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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（可编辑）

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

中小企业融资渠道中英文对照外文翻译文献

中小企业融资渠道中英文对照外文翻译文献

中小企业融资渠道中英文对照外文翻译文献Title: Financing Channels for Small and Medium-sized Enterprises: A Comparative Analysis of Chinese and English LiteratureIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, they often face challenges in accessing finance due to limited assets, credit history, and information transparency. This article aims to provide a comprehensive analysis of financing channels for SMEs, comparing existing literature in both Chinese and English.1. Overview of SME Financing Channels:1.1 Bank Loans:Traditional bank loans are a common financing option for SMEs. They offer advantages such as long-term repayment periods, lower interest rates, and established banking relationships. However, obtaining bank loans may be challenging for SMEs with insufficient collateral or creditworthiness.1.2 Venture Capital and Private Equity:Venture capital (VC) and private equity (PE) attract external investments in exchange for equity stakes. These financing channels are particularly suitable for high-growth potential SMEs. VC/PE investors often provide not only financial resources but also expertise and networks to support SMEs' growth. However, SMEs may face challenges in meeting the stringent criteria required by VC/PE firms, limiting accessibility.1.3 Angel Investment:Angel investors are wealthy individuals who provide early-stage funding to SMEs. They are often interested in innovative and high-potential ventures. Angel investments can bridge the funding gap during a company's initial stages, but SMEs need to actively seek out and convince potential angel investors to secure funding.1.4 Government Grants and Subsidies:Governments offer grants and subsidies to support SMEs' business development and innovation. These resources play a pivotal role in ensuring SMEs' survival and growth. However, the application process can be cumbersome, and the competition for these funds is usually high.1.5 Crowdfunding:Crowdfunding platforms allow SMEs to raise capital from a large poolof individual investors. This channel provides opportunities for SMEs to showcase their products or services and engage directly with potential customers. However, the success of crowdfunding campaigns depends on effective marketing strategies and compelling narratives.2. Comparative Analysis:2.1 Chinese Literature on SME Financing Channels:In Chinese literature, research on SME financing channels focuses on the unique challenges faced by Chinese SMEs, such as information asymmetry, high collateral requirements, and insufficient financial transparency. Studiesemphasize the importance of government policies, bank loans, and alternative financing channels like venture capital and private equity.2.2 English Literature on SME Financing Channels:English literature encompasses a broader range of financing channels and their implications for SMEs worldwide. It highlights the significance of business angel investment, crowdfunding, trade credit, factoring, and peer-to-peer lending. The literature also emphasizes the role of financial technology (fintech) in expanding SMEs' access to finance.3. Recommendations for SMEs:3.1 Enhancing Financial Literacy:SMEs should invest in improving their financial literacy to understand different financing options and strategies. This knowledge will help them position themselves more effectively when seeking external funding.3.2 Diversifying Funding Sources:To mitigate financing risks, SMEs should explore multiple channels simultaneously. A diversified funding portfolio can help SMEs access different sources of capital while reducing dependence on a single channel.3.3 Building Relationships:Developing relationships with banks, investors, and relevant stakeholders is crucial for SMEs seeking financing. Strong networks and connections can provide valuable support and increase the likelihood of securing funding.Conclusion:Access to appropriate financing channels is crucial for the growth and development of SMEs. This analysis of financing channels for SMEs, comparing Chinese and English literature, highlights the diverse options available. By understanding the strengths and limitations of each channel, SMEs can make informed decisions and adopt strategies that align with their unique business requirements. Governments, financial institutions, and other stakeholders should continue to collaborate in creating an enabling environment that facilitates SMEs' access to finance.。

中小企业融资租赁研究外文文献翻译

中小企业融资租赁研究外文文献翻译

文献出处：Guariglia A. The Research of Small and Medium-sized Enterprise Financing Lease [J]. Entrepreneurship Theory and Practice, 2015，12（05）：41-51. 原文The Research of Small and Medium-sized Enterprise Financing LeaseGuariglia A.AbstractThis paper discusses the lease financing business accounting, development ofsmall and medium sized enterprises, and analyses the advantage in the financing lease.Finally, introduces small and medium sized enterprises in perfect financing lease ofcountermeasures from legal environment, taxation system, and guarantee system inorder to implement financing measures provided to small and medium -sizedenterprises, and solve financing difficulties of emergencies, thus improve to economicgrowth.Keywords: Small and Medium -sized Enterprises Financing lease；1 IntroductionFinance lease is finance transfers the ownership of the nature and characteristicsof equipment leasing business. Required by the lesser according to the lessee to buyequipment such as performance, specifications, models, and the lease to the lessee.The lesser to lease equipment, on the basis of the purchase price calculated accordingto the time length of the lessee occupy the lesser money rent, the lessee in accordancewith the agreed to pay the rent for each contract. Ownership of the contract equipmentbelongs to the lesser; the lessee has only to the right to use the equipment. After thetermination of the contract to pay the rent, the lessee has the right to according to theresidual value to buy equipment, to have the ownership of the equipment, or return theequipment to the lesser.2 The lessee financing lease accounting treatment2.1 The lease beginning date processing(1) Type of lease. (2) Calculating the lease beginning date of the minimum leasepayments, long-term accounts payable of the minimum lease payments as the entryvalue. (3) To calculate the lease beginning date the present value of the minimumlease payments, the lessee shall transfer the fair value of the leased asset on the leasebeginning date and the present value of minimum lease payment of the two lower as rent entry value of the assets. The lessee when calculating the present value of minimum lease payment, the determination of the discount rate: if the lesson’s rate implicit in the lease, with the lesson’s rate implicit in the lease as the discount rate; Otherwise, the interest rate discount rate is stipulated in the lease contract, to the bank loan interest rates for the same period as the discount rate. Lease containing rate is on the lease beginning date, makes the present value of the minimum lease receipts and the unguaranteed residual value of the sum of present value equal to the fair value of the leased asset and the lesser discount rate of the sum of the initial direct costs. (4) The initial direct costs included in the value of the asset. Initial direct costs refer to the lease negotiations and sign the leasing agreement which is in the process of happen, can be directly attributable to the cost of the leasing items. There are usually stamp duty, commissions, fees, travel expenses. (5) Calculate the unrecognized financing charges. Unrecognized financing charges = minimum lease payments - fair value of the leased asset (the present value of the minimum lease payments).Unrecognized financing charges.6. Prepare the lease beginning date accounting entries.2.2 The unrecognized financing chargesUnder a finance lease, the lessee to the lesser to pay the rent for each includes the principal and interest of the two parts. When the lessee pays the rent, on the one hand, reduce long-term payables; On the other hand, at the same time the unrecognized financing charges according to certain method to confirm the current financing costs. In accordance with the standards on the lease, the lessee shall adopt the effective interest rate method. In the case of adopting the actual interest rate method, based on the lease beginning date, the entry value of the leased asset is different, the choice of financing cost allocation rate is also different, the contribution rate of unrecognized financing charges to determine the specific divided into the following several ways.(1) the present value of the minimum lease payments as the entry value of the leased asset and the lease with interest rates as the contribution rate of unrecognized financing charges.(2) the present value of the minimum lease payments as the entry value of the leased asset, the provisions of the contract interest rate as the contribution rate ofunrecognized financing charges.(3) the present value of the minimum lease payments as the entry value of the leased asset, the bank loan interest rates for the same period as the contribution rate of unrecognized financing charges.(4) based on fair value of the leased asset costs, contribution rate shall be calculated again, the contribution rate is that the present value of minimum lease payments is equal to the discount rate of the fair value of the leased asset.2.3 Lease assets depreciation provisionsThe lessee to the financing of the rented fixed assets depreciation. Determine the leased asset depreciation period shall consider the provisions of the lease contract is concerned, if it can be reasonably determining the expiry of the lease the lessee will obtain the ownership of the leased asset, the life of the leased asset shall be on the lease beginning date as the depreciation period; If unable to reasonably determine the expiration of the lease term the lessee will obtain the ownership of the leased asset and should be in the lease term and the life of the leased asset as the depreciation period is shorter.2.4 The performance cost of processingThe performance cost is refers to the leased asset during the lease term for the payment of royalties, such as technical advice and services, personnel training, maintenance, insurance, etc. The lessee of the performance cost should be included in the current profits and losses (management cost, manufacturing cost, cost of sales and other subjects).2.5 With the rentOr have the rent is refers to the amount of uncertainty, based on factors other than the length of time (such as sales, usage) rent. Or have the rent in the actual occurs into the profits and losses of the current period.2.6 Processing when the lease term expiresThe processing of the leased asset when the lease term expires, the lessee to have three conditions: return, preferential renewals, retention.3 The advantages of financing lease analysis Small and medium-sized enterprises3.1 Leasing company is able to control the risk of small and medium-sized enterprisefinancing, and is willing to provide loans.Leasing company will be confronted with various risks in doing business, roughly the kinds of product market risk, financial risk, trade risk, economic risk, technology risk, environment pollution risks, force majored, and so on. When leasing companies with weak economic strength, low credit level of small and medium enterprises to carry out the financing lease, the risk will increase, especially small and medium-sized enterprises is the risk of the lessee cannot pay the rent on time every rental companies must focus on when doing business. Leasing companies with the characteristics of the financing lease business, can control for small and medium-sized enterprise financing risk, makes it a acceptable or tolerable risk. Leasing company risk control methods mainly include the following:(1) The ownership of the leased equipment belongs to the leasing company. An obvious feature of financing lease is Lease Company has the ownership of the leased equipment, and the lessee only has leasing the right to use the equipment. It is because the separation of ownership and use right leasing equipment makes the leasing company when tenant defaults don't pay the rent on time, with relative to bank loans and other financing more leeway. The lessee cannot accord the terms of the lease contract, pay the rent on time phenomenon mainly can be divided into the following kinds: temporarily liquidity difficulties; the lessee has enough cash flow, but deliberately rent arrears; the lessee insolvency, filed for bankruptcy. To the lessee for the first reason appears the phenomenon of the rent in arrears, leasing companies in the financial condition of a detailed study of the lessee, determine the true, can adjust the rent payment scheme with tenant, make it accord with the characteristics of the lessee's cash flow. This can help the lessee through the current situation, also is advantageous to the leasing company of the lessee and continue our cooperation. If after investigation found that the lessee is intentionally rent arrears, leasing company can communicate with tenant, told if continue to fulfill its obligation to pay the rent will face the consequences. In the case of the lessee refuses to correct, leasing company can through legal means, to exercise their rights, retrieve the lease item, and punish the rent in arrears, the point of control the losses to a minimum. Visible, simpleand flexible, low requirements for credit, financing lease affordable at the same time in the financing lease can effectively predict before, in order to avoid risks, so it is in the small and medium-sized enterprise financing can not be neglected, a kind of financing way.(2) To leasing company can control the money. Finance lease is a kind of financing and it as one of the new financing way, it is different from the general bank loans, rental company does not directly provide funds to the lessee, but according to the requirements of the lessee, the lessee the selected equipment manufacturers designated equipment purchase, to rent to the lessee to use it and reach the purpose of financing. Leasing companies to provide equipment instead of the direct funding financing can be very good to prevent enterprise change of the use of funds, the limited funds for the enterprise need productive USES, expand the production capacity of enterprises, to improve enterprise's ability to pay the rent, but also reduce the risk of the leasing company.3.2 Financing lease low cost requirementsAlthough the interest of financing lease to 2 ~ 3% higher than the same period of bank interest, but long-term bank loans often have additional constraints, such as equal pay, compensating balance on a regular basis to make small and medium-sized enterprise's actual loan interest rate increase or cannot get one hundred percent of the financing, the financing lease can provide even rather than equipment price (including freight, insurance premium, etc.) was raised, and the lessee generally enjoy the tax benefits brought by the lease. By way of financing lease, the enterprise can in the case of a small amount of money, get the right to use the equipment, saving money in early. Tenant companies at the same time can also be originally out turnover must be used for equipment use, portable, improve the utilization efficiency of the capital. Therefore, taken together, the cost of the small and medium-sized enterprises using financing lease is not higher than bank loans.3.3 Equipment selection autonomy is strongIn the process of financing lease, the lessee has the right to choose its own equipment and the supplier, do not rely on the lesson’s judgment and decision, thelesser shall not interfere in the lessee's choice of equipment and the supplier. Besides there are special provisions of the state of equipment, the lesser may recommend to the lessee and equipment manufacturer, but did not say.3.4 The rent paymentFinancial leasing is more flexible in terms of rent charge. Rent shall be according to the production nature of the lessee, the condition of capital and the sales season characteristics, in terms of reimbursement amount of time and combined with enterprise actual operating conditions, and not pay the rent in regular, fixed form. The lessee pays the rent can take the form of more, such as the payment time intervals, can be divided into annual pay, can pay half a year, quarter and monthly payment; According to whether the rent at the time of waiting for the forehead, can be divided into equal pay and equal pay. In practice, the lessee and the lesser agreed to rent payment is commonly uniform annuity to pay later.译文中小企业融资租赁研究Guariglia A.摘要本文具体探讨了融资租赁业务的会计处理方式、发展思路，分析了中小企业开展融资租赁的优势。

中小型企业融资决策-外文翻译

中小型企业融资决策-外文翻译

中小型企业融资决策-外文翻译外文资料翻译译文中小型企业融资决策融资租赁(金融租赁)也被称为设备租赁(设备租赁),或现代租赁(现代租赁),基本上是全部或大部分的资产所有权转移风险和报酬的租赁。

终极所有权的资产转移,也可能不转移。

它指的具体内容承租人出租人在租赁对象和特定需求的供应商选择、供应商融资购买租赁财产,和使用出租给承租人,承租人对出租人分期支付租金,在租赁期内租赁对象的所有权属于出租人所有,承租人有权使用租赁项目。

任期届满,承租人支付租金在完成融资租赁合同履行义务,租赁对象所有权归属的承租人。

尽管融资租赁交易,租赁公司购买设备的身份,但购买的实质性内容设备供应商的选择等设备的具体要求,由承租人购买合同谈判的条件享受和锻炼,承租人租赁对象本质上是买方。

,是一个融资租赁贷款和贸易和技术更新的扩展新的综合金融行业。

因为它扩展的贷款和组合特征,有一个问题在租赁公司可以回收、处理租赁,所以企业的融资信贷和担保的主要要求,非常适合中小企业融资。

此外,负债融资租赁,不反映在企业的财务报表责任,不影响企业的信用状况。

这种多渠道融资需求的中小企业而言是非常有利的。

传统性质的租赁和融资租赁的区别就是:传统租赁以承租人租赁使用物件的时间租金、融资成本和融资租赁租金的租户占用时间。

市场经济发展到一定阶段和适应一个强大的融资,在1950年代在美国有一个新的类型的交易,因为它适应了现代经济发展的要求,在60 到70年世界上快速发展,如今已成为一个企业更新设备融资的主要方式之一,被称为“朝阳产业。

“中国在1980年代早期在这个操作模式的介绍了10年的快速发展,与发达国家相比,租赁的优势远未结束,市场潜力是巨大的。

租赁的主要特征租赁的主要特征是:对象的所有权,租赁是出租人为了控制租户租金还款的风险采取的一种形式所有权,在合同结束时最终有可能转移给承租人,租赁租赁人选择购买产品,从租户负责维护出租人只提供金融服务。

租金计算原则是:出租人租赁对象购买价格的基础上,由承租人向出租人资金时间的基础上,根据双方同意租赁利率。

中小企业融资难外文翻译

中小企业融资难外文翻译

Sme financing problems related to the analysis First small and medium-sized enterprises financing status Reform and opening up china for 30 years of small and medium-sized enterprises obtained arapid development of enterprises 99 of the small and medium-sized enterprises of our countrymore than 60 GDP contribution tax over 50 provides 70 of import and export trade and80 of urban jobs. Small and medium-sized enterprises in our country is also an important powerof independent innovation 66 of invention patent 82 of new product development of smalland medium-sized enterprises from small and medium-sized enterprises has become the economicprosperity expanding employment adjusting structure promote innovation and new industriesof important strength. From 80 years since the outbreak of the international financial crisis the implementation ofthe positive fiscal policy and loser monetary policy but no small and medium-sized enterprisesfrom the proactive fiscal policy and moderate looser monetary policy benefit directly for instanceof the new 2008 225 million small loan only more than previous year but rose 1.4 only theloans increased 14.9 09 year three months of national credit increased 48 trillion includingloans to small and medium-sized enterprises increased amount only less than 5 .Current loanfinancing difficult hasbecome the bottleneck of restricting the development of small andmedium-sized enterprises and small and medium-sized enterprise production and managementfaced difficulties according to the state statistical bureau of statistics and letter until the and of2008 in the small and medium-sized enterprises of production or collapse closed accounts forabout 7.5the urban employment this situation is not only more difficult economic recoveryinfluence and directly affect the growth and development of people’s livelihood stable target .Inthis sense the international financial crisis under the impact of China’s economy could not reallylow the key is out of small and medium-sized enterprises vitality can be fully recovered. Second the sme financing reason analysis Sme loans and financing is a cosmopolitan should say see both from China and mechanismof medium and small and medium-sized enterprises there are three main reasons: first themedium and small and medium-sized enterprises small and medium-sized enterprises generallyweak awareness of honesty similar to a few of the common phenomenon may report on tax onsome less ugly statements in Banks this intersection some may form good-looking such loanspoint is reliable became a problem. But this approach is very adverse instead of enterprises thedevelopment of small andmedium-sized enterprises are not healthy we imagine if severaldepartments with all those together the first this enterprise is not sincere he will have a foothold.We manufacture and export-oriented smes in human resources technology capital marketenvironment faced financial crisis there was a huge pressure the development of it is the rootcause of the scientific and technological content of the enterprise the innovation ability of highenough to enter the market is weak the low threshold the fierce competition in the market willincrease these are not good for the development of small and medium-sized enterprises. Secondfrom the bank for small and medium-sized enterprise credit conditions stricter because we aremost Bands it is also considered commercial bank the risk of their own profits. To the end of2008 the small bad loans is higher than that of the entire banking industry relies low come mampasolving some problems bur the loans of the small and medium-sized enterprises like a bigproblem once countries will still enterprises especially those small problems once thebankruptcy nobody tube so the loan quality cannot guaranteed so in this management system toreduce the risks the bank will demand of small and medium-sized enterprises in providing enoughafter pawn dare loan. Another bank from the operation cost of small andmedium-sized enterprisesdo loans will pay more manpower so also does not want to extend loans to small andmedium-sized enterprises A bank operating costs the half is labor cost small and medium-sizedenterprises especially do small very high labor workload but it is the benefit of different times.Third the sme financing channel is too narrow and small and medium-sized enterprises in thecapital markets have direct financing ways of securities market including small plate and gemAnd private equity funds industrial investment funds venture investment funds risk investmentfunds and the bond market etc. But since the sept.25 2008 the small plate market securitiesissued after huachang chemical and closed the door just recently IPO to restart the IPO. But gemis “ten years” good sword people until now only be vivivdly portrayed. Although with gemlisting conditions but a lot of small and medium-sized enterprises to financing for manyenterprises it is still a luxury. In overseas small and medium-sized enterprises in the process ofgrowing only rely on bank loan financing many times is a venture investment risk or the help ofsmall and medium-sized enterprises in China however can grow in the basic of financingShenzhen has 3000 venture company with a registered capital of 6000 billion but no company iswilling to startupinvestment enterprise. The company is more mature can the fancy of thesecurities market and gem. Third the sme financing difficulty in solving the problem a From the Angle of the government 1.The government should relax market access control reducing barriers let more smallerBands small and medium-sized enterprises in service for the strategic positioning og those smallBanks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more thana hundred villages and towns of the bank bank established to improve the bottleneck of theeconomic investment county including improving agriculture development of small andmedium-sized enterprises and support will play a very important role. For existing fivestate-owned Banks. Should be encouraged to develop their own businesses for the financing of thespecialized agencies relax its has branches and encourage them in the land and county townshipeven closer to provide financial services and more convenient. 2.The government should help Banks to establish a credit system further reducing theirinformation cost in our country the central bank since 1998 enterprise credit system constructionwas started by the specialized agencies collection and storage sorting analysis and use ofenterprise credit information to guard against credit risks maintain stablefinancial marker In2006 the central bank and small and medium-sized enterprises credit system to establish the creditsystem hope to cover those and financial institutions have no credit relations of small andmedium-sized enterprises. Of course the credit system is not only by the government and nowhas some network company for example try to use labara. Com in online transaction informationinto small and medium-sized enterprises credit index the index of credit if out of the bank tofurther reduce the cost of information.. 3. The government should several of bank risk compensation the local interest riskcompensation mechanism and policy just compensation fund is to solve the sme financing wayand cannot be fundamentally solved. As to the end fujian province of bad loans is small loans6071 but the average level of banking is a two percent while a few risk compensation just to0.8 percent only a small part So many of bank risk compensation. As all of the loans to smalland medium-sized enterprises then according to the bank loans reduce its tax business taxincome tax reduction Countries can help enterprises to improve bank interest risk and return Ifthe loan losses the government formed by risk compensation fund to patch up it this makes bifbusiness loans and small and medium-sized enterprises loan to achieve thebalance is the basicyields. 4.The government should actively promote the multi-level capital market system in order tobetter satisfy all kinds of small and medium-sized enterprises include the financing needs ofenterprise. Different types of small and medium-sized enterprises the development stage isendless and same determines the sme financing needs is not the same So small and medium-sizedenterprises groups of differentiation determines the diversified financing needs then satisfy smefinancing demand also needs the various forms of financing mode such as bank loans bondsequity financing etc.200to 4 years in Shenzhen stock exchange medium plate founded bupromoting capital technology management and the effective factors of high quality as cultivatingboard also to promote the upgrading of industrial structure is playing a positive role. In October 2009 gem officially launched. Founded board will provide for independentinnovation promoting effective supervision mechanism of small and medium-sized enterprises inthe new development stage. But for more than for small and medium-sized enterprises are listed tosolve this kind of condition enterprise’s equity financing stock transfer to a valid theover-the-counter marker In 2006 China launched fei joint-stock company listing for trading ofsecurities companiesentering the pilot work Besides the government should vigorously promotethe development of the bond market bond financing for small and medium enterprises to providemore convenient in the developed countries the bond market is the main financing financing inthe United States for example 2008 the company bonds is circulation stock circulation of 5 timeswith the United States Europe and other countries and regions in the bond market also has the bigdevelopment space. b From the bank angleIf rely on the existing in the banking financial products and sme loans to solve the difficulty infinancing smes is impossible we cannot change the present situation of small and medium-sizedenterprises so we would change our bank credit financial innovation is imminent. Currentlybanking is through the organization risk management technical innovation innovation andsecurity collateral product innovation so as to change the status of financing for smes. 1. Guarantee mortgage innovation Collateral shortage is small and medium-sized enterprisebiggest soft rib they could not buy a heap of the house and then prepare for security it is notrealistic to high-tdch enterprise as the core of assets should be their intellectual property righs thepatent righ and one on the market in technology creative team is the blood to supportitsdevelopment as well as several pieces of the mortgaged property bur all need money to lendbank The small and medium-sized enterprises such an jiangsu cooperatives experiment widelywarehouse inventory impawn through a mortgage loan product Tianjing coastal rural commercialbank actively carry out enterprise sharehoulding pledge loan. benjing bank recently launchedintellectual property as a pledge from the bank for a loan. 2. Credit rating innovating Big Bnaks do business of time usually see a balance sheet anincome statement and a cash flow statement small and medium-sized enterprises have even thesthree tables are not high the bank information costs zhejiang tyrone arisen commercial Banksthey look for innovative water meter customs declaration form large large reduce cost still canmake small loans to earn enough money. Like Shenzhen development bank by focusing on theirOppone nt’s credit transaction the authenticity of the enterprise chooses a new of enterprisescredit rating. For enterprises in the ctedit rating method for enterprises itself the credit ratingweight only 15. Pay more attention to the authenticity of the trading counterparty anddownstream of the raw material supply semi-finished products or services or transportation orlogistics can be easier to choose good credit aretrue of the enterprise trade background to provideenough good service mobilize various financial tools in the process of enterprise developmentshenfazhan also created the profits. 3. Business process innovation. Our country commercial bank the bank is mostly official inthe house wait for a loan to customers approval for a month three months such a kind ofmanagement such an examination result is impossible to small and medium-sized enterprisefinancial services it is impossible to improve the financing difficulties of small and medium-sizedenterprises. Banks to reduce threshold the other is to simplify the process reduce link establishexamination mechanism so as to adapt to the credit factory. The bank is factory small andmedium-sized enterprises is raw material into the line after the marketing sales and service withapproval and customer maintenance and post-loan management obtain loans. But Banks are not aperson guard line and batch production. Through the way of examination and approval proceduressimplified. Through this process to make sure that the smes credit approval from the cycle overthe past 2 3 months shorten to 3 5 days now. 4.Strengthening the training of personnel. After construction in mechanism to have a groupof people to do it and do it well it is to strengthen the training of.the staff further strengthen thesme small business loans and high-tech smes job training and the loan of communicationincreasing the entire product rampd efforts with the strain of new incentive and restraint measures toprofessional team and the new service. c From the Angle of enterprises 1 Enternises should strengthen management improve quality. To correctly understand thesituation face establish the risk by management effectiveness and development idea must paymore attention to technical innovation technological innovation pay attention to the new productdevelopment improve quality and brand construction and development of new products improvethe product quality improvement and win the market.. Reducing energy consumption to increaseincreasing earning. Increasing market development ability reduce” products accountsrec eivable” two nbre accelerate the capital turnover. Through the development way not only bythe expansion of production of production but improve the quality of the industrial sector realizerapid growth. 2. The enterprises should strengthen the construction of credit system. Establish the standardof management system establish she transparent reliable statements the accumulation ofenterprise credit system.精选范本。

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（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

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

However。

micro enterprises (MEs) which are smaller than SMEs。

have been XXX。

using a path XXX finance。

such as family and friends。

due to the lack of access to formal finance。

Path dependence is also evident。

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

然而，小微企业（MEs）比SMEs更小，却被忽视了。

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

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

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

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

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

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

In e countries。

XXX role than SMEs。

XXX-agricultural self-XXX。

XXX due to the way they are XXX。

中小企业融资难外文翻译说课讲解

中小企业融资难外文翻译说课讲解

中小企业融资难外文翻译Sme financing problems related to the analysis First small and medium-sized enterprises financing status Reform and opening up china for 30 years of small and medium-sized enterprises obtained arapid development of enterprises 99 of the small and medium-sized enterprises of our countrymore than 60 GDP contribution tax over 50 provides 70 of import and export trade and80 of urban jobs. Small and medium-sized enterprises in our country is also an important powerof independent innovation 66 of invention patent 82 of new product development of smalland medium-sized enterprises from small and medium-sized enterprises has become the economicprosperity expanding employment adjusting structure promote innovation and new industriesof important strength. From 80 years since the outbreak of the international financial crisis the implementation ofthe positive fiscal policy and loser monetary policy but no small and medium-sized enterprisesfrom the proactive fiscal policy and moderate looser monetary policy benefit directly for instanceof the new 2008 225 million small loan only more than previous year but rose 1.4 only theloans increased 14.9 09 year three months of national credit increased 48 trillion includingloans to small and medium-sized enterprises increased amount only less than 5 .Current loanfinancing difficult hasbecome the bottleneck of restricting the development of small andmedium-sized enterprises and small and medium-sized enterprise production and managementfaced difficulties according to the state statistical bureau of statistics and letter until the and of2008 in the small and medium-sized enterprises of production or collapse closed accounts forabout 7.5the urban employment this situation is not only more difficult economic recoveryinfluence and directly affect the growth and development of people’s livelihood stable target .Inthis sense the international financial crisis under the impact of China’s economy could not reallylow the key is out of small and medium-sized enterprises vitality can be fully recovered. Second the sme financing reason analysis Sme loans and financing is a cosmopolitan should say see both from China and mechanismof medium and small and medium-sized enterprises there are three main reasons: first themedium and small and medium-sized enterprises small and medium-sized enterprises generallyweak awareness of honesty similar to a few of the common phenomenon may report on tax onsome less ugly statements in Banks this intersection some may form good-looking such loanspoint is reliable became a problem. But this approach is very adverse instead of enterprises thedevelopment of small andmedium-sized enterprises are not healthy we imagine if severaldepartments with all those together the first this enterprise is not sincere he will have a foothold.We manufacture and export-oriented smes in human resources technology capital marketenvironment faced financial crisis there was a huge pressure the development of it is the rootcause of the scientific and technological content of the enterprise the innovation ability of highenough to enter the market is weak the low threshold the fierce competition in the market willincrease these are not good for the development of small and medium-sized enterprises. Secondfrom the bank for small and medium-sized enterprise credit conditions stricter because we aremost Bands it is also considered commercial bank the risk of their own profits. To the end of2008 the small bad loans is higher than that of the entire banking industry relies low come mampasolving some problems bur the loans of the small and medium-sized enterprises like a bigproblem once countries will still enterprises especially those small problems once thebankruptcy nobody tube so the loan quality cannot guaranteed so in this management system toreduce the risks the bank will demand of small and medium-sized enterprises in providing enoughafter pawn dare loan. Another bank from the operation cost of small and medium-sized enterprisesdo loans will pay more manpower so also does not want to extend loans to small andmedium-sized enterprises A bank operating costs the half is labor cost small and medium-sizedenterprises especially do small very high labor workload but it is the benefit of different times.Third the sme financing channel is too narrow and small and medium-sized enterprisesin thecapital markets have direct financing ways of securities market including small plate and gemAnd private equity funds industrial investment funds venture investment funds risk investmentfunds and the bond market etc. But since the sept.25 2008 the small plate market securitiesissued after huachang chemical and closed the door just recently IPO to restart the IPO. But gemis “ten years” good sword people until now only be vivivdly portrayed. Although with gemlisting conditions but a lot of small and medium-sized enterprises to financing for manyenterprises it is still a luxury. In overseas small and medium-sized enterprises in the process ofgrowing only rely on bank loan financing many times is a venture investment risk or the help ofsmall and medium-sized enterprises in China however can grow in the basic of financingShenzhen has 3000 venture company with a registered capital of 6000 billion but no company iswilling to startup investment enterprise. Thecompany is more mature can the fancy of thesecurities market and gem. Third the sme financing difficulty in solving the problem a From the Angle of the government 1.The government should relax market access control reducing barriers let more smallerBands small and medium-sized enterprises in service for the strategic positioning og those smallBanks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more thana hundred villages and towns of the bank bank established to improve the bottleneck of theeconomic investment county including improving agriculture development of small andmedium-sized enterprises and support will play a very important role. For existing fivestate-owned Banks. Should be encouraged to develop their own businesses for the financing of thespecialized agencies relax its has branches and encourage them in the land and county townshipeven closer to provide financial services and more convenient. 2.The government should help Banks to establish a credit system further reducing theirinformation cost in our country the central bank since 1998 enterprise credit system constructionwas started by the specialized agencies collection and storage sorting analysis and use ofenterprise credit information to guard against credit risks maintain stable financial marker In2006 the central bank andsmall and medium-sized enterprises credit system to establish the creditsystem hope to cover those and financial institutions have no credit relations of small andmedium-sized enterprises. Of course the credit system is not only by the government and nowhas some network company for example try to use labara. Com in online transaction informationinto small and medium-sized enterprises credit index the index of credit if out of the bank tofurther reduce the cost of information.. 3. The government should several of bank risk compensation the local interest riskcompensation mechanism and policy just compensation fund is to solve the sme financing wayand cannot be fundamentally solved. As to the end fujian province of bad loans is small loans6071 but the average level of banking is a two percent while a few risk compensation just to0.8 percent only a small part So many of bank risk compensation. As all of the loans to smalland medium-sized enterprises then according to the bank loans reduce its tax business taxincome tax reduction Countries can help enterprises to improve bank interest risk and return Ifthe loan losses the government formed by risk compensation fund to patch up it this makes bifbusiness loans and small and medium-sized enterprises loan to achieve the balance is the basicyields. 4.The government should activelypromote the multi-level capital market system in order tobetter satisfy all kinds of small and medium-sized enterprises include the financing needs ofenterprise. Different types of small and medium-sized enterprises the development stage isendless and same determines the sme financing needs is not the same So small and medium-sizedenterprises groups of differentiation determines the diversified financing needs then satisfy smefinancing demand also needs the various forms of financing mode such as bank loans bondsequity financing etc.200to 4 years in Shenzhen stock exchange medium plate founded bupromoting capital technology management and the effective factors of high quality as cultivatingboard also to promote the upgrading of industrial structure is playing a positive role. In October 2009 gem officially launched. Founded board will provide for independentinnovation promoting effective supervision mechanism of small and medium-sized enterprises inthe new development stage. But for more than for small and medium-sized enterprises are listed tosolve this kind of condition enterprise’s equity financing stock transfer to a valid theover-the-counter marker In 2006 China launched fei joint-stock company listing for trading ofsecurities companies entering the pilot work Besides the government shouldvigorously promotethe development of the bond market bond financing for small and medium enterprises to providemore convenient in the developed countries the bond market is the main financing financing inthe United States for example 2008 the company bonds is circulation stock circulation of 5 timeswith the United States Europe and other countries and regions in the bond market also has the bigdevelopment space. b From the bank angleIf rely on the existing in the banking financial products and sme loans to solve the difficulty infinancing smes is impossible we cannot change the present situation of small and medium-sizedenterprises so we would change our bank credit financial innovation is imminent. Currentlybanking is through the organization risk management technical innovation innovation andsecurity collateral product innovation so as to change the status of financing for smes. 1. Guarantee mortgage innovation Collateral shortage is small and medium-sized enterprisebiggest soft rib they could not buy a heap of the house and then prepare for security it is notrealistic to high-tdch enterprise as the core of assets should be their intellectual property righs thepatent righ and one on the market in technology creative team is the blood to support itsdevelopment as well as several pieces of the mortgagedproperty bur all need money to lendbank The small and medium-sized enterprises such an jiangsu cooperatives experiment widelywarehouse inventory impawn through a mortgage loan product Tianjing coastal rural commercialbank actively carry out enterprise sharehoulding pledge loan. benjing bank recently launchedintellectual property as a pledge from the bank for a loan. 2. Credit rating innovating Big Bnaks do business of time usually see a balance sheet anincome statement and a cash flow statement small and medium-sized enterprises have even thesthree tables are not high the bank information costs zhejiang tyrone arisen commercial Banksthey look for innovative water meter customs declaration form large large reduce cost still canmake small loans to earn enough money. Like Shenzhen development bank by focusing on theirOpponent’s credit transaction the authenticity of the enterprise chooses a new of enterprisescredit rating. For enterprises in the ctedit rating method for enterprises itself the credit ratingweight only 15. Pay more attention to the authenticity of the trading counterparty anddownstream of the raw material supply semi-finished products or services or transportation orlogistics can be easier to choose good credit are true of the enterprise trade background to provideenough goodservice mobilize various financial tools in the process of enterprise developmentshenfazhan also created the profits. 3. Business process innovation. Our country commercial bank the bank is mostly official inthe house wait for a loan to customers approval for a month three months such a kind ofmanagement such an examination result is impossible to small and medium-sized enterprisefinancial services it is impossible to improve the financing difficulties of small and medium-sizedenterprises. Banks to reduce threshold the other is to simplify the process reduce link establishexamination mechanism so as to adapt to the credit factory. The bank is factory small andmedium-sized enterprises is raw material into the line after the marketing sales and service withapproval and customer maintenance and post-loan management obtain loans. But Banks are not aperson guard line and batch production. Through the way of examination and approval proceduressimplified. Through this process to make sure that the smes credit approval from the cycle overthe past 2 3 months shorten to 3 5 days now. 4.Strengthening the training of personnel. After construction in mechanism to have a groupof people to do it and do it well it is to strengthen the training of the staff further strengthen thesme small business loans and high-tech smes job training and the loan ofcommunicationincreasing the entire product rampd efforts with the strain of new incentive and restraint measures toprofessional team and the new service. c From the Angle of enterprises 1 Enternises should strengthen management improve quality. To correctly understand thesituation face establish the risk by management effectiveness and development idea must paymore attention to technical innovation technological innovation pay attention to the new productdevelopment improve quality and brand construction and development of new products improvethe product quality improvement and win the market.. Reducing energy consumption to increaseincreasing earning. Increasing market development ability reduce” pro ducts accountsreceivable” two nbre accelerate the capital turnover. Through the development way not only bythe expansion of production of production but improve the quality of the industrial sector realizerapid growth. 2. The enterprises should strengthen the construction of credit system. Establish the standardof management system establish she transparent reliable statements the accumulation ofenterprise credit system.。

中小企业融资渠道中英文对照外文翻译文献

中小企业融资渠道中英文对照外文翻译文献

中小企业融资渠道中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：The areas of SME financing channels: an overview 1.IntroductionIn all countries, SMEs are an important source of economic growth and create jobs. In addition, these companies through their dynamism and flexibility, the power of innovation and development.The research method is to start from the literature to highlight the importance of the theme of our research. This paper analyzes the data and statistics based on mainly by the World Bank survey, small and medium-sized private enterprises in Romania by some empirical research. According to the method used, and pointed out the importance of financing of SMEs and enhance the public bodies concerned about, especially the measures taken to improve financial development.2.the literature on SMEs financing channelsA popular academic literature on the financing channels of SMEs, has witnessed a lot of research to solve this problem.Countless research studies have indicated that financing channels is a critical obstacle in the growth and development process, especially in small and medium enterprises.Through Baker Dumont reggae - Ke Lute, Ivan, and Marca Smokin Popovich (2004) research, reflecting the fundamental factors of 10 000 enterprises from 80 countries mainly depend on the financing of enterprises. Therefore, the relationship between the study highlights the corporate finance and its characteristics such as age, size and structure of property rights. From this perspective, the authors found that the small size of the young company, and face greater obstacles when they seek financial resources.The iResearch Dick Mei Leke and Salta (2011) analysis of macroeconomic and institutional factors affecting SME financing loans through the statistical data found. In other similar studies, the authors found a positive correlation between the overall economic development (a measure of per capita income) and financial development (measured by private lending ratio of gross domestic product), on the other hand, the level of SME financing is the opposite. In addition, the authors show that the level of financing for SMEs depends on the legal structure and overall business environment.3.in the process of SME financing in the general obstaclesIn general, access to financial products or financial services or financial inclusion assumes that there is no trade barriers to the use of financial products or services, regardless of whether these barriers or non-related pricing (Dumont reggae - Ke Lute, Baker, and Honorine root 2008:2). Therefore, to improve this means of access means increasing the degree of financial products or financial services at a fair price toeveryone.Enterprise does not use financial products or services can be divided into several categories, their identification is necessary, in order to take the necessary measures to improve their financing channels. Therefore, on the one hand, enterprises obtain financing, the financial products and services, but do not use them because they do not have a viable investment projects. On the other hand, it can distinguish between non-voluntary refuse corporate Although these business needs, but not have access to financial services. The status of independent corporate finance or financial services in some companies do not earn enough money or safeguards required by financing institutions and therefore have higher credit risk. At the same time, when some companies in need of funding, financial and banking institutions involved too costly and can not agree to financing. Finally, in the context of the enterprise refused to appear over-priced financial products or services and financial products or services that meet their requirements.Financing channels for enterprise development and the efficient allocation of funds essential. However, compared with large enterprises, SMEs seeking finance is facing many difficulties, because of several reasons, including: the judicial and legislative structure of the instability and imperfect, it does not support the enterprises in need of financing and funding the relationship between; part of the funding and corporate information is incomplete or even lack of information, which hinders the normal and efficient development of relations between enterprises and providers of finance; especially in the young company, the lack of credit history and guarantees the creditors, and sometimes limits the range of financial products that can be used.The number of surveys, especially the World Bank stressed that the financing is one of the biggest obstacle to good development and growth of the SME. For example, the World Bank in the 2006-2009 survey foundthat 31% of the worldwide study of corporate finance is a major obstacle to the current implementation, and even higher proportion of young company in the 40% of cases up to three years of experience (Chavez, kt Boer and Ireland 2010:1). In addition, a series of global surveys, including the information provided by the World Business Environment Survey show that SME financing transaction costs is the main obstacle to enterprise development.4.SME bank financing difficulties and support measuresIn most countries, especially in countries with bank-oriented financial system, the main source of external financing for SMEs by bank loans. Therefore, this type of loan is crucial to the development of SMEs. However, the survey showed, compared to the SMEs and large enterprises are using the new investment in the small extent of bank financing.As we mentioned, the use of financial products is determined by supply and demand. It is therefore important to understand why the SMEs use bank financing to a small extent only. In this regard, some studies (Banerjee and Duflo: 2004) has shown that the main reason for the supply, because every time when SMEs are able to obtain loans, they use it to increase production. This behavior is more proof of financing is an important factor in the development of enterprises. In addition, in the context of the current global financial crisis, the declining availability of bank loans and limited financing opportunities for SMEs. Therefore, it is the main problem facing small and medium enterprises.October 29, 2010, this survey of SMEs in Romania highlights the main problems faced by SMEs and banks. Therefore, 82% of the interviewed entrepreneurs obtain bank financing is very difficult, mainly because of excessive bureaucracy, unreasonable high demand, high interest rates, rigid bank credit indicators, as well as many types of commission and expenses. In addition, more than 61% of SMEentrepreneurs and managers reporting banks lack of transparency (hidden costs, lack of communication channels, etc.), there is no real consultation (using the standard contract, the bank refused to modify or complete the credit contract, etc.) and banks do not legitimate or misuse of the terms of the contract (for example, perform the unauthorized transaction accounts or bank fraud). Understanding this knowledge to take measures to support and promote SME financing.Improve SME financing is still cause for concern, but also national, European and international facing a challenge. For example, in the EU, through the implementation of the new measures established by the Small Business Administration for Europe to improve the financing channels for SMEs, by reducing the return of the structural funds requirements to promote the access of small and medium enterprises, the establishment of the Credit Ombudsman to promote small and medium-sized enterprises and dialogue between the credit institutions, to avoid the double taxation of the tax legislation, which will hinder the international venture capital plays an important role.In particular, empirical research, emphasizing the impact of the degree of financial development of a country is essential that the level of development of the SME financing. Therefore, a series of measures to support SMEs to obtain financing, to ensure the efficient development of the country's financial, which will ensure greater availability of corporate finance. Specifically, the authorities should take measures commonly used to measure the degree of financial development in the seven pillars, namely, the institutional environment, business environment, financial stability, banking and financial services, non-bank financial services, financial markets and access to finance.5 .ConclusionEffective financing for SMEs to create new business is of great significance, and existing growth and development of enterprises, whilepromoting the country's economic and social development. In addition, in the case of the economic crisis, SMEs contribute to restoring the national economy, so it is particularly important to support SME financing. However, most of the survey report stressed, always the financing channels of SMEs is one of the most important factor to affect its operation and development.SMEs trying to get the necessary financial resources to face difficulties related to the entrepreneurs and the economic environment of each country, as well as existing legal and institutional structure. To alleviate these difficulties, the measures taken by public authorities should focus on improving the financial development and to ensure that the corporate finance and economic growth, greater effectiveness.In various countries, including Romania, the decline on the availability of SME financing, or even the lack of statistical data, we believe that policy makers need to focus on and monitor a series of important indicators, depending on the size of the SMEs, experience and industry events share of its loans, which will benefit the public authorities, creditors and investors.原文来自罗马·安吉拉中小企业的融资渠道的领域:概述（奥拉迪亚大学：经济科学，2011年第一卷第一期，431-437）摘要通过中小企业在创造附加值和新的就业岗位中的贡献,使它在国家的经济和社会发展中拥有一个显著的角色。

小微企业融资外文文献翻译

小微企业融资外文文献翻译

小微企业融资外文文献翻译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。

2019年中小企业融资外文翻译文献

2019年中小企业融资外文翻译文献

文献信息：文献标题：Financing in SMEs: Case of the Baltic States（中小企业融资：以波罗的海国家为例）国外作者：Ramona Rupeika-Apoga文献出处：《Procedia - Social and Behavioral Sciences》,2014, 150:116-125字数统计：英文2177单词，11410字符；中文3954汉字外文文献：Financing in SMEs: Case of the Baltic States Abstract Access to finance represents one of the most significant challenges for SMEs’ entrepreneurs. To ensure SMEs creation, existence and growth it is vitally important to understand the financing needs of SMEs and entrepreneurs, the main obstacles to finance availability and accessibility. The study indicates the difficulties in SMEs financing for the three Baltic States and provides the governments and other stakeholders with a tool to understand SMEs’ financing needs. The study results highlight importance of alternative resources of external financing for small developing countries such as the Baltic ones and the need to support the design and evaluation of policy measures and to monitor the implications of financial reforms on SMEs’ access to finance.Keywords: SMEs financing, access to finance, alternative finance recourses, the Baltic States1.Introduction2008-2009 financial crises has effected availability of external financing for SMEs more dramatically than large enterprises, in the form of higher interest rates, shortened maturities and increased request for collateral. As a result nowadays access to finance represents one of the most significant challenges for SMEs’ entrepreneurs. In the Baltic States SMEs form the largest part of companies, providing the majorityof jobs. Nevertheless, SMEs commonly follow “niche strategies,” using high product quality, flexibility, and responsiveness to customer needs as a means of competing with large-scale mass producers (see, for example, Hallberg, 2000 and Snodgrass, 1996), many researchers have highlighted the shortage of financial resources and access to finance as one of the main barriers to SMEs innovation capacity. Baltic companies find difficult to obtain commercial bank financing, especially long-term loans, for a number of reasons, including lack of collateral, difficulties in proving creditworthiness, small cash flows, inadequate credit history, high risk premiums, underdeveloped bank-borrower relationships and high transaction costs.Over the past two decades, the Baltic exchanges have strived to address their clients’needs by employing the latest developments and innovations, and in taking the lead in reforming the securities market. This process has been accelerated by integrating with one of the world’s largest exchange operator and technology supplier across six continents, NASDAQ OMX Group. Altogether, above eighty companies are listed on two Baltic equities lists, which had a market cap of around EUR 5.8 billion in July 2013. The biggest equity market is in Lithuania, then in Estonia and the smallest in Latvia. For SMEs the equity market is more available than the bond market. Unfortunately, the choice of making company shares available for public purchase is in most cases only possible for already well known and with good reputation as well with high growth potential ones. Only in such cases companies can attract investors and to raise public interest. There are strict entry requirements imposed on companies wishing to go ahead with this process. Nevertheless such small listed company quantity and market cap shows that capital market availability is even more problematic than banking loans.2.Literature Review And Hypotheses2.1.Access to finance as a challenge for SMEs’existenceOver 2007-2010 in most countries, SMEs faced more severe credit conditions that did large enterprises, in the form of higher interest rates, shortened maturities and increased request for collateral (OECD, 2012). After a slight improvement in 2010,credit conditions tightened in most countries in 2011, possibly triggered by an increased awareness of risk on the part of lending institutions. In the Euro area, trends in nominal interest rates reflected tensions on sovereign debt, which increased at the end of 2011, as the interest rate on national debt is usually a lower threshold for the cost of financing in the remaining sectors. A broad range of studies based on various surveys have highlighted that access to finance is one of the main challenges in the way of companies’growth and development, especially in the case of small and medium enterprises (Peachey, 2004; Beck, 2006; Beck, 2008; ECB, 2012). Numerous studies that use firm-level survey data demonstrate that access to finance and the cost of credit pose barriers to SME financing (Scholtens, 1999; Schiffer, 2001; Galindo, 2003; IADB, 2004; Beck, 2006(a); Beck, 2006 (b)). Similar results were found also in other studies: access to credit is one of the biggest constraints for SMEs in Colombia (Stephanou, 2008); lack of access to finance together with management, labour skills and regulation are the main constraints to growth of SMEs in the UK (Binks, 1997); inability to raise external finance in Slovenia is one of the main obstacles for the SME sector underdevelopment (Hutchinson, 2006); lack to access of external finance is one of the main problems in most of Central and Eastern Europe (Anderson, 1997; Budina, 2000; Gros, 2000; Konings, 2003).Conducted literature and surveys review shows that importance of access to finance significantly differs by country development level, business environment and economic prospects.H1: Access to finance is one of the main challenges for SMEs to doing business in the Baltic States2.2.Alternative finance resourcesWhen a company wants to raise money, one of its first decisions is whether to do so by bank lending or by issuing bonds and shares. In the 20th century, most company finance, apart from share issues was raised by bank loans. But since about 1980 there has been an ongoing trend for disintermediation, where large and credit worthy companies have found they effectively have to pay out less in interest if they borrow from the capital markets rather than banks. The tendency for companies to borrowfrom capital markets instead of banks has been especially strong in the US, whereas in Europe the most popular external resources of finances are bank loans, bank overdrafts, trade credits, when other resources as securities, venture capital and other funds are seldom used.H2: The importance of alternative financing for the Baltic States is growing3.Methodology3.1.Research GoalIn this study the author aims to highlight importance of alternative funds as a source of external financing for the Baltic States SMEs. The research indicates the difficulties in SMEs financing and provides the governments and other stakeholders with a tool to understand SMEs’ financing needs that helps to improve the access to financing for companies and to support the design and evaluation of policy measures an d to monitor the implications of financial reforms on SMEs’ access to finance.During development of the paper the generally accepted qualitative and quantitative methods of economic research were used including comparative analysis and synthesis, graphical illustration methods.3.2.Sample and Data CollectionThe analysis conducted in this paper is based on data and statistics provided mainly by the Baltic States Central banks, Venture Capital funds and grants programmes, by certain empirical studies and by the World economic forum data base.3.3.Analyses and ResultsSurvey on the access to finance of small and medium-sized enterprises (SMEs) in the euro area conducted by ECB has highlighted that in 2013 “Access to finance” was second ranked most pressing problem faced by SMEs in the Euro Area (16%), with a wide divergence across countries, with similar results in previous years (see Fig 1).On the high side, 32% of the SMEs in Greece, 23% in Spain and 20% in Ireland, Italy and the Netherlands mentioned access to finance as the most pressing problem, compared with around 8% of the SMEs in Germany and Austria on the low side (see Fig. 2).Finding customers is the main concern for euro area SMEs (24% of euro area SMEs), whereas availability of skilled staff or experienced managers (14%) and cost of production or labour were mentioned as other very important obstacles for doing business.Across euro area countries, when asked how pressing “access to finance” is as a problem in their current situation, a very large percentage of firms in Greece (61%), Spain and Italy (both 50%) and, to a lesser extent, Portugal (40%) reported that this is a very pressing problem (scale 7-10), while the corresponding percentage in Germanyand Belgium is around 30% and in Finland it drops to 24%. At the same time, 55% of firms in Finland, 45% in Belgium, and 43% in Germany and Austria considered access to finance a not pressing problem (scale 1-3) (ECB, 2013).In accordance with SME Finance forum data, access to finance is the major problem for ¼ of all SMEs in Latvia and Lithuania (see table1) and mostly companies are using loans (about 20% of all companies) or overdrafts (about 10% ). Almost half of the companies have stated that they don’t need credit and companies that received loans had gotten them from private commercial banks (about 80%).Table 1 Access to finance as major/ severe barrier in the Baltic States SMEs (SME Finance forum data)The results of the conducted analysis support H1- Access to finance is one of the main challenges for SMEs to doing business in the Baltic States as well in Europe and that importance of access to finance significantly differs on country development level, business environment and economic prospects.In table 2 the author reflected her personal knowledge of financial resources availability in the Baltic markets. The summary is general, and of course shifts in both directions are possible.Table 2 Access to finance for new and small/ unknown companiesAvailability of financial funds strongly depends on company development level, the bigger and familiar you are the broader choices you have. What is important, that for new companies alternative funds are more available: business angels, venture capital funds, different government support programs and seed funding. This field for Baltic States is rather new, but it’s new also for other countries as a result all countries (more or less) are in the same conditions and as showed previous analysis the Baltic States so far showed rather good results and hopefully this market segmentwill be the way for Baltic states to become innovative driven economies.Analysing availability of financial services in the Baltic States in general, the author concluded that in Estonia companies and individuals have better access than in Latvia and Lithuania, ranking Estonia in 43 place (2012), within 45 best countries, at the same level as Slovak Republic and Czech Republic, and not far from Japan’s and Israel’s levels. Whereas Latvia’s and Lithuania’s positions are 65 and 74 respectively, placing Latvia at the same level as Jamaica and Colombia, and for Lithuania - Uganda and Zambia. Whereas access to finance is significantly better in Estonia, the affordability of financial services is rather similar in the all Baltic countries, placing Latvia and Estonia in 58 and 59 places out of 144 countries, and Lithuania in 73rd place. By evaluating the positions of the Baltic States in the world countries ranks, Latvia shows an improved affordability of financial services when compared with access to services, whereas in Estonia the situation is opposite, as for Lithuania in both determinants situation is the same.Conducted analysis supports H2 by emphasising the importance of alternative financing for the Baltic States.4.ConclusionConducted empirical analysis proves that SMEs’ access to finance in the Baltic States is one of the major obstacles to doing business in the Baltic States as well as in the rest of Europe and availability of alternative financing for the Baltic States is improving. As a result H1 (access to finance is one of the main challenges for SMEs to doing business in the Baltic States) and H2 (the importance of alternative financing for the Baltic States is growing) are fully supported.Availability of financial funds strongly depends on company development level, the bigger and familiar you are the broader choices you have. What is important, that for new companies alternative resources: business angels, venture capital funds, different government support programs and seed funding are more available than bank loans. This field for the Baltic States is rather new, but it’s new also for other countries as a result all countries (more or less) are in the same conditions andhopefully this market segment will be the way for the Baltic states to become innovative driven economies.The Baltic States Governments responded to the global financial crisis and its effects on SME financing with a variety of instruments. The most popular measure was loan guarantee programmes, which expanded substantially over 2007-2011. Furthermore, new elements were added to these programmes, or new instruments were created outside of the traditional guarantee programmes. Other public instruments to enhance SME finance included direct loans, micro loans, export guarantees, and support for risk capital (equity) either in the form of co-financing or tax credits for investors.中文译文：中小企业融资：以波罗的海国家为例摘要获得融资是中小企业企业家面临的最大挑战之一。

中小企业融资偏好SME外文文献翻译2014年译文4500字

中小企业融资偏好SME外文文献翻译2014年译文4500字

文献出处Mac an Bhaird C. SME Owners’ Financing P references[J]Resourcing Small and Medium Sized Enterprises., 2014,(5): 77-103.原文SME owners’ financing preferencesMac an Bhaird C. SMEAcademic studies investigating the financing of SMEs commonly examine the subject by conducting multivariate regression analysis employing panel data sets consisting of accounting and finance data (see Appendix B for a comprehensive review of this literature). Researchers adopting this approach seek to explain financing choice in terms of firm characteristics such as firm size, age, asset structure, profitability, growth opportunities, and legal organisation. This methodology, whilst beneficial in theory testing and preliminary benchmark studies, neglects one of the most important aspects of small business and entrepreneurship: the central role of the SME owner. Given the primary decision making role of the firm owner, this method excludes a fundamental element of the financing and finance provision in SMEs. The approach adopted in this chapter is to record SME owners’ views on financing their businesses, and the reasons why they choose one type of finance over another, or why they avoid some forms of financing entirely. Whilst this approach may appear self-evident or overly simplistic, it can reveal explanations for observed capital structures and how financial markets and institutions might better respond to the needs of the small business community.Respondents’ perceptions concerning issues related to funders and their lending practices are reported in Table 4.5. Almost 50% of respondents are of the perception that “banks understand their business,” with 20% disagreeing with this proposition. This result indicates that respondents generally do not perceive informationasymmetries in debt markets. This finding may be explained with reference to the age profile of respondents, thus consistent with Diamond’s (1989) reputation theory, information asymmetries lessen as firms mature and become established. Even in the event of bank switching, surviving firms have developed a credit history. A crosstabulation of the proposition “banks understand my business” with age of respondents presented in Table D.11 bears this out; those firms perceiving that banks do not understand their business are predominantly in the youngest age categories. These relationships are not statistically significant, however, as indicated by significance values for directional measures presented in Table D.12.Table 4.5 Respondents’ perception of funders and their requirementsResults explain preferences and patterns of financing reported in earlier sections. Respondents’ preference for debt when seeking external finance expressed in Tables 4.1 and 4.2 may be partly explained by firms not perceiving information asymmetries in debt markets. Greater perception of information asymmetries among firms in the youngest age categories is exacerbated by the concentration of 50% of these firms in sectors typified by a high proportion of intangible assets. This finding may also explain the high use of external equity (37% of total financing) by this group reported in Table 2.2, and partly explains the provision of personal assets to secure debt by firm owners in the youngest age category.A sectoral cross tabulation of the proposition “banks understand my business” presented in Table D.13 reveals that almost 30% of respondents perceiving information asymmetries in debt markets are in the “computer software development and services” sector. This may arise from a relatively young age profile, as over 60% of firms in this sector are under 10 years old. Another relevant factor is the technological nature of the sector, confirming the finding of Hogan and Hutson (2005), that firms in this sector do not perceive information asymmetries in venture capital markets to the same extent that they perceive asymmetries in the bank-client relationship. This may be due to the technical knowledge and specialist skills of venture capitalists in assessing technologically complicated investment projects, and the lack of specialised knowledge by loan assessors in banks.Almost 90% of respondents believe that “banks are willing to provide overdraft facilities” to their company, as shown in Table 4.5. This result is consistent with empirical evidence highlighting the reliance of SMEs on short-term bank debt (Chittenden et al. 1996), which is even greater in the Irish context (Ayadi 2008). The effect of respondents’ perception may perpetuate this reliance, as firms are more likely to apply for additional short-term debt if they perceive their application will be successful. Respondents’ perception partly explains patterns of financing reported in Table 2.2, indicating that short-term debt was the second most important source of finance after retained profits, comprising an average 22% of capital structures. Thisresult also supports the contention that financial institutions advance short-term debt facilities more readily, as they usually involve smaller amounts than long-term debt or mortgage finance, and can be recalled at short notice (Esperanca et al. 2003). Additionally, banks may seek to reduce their exposure by advancing debt with a shorter maturity. Respondents’ perception may therefore result from a combination of demand-side and supply-side factors.Respondents’ perception of the procli vity of financial institutions to seek collateral as security for debt finance is evident from responses to propositions three and four presented in Table 4.5. Eighty five per cent of respondents perceive that “providers of debt insist on collateral,” and 81% perceive that banks lend to firms with tangible assets, such as cash and fixed assets. Respondents’ perceptions may be due to experiences in contracting with financial institutions (results from multivariate models presented in Table 3.10 indicate statistically significant positive relationships between use of short-term, long-term, and total debt, and provision of collateral). Additionally, results from SUR models presented in Table 3.19 indicate statistically significant positive relationships between use of debt and provision of firm assets as collateral for all models, apart from firms in the “other” sector. These results confirm findings of previous studies emphasising the importance of lien-free collateralisable assets in securing debt finance (Heyman et al. 2008). Thus, consistent with Myers (1997), firms whose assets consist primarily of intangibles have most difficulty in accessing bank loans.Respondents’ perceptions highlight a number of issues for SME financing. Firstly, firms without access to adequate collateralisable assets may be discouraged from applying for debt capital on the basis that they believe it will be unsuccessful (Kon and Storey 2003), which may lead to underinvestment. Secondly, these perceptions may result in overreliance on short-term debt (Chittenden et al. 1996), rather than a more appropriate source, such as long-term debt. This may increase the cost of capital for the firm, as short-term debt is generally more expensive than the latter. Additionally, dependence on short-term debt exposes the firm to liquidity problems if the bank restricts or withdraws this facility at short notice. Furthermore, SMEs maybe compelled to employ more expensive sources of financing, such as debt factoring, invoice discounting or use of trade credit.Respondents’ perceptions on propositions concerning venture capital funders are also reported in Table 4.5. Venture capital comprises 5% of the capital structures of respondents (as shown in Table 2.2), and this is reflected in responses to questions on venture capital funding. Whilst 34% of respondents agreed with the proposition that “venture capitalists invest in companies with cash/fixed assets,” over 50% expressed no opinion and 15% disagreed. This result suggests that respondents are generally inexperienced with, or ambivalent about venture capital finance. Of those firms in disagreement with this statement, over 50% are in sectors typified by a lack of collateralisable assets, namely the “computer software development and services” and “other services” sectors. This finding suggests that respondents in these sectors are more acquainted or experienced in contracting with venture capitalists.Sixty five per cent of respondents agree with the statement “the availability of venture capital is su sceptible to market fluctuations,” whilst 32% express no opinion. This result indicates that respondents are aware of fluctuations in venture capital investment activity. One third of those in agreement with this proposition comprise firms in sectors typif ied by a lack of collateralisable assets, namely the “computer software development and services” and “other services” sectors. Once again, this result suggests that respondents in these sectors are more experienced in contracting with venture capitalists. Whilst respondents appear cognisant of the workings of venture capital markets in general, they do not have strong opinions about proposed statements. This may be explained by the relatively small percentage of respondents seeking venture capital. Respond ents in the “computer software development and services” and “other services” sectors appear to have more definite opinions on venture capitalists.In summary, respondents’ answers to propositions presented in Table 4.5 partially explain motivations behind observed capital structures and stated financing preferences. In general, respondents do not perceive information asymmetries in debt markets. This perception may be partly explained by the age profile of respondents, asreputation effects (Diamond 1989) overcome these asymmetries. Information asymmetries in debt markets may be higher in practice, however, because the views of non-surviving firms are not reported in this survey. The latter firms may have perceived higher asymmetries in debt markets. Respondents perceive a requirement for collateral to secure debt finance, confirming evidence from previous studies detailing financial institutions’ proclivity for collateral to overcome potential agency problems of moral hazard (Coco 2000; Heyman et al. 2008). An implication of this perception is that firms lacking adequate collateralisable assets may be reluctant to apply for debt finance. Respondents report that financial institutions are willing to advance short-term debt facilities, which may partly explain reliance on this source as the second most important means of financing. Relatively few firms in the sample employ external equity, which is reflected in the ambivalence of respondents to questions on the requirements of venture capitalists.In this chapter, agency and pecking order theories of capital structure are further explored by consideration of evidence in the form of respondents’ replies to direct questions, and statements proposed in the form of Likert scales. A number of interrelated questions are asked in addressing two primary issues; “What are the financing preferences of respondents?,” and “Why do respondents maintain these preferences?” Replies to these questions facilitate examination of the relevance of theoretical propositions in explai ning respondents’ capital structures, and stated financing preferences.Respondents’ preferred source of financing is retained profits. Almost 50% indicate a willingness to employ long-term debt finance when required. Eighty per cent of respondents indicate an aversion to raising additional external equity. These preferences are consistent with propositions of the pecking order theory (Myers 1984; Myers and Majluf 1984), although the expressed aversion to external equity suggests that the majority of respondents may adhere to a truncated pecking order. Investigation of the perceived greatest internal growth constraints and primary considerations when raising debt emphasise the importance of profitability in financing investment, and suggest that adherence to a preferred pecking order iscontingent on the profitability of the firm.Explanations for stated financing preferences of respondents are threefold. The primary reason is desire to retain control of the firm and maintain managerial independence, which is stronger in closely held private limited firms than in firms with wider ownership. Secondly, the main financial objectives of respondents are to maximise profits and sales, which reaffirms financing preferences and emphasises respondents’ primary goal o f maintaining control of the firm. There are sectoral differences in pursuit of this objective; firms in the “computer software development and services” sector are twice as willing to relinquish control as firms in all other sectors, and they consider maximisation of the value of the firm as their primary financial objective. Thirdly, respondents generally do not perceive information asymmetries in debt markets, and believe that financial institutions are willing to provide short-term debt facilities. This is not an unexpected finding given the age profile of respondents, suggesting that information asymmetries are alleviated by reputation effects (Diamond 1989). The majority of firms perceiving information asymmetries in debt markets are in the “computer s oftware development and services” and “other services” sectors. This may be due to a combination of the age profile and technological characteristics of firms in this sector.Respondents highlighted a number of issues they consider most important when raising external finance that partly explain stated financing preferences and indicate the conditions under which they would consider raising additional finance. By taking these factors into account, funders can improve the efficiency of supply of funds to th e sector. Respondents’ primary concern when raising debt is the cost of finance, highlighting the influence of supply-side factors in the financing decision. An implication of this belief is that firm owners may avoid raising debt in times of high interest rates, resulting in underinvestment. As respondents also express an aversion to external equity, firm growth will be limited to the return on investment of retained profits, leading to lower growth rates. Additionally, as respondents do not believe in accumulating financial slack they may encounter financing problems during an economic recession, particularly if there is a credit squeeze.Another belief held by respondents is the requirement for collateral to secure debt finance. Respondents in sectors in which asset structures are typified by a high proportion of tangible assets are more likely to apply for debt finance, and are more confident in securing the finance required than respondents in sectors with asset structures typified by a high proportion of intangible assets. The practice of financial institutions in providing debt finance based on collateral rather than profitability is inefficient, and may have a number of adverse consequences for SMEs. Firstly, perception of a lack of sufficient collateralisable assets may result in a reduction of applications for long-term debt finance, leading to underinvestment. Secondly, this belief may result in over-reliance on other sources of finance which are less appropriate and more costly, such as short-term debt, for example. Investigation of respondents’ views on signalling, debt tax shields, timing considerations, and the accumulation of financial slack indicate that these issues are not primary concerns when making the financing decision. Respondents appear more concerned with the issue of raising adequate capital to finance their firm than what they may consider ancillary issues.译文中小企业融资偏好伯哈德在调查研究中小型企业融资的学术研究中，通常通过多元回归分析来审查这个主题。

Small and Medium Enterprises financing decision中小型企业融资决策

Small and Medium Enterprises financing decision中小型企业融资决策

Small and Medium Enterprises financing decisionAbstract: The first sets forth the solution of the relevant corporate finance some of the concepts and classification, followed by impact analysis in decision-making of China's small and medium e nterprise financing environmental factors, these factors made for small and medium enterprises h ow to make the financing of science in decision-making a few observations.Key words: small and medium enterprises; financing decision-making; influencing factorsBusiness generation, survival and development are inseparable from the investment and financin g activities. With China's accession to WTO organization, the market economy system, the grad ual improvement of the financial markets, rapid development, investment and financing efficiency i s increasingly becoming the key to the development of enterprises. For the small and medium e nterprises, according to their own development needs should seriously consider how to select thei r own needs and suited to their stage of development financing, as well as a variety of financing the use of timing, conditions, costs and risks, determine the appropriate size of the financing an d the development of the best financing periods. To solve these problems, small and medium e nterprises need to develop appropriate financing strategies in order to make the most optimal fina ncing decision.First, an overview of corporate finance decision-making(A) an overview of corporate finance decision-makingCorporate finance decision-making, is the enterprise value creation objectives in accordance with its needs, the use of a certain timing and channels to take cost-effective financing tool for comp anies to raise the funds needed for a market behavior. It not only changed the structure of the company's assets and liabilities, but also affected the internal management,business performance, sustainable development and value growth. A typical decision-making including the sale of what kind of financing of debt and equity (financing), how to determine which they want to sell the v alue of debt and equity (financing costs), when to sell more debt and equity (financing opportuniti es) and so on. Which include the financing of the size of the most important decision-making a nd financing decisions. Financing scale enterprises should be the purpose of completing the mini mum requirements for the use of funds. The financing of enterprises are diverse, common the f ollowing:1. Fiscal financing. Financial financing from a financial point of view out, can be divided into: b udget allocation, financial loans, through authorized agencies of the state-owned assets investmen ts, policy-oriented bank loans, special construction of extrabudgetary funds, financial subsidies.2. Bank financing. From the Chinese-funded financial point of view that is out of the use of ba nk funds, the main sections of various generation, such as: credit, mortgage loans, secured loan, discounted loans, lease financing, securities investment.3. Commercial financing. Its the way they are varied, mainly including trade transaction process that took place between enterprises on credit products, prepaid loans and other forms.4. G voucher financing. The method includes tendering, financing and bond financing two major categories.(B) the financing decision-making processCorporate financing decision-making process to develop, that is to determine the optimal capital structure process. The specific decision-making process is: First, when a sum of money to finan ce companies faced several financing options, companies can calculate the various financing opti ons respectively, the weighted average cost of capital rate, and then select one of the lowest we ighted average cost of capital as a. Secondly, selected the lowest weighted average cost of cap ital is just the kind of financing options best Zhuzhong program does not mean that it has beco me the best capital structure, this time, enterprises should observe the investors in the loan pay ment request, the stock market price fluctuations, etc., according to financial analysis to determin e the reasonable capital structure, while corporate finance officers can use some of the financial analysis of capital structure, access more detailed analysis. Finally, according to results of the a nalysis in the corporate financing decision-making to further improve its capital structure.(C) the general idea of the Financing of SMEsSME finance general idea should be: a combination of investment and finance in order to financ e investment-driven. Financial decision-making in small and medium enterprises do not have the financial decision-making as big business (especially stock company), as the independence, it sh ould be a part of business investment decisions, financing must be direct investment services. T his means that the SMEs in the decision-making must pass in order to lead to investment decisi on-making in this part of the financial management objectives, rather than as stock companies, finance decision-making and financial objectives to establish a direct functional relationship. This i s because:1. SME financial goal is to maximize profits, only the investment activities in order to bring profit s for the enterprise, that is the optimal investment decisions is the optimal financing decision-mak ing.2. The obvious contradiction between supply and demand of funds for SMEs, corporate finance channels, quantity, time is influenced by various objective conditions. To act like large companie s the flexibility to use various means to freely adjust the capital structure, for SMEs is unrealistic.Thus, for decades operating history,layer management by professional managers of small and medium enterprises, financing plan for investment services, and must be matched with investment demand, including financing and financing the amount of time matching. More importantly, the i nvestment projects through a variety of factors must be considered, not blind means for misappro priating a cover, otherwise easily lead to investment and financing decision-making failures, leadin g to investment failure, damage to corporate rights. In the absence of the oversight function of t he small and medium enterprises in the conduct of the proceedings of a project feasibility study i s necessary, but only a part of the decision-making, provide financial information, the feasibility of the whole scheme can not provide advice, but can not serve as a viable project a decisive basi s. Strategy and internal needs of a variety of factors to consider is very important. [Paper Net ]Second, our analysis of the financing environment for SMEsEnterprise is in a certain environment, a variety of economic resources, the organic collection. Business operations to adapt and understand the requirements of environmental change, to be in vincible. Enterprises are faced with an environment is present in the surrounding businesses, aff ecting business survival and development of various objective factors and forces of the general, it is the basis for corporate financing choices. At the moment, the status quo of China's financing environment for SMEs mainly in the following areas:(A) From the situation of SMEs in view of their ownChina's SME business management and technical levels are relatively low, a lack of effective int ernal supervision and control mechanisms, such a result is caused by inefficient use of funds, the risk is relatively large. Thus, banks and other financial institutions and development of SME b usiness confidence is low, so it will not easily borrow funds to SMEs.(B) from banks and other financial institutions operating principles to considerBanks and other financial institutions pay attention to fund the operation of "efficiency, safety, liq uidity", in practice, banks and other financial institutions to give customers a prerequisite for the l oan is to ask customers to provide effective guarantees for SMEs with limited self-financing due t o unable to provide effective security, while for SMEs operating risks, the third person in normal circumstances would not provide guarantees for the debt of small and medium enterprises. Sinc e it is impossible to provide full and effective guarantees, banks and other financial institutions wi ll not give loans to small and medium enterprises.(C) from the country's industrial policies and economic policies are concernedLack of government support for SMEs, SME financing difficulties also contributed to an important reason. China for SMEs, although there are a number of supportive policies, such as "The Pe ople's Republic of China Township Enterprise Law," which also stipulates that "the state to use t he credit means, to encourage and support the development of township and village enterprises": "people's governments above the county level in accordance with relevant state regulations, you can the establishment of rural enterprise development fund "," township enterprise development f und dedicated to support the development of township enterprises ", etc., but because of the lac k of an effective system to protect, these provisions are difficult to implement.(D) from the view of China's financial controlBetween enterprises can not borrow each other to some extent also increased the difficulty of fi nancing for SMEs. Based on our current law, among the citizens, businesses and citizen, busin ess or civic and financial institutions can occur between the legitimate lending between enterprise s and between enterprises, however, been regarded as illegal loan lending relationships are not by law允许. In this way, for SMEs, he would lose a means of financing, intangible into the fina ncing of SMEs has also increased the difficulty.Third, small and medium enterprises should develop specific strategies and reasonable financingTherefore, at this stage of China's SME financing environment for SMEs in terms of financing of adverse circumstances, the financing of SMEs in the development of specific strategies should p ay attention to the following aspects:(A) the amount of funding the pursuit of rationalityRight to shares of companies on behalf of large enterprises in terms of financing aimed at achi eving optimal capital structure, namely, the pursuit of cost of capital, the minimum and maximum business value; while for SMEs is concerned, the purpose of financing directly to ensure that th e necessary production and operation of funds. Lack of funds will affect the development of pro duction, but excess can lead to the use of funds of funds, diminish the effect, resulting in a wast e. As the SME financing is not easy, so operators are more relaxed in the face of the funding environment, they often accuse me of "Han Xin point soldiers, the more the better" error. Howe ver, if the money raised is unreasonable or not with the real needs, then a good thing becomes a bad thing, companies hand, may carry a heavy debt burden, further affect the financing capabil ity and profitability. Therefore, the business community during the beginning of financing decision, according to the needs of enterprises for capital, corporate finance their own actual conditions a nd the ease and cost of decision-making circumstances, what one can determine the size of cor porate finance and reasonable.(B) the pursuit of effectiveness of the use of fundsThe financing channels for SMEs and large enterprises do not like the way there is a big choic e, but that does not mean that SMEs can only be "beggars" On the contrary, due to weak risk-r esisting ability of SMEs, as well as funding difficulties, but also should each fund to make good t rade-off, considering the operating needs and capital costs, financing risk and investment income, and many other factors, must be the source of funds and to invest in combined analysis of the cost of capital rate of return on investment the relationship between the strings to avoid making mistakes .(C) the pursuit of the ratio of capital structureThe use of funds for SMEs decide the type and quantity of funding. We know that the total as sets of enterprises and non-current assets by current assets of two parts. Current assets are di vided into two distinct behavior: First, their number changes with fluctuations in production and m anagement of liquid assets, namely, the so-called transient liquid assets; 2 is similar to the level of fixed assets, as long-term stability of liquid assets, namely, The so-called permanent current assets. According to the structure of the matching principle, small and medium enterprises for fix ed assets and permanent current assets on the financial resources to the financing of medium a nd long term financing is appropriate; due to seasonal, cyclical and random factors contribute to changes in business activities, the funds required are mainly the financing of short-term financing is appropriate. Emphasizes financing and investment in the capital structure ratio on the relatio nship between pairs of small and medium enterprises is particularly important.(D) capital operation, in the pursuit of incremental funding at the same time pay more attention to financing of stockIncremental funding means a quantitative increase in the total occupation of the amount of fund s to meet the production and operation needs; stock financing is defined as the total occupied wi thout increasing the amount of funds under the premise of the structure by adjusting the amount of funds used to accelerate capital turnover, and try to avoid unreasonable the use of funds to i mprove the use of funds effects units to meet the business needs of the expanding production a nd operation. Increment financing and the stock of the close combination of funding also reflects the financing of SMEs and investment activities, the inherent connection between the stock of fi nancing because it is actually a kind of utilization of capital and it belongs to the scope of invest ment activities. For example, companies would be the timely use of idle equipment, rent, sell tra nsfer the form of "inventory financing", it will not prevent losses and capital backlog, but also hel p improve long-term capital mobility, relieve pressure on the financing too heavy .(E) sources of funding, the pursuit of credibility to winTake the initiative to maintain good relations with financial institutions to make it understand the business and see great prospects for companies willing to support the development of enterprise s, which every successful SME operators who are compulsory lesson. Including its two aspects: one is the choice of financial institutions, should be chosen career and growth of SMEs in the f uture for their interest and willingness to invest in financial institutions; can provide business guid ance to financial institutions; branches and more convenient transactions of financial institutions; well-funded, and the low cost of funds of financial institutions; staff quality, professional ethics so und financial institutions. The other hand, cooperation between SMEs to take the initiative to co mmunicate with financial institutions, corporate business policy, development plans, financial positi on, indicating the difficulties encountered in order to win the performance and credibility of financi al institutions, trust and support, rather than a variety of illegal or improper means of taking mon ey.(Vi) financing, select the appropriate size of the enterprise itself, the strength and the stage ofFinance income and costs on a comparison that really necessary financing, we need to consider what kind of financing options. In the choice of financing, usually on their own to consider the size, strength, strong or weak, and corporate stage of development, combined with the characteri stics of the different means of financing, select the appropriate means of financing of this enterpri se development, for example, in the early days of SMEs , its financing methods you can choose equity financing, because the early start, high risk, very few financial institutions and other credit ors to the financing for you. In equity financing, business owners and their friends and family m embers accounted for the vast majority of the funds. This part of the financing is part of "inside r financing" or "internal financing", also known as enterprise "his investment." To the developme nt of SMEs to a certain period and the size of the future, they may choose debt financing. Deb t financing primarily from financial institutions, including commercial banks and finance companies. Of high-tech industry, SMEs, may take into account the GEM issuing equity financing; do not meet the listing requirements for SMEs, consider bank loans, financing and so on.(Vii) financing, the selection of the most conducive to improving the competitiveness of enterpris es in financingSME financing will usually have the following direct impact on business: First, by financing small and medium enterprises can grow capital strength and ability to pay small and medium enterpris es and development potential; secondly, through the financing, can increase the credibility of sma ll and medium enterprises to expand the enterprise product market share; again, through the fina ncing, small and medium enterprises can expand the scale, enhance profitability, and thus take a dvantage of economies of scale improve enterprise competitiveness in the market and accelerate the development of enterprises. But the degree of competitiveness of enterprises due to the imp rovement of corporate financing, financing the differences in income there is a big difference. Fo r example, equity financing, especially the first listing of ordinary shares in issue and circulation, not only impose an enormous financial intermediation, but also greatly enhance the visibility of bu sinesses and goodwill, so that the competitiveness of enterprises could be boosted. Therefore, when financing decisions, first select the most beneficial to small and medium enterprises to impr ove competitive mode of financing.With China's accession to the World Trade Organization, Chinese SMEs will be further expansio n of access to the area, which the development of SMEs a unique opportunity, but it also posed a challenge to SMEs. The small and medium enterprises in the development of the financing to make decisions is directly related to the survival of small and medium enterprises, so the inves tment and financing decisions of SMEs should be fully considered on their own terms, based on corporate finance strategy to consider all aspects of the feasibility of and possible will bring a var iety of issues, to seek their overall balance of the proceeds. [On / text / Net LunWenNet / Com]References:[1] Wei Chan. --- Stock Market under the corporate finance corporate investment and financing [M]. Beijing: China Economic Publishing House, 2000.[2] Song Ligang. An international corporate investment and financing risks of running [M]. Beijing: China Petrochemical Press, 2001.[3] Hong Jin Biao. SME finance post-WTO Practice [M]. Beijing: China Customs Press, 2002.[4] Xiao Hong. Corporate finance decision-making behavior theory of value [M]. Beijing: China Fi nancial and Economic Publishing House, 2006.[5] Wang Chao. Finance and investment management [M]. Beijing: China Foreign Economic and Trade Publishing House, 1999.中小型企业融资决策摘要：首先阐解了有关企业融资的一些概念与分类，其次分析影响我国中小型企业融资决策的环境因素，针对这些因素提出了有关中小型企业如何作出科学的融资决策的几点看法。

中小企业融资中英文对照外文翻译文献

中小企业融资中英文对照外文翻译文献

中小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)原文：Financing of SMEsJan Bartholdy, Cesario MateusOriginally Published in“Financing of SMEs”.London business review.AbstractThe 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 OrderTheory 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 the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financialintermediaries. 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 offinancial 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 maybe able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information 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 tangibleassets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.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 e xpected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, thatproposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。

中小企业融资难外文翻译

中小企业融资难外文翻译

附录Financing small and medium-sized problem is not unique to China. In the United States, the existence of such an economic phenomenon of the same, the difference is that the U.S. government measures to support a market-oriented SMEs.China's very rapid development of SMEs, currently has more than 430 million small and medium enterprises, SMEs can be seen in economic activity in China to occupy more and more of the components already. In order to help the development of SMEs in China, the central government has promulgated a number of policies in recent years. However, as funding is concerned, the majority of domestic small and medium enterprises are still everywhere, "meet with a rebuff." Because of shortage of funds in many small and medium enterprises, development has been limited. Perhaps, the U.S. government to encourage small and medium-sized ways and means of financing is worth learning from.Similarly the United States there are difficulties in SME lendingAlthough the U.S. companies the proportion of bank financing through external financing accounted for about 61.8 percent, but small and medium-sized view, because of the existence of relatively high credit risk, leading financial institutions, commercial loans to small and medium-sized lack of impact on the financing of small and medium enterprises.U.S. commercial well-developed financial system, but the prevalence of small and medium-sized small scale, lack of credit, the reasons for poor business environment, small and medium-sized financial institutions are not commercial loans the preferred target. Development and stability that only those products with market and credit conditions favorable to small and medium-sized commercial banks to obtain loans. This point and treat China's commercial banks loans to SMEs with little difference between the attitudeTypically, the United States the amount of long-term financing of SMEs and 25%~ 85% from the accumulation of the enterprise. 90 In the mid-20th century, the total internal sources of funds financing the proportion rose to 61.5 percent from 82.8 percent, which shows that the United States to obtain commercial financing of small and medium-sized proportion was not high.The difference is that the U.S. government has never been to the commercial financial institutions to "issue" administrative indicators, but mainly through government policy on small and medium-sized financial institutions to provide the Guarantee Fund, and guide financial institutions in commercial lending to SMEs. In addition, the SME Credit Guarantee in the United States, the commercial banks also have a larger initiative, to decide whether or not the loan, whether to apply for government guarantees.In addition, the U.S. government and the local small and medium-sized foreign banks have not provided any financing and loan services. Would like to obtain financing unless the business has been successfully registered in the United States, and the owner of this business is a U.S. citizen or permanent residence of the U.S. federal taxpayers.Contrast, the financing structure of SMEs in the United StatesU.S. small and medium-sized and large enterprises through equity financing and debt financing to fund access to business development. Equity financing for SMEs in the United States accounted for 49.63% of total assets, debt financing for SMEs accounted for 50.37% of total assets. Financing structure of the United States through the analysis and comparison, we get the following revelation:In improving the financial industry specialization to develop at the same time small and medium-sized financial institutions, the financing of small and medium-sized changes in the status of the system also depends on the arrangements for non-financial innovation. On the one hand, including large enterprises, including the system of innovation is to broaden the financing channels for SMEs in an important way. On the other hand, the effectiveness of innovation in the financial system, also depends on the real economy to create the system.With the West is relatively sound financial system countries, China's small andmedium enterprises financing difficulties faced by SMEs in Western countries than in more difficult, not only is China's financial institutions, the impact of preferences, there are many reasons for their own financial institutions. At the same time, the market system, interest rates and charges, mortgages and guarantees, and other aspects of integration of the financial sector, China's market and the need to improve the system.China started the development of SMEs with foreign capital compared to less than significant in the development of the industry are often subject to restrictions on the adjustment. In fact, China's small and medium enterprises in the Credit Ratings in the lower grades, it is difficult to obtain the trust of financial institutions, which directly affect their lending. China's small and medium-sized to the development process in the future to address the financing difficulties, the most important issues is to establish good faith.Let's look at private financing. Although our country has been to broaden the financing channels for civil society, but still very smooth. Market-oriented operation of the informal or semi-formal financial financing models have not yet fully developed, even if the development in some areas and did not embark on the track of normal operation.The United States is encouraging the development of supporting measures for SMEsAs a result of the national economy of a country SMEs are the most active ingredient, which the governments of the world on the development and financing of small and medium enterprises attach great importance to the issue, the United States is no exception. In order to encourage the development of SMEs, the U.S. government to take a lot of ways to be used for reference.Establish and improve laws and regulations to support SME financing. The U.S. federal government to support the development of SMEs for the development of the regulations, the adoption of legislative norms in the form of financing small and medium-sized service system, including: "small and medium-sized law", "small and medium-sized investment law", "Economic Policy Act of SMEs", "small andmedium-sized Enterprise Technology Innovation Promotion Law, "" Small Business Investment Incentive Act, "" Small Business Development Center Act "and so on.The establishment of special funds. Special fund is the U.S. government to make small and medium enterprises in the national economy and social development and give full play to the role of certain aspects of the financial assistance given. In the U.S. There are two major categories: the Government's financial results for the special science and technology research and development funds, product procurement funds, small and medium-sized start-up fund, employment fund, such as the unemployed population can encourage small and medium-sized product innovation and creating jobs; risk compensation fund, the Financial special funds (as distinct from direct financial subsidies, it has strict regulatory requirements, the need for funds of funds must be clear before the number, purpose, targets, methods of payment and subsidies), special industries, such as re-insurance fund to help small and medium-sized to reduce market risks.The establishment of specialized agencies, to provide financing for small and medium-sized security and assistance. The United States to manage small and medium-sized sector is the Federal Small Business Administration (SBA), has sent in the state institutions, the role is to fight for small businesses a level playing field conditions, to serve the small business economic groups.The U.S. government's policy towards SMEs only a small number of loans, the Government mainly through the federal Small Business Administration to develop macro-control policies to guide the private capital investment to small and medium enterprises. In the United States nearly 45 years of history, Small Business Investment Company (under the federal Small Business Administration) through the investment projects 140,000 to about 90,000 small businesses provided 40 billion U.S. dollars of funds, the creation of about one million new jobs.U.S. Small Business Investment Company, former head of the Tang Christensen • A view that "China should learn from the United States or some experience in grafting, if small businesses can give full play to the role of investment companies, then, China's small enterprises will be developed into a medium-sized enterprises . "U.S. small and medium enterprises financing structureEquity financing:The main owner of the assets of the owner's equity accounted share of 2 / 3, representing approximately 31.33% of total assets.Assets are the rights and interests "other options", accounting for about 12.86 percent of total assets. This part of the shares of the owner is mainly relatives and friends. They neither have the majority of shares, nor is it a major business decision-makers.There is also a known as the "angel funding" equity, total assets of the enterprises accounted for about 3.95 percent. "Angel capital" refers to small and medium enterprises in the start-up period for the development of small and medium-sized to provide a direct personal or family funds, but also to provide certain management advice and experience.In addition, the "venture capital", this type of investment, mainly to vote for small, medium and high-tech enterprises. True in the development of small and medium enterprises have access to this type of venture capital, the amount accounted for only 1.58% of total assets. The proportion of foreign capital is not high, about 2.69 percent, but very clearly the purpose of investment is to encourage and promote the development of small and medium-sized high-tech enterprises.Debt Financing:From financial institutions:Bank credit accounted for 8.75% of total assetsFinancial companies accounted for 4.91% of total assetsOther financial institutions (including non-financial institutions) accounted for 3% of total assetsFrom non-financial institutions and government funding:15.78% for commercial credit1.74% for other enterprises0.49% GovernmentParticipation by the private investment funds, accountingfor 5.71%United States Government to provide loans to small and medium-sized security modelLoan guarantees for small and medium-sized federal Small Business Administration is an important task, and its security as follows: to the Federal Small Business Administration's reputation as a small business loan guarantees to commercial banks, under normal circumstances, the Federal Small Business Administration loans the total amount of 75% ~ 80% of the guarantee, the rest of the commercial banks. Federal Small Business Administration loans up to a maximum of 750,000 U.S. dollars. The risk of loss of loan guarantee by the Government as a risk management budget. Federal Small Business Administration in accordance with financial institutions, small business lending experience and performance, to participate in the secured loan lending institutions are classified based on different procedures.中小企业融资难的问题不是中国所特有。

中英文外文文献翻译中小企业的融资困境研究

中英文外文文献翻译中小企业的融资困境研究

本科毕业设计（论文）中英文对照翻译(此文档为word格式,下载后您可任意修改编辑!)作者：Groot M期刊：International Business Research，第5卷，第2期，pp:31-41 原文The research of financing difficulty in SMES作者：Groot M1. IntroductionThe principles of the European Union funding of SME have gradually emerged and are constantly analyzed for improvement.Unfulfilled or only partially achieved expectations to the property less, deviations from the model for better or worse, complaints, problems, deficiencies noticed in the comparison, all of them are challenges needed to be met by training operations that EU experts will bring out. Given the political interest which European structures manifested in this direction, this process will undoubtedly continue, because it allows better management of financial resources and an increase with large positive effects. Furthermore, access to finance is the most important factor promoting employment, growth and innovation in SME in Europe. Given the size of the Structural Funds, the European Commission tried not to leave to chance the "right to know". The research period focused in this paper encompasses the years 2007 - 2009. (Note 1) The research methodology used was based on document analysis, secondary data analysis and statistical analysis. The analysis of levels of funding granted through different EU financial instruments has been conducted on basis of statistical analysis of financial information from European Commission budget. 2. Structural and Cohesion Financing Sources for SME According to the Guidelines on financing of small and medium enterprises, funding may be made by calling the internal sources (equity capital) and / or external funding sources (http://www.finantare.ro/ghid-finantari.html). The internal funding sources are:* Contributions of the owners or associated members. * Resources generated by the company's activity (retaining profit). Internal funding sources have some advantages, such as preserving the independence and financial autonomy, because it creates no additional binding (interest, guarantees), or maintaining borrowing capacity, being a reliable mean of financial support of the enterprise's needs. They also bear disadvantages because the owners have fewer funds to invest in other more profitable activities than the activity which generated the financial overflow (alternative cost). External financing sources of SME include: loans, grants, and capital market instruments. The needed borrowing is obtained by the analysis of the evolution indicators of costs that are generated by the SME development. This need should be determined from the planning stage of development. Depending on the characteristics of this necessary, one develops the company's financing policy. External financing is necessary if the SME does not have sufficient internal resources to cover the investments necessary for the planned activities. Regardless of the country, it is intended to facilitate access of SME to external financing sources, especially venture capital, micro-loans, financial mezzanine, and the development of a stimulating legal and business environment. Attracting capital is one of the conditions necessary for both establishing a successful business (especially SME) and for ensuring its development. The use of own resources or loans is often insufficient for start-up firmsor those with strong growth potential. Investors hesitate to invest in start-up companies because of high transaction costs and because the returns do not compensate for risk. Therefore, these companies usually seek a venture capital, which may provide the amounts necessary for entering the market and developing faster. The venture capital is essential for the innovative SME' financing and for the assurance of the best investment opportunities. However, in Europe, venture capital market is fragmented, which affects cross-border investments and growth potential of venture capital funds and reduces the level of investment. Therefore, given the need to improve SME' access to financing (and especially for the innovative ones), the European Commission established facilitating cross-border investments as one of the main objectives, and initiated some measures to overcome regulatory and tax obstacles at EU and each Member State level. To become competitive, European venture capital markets wish to increase their efficiency and profitability, and a way to achieve this goal is by extending the benefits of a single venture capital market to facilitate cross-border transactions. The European Commission will evaluate the options for the introduction of a private placement regime to facilitate cross-border investments to stimulate the development of venture capital funds in Europe and will assist Member States to promote programs which stimulate investments.Regarding financial mezzanine, this is a hybrid financing instrumentthat combines features of equity and loan and increases the possibilities of companies' financial option. In fact, financial mezzanine can be an important complementary source of financing firms. The most important instruments of mezzanine financing include private placement instruments (private mezzanine) and capital market instruments (public mezzanine).Mezzanine capital is an appropriate solution especially when the requirements for financing may not be covered by traditional loans. Hybrid forms of financing can be employed also in less dynamic periods (e.g. maturity phase) to optimize the financial mix. Cases of refinancing are also suitable for using mezzanine capital. In these stages of the business, financial mezzanine is an attractive option for companies with positive cash flows and developing perspectives to attract additional funds. Mezzanine financing is inappropriate for restructuring, because in these phases capital flows are volatile and more difficult to predict. Further, financial mezzanine is not recommended for companies with an unstable position on the market and negative forecasts of development, with a high debt rate and accounting and financial weaknesses.The mezzanine financial instruments are little used now, compared with traditional financial loans, but amid a trend of change and rapid evolution of financial markets, where the survival and development of the companies will require substantial resources, it is estimated that this formof financing will grow significantly.3. Current Scenarios for Financing SME The increasing attention paid in the last decade to SME in most countries of the world, as a result of the recognition of their major contribution to economic development and generating new jobs in the economy, is reflected in the development of various public financing schemes. There are two significantly different concepts at the basis of their design and operation: 1. Financing schemes for SME based on governmental economic policies, which aim to achieve certain economic and social objectives by financing with priority some certain categories of firms. Adherents of this approach are the Japanese, who are currently preferentially financing through a variety of public schemes, small businesses which develop strongly and with great potential for job creation (Klein et al., 2003).2. Financing schemes for SME focused on market requirements, which aim to provide financial resources, but under the same or very close conditions to the market conditions. The main concern is to avoid causing distortions in market competition, which might advantage certain categories of firms. These schemes, which forecast modest subsidies to SME financing costs, have a less sensitive role in stimulating them. In Europe, there are especially in Germany and the UK approaches based largely on this model, while in the period 2007-2009, the previous approach was predominantly used.Romanian SME' requirements consider the types of investment needed during the development of their commercial activities, the risks related to investments which will be financed, and the factors to be considered when selecting a funding source. In choosing the source of funding for SME several aspects should be carefully considered: what kind of source of funding is best suited to the business' objectives, what financing size can meet the needs of the business and its own assessment of the company, which will be made in order to assess the ability of the business, to have access to financing and to repay it. When the financing source is chosen, the following factors should be taken into account (Nicolescu &Nicolescu, 2008). 4. An Outline of Financing SME in Romania In Romania, public schemes which promote SME financing can be divided mainly into four categories (Figure 1). Financing schemes by grants provide, under certain conditions, grants for SME. Generally, these grants address companies from certain economic sectors or areas of the country. Most often, there are financed investments in equipment and, more rarely, in capital. The basic principle of providing grants is financial co-participation, which implies the allocation by the SME of a part of the funds necessary for the whole project at a clearly stated minimum level. Such schemes were operationalized through some foundations (CRIMM, FIMAN) or governmental agencies (the National Agency of Small and Medium Enterprises, the National Agency for Regional Development, theNational Employment Agency) and ministries (Ministry of Transport, Ministry of Labor and Social Protection, etc.).EU Structural Funds are managed by the European Commission and have as destination financing the structural aid measures at communitarian level, in order to promote the regions with delays in development, reconversion of areas affected by industrial decline, combating long-term unemployment, and promoting the employability of young people or rural development. If one considers that Romania would benefit by 2013 from structural funds of about 28-30 billion Euros from the EU, it is of great importance to known the level of the Romanian SME connected with the accessing of these forms of financing.5. Concluding DiscussionConsidering the results presented above, one can identify and outline areas where the following priority actions are recommended: 1. Gradual establishment of a system of guarantee funds for financing entrepreneurs at national and regional level. 2. Significant reduction of the amount of guarantees and fees required by banks in lending in accord with the EU practices. 3. Simplifying procedures for obtaining credit. 4. Interest subsidy on loans to SME, at least in certain sectors with competitive advantages and for certain groups (youth, disabled persons, etc.). 5. Developing a national training program for entrepreneurs in order toaccess structural funds based on the principle of public - private partnership. 6. Providing adequate grace period on loans for investment. It is also necessary to give credits for investment for a longer period of time, at least 5-7 years. These two measures would facilitate a comprehensive and rapid development of SME. 7. Transforming a state bank in a development bank (investments) for SME.译文中小企业的融资困境研究作者：格鲁特1.引言欧盟中小企业融资的原则问题已经显现出来并需要不断地进行分析改进。

中小企业融资外文文献翻译

中小企业融资外文文献翻译

外文文献：Financing of SMEsAbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.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’ managementand shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for pricediscrimination 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 discussesseveral ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier may be able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to theissuer’s general knowledge of the firm and the ind ustry. 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 delive ry value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangible assets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.2.3. Expensive trade credit and other loansAfter other sources of finance have been exhausted firms can delay payment on their trade credits. However, this is expensive since it involves giving up the discount and maybe incurs penalty payments. Also the use of this type of credit can havereputational costs and it may be difficult to obtain trade credit in the future. The nature of the costs, of course, depends on the number of suppliers, if there is only one supplier then these costs can be rather high whereas if the firm can obtain the same goods and services from other suppliers then these costs are not particularly high.Other debt is composed of credit card debt, car loans etc. that are dearer than bank loans. Again, the variables determining this type of debt are financial health and performance. Below, however, we do not have any good information regarding these types of loans and what they consists of thus we pay little attention to them in the empirical work.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the expected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, that proposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.中文译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。

中小企业融资难外文翻译

中小企业融资难外文翻译

Sme financing problems related to the analysis First small and medium-sized enterprises financing status Reform and opening up china for 30 years of small and medium-sized enterprises obtained arapid development of enterprises 99 of the small and medium-sized enterprises of our countrymore than 60 GDP contribution tax over 50 provides 70 of import and export trade and80 of urban jobs. Small and medium-sized enterprises in our country is also an important powerof independent innovation 66 of invention patent 82 of new product development of smalland medium-sized enterprises from small and medium-sized enterprises has become the economicprosperity expanding employment adjusting structure promote innovation and new industriesof important strength. From 80 years since the outbreak of the international financial crisis the implementation ofthe positive fiscal policy and loser monetary policy but no small and medium-sized enterprisesfrom the proactive fiscal policy and moderate looser monetary policy benefit directly for instanceof the new 2008 225 million small loan only more than previous year but rose 1.4 only theloans increased 14.9 09 year three months of national credit increased 48 trillion includingloans to small and medium-sized enterprises increased amount only less than5 .Current loanfinancing difficult hasbecome the bottleneck of restricting the development of small andmedium-sized enterprises and small and medium-sizedenterprise production and managementfaced difficultiesaccording to the state statistical bureau of statistics and letteruntil the and of2008 in the small and medium-sized enterprises of production or collapse closed accounts forabout 7.5the urban employment this situation is not only more difficult economic recoveryinfluence and directly affect the growth anddevelopment of people ’ s livelihood stable target .Inthis sense the international financial crisis under the impact of China ’ s economy could not reallylow the key is out of small and medium-sized enterprises vitality can be fully recovered. Secondthe sme financing reason analysis Sme loans and financing is a cosmopolitan should say see both from China and mechanismof medium and small and medium-sized enterprises there are threemain reasons: first themedium and small and medium-sized enterprises small and medium-sized enterprises generallyweak awareness of honesty similar to a few of the commonphenomenon may report on tax onsome less ugly statements inBanks this intersection some may form good-looking suchloanspoint is reliable became a problem. But this approach is very adverse instead of enterprises thedevelopment of small andmedium-sized enterprises are not healthy we imagine if severaldepartments with all those together the first this enterprise is not sincere he will have a foothold.We manufacture and export-oriented smes in human resources technology capital marketenvironment faced financial crisis there was a huge pressure the development of it is the rootcause of the scientific and technological content of the enterprise the innovation ability of highenough to enter the market is weak the low threshold the fierce competition in the market willincrease these are not good for the development of small and medium-sized enterprises. Secondfrom the bank for small and medium-sized enterprise credit conditions stricter because we aremost Bands it is also considered commercial bank the risk of their own profits. To the end of2008 the small bad loans is higher than that of the entire banking industry relies low come mampasolving some problems bur the loans of the small and medium-sized enterprises like a bigproblem once countries will still enterprises especially those small problems once thebankruptcy nobody tube so the loan quality cannot guaranteed so in this management system toreduce the risks the bank will demand of small and medium-sized enterprises in providing enoughafter pawn dare loan. Another bank from the operation cost of small andmedium-sized enterprisesdo loans will pay more manpower soalso does not want to extend loans to small andmedium-sized enterprises A bank operating costs the half is labor cost smalland medium-sizedenterprises especially do small very high labor workload but it is the benefit of different times.Third thesme financing channel is too narrow and small andmedium-sized enterprises in thecapital markets have directfinancing ways of securities market including small plate andgemAnd private equity funds industrial investment fundsventure investment funds risk investmentfunds and the bondmarket etc. But since the sept.25 2008 the small plate market securitiesissued after huachang chemical and closed the doorjust recently IPO to restart the IPO. But gemis“ ten years sword people until now only be vivivdly portrayed. Althoughwith gemlisting conditions but a lot of small and medium-sizedenterprises to financing for manyenterprises it is still a luxury. Inoverseas small and medium-sized enterprises in the processofgrowing only rely on bank loan financing many times is aventure investment risk or the help ofsmall and medium-sizedenterprises in China however can grow in the basic of financingShenzhen has 3000 venture company with a registeredcapital of 6000 billion but no company iswilling to startupinvestment enterprise. The company is more mature can the fancy of thesecurities market and gem. Third the sme financing difficulty in solving the problem a From the Angle of the government 1.The government should relax market access control reducing barriers let more smallerBands small and medium-sized enterprises in service for the strategic positioning og those smallBanks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more thana hundred villages and towns of the bank bank established to improve the bottleneck of theeconomic investment county including improving agriculture development of small andmedium-sized enterprises and support will play a very important role. For existing fivestate-owned Banks. Should be encouraged to develop their own businesses for the financing of thespecialized agencies relax its has branches and encourage them in the land and county townshipeven closer to provide financial services and more convenient. 2.The government should help Banks to establish a credit system further reducing theirinformation cost in our country the central bank since 1998 enterprise credit system constructionwas started by the specialized agencies collection and storage sorting analysis and use ofenterprise credit information to guard against credit risks maintain stablefinancial marker In2006 the central bank and small and medium-sized enterprises credit system to establish the creditsystem hope to cover those and financial institutions have no credit relations of small andmedium-sized enterprises. Of course the credit system is not only by the government and nowhas some network company for example try to use labara. Com in online transaction informationinto small and medium-sized enterprises credit index the index of credit if outof the bank tofurther reduce the cost of information.. 3. The government should several of bank risk compensation the local interest riskcompensation mechanism and policy just compensation fund is to solve the sme financing wayand cannot be fundamentally solved. As to the end fujian province of bad loans is small loans6071 but the average level of banking is a two percent while a few risk compensation just to0.8 percent only a small part So many of bank risk compensation. As all of the loans to smalland medium-sized enterprises then according to the bank loans reduce its tax business taxincome tax reduction Countries can help enterprises to improve bank interest risk and return Ifthe loan losses the government formed by risk compensation fund to patch up it this makes bifbusiness loans and small and medium-sized enterprises loan to achieve thebalance is the basicyields. 4.The government should actively promote the multi-level capital market system in order tobettersatisfy all kinds of small and medium-sized enterprises includethe financing needs ofenterprise. Different types of small and medium-sized enterprises the development stage isendless andsame determines the sme financing needs is not the same So small and medium-sizedenterprises groups of differentiation determines the diversified financing needs then satisfy smefinancing demand also needs the various forms of financingmode such as bank loans bondsequity financing etc.200to 4 years in Shenzhen stock exchange medium plate founded bupromoting capital technology management and the effective factors of high quality as cultivatingboard also to promote the upgrading of industrial structure is playing a positive role. In October 2009 gem officially launched. Founded board will provide for independentinnovation promoting effective supervision mechanism of small and medium-sized enterprisesinthe new development stage. But for more than for small and medium-sized enterprises are listed tosolve this kind ofcondition enterprise’ s equity financing stock transfer to a valid theover-the-counter marker In2006China launched fei joint-stock company listing for trading ofsecurities companiesentering the pilot work Besides the government should vigorously promotethe development of the bond market bond financing for small and medium enterprises to providemore convenient in the developed countries the bond market is the main financing financing inthe United States for example 2008 the company bonds is circulation stock circulation of 5 timeswith the United States Europe and other countries and regions in the bond market also has the bigdevelopment space. b From the bank angleIf rely on the existing in the banking financial products and sme loans to solve the difficulty infinancing smes is impossible we cannot change the present situation of small and medium-sizedenterprises so we would change our bank credit financial innovation is imminent. Currentlybanking is through the organization risk management technical innovation innovation andsecurity collateral product innovation so as to change the status of financing for smes. 1. Guarantee mortgage innovation Collateral shortage is small and medium-sized enterprisebiggest soft rib they could not buy a heap of the house and then prepare for security it is notrealistic to high-tdch enterprise as the core of assets should be their intellectual property righs thepatent righ and one on the market in technology creative team is the blood to supportitsdevelopment as well as several pieces of the mortgaged property bur all need money to lendbank The small and medium-sized enterprises such an jiangsu cooperatives experiment widelywarehouse inventory impawn through a mortgage loan product Tianjing coastal rural commercialbank actively carry out enterprise sharehoulding pledge loan. benjing bank recently launchedintellectual property as a pledge from the bank for a loan.2. Credit rating innovating Big Bnaks do business of time usually see a balance sheet anincome statement and a cash flow statement small and medium-sized enterprises have even thesthree tables are not high the bank information costs zhejiang tyrone arisen commercial Banksthey look for innovative water meter customs declaration form large large reduce cost still canmake small loans to earn enough money. Like Shenzhen development bank by focusing on theirOpponent ’ scredit transaction the authenticity of the enterprise chooses a new of enterprisescredit rating. For enterprises in the ctedit rating method for enterprises itself the credit ratingweight only 15. Pay more attention to the authenticity of the trading counterparty anddownstream of the raw material supply semi-finished products or services or transportation orlogistics can be easier to choose good credit aretrue of the enterprise trade background to provideenough good service mobilize various financial tools in the process of enterprise developmentshenfazhan also created the profits. 3. Business process innovation. Our country commercial bank the bank is mostly official inthe house wait for a loan to customers approval for a month three months such a kind ofmanagement such an examination result is impossible to small and medium-sized enterprisefinancial services it is impossible toimprove the financing difficulties of small and medium-sizedenterprises. Banks to reduce threshold the other is to simplify the process reduce link establishexamination mechanism so as to adapt to the credit factory. The bank is factory small andmedium-sized enterprises is raw material into the line after the marketing sales and service withapproval and customer maintenance and post-loan management obtain loans. But Banks are not aperson guard line and batch production. Through the way of examination and approval proceduressimplified. Through this process to make sure that the smes credit approval from the cycle overthe past 2 3 months shorten to 3 5 days now.4.Strengthening the training of personnel. After construction in mechanism to have a groupof people to do it and do it well it is to strengthen the training ofthe staff further strengthen thesme small business loans and high-tech smes job training and the loan of communicationincreasing the entire product rampd efforts with the strain of new incentive and restraint measures toprofessional team and the new service. c From the Angle of enterprises 1 Enternises should strengthen management improve quality. To correctly understand thesituation face establish the risk by management effectiveness and development idea must paymore attention to technical innovation technological innovation pay attention to the new productdevelopment improve quality and brand construction and development of new products improvethe product quality improvement and win the market.. Reducing energy consumption to increaseincreasing earning. Increasing market development ability reduce ”products accountsreceivable ”two nbre accelerate the capital turnover. Through the development way not only bythe expansion of production of production but improve the quality of the industrial sector realizerapid growth. 2. The enterprises should strengthen the construction of credit system. Establish the standardof management system establish she transparent reliable statements the accumulation ofenterprise credit system.。

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外文资料翻译译文中小型企业融资决策融资租赁(金融租赁)也被称为设备租赁(设备租赁),或现代租赁(现代租赁),基本上是全部或大部分的资产所有权转移风险和报酬的租赁。

终极所有权的资产转移,也可能不转移。

它指的具体内容承租人出租人在租赁对象和特定需求的供应商选择、供应商融资购买租赁财产,和使用出租给承租人,承租人对出租人分期支付租金,在租赁期内租赁对象的所有权属于出租人所有,承租人有权使用租赁项目。

任期届满,承租人支付租金在完成融资租赁合同履行义务,租赁对象所有权归属的承租人。

尽管融资租赁交易,租赁公司购买设备的身份,但购买的实质性内容设备供应商的选择等设备的具体要求,由承租人购买合同谈判的条件享受和锻炼,承租人租赁对象本质上是买方。

,是一个融资租赁贷款和贸易和技术更新的扩展新的综合金融行业。

因为它扩展的贷款和组合特征,有一个问题在租赁公司可以回收、处理租赁,所以企业的融资信贷和担保的主要要求,非常适合中小企业融资。

此外,负债融资租赁,不反映在企业的财务报表责任,不影响企业的信用状况。

这种多渠道融资需求的中小企业而言是非常有利的。

传统性质的租赁和融资租赁的区别就是:传统租赁以承租人租赁使用物件的时间租金、融资成本和融资租赁租金的租户占用时间。

市场经济发展到一定阶段和适应一个强大的融资,在1950年代在美国有一个新的类型的交易,因为它适应了现代经济发展的要求,在60到70年世界上快速发展,如今已成为一个企业更新设备融资的主要方式之一,被称为“朝阳产业。

“中国在1980年代早期在这个操作模式的介绍了10年的快速发展,与发达国家相比,租赁的优势远未结束,市场潜力是巨大的。

租赁的主要特征租赁的主要特征是:对象的所有权,租赁是出租人为了控制租户租金还款的风险采取的一种形式所有权,在合同结束时最终有可能转移给承租人,租赁租赁人选择购买产品,从租户负责维护出租人只提供金融服务。

租金计算原则是:出租人租赁对象购买价格的基础上,由承租人向出租人资金时间的基础上,根据双方同意租赁利率。

它本质上是依赖传统租赁金融交易,是一种特殊的金融工具。

租赁筹资的类型1。

简单的融资租赁融资租赁是一个简单的,由承租人选择购买租赁财产,出租人在租赁项目通过风险评估后的租金租给承租人使用的对象。

在整个租赁期间承租人不享有使用标题,并负责维修和保养租赁对象。

出租人的租赁是好事还是坏事没有任何责任,设备折旧的租户。

2。

杠杆租赁融资融资租赁实践类似于银团贷款,是大型项目的专业租赁与融资租赁的税收优惠,主要由租赁公司作为一个树干,和一个非常大的项目融资租赁。

首先建立一个租赁公司操作的主要机构——一个基于项目基金管理公司设立项目提供超过20%的基金,总额,其余部分是银行资金的主要来源和社会吸收闲散资金闲置,享受低税收优惠100%的使用“八Bo”杠杆租赁项目的大量资金。

剩下的融资和租赁实践基本上是相同的,但由于合同涵盖了广泛的复杂性,甚至更大。

可以享受税收优惠,操作规范,综合效益,和恢复的租金安全、低成本、和一般用于飞机、船舶、通讯设备和大型成套设备租赁融资。

委托金融租赁是一种有资金或设备委托给非银行金融机构融资租赁,出租人也是第一个客户,第二是出租人的受托人在同一时间。

出租人接受客户的钱或租赁标的物,由客户根据客户的书面指定的承租人的租赁业务。

在租赁期内租赁财产的主题的客户机,出租人只指控,不要冒险。

这种租赁委托租赁的主要特点是不正确的经营企业,“正确”的业务。

电子商务是租赁,租赁租金作为商业平台。

第二个是出租人或承租人租赁购买委托第三人、出租人根据合同支付购买价格,也称为委托购买租赁融资。

项目融资租赁承租人项目自己的财产,并确保效率,与出租人签订融资租赁合同,出租人对承租人的财产和其他项目收益无追索权,我们只能租收费项目的现金流和盈利能力来确定。

卖方(即租赁产品制造商)通过其持有租赁公司以这种方式来促进他们的产品,并扩大市场份额。

通讯设备、医疗设备、交通运输设备、甚至是正确的经营高速公路可以使用这种方式。

其他人,包括租赁的回归,也称为销售和售后回租融资租赁,融资租赁,也被称为融资租赁。

租赁融资的风险融资租赁风险的许多不确定因素,是多方面的和相互关联的,在全面了解各种风险的经营活动的特点可以全面、科学分析的风险制定相应的措施。

融资租赁的风险主要分类如下:(1)产品市场风险。

在市场环境中,无论融资租赁、贷款或投资,只要基金用来购买设备或进行技术改造,首先应考虑租赁设备产品市场风险,需要知道出售产品,市场份额率、入住率、产品市场的发展趋势,消费结构和消费者的心理和消费能力。

如果这些因素不完全理解,调查不小心,可能会增加市场风险。

(2)金融风险。

金融租赁的性质,财务风险在整个业务活动。

出租人,最大的风险是承租人还租能力,它直接影响租赁公司的经营和生存,因此,也从项目开始,租金的风险应当引起人们的关注。

货币也有风险,特别是国际收支,付款方法,付款日期、时间、汇款渠道和支付手段选择不当,将会增加风险。

(3)贸易风险。

租赁的交易属性,贸易谈判的风险从验收测试订单有风险。

商品贸易的一个相对完整的现代发展,社区也支持建立相应的机构和预防措施,如信用证、运输保险、商品检验、商事仲裁和信贷咨询的风险预防措施和补救措施,但由于人们的意识和理解不同程度的风险,和一些商业性质,加上缺乏经验的企业和其他的管理因素,所有这些工具一直没有使用,使贸易风险仍然存在。

(4)技术风险。

的好处之一租赁融资在其他企业引进先进技术和设备。

在实际的操作过程中,或先进的技术,先进的技术已经成熟,成熟的技术为他人的合法权益,是一个重要的技术原因的风险。

严重的,由于技术问题,以便设备处于瘫痪状态。

其他风险包括经济环境、不可抗力等。

融资租赁的会计处理,承租人对融资租赁的会计处理1,租赁会计处理的开始的租赁,承租人通常会开始租赁租赁资产原账面价值的现值最低租赁付款和较低的两个租赁资产的记录值最低租赁付款作为长期应付款记录值,两个记录之间的差异并不是认可的融资成本。

然而,如果企业的资产的租赁资产总额的比例很小,租户可以租赁最低租赁的开始资产和长期租金的付款记录。

这一次,“比例”不是通常是指承租人融资租入的固定资产总资产总额不到30%(包括30%)。

在这种情况下,租长期的融资资产和到期金额的确定,租户可以在其选项,可以使用最低租赁付款,也可以使用租赁资产原账面价值的现值最低租赁付款和两个低。

那么“租赁资产原账面价值”是指租赁租赁的开始,是反映在账户,租赁资产的账面价值。

承租人在计算最低租赁付款的当前值,如果利率隐含在租赁的出租人,出租人应作为利率隐含在折现率,否则,在租赁合同规定的利率作为折现率。

如果出租人的利率隐含在租赁和租赁合同规定的利率并不可用,它应该使用同期银行贷款利率作为折现率。

这是隐含在租赁价格,租赁的《盗梦空间》,最低租赁付款的现值无担保的一部分剩余价值的资产的当前值,相当于原账面价值的折现率。

2、初始直接费用的会计处理初始直接费用是指租赁谈判和签订租赁合同过程中发生的租赁可以直接归因于项目的成本。

承租人在最初的直接成本通常有印花税,委员会的律师费用,差旅费用,如谈判的成本。

承租人在初始直接费用应当在当期确认为开支。

占其处理:借记“管理费用”等科目,贷记“银行”和其他科目。

3,没有财务费用评估在融资租赁中,承租人向出租人支付租金,包括偿还本金和利息两部分。

承租人支付租金,一方面减少长期应付款,另一方面,虽然不是证实了某种方法的租赁成本确认当前融资成本,第一个租金(即最初匹配每个租金)在这种情况下,租赁期内租金支付不感兴趣的是第一个阶段,应该只有减少长期的支付,而不是确认当前的融资成本。

没有分享的财务费用,承租人应当用于计算特定的方式。

根据指导方针,承租人可用于实际利率,也可以使用直线法和联合法的年数。

在使用实际利率法,按租赁开始日租赁资产和负债记录是基于不同的融资成本评估利率期权的价值也不同。

没有财务费用评估具体分为以下类型:(1)、租赁资产和负债最低租赁付款的现值占价值投资者和利率隐含在租赁的折现率。

在这种情况下,投资者应该的租赁利率隐含在评估率。

(2)、租赁资产和负债的现值最低租赁付款记录值,以及租赁合同提供的利率作为折现率。

在这种情况下,应在租赁合同规定的利率评估。

(3)、租赁资产和负债出租资产的原账面价值占承租人不存在剩余价值的价值保证和优惠购买选择权。

在这种情况下,应该re-calculation融资费用分摊率。

融资租赁的费用分摊率指的是《盗梦空间》,最低租赁付款的现值等于租赁资产原账面价值的折现率。

在承租人的租赁资产的残值或相关第三方安全形势,和类似的租赁,不承认所有的融资成本都应该共享,和租赁负债也应减少到零。

(4)、租赁资产和负债出租资产的原账面价值占承租人的价值不存在担保余值,但有优惠购买选择权。

在这种情况下,应该re-calculation融资费用分摊率。

租赁结束时,不承认所有的融资成本都应该共享,和租赁负债也应减少到零。

(5)、租赁资产和负债的原账面价值占租赁资产价值,和承租人保证剩余价值的存在。

在这种情况下,应该再融资费用分摊率。

与承租人或第三方对租赁资产的残值安全或不提供租赁结束时更新和支付罚款的情况下,租赁,不承认所有的融资成本都应该共享,和租赁负债也应减少担保余值,或支付的违约。

承租人应当支付的租金应支付租金,借记“长期应付款——融资租赁,”主题,记入“银行”主题,如果支付租金,包括合规成本,同时借记应该是“生产成本”、“管理费用”等科目。

同时我们应该认识到根据当前的财务费用,借记“财务费用”科目,贷记“不收取财务费用”科目。

4、租赁资产的折旧规定租户应金融承租人提供固定资产折旧,应解决两个主要问题:(1)、折旧政策提供资产折旧,租赁,承租人应提供自己的资产直线折旧法。

如果承租人或第三方有关租赁资产安全提供了,应该对固定资产的折旧,《盗梦空间》的租赁会计残值扣除的价值平衡。

如果承租人或第三方有关租赁资产残值的安全提供,应该赞扬折旧总额,固定资产的租赁价值的开始记录。

(2)折旧期间确定租赁资产折旧期间,应按照租赁合同。

年底如果合理确定承租人承租人取得租赁资产的所有权,承租人可以确定所有的资产的剩余使用寿命,而应该开始租赁租赁资产的剩余使用寿命作为折旧期间;如果你不能合理确定租赁承租人在租赁资产的所有权在租赁期间,租赁资产的剩余使用寿命短的两个作为折旧期间。

5、合规成本的会计处理许多类型的合规成本,租金固定资产融资改善支出,技术咨询和服务费用,费用应该增加员工培训而扩展的共享成本,借记“长期待摊费用”“预提费用”、“生产成本”、“管理费用”等科目,固定资产定期维护、保险、等可以直接起诉在当期费用,借记“生产成本”,和“营业费用”等科目,计入“银行存款”等科目。

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