中小企業(yè)的融資渠道的領域概述外文翻譯

1、<p>　　密級： </p><p>　　NANCHANG UNIVERSITY</p><p><b>　　外 文 翻 譯</b></p><p>　　THESIS OF BACHELOR</p><p>　?。?008—2012年）</p><p>　　學

2、 院: 共青學院 </p><p>　　系 別: 經濟貿易系 </p><p>　　專 業(yè): 經濟學 </p><p>　　班 級:

3、 08經濟學本科 </p><p>　　學生姓名: 崔恩凱 </p><p>　　學 號: 8056208054 </p><p>　　指導老師:

4、 幸偉 </p><p>　　The areas of SME financing channels: an overview</p><p>　　Introduction</p><p>　　In all countries, SMEs are an important source of ec

5、onomic growth and create jobs. In addition, these companies through their dynamism and flexibility, the power of innovation and development.</p><p>　　The research method is to start from the literature to hi

6、ghlight 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.

7、 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.</p><p>　　the

8、literature on SMEs financing channels</p><p>　　A popular academic literature on the financing channels of SMEs, has witnessed a lot of research to solve this problem.</p><p>　　Countless research

9、 studies have indicated that financing channels is a critical obstacle in the growth and development process, especially in small and medium enterprises.</p><p>　　Through Baker Dumont reggae - Ke Lute, Ivan,

10、 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 highligh

11、ts 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

12、 seek financial </p><p>　　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 s

13、tudies, 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 o

14、ther hand, the level of SME financing is the opposite. In addition, the authors show that the level</p><p>　　in the process of SME financing in the general obstacles</p><p>　　In general, access

15、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

16、 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 to everyone.</p><p>　　E

17、nterprise 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

18、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 refu

19、se corporate Although these business needs, but not have ac</p><p>　　Financing channels for enterprise development and the efficient allocation of funds essential. However, compared with large enterprises, S

20、MEs 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 an

21、d funding the relationship between; part of the funding and corporate information is incomplete or even lack of information, which hinders the</p><p>　　The number of surveys, especially the World Bank stress

22、ed 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 found that 31% of the worldwide study of corporate finance is a major ob

23、stacle 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, includi

24、ng th</p><p>　　4.SME bank financing difficulties and support measures</p><p>　　In most countries, especially in countries with bank-oriented financial system, the main source of external financi

25、ng 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 ba

26、nk financing.</p><p>　　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 th

27、is 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

28、financing is an important factor in the development of enterprises. In addition, in the context </p><p>　　October 29, 2010, this survey of SMEs in Romania highlights the main problems faced by SMEs and banks

29、. 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

30、many types of commission and expenses. In addition, more than 61% of SME entrepreneurs and managers reporting banks lack of transparency (hidden costs, lack of communication chann</p><p>　　Improve SME financ

31、ing 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 fo

32、r 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

33、 small and medium-sized enterprises and di</p><p>　　In particular, empirical research, emphasizing the impact of the degree of financial development of a country is essential that the level of development of

34、 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. Sp

35、ecifically, the authorities should take measures commonly used to measure the degree of financial development in the seven pillar</p><p>　　5 .Conclusion</p><p>　　Effective financing for SMEs to

36、create new business is of great significance, and existing growth and development of enterprises, while promoting the country's economic and social development. In addition, in the case of the economic crisis, SMEs c

37、ontribute 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 facto

38、r to affect its operation and de</p><p>　　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 exist

39、ing 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 g

40、rowth, greater effectiveness.</p><p>　　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 f

41、ocus 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.原文來自羅馬·安

42、吉拉 中小企業(yè)的融資渠道的領域:概述（奧拉迪亞大學：經濟科學，2011年第一卷第一期，431-437）</p><p><b>　　摘要</b></p><p>　　通過中小企業(yè)在創(chuàng)造附加值和新的就業(yè)崗位中的貢獻,使它在國家的經濟和社會發(fā)展中擁有一個顯著的角色。然而，這些企業(yè)面臨著許多障礙，限制他們的表現(xiàn)、增長和發(fā)展。在中小企業(yè)所面臨的困境，獲得融資渠道往往是作為一個

43、主要障礙部署和擴大他們的活動。</p><p>　　本文旨在強調中小企業(yè)融資擔保所面臨的困難，強調國家之間差異以及中小企業(yè)和大型企業(yè)之間的差異。政策制定者在設計和執(zhí)行適當?shù)拇胧r了解中小企業(yè)融資難問題是必要的，這將有助于中小企業(yè)獲得融資。因此,另一個問題處理,綜合分析在本文的公共機構所采取的一系列措施,以支持中小企業(yè)獲得融資。</p><p>　　關鍵詞：中小企業(yè)，融資渠道，融資約束，銀行

44、融資，支持措施</p><p>　　中小企業(yè)的融資渠道的領域:概述</p><p><b>　　1.介紹</b></p><p>　　在所有國家，中小企業(yè)是經濟增長和創(chuàng)造工作機會的一個重要來源。此外，這些企業(yè)通過他們的活力和靈活性，是創(chuàng)新和發(fā)展的動力。</p><p>　　本文的研究方法采用從文獻入手以突出我們研究主題的

45、重要性。本文分析了基于主要由世界銀行的調查提供的數(shù)據(jù)和統(tǒng)計,在羅馬尼亞通過一定的實證研究中小民營企業(yè)。根據(jù)所采用的方法，指出了中小企業(yè)融資難問題和增強公共機構的關注的重要性，尤其是為提高金融發(fā)展采取的措施。</p><p>　　2.關于中小企業(yè)的融資渠道的文獻</p><p>　　關于中小企業(yè)的融資渠道的一個熱門的學術文獻,見證了大量解決這樣的問題的研究。</p><p

46、>　　無數(shù)的調查研究指出,融資渠道是企業(yè)的成長與發(fā)展過程中的一個至關重要的阻礙，特別是在中小企業(yè)。</p><p>　　通過貝克、迪蒙瑞格-克魯特、伊萬和馬卡斯莫維奇(2004)調查研究，反映了來自80個國家的10000家企業(yè)的根本因素主要取決于企業(yè)的融資。因此，研究突出企業(yè)融資和其特點之間的關系，如年齡、規(guī)模和產權結構。從這個角度來看，作者發(fā)現(xiàn)年輕的公司規(guī)模小以及面臨更大的障礙時，他們尋求金融資源。<

47、;/p><p>　　艾瑞迪克、梅勒科和薩爾塔（2011）分析，通過統(tǒng)計數(shù)據(jù)發(fā)現(xiàn)宏觀經濟和制度因素影響中小企業(yè)融資貸款。在其它類似的研究中，作者發(fā)現(xiàn)了呈正相關關系的整體經濟發(fā)展（衡量人均收入）與金融發(fā)展（衡量的國內生產總值的私人借貸比率），另一方面，中小企業(yè)融資的水平卻相反。此外，作者表明，中小企業(yè)的融資水平還取決于法律結構和總體商業(yè)環(huán)境。</p><p>　　3.在中小企業(yè)融資過程中的一般障礙

48、</p><p>　　一般來說，獲得金融產品或金融服務或金融包容性假定沒有貿易壁壘的方式利用金融產品或服務,不管是否這些障礙或是不相關的定價（迪蒙瑞格-克魯特、貝克和霍諾根2008：2）。因此，在提高這種接入手段意味著增加的程度，金融產品或金融服務以一個公平的價格提供給每個人。</p><p>　　在企業(yè)內不使用的金融產品或服務可以分為幾類,其識別是必要的,以便采取必要的措施來改善他們的融

49、資渠道。因此，一方面企業(yè)獲得融資，一般的金融產品和服務，但不要使用他們，因為他們沒有可行的投資項目。另一方面，它可以區(qū)分非自愿拒絕企業(yè)，雖然這些企業(yè)需求但無法獲得財務或金融服務。企業(yè)自主融資或金融服務中出現(xiàn)的狀況在一些企業(yè)并未賺到足夠的資金或沒有融資機構所要求的保障，因此具有較高的信用風險。與此同時，當一些企業(yè)需要資金的情況時，金融和銀行機構因為所涉及的才成本太高而不能同意融資。最后，在企業(yè)的范疇內拒絕出現(xiàn)價格過高的金融產品或服務和不能

50、滿足他們要求的金融產品或服務。</p><p>　　融資渠道是企業(yè)發(fā)展和有效配置資金必不可少的。然而，與大企業(yè)相比，中小企業(yè)在尋求融資面臨著許多困難，這是因為以下幾個原因，包括：不穩(wěn)定和不完善的司法和立法結構，它不支持需要融資的企業(yè)和資金提供者之間的關系；部分的資金提供者和企業(yè)信息不完整或者甚至缺乏信息，這妨礙了企業(yè)和資金提供者之間正常和高效的發(fā)展關系；特別是在年輕的小公司，缺乏信用歷史和擔保的債權人，有時限制了

51、可以利用的金融產品的范圍。</p><p>　　多項調查進行，特別是世界銀行強調，融資是中小企業(yè)良好發(fā)展和成長的最大障礙之一。例如，世界銀行在2006年至2009年的調查發(fā)現(xiàn)，在世界范圍內31%的研究報告,企業(yè)融資的一個主要障礙是目前實施的方式,甚至更高的比例在40%的案件的年輕公司長達三年的經驗（查韋斯、克拉波爾和愛爾2010：1）。此外，一系列的全球調查，包括世界商業(yè)環(huán)境調查所提供的資料表明，中小企業(yè)的融資交

52、易成本是阻礙企業(yè)發(fā)展的最主要的因素。</p><p>　　4.中小企業(yè)銀行融資困難和支持措施</p><p>　　在大多數(shù)國家，尤其是在以銀行導向型金融體系的國家，中小企業(yè)外部融資的主要來源是由銀行貸款。因此，獲得這種類型的貸款對中小企業(yè)的發(fā)展是至關重要的。然而，調查顯示，中小企業(yè)與大企業(yè)相比使用的是很小程度的銀行融資中的新投資。</p><p>　　正如我們提到的

53、，使用金融產品是由供給和需求決定的。因此，重要的是了解為什么中小企業(yè)只在很小程度上使用銀行融資。在這方面，一些研究（班納吉和迪弗洛：2004）已經表明，主要原因與供給有關，因為每次當中小企業(yè)能夠獲得貸款，他們就用它來增加生產。企業(yè)的這種行為更加證明融資是企業(yè)發(fā)展的一個重要因素。此外，在當前全球金融危機的背景下，由于銀行貸款的可用性下降導致中小企業(yè)融資機會有限。因此，這是中小企業(yè)面臨的主要問題。</p><p>　

54、　2010年10月29日，這項在羅馬尼亞進行的中小企業(yè)調查凸顯了中小企業(yè)與銀行之間所面臨的主要問題。因此，82%的受采訪企業(yè)家認為獲得銀行融資是非常困難的，主要是因為過度官僚主義、不合理的高要求、高利率、剛性的銀行信用指標以及眾多類型的傭金和費用。此外，超過 61%的中小企業(yè)的企業(yè)家和管理者報告銀行缺乏透明度 (費用隱藏、缺乏溝通渠道等），沒有真正的協(xié)商（使用標準的合同、銀行拒絕修改或完成信貸合同等）和銀行不正當或濫用合同條款（例如執(zhí)行

55、未經授權的交易賬戶或一般銀行詐騙）。了解這方面的知識對采取措施為支持和促進中小企業(yè)融資至關重要。</p><p>　　改善中小企業(yè)融資問題仍然值得關注，也是國家、歐洲和國際當前面臨的一個挑戰(zhàn)。例如，在歐盟范圍，通過執(zhí)行小型企業(yè)管理局為歐洲設立的新措施來改善中小企業(yè)融資渠道，通過降低結構基金回報的要求促進中小企業(yè)的準入，建立“信用監(jiān)察員”以促進中小企業(yè)和信貸機構之間的對話，避免稅收立法的雙重征稅，這將妨礙國際風險投

56、資，起著重要的作用。</p><p>　　特別是有實證的大量研究，強調影響一個國家金融發(fā)展程度至關重要的是中小企業(yè)融資的發(fā)展程度。因此，當局采取一系列的措施以支持中小企業(yè)獲得融資，確保國家金融高效發(fā)展，這將確保企業(yè)融資更大的可用性。具體地說，當局應該針對通常用來衡量金融發(fā)展程度的七大支柱采取措施，即制度環(huán)境，商業(yè)環(huán)境，金融穩(wěn)定，銀行金融服務，非銀行金融服務，金融市場和金融準入。</p><p&

57、gt;<b>　　5.結論</b></p><p>　　有效的融資對中小企業(yè)創(chuàng)造新的業(yè)務具有重要的意義，并成長和發(fā)展企業(yè)已有的，同時促進國家的經濟和社會的發(fā)展。此外，在經濟危機的情況下，中小企業(yè)有助于恢復國民經濟，所以扶持中小企業(yè)融資顯得尤為重要。然而，大多數(shù)調查報告強調，始終中小企業(yè)的融資渠道是影響其運行和發(fā)展的一個最重要的因素。</p><p>　　中小企業(yè)試圖獲

58、得必要的資金資源時面臨困難，關系到企業(yè)家和每個國家的經濟環(huán)境，以及現(xiàn)有法律和制度結構。為了減輕這些困難，公共當局所采取的措施應著重于提高金融發(fā)展，從而確保企業(yè)融資和經濟增長更大的有效性。</p><p>　　在各國，包括羅馬尼亞，關于中小企業(yè)融資的可用性下降，甚至缺乏統(tǒng)計數(shù)據(jù)，我們認為政策制定者需要將重點放在具體化和監(jiān)控一系列的重要指標，如根據(jù)中小企業(yè)的大小、經驗和行業(yè)活動，按份額向其發(fā)放貸款，這將有益于公共當局