中小企业融资渠道中英文对照外文翻译文献
研究中小企业融资要参考的英文文献
研究中小企业融资要参考的英文文献在研究中小企业融资问题时，寻找相关的英文文献是获取国际经验和最佳实践的重要途径。
以下是一些值得参考的英文文献，涵盖了中小企业融资的理论背景、现状分析、政策建议以及案例研究等方面。
“Financing Small and Medium-Sized Enterprises: A Global Perspective”, by P.K. Agarwal, A.K. Dixit, and J.C. Garmaise. This book provides an comprehensive overview of the issues and challenges related to financing small and medium-sized enterprises (SMEs) around the world. It presents an analytical framework for understanding the different dimensions of SME financing and outlines best practices and policy recommendations for improving access to finance for these businesses.“The Financing of SMEs: A Review of the Literature and Empirical Evidence”, by R. E. Cull, L. P. Ciccantelli, and J. Valentin. This paper provides a comprehensive literature review on the financing challenges faced by SMEs, exploring the various factors that influence their access to finance,including information asymmetries, lack of collateral, and limited access to formal financial markets. The paper also presents empirical evidence on the impact of different financing strategies on SME performance and outlines policy recommendations for addressing these challenges.“The Role of Microfinance in SME Finance: A Review of the Literature”, by S. Hossain, M.A. Iftekhar, and N. Choudhury. This paper focuses on the role of microfinance in financing SMEs and explores the advantages and disadvantages of microfinance as a financing option for SMEs. It also outlines the potential for microfinance to play a greater role in supporting SME development in emerging markets and provides policy recommendations for achieving this objective.“The Political Economy of SME Finance: Evidence fromCross-Country Data”, by D.J. Mullen and J.R. Roberts. This paper examines the political economy of SME finance, exploring the relationship between government policies, market institutions, and SME financing constraints. Usingcross-country data, the paper finds evidence that government policies can have a significant impact on SME access to finance and that countries with better market institutions are more successful in supporting SME development. The paper provides policy recommendations for improving SME financing in different political and institutional settings.“Financing SMEs in Developing Countries: A Case Study of India”, by S. Bhattacharya, S. Ghosh, and R. Panda. This case study explores the financing challenges faced by SMEs in India and identifies the factors that limit their access to finance, including government policies, market institutions, and cultural traditions. It also presents an in-depth analysis of the various financing options available to SMEs in India, such as informal credit markets, microfinance institutions, and banks, and outlines policy recommendations for enhancing access to finance for these businesses.这些文献提供了对中小企业融资问题的多维度理解，并提供了实用的政策建议和案例研究，有助于更好地解决中小企业的融资需求。
毕业论文外文翻译-家族式中小企业融资存在的问题及对策外文文献翻译-中英文论文对照翻译
题目：家族式中小企业融资存在的问题及对策第一部分外文翻译原文Family SME financing problems and countermeasures1、The status of family SMEsFamily-owned SMEs in the development of our country experienced a small to large, from weak to strong in the process, along with the family business in China today the deepening of economic reform and development and growth, has gone through four stages: the first stage, From 1978 to 1987, after the December 1978 Third Plenary Session of the Party, the private sector began to sprout exploration; the second stage, from 1988 to 1991, in 1988 the state promulgated the "Provisional Regulations on private Enterprises", the private sector has been Legislative protection; the third stage, from 1992 to 1996, the spring of 1992, Comrade Deng Xiaoping's southern tour speech, encourage private sector development; the fourth stage, the 15th Party Congress in 1997 affirmed the non-public economy is an important component of the socialist market economy private enterprises to enter the stage of stable development.At present, China's family-owned SMEs in general to take the family system management mode, although this management model, although in favor of corporate governance, reducing the commission Enterprises - the agency costs, but this also increases the external transactions arising from the establishment of corporate identity costs. On the one hand our economy is in a transition period, various policies and regulations are not perfect, the community has not formed a unified identity for the family of SMEs, which makes family-owned SMEs in the market development, customer acquisition financing and other aspects in particular more difficult. On the other hand due to the absolute control of the family by the family-owned small and medium enterprises, the decision arbitrary and authoritarian strong, the error rate is large, resulting in enterprise development to a certain stage on the lack of power, it is difficult to continue to develop.2、The main problem of family exist in the process of SME financing2.1 Family ownership structure and governance structure of SMEs unreasonableOur family ownership structure of SMEs in general showing unity, closed characteristics. According to statistics, the founder of the family business enterprise investment accounted for 75% of total share capital, its holding ratio as high as 70%, while the proportion of shares held by the founder's family also accounted for 10% ofthe company's total share capital, both in the family business of Holdings the proportion of 80%, the enterprise has absolute control. This single ownership structure and the closure of many family-owned SMEs generally do not pay attention to external financing, business development and capital accumulation is still relying on its own within the family obtain financing, which limits the expansion of enterprises.2.2 The family behind SME management modeCurrently, many executives are from family-owned small and medium enterprises within the family, but also because of the family's absolute control of the enterprise, many business owners arbitrariness in decision-making, so that companies will bring tremendous business risk to the enterprise zone to instability, which will undoubtedly increase the risk of funding provided. Meanwhile, in the internal distribution ofprofits, there is no established concept of sustainable development can play, often only taking into account the short-term interests, net of corporate profits spectroscopic eat, rarely from the perspective of enterprise development, consider using retained funds to supplement operating funds, and their accumulation of weak sense.2.3 The family-owned SME financial system is not perfectAs noted in the survey, more than 50 percent of family-owned SMEs in the financial system is not perfect, and many family-owned small and medium business managers lack professional financial management knowledge, lack of major financial decision analysis to develop a reasonable and legitimate, and even prepare several sets of accounts to check payable regulatory authorities. Because most investors to corporate lending main consideration is return on investment, and ROI analysis depends mainly on the view the company's financial statements, due to the corporate financial system defects, it is difficult to provide accurate accounting information, investors are unable to find out the enterprise the true face, nature does not give business loans.3、The Solution of family financing of SMEs3.1 Family fade colors, introducing diversification of investorsFirst of all to clarify property rights, according to the contribution principle, the principle of efficiency, fairness rationalize the relationship between members of the family property, clear the nature of the enterprise, the definition of enterprise property rights, reform of property rights. Forward to the public on the basis of clear property rights on the inside, diversify their ownership by absorbing social capital, the equity isfully owned by the family into a controlling stake, the investor capital, human capital and social capital is allocated in equal shares, to increase transparency and social trust.3.2 Change management model to promote institutional innovationMany of our family-owned small and medium enterprises in the employment context nepotism, meritocratic closer. This management model is not conducive to family-owned small and medium enterprises to introduce outstanding management personnel, resulting in a lack of family-owned small and medium business decision rationality, increasing the risk offamily-owned small and medium business, reducing the level of family credit for SMEs, resulting in banks and investors unwilling to its loans and investments. In view of this, family-owned SMEs should abandon the family management, the introduction of professional managerial system, the implementation of corporate restructuring in accordance with the requirements of modern enterprise system, the introduction of outstanding management talent, improve operational efficiency and reduce operational risks. So as to raise the level of credit to enhance financing capacity. At present, the rapid development of China's many family businesses employ people outside the family as a decision-making executives, such as the United States and other countries.3.3 Cegulate corporate financial system, improve financial managementAccording to the relevant regulations of the state, the establishment of financial and accounting system sound enterprises, not cooking the books, establish and improve financial reporting system to improve the credibility and transparency of the financial situation of the financial statements. These include: 1, raise funds, and the effectiveuse of funds, supervision and funding normal operation, maintenance, financial security, boost profits. 2, establish a sound financial management system, financial revenues and expenditures do a good job planning, control, accounting, analysis and assessment work. 3, to strengthen the management of financial accounting, in order to improve the timeliness and accuracy of accounting information.In short, to be truly effective in solving the difficult problem of family SME financing, companies need to go through joint efforts of financial institutions, to create a family-owned diversified financing channels for SMEs, social credit sound socio-economic environment for the family-owned SMEs the development provides a relaxed environment for raising capital.第二部位论文译文题目：家族式中小企业融资存在的问题及对策一、家族式中小企业的现状家族式中小企业在我国的发展经历了一个由小到大、由弱变强的过程，当今中国的家族企业随着经济体制改革的不断深化而发展壮大，经历了四个阶段:第一阶段，1978～1987年，1978年12月党的十一届三中全会以后，私营企业开始萌芽探索;第二阶段，1988～1991年，1988年国家颁布了《私营企业暂行条例》，私营企业得到了立法保护;第三阶段，1992～1996年，1992年春邓小平同志南巡讲话，鼓励私营企业发展;第四阶段，1997年党的十五大肯定了非公经济是社会主义市场经济的重要组成部分，私营企业进入稳步发展阶段。
中小企业的融资问题外文翻译（可编辑）
中小企业的融资问题外文翻译外文翻译the Financing problems of Small and medium sized enterprisesMaterial Source: ////0>. Author: ModiglianiA thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid small and medium sized enterprises, sensing?understandably?that the transaction costs of financing them will be excessively high. What Small and medium sized enterprises need is not to be left without access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van deer Avert, CEO of Small Enterprise Assistance Funds SEAF. This US- and Dutch-based NGO manages a network of 14 commercially driven investment funds worldwide with total assets of $140 million, and has developed a unique “equity plus assistance” approach to Small and medium sized enterprises investing.Small and medium sized enterprises Sara widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open to foreign direct investment, they also tend to pay disproportionately more in taxesand social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, often find a way to reduce their tax obligations through transfer pricing, royalty payments, and negotiated tax holidays. Microenterprises, on the other hand, often fall in the informal sector, neither paying taxes nor making social security contributions.Yet if Small and medium sized enterprises constitute a critical dimension of growth and development and are often well positioned to achieve high revenue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?The reasons are multiple and, for the most part, understandable. For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investing in local Small and medium sized enterprises also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, most private capital would much prefer to invest in a few large-asset There are broader issues to be considered as well, including the lack of transparency in local legal systems and governments that make investing in these countries difficult at best. enterprises in fields such as pharmaceuticals,telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making small and medium sized enterprises investments. These can be coupled with perceptions that local Small and medium sized enterprises entrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks receive from development institutions for on-lending to Small and medium sized enterprises are often under-utilized. Small and medium sized enterprises entrepreneurs’ lack of experience in accounting and other areas of financial documentation make it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.SEAF believes that the investment levels it takes, coupled with its focused efforts on increase value after investments, and allows it to invest at relatively attractive multiples. This offers an array ofpotential exit possibilities. By contrast, many conventional Emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee Small and medium sized enterprises.The financial sector infrastructure will need to change to accommodate the substantial financing requirements of new activities and industries. Going forward, while financial institutions would need to transform to remain innovative and responsive to demands of their customers, efforts need to be directed to facilitate financing by non-banks for high-risk ventures. These include financing for knowledge-intensive and technology-intensive start-up enterprises where only ideas intangible collateral are principal assets. As such, these knowledge-intensive and technology-intensive enterprises will need alternative forms of financing to complement traditional financing sources. These alternative modes of financing include among others, venture capital and credit enhancements such as financial guarantee insurance and agriculture insurance.The financial infrastructure that supports Small and medium sizedenterprises in Serbia is undeveloped. Up to now, small and medium sized enterprises and entrepreneurs have financed their operations out of their own resources because financial markets in Serbia were isolated and lacked the support of international financial institutions. The local financial sector in the former Yugoslavia was designed to support large scale, socially owned enterprises ? otherwise known as the “Pillars of Development.” B anks, especially large-scale socially owned banks, had a redistributive function imposed on them by the state, and they dealt solely with large-scale, socially owned enterprises. In addition, the Fund for Development of the Republic of Serbia disbursed its funds to the same target group. Capacity to repay the banks or the Fund was not a criterion for credit approval.Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamicsAs a matter of intellectual history, the reason is not difficult to understandDuring the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costsBut without such frictions, financial markets have little reason to existFor example, with complete markets and if we ignore taxes, we know that whether acorporation finances itself by debt or equity is irrelevant the Modigliani-Miller theorem.The former economic and political system did not support the development of financial instruments for Small and medium sized enterprises. Cooperation with SMEs focused on a few selected companies, while sole traders were almost completely excluded from credit transactions with the banking sector. SME owners and citizens completely lost their trust in the banks and channeled their savings into the grey economy, to banks abroad, or kept their savings at home. Only payments effected through the National Payment Bureau functioned properly for Small and medium sized enterprises.译文中小企业的融资问题资源来源:////. 作者:詹姆斯?沃尔芬森中小企业的蓬勃发展对促进经济增长,减少发展中国家的贫穷和经济转型具有重要意义。
中小企业融资渠道中英文对照外文翻译文献
中小企业融资渠道中英文对照外文翻译文献Title: Financing Channels for Small and Medium-sized Enterprises: A Comparative Analysis of Chinese and English LiteratureIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, they often face challenges in accessing finance due to limited assets, credit history, and information transparency. This article aims to provide a comprehensive analysis of financing channels for SMEs, comparing existing literature in both Chinese and English.1. Overview of SME Financing Channels:1.1 Bank Loans:Traditional bank loans are a common financing option for SMEs. They offer advantages such as long-term repayment periods, lower interest rates, and established banking relationships. However, obtaining bank loans may be challenging for SMEs with insufficient collateral or creditworthiness.1.2 Venture Capital and Private Equity:Venture capital (VC) and private equity (PE) attract external investments in exchange for equity stakes. These financing channels are particularly suitable for high-growth potential SMEs. VC/PE investors often provide not only financial resources but also expertise and networks to support SMEs' growth. However, SMEs may face challenges in meeting the stringent criteria required by VC/PE firms, limiting accessibility.1.3 Angel Investment:Angel investors are wealthy individuals who provide early-stage funding to SMEs. They are often interested in innovative and high-potential ventures. Angel investments can bridge the funding gap during a company's initial stages, but SMEs need to actively seek out and convince potential angel investors to secure funding.1.4 Government Grants and Subsidies:Governments offer grants and subsidies to support SMEs' business development and innovation. These resources play a pivotal role in ensuring SMEs' survival and growth. However, the application process can be cumbersome, and the competition for these funds is usually high.1.5 Crowdfunding:Crowdfunding platforms allow SMEs to raise capital from a large poolof individual investors. This channel provides opportunities for SMEs to showcase their products or services and engage directly with potential customers. However, the success of crowdfunding campaigns depends on effective marketing strategies and compelling narratives.2. Comparative Analysis:2.1 Chinese Literature on SME Financing Channels:In Chinese literature, research on SME financing channels focuses on the unique challenges faced by Chinese SMEs, such as information asymmetry, high collateral requirements, and insufficient financial transparency. Studiesemphasize the importance of government policies, bank loans, and alternative financing channels like venture capital and private equity.2.2 English Literature on SME Financing Channels:English literature encompasses a broader range of financing channels and their implications for SMEs worldwide. It highlights the significance of business angel investment, crowdfunding, trade credit, factoring, and peer-to-peer lending. The literature also emphasizes the role of financial technology (fintech) in expanding SMEs' access to finance.3. Recommendations for SMEs:3.1 Enhancing Financial Literacy:SMEs should invest in improving their financial literacy to understand different financing options and strategies. This knowledge will help them position themselves more effectively when seeking external funding.3.2 Diversifying Funding Sources:To mitigate financing risks, SMEs should explore multiple channels simultaneously. A diversified funding portfolio can help SMEs access different sources of capital while reducing dependence on a single channel.3.3 Building Relationships:Developing relationships with banks, investors, and relevant stakeholders is crucial for SMEs seeking financing. Strong networks and connections can provide valuable support and increase the likelihood of securing funding.Conclusion:Access to appropriate financing channels is crucial for the growth and development of SMEs. This analysis of financing channels for SMEs, comparing Chinese and English literature, highlights the diverse options available. By understanding the strengths and limitations of each channel, SMEs can make informed decisions and adopt strategies that align with their unique business requirements. Governments, financial institutions, and other stakeholders should continue to collaborate in creating an enabling environment that facilitates SMEs' access to finance.。
中小企业融资英文文献
中小企业融资英文文献Title: Financing Options for Small and Medium-sized EnterprisesIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, one of the major challenges faced by SMEs is accessing adequate financing. This article aims to explore various financing options available for SMEs, highlighting their advantages and disadvantages.1. Traditional Bank Loans:Traditional bank loans have long been the primary source of financing for SMEs. They offer a fixed amount of capital, typically with a defined repayment period and interest rate. Bank loans provide stability and reliability, making them suitable for long-term investments and capital expenditures. However, the loan application process can be time-consuming and require a strong credit history, which may be challenging for some SMEs.2. Equity Financing:Equity financing involves raising capital by selling shares or ownership stakes in the company to investors. This type of financing is especially beneficial for high-growth potential SMEs. Equity investors provide not only financial resources but also expertise and industry connections. However, SMEs need to dilute their ownership and share profits with investors, which may limit their control over business decisions.3. Venture Capital (VC):Venture capital firms invest in SMEs with high growth potential in exchange for equity. VC funding is especially attractive for innovative startups and technology-driven enterprises. Apart from financial support, venture capitalists often provide valuable guidance and mentorship. However, securing VC funding can be highly competitive, and SMEs often have to demonstrate a unique and scalable business model to attract investors.4. Crowdfunding:Crowdfunding platforms allow SMEs to raise funds from a large number of individuals through online campaigns. It provides an opportunity for SMEs to engage with their target audience and build a loyal customer base. In return for their contributions, supporters may receive rewards or early access to the company's products or services. However, the success of a crowdfunding campaign depends on the SME's ability to effectively market their project and generate interest.5. Government Grants and Subsidies:Many governments offer grants and subsidies to support SMEs. These funds are typically targeted towards specific sectors or industries and aim to encourage innovation and economic growth. Government programs vary across countries, and SMEs must meet certain eligibility criteria. While government funding can provide a significant financial boost, the application process can be complex, and the availability of funds may be limited.6. Supplier Financing:Supplier financing involves negotiating extended payment terms with suppliers, allowing SMEs to free up working capital and manage cash flow. This form of financing is particularly useful for businesses with low credit ratings or limited access to traditional loans. However, SMEs need to establish strong relationships with their suppliers to negotiate favorable terms.Conclusion:In conclusion, small and medium-sized enterprises have various financing options available to them. It is crucial for SMEs to assess their specific needs and goals when considering different financing sources. Combining multiple financing options may also be a viable strategy for addressing diverse funding requirements. By exploring these options, SMEs can overcome financing challenges and continue to contribute to economic growth and development.。
中小企业融资和企业家外文翻译(可编辑)
中小企业融资和企业家外文翻译（可编辑）中小企业融资和企业家外文翻译外文翻译原文Financing SMEs and EntrepreneursMaterial Source: ////0>.Author: ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENTIntroductionSmall and medium-sized enterprises SMEs are the backbone of all economies and are a key source of economic growth, dynamism andflexibility in advanced industrialised countries,as well as in emerging and developing economies。
SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country。
They are responsible for between 60-70% net job creation in OECD countries。
Small businesses are particularly important for bringing innovative products or techniques to the market。
Microsoft may be a software giant today, but it started off intypical SME fashion, as a dream developed by a young student with the help of family and friends.Only when Bill Gates and his colleagues had a saleable product were they able to take it to the marketplace and look for investment from more traditional sources.While not every small business turns into a multinational, they all face the same issue in their early days ? finding the money to enablethem to start and build up the business and test their product or service.Why is it harder for them to borrow money from banks or to find private investors than for larger firms?And why is it easier for small businesses to raise money in some countries than in others?These are important questions given the fact that small businesses, and particularly innovative SMEs, become increasingly vital to economic development and job creation as the knowledge-based economy develops.This Policy Brief looks at the extent of the SME “financing gap”, and what governments can do to make it easier for them to obtain the funding they need to start, grow and prosper, and thus contribute to creating jobs and economic growth.SMEs are vital for economic growth and development in both industrialised and developing countries, by playing a key role in creating new jobs.Financing is necessary to help them set up and expand their operations, develop new products, and invest in new staff or production facilities.Many small businesses start out as an idea from one or two people, who invest their own money and probably turn to family and friends for financial help in return for a share in the business.But if they are successful, there comes a time for all developing SMEs when they need newinvestment to expand or innovate further.That is where they often run into problems, because they find it much harder than largerbusinesses to obtain financing from banks, capital markets or other suppliers of credit.This “financing gap” is all the more important in a fast-changing knowledge-based economy because of the speed ofinnovation.Innovative SMEs with high growth potential, many of them in high-technology sectors, have played a pivotal role in raising productivity and maintaining competitiveness in recent years.But innovative products and services, however great their potential, need investment to flourish.If SMEs cannot find the financing they need, brilliant ideas may fall by the wayside and this represents a loss in potential growth for the economy.The “bagless” vacuum cleaner and the “wind-up” radio or flashlight whic h need nobatteries are now common household items, but nearly failed to see the light of day because their inventors could not find financial backing to transform their ideas into production.Already, differences are emerging between countries in terms of how easy it is for innovative SMEs to grow and develop.This sector has been very dynamic in the United States and a few other countries, but has lagged in many continental European countries and Japan, to the detriment of job creation and competitiveness.图 1Note: In many cases of debt in OECD countries, this problem is limited to a sub set of SMEs, mostly start-ups and very young firms. Data is based on the responses of 20 OECD and 10 non-OECD economies.Source: OECD SME and Entrepreneurship Financing Survey.While the SME financing gap is more pervasive in emerging markets, business financing overall is not a problem in OECD countries Figure 1, where banks are adopting strategies to cope with reducing the risk of lending to SMEs and where there are well-established systems for raising money through banks and capital markets.Many countries that do not report an overall financing gap for SMEs say that they do have a financing problem when it comes to innovative SMEs, precisely because they do not fit the mould applied in traditional SME financing.Since innovative SMEs tend to be newcomers to the market, or seeking financing for a new type of product or service, and usually havenegative cash flows and untried business models, they represent a higher risk to banks and cannot be assessed in the same manner as traditional SMEs or large firms.One fundamental problem in dealing with the SME financing gap islack of basic information about just how big such a gap may be.Often the only evidence is in the form of complaints from SMEs themselves and this is difficult to use in analysis or for comparison.Moreover, thedefinition of an SME varies between countries and financial institutions, some only compile figures by size of loan, not by size of the company borrowing, and some do not keep regular statistics of SME lending atall.And this is just in OECD countries ? outside the OECD area, information is even scarcer.The difficulties that SMEs encounter when trying to access financing can be due to an incomplete range of financial products and services, regulatory rigidities or gaps in the legal framework, lack of information on both the bank’s and the SME’s side.Banks may avoid providing financing to certain types of SMEs, in particular, start ups and very young firms that typically lack sufficient collateral, or firms whose activities offer the possibilities of high returns but at a substantial risk of loss.SMEs tend by their very nature to show a far more volatile patternof growth and earnings, with greater fluctuations, than larger companies.Their survival rate is lower than for larger companies ? one analyst found that manufacturing firms with fewer than 20 employees were five times more likely to fail in a given year than largerfirms.Thus, SMEs are at a particularly severe disadvantage when trying to obtain financing relative to larger and more established firms.It can also be difficult for potential creditors or investors to distinguish the financial situation of the company from that of its owners.The entrepreneur may have re-mortgaged his or her house to acquire the start-up funds for the company, for example.If there are two cars in the driveway, can one or both be considered part of the company’s assets? If the owner dies, is there someone to ta ke over the business, or will it die with him or her?In order to assess the success of such actions, governments need to be able to measure the size of the SME financing gap and evaluate theimpact of government actions.OECD and non-OECD governments have asked the OECD to take the lead in establishing international benchmarks to facilitate comparisons of the relative performance of markets in providing financing to SMEs and entrepreneurs and to shed light on outstanding financing gaps and issues.译文中小企业融资和企业家资料来源: ////. 作者:经济合作与发展组织在先进的工业化国家,中小企业不仅是所有经济的中坚力量,也是经济增长的关键,也是一种新兴经济体和发展中的经济。
小微企业融资外文文献翻译
小微企业融资外文文献翻译the XXX credit to small and medium enterprises (SMEs)。
However。
micro enterprises (MEs) which are smaller than SMEs。
have been XXX。
using a path XXX finance。
such as family and friends。
due to the lack of access to formal finance。
Path dependence is also evident。
XXX finance.翻译：乌干达的小微企业融资：路径依赖和其他融资决策的决定因素XXX：Winifred XXX-XXX博士摘要：发展中国家的融资文献主要关注正规金融机构向中小型企业（SMEs）提供信贷的角色。
然而，小微企业（MEs）比SMEs更小，却被忽视了。
本文使用路径依赖框架，研究了乌干达小微企业的融资决策，识别了影响它们获得融资的因素。
研究发现，由于缺乏正规融资渠道，小微企业严重依赖非正规融资来源，如家人和朋友。
路径依赖也很明显，过去的融资决策和与非正规融资来源的关系影响了当前的融资决策。
本研究建议政策应着重改善小微企业获得正规融资的渠道，并促进金融素养，减少对非正规融资来源的依赖。
Access to credit is crucial for small and medium enterprises (SMEs) and micro enterprises。
as they are considered to be the main drivers of economic growth。
In e countries。
XXX role than SMEs。
XXX-agricultural self-XXX。
XXX due to the way they are XXX。
中小企业的融资渠道的领域概述外文翻译
中小企业的融资渠道的领域概述外文翻译XXX areas of SME Financing Channels: An Overview1.nSmall and medium-sized enterprises (SMEs) are a vital source of economic growth and job XXX dynamism。
flexibility。
XXX。
and development。
This research XXX literature review。
data analysis。
XXX from the World Bank survey and empirical research on small and medium-sized private XXX。
The research method used emphasizes the XXX.2.XXX XXXXXX financing channels available to SMEs have been a popular academic research topic。
Many XXX this issue.Countless research XXX in the growth and development process。
especially for small and medium XXX。
Dumont。
Reggae-KeLute。
Ivan。
and Marca XXX (2004) XXX 10,000enterprises from 80 countries。
XXX its characteristics such as age。
size。
and structure of property rights。
From this perspective。
XXX.In another study by Jones and Smith (2010)。
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中英文对照外文翻译文献
中小企业营运资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Effects of working capital management on SME profitability AbstractThe objective of the research presented here is to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. With this in mind, we collected a panel of 8,872 SMEs covering the period 1996-2002. The results, which are robust to the presence of endogeneity, demonstrate that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Equally, shortening the cash conversion cycle also improves the firm’s profitability.IntroductionThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with matu rities of under one year, represent the main share of items on a firm’s balance sheet.In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reduces supply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, grant ing trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner, 1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that theservices contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus, the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conversion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability. Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently, Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case ofsmall and medium-sized compan ies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets (Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson, 1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002.This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs.We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence of endogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.From this point, the work is structured as follows: in Section 2, we describe the sample and variables used; in the third section, we present the analyses carried out and our findings; finally, we end by discussing our main conclusions.Data and Variablesi. DataWe obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3rd April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.ii. VariablesIn or der to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers.The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 ×[accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle (CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longer the cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage (DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets. However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered when we include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.iii. Description of sampleTable II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with me an assets of more than €6 million; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13 percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Table IIDescriptive StatisticsROA measure return on assets, AR number of days accounts receivable, INV number of days of inventory, AP number of days accounts payable, CCC cash conversion cycle, ASSETS value of assets in thousand euros, SGROW sales growth, DEBT financial debt level, and GDPGR annual GDP growth. Variable Obs. Mean SD Median 10th Perc. 90th Perc.ROA 38464 0.0792 0.0834 0.0678 0.0041 0.1768 AR 38464 96.8299 55.7682 96.2962 22.0945 165.2533 INV 38452 77.2140 70.0499 59.3042 6.8692 166.6171 AP 38371 97.8090 57.3568 93.8075 24.5344 174.9668 CCC 38371 76.3117 90.6413 64.7704 -19.6907 190.2017 ASSETS 38464 6955.1090 4461.3940 13308 2718.5 5541 SGROW 32674 0.1299 0.3105 0.0862 -0.0928 0.3492 DEBT 35237 0.2474 0.1839 0.2306 0.0098 0.5021 GDPGR 38464 0.0366 0.0075 0.0420 0.0240 0.0430ConclusionsWorking capital management is particularly important in the case of small and medium-sized companies. Most of these companies’ asset s are in the form of current assets. Also, current liabilities are one of their main sources of external finance. In this context, the objective of the current research has been to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. For this purpose, we collected apanel consisting of 8,872 SMEs covering the period 1996-2002.According to previous studies focus on large firms (Shin and Soenen, 1998; Deloof, 2003), the analyses carried out confirm the important role of working capital management in value generation in small and medium-sized firms. We find a significant negative relation between an SME’s profitability and the number of days accounts receivable and days of inventory. We cannot, however, confirm that the number of days accounts payable affects an SME’s return on assets, as this relation loses significance when we control for possible endogeneity problems.Finally, SMEs have to be concerned with working capital management because they can also create value by reducing their cash conversion cycle to a minimum, as far as that is reasonable.So urce: Pedro J. García, Pedro Martínez,2007. “Effects of Working Capital Management on SME Profitability ” . Inter national Journal of Managerial Finance. Vol. 3, No. 2.pp. 164-177.译文：营运资金管理对中小企业盈利能力的影响摘要这里提供的研究的目的是提供有关营运资金管理对示例的中小型西班牙公司盈利能力的影响的实证证据。
中小企业融资英文文献
中小企业融资英文文献An Analysis on Credit Guarantee System of Small and Medium-sized Enterprises in China Abstract:At present(there are still manyconstraints in the further development of SME(small and medium—sized enterprises in China(And especially the financing development of SME has become a bottle neck，which was caused by the unsound credit guarantee system for SME(Basedon China’s SME guarantee system and its problems，the thesis puts forward proposals to perfect guarantee system for China’s SME with normal analysis(In order to make guarantee system play its due role(itis necessary to establish different modes of credit guaranteeinstitutions in accordance with the actual situation(to found SME credit guarantee funds and its supplementary system(to adjust the operation mode of guarantee funds and to improve legal protection of the credit guarantee system(对中国中小企业信用担保体系的分析摘要:目前，中国中小企业的进一步发展仍然受到很多约束，尤其是中小企业融资问题已经成为制约的瓶颈。
小微企业融资外文文献翻译
小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。
中小企业融资英文文章
中小企业融资英文文章改革开放20多年来，中国中小企业取得了长足的发展，对国民经济的作用越来越不容忽视，可以说，没有中小企业的发展，中国经济就不可能取得真正的大发展。
下面是店铺带来的中小企业融资英文文章，欢迎阅读!中小企业融资英文文章篇一中国中小企业融资新招Reports from China suggest that this technique is beginning to catch on among cash-strapped small and medium enterprises.来自中国的报道显示，这种手法在资金匮乏的中小企业当中很有市常According to the South China Morning Post, three such companies in Jiangsu province –Changzhou Shende Seamless Tube, Changzhou Dongfeng Agricultural Machinery Group, and Chang Group –have clubbed together to issue Rmb260m in joint three-year debt.据《南华早报》(SCMP)报道，中国江苏省的三家公司采用了这种方法：常州盛德无缝钢管有限公司、常州东风农机集团有限公司和新华昌集团有限公司。
这三家公司将发行2.6亿元人民币的3年期集合债券。
The three have credit ratings of triple B, triple B plus and A minus, respectively. But, due to support from the local government, their jointly issued bonds are triple A rated. So, is the dreaded collateralised debt obligation, that clever sleight of hand that helped drive the US housing market into the stratosphere, creeping into China?这三家公司的信用评级分别为BBB、BBB+和A-。
中小企业融资渠道英语
中小企业融资渠道英语Small and medium-sized enterprises (SMEs) often face challenges in accessing financing to support their business operations and growth. There are several financing channels available to SMEs to meet their capital needs. Let's explore some of the common financing options for SMEs:1. Bank Loans:Banks are traditional sources of financing for SMEs. SMEs can approach banks for various types of loans, such as working capital loans, term loans, and lines of credit. Banks usually require collateral and a good credit history from the SMEs to approve a loan.2. Government Grants and Subsidies:Governments at the national, regional, and local levels often provide grants and subsidies to support SMEs. These funds are typically earmarked for specific purposes, such as research and development, innovation, export promotion, and job creation. SMEs can apply for these grants to fund their projects and initiatives.3. Venture Capital:Venture capital firms invest in SMEs with high growth potential in exchange for equity stakes. Venture capital funding is suitable for SMEs that have innovative business ideas and scalable business models. Venture capitalists provide not only capital but also strategic guidance and industry connections to help SMEs grow.4. Angel Investors:Angel investors are high-net-worth individuals whoinvest their personal funds in early-stage SMEs in exchange for ownership equity. Angel investors typically have industry experience and can provide mentorship and networking opportunities to SMEs. This form of financing is less formal than venture capital and can be more flexiblein terms of investment terms.5. Crowdfunding:Crowdfunding platforms allow SMEs to raise funds from a large number of individual investors or donors through online campaigns. SMEs can present their business ideas and projects on crowdfunding platforms and attract funding from supporters who believe in their vision. Crowdfunding can bea cost-effective way for SMEs to raise capital and validate market demand for their products or services.6. Peer-to-Peer Lending:Peer-to-peer lending platforms connect SMEs in need of financing with individual lenders willing to provide loans at competitive interest rates. SMEs can borrow funds directly from individual investors without involving traditional financial institutions. Peer-to-peer lending offers a streamlined borrowing process and may be more accessible to SMEs with limited credit history.中小企业通常面临着融资难题，以支持他们的业务运营和增长。
中小企业融资问题英文参考文献(精选122个最新)
近年来，随着中小企业的飞速发展，中小企业融资问题，已经成为一些中小企业进一步发展所面临的“瓶颈”。
在我国经济体制转型和经济结构调整的特殊历史时期,中小企业融资问题不仅表现得较为突出,也更为复杂。
下面是搜索整理的中小企业融资问题英文参考文献，欢迎借鉴参考。
中小企业融资问题英文参考文献一：[1]XUE-FENG JI. Analysis on Financing Problems of SME in Internet Finance Mode[P]. 2nd International Conference on Advanced Education and Management Engineering (AEME 2017),2017.[2]Xiao-juan GUO. Difficulties and Countermeasures on the Financing of SMEs[P]. 4th International Conference on Economics and Management (ICEM 2017),2017.[3]Jing Zhang,J. Ke. The Financing Efficiency of Enterprises Listed on SMEs Board[P]. 3rd International Conference on Society Science and Economics Development (ICSSED 2018),2018.[4]Wan-rong ZHANG. A Study on Financing Difficulties of SMEs in China[P]. 4th International Conference on Economics and Management (ICEM 2017),2017.[5]Zhao-Hui CHEN,Zhi-Juan ZHOU. Problems and Suggestions on the Mode of Intellectual Property Financing of Small and Medium-sized Technological Enterprises[P]. 4th International Conference on Social Science (ICSS 2017),2017.[6]YU SHI. Research on Problems and Countermeasures of Small and Medium Sized Enterprises Financing[P]. 2nd International Conference on Advanced Education and Management Engineering (AEME 2017),2017.[7]Yuping Wei. Empirical Analysis on Financing Constraints of SMEs of China — Proofs from Pre-IPO three Years’ Panel Data of China’s Listed Companies Listed in 2015[P]. DEStech Transactions on Materials Science and Engineering,2016.[8]Ru-Xin WANG. Financing Management of SMEs Under Internet[P]. DEStech Transactions on Economics, Business and Management,2018.[9]Yi-ning SUN. The Impact of Supply Chain Finance on SME Financing[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[10]Wen-bo MA,Meng-wei TANG. Financing SMEs and Innovation[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[11]A-Tai ZHENG. Influence of Internet Finance on SME Financing — A Case Study of P2P Model[P]. DEStech Transactions on Social Science, Education and HumanScience,2018.[12]ZHEN-HONG XIAO,MEI-GUI TAN. Research on SMEs’ Credit Risk Evaluation of Supply Chain Finance Based on the Third-party B2B Platform[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[13]Shu-yuan XIAO,Mei-gui TAN. The Evaluation of SMEs Credit Risk Supply Chain Finance Based on the Third-party B2B E-commerce Platform[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[14]Zheng-cheng WU. On SME Financing in China from Perspective of Supply Chain Finance[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[15]Nittamachi Naoto. Problems of Small Business Finance : from the White Paper on Small and Medium Enterprises in Japan[J]. Journal of Household Economics,2014,39(0).[16]Annalisa Ferrando,Alexander Popov,Gregory F. Udell. Sovereign stress and SMEs’ access to finance: Evidence from the ECB's SAFE survey[J]. Journal of Banking and Finance,2017,81.[17]Peter Quartey,Ebo Turkson,Joshua Y. Abor,Abdul Malik Iddrisu. Financing the growth of SMEs in Africa: What are the contraints to SME financing within ECOWAS?[J]. Review of Development Finance,2017,7(1).[18]Qaiser Munir,Sook Ching Kok,Tamara Teplova,Tongxia Li. Powerful CEOs, debt financing, and leasing in Chinese SMEs: Evidence from threshold model[J]. North American Journal of Economics and Finance,2017,42.[19]Iftekhar Hasan,Krzysztof Jackowicz,Oskar Kowalewski,?ukasz Koz?owski. Do local banking market structures matter for SME financing and performance? New evidence from an emerging economy[J]. Journal of Banking and Finance,2017.[20]Renate Kersten,Job Harms,Kellie Liket,Karen Maas. Small Firms, large Impact?A systematic review of the SME Finance Literature[J]. World Development,2017,97.[21]Anahí Briozzo,Diana Albanese,Diego Santolíquido. Corporate governance, financing and gender: A study of SMEs from Argentinean Securities Markets[J]. Contaduría y Administración,2017.[22]Ayodotun Stephen Ibidunni,Oladele Joseph Kehinde,Oyebisi Mary Ibidunni,Maxwell Ayodele Olokundun,Falola Hezekiah Olubusayo,Odunayo Paul Salau,Taiye Tairat Borishade,Peter Fred. Data on the relationships between financingstrategies, entrepreneurial competencies and business growth of technology-based SMEs in Nigeria[J]. Data in Brief,2018,18.[23]Franziska Bremus,Katja Neugebauer. Reduced cross-border lending and financing costs of SMEs[J]. Journal of International Money and Finance,2018,80.[24]Jairaj Gupta,Andros Gregoriou. Impact of market-based finance on SMEs failure[J]. Economic Modelling,2018,69.[25]Arnab Bhattacharya. Innovations in new venture financing: Evidence from Indian SME IPOs[J]. Global Finance Journal,2017,34.[26]H. Kent Baker,Satish Kumar,Purnima Rao. Financing preferences and practices of Indian SMEs[J]. Global Finance Journal,2017.[27]David Diwei Lv,Ping Zeng,Hailin Lan. Co-patent, financing constraints, and innovation in SMEs: An empirical analysis using market value panel data of listed firms[J]. Journal of Engineering and Technology Management,2018,48.[28]You Zhu,Li Zhou,Chi Xie,Gang-Jin Wang,Truong V. Nguyen. Forecasting SMEs' credit risk in supply chain finance with an enhanced hybrid ensemble machine learning approach[J]. International Journal of Production Economics,2019,211.[29]Naoyuki Yoshino,Farhad Taghizadeh-Hesary. Optimal credit guarantee ratio for small and medium-sized enterprises’ financing: Evidence from Asia[J]. Economic Analysis and Policy,2019,62.[30]Dong Xiang,Jiakui Chen,David Tripe,Ning Zhang. Family firms, sustainable innovation and financing cost: Evidence from Chinese hi-tech small and medium-sized enterprises[J]. Technological Forecasting & Social Change,2019,144.中小企业融资问题英文参考文献二：[31]Michael Dowling,Colm O’Gorman,Petya Puncheva,Dieter Vanwalleghem. Trust and SME attitudes towards equity financing across Europe[J]. Journal of World Business,2019,54(6).[32]Purnima Rao,Satish Kumar. Reflection of owner’s attributes in financing decisions of SMEs[J]. Small Enterprise Research,2018,25(1).[33]Aysa Ipek Erdogan. Factors affecting SME access to bank financing: an interview study with Turkish bankers[J]. Small Enterprise Research,2018,25(1).[34]Martínez-Sola,García-Teruel,Martínez-Solano. SMEs access to finance and thevalue of supplier financing[J]. Spanish Journal of Finance and Accounting / Revista Espa?ola de Financiación y Contabilidad,2017,46(4).[35]Abraham Ansong. Corporate social responsibility and access to finance among Ghanaian SMEs: The role of stakeholder engagement[J]. Cogent Business & Management,2017,4(1).[36]Sonia Ba?os-Caballero,Pedro J. García-Teruel,Pedro Martínez-Solano. Financing of working capital requirement, financial flexibility and SME performance[J]. Journal of Business Economics and Management,2016,17(6).[37]Alexandra Moritz,Joern H. Block,Andreas Heinz. Financing patterns of European SMEs – an empirical taxonomy[J]. Venture Capital,2016,18(2).[38]Kobil Ruziev,Don J. Webber. Does connectedness improve SMEs’ access to formal finance? Evidence from post-communist economies[J]. Post-Communist Economies,2019,31(2).[39]Elisa Ughetto,Marc Cowling,Neil Lee. Regional and spatial issues in the financing of small and medium-sized enterprises and new ventures[J]. Regional Studies,2019,53(5).[40]Ross Brown,José Li?ares-Zegarra,John O. S. Wilson. Sticking it on plastic: credit card finance and small and medium-sized enterprises in the UK[J]. Regional Studies,2019,53(5).[41]Ma,Zhou,Chen. Financing difficulties for SMEs and credit rationing – an expanded model of mortgage loans with asymmetric information[J]. Applied Economics,2019,51(48).[42]Masiak,Block,Moritz,Lang,Kraemer-Eis. How do micro firms differ in their financing patterns from larger SMEs?[J]. Venture Capital,2019,21(4).[43]Zhenhua Yang,Lin Xie,Qiang Shen. Research on Financial Financing Mode of SME Supply Chain based on B2B E-commerce Platform[P]. Proceedings of the 2018 International Symposium on Social Science and Management Innovation (SSMI 2018),2019.[44]Mu Jie. Financing Difficulties of Small and Medium-sized Enterprises: Analysis Based on Game Theory Model[P]. Proceedings of the 2019 4th International Conference on Social Sciences and Economic Development (ICSSED 2019),2019.[45]Fira Nurafini,Raditya Sukmana,Sri Herianingrum. The External and Internal Factors on Micro, Small and Medium Enterprise (SME) Financing in Islamic Bank[P].Proceedings of the 1st International Conference Postgraduate School Universitas Airlangga : "Implementation of Climate Change Agreement to Meet Sustainable Development Goals" (ICPSUAS 2017),2017.[46]Shuo Feng. Study on the Financial Leverage Effect Based On the Financing Activities of SMEs[P]. Proceedings of the 2016 International Conference on Management Science and Innovative Education,2016.[47]Chang You. The Influence of Financial Marketization and Direct Financing on the Credit of Listed SMEs[P]. Proceedings of the 2018 2nd International Conference on Education Science and Economic Management (ICESEM 2018),2018.[48]Huafeng Chen,Mu Zhang. Simulation Research of Evolutionary Game to Bank and Technological SME under the Pledge Financing Mode[P]. Proceedings of the 7th Annual Meeting of Risk Analysis Council of China Association for Disaster Prevention,2016.[49]Li Danyang. Countermeasures for Financing Difficulties of SMEs[P]. Proceedings of the 4th International Conference on Economics, Management, Law and Education (EMLE 2018),2018.[50]Jawad Karamat,Tong Shurong,Abdul Waheed,Nasir Mahmood. Bank financing for SMEs in Pakistan[P]. Proceedings of the 2016 Joint International Information Technology, Mechanical and Electronic Engineering,2016.[51]Xiaolong Liu,Quanping Kuang. The Characteristics and Financing of SMEs in China[P]. Proceedings of the 3rd International Symposium on Asian B&R Conference on International Business Cooperation (ISBCD 2018),2018.[52]Zuguo Yin. Research on Financing Mode of SMES Based on Internet Finance[P]. Proceedings of the 8th International Conference on Management and Computer Science (ICMCS 2018),2018.[53]Yaoyao Feng,Jiangli Yang,Xiaojuan Cai. Analysis on Internet Financing Methods of Small and Medium-sized Enterprises in Xi'an[P]. Proceedings of the 2nd International Conference on Economy, Management and Entrepreneurship (ICOEME 2019),2019.[54]Tingting Wu. Research on Commercial Credit Financing of Rural Small and Medium-sized Enterprise Questionnaire Analysis Based on Small and Medium-sized Enterprises in Gaochun and Lishui Counties[P]. Proceedings of the 2016 2nd International Conference on Economy, Management, Law and Education (EMLE 2016),2016.[55]Yue Wu. On the legal settlement mechanism of SME financing under the background of "one belt and one road"[P]. Proceedings of the 2019 5th InternationalConference on Humanities and Social Science Research (ICHSSR 2019),2019.[56]Cen Yu. Internet Lending and Small and Medium-Sized Enterprises Financing[P]. Proceedings of 2016 2nd International Conference on Humanities and Social Science Research (ICHSSR 2016),2016.[57]Huiping Zhang. Research on Financing Problems of Small and Medium-sized Enterprises in Jilin Province[P]. Proceedings of the 3rd International Conference on Economics, Management, Law and Education (EMLE 2017),2017.[58]Luhao Liu. Analysis on Financing Difficulty of Chinese SMEs and Countermeasures Concerned: From the Perspective of Supply Chain Finance[P]. Proceedings of the 2017 7th International Conference on Education and Management (ICEM 2017),2018.[59]Shuangnan He. Financing Policy of SMEs in China and Abroad in a Comparative Perspective[P]. Proceedings of the 2016 6th International Conference on Mechatronics, Computer and Education Informationization (MCEI 2016),2016.[60]Lin Jiang,Yueliang Su. Research on the Evaluation of Supply Chain Finance Credit Risk of Small and Medium-Sized Enterprise Based on System Dynamics[P]. Proceedings of the First International Conference Economic and Business Management 2016,2016.中小企业融资问题英文参考文献三：[61]Qijun Wu. Study on Influencing Factors of Financing Efficiency of Small and Medium-sized Enterprises of New Three Board[P]. Proceedings of the 2018 4th International Conference on Economics, Social Science, Arts, Education and Management Engineering (ESSAEME 2018),2018.[62]Weishuang Xu. Research on the Causes and Coping Strategies of Financing Constraints of Small and Medium-Sized Cultural Enterprises[P]. Proceedings of the 7th International Conference on Management, Education, Information and Control (MEICI 2017),2017.[63]Yige Chang. Analysis of Management Model and Financing Demand of Shanghai Technology-based SMEs[P]. Proceedings of the 2018 8th International Conference on Education and Management (ICEM 2018),2019.[64]Wei Deng. Discussion on Financing Strategy Management of Mature SMEs[P]. Proceedings of the 2016 4th International Education, Economics, Social Science, Arts, Sports and Management Engineering Conference (IEESASM 2016),2016.[65]Bo Sun,Haotian Liu. Financing Mode Analysis of Small and Medium-sized Enterprises based on Supply Chain Finance[P]. Proceedings of the 2017 International Conference on Innovations in Economic Management and Social Science (IEMSS 2017),2017.[66]Jianing Li,Yinghua Li,Fengmei Kou. The Empirical Study on Financing Constraints of Small and Medium-sized Enterprises in China[P]. Proceedings of the 2017 International Conference on Humanities Science, Management and Education Technology (HSMET 2017),2017.[67]Jianghai Qi,Jinmian Han. Financing Risk Management of Small and Medium-sized Technological Enterprises in China[P]. Proceedings of the 2017 International Conference on Management Science and Management Innovation (MSMI 2017),2017.[68]Yaqiong Pan. Research on Financing Preference and Performance of Sci-tech Finance for Sci-tech SMEs[P]. Proceedings of the 2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019),2019.[69]Yuanyuan Huang. Crowdfunding and Internet Non-public Equity Financing""Based on the Development Perspective of Combining Technology-Based SMEs[P]. Proceedings of the 8th International Conference on Education, Management, Information and Management Society (EMIM 2018),2018.[70]Ni Made Suci,Ni Nyoman Yulianthini,Ni Made Dwi Ariani Mayasari. Debt Financing Behavior of SME’s Entrepreneurs[P]. Proceedings of the International Conference on Tourism, Economics, Accounting, Management, and Social Science (TEAMS 2018),2019.[71]Ró?ański, Jerzy. Advanced System of SME Financing in Market Economy[J]. Zagreb International Review of Economics &,2019.[72]Kolakovi?, Marko,Turuk, Mladen,Tur?i?, Ivan. Access to Finance –Experiences of SMEs in Croatia[J]. Zagreb International Review of Economics &,2019.[73]Miaobing Liu. A Study of the Market Failure in the Financing of High-Tech SMEs and the Governmental Intervention[J]. Open Journal of Social Sciences,2016,04(03).[74]Yan Xing,Zhangzhi Ge,Wei Song. Research on Innovation of Science and Technology Investment and Financing of SMEs in Intellectual Property[J]. Technology and Investment,2016,07(02).[75]Ruohuan He. The Study on the Problem of the Relationship between the “Heterogeneity” of the Neighbor Enterprise and the Financing Efficiency of SMEsin China—Empirical Data from China Industrial Enterprises Database[J]. Open Journal of Applied Sciences,2017,07(04).[76]Jianjun Zhang,Qianqian Sun. Research on Financing Cost of Small and Medium-Sized Enterprises by Internet Finance[J]. Open Journal of Social Sciences,2017,05(11).[77]Florie Mazzorana-Kremer. Blockchain-Based Equity and STOs: Towards a Liquid Market for SME Financing?[J]. Theoretical Economics Letters,2019,09(05).[78]You Zhu,Chi Xie,Gang-Jin Wang,Xin-Guo Yan. Comparison of individual, ensemble and integrated ensemble machine learning methods to predict China’s SME credit risk in supply chain finance[J]. Neural Computing and Applications,2017,28(1).[79]Rui Wang,Zhangxi Lin,Hang Luo. Blockchain, bank credit and SME financing[J]. Quality & Quantity,2019,53(3).[80]Christian Corsi,Antonio Prencipe. Improving the external financing in independent high-tech SMEs[J]. Journal of Small Business and Enterprise Development,2017,ahead-of-p(ahead-of-p).[81]Aaron van Klyton,Said Rutabayiro-Ngoga. SME finance and the construction of value in Rwanda[J]. Journal of Small Business and Enterprise Development,2017,ahead-of-p(ahead-of-p).[82]Jianhua Du,Chao Bian,Christopher Gan. Bank competition, government intervention and SME debt financing[J]. China Finance Review International,2017,ahead-of-p(ahead-of-p).[83]Basil Al-Najjar,Dana Al-Najjar. The impact of external financing on firm value and a corporate governance index: SME evidence[J]. Journal of Small Business and Enterprise Development,2017,24(2).[84]Ronen Harel,Dan Kaufmann. Financing innovative SMEs of traditional sectors: the supply side[J]. EuroMed Journal of Business,2016,11(1).[85]Purnima Rao,Satish Kumar,Vidhu Gaur,Deepak Verma. What constitutes financing gap in Indian SMEs – owners’ perspective?[J]. Qualitative Research in Financial Markets,2017,9(2).[86]Marc Cowling,Weixi Liu,Ning Zhang. Access to bank finance for UK SMEs in the wake of the recent financial crisis[J]. International Journal of Entrepreneurial Behavior & Research,2016,22(6).[87]Dong Xiang,Andrew C. Worthington. The impact of government financial assistance on the performance and financing of Australian SMEs[J]. Accounting Research Journal,2017,30(4).[88]Hua Song,Kangkang Yu,Qiang Lu. Financial service providers and banks’ role in helping SMEs to access finance[J]. International Journal of Physical Distribution & Logistics Management,2018,48(1).[89]Fairouz Badaj,Bouchra Radi. Empirical investigation of SMEs’ perceptions towards PLS financing in Morocco[J]. International Journal of Islamic and Middle Eastern Finance and Management,2018,11(2).[90]Shaista Wasiuzzaman,Nabila Nurdin. Debt financing decisions of SMEs in emerging markets: empirical evidence from Malaysia[J]. International Journal of Bank Marketing,2019,37(1).中小企业融资问题英文参考文献四：[91]Dario Salerno. Does the private equity financing improve performance in family SMEs?[J]. Journal of Family Business Management,2019,9(1).[92]Mauricio Silva,Stefano Monferrà,Antonio Meles. Editorial for new insights into SMEs: finance and family SMEs in a changing economic landscape[J]. Journal of Family Business Management,2019,9(1).[93]Janusz Cichy,Witold Gradoń. Crowdfunding as a Mechanism for Financing Small and Medium-Sized Enterprises[J]. e-Finanse,2016,12(3).[94]Ashiqur Rahman,M. Twyeafur Rahman,Jaroslav Belas. Determinants of SME Finance: Evidence from Three Central European Countries[J]. Review of Economic Perspectives,2017,17(3).[95]Stjepan Pticar. Financing As One Of The Key Success Factors Of Small And Medium-Sized Enterprises[J]. Creative and Knowledge Society,2016,6(2).[96]Waseem Ahmed Abbasi,Zongrun Wang,Asaad Alsakarneh. Overcoming SMEs Financing and Supply Chain Obstacles by Introducing Supply Chain Finance[J]. HOLISTICA – Journal of Business and Public Administration,2018,9(1).[97]Alma Delija. The Impact of the SME Financing by MFIs in Albania[J]. Mediterranean Journal of Social Sciences,2017,8(3).[98]Forbeneh Agha Jude,Chi Collins Penn,Ntieche Adamou. Financing of Small andMedium-Sized Enterprises: A Supply-Side Approach Based on the Lending Decisions of Commercial Banks[J]. European Journal of Economics and Business Studies,2018,4(3).[99]Jerzy Ró?ański. Advanced System of SME Financing in Market Economy[J]. Zagreb International Review of Economics and Business,2019,22(s1).[100]Marko Kolakovi?,Mladen Turuk,Ivan Tur?i?. Access to Finance – Experiences of SMEs in Croatia[J]. Zagreb International Review of Economics and Business,2019,22(s1).[101]Jaesik Lee,Chulung Lee,Jaejin Kim,Seiho Kim,Hyeonu Im. An Empirical Study on the Effect of Innovation Financing on Technology Innovation Competency: Business Performance of SMEs in Korea[J]. Journal of Electronic Commerce in Organizations (JECO),2019,17(1).[102]蔡金雯,任奇,黄丹. 基于P2P平台解决中小企业融资难问题调查分析[J]. 金融,2017,07(02).[103]贺敏伟,胡文文. 供应链金融模式下中小企业信用风险评价研究—基于Logistic 模型与BP神经网络模型的对比研究[J]. 金融,2018,08(03).[104]Z Tian,A F S Hassan,N H A Razak. Big Data and SME financing in China[J]. Journal of Physics: Conference Series,2018,1018(1).[105]. Artificial Neural Networks; Study Results from Y. Zhu and Colleagues Broaden Understanding of Artificial Neural Networks (Predicting China's SME Credit Risk in Supply Chain Financing by Logistic Regression, Artificial Neural Network and Hybrid Models)[J]. Computers, Networks & Communications,2016.[106]Hua Song,Kangkang Yu,Qiang Lu. Financial service providers and banks' role in helping SMEs to access finance[J]. International Journal of Physical Distribution & Logistics Management,2018,48(1).[107]Hua Song,Kangkang Yu,Qiang Lu. Financial service providers and banks’ role in helping SMEs to access finance[J]. International Journal of Physical Distribution & Logistics Management,2018,48(1).[108]Klju?nikov Aleksandr,Popesko Boris. Export and its Financing in The SME Segment. Case Study From Slovakia[J]. Journal of Competitiveness,2017,9(1).[109]Peter Quartey,Ebo Turkson,Joshua Y. Abor,Abdul Malik Iddrisu. Financing the growth of SMEs in Africa: What are the contraints to SME financing within ECOWAS?[J]. Review of Development Finance,2017,7(1).[110]Mohammed CHOWDHURY,Zahurul ALAM. FACTORS AFFECTING ACCESS TO FINANCE OF SMALL AND MEDIUM ENTERPRISES (SMEs) OF BANGLADESH[J]. USV Annals of Economics and Public Administration,2017,17(2(26)).[111]Nancu Dumitru,Mitea Neluta. The Access of SMEs from Romania to Financing through Financial Instruments. Impact and Results[J]. Ovidius University Annals: Economic Sciences Series,2017,XVII(1).[112]Razali Haron,Khairunisah Ibrahim. Islamic Financing in Mitigating Access to Financing Problems of SMEs in Malaysia: A Survey Analysis[J]. Intellectual Discourse,2017,24.[113]You Zhu,Chi Xie,Gang-Jin Wang,Xin-Guo Yan. Predicting China’s SME Credit Risk in Supply Chain Finance Based on Machine Learning Methods[J]. Entropy,2016,18(5).[114]Stanley Sachikonye,Mabutho Sibanda. An Assessment of SMEs’ Financing by Commercial Banks in Zimbabwe[J]. Acta Universitatis Danubius: Oeconomica,2016,12(6).[115]Fabio Albuquerque,Joaquín Texeira Quirós,Rosário Justino. Are the cultural accounting values a relevant issue for the SMEs’ financing options?[J]. Contadur ía y Administración,2017,62(1).[116]Cheng Zhang. Small and medium-sized enterprises closed-loop supply chain finance risk based on evolutionary game theory and system dynamics[J]. Journal of Shanghai Jiaotong University (Science),2016,21(3).[117]Hezron Mogaka Osano,Hilario Languitone. Factors influencing access to finance by SMEs in Mozambique: case of SMEs in Maputo central business district[J]. Journal of Innovation and Entrepreneurship,2016,5(1).[118]Mohamed Shaban,Meryem Duygun,John Fry. SME's lending and Islamic finance. Is it a “win–win” situation?[J]. Economic Modelling,2016,55.[119]Pengfei Luo,Huamao Wang,Zhaojun Yang. Investment and financing for SMEs with a partial guarantee and jump risk[J]. European Journal of Operational Research,2016,249(3).[120]David F. Moreira. The Microeconomic Impact on Growth of SMEs When the Access to Finance Widens: Evidence from Internet & High-tech Industry[J]. Procedia - Social and Behavioral Sciences,2016,220.[121]Wei NIE,Yueliang SU. Credit Risk Evaluation of SMEs Based on Supply ChainFinancing[J]. Management Science and Engineering,2016,10(2).[122]Alexandra Moritz,Joern H. Block,Andreas Heinz. Financing patterns of European SMEs – an empirical taxonomy[J]. Venture Capital,2016,18(2).以上就是关于中小企业融资问题英文参考文献的分享，希望对你有所帮助。
原创研究中小企业融资要参考的英文文献
原创研究中小企业融资要参考的英文文献Original Research: English Literature to be Considered for Financing Small and Medium-sized EnterprisesIntroduction:In recent years, small and medium-sized enterprises (SMEs) have become the driving force behind innovation, economic growth, and job creation. However, one of the major challenges faced by SMEs is accessing adequate financing options to support their growth and sustainability. This article aims to explore and analyze the various English literature sources that can be consulted for valuable insights into financing options for SMEs.1. The Importance of Financing for SMEs:Financing is crucial for SMEs as it provides the necessary capital for investment, expansion, research and development, and meeting working capital requirements. Access to financing enables SMEs to enhance their productivity, compete in the market, and contribute to economic development.2. Challenges Faced by SMEs in Accessing Financing:SMEs often encounter obstacles when seeking financing. These challenges include limited collateral, lack of credit history, information asymmetry, and risk aversion by lenders. To overcome these hurdles, it is essential to refer to relevant English literature that addresses these issues and provides potential solutions.3. English Literature Sources for SME Financing:a. Academic Journals: Academic journals such as "Journal of Small Business Finance" and "Entrepreneurship Theory and Practice" publish research articles that explore various aspects of SME financing. These articles discuss topics like crowdfunding, venture capital, angel investing, and government programs that support SMEs' financial needs.b. Research Reports: Research reports from reputable organizations like the World Bank, International Finance Corporation (IFC), and Organisation for Economic Co-operation and Development (OECD) provide valuable insights into the financing landscape for SMEs. These reports analyze trends, challenges, and best practices in SME financing across different countries and regions.c. Case Studies: Case studies published by universities, business schools, and financial institutions offer practical examples of successful financing strategies adopted by SMEs. These case studies highlight the specific steps taken to secure financing, including negotiations with banks, alternative lending options, and leveraging relationships with stakeholders.d. Government Publications: Government publications, such as white papers and policy documents, outline the initiatives and programs available to support SME financing. These publications provide a comprehensive overview of the various financing schemes, tax incentives, and grants offered by governments to assist SMEs in their financial endeavors.4. Key Themes in English Literature:a. Alternative Financing: English literature emphasizes the emergence of alternative financing options for SMEs. This includes peer-to-peer lendingplatforms, crowdfunding, and business incubators that connect SMEs with potential investors.b. Digital Innovation: The impact of digital innovation on SME financing is a widely discussed topic. English literature explores how fintech solutions, blockchain technology, and online platforms have revolutionized access to funding for SMEs.c. Government Support: Many articles underscore the importance of government support in facilitating SME financing. English literature examines policy frameworks, loan guarantee programs, and financial assistance schemes implemented by governments to alleviate the financing challenges faced by SMEs.5. Conclusion:Accessing appropriate financing options is crucial for the growth and sustainability of SMEs. Exploring and analyzing relevant English literature sources is essential for SME owners, managers, and policymakers to make informed decisions regarding financing strategies. By drawing upon academic journals, research reports, case studies, and government publications, stakeholders can be equipped with valuable insights and best practices to support SME financing needs. Continuous research and understanding of the English literature in this field will contribute to the development of effective financing ecosystems for SMEs.。
小微企业融资外文文献翻译
小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。
中小企业融资中英文对照外文翻译文献
中小企业融资中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Financing of SMEsJan Bartholdy, Cesario MateusOriginally Published in“Financing of SMEs”.London business review.AbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking OrderTheory and the traditional Static Trade-off theory are For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financialintermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers.Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing.Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view offinancial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financial institutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier maybe able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangibleassets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the e xpected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, thatproposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。
未来的中小企业融资 毕业论文外文翻译
Future of SME financeBackground – the environment for SME finance has changedFuture economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution to growth and employment in the EU and are at the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments need capital and therefore access to finance.Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are:•Globalization and internationalization have increased the competition and the profit orientation in the sector;•worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further;•Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises, were closed;•up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs;•Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks are very active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the accessibility of SMEs to finance.Higher risk awareness in the credit sector, a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME financeand influence the accessibility of SMEs to finance. The most important changes are: •In order to make the higher risk awareness operational, the credit sector introduces new rating systems and instruments for credit scoring;•Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their businesses;•Banks will try to pass through their additional costs for implementing and running the new capital regulations (Basel II) to their business clients;•due to the increase of competition on interest rates, the bank sector demands more and higher fees for its services (administration of accounts, payments systems, etc.), which are not only additional costs for SMEs but also limit their liquidity;•Small enterprises will lose their personal relationship with decision-makers in local branches –the credit application process will become more formal and anonymous and will probably lose longer;•the credit sector will lose more and more its “public function” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.All of these developments will make access to finance for SMEs even more difficult and / or will increase the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance for the SME sector in Europe. Access to finance was always a main concern for SMEs, but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.Therefore, UEAPME expects the new European Commission and the new European Parliament to strengthen their efforts to improve the framework conditions for SME finance. Europe’s Crafts, Trades and SMEs ask for an encompassing policyapproach, which includes not only the conditions for SMEs’ access to lending, but will also strengthen their capacity for internal finance and their access to external risk capital.From UEAPME’s point of view such an encompassing approach should be based on three guiding principles:•Risk-sharing between private investors, financial institutes, SMEs and public sector;•Increase of transparency of SMEs towards their external investors and lenders;•improving the regulatory environment for SME finance.Based on these principles and against the background of the changing environment for SME finance, UEAPME proposes policy measures in the following areas:1. New Capital Requirement Directive: SME friendly implementation of Basel IIDue to intensive lobbying activities, UEAPME, together with other Business Associations in Europe, has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital (Basel II). The final agreement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional structures.However, the new regulatory system will influence the relations between Banks and SMEs and it will depend very much on the way it will be implemented into European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financial market authorities and herewith the European Institutions, a lot of flexibility. In about 70 areas they have room to adapt the Accord to their specific needs when implementing it into EU law. Some of them will have important effects on the costs and the accessibility of finance for SMEs.UEAPME expects therefore from the new European Commission and the new European Parliament:•The implementation of the new Capital Requirement Directive will be costlyfor the Finance Sector (up to 30 Billion Euro till 2006) and its clients will have to pay for it. Therefore, the implementation – especially for smaller banks, which are often very active in SME finance –has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.).•The European Regulators must recognize traditional instruments for collaterals (guarantees, etc.) as far as possible.•The European Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularity, access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which will ease the burden on SME finance.2. SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the needs of Basel II, many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks. The bank will require more and better quality information from their clients and will assess them in a new way. Both up-coming developments are already causing increasing uncertainty amongst SMEs.In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment, UEAPME demands transparent rating procedures –rating procedures may not become a “Black Box” for SMEs:•The bank should communicate the relevant criteria affecting the rating of SMEs.•The bank should inform SMEs about its assessment in order to allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs , which would have included a self-commitment for transparent rating procedures by Banks, failed. Therefore, UEAPME expects from the new European Commission and the new European Parliament support for:•binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems for SMEs;•Elaboration of national Codes of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3. SMEs need an extension of credit guarantee systems with a special focus on Micro-LendingBusiness start-ups, the transfer of businesses and innovative fast growth SMEs also depended in the past very often on public support to get access to finance. Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.Already now, there are credit guarantee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs.Experiences show that Public money, spent for supporting credit guarantees systems, is a very efficient instrument and has a much higher multiplying effect than other instruments. One Euro form the European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).Therefore, UEAPME expects the new European Commission and the new European Parliament to support:•The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprises;•The development of new instruments for securitizations of SME portfolios;•The recognition of existing and well functioning credit guarantees schemes as collateral;•More flexibility within the European Instruments, because of national differences in the situation of SME finance;•The development of credit guarantees schemes in the new Member States;•The development of an SBIC-like scheme in the Member States to close the equity gap (0.2 – 2.5 Mio Euro, according to the expert meeting on PACE on April 27 in Luxemburg).•the development of a financial support scheme to encourage the internalizations of SMEs (currently there is no scheme available at EU level: termination of JOP, fading out of JEV).4. SMEs need company and income taxation systems, which strengthen their capacity for self-financingMany EU Member States have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits. This is especially true for companies, which have to pay income taxes. Already in the past tax-regimes was one of the reasons for the higher dependence ofEurope’s SMEs on bank lending. In future, the result of rating will also depend on the amount of capital in the company; the high dependence on lending will influence the access to lending. This is a vicious cycle, which has to be broken.Even though company and income taxation falls under the competence of Member States, UEAPME asks the new European Commission and the new European Parliament to publicly support tax-reforms, which will strengthen the capacity of Crafts, Trades and SME for self-financing. Thereby, a special focus on non-corporate companies is needed.5. Risk Capital – equity financingExternal equity financing does not have a real tradition in the SME sector. On the one hand, small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.On the other hand, many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. Furthermore it is much more difficult to set out of such investments in smaller companies.Even though equity financing will never become the main source of financing for SMEs, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. UEAPME sees three pillars for such an approach where policy support is needed:Availability of venture capital•The Member States should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.•Guarantee instruments for equity financing should be further developed.Improve the conditions for investing venture capital into SMEs•The development of secondary markets for venture capital investments in SMEs should be supported.•Accounting Standards for SMEs should be revised in order to ease transparent exchange of information between investor and owner-manager.Owner-managers must become more aware about the need for transparency towards investors•SME owners will have to realise that in future access to external finance (venture capital or lending) will depend much more on a transparent and openexchange of information about the situation and the perspectives of their companies.•In order to fulfil the new needs for transparency, SMEs will have to use new information instruments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).题目：未来的中小企业融资背景：中小企业融资已经改变未来的经济复苏将取决于生产工艺提升的可能性、贸易和中小企业利用其潜在的经济增长和创造就业。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
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。