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中小企业的融资问题外文翻译（可编辑）

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

中小企业融资渠道中英文对照外文翻译文献

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

中小企业激励机制外文翻译文献

中小企业激励机制外文翻译文献(文档含中英文对照即英文原文和中文翻译)原文：The performance inspection and drive mechanism As everyone knows, the incentive system is a modern enterprise system, one of the core content, is to establish the enterprise's core competitiveness the cornerstone of enterprise management is an integral part of the essence. Inspired the term "Chi Hay" as "so excited heart", that is to stimulate people's motives, the acts of people induced to produce a built-in momentum towards the desired goal of the process. As the name suggests, the so-called negative incentives is a breach of individual organizational goals to punish non-expected behavior, so that it does not recur, so that individual initiative the goal of moving in the right direction of transfer, disciplinary action for specific performance, economic sanctions, reduction in rank, descending pay-out and so on. In the modern enterprise management attaches great importance to the entrepreneurs are inspired, and often neglected the role ofnegative incentives, therefore, this article talk about the negative incentives in the enterprise management application.Negative incentives in the role of corporate governance1 Negative incentives to control employee behavior is a hidden "stop line"Just as the boundaries of morality and the law as beyond the boundaries of ethics is bound to be punished by law, a negative incentive is the case, has day-to-day business of the general code of conduct, management systems and so on, beyond the guidelines, the system will be subject to certain sanctions . Of course, the negative incentive measures and means to exist in most of the corresponding enterprise management system. Negative incentives as a "stop line", perhaps as a few employees noted that the staff actually control behavior played an indispensable role in the nurture of day-to-day, the staff, consciously or unconsciously, have accepted this kinds of negative incentive regulation, the invisible to the management of behavior of a virtuous cycle of sustained effect. For example, in the system provides that "a deduction for being late to work 100", all the staff all know can not be late, or else they would be punished, under normal circumstances, employees naturally developed a habit to go to work on time, managers applied only bound by a negative incentive mechanism to manage the entire enterprise of labor discipline, we can see, the hidden "stop line" how important.2 Negative incentives can play the role of a warning to othersOn more than a negative incentive systems are often bound by the boundaries of employee behavior, but this does not mean that all employees will comply with the agreed rules, as not all have the law will be law-abiding citizens, the total staff will be guilty of some kinds of errors Otherwise, the legal system and the enterprise system of negative incentives no longer necessary, which means, when the number of employees bound to overcome these consequences will be punished accordingly, and the nature of this punishment is mandatory and the threat of nature, the deterrent effect, often played the role of set an example and really make it impossible for workers to accept the psychological behavior of enterprise management respect, thereby enhancing self-management behavior. For example, suppose acompany in the month, a 3 million to go to work late, this month 3 business deduction 100 Yuan each, and to notice, it will make employees aware that such a negative incentive is not a means of display, but very good to maintain labor discipline of enterprises.3 Negative psychological motivations of employees is greater than the impact of recurrent excitationIs the so-called incentives are in line with the organizational goals of individual acts of reward expectations in order to make more of such acts appeared to raise the enthusiasm of individuals, mainly for employees, such as reward and recognition. However, employees are inspired to gradually dilute the psychological impact, especially for high-paying white-collar class, a survey showed that in China, a monthly salary of 5,000 Yuan higher than the class, for the reward in 10% of the amount of incentives, the overwhelming majority of staff "No feel" because of higher relative to their total remuneration for this award is insignificant, it is hardly surprising that they do not care, and often will fall into the hands of recognition used to "inertia" of the trap. And the psychological impact of negative incentive is huge and has a dual nature, from the physical point of view, under normal circumstances would have been able to get was not punishment, is a double loss and, more importantly, the spirit by combat, psychological fluctuations can be imagined, business incentives is the way through the negative psychological impact from the impact of their actions to achieve the purpose. As in the previous case, a late white-collar workers was 100 Yuan and deduction notice is very worried about this white-collar employees to change his awareness of his psychological impact was not able to be measured by money.4 The positive effect of negative incentivesSimply understood literally, it is often thought to play a negative incentive effect is negative, on the contrary, we in the enterprise management process is to play a positive effect of negative incentives. The above mentioned "stop line" or a warning to others, or all of the negative incentives or means to regulate employee behavior are, in order to conduct business management services. A few days ago, a research report that the current personnel management "can not post, the salary can be increased can not be reduced, the annualassessment is only good, competent, there is no or a very small number of incompetent," and many other phenomena have stemmed from not negative incentive system, which eventually led to a lack of passion and the entire collective vitality, creativity and enthusiasm is not high. Cases from the above analysis, the parties may be a punishment is negative, the negative side, but should be noted that if there are no such negative incentive measures, the wrongful act of a laissez-faire attitude of staff, we can imagine the fate of an enterprise will be How would, in fact, this is only a small number of people on the punishment, the effect is to enable enterprises to comply with the majority of "rules of the game", the positive effect is much larger than the negative effect; for the parties, the negative impact is only temporary, and only he recognized that errors and corrections, the final result is positive.5 The implementation of incentives can not be a negative biasIn the Constitution provides that "everyone is equal before the law," The same is true of negative incentives in the conduct of corporate management to achieve "equality before the negative incentives", which is the implementation of the incentive to be more accurate and appropriate degree of difficulty than Great. Negative incentives in the implementation is often different from the incentives, incentives are often biased in favor of the "icing on the cake," a little more less, less staff than accounting; and negative incentives are different, once the bias, employees will be over, will lead to enterprise management the authority of those who suffer, and even lead to ineffective corporate governance system. For example, an employee for being late, because employees can not be said that he was on his way traffic, there is no subjective error and give up their punishment, or the next because of "traffic" will be late, more and more managers because it is impossible to implement really traffic, managers can also be understood: As it is known that the peak period of work may be traffic congestion, why can not this early point of departure? Should not vary from person to person, such as a wife or relatives leadership to give up their punishment for being late, then all the systems will be a mere formality, corporate governance, sink into a chaotic state.6 In the face of negative incentives to managers to lead by exampleLeadership as a business, managers should be willing to "loss" itself, it is necessary to accompany staff to accept the burden of responsibility should be to enable the staff will not be convincing. In the power industry for many years of day-to-day management of the "monthly economic assessment methods accountability" and "Points management regulations" are two well-established management practices, these two approaches to the conduct of employees as defined in detail, the vast majority the majority of negative incentive measures, a smallnumber of positive incentives, which is a good part of punishment for the next level of employees, higher level managers to be a certain percentage of the associated penalties, since the theory is wrong on the lower level employees at least bear management responsibility, the penalties associated with negative incentive measures to implement greater interoperability, the higher level can say. There is also a subordinate enterprises, the establishment of the "three German banks" management approach, that is, professional ethics, social ethics and family virtues, and management areas within the eight-hour extension from the outside to eight hours to count each and every member of the "three ethics" of the gold, as a punishment "Three Morals" of loan interest, deposit interest rates as a reward, but the leadership of more severe joint and several liability, "Three Morals" of points is the average of employees, by employees of the system greatly recognition.1. One of the principles: incentives to vary from person to personBecause of the different needs of different staff, therefore, the same incentive effects of policy incentives will play a different. Even with a staff, at different times or circumstances, will have different needs. Because of incentives depending on the internal and the subjective feelings of the staff is, therefore, incentive to vary from person to person.In the formulation and implementation of incentive policies, we must first investigate each employee clearly what is really required. Required to organize, classify, and then to formulate appropriate policies to help motivate employees to meet these needs.2. Two principles: appropriate incentivesAppropriate incentives and penalties will not affect the incentive effect, while increasing the cost of incentives. Award overweight employees would have to meet the mood of prideand lost the desire to further enhance their own; reward incentives too light will not achieve the effect, or so employees do not have a sense of attention. Heavy penalties are unfair to make employees, or loss of the company's identity, or even slow down or damage arising from the emotions; leniency error will underestimate the seriousness of the staff, which will probably make the same mistake.3. The principle of three: fairnessThe fairness of the management staff are a very important principle, employees are any unfair treatment will affect his mood and work efficiency, and effectiveness of the impact of incentives. Employees to obtain the same score, we must receive the same level of incentives; the same token, employees committed the same error, but also should be subject to the same level of punishment. If you can not do this, managers would prefer not to reward or punishment.Managers deal with employees at issue, must have a fair mind, should not have any prejudices and preferences. Although some staff may allow you to enjoy, some you do not enjoy, but at work, must be treated equally and should not have any of the words and acts of injustice.1. Stimulate the transfer of staff from the results of equal to equal opportunities and strive to create a level playing field.For example, Wu Shimon at IBM from a clean start with the people, step by step to the sales clerk to the district person in charge, General Manager of China, what are the reasons for this? In addition to individual efforts, but also said that IBM should be a good corporate culture to a stage of development, that is, everyone has unlimited opportunities for development, as long as there is capacity there will be space for the development of self-implementation, which is to do a lot of companies are not, this system will undoubtedly inspire a great role of the staff.2. Inspire the best time to grasp.- Takes aim at pre-order incentive the mission to advance incentives.- Have Difficulties employees; desire to have strong demand, to give the care and timely encouragement.3. Want a fair and accurate incentive, reward- Sound, perfect performance appraisal system to ensure appropriate assessment scale, fair and reasonable.- Have to overcome there is thinning of the human pro-wind.- In reference salary, promotions, awards, etc. involve the vital interests of employees on hot issues in order to be fair.4. The implementation of Employee Stock Ownership Plan.Workers and employees in order to double the capacity of investors more concerned about the outcome of business operations and improve the initiative.Modern human resources management experience and research shows that employees are involved in modern management requirements and aspirations, and create and provide opportunities for all employees is to mobilize them to participate in the management of an effective way to enthusiasm. There is no doubt that very few people participated in the discussions of the act and its own without incentives. Therefore, to allow trade unions to participate in the management of properly, can motivate workers, but also the success of the enterprise to obtain valuable knowledge. Through participation, the formation of trade unions on the enterprise a sense of belonging, identity, self-esteem and can further meet the needs of self-realization.Set up and improve employee participation in management, the rationalization of the proposed system and the Employee Stock Ownership and strengthening leadership at all levels and the exchange of communication and enhance the awareness of staff to participate in ownership.5. Honor incentiveStaff attitude and contribution of labor to honor rewards, such as recognition of the meeting, issued certificate, honor roll, in the company's internal and external publicity on themedia reports, home visits condolences, visit sightseeing, convalescence, training out of training, access to recommend honor society, selected stars model, such as class.6. Concerned about the incentivesThe staff concerned about work and life, such as the staff set up the birthday table, birthday cards, general manager of the issue of staff, care staff or difficult and presented a small gift sympathy.7. CompetitiveThe promotion of enterprise among employees, departments compete on an equal footing between the orderly and the survival of the fittest.8. The material incentivesIncrease their wages, welfare, insurance, bonuses, incentive houses, daily necessities, wages promotion.9. Information incentivesEnterprises to communicate often, information among employees, the idea of communication, information such as conferences, field release, and enterprises reported that the reporting system, the association manager to receive the system date.译文：绩效考核与员工激励众所周知，激励制度是现代企业制度的核心内容之一，是确立企业核心竞争力的基石，是企业管理中的精髓组成部分。

中小企业融资难外文翻译

Sme f inancing problems related to the analysis First small and medium-sized enterprises financing statusReform and opening up china for 30 years of small andmedium-sized enterprises obtained arapid developmentof enterprises 99 of the small and medium-sized enterprises of our countrymore than 60 GDP contribution tax over 50 provides 70 of import and export trade and80 of urban jobs. Small and medium-sized enterprises inour country is also an important powerof independentinnovation 66 of invention patent 82 of new product development of smalland medium-sized enterprises fromsmall and medium-sized enterprises has become the economicprosperity expanding employment adjusting structure promote innovation and new industriesof important strength. From 80 years since the outbreakof the international financial crisis the implementation ofthe positive fiscal policy and losermonetary policy but no small and medium-sized enterprisesfrom the proactive fiscal policy and moderate looser monetary policy benefit directly forinstanceof the new 2008 225 million small loan only more than previous year but rose 1.4 only theloans increased14.9 09 year three months of national credit increased 48 trillion includingloans to small and medium-sizedenterprises increased amount only less than 5 .Current loanfinancing difficult has become the bottleneck ofrestricting the development of small andmedium-sized enterprises and small and medium-sized enterprise production and managementfaced difficulties according to the state statistical bureau of statistics and letter until the and of2008 in the small and medium-sized enterprises of production or collapse closed accounts forabout 7.5the urban employment this situation is not only more difficult economic recoveryinfluence and directly affect the growth and development of people’s livelihood stable target .Inthis sense the international financial crisis under the impact of China’s economy could not reallylow the key is out of small and medium-sized enterprises vitality can be fully recovered. Second the sme financing reason analysis Sme loans and financingis a cosmopolitan should say see both from China and mechanismof medium and small and medium-sized enterprises there are three main reasons: firstthemedium and small and medium-sized enterprises small and medium-sized enterprises generallyweak awarenessof honesty similar to a few of the common phenomenonmay report on tax onsome less ugly statements in Banksthis intersection some may form good-looking such loanspoint is reliable became a problem. But this approach is very adverse instead of enterprises thedevelopment of small and medium-sized enterprisesare not healthy we imagine if severaldepartments withall those together the first this enterprise is notsincere he will have a foothold.We manufacture and export-oriented smes in human resources technology capital marketenvironment faced financial crisis there was a huge pressure the development of it is the rootcause of the scientific and technological contentof the enterprise the innovation ability of highenough to enter the market is weak the low threshold the fierce competition in the market willincrease these are notgood for the development of small and medium-sized enterprises. Secondfrom the bank for small and medium-sized enterprise credit conditions stricter because we aremost Bands it is also consideredcommercial bank the risk of their own profits. To theend of2008 the small bad loans is higher than that ofthe entire banking industry relies low come mampasolving some problems bur the loans of the smalland medium-sized enterprises like a bigproblem oncecountries will still enterprises especially those small problems once thebankruptcy nobody tube so theloan quality cannot guaranteed so in this managementsystem toreduce the risks the bank will demand of small and medium-sized enterprises in providing enoughafterpawn dare loan. Another bank from the operation costof small and medium-sized enterprisesdo loans will pay more manpower so also does not want to extend loans tosmall andmedium-sized enterprises A bank operating costs the half is labor cost small and medium-sizedenterprises especially do small very highlabor workload but it is the benefit of different times.Third the sme financing channel is too narrow and small and medium-sized enterprises in thecapital markets have direct financing ways of securities market including small plate and gemAnd private equity fundsindustrial investment funds venture investment fundsrisk investmentfunds and the bond market etc. But since the sept.25 2008 the small plate market securitiesissued after huachang chemical and closedthe door just recently IPO to restart the IPO. But gemis “ten years”　good sword people until now only be vivivdly portrayed. Although with gemlisting conditions but a lot of small and medium-sized enterprises to financing for manyenterprises it is still a luxury. In overseas small and medium-sized enterprises in the process ofgrowing only rely on bank loan financing many times is a venture investment risk or the help ofsmall and medium-sized enterprises inChina however can grow in the basic of financingShenzhen has 3000 venture company with a registered capital of 6000 billion but no company iswilling to startup investment enterprise. The company is more mature can the fancy of thesecuritiesmarket and gem. Third the sme financing difficulty insolving the problem a From the Angle of the government1.The government should relax market access controlreducing barriers let more smallerBands small and medium-sized enterprises in service for the strategicpositioning og those smallBanks to bitter fleabane bitter fleabane. Dynamic development Now China is probably more thana hundred villages and towns of thebank bank established to improve the bottleneck of theeconomic investment county including improving agriculture development of small andmedium-sized enterprises and support will play a very important role. For existing fivestate-owned Banks. Should be encouraged to develop their own businesses for the financing of thespecialized agencies relax its has branches and encourage them in the land and county townshipeven closer to provide financial services andmore convenient. 2.The government should help Banks to establish a credit system further reducing theirinformation cost in our country the central banksince 1998 enterprise credit system constructionwasstarted by the specialized agencies collection and storage sorting analysis and use ofenterprise creditinformation to guard against credit risks maintain stable financial marker In2006 the central bank andsmall and medium-sized enterprises credit system toestablish the creditsystem hope to cover those andfinancial institutions have no credit relations of small andmedium-sized enterprises. Of course the credit system is not only by the government and nowhassome network company for example try to use labara. Com in online transaction informationinto small and medium-sized enterprises credit index the index of credit if out of the bank tofurther reduce the cost of information.. 3. The government should several of bank risk compensation the local interest riskcompensation mechanism and policy just compensation fund is to solve the sme financing wayand cannot be fundamentally solved. As to the end fujian province of bad loans is smallloans6071 but the average level of banking is a twopercent while a few risk compensation just to0.8 percent only a small part So many of bank risk compensation. As all of the loans to smalland medium-sized enterprises then according to the bankloans reduce its tax business taxincome tax reductionCountries can help enterprises to improve bank interest risk and return Ifthe loan losses the government formed by risk compensation fund to patch up it this makesbifbusiness loans and small and medium-sizedenterprises loan to achieve the balance is the basicyields. 4.The government should actively promotethe multi-level capital market system in order tobetter satisfy all kinds of small and medium-sized enterprises include the financing needs ofenterprise. Differenttypes of small and medium-sized enterprises the development stage isendless and same determines the sme financing needs is not the same So small and medium-sizedenterprises groups of differentiation determines the diversified financing needs then satisfy smefinancing demand also needs the various forms of financing mode such as bank loans bondsequity financing etc.200to 4 years in Shenzhen stock exchange medium plate founded bupromoting capital technology management and the effective factors of high qualityas cultivatingboard also to promote the upgrading ofindustrial structure is playing a positive role. InOctober 2009 gem officially launched. Founded boardwill provide for independentinnovation promoting effective supervision mechanism of small and medium-sized enterprises inthe new development stage.But for more than for small and medium-sizedenterprises are listed tosolve this kind of conditionenterprise’s equity financing stock transfer to a valid theover-the-counter marker In 2006 China launched fei joint-stock company listing for tradingofsecurities companies entering the pilot work Besides the government should vigorously promotethe development of the bond market bond financing for small and medium enterprises to providemore convenient in the developed countries the bond market is the main financing financing inthe United States for example2008 the company bonds is circulation stock circulationof 5 timeswith the United States Europe and other countries and regions in the bond market also has the bigdevelopment space. b From the bank angleIf rely onthe existing in the banking financial products and sme loans to solve the difficulty infinancing smes is impossible we cannot change the present situation ofsmall and medium-sizedenterprises so we would changeour bank credit financial innovation is imminent. Currentlybanking is through the organization risk management technical innovation innovation andsecurity collateral product innovation so as tochange the status of financing for smes. 1. Guaranteemortgage innovation Collateral shortage is small andmedium-sized enterprisebiggest soft rib they could not buy a heap of the house and then prepare for securityit is notrealistic to high-tdch enterprise as the core of assets should be their intellectual property righsthepatent righ and one on the market in technology creative team is the blood to support itsdevelopmentas well as several pieces of the mortgaged property bur all need money to lendbank The small and medium-sized enterprises such an jiangsu cooperatives experiment widelywarehouse inventory impawn through a mortgageloan product Tianjing coastal rural commercialbank actively carry out enterprise sharehoulding pledge loan. benjing bank recently launchedintellectual property as a pledge from the bank for a loan. 2. Credit rating innovating Big Bnaks do business of time usually see a balance sheet anincome statement and a cash flow statement small and medium-sized enterprises have even thesthree tables are not high the bank information costs zhejiang tyrone arisen commercial Banksthey look for innovative water meter customs declaration formlarge large reduce cost still canmake small loans toearn enough money. Like Shenzhen development bank by focusing on theirOppone nt’s credit transaction the authenticity of the enterprise chooses a new of enterprisescredit rating. For enterprises in the ctedit rating method for enterprises itself the credit ratingweight only 15. Pay more attention to the authenticity of the trading counterparty anddownstream of the raw material supply semi-finished products orservices or transportation orlogistics can be easierto choose good credit are true of the enterprise trade background to provideenough good service mobilize various financial tools in the process of enterprise developmentshenfazhan also created the profits. 3. Business process innovation. Our country commercialbank the bank is mostly official inthe house wait fora loan to customers approval for a month three monthssuch a kind ofmanagement such an examination result is impossible to small and medium-sized enterprisefinancial services it is impossible to improve the financing difficulties of small and medium-sizedenterprises. Banks to reduce threshold theother is to simplify the process reduce link establishexamination mechanism so as to adapt to thecredit factory. The bank is factory small andmedium-sized enterprises is raw material into theline after the marketing sales and service withapproval and customer maintenance and post-loan management obtain loans. But Banks are not aperson guard line andbatch production. Through the way of examination andapproval proceduressimplified. Through this process to make sure that the smes credit approval from the cycleoverthe past 2 3 months shorten to 3 5 days now.4.Strengthening the training of personnel. After construction in mechanism to have a groupof people todo it and do it well it is to strengthen the trainingof the staff further strengthen thesme small businessloans and high-tech smes job training and the loan of communicationincreasing the entire product rampd efforts with the strain of new incentive and restraint measures toprofessional team and the new service. cFrom the Angle of enterprises 1 Enternises should strengthen management improve quality. To correctly understand thesituation face establish the risk bymanagement effectiveness and development idea must paymore attention to technical innovation technological innovation pay attention to the new productdevelopment improve quality and brand construction and development of new products improvethe product quality improvement and win the market.. Reducing energy consumption to increaseincreasing earning. Increasing market development ability reduce”　products accountsrec eivable” two nbre accelerate the capital turnover. Through the development way not only bythe expansion of production of production but improve thequality of the industrial sector realizerapid growth.2. The enterprises should strengthen the constructionof credit system. Establish the standardof managementsystem establish she transparent reliable statementsthe accumulation ofenterprise credit system.。

中小企业成本管理研究外文翻译中文文献

中小企业成本管理研究外文翻译中文文献Cost Management in Small and Medium-sized Enterprises: A Research on Foreign LiteratureAbstractAs the backbone of the economy, small and medium-sized enterprises (SMEs) play a crucial role in creating jobs, stimulating innovation, and driving economic growth. However, they often face challenges in managing costs effectively. This article examines and analyzes foreign literature on cost management in SMEs. It explores various cost management techniques, such as activity-based costing, budgeting, and cost control, and highlights the importance of cost management in enhancing the competitiveness and sustainability of SMEs. The findings provide valuable insights for SMEs to optimize their cost management practices and achieve long-term success in the competitive business environment.1. Introduction1.1 BackgroundCost management is an essential aspect of business operations, as it directly impacts the profitability and financial stability of a company. In SMEs, which typically have limited resources and face intense competition, effective cost management is even more crucial.1.2 ObjectivesThe primary objective of this research is to examine the foreign literature on cost management in SMEs and identify best practices and techniques thatcan be applied in the Chinese context. By understanding the experiences and strategies of SMEs in other countries, Chinese SMEs can learn from their successes and avoid potential pitfalls in cost management.2. Cost Management Techniques2.1 Activity-Based Costing (ABC)Activity-Based Costing is a cost allocation method that assigns costs to specific activities or cost objects based on their utilization of resources. This technique provides a more accurate understanding of the cost drivers in a company, enabling SMEs to allocate resources more effectively and identify areas for cost reduction.2.2 BudgetingBudgeting is a fundamental cost management tool that allows SMEs to plan and control their financial resources. By setting realistic and achievable budgets, SMEs can monitor their expenses, forecast future costs, and make informed decisions regarding resource allocation.2.3 Cost ControlCost control involves monitoring and regulating expenses to ensure that they remain within planned limits. SMEs can employ various cost control techniques, such as implementing cost-saving measures, negotiating favorable contracts with suppliers, and leveraging technology to streamline operations and reduce overhead costs.3. Importance of Cost Management in SMEs3.1 Enhanced CompetitivenessCost management enables SMEs to offer competitive prices without compromising on quality. By optimizing their cost structure, SMEs can improve their profit margins and gain a competitive edge in the market.3.2 Resource OptimizationEffective cost management allows SMEs to allocate their limited resources strategically. By identifying unnecessary costs and reallocating funds to key areas, SMEs can optimize their production processes and invest in critical areas such as research and development.3.3 Financial StabilityCost management helps SMEs maintain a stable financial position by minimizing the risk of running into cash flow problems or accumulating excessive debt. By controlling costs and ensuring efficient resource allocation, SMEs can safeguard their financial health and sustain long-term growth.4. ConclusionThis research on foreign literature emphasizes the significance of cost management in SMEs and provides valuable insights into proven techniques and strategies. By implementing effective cost management practices, SMEs can optimize their operational efficiency, enhance competitiveness, and achieve long-term success in an increasingly competitive business environment. This research serves as a guide for Chinese SMEs to improve their cost management practices and overcome challenges effectively. By integrating foreign experiences with localized strategies, SMEs can navigatethe complexities of cost management and position themselves for sustainable growth.。

中小企业代理记账外文文献翻译2014年译文3100字

中小企业代理记账外文文献翻译2014年译文3100字XXX in small and medium sized enterprises (SMEs)。

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such as XXX is essential for any business to maintain accurate financial records。

but it can be particularly XXX.XXX:XXX-party XXX。

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XXX these services either on-site or remotely。

depending on the needs of the client.XXX:XXX。

SMEs may not have the expertise to XXX。

which can lead to errors and financial misstatements.Outsourcing XXX:Outsourcing bookkeeping services XXX outsourcing。

中小企业的财务风险管理外文文献翻译2014年译文3000字

中小企业的财务风险管理外文文献翻译2014年译文3000字Financial Risk Management for Small and Medium-Sized Enterprises (SMEs)Financial risk management is an essential aspect of business management。

particularly for small and medium-sized enterprises (SMEs)。

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SmallBusiness小企业（中英文）

One in three businesses lives to be 5. Here is how to be a winner. 三家企业中只有⼀家企业能存在五年，怎样在竞争中成为赢家？ Large， multinational corporations may be the companies whose ups and downs seize headlines. But to a far greater extent than most Americans realize， the economy's vitality depends on the fortunes of tiny shops and restaurants，neighborhood services and factories. Small businesses， defined as those with fewer than 100 workers， now employ nearly 60 percent of the work force and are expected to generate half of all new jobs between now and the year 2000. Some 1.2 million small firms have opened their doors over the past six years or economic growth and 1989 will see an additional 200，000 entrepreneurs striking off on their own. ⼤型的跨国公司，其兴衰沉浮常是报刊抢登的头版重要新闻的公司。

但⼤部分美国⼈还远远没能认识到，经济的活⼒都取决于⼩商店、⼩餐馆、街道服务业和⼯⼚的兴衰。

⼩企业⼀般定义为⼯⼈⼈数不⾜100⼈的企业，⽽现在的⼩企业雇佣了将近全部劳动⼒的60%，并预期从现在起到2000年将提供所有新就业机会中⼀半的⼯作岗位。

中小企业融资和企业家外文翻译(可编辑)

中小企业融资和企业家外文翻译（可编辑）中小企业融资和企业家外文翻译外文翻译原文Financing SMEs and EntrepreneursMaterial Source: ////0>.Author: ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENTIntroductionSmall and medium-sized enterprises SMEs are the backbone of all economies and are a key source of economic growth, dynamism andflexibility in advanced industrialised countries,as well as in emerging and developing economies。

SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country。

They are responsible for between 60-70% net job creation in OECD countries。

Small businesses are particularly important for bringing innovative products or techniques to the market。

Microsoft may be a software giant today, but it started off intypical SME fashion, as a dream developed by a young student with the help of family and friends.Only when Bill Gates and his colleagues had a saleable product were they able to take it to the marketplace and look for investment from more traditional sources.While not every small business turns into a multinational, they all face the same issue in their early days ? finding the money to enablethem to start and build up the business and test their product or service.Why is it harder for them to borrow money from banks or to find private investors than for larger firms?And why is it easier for small businesses to raise money in some countries than in others?These are important questions given the fact that small businesses, and particularly innovative SMEs, become increasingly vital to economic development and job creation as the knowledge-based economy develops.This Policy Brief looks at the extent of the SME “financing gap”, and what governments can do to make it easier for them to obtain the funding they need to start, grow and prosper, and thus contribute to creating jobs and economic growth.SMEs are vital for economic growth and development in both industrialised and developing countries, by playing a key role in creating new jobs.Financing is necessary to help them set up and expand their operations, develop new products, and invest in new staff or production facilities.Many small businesses start out as an idea from one or two people, who invest their own money and probably turn to family and friends for financial help in return for a share in the business.But if they are successful, there comes a time for all developing SMEs when they need newinvestment to expand or innovate further.That is where they often run into problems, because they find it much harder than largerbusinesses to obtain financing from banks, capital markets or other suppliers of credit.This “financing gap” is all the more important in a fast-changing knowledge-based economy because of the speed ofinnovation.Innovative SMEs with high growth potential, many of them in high-technology sectors, have played a pivotal role in raising productivity and maintaining competitiveness in recent years.But innovative products and services, however great their potential, need investment to flourish.If SMEs cannot find the financing they need, brilliant ideas may fall by the wayside and this represents a loss in potential growth for the economy.The “bagless” vacuum cleaner and the “wind-up” radio or flashlight whic h need nobatteries are now common household items, but nearly failed to see the light of day because their inventors could not find financial backing to transform their ideas into production.Already, differences are emerging between countries in terms of how easy it is for innovative SMEs to grow and develop.This sector has been very dynamic in the United States and a few other countries, but has lagged in many continental European countries and Japan, to the detriment of job creation and competitiveness.图 1Note: In many cases of debt in OECD countries, this problem is limited to a sub set of SMEs, mostly start-ups and very young firms. Data is based on the responses of 20 OECD and 10 non-OECD economies.Source: OECD SME and Entrepreneurship Financing Survey.While the SME financing gap is more pervasive in emerging markets, business financing overall is not a problem in OECD countries Figure 1, where banks are adopting strategies to cope with reducing the risk of lending to SMEs and where there are well-established systems for raising money through banks and capital markets.Many countries that do not report an overall financing gap for SMEs say that they do have a financing problem when it comes to innovative SMEs, precisely because they do not fit the mould applied in traditional SME financing.Since innovative SMEs tend to be newcomers to the market, or seeking financing for a new type of product or service, and usually havenegative cash flows and untried business models, they represent a higher risk to banks and cannot be assessed in the same manner as traditional SMEs or large firms.One fundamental problem in dealing with the SME financing gap islack of basic information about just how big such a gap may be.Often the only evidence is in the form of complaints from SMEs themselves and this is difficult to use in analysis or for comparison.Moreover, thedefinition of an SME varies between countries and financial institutions, some only compile figures by size of loan, not by size of the company borrowing, and some do not keep regular statistics of SME lending atall.And this is just in OECD countries ? outside the OECD area, information is even scarcer.The difficulties that SMEs encounter when trying to access financing can be due to an incomplete range of financial products and services, regulatory rigidities or gaps in the legal framework, lack of information on both the bank’s and the SME’s side.Banks may avoid providing financing to certain types of SMEs, in particular, start ups and very young firms that typically lack sufficient collateral, or firms whose activities offer the possibilities of high returns but at a substantial risk of loss.SMEs tend by their very nature to show a far more volatile patternof growth and earnings, with greater fluctuations, than larger companies.Their survival rate is lower than for larger companies ? one analyst found that manufacturing firms with fewer than 20 employees were five times more likely to fail in a given year than largerfirms.Thus, SMEs are at a particularly severe disadvantage when trying to obtain financing relative to larger and more established firms.It can also be difficult for potential creditors or investors to distinguish the financial situation of the company from that of its owners.The entrepreneur may have re-mortgaged his or her house to acquire the start-up funds for the company, for example.If there are two cars in the driveway, can one or both be considered part of the company’s assets? If the owner dies, is there someone to ta ke over the business, or will it die with him or her?In order to assess the success of such actions, governments need to be able to measure the size of the SME financing gap and evaluate theimpact of government actions.OECD and non-OECD governments have asked the OECD to take the lead in establishing international benchmarks to facilitate comparisons of the relative performance of markets in providing financing to SMEs and entrepreneurs and to shed light on outstanding financing gaps and issues.译文中小企业融资和企业家资料来源: ////. 作者:经济合作与发展组织在先进的工业化国家,中小企业不仅是所有经济的中坚力量,也是经济增长的关键,也是一种新兴经济体和发展中的经济。

中小企业的核心竞争力外文文献翻译中英文

外文文献翻译原文及译文（节选重点翻译）中小企业的核心竞争力外文文献翻译文献出处：Technological Forecasting and Social Change, Volume 78, Issue 7，September 2020, Pages：65-76译文字数：4000 多字英文The Core Competitiveness of Small and Medium EnterprisesJoseph OstroyAbstractSMTE faced severe competition in today’s market. In this paper, core competitiveness is describe as the source of persistent competitive advantage of enterprise, and yields generous profits in new business environment. The study aimed at develop enterprise strategies to promote core competitiveness, also referring to core competitiveness as both prerequisite and final target to develop enterprise strategies in today’s business environment.Keywords: Core Competitiveness, SMTE, Enterprise Strategies.1 IntroductionThe definition of SMTE in China is originated from "Innovation Fund Temporary Provisions for Mid- and Small-Scale Technology Enterprise" which enact by Science and technology Department & Ministry of Finance in 1995.The provision required SMET to meet the standards as follows: (1) “no more than500 employees, among which technicians qualified for a higher education than colleges and universities is no less than 30 percent”; (2) “should mainly engaged in the development, exploitation, production andservice of new and high-tech products”; (3) “enterprise leaders are relatively capable of innovation, market development and management”;(4) “the funds for R&D of new and high-tech products is no less than 3 percent of the sales every year, and technicians directly related to R&D are more than 10 percent of all employees”; (5) good management and achievement are required to enterprises which have leading products and will come to the stage of mass production, as well as those which have come to the stage of mass production.The SMTE develops rapidly due to the predominance of technology and innovation. However, the restrictions upon the SMTE and the entry into WTO put them into a cruelly fierce competition with big enterprises home and abroad which have accumulated rich market experiences. In such a case, if SMTE can’t find the position and make full use of their advantages, they may have problems to survive, to say nothing of development.The core competitiveness of an enterprise is the long-term formation of the enterprise, which is embedded in the internal quality of the enterprise and unique to the enterprise. It supports the past, present and future competitive advantages of the enterprise, and becomes the core ability that the enterprise can surpass to obtain the initiative in the competitive environment. Enterprise core competitiveness is the source of persistent competitive advantage of enterprise, and yields generous profits.Thus, to survive and develop, SMTE may promote core competitiveness which can be achieved by enterprise strategy. So, the important method which guides SMTE to survive and develop is to identify and estimate enterprise core competitiveness, to develop reasonable, scientific and feasible developmental strategies on the basis of identification of exterior and inner environment.As the "engine" to gain the advantages of enterprises, core competitiveness must have its own characteristics:•Value. The core competitiveness has unique value to the enterprise and customers, and has a special contribution to the enterprise to win and maintain its competitive advantage. The core competitiveness is conducive to the improvement of the efficiency of the enterprise, which can enable the enterprise to provide users with more use value than other companies in terms of value creation and cost reduction. It can enable enterprises to have higher labor efficiency and converted product costs than leading, thereby obtaining higher and long-term economic benefits and maximizing enterprise value.•Extensibility or overlap. Provide support for a variety of products or services. Once an enterprise has established its own core competitiveness, it can make related technical fields and new innovations a big win. Because in the production practice, enterprises can combine their core competitiveness into different innovations to accumulate newfoundations for creation and development, and then establish their own competitive advantages in certain fields, and constantly launch innovations.•Difficult to imitate or imitation. A company's core competitiveness should be unique to the company, that is, other companies do not have it (at least temporarily not participating), and it is not imitable and irreplaceable. This is the case of the company Porsche, as a German company. Small and medium-sized automobile companies, in a wide variety of automobile industries, Porsche only chooses sports cars as the main product, and is known for creating outstanding performance and noble quality. The circled customers are obsessed with "driving wisdom, galloping technology" The car family has formed a unique product positioning, unique customer positioning, unique price positioning and continuous innovation to meet the needs of customers. It is unique in the manufacturing industry and creates first-class economic benefits.•The core competitiveness is constantly evolving. If the external environment undergoes drastic changes or is poorly managed, the core competitiveness of an enterprise at a certain stage will depreciate into general capabilities or be lost. The core competitiveness also has a life cycle from birth, growth, growth to decline. After the reduction, the core competitiveness of the enterprise, especially the final product, core product, and core technology will shift the intensified market competitionand the development of science and technology, while gradually losing its competitive advantage or even being eliminated. Therefore, enterprises must constantly manage the development trend of the industry, the development trend of the enterprise and the storage status of the enterprise's own resources, and timely improve the core competitiveness of the enterprise. Core competitiveness needs timely protection and innovation.•Interrelatedness. Core competitiveness is a collection of skills and technologies, rather than scattered skills or technologies. The core competitiveness is generated by the interaction of many different units or individuals. Its carrier is the entire enterprise, not a certain department of the enterprise. The formation of the core competitiveness of an enterprise is bound to be the result of the overall optimization of the enterprise.2 Current ResearchIn order to study enterprise core competitiveness and developmental strategy which are interrelated with each other, current research focus on concrete enterprise, or general enterprise. Current research focus on three main headings: the significance of certain enterprise strategy used to promote enterprise core competitiveness; select enterprise strategy or the executive mode of certain strategy according to the source and level of advantages related to core competitiveness; select proper developmental strategy so as to promote enterprise core competitiveness.In this paper, study aimed at SMTE core competitiveness and developmental strategies is supposed to be developed, especially, put core competitiveness as both prerequisite and final target to develop enterprise strategies, is applied to SMTE for core competitiveness analysis.3 Theoretical ResearchWe may consider that, the structure and developmental level of enterprise core competitiveness advantages plays a critical role in inner environment of enterprise, and embodies the core strength, so it is an important base for enterprise to select and develop strategies. Meanwhile, to enterprise, core competitiveness is the source of development, is the goal of growth, and is the necessity of strategies. Furthermore, the structure of enterprise core competitiveness pointed out the direction how enterprises make a long-term existence and how they realize enterprise strategy. The most important is that, enterprise core competitiveness is dynamical and relative, so it is necessary to maintain and develop it persistently.This paper’s idea is, by enterprise core competitiveness theory, obtaining estimation system and method on the basis of analyzing the structure of SMTE core competitiveness concretely. Then, we obtain the analytical framework of inner and exterior environment related to SMTE, and try to give multistage developmental strategy of SMTE in its general sense. We have to point out two relations here: first, the goal of enterprisedevelopmental strategy is defined by the structure of SMTE core competitiveness; second, the structure and level of SMTE core competitiveness is most important content of enterprise inner environment, defines enterprise’s advantage source and advantage degree, so that it exercises an influence on the choice of enterprise strategies. So we may conclude that core competitiveness and level are target and condition of strategical choice.4 Analytical Model of SMTE Developmental Strategy Based on Core CompetitivenessThere are meanings about SMTE developmental strategy based on core competitiveness: first, the developmental strategy is aimed at maintaining and promoting SMTE core competitiveness; second, in order to establish the developmental strategy, we need to inspect inner and external environmental factors comprehensively, especially, the situation of enterprise core competitiveness, which includes the structure and level of core competitiveness. Third, the developmental strategy mainly focuses on every factors influencing core competitiveness level.4.1Analytical Model of SMTE External EnvironmentThe analysis of SMTE external environment refers to those factors which are external to the SMTE and have a potential impact on SMTE, and according to different influence circle, it is divided into macroscopic environment analysis and analysis of industry lifecycle and industrycompetition.(1)Analytical model of macroscopic environmentAnalysis of macroscopic environment includes PEST analysis and environmental uncertainty analysis, among which, PEST (Political, Economic, Social, and Technological) analysis is shown as Fig: Uncertainty analysis is the analysis of complexity and varying speed of four primary influential factors. Environmental uncertainty level is measured by two points: one is the simple complexity, which means quantity and diversity degree of external factors related to SMTE running, and the other is degree of stability, which means varying rate of external environment.(2) Analytical model of SMTE’s industrial life circle and industrial competition Generally speaking, industrial life circle is divided into formative period, growing period, mature period and declining period, so as to the industries SMTE reside in. Now, we study the influence of industry life circle to strategy, and give the analytical framework of industry life circle based on the indicator characteristics which include market development, market structure, production series, financial affairs and current situation of production and so on, and which are separately analyzed by four periods of the industrial circle that SMTE belong to.4.2 Analytical Model of SMTE Inner EnvironmentThe analysis of SMTE inner environment includes three aspects: analysis of resources hold by SMTE, capability analysis, and core competitiveness analysis.Resources refer to the production factors which enterprises use to provide customs value product and services, they are generally divided into three categories: material resources, intangible resources and human resources, and they are displayed in Table. The goal of analysis to SMTE capability and core competitiveness is to make varieties of the capabilities that enterprise use to create or maintain competitive advantage clear, is to understand enterprise’ core specialty, is to know enterprise’ competitive disadvantage. SMTE capability analysis means analyzing the capability that SMTE integrating resources so as to accomplish certain goal. The commonly used method is Baud’s value chain analysis.Two methods can be used to analyze SMTE core competitiveness: one is the qualitative method, in which six standards are used to judge whether a resource or capability is the core capability; the other is the quantitative method, that is to say, the method to establish and apply indicator system estimation mentioned before.4.3 SMTE Strategic Choice MethodSMTE strategic choice inspects the results of enterprise inner and external environment synthetically. So, for the purpose of developing reasonable strategy to guide enterprise development, we have to analyzethe factors revealing SMTE inner and external environment.This paper adopts strategic position and action assessment matrix (SPACE) to analyze SMTE inner and external environment concretely, and makes corresponding strategic choices by the analysis. Matrix SPACE uses four-dimensional system of coordinate. Generally, the horizontal axis represents two enterprise external factors: environmental stability (ES) and industrial stability (IS), and the vertical axis represent two enterprise inner factors: financial strength (FS) and competitive advantage (CA), as shown in Fig.5 ConclusionEnterprise developmental strategies are composed of three levels: corporation strategy, business strategy and functional strategy. Now, starting with the promotion of SMTE core competitiveness, we combine SMTE inner and external environment and give SMTE multiple developmental strategies.Growing strategy, that is to say, the expanding strategy is supposed to the first choice of SMTE corporation strategy.Among competitive strategies, cost excelling strategy makes no great sense to SMTE, but production diversity strategy and concentration strategy are good to SMTE. Production diversity strategy avoids the price war while satisfying certain consumptive groups, so it brings high profit. Concentration strategy avoids direct confliction with competitors in largescale, which brings growing production, lower cost, and bigger competitive advantage based on concentration of lesser resources.SMTE functional strategy assumes the responsibility of resource accumulation and core competitiveness promotion while thining enterprise overall strategy and competitive strategy.• Technology innovation strategy. First, enterprise should value technology innovation highly. Second, the training and development of enterprise technicians, especially the R&D technicians should be made much account of. Third, enterprise may increase the devotion on R&D to maintain the level of technology and production. Otherwise, enterprise could cooperate with colleges and universities which have technological advantage in related domain to speed up enterprise technology i nnovation.• Financing strategy. Lacking of capital has restricted SMTE from further development, including narrow financing channels, high financing cost, disordered financing proportion, single financial service, and so on. Seeking for capital support of government is an effective capital resource for survival and development of SMTE.• Human resources strategy. First, effective knowledge management and new structure fitting knowledge innovation is critical. Second, human resources training system is need to be established.• Enterprise culture strategy. Enterprise culture generally includes the values, brand, and inner image of the enterprise, among which valuesis the core by leading the development of whole enterprise. First, enterprise should build up the values of “innovation”, “learning”, “science”, and then set up brand sense, emphasize enterprise characteristics. Meanwhile, enterpriser factors are highly valued and enterprisers’ good qualities are brought up.译文中小企业的核心竞争力研究约瑟夫·奥斯特罗伊摘要中小企业在当今市场上正面临着激烈的竞争。

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。

中小企业营运资金管理外文翻译

文献出处：Sunday K J. Effective Working Capital Management in Small and Medium Scale Enterprises (SMEs)[J]. International Journal of Business & Management, 2011, 6(9)：271-279.第一部分为译文，第二部分为原文。

默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。

中小企业有效的营运资金管理摘要：中小企业（SME）的主要有效流动资金管理的需求对中小企业的偿付能力和流动性仍然至关重要。

大多数中小企业不关心他们的流动资金状况，大多数人很少考虑到他们的流动资金状况，这些企业大多数都没有标准的信贷政策。

许多人不关心他们的财务状况，他们只是经营，他们主要关注现金收据和他们的银行账户。

本研究使用标准流动资金比率来衡量所选企业的流动资金的有效性，所选择的公司显示过度交易和流动性不足的迹象，关注的是利润最大化，而没有认识到债权人的支付，这些公司的债务回报率低于信贷支付。

建议中小企业在尼日利亚经济中生存下去，必须制定标准的信贷政策，确保良好的财务报告和管理制度，他们必须充分认识到营运资金的管理，以确保连续性，增长和偿付能力。

关键词：中小企业（SME），营运资金管理，流动资金，偿付能力引言中小企业业务仍然是一个国家经济增长和发展最有活力的力量和代理人。

中小企业至少占美国国内生产总值的60％（Ovia，2001年）尼日利亚的中小企业全部在我们周围，只有少数几个中小企业才能成为最受欢迎的企业。

中小企业是几个新兴行业的重大突破。

美国（IT）的大部分突破都是由中小企业推动的。

当时公司是一家小规模企业，由盖茨（Paul Gates）和保罗·艾伦（Paul Allen）于1980年开发的微软磁盘操作系统（MS Dos）在全球拥有约80％的运营成本。

中小企业激励机制外文翻译文献

中小企业激励机制外文翻译文献Title: Incentive Mechanisms for Small and Medium-sized Enterprises: A Review of Foreign LiteratureIntroduction:Small and Medium-sized Enterprises (SMEs) play a crucial role in the growth and development of economies worldwide. In order to boost their performance and ensure long-term success, it is essential to establish effective incentive mechanisms. This article presents a review of foreign literature on incentive mechanisms for SMEs, exploring various strategies and approaches in motivating employees, encouraging innovation, and enhancing overall organizational performance.1. Motivating Employees in SMEs:Motivated employees are key to the success of any organization. Foreign literature suggests that SMEs can adopt several strategies to incentivize their employees effectively. One approach is to implement performance-based incentives, such as bonuses or profit-sharing programs. This not only encourages higher productivity but also fosters a sense of ownership and loyalty among employees.Furthermore, foreign studies emphasize the importance of providing career development opportunities. SMEs can introduce training programs, mentorship initiatives, and performance evaluations to help employees enhance their skills and progress within the organization. Such efforts not only contribute to employee satisfaction but also improve the capability and competitiveness of the SME.2. Encouraging Innovation:Innovation is an essential driver of growth and competitiveness for SMEs. Foreign literature highlights the significance of creating an innovative culture within these enterprises. Incentive mechanisms that promote and reward creative thinking and problem-solving are key to fostering innovation.One effective approach is to establish an innovation reward system, where employees are encouraged to contribute ideas and suggestions. This can be done through idea contests, recognition programs, and financial rewards for successful innovations. Additionally, foreign studies suggest that SMEs can promote collaboration and knowledge-sharing among employees, creating an environment that stimulates innovation and creativity.3. Enhancing Organizational Performance:SMEs face challenges in improving their overall organizational performance due to limited resources and competition. However, foreign literature provides insights into various incentive mechanisms that can address these challenges effectively.Strategic goal-setting is one such mechanism. Setting clear and measurable goals, both for the organization as a whole and individual employees, can enhance performance and increase motivation. Foreign studies suggest linking these goals to performance-based incentives to further enhance productivity and drive success.Additionally, creating a positive work environment is crucial. Recognizing and rewarding employees' efforts and achievements boostsmorale, job satisfaction, and overall organizational performance. SMEs can establish employee appreciation programs, regular feedback mechanisms, and team-building activities to create a supportive and engaging workplace.Conclusion:Incentive mechanisms play a vital role in enhancing the performance and success of SMEs. Based on the review of foreign literature, it is evident that motivating employees, encouraging innovation, and enhancing organizational performance are key focus areas. Adopting performance-based incentives, providing career development opportunities, fostering an innovative culture, and setting clear goals can contribute significantly to the growth and sustainability of SMEs. By implementing effective incentive mechanisms, SMEs can create a productive and motivated workforce, driving their overall success and contributing to economic growth.。

中小企业融资难外文翻译

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

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。

外文2

ABSTRACT:Small and medium sized enterprises (SMEs) are playing an increasingly important role in the Chinese socialist market economy.摘要：中小型规模企业（中小企业）正发挥着越来越重要的作用，在中国社会主义市场经济。

Despite their importance to the Chinese economy, little is known about Chinese SMEs activities in internationalization markets.尽管它对于中国经济十分重要的，但中国中小企业在国际化市场活动却很少被知道。

Why and how do they internationalize? Do they behave in similar ways with SMEs from developed western economies?怎么样才能使得他们国际化？他们的行为方式与西方发达国家中小企业是否存在同样的方式？Or are they unique type of firm with different approach to internationalization?又或者是有独特类型的公司对于国际化有不同的做法吗？This thesis aims to study why and how Chinese SMEs go international and assess whether they conform to extant theories of internationalization.本文目的是研究中国中小企业为什么以及如何去国际评估它们是否符合国际化的现存理论。

It begins with an overview of the extant research in the discipline and is followed by a theoretical review of firm internationalization.它首先概述了现有的学科研究，其次是企业国际化理论述评。

中国中小企业发展状况英译文修改

中国中小企业发展状况The Development of Small and Medium-sized Enterprises in China 一.中国中小企业发展历程Ⅰ. The development history of Chinese small and medium-sized enterprises(SME)二.中国中小企业数量及分布区域Ⅱ. The quantity and regional distribution of Chinese small and medium-sized enterprises三.中国中小企业面临的困境Ⅲ. The difficulty position on Chinese small and medium-sized enterprises四.中国中小企业未来的发展Ⅳ.The future development of Chinese small and medium-sized enterprises一、中国中小企业发展历程Ⅰ.The development history of Chinese small and medium-sized enterprises中国中小企业的发展大致经历三个阶段：The development of Chinese SME had roughly gone through three stages:第一阶段(1952-1978):我国实行计划经济体制，实施以“单一公有制”为特征的中小企业政策，一直到1978年十一届三中全会。

The first stage（1952-1978）：China implemented planned economy system and the policy for SMES which characterized by＂the unitary public ownership system＂, until the Third Plenary Session of the 11th Party Congress in 1978.第二阶段（1978-1983）:注重发展多种经济形式，国家、集体、私营、个体以及外国投资者的不同产权所有。

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中国中小企业发展状况英译文修改

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