中小企业融资渠道中英文对照外文翻译文献.docx

中小企业融资渠道中英文对照外文翻译文献.docx

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中小企业融资渠道中英文对照外文翻译文献

TheareasofSMEfinancingchannels:

anoverview

1.Introduction

Inallcountries,SMEsareanimportantsourceofeconomicgrowthandcreatejobs.Inaddition,thesecompaniesthroughtheirdynamismandflexibility,thepowerofinnovationanddevelopment.

Theresearchmethodistostartfromtheliteraturetohighlighttheimportanceofthethemeofourresearch.ThispaperanalyzesthedataandstatisticsbasedonmainlybytheWorldBanksurvey,smallandmedium-sizedprivateenterprisesinRomaniabysomeempiricalresearch.Accordingtothemethodused,andpointedouttheimportanceoffinancingofSMEsandenhancethepublicbodiesconcernedabout,especiallythemeasurestakentoimprovefinancialdevelopment.

2.theliteratureonSMEsfinancingchannels

ApopularacademicliteratureonthefinancingchannelsofSMEs,haswitnessedalotofresearchtosolvethisproblem.

Countlessresearchstudieshaveindicatedthatfinancingchannelsisacriticalobstacleinthegrowthanddevelopmentprocess,especiallyinsmallandmediumenterprises.

ThroughBakerDumontreggae-KeLute,Ivan,andMarcaSmokinPopovich（2004）research,reflectingthefundamentalfactorsof10000enterprisesfrom80countriesmainlydependonthefinancingofenterprises.Therefore,therelationshipbetweenthestudyhighlightsthecorporatefinanceanditscharacteristicssuchasage,sizeandstructureofpropertyrights.Fromthisperspective,theauthorsfoundthatthesmallsizeoftheyoungcompany,andfacegreaterobstacleswhentheyseekfinancialresources.

TheiResearchDickMeiLekeandSalta（2011）analysisofmacroeconomicandinstitutionalfactorsaffectingSMEfinancingloansthroughthestatisticaldatafound.Inothersimilarstudies,theauthorsfoundapositivecorrelationbetweentheoveralleconomicdevelopment（ameasureofpercapitaincome）andfinancialdevelopment（measuredbyprivatelendingratioofgrossdomesticproduct）,ontheotherhand,thelevelofSMEfinancingistheopposite.Inaddition,theauthorsshowthatthelevelof

financingforSMEsdependsonthelegalstructureandoverallbusinessenvironment.

3.intheprocessofSMEfinancinginthegeneralobstacles

Ingeneral,accesstofinancialproductsorfinancialservicesorfinancialinclusionassumesthatthereisnotradebarrierstotheuseoffinancialproductsorservices,regardlessofwhetherthesebarriersornon-relatedpricing（Dumontreggae-KeLute,Baker,andHonorineroot2008:

2）.Therefore,toimprovethismeansofaccessmeansincreasingthedegreeoffinancialproductsorfinancialservicesatafairpricetoeveryone.

Enterprisedoesnotusefinancialproductsorservicescanbedividedintoseveralcategories,theiridentificationisnecessary,inordertotakethenecessarymeasurestoimprovetheirfinancingchannels.Therefore,ontheonehand,enterprisesobtainfinancing,thefinancialproductsandservices,butdonotusethembecausetheydonothaveaviableinvestmentprojects.Ontheotherhand,itcandistinguishbetweennon-voluntaryrefusecorporateAlthoughthesebusinessneeds,butnothaveaccesstofinancialservices.Thestatusofindependentcorporatefinanceorfinancialservicesinsomecompaniesdonotearnenoughmoneyorsafeguardsrequiredbyfinancinginstitutionsandthereforehavehighercreditrisk.Atthesametime,whensomecompaniesinneedoffunding,financialandbankinginstitutionsinvolvedtoocostlyandcannotagreetofinancing.Finally,inthecontextoftheenterpriserefusedtoappearover-pricedfinancialproductsorservicesandfinancialproductsorservicesthatmeettheirrequirements.

Financingchannelsforenterprisedevelopmentandtheefficientallocationoffundsessential.However,comparedwithlargeenterprises,SMEsseekingfinanceisfacingmanydifficulties,becauseofseveralreasons,including:

thejudicialandlegislativestructureoftheinstabilityandimperfect,itdoesnotsupporttheenterprisesinneedoffinancingandfundingtherelationshipbetween;partofthefundingandcorporateinformationisincompleteorevenlackofinformation,whichhindersthenormalandefficientdevelopmentofrelationsbetweenenterprisesandprovidersoffinance;especiallyintheyoungcompany,thelackofcredithistoryandguaranteesthecreditors,andsometimeslimitstherangeoffinancialproductsthatcanbeused.

Thenumberofsurveys,especiallytheWorldBankstressedthatthefinancingisoneofthebiggestobstacletogooddevelopmentandgrowthoftheSME.Forexample,theWorldBankinthe2006-2009surveyfoundthat31%oftheworldwidestudyofcorporatefinanceisamajorobstacletothecurrentimplementation,andevenhigherproportionofyoungcompanyinthe40%ofcasesuptothreeyearsofexperience（Chavez,ktBoerandIreland2010:

1）.Inaddition,aseriesofglobalsurveys,includingtheinformationprovidedbytheWorldBusinessEnvironmentSurveyshowthatSMEfinancingtransactioncostsisthemainobstacletoenterprisedevelopment.

4.SMEbankfinancingdifficultiesandsupportmeasures

Inmostcountries,especiallyincountrieswithbank-orientedfinancialsystem,themainsourceofexternalfinancingforSMEsbybankloans.Therefore,thistypeofloaniscrucialtothedevelopmentofSMEs.However,thesurveyshowed,comparedtotheSMEsandlargeenterprisesareusingthenewinvestmentinthesmallextentofbankfinancing.

Aswementioned,theuseoffinancialproductsisdeterminedbysupplyanddemand.ItisthereforeimportanttounderstandwhytheSMEsusebankfinancingtoasmallextentonly.Inthisregard,somestudies（BanerjeeandDuflo:

2004）hasshownthatthemainreasonforthesupply,becauseeverytimewhenSMEsareabletoobtainloans,theyuseittoincreaseproduction.Thisbehaviorismoreproofoffinancingisanimportantfactorinthedevelopmentofenterprises.Inaddition,inthecontextofthecurrentglobalfinancialcrisis,thedecliningavailabilityofbankloansandlimitedfinancingopportunitiesforSMEs.Therefore,itisthemainproblemfacingsmallandmediumenterprises.

October29,2010,thissurveyofSMEsinRomaniahighlightsthemainproblemsfacedbySMEsandbanks.Therefore,82%oftheinterviewedentrepreneursobtainbankfinancingisverydifficult,mainlybecauseofexcessivebureaucracy,unreasonablehighdemand,highinterestrates,rigidbankcreditindicators,aswellasmanytypesofcommissionandexpenses.Inaddition,morethan61%ofSMEentrepreneursandmanagersreportingbankslackoftransparency（hiddencosts,lackofcommunicationchannels,etc.）,thereisnorealconsultation（usingthestandard

contract,thebankrefusedtomodifyorcompletethecreditcontract,etc.）andbanksdonotlegitimateormisuseofthetermsofthecontract（forexample,performtheunauthorizedtransactionaccountsorbankfraud）.UnderstandingthisknowledgetotakemeasurestosupportandpromoteSMEfinancing.

ImproveSMEfinancingisstillcauseforconcern,butalsonational,Europeanandinternationalfacingachallenge.Forexample,intheEU,throughtheimplementationofthenewmeasuresestablishedbytheSmallBusinessAdministrationforEuropetoimprovethefinancingchannelsforSMEs,byreducingthereturnofthestructuralfundsrequirementstopromotetheaccessofsmallandmediumenterprises,theestablishmentoftheCreditOmbudsmantopromotesmallandmedium-sizedenterprisesanddialoguebetweenthecreditinstitutions,toavoidthedoubletaxationofthetaxlegislation,whichwillhindertheinternationalventurecapitalplaysanimportantrole.

Inparticular,empiricalresearch,emphasizingtheimpactofthedegreeoffinancialdevelopmentofacountryisessentialthatthelevelofdevelopmentoftheSMEfinancing.Therefore,aseriesofmeasurestosupportSMEstoobtainfinancing,toensuretheefficientdevelopmentofthecountry'sfinancial,whichwillensuregreateravailabilityofcorporatefinance.Specifically,theauthoritiesshouldtakemeasurescommonlyusedtomeasurethedegreeoffinancialdevelopmentinthesevenpillars,namely,theinstitutionalenvironment,businessenvironment,financialstability,bankingandfinancialservices,non-bankfinancialservices,financialmarketsandaccesstofinance.

5.Conclusion

EffectivefinancingforSMEstocreatenewbusinessisofgreatsignificance,andexistinggrowthanddevelopmentofenterprises,whilepromotingthecountry'seconomicandsocialdevelopment.Inaddition,inthecaseoftheeconomiccrisis,SMEscontributetorestoringthenationaleconomy,soitisparticularlyimportanttosupportSMEfinancing.However,mostofthesurveyreportstressed,alwaysthefinancingchannelsofSMEsisoneofthemostimportantfactortoaffectitsoperationanddevelopment.

SMEstryingtogetthenecessaryfinancialresourcestofacedifficultiesrelatedtotheentrepreneursandtheeconomicenvironmentofeachcountry,aswellasexistinglegalandinstitutionalstructure.Toalleviatethesedifficulties,themeasurestakenbypublicauthoritiesshouldfocusonimprovingthefinancialdevelopmentandtoensurethatthecorporatefinanceandeconomicgrowth,greatereffectiveness.

Invariouscountries,includingRomania,thedeclineontheavailabilityofSMEfinancing,oreventhelackofstatisticaldata,webelievethatpolicymakersneedtofocusonandmonitoraseriesofimportantindicators,dependingonthesizeoftheSMEs,experienceandindustryeventsshareofitsloans,whichwillbenefitthepublicauthorities, 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。

然而，这些企业面临着许多障碍，限制他们的表现、增长和发展。

在中小企业所面临的困境，获得融资渠道往往是作为一个主要障碍部署和扩