中小企业融资问题与对策外文资料翻译

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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 family of 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 improve financial 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。

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。

外文资料翻译----中小企业融资难相关问题分析

本科生毕业论文外文资料翻译专业财务管理（财务管理方向）班级姓名指导教师所在学院管理学院附件1.外文资料翻译译文;2.外文原文中小企业融资难相关问题分析一、中小企业融资难现状改革开放30 年来，我国的中小企业得到了迅速的发展，占企业总数99％的中小企业对我们国家GDP 贡献超过了60％，税收超过了50％，提供了70％的进出口贸易和80％的城镇就业岗位。

中小企业同样是我们国家自主创新的一个重要力量，66％的发明专利，82％的新产品开发都来自于中小企业，中小企业已经成为繁荣经济、扩大就业、调整结构、推动创新和形成新的产业的重要的力量。

自0 8 年国际金融危机爆发以来, 我国实施了积极的财政政策和宽松的货币政策, 但广大中小企业至今没有从积极的财政政策和适度宽松的货币政策当中直接受益,例如08 年全国新增小企业贷款只有225 亿，比上年只增长了1.4％，可是全国的贷款增加了14.9％，09 年头三个月全国的信贷规模总量增加了4 .8万亿，其中给中小企业贷款增加的额度只占不到5％。

目前融资难、贷款难已经成为制约中小企业发展的瓶颈, 中小企业生产经营面临着严峻困难，据国家统计局和工信部统计到08 年底，全国中小企业中歇业停产或者倒闭的大约占7 .5％，城镇就业更加困难，这个状况不仅影响我国经济的复苏，而且直接影响保增长、保民生、保稳定的发展目标。

从这个意义上说，国际金融危机冲击下的我国经济能否真正的走出低谷，关键是广大中小企业的活力能否得到完全恢复。

二、中小企业融资难原因分析中小企业融资难、贷款难应该说也是一个世界性的难题，从我国看，既有体制机制问题，也有中小企业自身的问题，主要有三个方面的原因：第一个，中小企业自身的问题, 中小企业一般规模小，实力弱，它的信誉不是太高。

中小企业普遍诚信意识薄弱，类似的一家企业几套报表的现象屡见不鲜，可能在税务这边报表难看一些, 少交点税，在银行这边可能表好看一些，多贷点款，这样信息是否真实可靠就成了问题。

我国中小企业融资租赁进展对策研究—金融专业外文翻译

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

小微企业融资外文文献翻译

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

However。

micro enterprises (MEs) which are smaller than SMEs。

have been XXX。

using a path XXX finance。

such as family and friends。

due to the lack of access to formal finance。

Path dependence is also evident。

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

然而，小微企业（MEs）比SMEs更小，却被忽视了。

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

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

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

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

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

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

In e countries。

XXX role than SMEs。

XXX-agricultural self-XXX。

XXX due to the way they are XXX。

中小企业融资难外文翻译说课讲解

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

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。

中小企业融资的问题及对策研究探 (外文原文)

Financing of SMEsMaterial Source：J an Bartholdy, Cesario Mateus, “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 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 researchbreaks 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-financialinstitutions 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 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 suchas 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 have reputational 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.SME Financing in Europe: Introduction andOverviewSource: Jan Wagenvoort, European Investment Bank, Economic and Financial Studies （2009)AbstractIntroducing the topic of SME finance and summarising the main findings of the contributions to this edition of the EIB Papers, this overview stresses the importance of relationship banking for the supply of SME credit; points out the differences and similarities in the capital structure of firms across size classes and across Europe; observes that while there is little evidence of widespread SME credit rationing, financial market imperfections may nevertheless curb SME growth; and highlights that the changes in Europe’s financial landscape - including bank consolidation and Basel II - promise to foster SME finance.1. IntroductionSome of the changes in Europe’s financial landscape should work in favour of SME finance. Firstly, new information and communication technologies contribute, at a lower cost, to reducing information asymmetries between lenders and borrowers, thereby making SME lending more attractive (see, among others, Frame et al. 2001). Secondly, partly due to progress in information technology, new banking methods are being developed and implemented. For instance, banks adopt new portfolio credit risk models that allow them to allocate and price their resources more effectively.Moreover, the use of credit risk transfer mechanisms (such as the securitarisation of SME loans) is spreading, allowing banks to focus on comparative-advantage activities, notably credit risk assessment, loan origination, and credit risk monitoring - all activities crucial for the provision of finance to SMEs. Thirdly, equity capital is becoming increasingly available to SMEs through the development of (secondary) capital markets and venture capital finance. Fourthly, the second banking directive of the EU aims at boosting competition between banks, thereby improving the terms and conditions of bank finance, including those supplied to SMEs.Other features of Europe’s financial landscape have raised concerns about a possible deterioration of conditions for SME finance. Firstly, consolidation in national banking markets has reduced the number of banks and has in many EU countries, especially in the smaller ones, increased the market share of the top-five largest institutions . This may be detrimental to SME lending since there is evidence that large banks devote a lesser proportion of their assets to small business loans in comparison to small, often regional banks.1 Secondly, there is evidence (Davis, this volume) that capital markets and institutional investors are gaining ground over banks. Institutional investors are in competition with banks when collecting savings in theeconomy, but they tend to lend less to SMEs than banks do. Thirdly, a new capital adequacy framework for banks (Basel II) is in the making. The thrust of Basel II is to better align capital charges and, by extension, interest rates on loans with underlying credit risks. As SME lending is often perceived, rightly or wrongly, as particularly risky, many observers - in particular SMEs themselves - have been vocal in warning against a (further) deterioration of SME finance.why financing of SMEs tends to be more challenging than financing of large firms. Reflecting these challenges, small businesses often have no other choice than to rely on bank relationships for their external financing while large firms may turn to banks as well as capital markets.We will also elaborate on the benefits and costs of relationship banking and briefly consider the impact of bank competition on relationship banking. In Section 3, we discuss the capital structure of the average European firm across different size classes and review similar results for Italy, Germany, and France. In Section 4, we evaluate whether SMEs in Europe suffer from credit constraints and whether financial market imperfections hamper the growth of companies. Section 5 begins with a brief empirical description of relationship banking in the three countries covered here and continues with an evaluation of the impact of bank consolidation on relationship banking in France.2. Capital structure of the average firm across size classesIn analysing the capital structure of firms, Wagenvoort distinguishes five different size classes: very small, small, medium-sized, large, and very large firms. To motivate this analysis, one needs to bear in mind that a possible lack of external financing for small businesses could show up on the liability side of their balance sheet. Looking over a long period and at Europe as a whole, the ratio of equity to total liabilities is broadly similar across size classes and, therefore, leverage is more or less the same for a typical SME and a typical large firm. The ratio of financial debt to total liabilities, which mainly contains bank loans in the case of SMEs,3 is also roughly equal across size classes.However, Wagenvoort also shows that there are striking differences in the capital structure of the average SME across EU countries. The three country studies confirm this result. Guiso shows that the financial debt of small Italian firms in proportion to their total assets is substantially lower than for large Italian firms. Guiso carefully explains that this difference is because many small firms do not have any loans outstanding at financial institutions. Indeed, conditional on having financial debt, the financial debt ratio and the maturity structure of financial debt are broadly similar across size classes. In sharp contrast with the Italian case, Hommel and Schneider find that the Mittelstand (i.e. German small and medium-sized enterprises) is much more indebted than large German firms. Two- thirds of German firms operate with an equity ratio lower than 20 percent, and 41 percent of German firms report equity ratios below 10 percent. This compares to a European average equity ratio of around one-third (see Wagenvoort). Dietsch finds a similar equity ratio for French companies regardless of their size. Overall, while the average European,French, and Italian SME does not appear to be undercapitalised, German SMEs are. Wagenvoort also analyses how firms’ capital structure changes over time. He finds that the dynamics of the financial debt ratio are very different for the average firm in the small and medium size classes in comparison to the average firm in the large and very large size classes. More specifically, SMEs appear to be less flexible than larger firms in adjusting the structure of their balance sheets to changing growth opportunities. In particular, the financial debt ratio increases (falls) at a slower rate in growing (shrinking) small firms than in growing (shrinking) large firms. Our interpretation of this result is that small firms have less flexibility in adjusting financial debt in response to changing growth conditions.3. Finance constraintsIs this lack of flexibility due to credit rationing? The three country case studies draw a firm conclusion: SME credit rationing is not a widespread phenomenon in Italy, France, and Germany. Guiso builds a model that can explain why some small firms carry financial debt whereas others do not. The empirical results show that those firms without bank loans are often the ones that finance a relatively high proportion of their assets with equity. Guiso argues that a negative relationship between the equity ratio and the probability of carrying financial debt stands in sharp conflict with the rationing hypothesis since a credit rationed firm is unlikely to substitute equity for financial debt. The absence of financial debt on the balance sheet of many Italian firms is thus mainly because they do not want to borrow, not because lenders do not want to lend. However, Guiso finds that when credit constraints are binding, size and lack of equity seem to play a key role. So, credit rationing happens more often with smaller firms than with larger firms. Dietsch observes that, except for very small French firms with an annual turnover of less than EUR 2 million, French SMEs do not increase bank borrowing when their credit status improves. In contrast with small and medium-sized firms, very small firms with a solid credit standing do raise more loans than their peers of equal size but lower credit standing. In light of this, Dietsch concludes that credit rationing is only relevant for very small firms with unfavourable credit ratings, and he shows that relatively few firms in France have these characteristics. Hommel and Schneider argue that the virtual standstill of credit growth in Germany in 2002 can mainly be attributed to the current cyclical downturn of the German economy. Whether, in addition, the Mittelstand suffers from structural adverse supply-side effects remains to be determined. However, given the large equity gap in German companies, lack of equity is the main finance constraint and additional debt does not seem to be the optimal way forward in Germany.A few qualifying remarks are worth making. One needs to bear in mind that the Stiglitz and Weiss definition of credit constraints implies that a firm is only considered to be rationed if lenders reject the demand for loans although the borrower is willing to pay the going interest rate (and to meet other conditions) on equivalent loans made to others borrowers of the same quality. In other words, according to this definition a firm is not considered credit rationed if it does not want to borrow at the requested interest rate even when the conditions imposed by the bank are toodemanding relative to the true creditworthiness of the borrower. In this respect it is worthwhile observing that interest rates on bank loans are in general substantially higher for SMEs than for large firms.4 Both the empirical findings of Dietsch and Wagenvoort suggest that from a portfolio credit risk viewpoint this may not be justified. It is true that on an individual basis smaller firms are riskier than larger firms because the expected default probability is negatively related to firm size. Banks in general use this argument to defend a higher risk premium on small business loans. But a portfolio of loans to small firms is not necessarily riskier than a portfolio of loans to large companies. Dietsch finds that default correlations are lower within the group of SMEs than within the group of large firms. Lower default correlations can offset the higher individual default probabilities within a pool of credits. Indeed, firm-specific risk can be diversified as opposed to systematic risk. According to Dietsch, large firms are more sensitive to the systematic factor (the general state of the economy) than small firms. This may be surprising as small firms are usually less diversified than large firms. However, SMEs may show greater flexibility in the transformation of their business when macroeconomic conditions deteriorate or improve. Large firms are often locked in to existing organisational structures and technologies.In sum, the higher interest rates observed on SME loans seem difficult to justify on credit risk grounds only. It could be that SMEs pay high interest rates for wrong reasons. Banks may succeed in over-charging SMEs due to limited competition in (local) banking markets and the lock-in effect mentioned above. Therefore, due to finance constraints, under-investment by SMEs may happen on a large scale while credit rationing in the strict sense of Stiglitz and Weiss 1981 does not widely occur.Wagenvoort moves beyond credit rationing and tests for financial market imperfections that may lead to finance constraints, which include credit rationing but also constraints resulting from excessive loan pricing and difficulties in raising outside equity. The empirical test of finance constraints here boils down to testing whether financial variables, such as the amount of available internal funds, have a significant impact on the firm’s investment and, thus, its growth. More precisely, Wagenvoort estimates the relationship between, on the one hand, firm growth and, on the other hand, cashflow and capital structure. A high growth-cashflow sensitivity is an indication that finance is binding. The following findings are worth highlighting. Firstly, finance constraints tend to hinder the growth of small and very small firms (i.e. firms with less than 50 employees); on average, the growth of these firms is one-to-one related to retained profits.Secondly, while finance constraints seem to be less binding for medium-sized enterprises, their growth, in comparison to the growth of large firms, nevertheless depends more on theavailability of internal funds. Thirdly, highly leveraged firms have greater difficulties in tapping external finance and, hence, exploiting their growth potential.How could one possibly improve the supply of finance to SMEs? It is useful to distinguish between public policy measures and fforts that lenders and borrowers can make to alleviate finance constraints. Wagenvoort briefly reviews the literature onthe effectiveness of public lending programmes and guarantee schemes.The main conclusion is that while direct lending and guarantee programmes usually benefit the recipients and help ease finance constraints, it has been questioned whether they improve the allocation of resources in an economy. Nevertheless a positive net return on public intervention can be expected if intervention reduces information asymmetries between borrowers and lenders and thus helps solving information problems. For instance, public authorities may stimulate information sharing among lenders. A recent study (Jappelli and Pagano 2002) shows that information sharing among lenders increases bank lending and reduces credit risk. Borrowers and lenders themselves can also contribute to solve finance problems of SMEs by reducing information asymmetries directly. As argued above, the establishment of long-term relationships has the potential to achieve this.4. Relationship banking and bank consolidationIs there empirical evidence to support the view that relationship banking can mitigate finance constraints? Ongena and Smith (2000) report substantial variation in the average number of bank-firm relationships across European countries. The three country studies reviewed here confirm this result and they show that firms make considerable use of multiple banking.Guiso’s analysis reveals that in Italy small firms keep on average more than four bank relationships whereas large Italian firms diversify their credit needs over more than 10 credit institutions. As shown by Hommel and Schneider, the Mittelstand in Germany relies on a smaller number of bank ties but even the small German firms on average borrow from more than one lender. Very small German firms borrow on average from two banks whereas largeWhy is it then that SMEs keep fewer and shorter bank relationships than large firms? As credit availability improves when relationships become longer,one would expect information- opaque SMEs to stay with the same creditor(s). To begin with the number of relationships, as Dietsch notes, an obvious reason is that SMEs have to spread out fixed costs of lending over a smaller loan amount. Adding more creditors to the list of the firm’s financial intermediaries will trigger additional costs. Therefore, smaller firms may be less willing to borrow from several banks at the same time. However, the disadvantage of relying only on one bank is that this bank may turn into a monopolist over time. Dietsch explains that, although it is expensive for the smaller firms to provoke competitive behaviour of their lenders by maintaining multiple relationships, smaller firms may still break monopolies by switching banks when time passes. This may explain the relatively short duration of bank-firm relationships of smaller firms.One remark is called for. Hommel and Schneider point out that the number of initial credit offers a firm enquires about before finalising a loan contract may be more informative than the number of its relationships. This is especially the case if firms seek offers from banks they had no prior relationship with. Another important element is whether firms seek offers from banks that are not located in the area where the firms have their headquarters. Overall, the authors conclude that Mittelstand firms。

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。

中小企业融资问题英文参考文献(精选122个最新)

近年来，随着中小企业的飞速发展，中小企业融资问题，已经成为一些中小企业进一步发展所面临的“瓶颈”。

在我国经济体制转型和经济结构调整的特殊历史时期,中小企业融资问题不仅表现得较为突出,也更为复杂。

下面是搜索整理的中小企业融资问题英文参考文献，欢迎借鉴参考。

中小企业融资问题英文参考文献一：[1]XUE-FENG JI. Analysis on Financing Problems of SME in Internet Finance Mode[P]. 2nd International Conference on Advanced Education and Management Engineering (AEME 2017),2017.[2]Xiao-juan GUO. Difficulties and Countermeasures on the Financing of SMEs[P]. 4th International Conference on Economics and Management (ICEM 2017),2017.[3]Jing Zhang,J. Ke. The Financing Efficiency of Enterprises Listed on SMEs Board[P]. 3rd International Conference on Society Science and Economics Development (ICSSED 2018),2018.[4]Wan-rong ZHANG. A Study on Financing Difficulties of SMEs in China[P]. 4th International Conference on Economics and Management (ICEM 2017),2017.[5]Zhao-Hui CHEN,Zhi-Juan ZHOU. Problems and Suggestions on the Mode of Intellectual Property Financing of Small and Medium-sized Technological Enterprises[P]. 4th International Conference on Social Science (ICSS 2017),2017.[6]YU SHI. Research on Problems and Countermeasures of Small and Medium Sized Enterprises Financing[P]. 2nd International Conference on Advanced Education and Management Engineering (AEME 2017),2017.[7]Yuping Wei. Empirical Analysis on Financing Constraints of SMEs of China — Proofs from Pre-IPO three Years’ Panel Data of China’s Listed Companies Listed in 2015[P]. DEStech Transactions on Materials Science and Engineering,2016.[8]Ru-Xin WANG. Financing Management of SMEs Under Internet[P]. DEStech Transactions on Economics, Business and Management,2018.[9]Yi-ning SUN. The Impact of Supply Chain Finance on SME Financing[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[10]Wen-bo MA,Meng-wei TANG. Financing SMEs and Innovation[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[11]A-Tai ZHENG. Influence of Internet Finance on SME Financing — A Case Study of P2P Model[P]. DEStech Transactions on Social Science, Education and HumanScience,2018.[12]ZHEN-HONG XIAO,MEI-GUI TAN. Research on SMEs’ Credit Risk Evaluation of Supply Chain Finance Based on the Third-party B2B Platform[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[13]Shu-yuan XIAO,Mei-gui TAN. The Evaluation of SMEs Credit Risk Supply Chain Finance Based on the Third-party B2B E-commerce Platform[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[14]Zheng-cheng WU. On SME Financing in China from Perspective of Supply Chain Finance[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[15]Nittamachi Naoto. Problems of Small Business Finance : from the White Paper on Small and Medium Enterprises in Japan[J]. Journal of Household Economics,2014,39(0).[16]Annalisa Ferrando,Alexander Popov,Gregory F. Udell. Sovereign stress and SMEs’ access to finance: Evidence from the ECB's SAFE survey[J]. 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Co-patent, financing constraints, and innovation in SMEs: An empirical analysis using market value panel data of listed firms[J]. Journal of Engineering and Technology Management,2018,48.[28]You Zhu,Li Zhou,Chi Xie,Gang-Jin Wang,Truong V. Nguyen. Forecasting SMEs' credit risk in supply chain finance with an enhanced hybrid ensemble machine learning approach[J]. International Journal of Production Economics,2019,211.[29]Naoyuki Yoshino,Farhad Taghizadeh-Hesary. Optimal credit guarantee ratio for small and medium-sized enterprises’ financing: Evidence from Asia[J]. Economic Analysis and Policy,2019,62.[30]Dong Xiang,Jiakui Chen,David Tripe,Ning Zhang. Family firms, sustainable innovation and financing cost: Evidence from Chinese hi-tech small and medium-sized enterprises[J]. Technological Forecasting & Social Change,2019,144.中小企业融资问题英文参考文献二：[31]Michael Dowling,Colm O’Gorman,Petya Puncheva,Dieter Vanwalleghem. Trust and SME attitudes towards equity financing across Europe[J]. 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Financing patterns of European SMEs – an empirical taxonomy[J]. Venture Capital,2016,18(2).[38]Kobil Ruziev,Don J. Webber. Does connectedness improve SMEs’ access to formal finance? Evidence from post-communist economies[J]. Post-Communist Economies,2019,31(2).[39]Elisa Ughetto,Marc Cowling,Neil Lee. Regional and spatial issues in the financing of small and medium-sized enterprises and new ventures[J]. Regional Studies,2019,53(5).[40]Ross Brown,José Li?ares-Zegarra,John O. S. Wilson. Sticking it on plastic: credit card finance and small and medium-sized enterprises in the UK[J]. Regional Studies,2019,53(5).[41]Ma,Zhou,Chen. Financing difficulties for SMEs and credit rationing – an expanded model of mortgage loans with asymmetric information[J]. Applied Economics,2019,51(48).[42]Masiak,Block,Moritz,Lang,Kraemer-Eis. How do micro firms differ in their financing patterns from larger SMEs?[J]. Venture Capital,2019,21(4).[43]Zhenhua Yang,Lin Xie,Qiang Shen. Research on Financial Financing Mode of SME Supply Chain based on B2B E-commerce Platform[P]. Proceedings of the 2018 International Symposium on Social Science and Management Innovation (SSMI 2018),2019.[44]Mu Jie. Financing Difficulties of Small and Medium-sized Enterprises: Analysis Based on Game Theory Model[P]. Proceedings of the 2019 4th International Conference on Social Sciences and Economic Development (ICSSED 2019),2019.[45]Fira Nurafini,Raditya Sukmana,Sri Herianingrum. The External and Internal Factors on Micro, Small and Medium Enterprise (SME) Financing in Islamic Bank[P].Proceedings of the 1st International Conference Postgraduate School Universitas Airlangga : "Implementation of Climate Change Agreement to Meet Sustainable Development Goals" (ICPSUAS 2017),2017.[46]Shuo Feng. Study on the Financial Leverage Effect Based On the Financing Activities of SMEs[P]. 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中小企业融资现状问题及对策(英文版)

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

小微企业融资外文文献翻译

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。

外文翻译---中小企业融资难相关分析

附录Sme financing problems related to the analysisFirst, small and medium-sized enterprises financing statusReform and opening up, china for 30 years of small and medium-sized enterprises obtained a rapid development of enterprises, 99% of the small and medium-sized enterprises of our country more than 60% GDP contribution, tax over 50%, provides 70% of import and export trade and 80% of urban jobs. Small and medium-sized enterprises in our country is also an important power of independent innovation, 66% of invention patent , 82% of new product development of small and medium-sized enterprises ,from small and medium-sized enterprises has become the economic prosperity , expanding employment , adjusting structure, promote innovation and new industries of important strength.From 80 years since the outbreak of the international financial crisis, the implementation of the positive fiscal policy and loser monetary policy , but no small and medium-sized enterprises from the proactive fiscal policy and moderate looser monetary policy benefit directly , for instance, of the new 2008 225 million small loan only more than previous year , but rose 1.4% only the loans increased 14.9%, 09 year three months of national credit increased 48 trillion , including loans to small and medium-sized enterprises increased amount only less than 5% .Current , loan financing difficult has become the bottleneck of restricting the development of small and medium-sized enterprises and small and medium-sized enterprise production and management faced difficulties, according to the state statistical bureau of statistics and letter until the and of 2008 in the small and medium-sized enterprises of production or collapse closed accounts for about 7.5%,the urban employment, this situation is not only more difficult economic recovery, influence and directly affect the growth and development of people’s livelihood ,stable target .In this sense ,the international financial crisis under the impact of China’s economy could not really low, the key is out of small and medium-sized enterprises vitality can be fully recovered.Second, the sme financing reason analysisSme loans and financing is a cosmopolitan should say, see, both from China, and mechanism of medium and small and medium-sized enterprises, there are three main reasons: first, the medium and small and medium-sized enterprises, small and medium-sized enterprises generally weak awareness of honesty, similar to a few of the common phenomenon, may report on tax on some, less ugly statements in Banks, this intersection, some may form good-looking, such loans point is reliable became a problem. But this approach is very adverse instead of enterprises, the development of small and medium-sized enterprises are not healthy, we imagine, if several departments with all those together, the first this enterprise is not sincere, he will have a foothold. We manufacture and export-oriented smes in human resources, technology, capital, market environment faced financial crisis, there was a huge pressure, the development of it is the rootcause of the scientific and technological content of the enterprise, the innovation ability of high enough to enter the market is weak, the low threshold, the fierce competition in the market will increase, these are not good for the development of small and medium-sized enterprises. Second, from the bank, for small and medium-sized enterprise credit conditions stricter, because we are most Bands, it is also considered commercial bank, the risk of their own profits. To the end of 2008, the small bad loans is higher than that of the entire banking industry relies low come m&a, solving some problems, bur the loans of the small and medium-sized enterprises, like a big problem, once, countries will still enterprises, especially those small problems, once the bankruptcy, nobody tube, so the loan quality cannot guaranteed, so in this management system, to reduce the risks, the bank will demand of small and medium-sized enterprises in providing enough after pawn dare loan. Another bank from the operation cost of small and medium-sized enterprises, do loans will pay more manpower, so also does not want to extend loans to small and medium-sized enterprises, A bank operating costs, the half is labor cost, small and medium-sized enterprises especially do small, very high labor workload, but it is the benefit of different times. Third, the sme financing channel is too narrow and small and medium-sized enterprises in the capital markets have direct financing ways of securities market, including small plate and gem, And private equity funds, industrial investment funds, venture investment funds, risk investment funds, and the bond market, etc. But since the sept.25, 2008, the small plate market, securities issued after huachang chemical and closed the door, just recently IPO to restart the IPO. But gem is “ten years”, good sword, people until now only be vivivdly portrayed. Although with gem listing conditions, but a lot of small and medium-sized enterprises to financing, for many enterprises, it is still a luxury. In overseas, small and medium-sized enterprises in the process of growing only rely on bank loan financing, many times is a venture investment risk or the help of small and medium-sized enterprises in China, however, can grow in the basic of financing Shenzhen has 3,000 venture company, with a registered capital of 6,000 billion, but no company is willing to startup investment enterprise. The company is more mature, can the fancy of the securities market and gem.\ Third, the sme financing difficulty in solving the problem(a) From the Angle of the government1.The government should relax market access control, reducing barriers, let more smaller Bands, small and medium-sized enterprises in service for the strategic positioning og those small Banks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more than a hundred villages and towns of the bank, bank established to improve the bottleneck of the economic investment county, including improving agriculture development of small and medium-sized enterprises and support will play a very important role. For existing five state-owned Banks. Should be encouraged to develop their own businesses for the financing of the specialized agencies, relax its has branches and encourage them in the land, and county, township, even closer to provide financial services and more convenient.2.The government should help Banks to establish a credit system, further reducing their information cost, in our country, the central bank since 1998 enterprise credit system construction was started by the specialized agencies, collection and storage, sorting, analysis, and use of enterprise credit information, to guard against credit risks, maintain stable financial marker, In2006, the central bank and small and medium-sized enterprises credit system to establish the credit system, hope to cover those and financial institutions have no credit relations of small and medium-sized enterprises. Of course, the credit system is not only by the government, and now has some network company, for example, try to use labara. Com in online transaction information into small and medium-sized enterprises credit index, the index of credit, if out of the bank to further reduce the cost of information..3. The government should several of bank risk compensation, the local interest risk compensation mechanism and policy, just compensation fund is to solve the sme financing way, and cannot be fundamentally solved. As to the end, fujian province of bad loans is small loans 6071%, but the average level of banking, is a two percent, while a few risk compensation, just to 0.8 percent, only a small part, So many of bank risk compensation. As all of the loans to small and medium-sized enterprises, then according to the bank loans, reduce its tax, business tax, income tax reduction, Countries can help enterprises to improve bank interest, risk and return, If the loan losses, the government formed by risk compensation fund to patch up it, this makes bif business loans and small and medium-sized enterprises loan to achieve the balance is the basic yields.4.The government should actively promote the multi-level capital market system, in order to better satisfy all kinds of small and medium-sized enterprises include the financing needs of enterprise. Different types of small and medium-sized enterprises, the development stage is endless and same, determines the sme financing needs is not the same, So small and medium-sized enterprises, groups of differentiation determines the diversified financing needs, then satisfy sme financing demand also needs the various forms of financing mode, such as bank loans, bonds, equity financing, etc.200to 4 years in Shenzhen stock exchange medium plate, founded bu promoting capital, technology, management, and the effective factors of high quality as cultivating board, also to promote the upgrading of industrial structure is playing a positive role.In October 2009, gem officially launched. Founded board will provide for independent innovation, promoting effective supervision mechanism of small and medium-sized enterprises in the new development stage. But for more than for small and medium-sized enterprises are listed to solve this kind of condition, enterprise’s equity financing, stock transfer to a valid the over-the-counter marker, In 2006, China launched fei joint-stock company listing for trading of securities companies entering the pilot work, Besides the government should vigorously promote the development of the bond market, bond financing for small and medium enterprises to provide more convenient, in the developed countries, the bond market is the main financing, financing, in the United States, for example, 2008, the company bonds is circulation stock circulation of 5 times, with the United States, Europe and other countries and regions in the bond market, also has the big development space.(b) From the bank angleIf rely on the existing in the banking financial products and sme loans, to solve the difficulty in financing smes is impossible, we cannot change the present situation of small and medium-sized enterprises, so we would change our bank credit, financial innovation is imminent. Currently banking is through the organization, risk management technical innovation, innovation, and security collateral product innovation so as to change the status of financing for smes.1. Guarantee mortgage innovation, Collateral shortage is small and medium-sized enterprisebiggest soft rib, they could not buy a heap of the house and then prepare for security, it is not realistic to high-tdch enterprise, as the core of assets should be their intellectual property righs, the patent righ and one on the market in technology, creative team, is the blood to support its development, as well as several pieces of the mortgaged property, bur all need money to lend, bank, The small and medium-sized enterprises, such an jiangsu cooperatives experiment widely warehouse inventory impawn, through a mortgage loan product, Tianjing coastal rural commercial bank actively carry out enterprise sharehoulding pledge loan., benjing bank recently launched intellectual property as a pledge from the bank for a loan.2. Credit rating innovating, Big Bnaks do business of time, usually see a balance sheet, an income statement and a cash flow statement, small and medium-sized enterprises have even thes three tables are not high, the bank information costs, zhejiang tyrone arisen, commercial Banks, they look for innovative water meter, customs declaration form, large, large, reduce cost, still can make small loans to earn enough money. Like Shenzhen development bank, by focusing on their Opponent’s credit transaction, the authenticity of the enterprise, chooses a new of enterprises credit rating. For enterprises in the ctedit rating method for enterprises itself, the credit rating weight only 15%. Pay more attention to the authenticity of the trading counterparty and downstream of the raw material supply semi-finished products or services or transportation or logistics can be easier to choose good credit are true of the enterprise, trade background to provide enough good service, mobilize various financial tools, in the process of enterprise development, shenfazhan also created the profits.3. Business process innovation. Our country commercial bank, the bank is mostly official in the house, wait for a loan to customers approval for a month , three months, such a kind of management, such an examination result is impossible to small and medium-sized enterprise financial services, it is impossible to improve the financing difficulties of small and medium-sized enterprises. Banks to reduce threshold the other is to simplify the process, reduce link, establish examination mechanism, so as to adapt to the credit factory. The bank is factory, small and medium-sized enterprises is raw material, into the line after the marketing, sales, and service, with approval, and customer maintenance and post-loan management, obtain loans. But Banks are not a person guard line and batch production. Through the way of examination and approval procedures simplified. Through this process to make sure that the smes credit approval from the cycle over the past 2, 3 months, shorten to 3, 5 days now.4.Strengthening the training of personnel. After construction in mechanism to have a group of people to do it, and do it well, it is to strengthen the training of the staff, further strengthen the sme, small business loans and high-tech smes job training and the loan of communication, increasing the entire product r&d efforts, with the strain of new incentive and restraint measures to professional team and the new service.\ (c) From the Angle of enterprises1, Enternises should strengthen management improve quality. To correctly understand the situation, face, establish the risk by management effectiveness and development idea, must pay more attention to technical innovation, technological innovation, pay attention to the new product development, improve quality and brand construction and development of new products, improve the product quality improvement, and win the market.. Reducing energy consumption, to increase, increasing earning. Increasing market development ability, reduce”products, accounts,receivable” two nbre, accelerate the capital turnover. Through the development way, not only by the expansion of production of production, but improve the quality of the industrial sector realize rapid growth.2. The enterprises should strengthen the construction of credit system. Establish the standard of management system, establish she transparent reliable statements, the accumulation of enterprise credit system.中小企业融资难相关分析一、中小企业融资难现状改革开放30年来，我国的中小企业得到了迅速的发展，占企业总数的99%中小企业对我们国家GDP贡献超过了60%，税收超过了50%，提供了70%的进出口贸易和80%的城镇就业岗位。

金融管理专业外文翻译--中小企业融资难的原因及其解决途径分析

外文原文：Sme financing causes and solutionsAbstractAs a new financing lease financing tools ,In recent years in our country's modern economy is developing rapidly .However, most of the lease financing companies in actively explore the market at the same time .The risk of financing lease knowledge and understanding but will stay on the surface .Risk control work also at groping stage .Construction perfect, system risk control system necessary and urgent .The author financing lease in a systematic, on the basis of risk .According to its own work experience, The system is presented countermeasures .To help enterprises to renew the idea .Do risk control work . Keywords: financing lease risk risk controlSome financing causes and solutionsLynn M.FisherSince the reform and opening up, the Chinese small and medium-sized enterprises are the rapid development of China's national economy, improve the contribution, small and medium-sized enterprises in promoting economic growth and create jobs, increase farmers' income, the transfer of rural surplus labor force is playing more and more important, etc. However, in recent years, the development of small and medium-sized enterprises facing great difficulties. Especially the influence to the further development of small and medium-sized enterprises in China is the most important factor to same financing channel is narrow, financing, financing number structure unreasonable, financing cost is high. If less than 30% of the industrial sector contribution of state-owned enterprise occupied 70% of bank loan, but creates 70 percent of the GDP of the non-state-owned enterprises only 30% of the bank loans. If this phenomenon is not sufficient to improve, small and medium-sized enterprises will be difficult, sustained and rapid development of the whole national economy will directly influence the development.1. Some financing reason analysisFrom the above we can see the present financing, financing China has restricted the development of small and medium-sized enterprises. The reason is that both small and medium-sized enterprise itself, also have bank management system, there are more reasons of national policy.1.1 Enterprise itself.(1)The small scale of capital, small and medium-sized enterprises information idea indifference. Small and medium-sized enterprises operating in small scale, production technology, product structure behind a single level and low technology, to resist the risk ability is poor, fluctuating prices of raw materials or products, management risk is bigger. Add small and medium-sized enterprise credit is not high, credit, bank lending non-americans options. Many small and medium-sized enterprise information disclosure awareness, financial management level is low, the lack of objective information and transparent. In addition, individual small and medium-sized enterprise still malicious smoke escape capital, default, shell, suspended creditor bank, causing serious harm to the loss of credit funds of the small and medium-sized enterprises, the overalllevel of credit.(2)Some financial system is not perfect, the internal control system is not perfect, the accounting information distortion, Banks and enterprises information asymmetry, for some financing difficulty increases. Assess, some financial system is not perfect 50%, many small and medium-sized enterprise quality management, low lack of financial management knowledge, major financial decision-making by their heads to decide, management is very chaotic. At the same time, in order to cope with the inspection and supervision department also prepare two sets, and even more so, enterprise, to provide accurate accounting information, the bank also cannot find the reality of the enterprise to increase the risk of bank loan business.1.2 bank reasons(1) The policy system of bank loan and unbalanced directly affect the direct financing channels. Our financial institutions with four commercial bank, the banking industry and the high altitude monopoly, consistent four bank lending to state-owned enterprises only wish. This is mainly in the ownership of state-owned Banks and enterprises, the differences between the bank and the enterprise system barriers. In addition, the provisions of the state bank is overdue, bad debts of non-performing loans, so the bank implements process for four years of small and medium-sized enterprises of a more cautious lenders nature and carefully. The securities listed in the strict request, "mainboard market" listed company is mainly for large state-owned enterprises, domestic enterprises, especially the non-state technology enterprises ", "the second-board market, fund and other forms of financing is still in the early stage of building, medium and small-sized enterprises direct financing channels to achieve.(2)Information asymmetry affect the relationship between Banks and enterprises. As the provider of bank capital and can't attend the daily operation and management of funds, and the user (some) of information asymmetry between will bring the contradictions and problems. Usually, the small and medium-sized enterprises in the management of state owned more than bank information, therefore, has advantages of small and medium-sized enterprises in the process of contract in the event of using the capital or damage the interests of process, bank of bank risk of excessive. Due to the small and medium-sized enterprises and large enterprises in operation ability, mortgage guaranteetransparency and the difference, and the size of the loan to the management cost differences, lack of small and medium-sized enterprises for domestic Banks provide more financing services.(3) Lack of small and medium-sized enterprises and the matching of the small and medium sized financial institutions. At present, the bank is still lack of organizational system for some financing service policy Banks, while China's existing in the small and medium-sized commercial Banks such as urban rural credit cooperatives, share-holding commercial Banks, urban commercial Banks, but because they are not RongZiQuan policy and its problems haven't solved, cannot satisfy some loans. Some small and medium sized financial institutions from the start, not from the state-owned enterprise system, management level is not high, the development ability is insufficient, thus reduced the financial support to small and medium-sized enterprises. The financial system reform is relatively backward, from the planned economy continued financial structure unreasonable problems still not completely effectively solve the small and medium-sized Banks, and private Banks.(4)Of small and medium-sized enterprises through issuing stocks and bonds are not unblocked financing channels. Our company law shall apply for stock market conditions of the registered capital of a joint stock limited company shall not be less than RMB 5 million yuan, the shareholders of a listed company amount not less than RMB 3000 yuan, public issuance of shares reached more than 25% of the total shares of the company, the company exceeds RMB total share capital of the four billion yuan, the proportion of shares for 10% above, etc, these hard conditions of small and medium-sized enterprises will be rejected, hindering some financing through capital market. The law also provides a limited liability company bonds shall be not less than 60 million yuan net worth it, a joint stock limited company shall not be less than 3,000 yuan net, and have strong enterprise guarantee, are not allowed to issue, this series of private enterprise of small and medium-sized enterprises also limit conditions by issuing bonds financing of space.1.3 Government departmentsGovernment support to small and medium-sized enterprises. Government retains a planned economy, long-term since, the national policy support to enterprises, although these years national policy change, but did not happensubstantial changes. Especially the country executes large state-owned enterprises at present to the preferential policies for small and medium-sized enterprises, and still can't enjoy the preferential policy.In China, although the difference of small and medium-sized enterprises to reduce rates, two or three year from shall be exempted from income tax preferential tax policy, etc, but due to the small and medium-sized enterprises are small-scale taxpayers, in the process of operation, shall enjoy the preferential policy. Finally often actual2 to solve our some financing waysDue to the financing, enterprises, banking and government tripartite, therefore, to solve the difficulty in financing some, needs the joint efforts of the three.2.1 Regulate internal management of small and medium-sized enterprises, improve the comprehensive quality of enterprises(1) To clarify the rights, establish enterprise joint-stock system. Actively promote enterprise property rights system reform, the only enterprise of property rights, the operator to clarify their behavior and the future development of the enterprise, the enterprise is responsible for the credit can be established. According to the requirements of the modern enterprise system and its own characteristics, the small and medium-sized enterprises energetically promoting some, joint-stock system reform. Through the property rights transfer, lease, auction share-holding system, etc, speeding up the reform of the small and medium-sized enterprises go enliven pace. In the process of reform, strengthen the voluntary contribution to encourage employees to enterprise staff GuanQieDu assets for the enterprise development, opening up new financing channels.(2)To standardize enterprise financial system and improve financial management level. According to the relevant provisions of the state, establishing and perfecting the enterprise's financial and accounting systems, don't do the books, establish and improve the system of financial statements, and improve enterprise financial status of transparency and the credibility of the financial statements. Pay the debt and bank actively establish enterprise, payment of the credit system, improve the level of trust companies.(3)To strengthen internal management, improve enterprise's credit rating. Normally, A level above the level of credit enterprise, financial institutions toconsider its financing application, so enterprises to establish A good corporate image, eliminate the bad credit histories, enhances the enterprise prestige degree of reimbursement, vigorously develop products market. Also established a credit rating system of evaluation indexes, and actively cooperate with the government departments concerned, constructing credit system as soon as possible.2.2 Financial institutions of self-improvement(1) The financial departments should according to the requirements of the development of market economy, the reasonable allocation of financial capital, should not go to guide the market with the ownership.In financial regulations, fully utilize rate of market of leverage, the financial market regulation. According to the requirements of small and medium-sized enterprises such as credit amount is small, short time, high frequency characteristics, can properly raising interest rates, booth low cost, make oneself of the credit of small and medium-sized enterprises also forgave unnecessary travel and folk usury of borrowing. In addition, commercial Banks should develop more updates of financial services for small and medium-sized enterprises, improve service efficiency, the credit for the small and medium-sized enterprises to provide relevant information and advisory services, to help small and medium-sized enterprise financial management system of health.(2) Various financing for common development. Continue to expand the scale of China's stock market, establish the gem, as soon as possible, the enterprise property market directly in state-owned enterprises listed at the same time, allowed conditions for listing of small and medium-sized enterprises into the capital market. Also solve a listed company of its shares in listed state-owned, can realize the circulation problems, shares of stock, promoting the circulation of the gem market as soon as possible. Gem mainly depends on the development of the enterprise, such as potential small and medium-sized enterprises into state-owned enterprises create conditions as soon as possible. (3)Cultivating and developing bond financing market, develop China investment fund market, promote the development of small and medium-sized enterprises of scientific research innovation ability. In order to support the development of small and medium-sized enterprises should straighten out the issuance examination system, gradually relaxing restrictions, expand the scale of perfect bond issued amount secured credit rating system, support theoperation efficiency and repay ability of small and medium-sized enterprises through the issuance of bonds. Also should include convertible bonds issuance of corporate bonds, and actively explore the asset securitization, real estate mortgage securitization, etc. Vigorously promote the open-end fund of the development of securities investment funds, the abundant fund variety, guide savings to investment. While developing venture investment funds.(4)Establishing and perfecting the bank for small and medium-sized enterprises, specialized service system for small and medium-sized enterprise service. For small and medium-sized enterprise development services to the small and medium sized financial institutions, accelerate the establishment of small and medium sized financial institutions. The small and medium sized financial institutions general understanding of local basic-level, can use local information about the production status of small and medium-sized enterprises, so that small and medium sized financial institutions in providing financial support to small and medium-sized enterprises, with information and transaction costs low. The small and medium sized financial institutions and the common development of small and medium-sized enterprises can promote each other, the two complement each other.2.3 government should take effective measures to increase the financing for small and medium-sized enterprises.(1)The government departments for solving the problem of small and medium-sized enterprises financing take a series of policy measures, the people's bank of China on May 6, 1998 by about the improvement of financial services, support the development of national economy, the requirements of the guiding opinions of commercial bank of small and medium-sized enterprises, establish credit loans to small and medium-sized enterprise service, On June 20, 1998 by about further improve financial services for small and medium-sized enterprises, and puts forward the opinion of supporting the development of small and middle-sized enterprises 8 measures, On 19 October 1998, by about expanding in small loan interest rate fluctuation range of notice, decided to expand in small loans floating range, On November 17, 1999, issued on strengthening and improving the financial services for small businesses, puts forward the Suggestions to further strengthen and improve the small financial services 10 measures, Also, the small and medium-sized enterprises established in 2003, the promotion of small and medium-sized enterprises through it marksand to promote the development of small and medium-sized enterprises in China formally standardized and legalized track. Above measure to help small and medium-sized enterprises to obtain funds sources of small and medium-sized enterprises, support plays a positive effect.(2) Improve our some funding support policies. The government department mainly preferential tax and financial subsidies, loans to aid financially support. The preferential tax is the country through lower rates, tax breaks and improve the depreciation of fixed assets, etc. To reduce the tax burden of small and medium-sized enterprises, But subsidies are encouraged by the government of small and medium-sized enterprises of small and medium-sized enterprises, promoting the employment of absorbing science and technology progress and encourage small and medium-sized enterprises to export, the financial aid, The government help small and medium-sized enterprises obtain loans have loan guarantee, loans, the government directly of preferential loans, etc.Anyhow, want to effectively solve the problem of small and medium-sized enterprises, the financing needs of government, enterprises and the joint efforts of the tripartite bank financing channels, creating a diversified, social credit and perfect social economic environment for the development of small and medium-sized enterprises, and provide a relaxed financing environment.中文译文：中小企业融资难的原因及其解决途径分析摘要融资租赁作为一种新型的融资工具，近年来在我国现代经济领域发展迅猛。

中小企业融资难外文翻译

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

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淮阴工学院毕业设计(论文)外文资料翻译学院：专业：姓名：学号：外文出处：Facts for You(用外文写)附件： 1.外文资料翻译译文；2.外文原文。

注：请将该封面与附件装订成册。

附件1：外文资料翻译译文中小型企业融资决策企业的产生、生存及发展均离不开投资与融资活动。

随着我国加入WTO 组织，市场经济体制的逐步完善，金融市场的快速发展，投资与融资效率也越来越成为企业发展的关键。

对于中小型企业而言，应要根据自身发展需求，认真考虑如何选择自己需要和适合自己发展阶段的融资方式以及各种融资方式的利用时机、条件、成本和风险，确定合适的融资规模以及制定最佳融资期限等问题。

要解决这些问题，需要中小型企业制定适当的融资策略，以作出最优化的融资决策。

一、企业融资决策概述(一)企业融资决策概述企业融资决策，是企业根据其价值创造目标需要，利用一定时机与渠道，采取经济有效的融资工具，为公司筹集所需资金的一种市场行为。

它不仅改变了公司的资产负债结构，而且影响了企业内部管理、经营业绩、可持续发展及价值增长。

典型的融资决策包括出售何种债务和股权（融资方式）、如何确定所要出售债务和股权的价值（融资成本）、何时出售些债务和股权（融资时机）等等。

而其中最主要的包括融资规模的决策和融资方式的决策。

融资规模应为企业完成资金使用目的的最低需要量。

而企业的融资方式则多种多样，常见的以下几种：1.财政融资。

财政融资方式从融出的角度来讲，可分为：预算内拨款、财政贷款、通过授权机构的国有资产投资、政策性银行贷款、预算外专项建设基金、财政补贴。

2.银行融资。

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

3.商业融资。

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

4.政券融资。

该方式主要包括股标融资和债券融资两大类。

(二)融资决策过程企业制定融资决策的过程，也即确定最优资本结构的过程。

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

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

最后，根据分析结果，在企业进一步的融资决策中改进其资本结构。

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

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

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

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

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

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

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

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

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

战略和内部需要等各种因素综合考虑是很重要的。

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

企业运营只有适应和了解环境变化的要求，才能立于不败之地。

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

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

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

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

既然不能提供足额有效的担保，银行等金融机构就不会给中小企业发放贷款。

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

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

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

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

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

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

资金不足会影响生产发展，而资金过剩也会导致资金使用效果降低，形成浪费。

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

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

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

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

(三)资金结构上追求配比性中小企业的资金运用决定资金筹集的类型和数量。

我们知道，企业总资产由流动资产和非流动资产两部分构成。

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

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

强调融资和投资在资金结构上的配比关系对中小企业尤为重要。

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

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

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

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

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

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

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

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

而在股权融资中，企业主与其朋友和家庭成员的资金占了绝大多数。

这部分融资是属于“内部人融资”或“内部融资”，也叫企业“自己投资”。

到中小企业发展到一定时期和规模以后，就可以选择债权融资。

债权融资主要来自金融机构，包括商业银行和财务公司等。

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

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

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