中小企业融资毕业论文【外文翻译】
中小企业的融资问题外文翻译（可编辑）
中小企业的融资问题外文翻译外文翻译the Financing problems of Small and medium sized enterprisesMaterial Source: ////0>. Author: ModiglianiA thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid small and medium sized enterprises, sensing?understandably?that the transaction costs of financing them will be excessively high. What Small and medium sized enterprises need is not to be left without access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van deer Avert, CEO of Small Enterprise Assistance Funds SEAF. This US- and Dutch-based NGO manages a network of 14 commercially driven investment funds worldwide with total assets of $140 million, and has developed a unique “equity plus assistance” approach to Small and medium sized enterprises investing.Small and medium sized enterprises Sara widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open to foreign direct investment, they also tend to pay disproportionately more in taxesand social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, often find a way to reduce their tax obligations through transfer pricing, royalty payments, and negotiated tax holidays. Microenterprises, on the other hand, often fall in the informal sector, neither paying taxes nor making social security contributions.Yet if Small and medium sized enterprises constitute a critical dimension of growth and development and are often well positioned to achieve high revenue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?The reasons are multiple and, for the most part, understandable. For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investing in local Small and medium sized enterprises also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, most private capital would much prefer to invest in a few large-asset There are broader issues to be considered as well, including the lack of transparency in local legal systems and governments that make investing in these countries difficult at best. enterprises in fields such as pharmaceuticals,telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making small and medium sized enterprises investments. These can be coupled with perceptions that local Small and medium sized enterprises entrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks receive from development institutions for on-lending to Small and medium sized enterprises are often under-utilized. Small and medium sized enterprises entrepreneurs’ lack of experience in accounting and other areas of financial documentation make it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.SEAF believes that the investment levels it takes, coupled with its focused efforts on increase value after investments, and allows it to invest at relatively attractive multiples. This offers an array ofpotential exit possibilities. By contrast, many conventional Emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee Small and medium sized enterprises.The financial sector infrastructure will need to change to accommodate the substantial financing requirements of new activities and industries. Going forward, while financial institutions would need to transform to remain innovative and responsive to demands of their customers, efforts need to be directed to facilitate financing by non-banks for high-risk ventures. These include financing for knowledge-intensive and technology-intensive start-up enterprises where only ideas intangible collateral are principal assets. As such, these knowledge-intensive and technology-intensive enterprises will need alternative forms of financing to complement traditional financing sources. These alternative modes of financing include among others, venture capital and credit enhancements such as financial guarantee insurance and agriculture insurance.The financial infrastructure that supports Small and medium sizedenterprises in Serbia is undeveloped. Up to now, small and medium sized enterprises and entrepreneurs have financed their operations out of their own resources because financial markets in Serbia were isolated and lacked the support of international financial institutions. The local financial sector in the former Yugoslavia was designed to support large scale, socially owned enterprises ? otherwise known as the “Pillars of Development.” B anks, especially large-scale socially owned banks, had a redistributive function imposed on them by the state, and they dealt solely with large-scale, socially owned enterprises. In addition, the Fund for Development of the Republic of Serbia disbursed its funds to the same target group. Capacity to repay the banks or the Fund was not a criterion for credit approval.Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamicsAs a matter of intellectual history, the reason is not difficult to understandDuring the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costsBut without such frictions, financial markets have little reason to existFor example, with complete markets and if we ignore taxes, we know that whether acorporation finances itself by debt or equity is irrelevant the Modigliani-Miller theorem.The former economic and political system did not support the development of financial instruments for Small and medium sized enterprises. Cooperation with SMEs focused on a few selected companies, while sole traders were almost completely excluded from credit transactions with the banking sector. SME owners and citizens completely lost their trust in the banks and channeled their savings into the grey economy, to banks abroad, or kept their savings at home. Only payments effected through the National Payment Bureau functioned properly for Small and medium sized enterprises.译文中小企业的融资问题资源来源:////. 作者:詹姆斯?沃尔芬森中小企业的蓬勃发展对促进经济增长,减少发展中国家的贫穷和经济转型具有重要意义。
中小企业融资渠道中英文对照外文翻译文献
中小企业融资渠道中英文对照外文翻译文献Title: Financing Channels for Small and Medium-sized Enterprises: A Comparative Analysis of Chinese and English LiteratureIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, they often face challenges in accessing finance due to limited assets, credit history, and information transparency. This article aims to provide a comprehensive analysis of financing channels for SMEs, comparing existing literature in both Chinese and English.1. Overview of SME Financing Channels:1.1 Bank Loans:Traditional bank loans are a common financing option for SMEs. They offer advantages such as long-term repayment periods, lower interest rates, and established banking relationships. However, obtaining bank loans may be challenging for SMEs with insufficient collateral or creditworthiness.1.2 Venture Capital and Private Equity:Venture capital (VC) and private equity (PE) attract external investments in exchange for equity stakes. These financing channels are particularly suitable for high-growth potential SMEs. VC/PE investors often provide not only financial resources but also expertise and networks to support SMEs' growth. However, SMEs may face challenges in meeting the stringent criteria required by VC/PE firms, limiting accessibility.1.3 Angel Investment:Angel investors are wealthy individuals who provide early-stage funding to SMEs. They are often interested in innovative and high-potential ventures. Angel investments can bridge the funding gap during a company's initial stages, but SMEs need to actively seek out and convince potential angel investors to secure funding.1.4 Government Grants and Subsidies:Governments offer grants and subsidies to support SMEs' business development and innovation. These resources play a pivotal role in ensuring SMEs' survival and growth. However, the application process can be cumbersome, and the competition for these funds is usually high.1.5 Crowdfunding:Crowdfunding platforms allow SMEs to raise capital from a large poolof individual investors. This channel provides opportunities for SMEs to showcase their products or services and engage directly with potential customers. However, the success of crowdfunding campaigns depends on effective marketing strategies and compelling narratives.2. Comparative Analysis:2.1 Chinese Literature on SME Financing Channels:In Chinese literature, research on SME financing channels focuses on the unique challenges faced by Chinese SMEs, such as information asymmetry, high collateral requirements, and insufficient financial transparency. Studiesemphasize the importance of government policies, bank loans, and alternative financing channels like venture capital and private equity.2.2 English Literature on SME Financing Channels:English literature encompasses a broader range of financing channels and their implications for SMEs worldwide. It highlights the significance of business angel investment, crowdfunding, trade credit, factoring, and peer-to-peer lending. The literature also emphasizes the role of financial technology (fintech) in expanding SMEs' access to finance.3. Recommendations for SMEs:3.1 Enhancing Financial Literacy:SMEs should invest in improving their financial literacy to understand different financing options and strategies. This knowledge will help them position themselves more effectively when seeking external funding.3.2 Diversifying Funding Sources:To mitigate financing risks, SMEs should explore multiple channels simultaneously. A diversified funding portfolio can help SMEs access different sources of capital while reducing dependence on a single channel.3.3 Building Relationships:Developing relationships with banks, investors, and relevant stakeholders is crucial for SMEs seeking financing. Strong networks and connections can provide valuable support and increase the likelihood of securing funding.Conclusion:Access to appropriate financing channels is crucial for the growth and development of SMEs. This analysis of financing channels for SMEs, comparing Chinese and English literature, highlights the diverse options available. By understanding the strengths and limitations of each channel, SMEs can make informed decisions and adopt strategies that align with their unique business requirements. Governments, financial institutions, and other stakeholders should continue to collaborate in creating an enabling environment that facilitates SMEs' access to finance.。
中小企业融资难外文翻译
Sme f inancing problems related to the analysis First small and medium-sized enterprises financing statusReform and opening up china for 30 years of small andmedium-sized enterprises obtained arapid developmentof enterprises 99 of the small and medium-sized enterprises of our countrymore than 60 GDP contribution tax over 50 provides 70 of import and export trade and80 of urban jobs. Small and medium-sized enterprises inour country is also an important powerof independentinnovation 66 of invention patent 82 of new product development of smalland medium-sized enterprises fromsmall and medium-sized enterprises has become the economicprosperity expanding employment adjusting structure promote innovation and new industriesof important strength. From 80 years since the outbreakof the international financial crisis the implementation ofthe positive fiscal policy and losermonetary policy but no small and medium-sized enterprisesfrom the proactive fiscal policy and moderate looser monetary policy benefit directly forinstanceof the new 2008 225 million small loan only more than previous year but rose 1.4 only theloans increased14.9 09 year three months of national credit increased 48 trillion includingloans to small and medium-sizedenterprises increased amount only less than 5 .Current loanfinancing difficult has become the bottleneck ofrestricting the development of small andmedium-sized enterprises and small and medium-sized enterprise production and managementfaced difficulties according to the state statistical bureau of statistics and letter until the and of2008 in the small and medium-sized enterprises of production or collapse closed accounts forabout 7.5the urban employment this situation is not only more difficult economic recoveryinfluence and directly affect the growth and development of people’s livelihood stable target .Inthis sense the international financial crisis under the impact of China’s economy could not reallylow the key is out of small and medium-sized enterprises vitality can be fully recovered. Second the sme financing reason analysis Sme loans and financingis a cosmopolitan should say see both from China and mechanismof medium and small and medium-sized enterprises there are three main reasons: firstthemedium and small and medium-sized enterprises small and medium-sized enterprises generallyweak awarenessof honesty similar to a few of the common phenomenonmay report on tax onsome less ugly statements in Banksthis intersection some may form good-looking such loanspoint is reliable became a problem. But this approach is very adverse instead of enterprises thedevelopment of small and medium-sized enterprisesare not healthy we imagine if severaldepartments withall those together the first this enterprise is notsincere he will have a foothold.We manufacture and export-oriented smes in human resources technology capital marketenvironment faced financial crisis there was a huge pressure the development of it is the rootcause of the scientific and technological contentof the enterprise the innovation ability of highenough to enter the market is weak the low threshold the fierce competition in the market willincrease these are notgood for the development of small and medium-sized enterprises. Secondfrom the bank for small and medium-sized enterprise credit conditions stricter because we aremost Bands it is also consideredcommercial bank the risk of their own profits. To theend of2008 the small bad loans is higher than that ofthe entire banking industry relies low come mampasolving some problems bur the loans of the smalland medium-sized enterprises like a bigproblem oncecountries will still enterprises especially those small problems once thebankruptcy nobody tube so theloan quality cannot guaranteed so in this managementsystem toreduce the risks the bank will demand of small and medium-sized enterprises in providing enoughafterpawn dare loan. Another bank from the operation costof small and medium-sized enterprisesdo loans will pay more manpower so also does not want to extend loans tosmall andmedium-sized enterprises A bank operating costs the half is labor cost small and medium-sizedenterprises especially do small very highlabor workload but it is the benefit of different times.Third the sme financing channel is too narrow and small and medium-sized enterprises in thecapital markets have direct financing ways of securities market including small plate and gemAnd private equity fundsindustrial investment funds venture investment fundsrisk investmentfunds and the bond market etc. But since the sept.25 2008 the small plate market securitiesissued after huachang chemical and closedthe door just recently IPO to restart the IPO. But gemis “ten years” good sword people until now only be vivivdly portrayed. Although with gemlisting conditions but a lot of small and medium-sized enterprises to financing for manyenterprises it is still a luxury. In overseas small and medium-sized enterprises in the process ofgrowing only rely on bank loan financing many times is a venture investment risk or the help ofsmall and medium-sized enterprises inChina however can grow in the basic of financingShenzhen has 3000 venture company with a registered capital of 6000 billion but no company iswilling to startup investment enterprise. The company is more mature can the fancy of thesecuritiesmarket and gem. Third the sme financing difficulty insolving the problem a From the Angle of the government1.The government should relax market access controlreducing barriers let more smallerBands small and medium-sized enterprises in service for the strategicpositioning og those smallBanks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more thana hundred villages and towns of thebank bank established to improve the bottleneck of theeconomic investment county including improving agriculture development of small andmedium-sized enterprises and support will play a very important role. For existing fivestate-owned Banks. Should be encouraged to develop their own businesses for the financing of thespecialized agencies relax its has branches and encourage them in the land and county townshipeven closer to provide financial services andmore convenient. 2.The government should help Banks to establish a credit system further reducing theirinformation cost in our country the central banksince 1998 enterprise credit system constructionwasstarted by the specialized agencies collection and storage sorting analysis and use ofenterprise creditinformation to guard against credit risks maintain stable financial marker In2006 the central bank andsmall and medium-sized enterprises credit system toestablish the creditsystem hope to cover those andfinancial institutions have no credit relations of small andmedium-sized enterprises. Of course the credit system is not only by the government and nowhassome network company for example try to use labara. Com in online transaction informationinto small and medium-sized enterprises credit index the index of credit if out of the bank tofurther reduce the cost of information.. 3. The government should several of bank risk compensation the local interest riskcompensation mechanism and policy just compensation fund is to solve the sme financing wayand cannot be fundamentally solved. As to the end fujian province of bad loans is smallloans6071 but the average level of banking is a twopercent while a few risk compensation just to0.8 percent only a small part So many of bank risk compensation. As all of the loans to smalland medium-sized enterprises then according to the bankloans reduce its tax business taxincome tax reductionCountries can help enterprises to improve bank interest risk and return Ifthe loan losses the government formed by risk compensation fund to patch up it this makesbifbusiness loans and small and medium-sizedenterprises loan to achieve the balance is the basicyields. 4.The government should actively promotethe multi-level capital market system in order tobetter satisfy all kinds of small and medium-sized enterprises include the financing needs ofenterprise. Differenttypes of small and medium-sized enterprises the development stage isendless and same determines the sme financing needs is not the same So small and medium-sizedenterprises groups of differentiation determines the diversified financing needs then satisfy smefinancing demand also needs the various forms of financing mode such as bank loans bondsequity financing etc.200to 4 years in Shenzhen stock exchange medium plate founded bupromoting capital technology management and the effective factors of high qualityas cultivatingboard also to promote the upgrading ofindustrial structure is playing a positive role. InOctober 2009 gem officially launched. Founded boardwill provide for independentinnovation promoting effective supervision mechanism of small and medium-sized enterprises inthe new development stage.But for more than for small and medium-sizedenterprises are listed tosolve this kind of conditionenterprise’s equity financing stock transfer to a valid theover-the-counter marker In 2006 China launched fei joint-stock company listing for tradingofsecurities companies entering the pilot work Besides the government should vigorously promotethe development of the bond market bond financing for small and medium enterprises to providemore convenient in the developed countries the bond market is the main financing financing inthe United States for example2008 the company bonds is circulation stock circulationof 5 timeswith the United States Europe and other countries and regions in the bond market also has the bigdevelopment space. b From the bank angleIf rely onthe existing in the banking financial products and sme loans to solve the difficulty infinancing smes is impossible we cannot change the present situation ofsmall and medium-sizedenterprises so we would changeour bank credit financial innovation is imminent. Currentlybanking is through the organization risk management technical innovation innovation andsecurity collateral product innovation so as tochange the status of financing for smes. 1. Guaranteemortgage innovation Collateral shortage is small andmedium-sized enterprisebiggest soft rib they could not buy a heap of the house and then prepare for securityit is notrealistic to high-tdch enterprise as the core of assets should be their intellectual property righsthepatent righ and one on the market in technology creative team is the blood to support itsdevelopmentas well as several pieces of the mortgaged property bur all need money to lendbank The small and medium-sized enterprises such an jiangsu cooperatives experiment widelywarehouse inventory impawn through a mortgageloan product Tianjing coastal rural commercialbank actively carry out enterprise sharehoulding pledge loan. benjing bank recently launchedintellectual property as a pledge from the bank for a loan. 2. Credit rating innovating Big Bnaks do business of time usually see a balance sheet anincome statement and a cash flow statement small and medium-sized enterprises have even thesthree tables are not high the bank information costs zhejiang tyrone arisen commercial Banksthey look for innovative water meter customs declaration formlarge large reduce cost still canmake small loans toearn enough money. Like Shenzhen development bank by focusing on theirOppone nt’s credit transaction the authenticity of the enterprise chooses a new of enterprisescredit rating. For enterprises in the ctedit rating method for enterprises itself the credit ratingweight only 15. Pay more attention to the authenticity of the trading counterparty anddownstream of the raw material supply semi-finished products orservices or transportation orlogistics can be easierto choose good credit are true of the enterprise trade background to provideenough good service mobilize various financial tools in the process of enterprise developmentshenfazhan also created the profits. 3. Business process innovation. Our country commercialbank the bank is mostly official inthe house wait fora loan to customers approval for a month three monthssuch a kind ofmanagement such an examination result is impossible to small and medium-sized enterprisefinancial services it is impossible to improve the financing difficulties of small and medium-sizedenterprises. Banks to reduce threshold theother is to simplify the process reduce link establishexamination mechanism so as to adapt to thecredit factory. The bank is factory small andmedium-sized enterprises is raw material into theline after the marketing sales and service withapproval and customer maintenance and post-loan management obtain loans. But Banks are not aperson guard line andbatch production. Through the way of examination andapproval proceduressimplified. Through this process to make sure that the smes credit approval from the cycleoverthe past 2 3 months shorten to 3 5 days now.4.Strengthening the training of personnel. After construction in mechanism to have a groupof people todo it and do it well it is to strengthen the trainingof the staff further strengthen thesme small businessloans and high-tech smes job training and the loan of communicationincreasing the entire product rampd efforts with the strain of new incentive and restraint measures toprofessional team and the new service. cFrom the Angle of enterprises 1 Enternises should strengthen management improve quality. To correctly understand thesituation face establish the risk bymanagement effectiveness and development idea must paymore attention to technical innovation technological innovation pay attention to the new productdevelopment improve quality and brand construction and development of new products improvethe product quality improvement and win the market.. Reducing energy consumption to increaseincreasing earning. Increasing market development ability reduce” products accountsrec eivable” two nbre accelerate the capital turnover. Through the development way not only bythe expansion of production of production but improve thequality of the industrial sector realizerapid growth.2. The enterprises should strengthen the constructionof credit system. Establish the standardof managementsystem establish she transparent reliable statementsthe accumulation ofenterprise credit system.。
中小企业融资和企业家外文翻译(可编辑)
中小企业融资和企业家外文翻译（可编辑）中小企业融资和企业家外文翻译外文翻译原文Financing SMEs and EntrepreneursMaterial Source: ////0>.Author: ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENTIntroductionSmall and medium-sized enterprises SMEs are the backbone of all economies and are a key source of economic growth, dynamism andflexibility in advanced industrialised countries,as well as in emerging and developing economies。
SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country。
They are responsible for between 60-70% net job creation in OECD countries。
Small businesses are particularly important for bringing innovative products or techniques to the market。
Microsoft may be a software giant today, but it started off intypical SME fashion, as a dream developed by a young student with the help of family and friends.Only when Bill Gates and his colleagues had a saleable product were they able to take it to the marketplace and look for investment from more traditional sources.While not every small business turns into a multinational, they all face the same issue in their early days ? finding the money to enablethem to start and build up the business and test their product or service.Why is it harder for them to borrow money from banks or to find private investors than for larger firms?And why is it easier for small businesses to raise money in some countries than in others?These are important questions given the fact that small businesses, and particularly innovative SMEs, become increasingly vital to economic development and job creation as the knowledge-based economy develops.This Policy Brief looks at the extent of the SME “financing gap”, and what governments can do to make it easier for them to obtain the funding they need to start, grow and prosper, and thus contribute to creating jobs and economic growth.SMEs are vital for economic growth and development in both industrialised and developing countries, by playing a key role in creating new jobs.Financing is necessary to help them set up and expand their operations, develop new products, and invest in new staff or production facilities.Many small businesses start out as an idea from one or two people, who invest their own money and probably turn to family and friends for financial help in return for a share in the business.But if they are successful, there comes a time for all developing SMEs when they need newinvestment to expand or innovate further.That is where they often run into problems, because they find it much harder than largerbusinesses to obtain financing from banks, capital markets or other suppliers of credit.This “financing gap” is all the more important in a fast-changing knowledge-based economy because of the speed ofinnovation.Innovative SMEs with high growth potential, many of them in high-technology sectors, have played a pivotal role in raising productivity and maintaining competitiveness in recent years.But innovative products and services, however great their potential, need investment to flourish.If SMEs cannot find the financing they need, brilliant ideas may fall by the wayside and this represents a loss in potential growth for the economy.The “bagless” vacuum cleaner and the “wind-up” radio or flashlight whic h need nobatteries are now common household items, but nearly failed to see the light of day because their inventors could not find financial backing to transform their ideas into production.Already, differences are emerging between countries in terms of how easy it is for innovative SMEs to grow and develop.This sector has been very dynamic in the United States and a few other countries, but has lagged in many continental European countries and Japan, to the detriment of job creation and competitiveness.图 1Note: In many cases of debt in OECD countries, this problem is limited to a sub set of SMEs, mostly start-ups and very young firms. Data is based on the responses of 20 OECD and 10 non-OECD economies.Source: OECD SME and Entrepreneurship Financing Survey.While the SME financing gap is more pervasive in emerging markets, business financing overall is not a problem in OECD countries Figure 1, where banks are adopting strategies to cope with reducing the risk of lending to SMEs and where there are well-established systems for raising money through banks and capital markets.Many countries that do not report an overall financing gap for SMEs say that they do have a financing problem when it comes to innovative SMEs, precisely because they do not fit the mould applied in traditional SME financing.Since innovative SMEs tend to be newcomers to the market, or seeking financing for a new type of product or service, and usually havenegative cash flows and untried business models, they represent a higher risk to banks and cannot be assessed in the same manner as traditional SMEs or large firms.One fundamental problem in dealing with the SME financing gap islack of basic information about just how big such a gap may be.Often the only evidence is in the form of complaints from SMEs themselves and this is difficult to use in analysis or for comparison.Moreover, thedefinition of an SME varies between countries and financial institutions, some only compile figures by size of loan, not by size of the company borrowing, and some do not keep regular statistics of SME lending atall.And this is just in OECD countries ? outside the OECD area, information is even scarcer.The difficulties that SMEs encounter when trying to access financing can be due to an incomplete range of financial products and services, regulatory rigidities or gaps in the legal framework, lack of information on both the bank’s and the SME’s side.Banks may avoid providing financing to certain types of SMEs, in particular, start ups and very young firms that typically lack sufficient collateral, or firms whose activities offer the possibilities of high returns but at a substantial risk of loss.SMEs tend by their very nature to show a far more volatile patternof growth and earnings, with greater fluctuations, than larger companies.Their survival rate is lower than for larger companies ? one analyst found that manufacturing firms with fewer than 20 employees were five times more likely to fail in a given year than largerfirms.Thus, SMEs are at a particularly severe disadvantage when trying to obtain financing relative to larger and more established firms.It can also be difficult for potential creditors or investors to distinguish the financial situation of the company from that of its owners.The entrepreneur may have re-mortgaged his or her house to acquire the start-up funds for the company, for example.If there are two cars in the driveway, can one or both be considered part of the company’s assets? If the owner dies, is there someone to ta ke over the business, or will it die with him or her?In order to assess the success of such actions, governments need to be able to measure the size of the SME financing gap and evaluate theimpact of government actions.OECD and non-OECD governments have asked the OECD to take the lead in establishing international benchmarks to facilitate comparisons of the relative performance of markets in providing financing to SMEs and entrepreneurs and to shed light on outstanding financing gaps and issues.译文中小企业融资和企业家资料来源: ////. 作者:经济合作与发展组织在先进的工业化国家,中小企业不仅是所有经济的中坚力量,也是经济增长的关键,也是一种新兴经济体和发展中的经济。
小微企业融资外文文献翻译
小微企业融资外文文献翻译the XXX credit to small and medium enterprises (SMEs)。
However。
micro enterprises (MEs) which are smaller than SMEs。
have been XXX。
using a path XXX finance。
such as family and friends。
due to the lack of access to formal finance。
Path dependence is also evident。
XXX finance.翻译：乌干达的小微企业融资：路径依赖和其他融资决策的决定因素XXX：Winifred XXX-XXX博士摘要：发展中国家的融资文献主要关注正规金融机构向中小型企业（SMEs）提供信贷的角色。
然而，小微企业（MEs）比SMEs更小，却被忽视了。
本文使用路径依赖框架，研究了乌干达小微企业的融资决策，识别了影响它们获得融资的因素。
研究发现，由于缺乏正规融资渠道，小微企业严重依赖非正规融资来源，如家人和朋友。
路径依赖也很明显，过去的融资决策和与非正规融资来源的关系影响了当前的融资决策。
本研究建议政策应着重改善小微企业获得正规融资的渠道，并促进金融素养，减少对非正规融资来源的依赖。
Access to credit is crucial for small and medium enterprises (SMEs) and micro enterprises。
as they are considered to be the main drivers of economic growth。
In e countries。
XXX role than SMEs。
XXX-agricultural self-XXX。
XXX due to the way they are XXX。
中小企业融资【外文翻译】
Financing of SMEsJan Bartholdy, Cesario MateusOriginally Published in“Financing of SMEs”.London business review.2007(9).pp.43-45AbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind thedifferent types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers. Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing.Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view of financial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financial institutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier may be able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use forthem than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangible assets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have anycomparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the expected bankruptcy costs and the “ne gative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, that proposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。
中小企业融资的英文文献
中小企业融资的英文文献Automatically translated text:The definition of lease financingFinance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer.It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial industry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, andso the financing for the enterprise credit and secured the main requirement, it is very suitable for SME financing. In addition, the leasing of sheet financing, not reflected in the financial statements of the enterprise liability, does not affect the credit status of enterprises. This multi-channel financing needs of SMEs in terms of it is very beneficial.Leasing and financing lease of a traditional nature of thedifference is: traditional lease to the tenant leasing the use of objects of the time rent, and finance lease financing costs to the tenant occupying the time of rental. The market economy develops to a certain stage and the adaptation of a strong financing, in the 1950s in the United States have a new type of trading, as it adapted to the requirements of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business update equipment one of the main means of financing, known as the "sunrise industry." China in the early 1980s after the introduction of this operational modalities for over 10 years has been the rapid development, compared with developed countries, the advantages of leasing is far from being played out, the market potential is huge.[Edit] the main characteristics of the leasingThe main characteristics of the leasing is: the ownership of objects as leasing is the lessor in order to control the risk of the tenant rent reimbursement taken a form of ownership, atthe end of the contract could eventually be transferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenant responsible for the lessor to provide financial servicesonly. Rent calculation principles are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, according to a mutually agreed rental rates. It is essentially dependent on the traditional leasing financial transactions, is a special kind of financial instruments.[Edit] the type of lease financing1.Simple financing leaseFinancing lease is a simple, by the lessee choose to purchase the rental property, the lessor on the lease project through risk assessment after the rental lease to the lessee the use of objects. Throughout the lease period the lessee does not enjoy the right to use the title, and is responsible for repair and maintenance of leasing objects. The lessor,s lease is good or bad thing without any liability, equipment depreciation in the tenant side.2.Leveraged lease financingLeveraged leasing practices similar to syndicated loans, is a specialized leasing tolarge-scale projects with the tax benefits of lease financing, mainly led by a leasing company as a trunk, and for the lease of a very large project financing. First set up a leasing company from the operation of the main institutions - a project-based fund management company set up projects to provide more than 20% of the total amount of funds, and the remaining part was the main source of funds banks and social absorb idle idle funds, the use of 100 percent enjoy low taxbenefits "in the eight Bo" leverage for the leasing project large amount of funds. The remaining financing and leasing practices are basically the same, but because of the complexity of the contract covers a wide range and even greater. As can enjoy tax benefits, operating norms, comprehensive benefits, and recovery of rent safe, low-cost, and are generally used for aircraft, ships, communications equipment and large complete sets of equipment lease financing.missioned by the Financial LeasingIs a way to have the funds or equipment entrusted to non-bank financial institutions in the financing lease, the lessor is also thefirst client, the second is the trustee of the lessor at the same time. The lessor to accept the client,s money or lease of the subject matter, according to the client,s written by the client designated for the lessee of the leasing business. In the subject of the lease term lease of the property of the client, the lessor only charges, not to take risks. Such leasing commissioned a major characteristic is not to lease the right to operate the enterprise, "by the right" business. E-commerce is on the lease by lease rental as a business platform.The second is the lessor or lessee commissioned by the lease purchase of a third person, the lessor under the contract to pay the purchase price, also known as commissioned by the lease purchase financing.4.Project finance leasingLessee to project their own property and to ensure efficiency, and the lessor signed a finance lease contract, the lessor to the lessee ofthe property and other projects without recourse to the proceeds, we can only rent charged to the project,s cash flow and profitability to determine. The seller (that is leasing goods manufacturers) through their holding leasing companies to promote their products in this way, and expand market share. Communications equipment, medical equipment, transportation equipment, or even the right to operate highway can be used this way. Others, including the return of leasing, also known as sale and leaseback financing leasing; financing to leasing, also known as the financing to leasing.[Edit] the risk of lease financingFinance leases from the risk of many uncertain factors, is multifaceted and interrelated, in the full understanding of theoperational activities of the characteristics of various risks can be comprehensive, scientific analysis of risks to formulate corresponding measures. The risk of financing leasing main categories as follows:(1)product market risks. In the market environment, regardless ofthe financing lease, loan or investment, as long as the funds used to purchase equipment or to carry out technological transformation, first of all, should consider leasing equipment products market risks, which needto know to sell the products, market share rate and occupancy, product trends in the development of the market, the consumption structure andthe mentality of the consumers and consumption capacity. If these factors are not fully understand, the survey are not careful, and may increasethe market risk.(2)financial risks. For the leasing of a financial nature,financial risks throughout the entire business activities. The lessor,the biggest risk is that the lessee is also rent capacity, it has adirect impact on the operation of leasing companies and survival, therefore, the risk of also rent from the project began, it should be cause for concern.Currency also have risks, especially international payments, methods of payment, payment date, time, the remittance channels and means of payment options improperly, will increase the risk.(3)Trade risk. For the leasing of a trade properties, the risks of trade negotiations to orders from the acceptance testing there is a risk. The merchandise trade in the modern development of a relatively complete, the community is also supporting the establishmentof corresponding institutions and preventive measures, such as a letter of credit, transport insurance, commodity inspection, commercial arbitration and the risk of credit counseling have taken precautions and remedial measures, but because people,s awareness and understanding of the risks of different degrees, and some means of a commercial nature, coupled with the inexperience of the management of enterprises and other factors, all of these instruments have not been used, making trade risk still exists.(4)technical risks. One of the benefits of lease financing before other enterprises is the introduction of advanced technology and equipment. In the actual course of the operation, or advanced technology, advanced technology is mature, mature technology for the legal rights and interests of others, is an important risk a technical reasons. Serious, due to technical problems so that equipment in a state ofparalysis. Other risks include the economic environment, force majeure, and so on.[Edit] the accounting treatment of lease financing[Edit], the tenant on the accounting treatment of lease financing1,the start of the lease accounting treatmentAt the start of the lease, the tenant will usually be the start of the lease rental assets in the original book value of the minimum lease payments and the present value of the lower of the two leased assets as recorded value of the minimum lease payments as a long-term payables recorded value, and the difference between the two records is not recognised financing costs. However, if the assets of the leasing assets of the enterprise small proportion of the total, the tenant may be the start of the lease in the minimum lease payment records of assets and long-term rent payments. This time, the "proportional" not usually refers to fixed assets financed by leasing the lessee total assets total less than 30% (including 30%). Under such circumstances, rent for the financing of long-term assets and the determination of the amount due, the tenant may, at its option, which can be used minimum lease payments, and can also be used leasing assets in the original book value of the minimum lease payments and the present value of the two in the lower. Then what "leasing the original book value of assets" refers to the start of the lease rental, as reflected in the accounts, the book value of the leased asset.Lessee in the calculation of the minimum lease payments at the current value, if the lessor that the interest rate implicit in thelease, the lessor should be used as the interest rate implicit in thediscount rate, otherwise, shall be stipulated in the lease contract interest rate as the discount rate . If the lessor,s interest rateimplicit in the lease and rental rates stipulated in the contract are not available, it should be used over the same period interest rates on bank loans as the discount rate. Which is implicit in the lease rates, in the inception of the lease, the minimum lease payments and the present value of the unsecured portion of the residual value of the current value of assets and equivalent to the original book value of the discount rate.2,the initial direct costs of the accounting treatmentInitial direct costs refer to the lease negotiations and the signing of the lease agreement occurred in the course of the lease can bedirectly attributable to the cost of the project. Lessee in the initial direct costs usually have stamp duty, commission, attorney fees, travel expenses, such as the costs of negotiations. Lessee in the initial direct costs should be recognised as an expense in the current period. Accounts for its handling: debit "management fees" and other subjects, credited to "bank" and other subjects.3,no finance charge assessedIn the finance lease, the lessee to the lessor to pay the rent, include the repayment of principal and interest in two parts. Lessee to pay rent, on the one hand to reducelong-term payables, on the other hand, while not confirmed by the leasing costs for a certain method to confirm the current financing costs, the first rent (that is, initially matching each rental payment) Under the circumstances, the lease term is the first phase of rent paidno interest, should only reduce the long-term payments, not to confirm the current financing costs.Not sharing in the finance costs, the lessee should be used to calculate certain way. According to the guidelines, the lessee can be used in real interest rates, the straight-line method can also be used and the number of years of combined law. In using the effective interest method, in accordance with the inception of the lease is a lease assets and liabilities are recorded based on the value of different financing costs assessment rate options are also different. No finance charge assessed specific divided into the following types:(1), leasing assets and liabilities to a minimum lease payments accounted for the present value of value to the investor and the interest rate implicit in the lease for the discount rate. Under such circumstances, investors should be the interest rate implicit in the lease for the assessment rate.(2), leasing assets and liabilities to a minimum lease payments for the present value of recorded value, and to lease contract provides for the interest rate as the discount rate. In such circumstances, should be stipulated in the lease contract as the rate of assessment rates.(3), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist residual value guarantees and preferential purchase right to choose. In such circumstances, should be re-calculation of thecost-sharing rate financing. Financing cost-sharing rate refers to the inception of the lease,the minimum lease payments equal to the present value of lease assets in the original book value of the discount rate. In the lessee or related to the leased asset residual value of the third-party security situation, and the similar, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to zero.(4), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist guaranteed residual value, but there is preferential option to purchase. In such circumstances, should be re-calculation of the cost-sharing rate financing. At the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to zero.(5), leasing assets and liabilities to the original book value of the leased asset value accounted for, and the existence of the lessee guaranteed residual value.Under such circumstances, the cost-sharing should be re-financing rate. Related to the lessee or third parties on the residual value of leased assets as security has been provided or not at the end of the lease renewal and to pay a penalty of circumstances, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to the guaranteed residual value, or to be paid by the breach.Lessee shall pay each of the rent shall be the amount of rent paid, debit "long-term payables - to finance leases," subjects, credited to "bank" subjects, if payment of rent, which includes compliance costs, Atthe same time debit should be "manufacturing costs", "management fees" and other subjects. At the same time should be recognized in accordance with the current amount of the finance charge, debit "financial costs" subjects, credited the "no finance charge" subjects.4,the leased asset depreciation ProvisionTenants should finance the lessee Provision for depreciation of fixed assets, should address two main issues:(1), depreciation policyProvision for asset depreciation, lease, the tenant should be its own assets Provision line depreciation method. If the lessee or third parties relating to the leased asset security has been provided, should be credited for the amount of depreciation on fixed assets, and the inception of the lease accounting residual value after deducting the value of the balance. If the lessee or third parties relating to the leased asset residual value of the security hasbeen provided, the total amount of depreciation should be credited for the start of the lease value of fixed assets recorded.(2), the depreciation periodIdentify the leased asset depreciation period, should be in accordance with the lease contract. If reasonable certainty that thelessee at the end of the lessee will obtain ownership of the leased asset, the lessee can be identified with all of the assets of the remaining useful life, and should therefore be the start of the lease tolease the remaining useful life of assets as depreciation period; If you can not reasonably determine whether the lease to the lessee at the end of the lease ownership of the assets to be made to the lease period and the remaining useful life of the leased asset in the shorter of the two as the depreciation period.5,the accounting treatment of compliance costsMany types of compliance costs, rent for the financing of fixed assets improved expenditure, technical advice and service charges, fees should be increased staff training credited to the extension of sharing costs, debit "long-term prepaid expenses," and "accrued expenses", "manufacturing costs", "management fees" and other subjects, the fixed assets regular maintenance, insurance, etc. can be directly charged to expense in the current period, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank deposits, "wait until the subjects.6,or the accounting treatment of rentSince the rent or the amount of uncertainty, unable to adopt a rational approach to its system for sharing, in the actual event, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank" and other subjects.7,at the end of the lease accounting treatmentAt the end of lease, the tenant on the lease is usually the disposition of the assets of three circumstances:(1), the return of the leased asset. Debit "long-term payables - to finance leases," and "accumulated depreciation" subjects, credited "fixed assets - fixed assets financed by leasing all" subjects.(2), renewable lease concession assets. If the lessee to exercise the right to choose renewable concession, the lease shall be deemed to have been made the presence of the corresponding accounting treatment. If no expiry of renewal, to the lessor under the leasecontract to pay a penalty, debit "operating expenses" subjects, credited to "bank" and other subjects.(3), stay purchase the leased asset. In the lessee enjoy preferential purchase right to choose, purchase price paid, debit "long-term payables - to finance lease," credited "bank" and other subjects at the same time, will be fixed assets from "all fixed assets financed by leasing" Details Details of the other subjects into subjects.。
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。
中小企业融资英文文献
中小企业融资英文文献An Analysis on Credit Guarantee System of Small and Medium-sized Enterprises in China Abstract:At present(there are still manyconstraints in the further development of SME(small and medium—sized enterprises in China(And especially the financing development of SME has become a bottle neck，which was caused by the unsound credit guarantee system for SME(Basedon China’s SME guarantee system and its problems，the thesis puts forward proposals to perfect guarantee system for China’s SME with normal analysis(In order to make guarantee system play its due role(itis necessary to establish different modes of credit guaranteeinstitutions in accordance with the actual situation(to found SME credit guarantee funds and its supplementary system(to adjust the operation mode of guarantee funds and to improve legal protection of the credit guarantee system(对中国中小企业信用担保体系的分析摘要:目前，中国中小企业的进一步发展仍然受到很多约束，尤其是中小企业融资问题已经成为制约的瓶颈。
小微企业融资外文文献翻译
小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。
中小企业融资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。
小微企业融资外文文献翻译
小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。
中小企业融资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。
未来的中小企业融资 毕业论文外文翻译
Future of SME financeBackground – the environment for SME finance has changedFuture economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution to growth and employment in the EU and are at the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments need capital and therefore access to finance.Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are:•Globalization and internationalization have increased the competition and the profit orientation in the sector;•worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further;•Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises, were closed;•up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs;•Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks are very active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the accessibility of SMEs to finance.Higher risk awareness in the credit sector, a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME financeand influence the accessibility of SMEs to finance. The most important changes are: •In order to make the higher risk awareness operational, the credit sector introduces new rating systems and instruments for credit scoring;•Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their businesses;•Banks will try to pass through their additional costs for implementing and running the new capital regulations (Basel II) to their business clients;•due to the increase of competition on interest rates, the bank sector demands more and higher fees for its services (administration of accounts, payments systems, etc.), which are not only additional costs for SMEs but also limit their liquidity;•Small enterprises will lose their personal relationship with decision-makers in local branches –the credit application process will become more formal and anonymous and will probably lose longer;•the credit sector will lose more and more its “public function” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.All of these developments will make access to finance for SMEs even more difficult and / or will increase the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance for the SME sector in Europe. Access to finance was always a main concern for SMEs, but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.Therefore, UEAPME expects the new European Commission and the new European Parliament to strengthen their efforts to improve the framework conditions for SME finance. Europe’s Crafts, Trades and SMEs ask for an encompassing policyapproach, which includes not only the conditions for SMEs’ access to lending, but will also strengthen their capacity for internal finance and their access to external risk capital.From UEAPME’s point of view such an encompassing approach should be based on three guiding principles:•Risk-sharing between private investors, financial institutes, SMEs and public sector;•Increase of transparency of SMEs towards their external investors and lenders;•improving the regulatory environment for SME finance.Based on these principles and against the background of the changing environment for SME finance, UEAPME proposes policy measures in the following areas:1. New Capital Requirement Directive: SME friendly implementation of Basel IIDue to intensive lobbying activities, UEAPME, together with other Business Associations in Europe, has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital (Basel II). The final agreement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional structures.However, the new regulatory system will influence the relations between Banks and SMEs and it will depend very much on the way it will be implemented into European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financial market authorities and herewith the European Institutions, a lot of flexibility. In about 70 areas they have room to adapt the Accord to their specific needs when implementing it into EU law. Some of them will have important effects on the costs and the accessibility of finance for SMEs.UEAPME expects therefore from the new European Commission and the new European Parliament:•The implementation of the new Capital Requirement Directive will be costlyfor the Finance Sector (up to 30 Billion Euro till 2006) and its clients will have to pay for it. Therefore, the implementation – especially for smaller banks, which are often very active in SME finance –has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.).•The European Regulators must recognize traditional instruments for collaterals (guarantees, etc.) as far as possible.•The European Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularity, access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which will ease the burden on SME finance.2. SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the needs of Basel II, many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks. The bank will require more and better quality information from their clients and will assess them in a new way. Both up-coming developments are already causing increasing uncertainty amongst SMEs.In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment, UEAPME demands transparent rating procedures –rating procedures may not become a “Black Box” for SMEs:•The bank should communicate the relevant criteria affecting the rating of SMEs.•The bank should inform SMEs about its assessment in order to allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs , which would have included a self-commitment for transparent rating procedures by Banks, failed. Therefore, UEAPME expects from the new European Commission and the new European Parliament support for:•binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems for SMEs;•Elaboration of national Codes of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3. SMEs need an extension of credit guarantee systems with a special focus on Micro-LendingBusiness start-ups, the transfer of businesses and innovative fast growth SMEs also depended in the past very often on public support to get access to finance. Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.Already now, there are credit guarantee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs.Experiences show that Public money, spent for supporting credit guarantees systems, is a very efficient instrument and has a much higher multiplying effect than other instruments. One Euro form the European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).Therefore, UEAPME expects the new European Commission and the new European Parliament to support:•The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprises;•The development of new instruments for securitizations of SME portfolios;•The recognition of existing and well functioning credit guarantees schemes as collateral;•More flexibility within the European Instruments, because of national differences in the situation of SME finance;•The development of credit guarantees schemes in the new Member States;•The development of an SBIC-like scheme in the Member States to close the equity gap (0.2 – 2.5 Mio Euro, according to the expert meeting on PACE on April 27 in Luxemburg).•the development of a financial support scheme to encourage the internalizations of SMEs (currently there is no scheme available at EU level: termination of JOP, fading out of JEV).4. SMEs need company and income taxation systems, which strengthen their capacity for self-financingMany EU Member States have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits. This is especially true for companies, which have to pay income taxes. Already in the past tax-regimes was one of the reasons for the higher dependence ofEurope’s SMEs on bank lending. In future, the result of rating will also depend on the amount of capital in the company; the high dependence on lending will influence the access to lending. This is a vicious cycle, which has to be broken.Even though company and income taxation falls under the competence of Member States, UEAPME asks the new European Commission and the new European Parliament to publicly support tax-reforms, which will strengthen the capacity of Crafts, Trades and SME for self-financing. Thereby, a special focus on non-corporate companies is needed.5. Risk Capital – equity financingExternal equity financing does not have a real tradition in the SME sector. On the one hand, small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.On the other hand, many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. Furthermore it is much more difficult to set out of such investments in smaller companies.Even though equity financing will never become the main source of financing for SMEs, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. UEAPME sees three pillars for such an approach where policy support is needed:Availability of venture capital•The Member States should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.•Guarantee instruments for equity financing should be further developed.Improve the conditions for investing venture capital into SMEs•The development of secondary markets for venture capital investments in SMEs should be supported.•Accounting Standards for SMEs should be revised in order to ease transparent exchange of information between investor and owner-manager.Owner-managers must become more aware about the need for transparency towards investors•SME owners will have to realise that in future access to external finance (venture capital or lending) will depend much more on a transparent and openexchange of information about the situation and the perspectives of their companies.•In order to fulfil the new needs for transparency, SMEs will have to use new information instruments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).题目：未来的中小企业融资背景：中小企业融资已经改变未来的经济复苏将取决于生产工艺提升的可能性、贸易和中小企业利用其潜在的经济增长和创造就业。
关于中小企业人融资的外文翻译
南京理工大学毕业设计(论文)外文资料翻译学院（系）：南京理工大学继续教育学院专业：会计学姓名：彭少波学号： 547798080112外文出处：The Future of the Hong Kong Growth(用外文写)Enterprise Market附件： 1.外文资料翻译译文；2.外文原文指导教师评语：签名：2010年月日注：请将该封面与附件装订成册。
附件1：外文资料翻译译文香港创业板市场前景简介香港在尝试建立一个成功的成长型公司市场时所面临的问题与英国差不多相同——伦敦证券交易所是在经历了非上市证券市场和所谓的规则第4.2 条市场的失败后，才推出了以轻度监管，披露为主及买方注意承担风险为概念的AIM。
如讨论文件中所述，AIM 在多方面均为世界领先的增长型公司市场。
确实，一般意见皆认为AIM是除伦敦证券交易所主板外任何一间寻求上市的重要公司的首选目的地。
虽然表面上乃一个增长型公司市场，但仍吸引了不少重要的公司：首50位公司的市值均在1亿欧元以上，其中最大公司，Sportingbet，其市值超过了15亿欧元。
此外，受到伦敦证券交易所主板不断增加的规管压力所影响，从主板转到AIM上的公司数量大大超过了从AIM转到主板的公司数量。
在2005年，从主板市场转到了AIM的公司共有40家，而只有两家公司从AIM转到主板市场；而在2006年头三个月，有8家公司从主板市场转到了AIM，而没有一家从AIM 转到主板市场。
AIM 已经被机构投资者普遍接受，并被认为是已确立的现已不太可能失败的市场。
与之相比，香港创业板（创业板）在联交所网站被称为「针对充份掌握市场资讯的投资者的买方注意市场」，在2005年仅有10家公司上市。
如讨论文件所述，创业板初始的打算，即成为一独立于主板市场，并以披露为主及轻度监管市场的方针已经中止。
诚然，随着创业板市场采取更为严格的监管措施（创业板与主板的上市规则日益趋同）以及通常冗长而高成本的申请手续，意味着AIM已成为不少香港及中国公司的增长型市场选择。
中小企业融资英文文章
中小企业融资英文文章改革开放20多年来，中国中小企业取得了长足的发展，对国民经济的作用越来越不容忽视，可以说，没有中小企业的发展，中国经济就不可能取得真正的大发展。
下面是店铺带来的中小企业融资英文文章，欢迎阅读!中小企业融资英文文章篇一中国中小企业融资新招Reports from China suggest that this technique is beginning to catch on among cash-strapped small and medium enterprises.来自中国的报道显示，这种手法在资金匮乏的中小企业当中很有市常According to the South China Morning Post, three such companies in Jiangsu province –Changzhou Shende Seamless Tube, Changzhou Dongfeng Agricultural Machinery Group, and Chang Group –have clubbed together to issue Rmb260m in joint three-year debt.据《南华早报》(SCMP)报道，中国江苏省的三家公司采用了这种方法：常州盛德无缝钢管有限公司、常州东风农机集团有限公司和新华昌集团有限公司。
这三家公司将发行2.6亿元人民币的3年期集合债券。
The three have credit ratings of triple B, triple B plus and A minus, respectively. But, due to support from the local government, their jointly issued bonds are triple A rated. So, is the dreaded collateralised debt obligation, that clever sleight of hand that helped drive the US housing market into the stratosphere, creeping into China?这三家公司的信用评级分别为BBB、BBB+和A-。
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
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。
毕业论文外文翻译-家族式中小企业融资存在的问题及对策外文文献翻译-中英文论文对照翻译
毕业论文外文翻译-家族式中小企业融资存在的问题及对策外文文献翻译-中英文论文对照翻译题目：家族式中小企业融资存在的问题及对策第一部分外文翻译原文Family SME financing problems and countermeasures1、The status of family SMEsFamily-owned SMEs in the development of our country experienced a small to large, from weak to strong in the process, along with the family business in China today the deepening of economic reform and development and growth, has gone through four stages: the first stage, From 1978 to 1987, after the December 1978 Third Plenary Session of the Party, the private sector began to sprout exploration; the second stage, from 1988 to 1991, in 1988 the state promulgated the "Provisional Regulations on private Enterprises", the private sector has been Legislative protection; the third stage, from 1992 to 1996, the spring of 1992, Comrade Deng Xiaoping's southern tour speech, encourage private sector development; the fourth stage, the 15th Party Congress in 1997 affirmed the non-public economy is an important component of the socialist market economy private enterprises to enter the stage of stable development.At present, China's family-owned SMEs in general to take the family system management mode, although this management model, although in favor of corporate governance, reducing the commission Enterprises - the agency costs, but this also increases the external transactions arising from the establishment of corporate identity costs. On the one hand our economy is in a transition period, various policies and regulations are not perfect, the community has not formed a unified identity for the familyof SMEs, which makes family-owned SMEs in the market development, customer acquisition financing and other aspects in particular more difficult. On the other hand due to the absolute control of the family by the family-owned small and medium enterprises, the decision arbitrary and authoritarian strong, the error rate is large, resulting in enterprise development to a certain stage on the lack of power, it is difficult to continue to develop.2、The main problem of family exist in the process of SME financing2.1 Family ownership structure and governance structure of SMEs unreasonableOur family ownership structure of SMEs in general showing unity, closed characteristics. According to statistics, the founder of the family business enterprise investment accounted for 75% of total share capital, its holding ratio as high as 70%, while the proportion of shares held by the founder's family also accounted for 10% ofthe company's total share capital, both in the family business of Holdings the proportion of 80%, the enterprise has absolute control. This single ownership structure and the closure of many family-owned SMEs generally do not pay attention to external financing, business development and capital accumulation is still relying on its own within the family obtain financing, which limits the expansion of enterprises.2.2 The family behind SME management modeCurrently, many executives are from family-owned small and medium enterprises within the family, but also because of the family's absolute control of the enterprise, many business owners arbitrariness in decision-making, so that companies will bring tremendous business risk to the enterprise zone to instability,which will undoubtedly increase the risk of funding provided. Meanwhile, in the internal distribution ofprofits, there is no established concept of sustainable development can play, often only taking into account the short-term interests, net of corporate profits spectroscopic eat, rarely from the perspective of enterprise development, consider using retained funds to supplement operating funds, and their accumulation of weak sense.2.3 The family-owned SME financial system is not perfectAs noted in the survey, more than 50 percent of family-owned SMEs in the financial system is not perfect, and many family-owned small and medium business managers lack professional financial management knowledge, lack of major financial decision analysis to develop a reasonable and legitimate, and even prepare several sets of accounts to check payable regulatory authorities. Because most investors to corporate lending main consideration is return on investment, and ROI analysis depends mainly on the view the company's financial statements, due to the corporate financial system defects, it is difficult to provide accurate accounting information, investors are unable to find out the enterprise the true face, nature does not give business loans.3、The Solution of family financing of SMEs3.1 Family fade colors, introducing diversification of investorsFirst of all to clarify property rights, according to the contribution principle, the principle of efficiency, fairness rationalize the relationship between members of the family property, clear the nature of the enterprise, the definition of enterprise property rights, reform of property rights. Forward to the public on the basis of clear property rights on the inside,diversify their ownership by absorbing social capital, the equity isfully owned by the family into a controlling stake, the investor capital, human capital and social capital is allocated in equal shares, to increase transparency and social trust.3.2 Change management model to promote institutional innovationMany of our family-owned small and medium enterprises in the employment context nepotism, meritocratic closer. This management model is not conducive to family-owned small and medium enterprises to introduce outstanding management personnel, resulting in a lack of family-owned small and medium business decision rationality, increasing the risk offamily-owned small and medium business, reducing the level of family credit for SMEs, resulting in banks and investors unwilling to its loans and investments. In view of this, family-owned SMEs should abandon the family management, the introduction of professional managerial system, the implementation of corporate restructuring in accordance with the requirements of modern enterprise system, the introduction of outstanding management talent, improve operational efficiency and reduce operational risks. So as to raise the level of credit to enhance financing capacity. At present, the rapid development of China's many family businesses employ people outside the family as a decision-making executives, such as the United States and other countries.3.3 Cegulate corporate financial system, improve financial managementAccording to the relevant regulations of the state, the establishment of financial and accounting system sound enterprises, not cooking the books, establish and improvefinancial reporting system to improve the credibility and transparency of the financial situation of the financial statements. These include: 1, raise funds, and the effectiveuse of funds, supervision and funding normal operation, maintenance, financial security, boost profits. 2, establish a sound financial management system, financial revenues and expenditures do a good job planning, control, accounting, analysis and assessment work. 3, to strengthen the management of financial accounting, in order to improve the timeliness and accuracy of accounting information.In short, to be truly effective in solving the difficult problem of family SME financing, companies need to go through joint efforts of financial institutions, to create a family-owned diversified financing channels for SMEs, social credit sound socio-economic environment for the family-owned SMEs the development provides a relaxed environment for raising capital.第二部位论文译文题目：家族式中小企业融资存在的问题及对策一、家族式中小企业的现状家族式中小企业在我国的发展经历了一个由小到大、由弱变强的过程，当今中国的家族企业随着经济体制改革的不断深化而发展壮大，经历了四个阶段:第一阶段，1978～1987年，1978年12月党的十一届三中全会以后，私营企业开始萌芽探索;第二阶段，1988～1991年，1988年国家颁布了《私营企业暂行条例》，私营企业得到了立法保护;第三阶段，1992～1996年，1992年春邓小平同志南巡讲话，鼓励私营企业发展;第四阶段，1997年党的十五大肯定了非公经济是社会主义市场经济的重要组成部分，私营企业进入稳步发展阶段。