in most cases, the co-owners were either spouses or siblings. The low level of joint enterprise is not only typical of micro enterprises but also of other forms of business enterprises as well. This is may be due to inadequate legal protection for shareholders. The current Companies Act was enacted in 1948 and is out of date with current corporate governance standards. The majority of micro enterprise owners do not own any substantial assets that can be used as collateral for a loan. A few were able to obtain credit from microfinance institutions that provide credit using collateral substitutes such as group loans, forced savings and small contingent loans. However, for other reasons discussed below, access to micro credit remains a challenge for micro enterprises.Other Determinants of Financing Decisions of Micro Enterprises in UgandaApart from the path dependence factors discussed above, there are other several factors influence the financing decisions of micro enterprises, including the choice of using formal or informal credit, borrowing from microfinance lendersor commercial banks, and accessing credit individually or through group lending. The latter decision, for example, may be influenced by the credit history of the borrower and the availability of collateral. If a business has neither a prior relationship with a financial institution nor substantial collateral, it may find obtaining credit difficult and instead do so through group lending. Although micro enterprises are easy to establish and usually obtain start-up capital from personal resources, access to formal credit is critical for subsequent growth. Below, I discuss the findings on various factors that influence the financing decisions of micro enterprises.Access to Formal CreditOut of the 602 micro enterprises surveyed, only 34% stated that they had applied for a loan, while the majority (64%) had never done so. An analysis of the respondents by business location did not reveal any regional advantages in access to formal credit. In Kampala, only 31% had applied for a loan; in the north and north-western region, 46%; in the western region 42%; and in the eastern region, 35%. Therefore, in all the regions, the number of micro enterprises that had applied for a loan is significantlysmaller than the number that had neverapplied. Available data show that the central and western regions have a significantly higher distribution of microfinance institutions than the northern and eastern regions.11 However, this trend is not reflected in the survey. Micro enterprises in the central and western regions that were able to access credit are not significantly higher than those that were able to do from the rest of the regions. In addition, analyzing the respondents by ownership did not reveal any gender related constraints. No significant variations were observed between enterprises owned by men that applied for credit and those owned by women.Of the respondents who stated that they had applied for a loan, 86% successfully applied for and obtained credit, while 24% were denied credit for reasons discussed below. However, of the 24%, less than half (42%) have obtained formal credit on other occasions. Therefore, only 58% enterprises that applied for a loan on one or multiple occasions failed to get credit.Source of Formal CreditFor the micro enterprises that applied for and obtained credit, the majority (77%) borrowed from microfinance institutions, while only 23% borrowed from commercial banks.This phenomenon can be attributed to the nature of micro enterprises. Being informally established, requiring small loans, and not having substantial collateral make access to commercial bank credit difficult. However, it is important to note that even the 23% that were able to access credit from commercial banks, they did so from those commercial banks that are involved in micro credit delivery such as Centenary Bank. Micro enterprise access to commercial banks is very difficult. In addition, even though the majority of micro enterprises that obtained credit did so from microfinance institutions, compared to the total survey (602), those that access credit are significantly smaller than those that are unable to access credit. This means that micro enterprises largely use informal credit.Borrowing Trends of Micro EnterprisesAn analysis of the borrowing trends of micro enterprises that applied for formal credit revealed that the majority applied for credit more than once with the same lender. This pattern is attributed to the fact that most micro enterprises need credit to finance working capital. Therefore, repeated borrowings are indicative of a revolving financing activity. In addition, micro lenders use contingent credit to minimizethe risk of default, so borrowers get into a cycle of repeated borrowing of small loans. Another factor that may explain this trend is that once a relationship has been established with a particular lender, borrowers find it easier to obtain future credit from that lender. The lack of credit information systems makes it diff icult to transfer one’s credit history from one lender to another hence limiting lender choice. This is one of the disadvantages of relationship banking. Borrowers may find themselves continuing a relationship with a lender not necessarily because the lender offers themthe best, but because of the difficulties of starting a new relationship with another lender. A credit reference bureau has recently been established in Uganda. However, it’s too to assess its impact.Information Prior to Obtaining CreditThe respondents were also asked whether, prior to obtaining credit, they had adequate information about cost and the consequences of defaulting. The majority indicated that they were aware of both and that they had obtained this information either from the lender or from their peers.Micro Enterprise Finance: The Choice between Formal and Informal CreditOut of the 602 micro enterprises that responded to the survey, 69% stated that they finance their businesses using personal funds, credit from friends and family, and trade credit. This category is significantly higher than the 29% respondents who stated that they use formal credit to finance their businesses. This clearly shows that despite efforts to increase access to credit, particularly micro credit, informal credit plays a more significant financing role than formal credit. Informal credit is not necessarily cheaper than formal credit. In fact some scholars have suggested that there is evidence to show that borrowers from low income countries obtain credit from money lenders and other informal sources at very high interest rates, often above 100%13. Below, I discuss some of the reasons that continue to make informal credit an attractive source of finance for micro enterprises.Need for CreditThe fact that the majority of micro enterprises do not use formal credit is consistent with other studies in Africa, such as Ghana14, Zimbabwe15, and Kenya16 that show extensive use of trade credit and other forms of informal finance rather than formal credit. However, it is important to distinguish between the use of and the need for credit. Using informal credit doesnot necessarily mean that there is no need for credit. In this study, only 11% of respondents who use informal reported they did not need credit. In addition, some of the reasons given, show that there is a need for credit but for various reasons, they opted not to use formal credit. Some of the reasons given were that banks charge interest on loans which, is prohibited by religion, “loans have no luck”, “b anks steal your property when you borrow from them,” and “I re-invest all my profits into the business so I do not need a loan.” The last reason clearly points to the fact that the respondent does not need a loan. However, the other reasons are access to credit constraints.The Extensive Use of Supplier CreditThe majority of micro enterprises, particularly those that operate in markets and sellgroceries that are largely agricultural produce extensively use supplier credit. Agricultural producers or middle men who transport agricultural produce from the rural areas to the urban markets provide goods on credit and are paid after the goods have been sold. This practice is so widespread that some respondents stated that it was a critical part of their business to have a relationship with a suppler. The relationship is beneficialto both the supplier and the sellers. For the former, it guarantees a reliable market and for the latter, it means that they are able to obtain goods for sale without prior capital to purchase the goods. This phenomenon substantially reduces the costs of doing business and explains why micro enterprises are easy to start with minimum capital. Other types of micro enterprises such as shops, salons and service providers also reported relying heavily on supplier credit or alternatively stocking limited merchandise and replenishing it often. There are several advantages associated with use of supplier credit including quality control and guaranteed supply that result from an established relationship with the supplier. In addition, using supplier credit is cheaper than borrowing from a lender to stock up a business because the latter involves payment of interest, which is not the case with supplier credit.However, supplier credit has limitations and in those circumstances, micro enterprises look to other formal or informal sources of credit. For example while informal credit is used to obtain business stock, it is not suitable for the purchase of capital inputs such as equipment like refrigerators, furniture or other items to improve one’s business. These were more likely to be purchased using either accumulated savingsor credit. In addition, diversification into another business was likely to be funded either out accumulated profits or credit.Simplicity and Ease of Access to Informal CreditThis is the biggest advantage that informal credit has over formal credit and even the use of near informal lending methods by microfinance has not succeeded in making it more attractive than informal credit. Respondents reported several advantages including quick or almost instantaneous processing of credit, restructuring repayments in cases where one experiences difficulties repaying the loan. The high interest rates charged was the most cited disadvantage. However, the quick processing of credit appeared to outweigh this cost. This because, as some respondents stated, sometimes one needs credit urgently and procedures used by micro credit lenders make it difficult to obtain credit immediately. These include training of prospective loan applicants, group formation processes and accumulation of prior savings. Group formation takes on average two to four weeks. In addition, some micro lenders require prospective borrowers to accumulate prior savings of either a percentage of the loan (usually ranging between 1-5%), or of a minimum amount, or a prior relationship with the lender fora period ranging from one to three months. These requirements were considered prohibitive for cases where credit is needed urgently. However, for those respondents where credit needs were not urgent, for example where one planned to acquire equipment that would improve their business, such as a refrigerator, or to buymore stock, they were more inclined to obtain such credit from micro lenders rather than informal money lenders. Below is a schedule of activities at a microfinance institution prior to loan application and disbursement.• ●1st week - Client orientation• ●2nd week - Group formation• ●3rd week - Visits to premises of group members, account opening, and payment of initial forced saving of Ugshs. 2,200 ($1.00)• ●4th week - Request loan application form and deposit savings of Ugshs. 2,200 ($1.00)• ●5th week - Submit loan application form and pay loan application and loan insurance fees of 2% and 1% of the value of the loan respectively• ●6th week - Deposit savings of Ugshs. 2,200 ($1.00) and 1st loan is disbursedConclusionPath dependence is a major factor that inhibits micro enterprise access to formal credit. This is because they require very minimal initial capital and skills to set up. Their defining characteristics are similar throughout Uganda and their economic contribution is largely confined to non-agriculture informal sector self employment. Their financing constraints provide an insight into the dynamics of micro enterprise finance. While start-up capital may be mobilized from informal sources, including personal savings and credit from friends and family, the decision to use formal or informal credit depends on specific factors such as availability of supplier credit, the need to purchase capital equipment or to diversify ones business. In addition, factors such as lengthy loan processing procedures, negative perceptions about the loan application process and harsh expected consequences of default account for the extensive use of informal credit.第二部分中文对照翻译乌干达小微企业融资：路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问题则就主要侧重于中小企业的融资受限方面。

中小企业营运资金管理中英文对照外文翻译文献

中小企业营运资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Effects of working capital management on SME profitability AbstractThe objective of the research presented here is to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. With this in mind, we collected a panel of 8,872 SMEs covering the period 1996-2002. The results, which are robust to the presence of endogeneity, demonstrate that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Equally, shortening the cash conversion cycle also improves the firm’s profitability.IntroductionThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with matu rities of under one year, represent the main share of items on a firm’s balance sheet.In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reduces supply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, grant ing trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner, 1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that theservices contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus, the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conversion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability. Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently, Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case ofsmall and medium-sized compan ies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets (Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson, 1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002.This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs.We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence of endogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.From this point, the work is structured as follows: in Section 2, we describe the sample and variables used; in the third section, we present the analyses carried out and our findings; finally, we end by discussing our main conclusions.Data and Variablesi. DataWe obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3rd April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.ii. VariablesIn or der to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers.The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 ×[accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle (CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longer the cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage (DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets. However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered when we include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.iii. Description of sampleTable II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with me an assets of more than €6 million; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13 percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Table IIDescriptive StatisticsROA measure return on assets, AR number of days accounts receivable, INV number of days of inventory, AP number of days accounts payable, CCC cash conversion cycle, ASSETS value of assets in thousand euros, SGROW sales growth, DEBT financial debt level, and GDPGR annual GDP growth. Variable Obs. Mean SD Median 10th Perc. 90th Perc.ROA 38464 0.0792 0.0834 0.0678 0.0041 0.1768 AR 38464 96.8299 55.7682 96.2962 22.0945 165.2533 INV 38452 77.2140 70.0499 59.3042 6.8692 166.6171 AP 38371 97.8090 57.3568 93.8075 24.5344 174.9668 CCC 38371 76.3117 90.6413 64.7704 -19.6907 190.2017 ASSETS 38464 6955.1090 4461.3940 13308 2718.5 5541 SGROW 32674 0.1299 0.3105 0.0862 -0.0928 0.3492 DEBT 35237 0.2474 0.1839 0.2306 0.0098 0.5021 GDPGR 38464 0.0366 0.0075 0.0420 0.0240 0.0430ConclusionsWorking capital management is particularly important in the case of small and medium-sized companies. Most of these companies’ asset s are in the form of current assets. Also, current liabilities are one of their main sources of external finance. In this context, the objective of the current research has been to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. For this purpose, we collected apanel consisting of 8,872 SMEs covering the period 1996-2002.According to previous studies focus on large firms (Shin and Soenen, 1998; Deloof, 2003), the analyses carried out confirm the important role of working capital management in value generation in small and medium-sized firms. We find a significant negative relation between an SME’s profitability and the number of days accounts receivable and days of inventory. We cannot, however, confirm that the number of days accounts payable affects an SME’s return on assets, as this relation loses significance when we control for possible endogeneity problems.Finally, SMEs have to be concerned with working capital management because they can also create value by reducing their cash conversion cycle to a minimum, as far as that is reasonable.So urce: Pedro J. García, Pedro Martínez,2007. “Effects of Working Capital Management on SME Profitability ” . Inter national Journal of Managerial Finance. Vol. 3, No. 2.pp. 164-177.译文：营运资金管理对中小企业盈利能力的影响摘要这里提供的研究的目的是提供有关营运资金管理对示例的中小型西班牙公司盈利能力的影响的实证证据。

小、微型企业的融资行为及偏好外文文献翻译

文献出处:Daskalakis N, Jarvis R, Schizas E. Financing practices and preferences for micro and small firms[J]. Journal of Small Business and Enterprise Development, 2013, 20(1): 80-101.原文Financing practices and preferences for micro and small ﬁrmsNikolaos DaskalakisSmall Enterprises Institute (IME-GSEVEE), Athens, GreeceRobin JarvisACCA, London, UK and Brunel University, Middlesex, UK, andEmmanouil SchizasACCA, London, UKAbstractPurpose – The aims of the paper are three-fold: ﬁrst, to analyse how sm all and micro ﬁrms ﬁnance themselves; second, to investigate what their ﬁnancing preferences are; and third, to explore their opinions on how they evaluate the ﬁnancing sources and the various obstacles they face in accessing those sources.Design/methodology/approach– The paper uses a sample of Greek small and micro ﬁrms, which cover 99.6 per cent of the total number of ﬁrms operating in Greece. The data are derived from the answers in a structured questionnaire.Findings –The main conclusions are as fol lows. Regarding equity ﬁnancing, ﬁrms rely heavily on their own funds and would not raise new equity from sources outside the family; thus, there is a reluctance to use new outside equity (venture capital, business angels, etc.). Regarding debt ﬁnancing,ﬁrms denoted that they would use more debt, speciﬁcally long-term debt, than they currently do. Thus, there are limitations in accessing long-term debt ﬁnancing. Regarding grant ﬁnancing, micro and small ﬁrms should be better informed and encouraged more to participate in state grants and co-ﬁnanced programs; thus, there is an informational gap in grantﬁnancing.Originality/value–The paper uses a sample of Greek micro and small ﬁrms and a survey methodology to tackle the lack of quantitative published data for most small ﬁrms in Greece. It incorporates distinct sources of funds that are very important for small ﬁrms (family funds, grants provided by the state and micro-loans). It investigates preferences, not just practices.Keywords Capital structure, Mic ro and small ﬁrms, Survey, Greece, Small to medium-sized enterprisesPaper type Research paper1. IntroductionThe growing recognition of the importance of small and medium-sized enterprises (SMEs) to economies in the European Union (Commission of the European Communities, 2008) and the acknowledgement that SMEs are relatively ﬁnancially constrained have resulted in a surge of interest in SME ﬁnancing prior to and during the current ﬁnancial turmoil.A major area of interest, from an academic and policy perspective, is analysis of the different types of ﬁnance that are used by SMEs, and their preferences. This subject is conventionally captured under the term “capital structure theory”. The literature emphasises that the capital structure theory of large ﬁr ms has very limited applicability to SMEs (Michaellas et al., 1999). There is substantial evidence that small ﬁrms have less access to formal sources of external ﬁnance (e.g. Beck and Demirgu¨c¸-Kunt, 2006, Kuntchev et al., 2012 for developing economies). Beck et al. (2006) found that younger and smaller ﬁrms report higher ﬁnancing obstacles, and in a later paper Beck et al. (2008) concluded that small ﬁrms use less external ﬁnance, especially bank ﬁnance.In terms of SMEs it is very difﬁcult to generalise about capital structure issues because of the differing size of SMEs, nature of the ﬁrm, the external environment and context diversity. In particular, smaller ﬁrms (i.e. “micro” and “small” according to the EU deﬁnition of SMEs[1]) are more numerous and make a signiﬁcantcontribution to EU member state economies, but, as indicated above, are more constrained in raising external ﬁnance. The focus of this paper is on issues relating to the capital structure of micro and small ﬁrms in Greece, which has a high er proportion of these ﬁrms in the EU categorisation of SMEs, and is the ﬁrst investigation of the ﬁnancial issues of smaller SMEs in this member state. The study makes an important contribution to the literature and provides an important insight to policy makers and other small ﬁrm stakeholders concerned with enhancing the number of start-ups, the survival rate and growth of small ﬁrms in Greece; to the best of the authors’ knowledge, there is no other survey-based research study regarding SMEs’ access to ﬁnance in Greece. Additionally, by studying smaller ﬁrms within the SME deﬁnition, the ﬁndings should give a better understanding of the patterns of ﬁnancing in other countries that have a similar landscape of smaller enterprises.The paper simultaneously addresses two important factors for small ﬁrm ﬁnancing. Firstly, the literature to date relating to SME ﬁnancing tends to focus on the traditional main external sources of capital for large enterprises, namely equity and debt. Although several authors acknowledge that small businesses are not “scaled-down versions” of large businesses (Cressy and Olofsson, 1997), when investigating the capital structure of SMEs, they focus on the very same sources used by large ﬁrms.The need to incorporate sources other th an traditional ﬁnancing sources in the ﬁnancing pattern of SMEs was addressed by Beck et al. (2008). This paper gave consideration to distinct sources of funds that were found to be important to smaller ﬁrms. These included funds sourced from the family, trade credit, the various grants offered by government and other regional bodies, and micro-loans. This study considers most of these and other sources of ﬁnance in mapping the capital structure issues for smaller ﬁrms.The study also investigates the ﬁnancing preferences of small ﬁrm owners. Respondents were asked how they would ﬁnance their investments and daily operations if they faced no barriers to accessing ﬁnance. The comparison of these preferences with their current sources of ﬁnance gave an importa nt insight into the so-called “SME ﬁnance gap”[2]. Thus, the survey sheds light on how theentrepreneurs themselves evaluate various ﬁnancing sources and the corresponding obstacles they face in to gaining access to those sources.The remainder of the pape r is as follows. Section 2 brieﬂy presents some background data on the European and the Greek SME sector; Section 3 provides a brief background of the ﬁnancing patterns of micro and small ﬁrms. Section 4 presents the data and the methodology employed. Section 5 presents the empirical results, while section 6 concludes the paper.2. SMEs in Europe and GreeceAs mentioned previously, SMEs represent 99 per cent of the total number of enterprises in Europe and employ 67 per cent of the total number of employees in the private sector. Table I presents interesting data on numbers and percentages of enterprises and employees for EU-27 and Greece for 2008. The data are divided into size groups based on the deﬁnition of the European Commission.Table I shows that there are 19 million micro ﬁrms in the EU-27, which account for 91.8 per cent of the total number of enterprises and provide jobs for 39.6 million people, namely, 29.7 per cent of total emplo yment. With small ﬁrms added, they represent 98.7 per cent of the total number of ﬁrms and provide half the jobs. The Greek economy is based on micro and small ﬁrms with even larger ﬁgures in terms of total ﬁrm numbers and percentages. Speciﬁcally, in 2004[3] there were 902.631 ﬁrms operating in Greece, offering work to approximately two million people. The vast majority of the enterprises were micro ﬁrms (96.5 per cent), which offer work to almost 58 per cent of total persons employed, considerably higher than the corresponding 29.7 per cent in EU-27. To sum up, micro and small ﬁrms with up to 50 employees represent a very important area of the business economy. Their ability to create jobs, ﬂexibility to adapt easily to the economic environment and endurance in unfavourable periods have been the subject of several studies in recent years. However, this is a vast area, as ﬁgures indicate, and an area to be further explored. 3. Financing patterns for micro and small ﬁrmsFollowing previous research an appropriate starting point in exploring the theory of the ﬁnancing of small and micro entities is through the traditional theories of thefactors that determine capital structure of ﬁrms. A key to this theoretical framework is the consideration as to how the siz e of the business entity affects their ﬁnancial structure. The inﬂuence of size has been investigated by a number of researchers from a large ﬁrm perspective (Marsh, 1982; Bennett and Donnelly, 1993; Rajan and Zingales, 1995; Panno, 2003; Ojah and Manrique, 2005; for Greece, Eriotis et al., 2007; Vasiliou et al., 2005) and a SME perspective (Kotey, 1999; Michaellas et al., 1999; Sogorb-Mira, 2005; Garcı´a-Teruel and Martı´nez-Solano, 2007; Hernandez-Canovas and Koetter-Kant, 2008; and speciﬁcally in the cas e of Greece, Daskalakis and Psillaki, 2008; Psillaki and Daskalakis, 2009). The analysis of the literature indicates that size does affect capital structure determination. Explanations for the differences in the capital structure due to the size of the enterprise have been identiﬁed in the literature (Pettit and Singer, 1985; Chittenden et al., 1996; Cressy and Olofsson, 1997; Jordan et al., 1998; Beck et al., 2008).The most inﬂuential explanations for the difference are:. the use of the debt tax shield;. asymmetric information; and. agency costs.The following paragraphs expand on these explanations.In the case of debt tax shields, Pettit and Singer (1985) have argued that tax considerations are of little importance for SMEs, particularly micro and small entities, as these ﬁrms are less likely to generate high proﬁts and therefore less likely to beneﬁt from using debt for tax shield reasons. Similar ﬁndings were derived from later research by Michaellas et al. (1999), who argued that tax considerations do not inﬂuence the debt level of SMEs. Small and micro ﬁrms are therefore unlikely to be inﬂuenced by tax considerations in the capital structure decision. Another dimension of debt tax shield is worth mentioning speciﬁcally for the Greek context, which refers to tax avoidance and evasion. For example, Matsaganis and Flevotomou (2010) conclude that income under-reporting for self-employed is estimated at 24 per cent, resulting in a 26 per cent shortfall in tax receipts. Thus, using debt for tax shield reasons is of an even lower importance for Greece.Regarding asymmetric information, the ﬁnancing pattern implied by this approach is the well-known pecking order theory developed by Myers (1984) and Myers and Majluf (1984). Ang (1992), Holmes and Kent (1991), and Cosh and Hughes (1994) have emphasised that the pecking order theory can be detected in the choice of ﬁnance by SMEs. Speciﬁcally, small ﬁrms are often opaque and therefore bear high information costs per se (Psillaki, 1995). These costs (i.e. the information costs) can be considered nil for internal funds but are very high when issuing new capital whereas debt lies in an intermediate position through, for example, asset securitisation (Jobst, 2006). Small and micro ﬁrms, therefore, are expected to rely heavily on internal funds, use lower levels o f debt and avoid external equity ﬁnancing. The capability to control the enterprise without external interference is an important issue for owner-managers of SMEs. This is particularly the case when internal funds are insufﬁcient: ﬁrms will prefer debt to new equity mainly because debt brings a lower level of intrusion and, more importantly, a reduced risk of losing control and decision-making power than a similar ﬁrm ﬁnanced by equity.Agency costs, the costs of preventing agents (mangers) pursuing their own interest at the expense of their principals (e.g. shareholders) are not likely to be inﬂuential from a equity perspective in the case of SMEs. Invariably SMEs are owner managed and do not have access to equity markets. In the case of external debt taken on by SMEs, for example bank ﬁnance, agency costs may be particularly severe, mainly due to ﬁrm opaqueness (Van der Wijst, 1989; Ang, 1992).In summary, micro and small ﬁrms are expected to rely heavily on internal equity ﬁnancing, avoid debt ﬁnancing and use external equity ﬁnancing as a last resort.4. Data and methodology4.1 DesignA telephone questionnaire survey was adopted to collect data on the use of the different types of ﬁnance employed by small and micro Greek businesses. The questionnaire was structured containing ten pertinent questions that reﬂected the nature and attributes of micro and small entities. Questions were designed in a sympathetic way to eliminate jargon and terminology that was unlikely to becomprehensible to potential respondents. The questionnaire prior to being employed was piloted and adjustments and amendments where appropriate were made.Questionnaire surveys have been the preferred choice for the collection of data in studies involving the investigation of the capital structure of both large and small ﬁrms. Graham and Harvey (2001) used a questionnaire in the collection of data to test several aspects of corporate ﬁnance, including the capital structure issue. Others have followed including Bancel and Mittoo (2004), Brounen et al. (2006) who focused on European ﬁrms and Vasiliou and Daskalakis (2009) examining the issue in Greece. All of these studies, however, focus on large ﬁrms, most of which are listed on stock exchanges. In terms of small ﬁrms, Michaellas et al. (1998) analysed capital structure determination in small ﬁrms eliciting evidence about non-ﬁnancial and behavioural variables. Houssain et al. (2006) followed a similar methodology, employing a telephone survey using a semi-structured questionnaire to analyse differences in the choice of funds employed between the UK and Chinese small ﬁrms. Sorheim (2005) used a loosely structured interview guide to investigate the role of business angels as facilitators for ﬁnance. Lastly, Tucker and Lean (2003) undertook a ques tionnaire survey to collect data concerning small business awareness and use of informal ﬁnance and to identify issues concerning difﬁculties encountered in gaining access to ﬁnance.Similar studies are also being conducted by the European Commission and the European Central Bank (European Central Bank, 2009; European Commission, 2011). However, for most recent studies the results in these studies are seriously affected by the severe economic crisis. The current study depicts ﬁnancing preferences and practices in Greece in the pre-crisis period, providing unbiased conclusions in this matter.An important objective of this research study was to capture all small and micro ﬁrms operating in the Greek economy. However, from the total population of these size ﬁr ms only 5 per cent (approximately 45,000 ﬁrms) are limited liability companies that are obliged to prepare and publish ﬁnancial statements. Thus, data for the remaining 95 per cent were essentially non-existent from a public source. The lack of data from p ublished ﬁnancial statements is the same for other European Unionmember states. Thus, a survey-based approach including small and micro ﬁrms that are unincorporated and do not publish accounts is perhaps the only way to gather data that reﬂects the total stock of business entities.The Hellenic Statistical Authority was contacted to obtain a sample of ﬁrms that would be representative of the population according to the following criteria (cumulatively):. they employ up to 49 employees;. they cover all the prefectures of Greece; and. they cover the relevant sectors of manufacturing and services.In total, 2,327 ﬁrms were identiﬁed by the Hellenic Statistical Authority, related to a list that originated in 2004. It was necessary to contact these companies for their agreement to participate in the telephone interviews. This process resulted in identifying only 567 ﬁrms that were still trading.4.2 Delivery and response issuesThe list of 567 ﬁrms was given to four graduate students who were then asked to co ntact the ﬁrms and to ask them to complete the questionnaire via telephone interviews. Telephone contact increases the probability that the person to whom the questionnaire is aimed will complete the questionnaire when compared to other contact methods such as mailing or e-mailing the questionnaire. The survey took place between 1 September and 30 September 2008. The ﬁnal sample of the study consisted of 191 small ﬁrms in Greece. The people interviewed were mostly the ﬁrm’s owners and in a limited number of cases the ﬁrm’s accountant. The most important non-response reason was a general unwillingness to answer the questionnaire without providing any speciﬁc reason (40.1 per cent), followed by a lack of time (27.1 per cent).4.3 Summary statistics and data issuesTable II presents the sample demographics. The sample ﬁrms are primarily (92.1 per cent) micro ﬁrms (up to nine employees), reﬂecting the pattern of the business environment in both Greece and in Europe. It should also be noted that approximately one-third of the respondents (29.3 per cent) are self-employed entrepreneurs,reﬂecting the general situation in Greece. This distinction between self employed entities and other entities is taken in consideration in this study. According to Henley (2005) the transition from sole trader to employer of others may be a signiﬁcant, as it involves substantial adjustment costs, notably in having to manage the payment of labour taxes, social insurance contributions and in having to gain awareness of employment legislation.In terms of sales revenue, more than half of the ﬁrms (61.6 per cent) denoted that their sales were less than e100,000. Regarding the industry coverage, some sectors were left out of the survey, namely the primary production sectors (agriculture, animal husbandry, ﬁshery and mining) and ﬁnancial and leasing ﬁrms, as these industrial sectors have special ﬁnancing characteristics that it was considered may have distorted the ﬁndings and the conclusions of the survey. Approximately half of the sample ﬁrms (47 per cent) were operating in the wholesale and retail sectors, followed by manufacturing (26.7 per cent).The majority of the entities (89.9 per cent) included in the sample had been established for more than four years. Therefore, these entities had some experience of ﬁnancing themselves over that period and were likely to have used or considered a variety of types of ﬁnance to support the operations of the entity as compared to if only start-ups had been included in the sample. An important, though rather expected, characteristic of the sample was that most of the entities (95.2 per cent) were owner-managed, thereby reducing any inﬂuence of agency cost due to the separation of ownership and management of the entity in the capital structure decision.Whether respondents perceived that the ﬁrm was adequately ﬁnanced was investigated. This information was important as it may inﬂuence the way in which the ﬁrm was ﬁnanced and the respondents ﬁnance preferences. There were six respondents (3.1 per cent) who did not answer the question. From the remaining 185 respondents, 87 (45.6 per cent) indicated that their current ﬁnancing was adequate, while 98 (51.3 per cent) were of the opinion that it was not sufﬁcient to satisfy their needs.译文小、微型企业的融资行为及偏好尼古劳斯·扎斯卡拉基斯中小企业协会，雅典，希腊罗宾·贾维斯特许公认会计师公会，伦敦，英国布鲁内尔大学，米都塞克斯大学，英国，高级经济分析师席察斯特许公认会计师公会，伦敦，英国摘要目的——本文研究的目的有三个：首先,分析小微型企业融资方式;第二,调查他们的融资偏好;第三,探求他们对于如何评估融资来源的看法，以及他们获取这些资源的过程中面临的各种障碍。

小微企业融资外文文献翻译

小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。

中小企业融资约束与金融支持研究外文文献翻译2015年译文3000多字

中小企业融资约束与金融支持研究外文文献翻译2015年译文3000多字•本文旨在研究金融限制和政策支持的相关性。

金融限制是指政府或其他机构对特定行业或企业的融资活动实施的限制。

政策支持则是指政府采取措施来促进某些行业或企业的发展。

这两者之间存在着密切的联系。

过去几十年来，金融限制和政策支持一直是研究的热点。

许多学者和政策制定者都致力于探究这两者之间的关系，并提出了各自的看法。

然而，这个问题仍然存在着争议和不确定性。

一些学者认为，金融限制对于政策支持的效果有着负面影响。

因为金融限制会限制企业的融资渠道，从而影响企业的发展。

但是，另一些学者则认为，金融限制可以促进政策支持的实施。

因为金融限制可以使政府更加集中地投资于某些行业或企业，从而更加有效地实施政策支持。

针对这个问题，我们需要进一步的研究和实践。

我们需要更加深入地探究金融限制和政策支持之间的关系，以及它们对企业和整个经济的影响。

只有这样，我们才能更好地制定政策和措施，促进经济的发展和增长。

In the past decade。

small- and medium-sized enterprises (SMEs) have played a crucial XXX。

XXX。

expandingnal trade。

XXX。

SMEs have XXX increase n scale。

XXX。

develop new products。

XXX has led to a us cycle。

where poor performance XXX。

XXX.XXX elaborate。

XXX drivers of economic growth and XXX。

XXX。

XXX to support their growth and development。

nal lending XXX。

As a result。

SMEs often have to resort to alternative financing methods。

原创研究中小企业融资要参考的英文文献

原创研究中小企业融资要参考的英文文献Original Research: English Literature to be Considered for Financing Small and Medium-sized EnterprisesIntroduction:In recent years, small and medium-sized enterprises (SMEs) have become the driving force behind innovation, economic growth, and job creation. However, one of the major challenges faced by SMEs is accessing adequate financing options to support their growth and sustainability. This article aims to explore and analyze the various English literature sources that can be consulted for valuable insights into financing options for SMEs.1. The Importance of Financing for SMEs:Financing is crucial for SMEs as it provides the necessary capital for investment, expansion, research and development, and meeting working capital requirements. Access to financing enables SMEs to enhance their productivity, compete in the market, and contribute to economic development.2. Challenges Faced by SMEs in Accessing Financing:SMEs often encounter obstacles when seeking financing. These challenges include limited collateral, lack of credit history, information asymmetry, and risk aversion by lenders. To overcome these hurdles, it is essential to refer to relevant English literature that addresses these issues and provides potential solutions.3. English Literature Sources for SME Financing:a. Academic Journals: Academic journals such as "Journal of Small Business Finance" and "Entrepreneurship Theory and Practice" publish research articles that explore various aspects of SME financing. These articles discuss topics like crowdfunding, venture capital, angel investing, and government programs that support SMEs' financial needs.b. Research Reports: Research reports from reputable organizations like the World Bank, International Finance Corporation (IFC), and Organisation for Economic Co-operation and Development (OECD) provide valuable insights into the financing landscape for SMEs. These reports analyze trends, challenges, and best practices in SME financing across different countries and regions.c. Case Studies: Case studies published by universities, business schools, and financial institutions offer practical examples of successful financing strategies adopted by SMEs. These case studies highlight the specific steps taken to secure financing, including negotiations with banks, alternative lending options, and leveraging relationships with stakeholders.d. Government Publications: Government publications, such as white papers and policy documents, outline the initiatives and programs available to support SME financing. These publications provide a comprehensive overview of the various financing schemes, tax incentives, and grants offered by governments to assist SMEs in their financial endeavors.4. Key Themes in English Literature:a. Alternative Financing: English literature emphasizes the emergence of alternative financing options for SMEs. This includes peer-to-peer lendingplatforms, crowdfunding, and business incubators that connect SMEs with potential investors.b. Digital Innovation: The impact of digital innovation on SME financing is a widely discussed topic. English literature explores how fintech solutions, blockchain technology, and online platforms have revolutionized access to funding for SMEs.c. Government Support: Many articles underscore the importance of government support in facilitating SME financing. English literature examines policy frameworks, loan guarantee programs, and financial assistance schemes implemented by governments to alleviate the financing challenges faced by SMEs.5. Conclusion:Accessing appropriate financing options is crucial for the growth and sustainability of SMEs. Exploring and analyzing relevant English literature sources is essential for SME owners, managers, and policymakers to make informed decisions regarding financing strategies. By drawing upon academic journals, research reports, case studies, and government publications, stakeholders can be equipped with valuable insights and best practices to support SME financing needs. Continuous research and understanding of the English literature in this field will contribute to the development of effective financing ecosystems for SMEs.。

小微企业融资中英文对照外文翻译文献

小微企业融资中英文对照外文翻译文献(文档含英文原文和中文翻译)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权机构的国有资产投资、政策性银行贷款、预算外专项建设基金、财政补贴。

2银行融资。

从资金融出角度即银行的资金运用来说，主要是各种代款，例如：信用贷款、抵押贷款、担保贷款、贴现贷款、融资租凭、证券投资。

3商业融资。

其方式也是多种多样，主要包括商品交易过程中各企业间发生的赊购商品、预收货款等形式。

4政券融资。

该方式主要包括股标融资和债券融资两大类。

(二)融资决策过程企业制定融资决策的过程，也即确定最优资本结构的过程。

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

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

小微企业金融租赁研究中英文对照外文翻译文献

小微企业金融租赁研究中英文对照外文翻译文献(文档含英文原文和中文翻译)The Research on Financial Leasing and China’s Small MicroEnterprisesAbstract：The financing difficulties is China’s small micro enterprises existence a universal problem, it has become the main small micro enterprises development of a bottleneck. The financial leasing in the service of small micro enterprises has marked effect. First, to broaden the financing channels of small micro enterprises, second, reduce the fund pressure of small micro enterprises, and the third, promote the technology innovation of small micro enterprises, fourth, promote the market development of small micro enterprises. Due to lack of necessary knowledge on financial leasing, corresponding policies imperfect, lack of the necessary capital supply, affecting the development of financial leasing. To promote the development of financial leasing, China should establish uniform management system, improve the relevant policies, expand the funding sources of financial leasing.Key words: Small micro enterprises; Financial leasing; Role; Problems; SuggestionsINTRODUCTION：Small micro enterprises in the process of economic development of China plays a more and more prominent role, however, China’s small micro enterprises generally faced the difficulty of shortage of funds. How to solve the financing problems of small micro enterprises is a hot issue in China’s economic development. Studies have shown that financial leasing is an effective way to solve the financing difficulties of small micro enterprises in China. Positive development of financial leasing, can effectively resolve the financing problems of small micro enterprises, thereby promoting economic development.Financial Leasing as a new way to trade, it put the traditional rental, trade and financial way all organic combination up, be understood as a financing bank loans and capital markets after the third road. Financial leasing has the dual function of financing and financial objects, has its unique advantages in the service of the real economy, especially in services to small micro enterprises. In 2010 June, Chinese financial authorities issued further completes the small micro enterprise financial service work certain opinions, requirement to the development of the financial leasing business. The full display financial leasing’s function, may promote the small micro enterprise’s development effectively.1. FINANCIAL LEASING IS THE IDEAL FINANCING OPTIONS FOR SMES IN CHINABecause China’s small micro enterprises financing channel is narrow, the financial leasing in service for small companies can give full play to the advantages provided a condition.The enterprise financing way has stockholder’s rights financing and the creditor’s rights financing two types. Stockholder’s rights financing can be divided into two forms: public offering and private collect. The public to raise financing is IPO financing. From the present situation of the development of China’s capital market see, through the IPO of the financing of enterprise are only a small part, thousands of companies listed on the inside and outside is only a very small part of the tens of millions of enterprises. Do not need to undergo a rigorous listing of the audit through a private placement financing, relatively speaking, easier to achieve financing, however, due to the operation of the private equity funds to achieve legalization, even though the public has a lot of private equity funds exist, but really be able to supply the amount of money is relatively limited. On the creditor’s rights financing, at present China’s form of creditor’s rights financing is sing le,mainly bank credit channel. Bank considering security problems, often to provide money for a credit ratings, the strength of large enterprises, in addition, due to the bank credit market degree is relatively low, not established truly mature enterprise credit rating system, especially the rating system of the small micro enterprises, so that the bank credit activity impossible cover a much wider range of debt financing needs, only to meet a range of financing demand. So, small and medium-sized enterprises, especially small micro enterprises financing constraints become enterprise development of a bottleneck. Financial leasing way was invented in the 1950s, as a kind of long-term debt financing, is by the lesser according to the lessee’s need, in advanc e in accordance with the contract, the lessee to designated betray a person to buy the lessee designate d fixed assets, in the lessor has the fixed assets under the premise of ownership, to the lessee pays the rent for conditions, will be a period of time fixed assets and earnings of the right to transfer to the lessee. Financial lease financing way has several obvious features: First, the lessee may have a full financing. Second, can save the lessee's capital investment, reduce business cash flow pressure. Third, the leased equipment is selec ted according to their needs to determine by the lessee. Fourth, lease activities involve at least three parties, can form the mutual restrict. Fifth, after the expiry of the lease, the lessee of the equipment used dispose of the three options remain to purchase, renew or surrender of tenancy rights. At the same time, the financial leasing has the function of financing and product promotion function. Financial leading’s characteristic and the function speaking of the financing channel narrow small micro enterprise, is one relatively ideal financing solution way. Therefore, financial leasing has superiority serves for the small micro enterprises, it easier to become one kind of substitution choice of small micro enterprises long-term creditor's rights debt financing.2. THE ROLE PLAYED BY FINANCIAL LEASING SERVICES TO SMESFinancial leasing advantage decided it has a unique role in service for small micro enterprises. Financial leasing has the following advantages: First, provides professional services for small micro enterprises. Leasing companies often choose some specific industry to carry out leasing business, can provide enterprises with professional services. In the process of cooperation with the enterprise, the leasing company in addition to providing financing service outside, with the development of it industry, enterprise to the understanding of the profit model, and master the management of the enterprise, which objectively can play on small micro enterprises guidance.Second, procedure is simple, flexible service. Usually, the small micro enterprises has short, anxious, the quick characteristic to the fund demand. Compared with the bank credit, financial leasing to the lessee of assets and liabilities of the requirements is not high, do not need to strict examination and approval, only need to the lessee of the future cash flow of an investigation. The small micro enterprises with rents the company to work out the different contract, satisfies the tenant to the cash flow request, the rent payment pattern may also process nimbly. Therefore, financial leasing way more accord with small micro enterprises capital demand characteristic. Third, helps small micro enterprises to reduce operation risk. Not afford to buy production equipment, the lessee obtained through financial leasing equipment, the project put into operation as early as the early benefit from improved operating efficiency. The financial leasing reduces the outflow of funds for the enterprise equipping. Financial leasing scheme is designed with a certain degree of flexibility, leasing companies can be tailored according to the enterprise’s cash flow rent repayment plan, avoid enterprise repayment pressure too concentrated, thereby reducing the financial risk. Entered into a lease contract, the equipment prices, rentals and other important issues are to determine the one-time, the lease term remains fixed, thus reducing the uncertainty due to price fluctuations in the process of renting. Because financial leasing has the advantage, therefore, it plays a unique role in service for small micro enterprises.2.1 Expand the Small Micro Enterprise’sFinancing Channel Bank considers to the safety of the credit funds to set up corresponding assets loan mortgage conditions, the small micro enterprises are restricted by many factors, it is difficult to obtain loan from the bank. Compared with the cumbersome procedure of the bank loans, financial leasing often do not require the lessee to provide credit guarantee finance simplicity, therefore, the financial leasing for those in the early days, there’s no mortgage assets, the lack of complete credit history, asset-liability ratio higher small micro enterprises, especially small micro enterprises in the start-up stage to provide a realistic financing channels.2.2 Reduce the Small Micro Enterprise’s Fund Pressure Compared with corporate self-purchase of equipment, through financial leasing, the lessee pays the rent way to obtain the right to use of machinery and equipment, a combination of financing and investment, to create the operating profit. Although the equipment not getting the ownership of the equipment, but, the enterprise to pay the rent for the far less than the amount needed for the lump sum investmentfinancing volume. With the aid of financial leasing, the lessee is by equipment, return the money, namely to rent way to pay for the equipment. The rent installment payment amount by the lessee and the lessor is both in their cash flow condition considered after certain, beneficial to the lessee cash flow, managing enterprise capital expenditure, reduce the financial pressure. In addition, because of the financial leasing is not included in the company’s balance sheet, through financial leasing enterprises can reduce the rate of assets and liabilities, for the enterprise development laid the foundation for other financing activities2.3 Promote the Small Micro Enterprise’s Technological Innovation Financial leasing can make both supply and demand meet directly, reduce the intermediate link, so as to facilitate the equipment into the fields, and drive enterprise production development, financial leasing to become the link of enterprises cohesion production and sales. Due to the strength of strong small micro enterprises reduce the full risk of equipment investment, so that enterprises have more energy to track changes in the market, accelerate technical innovation pace, produces more competitive products. Small micro enterprises through financial leasing to reduce the burden of equipment investment, quickly get the needed technology and equipment. This way can shorten the technological transformation of the enterprise and equipment renewal cycle, through the continuous rent advanced equipment to shorten the time machine equipment use, thus speeding up production equipment renewal, maintain production technology lead, and seizes the market opportunities.2.4 Promote the Small Micro Enterprise to Develop the Market Financing and the sale are two difficult problems which the small micro enterprises faces. Financial leasing has not only solved enterprise's financing problem, moreover the help enterprise has developed the market. May reduce the selling expenses through financial leasing, reduces purchases the threshold, enhancement customer purchase ability, to reduce sells link's account receivable and the time sale risk. At the same time, because financial leasing is one kind manages the behavior, between the lessor and the tenant maintains continually the good communication condition, the tenant can act according to the customer feedback the information, carries on the renewal and the consummation to the product, maintains the product the lead. Through financial leasing, may communicate the finance, the trade, to produce three markets, the guidance capital reasonable order is mobile, promotion financial capital, industrial capital and trade capital fusion.3. THE PROBLEMS OF CHINA’S FINANCIAL LEASING AND WHY2011 China financial leasing industry development report shows, to the end of 2011, 286 Chinese operations in the book all types of financial leasing companies, financial leasing contract balance of approximately 930 billion yuan. Should say, financial leasing industry development scale and the development of the Chine se economy condition is don’t match3.1 Problems of Financial LeasingAlthough China financial leasing business started in 1981, but look on the whole, it is still a new business in China, is still in the initial stage of development, the external market environment, the legal environment is still not perfect and mature. As the main body of market rental company professional skills, management level, risk control ability has yet to be further improved. 2011 China financial leasing industry development repo rt listed the problems of China’s financial leasing industry: First, to financial leasing profession understanding existence erroneous zone. The Department concerned thought that financial leasing will boost the inflation, thus, the financial leasing compa ny has adopted the scale control policy, rented enterprise’s sources of fund to come under the influence. Second, financial leasing business in areas around the development is not balanced. As 90% of all types of financial leasing companies are concentrated in 30 cities, including Beijing, Shanghai, Tianjin, while the rest of the country more than 200 Earth-level above the city, including some capital cities, has not a financial leasing company. Third, relevant laws and regulations are not perfect. The development of financial leasing industry still lacks a unified and effective judicial safeguard. Fourth, financial leasing company’s risk awareness is still relatively weak. The country related supervisory department’s supervision system is not perfect. Many lease enterprises did not set up effective risk control mechanism. Some lease enterprise on a smaller scale, but business promoting soon, capital adequacy ratio even less than 1%. Some comprehensive lease in the business enterprise develop, after-sales back to the proportion of the rent is too big. In addition, China’s financial leasing industry regulation is not uniform. China’s financial leasing industry, according to the different nature of the investor, by the People’s Bank of China, the CBRC, the CSRC, the Ministry of Commerce of China, both funded by commercial banks or the four asset management companies, non-bank financial institutions supervision by the CBRC, also includes by each kind of non-financial enterprise investment, the Ministry of Commerce of China is responsible to supervise, not to include the financial organ to rent thecompany。

未来的中小企业融资毕业论文外文翻译

Future of SME financeBackground – the environment for SME finance has changedFuture economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution to growth and employment in the EU and are at the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments need capital and therefore access to finance.Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are:•Globalization and internationalization have increased the competition and the profit orientation in the sector;•worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further;•Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises, were closed;•up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs;•Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks are very active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the accessibility of SMEs to finance.Higher risk awareness in the credit sector, a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME financeand influence the accessibility of SMEs to finance. The most important changes are: •In order to make the higher risk awareness operational, the credit sector introduces new rating systems and instruments for credit scoring;•Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their businesses;•Banks will try to pass through their additional costs for implementing and running the new capital regulations (Basel II) to their business clients;•due to the increase of competition on interest rates, the bank sector demands more and higher fees for its services (administration of accounts, payments systems, etc.), which are not only additional costs for SMEs but also limit their liquidity;•Small enterprises will lose their personal relationship with decision-makers in local branches –the credit application process will become more formal and anonymous and will probably lose longer;•the credit sector will lose more and more its “public function” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.All of these developments will make access to finance for SMEs even more difficult and / or will increase the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance for the SME sector in Europe. Access to finance was always a main concern for SMEs, but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.Therefore, UEAPME expects the new European Commission and the new European Parliament to strengthen their efforts to improve the framework conditions for SME finance. Europe’s Crafts, Trades and SMEs ask for an encompassing policyapproach, which includes not only the conditions for SMEs’ access to lending, but will also strengthen their capacity for internal finance and their access to external risk capital.From UEAPME’s point of view such an encompassing approach should be based on three guiding principles:•Risk-sharing between private investors, financial institutes, SMEs and public sector;•Increase of transparency of SMEs towards their external investors and lenders;•improving the regulatory environment for SME finance.Based on these principles and against the background of the changing environment for SME finance, UEAPME proposes policy measures in the following areas:1. New Capital Requirement Directive: SME friendly implementation of Basel IIDue to intensive lobbying activities, UEAPME, together with other Business Associations in Europe, has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital (Basel II). The final agreement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional structures.However, the new regulatory system will influence the relations between Banks and SMEs and it will depend very much on the way it will be implemented into European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financial market authorities and herewith the European Institutions, a lot of flexibility. In about 70 areas they have room to adapt the Accord to their specific needs when implementing it into EU law. Some of them will have important effects on the costs and the accessibility of finance for SMEs.UEAPME expects therefore from the new European Commission and the new European Parliament:•The implementation of the new Capital Requirement Directive will be costlyfor the Finance Sector (up to 30 Billion Euro till 2006) and its clients will have to pay for it. Therefore, the implementation – especially for smaller banks, which are often very active in SME finance –has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.).•The European Regulators must recognize traditional instruments for collaterals (guarantees, etc.) as far as possible.•The European Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularity, access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which will ease the burden on SME finance.2. SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the needs of Basel II, many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks. The bank will require more and better quality information from their clients and will assess them in a new way. Both up-coming developments are already causing increasing uncertainty amongst SMEs.In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment, UEAPME demands transparent rating procedures –rating procedures may not become a “Black Box” for SMEs:•The bank should communicate the relevant criteria affecting the rating of SMEs.•The bank should inform SMEs about its assessment in order to allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs , which would have included a self-commitment for transparent rating procedures by Banks, failed. Therefore, UEAPME expects from the new European Commission and the new European Parliament support for:•binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems for SMEs;•Elaboration of national Codes of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3. SMEs need an extension of credit guarantee systems with a special focus on Micro-LendingBusiness start-ups, the transfer of businesses and innovative fast growth SMEs also depended in the past very often on public support to get access to finance. Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.Already now, there are credit guarantee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs.Experiences show that Public money, spent for supporting credit guarantees systems, is a very efficient instrument and has a much higher multiplying effect than other instruments. One Euro form the European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).Therefore, UEAPME expects the new European Commission and the new European Parliament to support:•The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprises;•The development of new instruments for securitizations of SME portfolios;•The recognition of existing and well functioning credit guarantees schemes as collateral;•More flexibility within the European Instruments, because of national differences in the situation of SME finance;•The development of credit guarantees schemes in the new Member States;•The development of an SBIC-like scheme in the Member States to close the equity gap (0.2 – 2.5 Mio Euro, according to the expert meeting on PACE on April 27 in Luxemburg).•the development of a financial support scheme to encourage the internalizations of SMEs (currently there is no scheme available at EU level: termination of JOP, fading out of JEV).4. SMEs need company and income taxation systems, which strengthen their capacity for self-financingMany EU Member States have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits. This is especially true for companies, which have to pay income taxes. Already in the past tax-regimes was one of the reasons for the higher dependence ofEurope’s SMEs on bank lending. In future, the result of rating will also depend on the amount of capital in the company; the high dependence on lending will influence the access to lending. This is a vicious cycle, which has to be broken.Even though company and income taxation falls under the competence of Member States, UEAPME asks the new European Commission and the new European Parliament to publicly support tax-reforms, which will strengthen the capacity of Crafts, Trades and SME for self-financing. Thereby, a special focus on non-corporate companies is needed.5. Risk Capital – equity financingExternal equity financing does not have a real tradition in the SME sector. On the one hand, small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.On the other hand, many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. Furthermore it is much more difficult to set out of such investments in smaller companies.Even though equity financing will never become the main source of financing for SMEs, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. UEAPME sees three pillars for such an approach where policy support is needed:Availability of venture capital•The Member States should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.•Guarantee instruments for equity financing should be further developed.Improve the conditions for investing venture capital into SMEs•The development of secondary markets for venture capital investments in SMEs should be supported.•Accounting Standards for SMEs should be revised in order to ease transparent exchange of information between investor and owner-manager.Owner-managers must become more aware about the need for transparency towards investors•SME owners will have to realise that in future access to external finance (venture capital or lending) will depend much more on a transparent and openexchange of information about the situation and the perspectives of their companies.•In order to fulfil the new needs for transparency, SMEs will have to use new information instruments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).题目：未来的中小企业融资背景：中小企业融资已经改变未来的经济复苏将取决于生产工艺提升的可能性、贸易和中小企业利用其潜在的经济增长和创造就业。

中小企业融资渠道英语

中小企业融资渠道英语Small and medium-sized enterprises (SMEs) often face challenges in accessing financing to support their business operations and growth. There are several financing channels available to SMEs to meet their capital needs. Let's explore some of the common financing options for SMEs:1. Bank Loans:Banks are traditional sources of financing for SMEs. SMEs can approach banks for various types of loans, such as working capital loans, term loans, and lines of credit. Banks usually require collateral and a good credit history from the SMEs to approve a loan.2. Government Grants and Subsidies:Governments at the national, regional, and local levels often provide grants and subsidies to support SMEs. These funds are typically earmarked for specific purposes, such as research and development, innovation, export promotion, and job creation. SMEs can apply for these grants to fund their projects and initiatives.3. Venture Capital:Venture capital firms invest in SMEs with high growth potential in exchange for equity stakes. Venture capital funding is suitable for SMEs that have innovative business ideas and scalable business models. Venture capitalists provide not only capital but also strategic guidance and industry connections to help SMEs grow.4. Angel Investors:Angel investors are high-net-worth individuals whoinvest their personal funds in early-stage SMEs in exchange for ownership equity. Angel investors typically have industry experience and can provide mentorship and networking opportunities to SMEs. This form of financing is less formal than venture capital and can be more flexiblein terms of investment terms.5. Crowdfunding:Crowdfunding platforms allow SMEs to raise funds from a large number of individual investors or donors through online campaigns. SMEs can present their business ideas and projects on crowdfunding platforms and attract funding from supporters who believe in their vision. Crowdfunding can bea cost-effective way for SMEs to raise capital and validate market demand for their products or services.6. Peer-to-Peer Lending:Peer-to-peer lending platforms connect SMEs in need of financing with individual lenders willing to provide loans at competitive interest rates. SMEs can borrow funds directly from individual investors without involving traditional financial institutions. Peer-to-peer lending offers a streamlined borrowing process and may be more accessible to SMEs with limited credit history.中小企业通常面临着融资难题，以支持他们的业务运营和增长。

中小企业的融资渠道的领域概述外文翻译

中小企业的融资渠道的领域概述外文翻译XXX areas of SME Financing Channels: An Overview1.nSmall and medium-sized enterprises (SMEs) are a vital source of economic growth and job XXX dynamism。

flexibility。

XXX。

and development。

This research XXX literature review。

data analysis。

XXX from the World Bank survey and empirical research on small and medium-sized private XXX。

The research method used emphasizes the XXX.2.XXX XXXXXX financing channels available to SMEs have been a popular academic research topic。

Many XXX this issue.Countless research XXX in the growth and development process。

especially for small and medium XXX。

Dumont。

Reggae-KeLute。

Ivan。

and Marca XXX (2004) XXX 10,000enterprises from 80 countries。

XXX its characteristics such as age。

size。

and structure of property rights。

From this perspective。

XXX.In another study by Jones and Smith (2010)。

小微企业风险投资中英文对照外文翻译文献

小微企业风险投资中英文对照外文翻译文献(文档含英文原文和中文翻译)摘要风险投资在小型企业的作用对于那些在获取传统资金资源有困难的公司来说，风险投资是取得资金的一个很好的选择。

同时。

风险投资对于那些早期起步的、没有稳定利润回报的公司来说，这是一股强大的资金注入。

首先，由于信息的不对称，前期调查必须深入那些小的、刚起步的的公司进行，也许他会导致事与愿违或道德败坏等问题。

早期良好的表现可以吸引更多的投资，而原始资本可以使公司更好的起步。

但是，最重要的结果是更多的投资者向机构投资，事实上随着新鲜资金的流入的同时伴随着资金的增值，同时投资者对公司进行监控，提供专业的技术和最基本的帮助。

也为企业赢得更好的声誉。

因此，风险投资对小型金融企业的作用是非常巨大的，文章对此进行了深入的研究。

关键字：风险投资小型企业企业关系AbstractThe Role of Venture Capital in FinancingVenture capital is an important alternative for companies that have difficulties accessing more traditional financing sources and it is a strong financial injection for earlystage companies that do not have evidence for persistent profitability yet. Firstly, deep prescreening process should be performed before investing in small, start-up business because of the information asymmetries, which in turn are the main cause for adverse selection and moral hazard problems. Well performed initial scan ensures good investment. Seed capital provided than enables the firm’s set off.But what is more important is the conclusion that there is much more than just capital that flows from the investors to the organizations in which they invest. Indeed, fresh capital inflow is accompanied with the process of value-adding which provides the company with monitoring, skills, expertise, help and, basically, reputation for attracting further finance. Consequently, the role of the venture capital in financing small business is tremendous. The paper sheds light on these issues.Keywords：Venture Capital, Small Business, Entrepreneurship, Financing1.外文文献译文1.1导论在过去的几十年里，对小型公司的投资得到了发展。

外文翻译--中小企业融资缺口：理论和证据

外文题目：The SME Financing Gap: Theory and Evidence出处：Financial Market Trends作者：James Clunie原文：The SME Financing Gap: Theory and EvidenceSummaryI. BackgroundAt the 2nd OECD Ministerial Conference on SMEs held in Istanbul, Turkey, in June 2004, Ministers recognised in the Istanbul Ministerial Declaration "the need to improve access to financing for SMEs on reasonable terms |...|". Ministers underlined the importance of this issue by encouraging the OECD to organise a thematic conference for further discussion to seek more innovative solutions and initiatives for facilitating SME access to financing, from firm creation through all stages of development.The high-level OECD Global Conference on "Better Financing for Entrepreneurship and SME Growth"。

hosted by the Brazilian Government (Brasilia, 27-30 March 2006) in the framework of the OECD Bologna Process on SME and Entrepreneurship Policies, provided an occasion to achieve these objectives. At that conference, a keynote paper on the SME Financing Gap was presented and discussed which provided the basis fora report being published on the responsibility of the Secretary-General of the OECD (The SME Financing Gap (Vo/. 1): Theory and Evidence, OECD 2006*). The following is the executive summary of the report, which analyses the financing gap, discusses challenges of debt financing of SMEs and perspectives for venture capital financing, draws conclusions and gives recommendations on how to foster SME financing.II. Executive SummaryMany commentators have postulated a "financing gap" for small and mediumsized enterprises (SMEs), meaning that there are significant numbers of SMEsthat could use funds productively if they were available, but cannot obtain finance from the formal financial system. The OECD report on the SME financing gap, which is summarized here, analyses the "financing gap" concept, seeks to determine how prevalent such a gap may be - both for OECD countries and non-member economies –and recommends measures to foster an improved flow of financing to SMEs.SMEs and entrepreneurship are now recognised world-wide to be a key source of dynamism, innovation and flexibility in advanced industrialised countries, as well as in emerging and developing economies. SMEs constitute the dominant form of business organisation world-wide, accounting for over 95 per cent and up to 99 per cent, depending on the country; they are responsible for between 60-70 per cent net job creation in OECD countries and make important contributions to innovation, productivity and economic growth. If the SME sector does not have access to external funds for investment, the capacity to raise investment per worker, and thereby improve productivity and wages, is seriously impaired.The difficulties that SMEs experience can stem from several sources. The domestic financial market may contain an incomplete range of financial products and services. The lack of appropriate financing mechanisms could stem from a variety of reasons, such as regulatory rigidities or gaps in the legal framework. Moreover, development economists increasingly accept the proposition that, due to monitoring difficulties such as principal/agent problems and asymmetric information, suppliers of finance may rationally choose to offer an array of financial services that leaves significant numbers of potential borrowers without access to credit. Credit rationing is said to occur if: 1) among loan applicants who appear to be identical some receive credit while others do not; or 2) there are identifiable groups in the population that are unable to obtain credit at any price. Owing to their inherent monitoring problems, SMEs will be at a particularly severe disadvantage relative to larger and more established firms. SMEs' difficulty in obtaining financing will be compounded when the business environment lacks transparency, when the legal system is weak, and when monopolies are present. As well, loan originators may avoid providing financing to certain types of SMEs, in particular, start-ups and very young firms that typically lack sufficient collateral or firms whose activities offer the possibilities ofhigh returns, but at a substantial risk of loss.In a competitive market, suppliers of finance have powerful incentives to overcome barriers to SME finance. In most OECD countries, banks perceive SME finance as an attractive line of business and thus have developed effective monitoring techniques. Whether any country experiences a financing gap will ultimately depend upon whether the business environment is sufficiently robust to enable borrowers and lenders to interact with confidence on an "arm's length" basis.In order to determine how widespread the "financing gap" problem is, the OECD Secretariat circulated a questionnaire to officials in all member countries as well as to a large number of non-members (over 100 economies in all) to gain some insights into factors influencing the provision of financing to the SME sector. Much of the information sought is of a qualitative nature, and thus, the results of this survey along with related information {e.g. national surveys and development finance analyses), even when complete, permit only some tentative conclusions. The experience of OECD and non-OECD economies with SME financing gaps can be divided into three groups:1. OECD countries do not report any generalised SME financing gap. Most SMEs in OECD countries are able to obtain sufficient credit from banks and other credit institutions, supplemented in some cases by a modest volume of official guarantees.2. Most non-OECD economies, by contrast, report a widespread shortage of SME finance. Even though SMEs typically account for a large share of enterprises, employment, and output in many emerging and developing countries, they receive a very low share of credit, with the majority often denied any access to the formal markets. This development is closely related to the phenomenon of "informality" in emerging markets in which many enterprises operate outside the formal system. There are three factors favouring informality: 1) established financial institutions are not interested in dealing with SMEs and, hence, there are few positive incentives to operate transparently; 2) entrepreneurs in SMEs seek to avoid regulation and taxation in the formal sector; and 3) governments lack the administrative capacity to enforce laws and regulations.3. Most OECD countries perceive that a lack of appropriate financing has been a hindrance to the expansion of innovative SMEs (ISMEs), i.e. firms, often in technology sectors, with new business models and high growth prospects. In a small number of countries the ISME sector has expanded significantly, with positive implications for employment and technological competitiveness, but it has lagged considerably in most OECD countries, producing a gap to which policy makers often attribute low job creation and sagging competitiveness. Many OECD countries consider this gap to be an important challenge for policy.Banking and creditIn most jurisdictions commercial banks as a group are the main source of external finance for SMEs. Therefore, it is essential that the banking system be prepared to extend credit to the SME sector. However, there are a number of rigidities of a macroeconomic, institutional and regulatory nature that may bias the entire banking system against lending to SMEs. Macroeconomic policies may lead to excess demand for available domestic savings, while government policy may favour industrialisation and/or import substitution, which effectively gives large domestic firms privileged access to finance. The legal system may not provide adequate protection for rights of creditors and may be relatively inefficient in resolving cases of delinquent payments and bankruptcy. Additionally, the tax and regulatory framework may encourage firms to operate opaquely. Furthermore, the financial market may not contain the necessary range of products and services to meet the needs of SMEs.The characteristics of the banking system in emerging markets frequently inhibit SME lending. In many cases, many banks are state-owned. Histories of substandard lending may leave many banks with weak balance sheets. Significant shares of total credit are often allocated on the basis of government guarantees or under special programmes to support targeted sectors. Banks may also be subjected to interest rate ceilings that make it difficult to price credit to SMEs to fully reflect the risk of lending to SMEs. In many countries the authorities have been reluctant to allow banks to fail and the banking system was supported by implicit or explicit government guarantees. Many banks may have ownership and other ties to industrial interests and, thus, tend to favour affiliated companies.If the banking system has possibilities to earn acceptable returns by lending to other borrowers, it will not develop the skills needed to do SME lending. If the formal banking system shows little inclination to lend to SMEs, there is little incentive for firms to produce credible accounts and operate transparently.On a global level, a model of market-based banking has gained acceptance under which banks' management and boards are accountable for achieving high returns to shareholders and maintaining high prudential standards. As this model is applied and as the business environment becomes more competitive, banks have stronger incentives to find means to overcome the difficulties in SME lending. However, many emerging markets have been comparatively slow in implementing this model, which may be reflected in low volumes of SME lending. Lending to the SME sector would still be, in any case, subject to agency problems and the phenomenon of incomplete markets.The fact that SMEs in many emerging markets do not have access to bank financing is especially worrisome because SMEs typically employ a large share of the labour force and account for a large part of national income.By way of contrast, banks in the most advanced countries are adopting strategies to reduce the risk of lending to SMEs. They are investing considerable resources in seeking to overcome information asymmetry problems by using credit scoring models and other sophisticated techniques to discriminate between high and low-risk borrowers. These lending mechanisms enable banks to identify businesses likely to survive and expand, and with which it is worthwhile to develop a long-term relationship. Banks are also altering the nature of their products. An increasing proportion of bank revenue now comes from fees for services, which favours lending to entities such as SMEs.Governments of OECD countries are convinced that there are still enough instances of market failure in SME finance to justify government intervention. Thus, countries have launched a number of programmes to utilise public funds in order to facilitate SME lending. Official surveys at the national level or on a crosscountry regional basis suggest that the efforts of banks to develop the SME market, supported in some cases by a moderate amount of government guarantees, have resulted in asituation in which a large share of SMEs have access to bank finance. It is worth mentioning that in most cases the volume of funds supplied under official programmes is modest in comparison to that supplied by banks at their own risk. Risk capitalNonetheless, there are, as noted previously, still problems in directing funds to certain other categories of SMEs, particularly ISMEs. They include start-ups and very young firms in all categories and those in riskier endeavours in particular. Providing adequate finance to such SMEs is a challenge in a broad range of countries. Traditional bank finance is of limited relevance to ISMEs, which usually have negative cash flows, untried business models and high risk. Instead, investors provide risk capital through equity and quasi-equity products [e.g. "mezzanine finance" and "hybrid products"). The investor can assume high risks, but may also reap large rewards. Unlike traditional listed equity investments, ISMEs will usually progress through several stages of private equity (i.e. not listed on stock exchanges or subject to full formal regulation) finance adapted to their special needs.Geographic proximity is a factor in ISME development in the sense that investors need ongoing communication with technical innovation, innovative entrepreneurs and the marketing plans of competitors. Therefore, these investors, like the entrepreneurs they support, tend to locate near "technology clusters" in areas near universities and other research facilities. The trend toward concentration is often reinforced by policies to locate "science parks" and "business incubators" near research facilities. Some of these facilities are supported only by private funds but most use public funds as well.The ISME typically proceeds through several stages, from "seed" before production has begun through an "early stage" and then one or more "expansion" or "development" rounds. ISMEs require a range of financing vehicles as they progress through the life cycle, and investment at any stage of the life cycle is frequently contingent on there being some potential to advance to the next stage.译文：中小企业融资缺口：理论和证据摘要一、背景2004年6月在土耳其伊斯坦布尔举行的第2次中小企业部长级会议经合组织会议中，部长们认识到在伊斯坦布尔部长级宣言“以合理的条件改善中小企业获得融资|...|的需要。

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中文6555字出处：Tarinyeba-Kiryabwire W M. Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing Decisions[J]. Available at SSRN 1633393, 2010乌干达小微企业融资：路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问题则就主要侧重于中小企业的融资受限方面。

然而，在低收入国家，小微企业却比中小企业扮演着更加重要的角色，这主要是由于他们在非农业领域的自主性择业方面有着突出贡献。

小微企业主要使用非正规信贷而不是正规的银行信贷证明了在小微企业形成与业务发展的过程中前者（非正规信贷）优于后者（正规信贷）。

另外，一些其他方面的因素，比如：长时间的信贷申请程序，信贷申请过程的消极看法等都使得非正式信贷愈显活跃。

另一方面，一些具体的因素，比如：商业形式的多元化，小微企业获得商业资金或者资产投入的需求与市场供给的灵活性，使得供应商并不倾向于使用正规信贷。

简介市场中极易建立的信贷约束是小企业获取信贷的最大障碍（1）。

各种不同的政策相继制定旨在改良信贷获取途径，这其中就包括信息改革和契约框架下宏观经济手段，金融系统内部竞争，在严格的监管下促使金融机构开展对中小企业产品的租赁和保理业务（2）。

纵观过去的十年，发展中低收入国家的政策制定者们主要集中于通过干预微观经济来弥补信贷鸿沟并为那些不能从诸如大型商业银行等主流金融机构中获得正规信贷的小微企业改善融资渠道。

然而，尽管那些被认为是“创新型借贷”的方法，比如：组团信贷、抵押品替代品信贷等旨在畅通融资渠道，小微企业却更加倾向于非正规信贷而不是正规信贷。

其他的一些调查则侧重于制约信贷渠道畅通的原因分析，本文旨在寻求小微企业相比于正规信贷来说更加倾向于使用非正规信贷的一些具体特征。

这正如我之前所说的路径依赖因素。

小微企业路径依赖：形成与商业特性多数的小微企业是作为非正式成立的个人独资企业而经营的。

这一发现在关于小微企业的各种文献中均是一致的，特别是他们在非正式部门工作的事实。

然而，几乎所有的小微企业在他们的经营地域却都有由一些当地政府颁发的经营许可证。

在每一个财政年度，小微企业雇主和经营地点都是可再生资源。

大部分受访者并不了解商业公司的概念和思想，有经营许可证就意味着他们被接纳。

有几个因素可以归结为微型企业的建立方式，第一，就财务和法律问题，业主们既不理解公司成立的概念，也没有建立一个企业作为独立的法人实体。

第二，大多数微型企业开始自发的从事商业或经济机会，而不是作为经过深思熟虑的企业，尤其是路边的或在其他战略领域的小微企业，例如电话亭，沿着繁华的街道。

业主主要关心的是建立的业务手续问题，而不是与经济机遇有关。

第三，法治问题也解释了在企业普遍建立和资助的方式。

虽然在乌干达，过程和正式业务的法律和监管负担，纳入企业存在的机制，建立成本，在大多数情况下，远远大于好处，甚至业务创造的经济机会。

谈及法律在经济活动的效率的调节与决定中所扮演的角色时，埃尔南多·德索托认为如果法律阻碍了经济效率的提高，那么他们不仅在正规系统中强加一些不必要的成本，在非正式的操作层面亦是如此（3）。

前者包括商业启动的时间与登记注册成本，税收和遵守官僚程序（4）。

另一方面，非正规成本包括避免处罚的成本，逃税和劳动法以及由于较完善的法律比如不足的财产权利保护等的缺失所造成的额外成本，合同制度的无力，以及合同法外的低效（5）。

根据公司法案，在乌干达的公司注册需由该公司的注册处处长登记实施。

公司注册处处长的办公室设在首都堪培拉，这对于该国其他地区经营的企业而言无疑是一个额外的负担。

然而，商业登记处的偏远并不是主要问题因为就算是靠近登记办公室的公司也并不喜欢去登记，这和地处偏远点儿的公司并没有什么区别。

另外，合并一个公司还要征收下列费用：名字搜索与登记定金。

25,000（$12.50），股本金额0.5%的印花税，组织章程大纲和注册费。

35,000（$17.5）和登记费50，000到4,000,000（$25到2000美金）（6）。

较低的监管负担决定了法律系统的特点，股东和债权人权益的保护，法人企业中有效的破产保护程序以及增加融资渠道（7）。

另一方面，有限责任公司的成立往往又缺少足够的法律保护，联合创业活动的不积极，和较高的融资障碍。

这些障碍就是指德索托认为的法律失败之谜。

他指出尽管几乎每个发展中和前共产主义国家都有一个较为正规的金融体系，但是大多数市民却不能够获得，并且他们的唯一选择就是将他们的资产撤到法律范围以外的可以生活和经商的地方。

政策制定者们应该将非正式部门纳入正规部门的整合之中，改善商业登记制度为微型企业更加方便简单低成本的获取信贷服务。

通过当地政府部门的发牌过程可以有效地创建一个登记和业务识别机制以辨明所识别的业务和位置。

大部分微型企业都从事零售贸易，比如一个卖杂货，家庭日用品，服装，汽车零部件或者书籍的商店。

其他一些受访者从事一些包括农业在内的商业活动（养蜂，牛奶生产）处理（蜂蜜，中药材），一些小规模生产（木材和家具），和服务行业（理发，饭店里卖小食品和饮料）然而，这些受访者数量上还不足以与那些从事零售行业的人多。

有两点因素可以很好地诠释这项发现。

第一个就是这大多数微企建立初期的启动资金往往来源于个人储蓄或者亲朋好友的借款，并且对于零售行业来说并需要投入大量资金，所以说零售行业成为主体这并不奇怪。

通常一个企业所拥有的员工数这个指标经常被用来划分微企、小企和中型企业。

尽管没有明确的标准来界定一个企业所拥有的员工最小或者最大数，小微企业由于资本规模的限制往往拥有较少的员工数。

上面图表的数据告诉我们乌干达大多数微型企业的雇员在一到五人之间，这说明这些企业大多数是依靠自我就业作为员工的来源而不是给社会创造了多少的就业机会。

这些微企也是非农业领域自我就业的最大来源。

这就意味着随着气候变迁对农业造成的不利影响，土地的人口承载压力增加和越来越多的农村人口向城市迁移小微企业吸纳非农业人口的作用将会增加。

由于没有足够的资本来创造就业机会小微企业这种膨胀式发展无疑将会对国家经济和经济转型造成各种影响。

面积是另一个被用来区别微企、小企、中型和大型企业的指标。

然而，正如雇员这个变量一样，面积也并不是被明确规定的。

在欧盟，一家企业所拥有的资产不超过两百万欧元就被认为是微型企业，同时那些资产不超过一千万欧元的企业则被认为是小型企业，而中型企业所拥有的资产不超过三千四百万欧元。

这些数据告诉我们乌干达的大多数微型企业所拥有的资产不超过Ugshs。

五百万（$2,500）。

这个发现指出了这些作为独资企业的微企往往是通过一些非正式融资渠道成立的。

因为这大多数微企既不会纪录财务状况也不会被相关部门审核，受访者们只在被问及其业务的价值估计时坦言只是为了公司的持续经营。

上图中我们可以明显看出男性拥有的微企比女性拥有的微企数量要多。

这种发展趋势在其他国家其他地区也是相同的。

仅仅只有68家微企是由男女微企主所共有，这其中大多数共有企业主主要么是夫妻要么就是兄弟姐妹。

这种较低水平的共有微企不仅仅是微企的典型代表而且也是其他商业形式的代表。

这也许是缺乏足够的法律措施来保护股东的利益。

目前公司的法律是1948年制定的明显落后于当前公司的治理标准。

大多数微企所有者并没有拥有大量的资产可以用来做抵押品贷款。

只有少数拥有抵押品的微企可以从一些小型金融机构获取诸如组团贷款，强制性储蓄和小额贷款等信贷。

然而，由于以下涉及的一些原因，获取小额信贷对于小微企业来说任然是一个不小的挑战。

影响乌干达小微企业融资决策的一些其他因素不同于以上路径依赖所分析，这里有其他几个影响影响微企融资决策的因素。

包括正规或者非正规信贷的选择，从小型金融机构或者商业银行借款的选择，个人借款或者组团借款的选择。

后者的讨论，举个例子来说，可能会受到借款者个人的信贷历史记录以及抵押品的可用性影响。

如果一个微企主之前既没有与金融机构建立良好的合作关系也没有大量的抵押品可用，那么他就可能发现获取个人信贷是有多么的困难并有可能采取组团信贷的方式。

尽管微企的成立是很容易的并且通常其往往通过个人来源获取启动资金，但为了微企的可持续发展获取正规信贷是必不可少的。

以下，我将试图讨论不同因素对微企融资决策所造成的不同影响。

获取正规信贷在参与调查的602家微企中，仅仅只有34%的微企主承认他们有过申请贷款的历史，与此同时，大部分（64%）微企从未有过信贷纪录。

一项调查显示不同地域的受访者在获取正规信贷的渠道上并不存在所谓的地域性差异优势。

例如在堪培拉，仅仅只有31%的微企主申请过带狂，在北部和西北部地区达到了46%，在西部地区是42%，在东部地区则是35%。

因此，在所有的地区中，申请过贷款的微企数量显著地小于从未申请过贷款的微企数量。

可靠的数据显示在中部和西部地区的小型金融机构比东部和北部地区的小型金融机构有着更显著的贡献作用（11）。

然而，这种趋势并没有反映在此次调查之中。

中、西部地区小微企业获取信贷的渠道并不比其他地区获取信贷的渠道有多明显的优势。

另外，分析受访者发现并没有标明有任何的性别限制。

经过观察发现男性微企主与女性微企主在申请信贷方面也并不存在显著的不同。

在声称申请过信贷的微企中，86%的人成功地申请并获得了信贷，同时有24%的人因为下面某些原因申请被拒绝了。

然而24%的数量还是低于42%从其他途径获取信贷的数量。

因此，仅仅只有58%曾经有过一次或者多次申请记录的微企没能够成功的获取信贷。

在申请并成功获取信贷的微企中，大多数（77%）微企是从小型金融机构获取的贷款，同时仅仅只有23%是从商业银行获取的贷款。

这种现象可以用微企的自然属性来解释。

非正式成立、只需求少量的贷款和没有拥有大量抵押品作抵押其很难从商业银行处获得贷款。

然而，值得重视的是就算是那些商业银行处获取贷款的23%的微企，也只能从像百年银行那些包涵小额信贷的银行处获取。

微企从商业银行处获取贷款其实是非常困难的。

另外，就算是那些能够从商业银行处获取贷款的大多数微企，与整个调查总体（602家）相比，能够获取贷款的微企数远远小于那些不能够成功获取贷款的微企。

这就意味着微企大部分使用的是非正式信贷。

一项在微企借款的数据中分析指出在微企申请正式信贷中大多数同一申请人申请信贷的次数不少于一次。

这个模式也侧面证实了一个事实那就是大部分微企还是需要信贷来帮助其解决资金问题（不然大多数也不会申请很多次）。

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