外文翻譯—中小企業(yè)融資（節(jié)選）

1、<p>　　字?jǐn)?shù)：英文2177單詞，11410字符；中文3954漢字</p><p>　　出處：Rupeika-Apoga R. Financing in SMEs: case of the Baltic States[J]. Procedia-Social and Behavioral Sciences,2014,150: 116-125.</p><p><b>　

2、　外文文獻(xiàn)：　</b></p><p>　　Financing in SMEs: Case of the Baltic States</p><p>　　Abstract Access to finance represents one of the most significant challenges for SMEs’ entrepreneurs. To ensure

3、SMEs creation, existence and growth it is vitally important to understand the financing needs of SMEs and entrepreneurs, the main obstacles to finance availability and accessibility. The study indicates the difficulties

4、in SMEs financing for the three Baltic States and provides the governments and other stakeholders with a tool to understand SMEs’ financing needs. The study results hi</p><p>　　Keywords: SMEs financing, acce

5、ss to finance, alternative finance recourses, the Baltic States</p><p>　　1.Introduction</p><p>　　2008-2009 financial crises has effected availability of external financing for SMEs more dramatic

6、ally than large enterprises, in the form of higher interest rates, shortened maturities and increased request for collateral. As a result nowadays access to finance represents one of the most significant challenges for S

7、MEs’ entrepreneurs. In the Baltic States SMEs form the largest part of companies, providing the majority of jobs. Nevertheless, SMEs commonly follow “niche strategies,” using high pro</p><p>　　Over the past

8、two decades, the Baltic exchanges have strived to address their clients’ needs by employing the latest developments and innovations, and in taking the lead in reforming the securities market. This process has been accele

9、rated by integrating with one of the world’s largest exchange operator and technology supplier across six continents, NASDAQ OMX Group. Altogether, above eighty companies are listed on two Baltic equities lists, which ha

10、d a market cap of around EUR 5.8 billion in Ju</p><p>　　2.Literature Review And Hypotheses</p><p>　　2.1.Access to finance as a challenge for SMEs’ existence</p><p>　　Over 2007-2010

11、in most countries, SMEs faced more severe credit conditions that did large enterprises, in the form of higher interest rates, shortened maturities and increased request for collateral (OECD, 2012). After a slight improve

12、ment in 2010, credit conditions tightened in most countries in 2011, possibly triggered by an increased awareness of risk on the part of lending institutions. In the Euro area, trends in nominal interest rates reflected

13、tensions on sovereign debt, which increased a</p><p>　　Conducted literature and surveys review shows that importance of access to finance significantly differs by country development level, business environm

14、ent and economic prospects.</p><p>　　H1: Access to finance is one of the main challenges for SMEs to doing business in the Baltic States</p><p>　　2.2.Alternative finance resources</p><

15、;p>　　When a company wants to raise money, one of its first decisions is whether to do so by bank lending or by issuing bonds and shares. In the 20th century, most company finance, apart from share issues was raised by

16、 bank loans. But since about 1980 there has been an ongoing trend for disintermediation, where large and credit worthy companies have found they effectively have to pay out less in interest if they borrow from the capita

17、l markets rather than banks. The tendency for companies to borrow fr</p><p>　　H2: The importance of alternative financing for the Baltic States is growing</p><p>　　3.Methodology</p><p

18、>　　3.1.Research Goal</p><p>　　In this study the author aims to highlight importance of alternative funds as a source of external financing for the Baltic States SMEs. The research indicates the difficulti

19、es in SMEs financing and provides the governments and other stakeholders with a tool to understand SMEs’ financing needs that helps to improve the access to financing for companies and to support the design and evaluatio

20、n of policy measures and to monitor the implications of financial reforms on SMEs’ access to finance.</p><p>　　During development of the paper the generally accepted qualitative and quantitative methods of e

21、conomic research were used including comparative analysis and synthesis, graphical illustration methods.</p><p>　　3.2.Sample and Data Collection</p><p>　　The analysis conducted in this paper is

22、based on data and statistics provided mainly by the Baltic States Central banks, Venture Capital funds and grants programmes, by certain empirical studies and by the World economic forum data base.</p><p>　　

23、3.3.Analyses and Results</p><p>　　Survey on the access to finance of small and medium-sized enterprises (SMEs) in the euro area conducted by ECB has highlighted that in 2013 “Access to finance” was second ra

24、nked most pressing problem faced by SMEs in the Euro Area (16%), with a wide divergence across countries, with similar results in previous years (see Fig 1).</p><p>　　On the high side, 32% of the SMEs in Gre

25、ece, 23% in Spain and 20% in Ireland, Italy and the Netherlands mentioned access to finance as the most pressing problem, compared with around 8% of the SMEs in Germany and Austria on the low side (see Fig. 2).</p>

26、<p>　　Finding customers is the main concern for euro area SMEs (24% of euro area SMEs), whereas availability of skilled staff or experienced managers (14%) and cost of production or labour were mentioned as other

27、very important obstacles for doing business.</p><p>　　Across euro area countries, when asked how pressing “access to finance” is as a problem in their current situation, a very large percentage of firms in G

28、reece (61%), Spain and Italy (both 50%) and, to a lesser extent, Portugal (40%) reported that this is a very pressing problem (scale 7-10), while the corresponding percentage in Germany and Belgium is around 30% and in F

29、inland it drops to 24%. At the same time, 55% of firms in Finland, 45% in Belgium, and 43% in Germany and Austria considered ac</p><p>　　In accordance with SME Finance forum data, access to finance is the ma

30、jor problem for ¼ of all SMEs in Latvia and Lithuania (see table1) and mostly companies are using loans (about 20% of all companies) or overdrafts (about 10% ). Almost half of the companies have stated that they don

31、’t need credit and companies that received loans had gotten them from private commercial banks (about 80%).</p><p>　　Table 1 Access to finance as major/ severe barrier in the Baltic States SMEs (SME Finance

32、 forum data)</p><p>　　The results of the conducted analysis support H1- Access to finance is one of the main challenges for SMEs to doing business in the Baltic States as well in Europe and that importance o

33、f access to finance significantly differs on country development level, business environment and economic prospects.</p><p>　　In table 2 the author reflected her personal knowledge of financial resources ava

34、ilability in the Baltic markets. The summary is general, and of course shifts in both directions are possible.</p><p>　　Table 2 Access to finance for new and small/ unknown companies</p><p>　　Av

35、ailability of financial funds strongly depends on company development level, the bigger and familiar you are the broader choices you have. What is important, that for new companies alternative funds are more available: b

36、usiness angels, venture capital funds, different government support programs and seed funding. This field for Baltic States is rather new, but it’s new also for other countries as a result all countries (more or less) ar

37、e in the same conditions and as showed previous analysis t</p><p>　　Analysing availability of financial services in the Baltic States in general, the author concluded that in Estonia companies and individual

38、s have better access than in Latvia and Lithuania, ranking Estonia in 43 place (2012), within 45 best countries, at the same level as Slovak Republic and Czech Republic, and not far from Japan’s and Israel’s levels. Wher

39、eas Latvia’s and Lithuania’s positions are 65 and 74 respectively, placing Latvia at the same level as Jamaica and Colombia, and for Lithuani</p><p>　　Conducted analysis supports H2 by emphasising the import

40、ance of alternative financing for the Baltic States.</p><p>　　4.Conclusion</p><p>　　Conducted empirical analysis proves that SMEs’ access to finance in the Baltic States is one of the major obst

41、acles to doing business in the Baltic States as well as in the rest of Europe and availability of alternative financing for the Baltic States is improving. As a result H1 (access to finance is one of the main challenges

42、for SMEs to doing business in the Baltic States) and H2 (the importance of alternative financing for the Baltic States is growing) are fully supported.</p><p>　　Availability of financial funds strongly depen

43、ds on company development level, the bigger and familiar you are the broader choices you have. What is important, that for new companies alternative resources: business angels, venture capital funds, different government

44、 support programs and seed funding are more available than bank loans. This field for the Baltic States is rather new, but it’s new also for other countries as a result all countries (more or less) are in the same condit

45、ions and hopef</p><p>　　The Baltic States Governments responded to the global financial crisis and its effects on SME financing with a variety of instruments. The most popular measure was loan guarantee prog

46、rammes, which expanded substantially over 2007-2011. Furthermore, new elements were added to these programmes, or new instruments were created outside of the traditional guarantee programmes. Other public instruments to

47、enhance SME finance included direct loans, micro loans, export guarantees, and support for risk c</p><p><b>　　中文譯文：</b></p><p>　　中小企業(yè)融資：以波羅的海國家為例</p><p>　　摘要 獲得融資是中小企業(yè)企

48、業(yè)家面臨的最大挑戰(zhàn)之一。為了確保中小企業(yè)的創(chuàng)建、生存和增長，了解中小企業(yè)和企業(yè)家的融資需求，以及資金可用性和可取性的主要障礙，顯得至關(guān)重要。這項(xiàng)研究表明, 三個(gè)波羅的海國家的中小企業(yè)存在融資困難，并向政府和其他利益相關(guān)者提供了解中小企業(yè)融資需求的工具。研究結(jié)果強(qiáng)調(diào)了諸如波羅的海等小發(fā)展中國家的外部融資替代資源的重要性，以及需要支持政策措施的設(shè)計(jì)和評(píng)估，并監(jiān)測金融改革對中小企業(yè)融資渠道的影響。</p><p>　　

49、關(guān)鍵詞：中小企業(yè)融資，融資渠道，替代融資資源，波羅的海國家</p><p><b>　　1.簡介</b></p><p>　　與大企業(yè)相比，2008-2009年的金融危機(jī)以較高利率、縮短到期日及增加抵押品的形式，對中小企業(yè)外部融資的有效性的影響更為顯著。因此，現(xiàn)在獲得融資是中小企業(yè)企業(yè)家面臨的最大挑戰(zhàn)之一。在波羅的海國家， 中小企業(yè)是公司的最大組成部分, 提供了大部分

50、的就業(yè)機(jī)會(huì)。然而，中小型企業(yè)通常遵循“利基戰(zhàn)略”，采用高品質(zhì)、靈活性和響應(yīng)客戶需求作為與大規(guī)模生產(chǎn)者競爭的手段（參見，例如，哈爾伯格，2000和斯諾德格拉斯，1996），許多研究人員著重指出,金融資源短缺和獲取融資是中小企業(yè)創(chuàng)新能力的主要障礙之一。波羅的海公司很難獲得商業(yè)銀行融資，特別是長期貸款，原因有很多，其中包括缺乏抵押品，難以證明信譽(yù)，現(xiàn)金流量小，信貸歷史不足，風(fēng)險(xiǎn)溢價(jià)高，銀行借款人關(guān)系不發(fā)達(dá)以及交易成本高。</p>

51、<p>　　在過去20年中, 波羅的海交易所一直致力于利用不斷更新的發(fā)展和改革來解決客戶的需求，并率先改革證券市場。波羅的海交易所通過與全球最大的交易所運(yùn)營商和跨越六大洲的技術(shù)供應(yīng)商之一的納斯達(dá)克OMX集團(tuán)進(jìn)行整合，加快了這一進(jìn)程。總共有八十家公司在兩個(gè)波羅的海股票清單上上市,其中在2013年7月的市值約為58億歐元。最大的股票市場在立陶宛, 然后在愛沙尼亞，最小的在拉脫維亞。對于中小企業(yè)而言，股票市場比債券市場更為有效。不

52、幸的是，在大多數(shù)情況下，只有眾所周知的、擁有良好的信譽(yù)且增長潛力高的中小企業(yè)才有可能選擇公開發(fā)行股票以供公眾購買。只有在這種情況下，公司才能吸引投資者并提高公眾利益。對于希望繼續(xù)進(jìn)行這一過程的公司，有嚴(yán)格的準(zhǔn)入要求。然而，如此小的上市公司數(shù)量和市場上限表明, 資本市場的可用性甚至比銀行貸款更成問題。</p><p><b>　　2.文獻(xiàn)綜述和假設(shè)</b></p><p&g

53、t;　　2.1.融資對中小企業(yè)生存的挑戰(zhàn)</p><p>　　在大多數(shù)國家，2007-2010年，與大型企業(yè)相比，中小企業(yè)面臨更為嚴(yán)峻的信貸條件，被要求較高利率、縮短到期日及增加抵押品（ 經(jīng)濟(jì)合作與發(fā)展組織，2012）。2010年略有改善之后，2011年大部分國家的信貸狀況收緊，這可能是由于借貸機(jī)構(gòu)對風(fēng)險(xiǎn)意識(shí)的提高而引發(fā)的。在歐元區(qū)，名義利率的趨勢反映出主權(quán)債務(wù)的緊張局面，由于國債利率通常是其余部門融資成本的一個(gè)

54、較低門檻，因此在2011年底有所增加。以各種調(diào)查為基礎(chǔ)的廣泛研究表明, 獲得融資是公司成長和發(fā)展的主要挑戰(zhàn)之一, 特別是在中小企業(yè)（皮奇，2004；貝克，2006； 貝克，2008；歐洲央行，2012）。使用企業(yè)級(jí)調(diào)查數(shù)據(jù)的大量研究表明，獲得融資和信貸成本構(gòu)成了中小企業(yè)融資的障礙（肖突尼斯，1999；希弗, 2001；加林多, 2003；泛美開發(fā)銀行，2004；貝克，2006（a）；貝克，2006（b））。在其他研究中也發(fā)現(xiàn)了類似的結(jié)果

55、：獲得信貸是哥倫比亞中小企業(yè)最大的制約因素之一（斯蒂芬諾，2008）；缺乏與管理、勞動(dòng)技能和法規(guī)相適應(yīng)的融資渠道是英國中小企業(yè)增長的主要制約因素（賓克斯，1997）；無法在斯洛文尼亞籌集外部資金是中小企業(yè)發(fā)</p><p>　　進(jìn)行的文獻(xiàn)調(diào)查報(bào)告顯示，獲得融資的重要性因國家發(fā)展水平、經(jīng)營環(huán)境和經(jīng)濟(jì)前景而不同。</p><p>　　假設(shè)1：獲得融資是中小企業(yè)在波羅的海國家開展業(yè)務(wù)的主要挑戰(zhàn)之

56、一</p><p>　　2.2.替代財(cái)務(wù)資源</p><p>　　當(dāng)一家公司想要籌集資金時(shí)，它的第一個(gè)決定是,是否通過銀行貸款或發(fā)行債券和股票。二十世紀(jì)以來，大多數(shù)公司的融資, 除了股票發(fā)行都是由銀行貸款籌集的。但是自1980年以來，一直存在著金融脫媒的持續(xù)趨勢，大型信貸公司已經(jīng)發(fā)現(xiàn)，如果他們從資本市場而不是銀行借款，他們實(shí)際上只需要付出較少的利息。在美國，公司從資本市場而不是銀行借款的趨

57、勢尤其強(qiáng)勁，而在歐洲，最受歡迎的外部資金來源是銀行貸款、銀行透支、貿(mào)易信貸，其他資源如證券、風(fēng)險(xiǎn)投資和其他基金則很少使用。</p><p>　　假設(shè)2：波羅的海國家的替代融資的重要性正在增加</p><p><b>　　3.方法</b></p><p><b>　　3.1.研究目標(biāo)</b></p><p

58、>　　在這項(xiàng)研究中，作者旨在強(qiáng)調(diào)替代資金作為波羅的海中小企業(yè)外部融資來源的重要性。研究表明，中小企業(yè)存在融資困難，并向政府和其他利益相關(guān)者提供了解中小企業(yè)融資需求的工具，有助于改善公司的融資渠道，支持政策措施的設(shè)計(jì)和評(píng)估，并監(jiān)測金融改革對中小企業(yè)融資渠道的影響。</p><p>　　在本文的開發(fā)過程中，采用了普遍接受的定性和定量的經(jīng)濟(jì)研究方法，包括比較分析和綜合，圖形說明方法。</p><

59、;p>　　3.2.樣本和數(shù)據(jù)收集</p><p>　　本文的分析是基于波羅的海各國中央銀行、風(fēng)險(xiǎn)投資基金和資助計(jì)劃等數(shù)據(jù)和統(tǒng)計(jì)，以及一些實(shí)證研究和世界經(jīng)濟(jì)論壇數(shù)據(jù)庫。</p><p><b>　　3.3.分析和結(jié)果</b></p><p>　　歐洲央行進(jìn)行的關(guān)于歐元區(qū)中小企業(yè)融資情況調(diào)查顯示，2013年，“獲得融資”是歐元區(qū)中小企業(yè)面臨的

60、第二大緊迫問題（16％），各國之間的差異很大, 往年也有類似的結(jié)果 (見圖1)。</p><p>　　圖.1 國家對歐元區(qū)中小企業(yè)面臨的最緊迫問題的貢獻(xiàn), 國家對被調(diào)查者百分比的貢獻(xiàn) (歐洲央行, 2013)</p><p>　　在高的地方，希臘32%的中小企業(yè)，西班牙23% 的中小企業(yè)，愛爾蘭中小企業(yè)、意大利、荷蘭20% 的中小企業(yè)，都提到獲得融資是最緊迫的問題, 相比之下,偏低的地方，

61、只有德國和奧地利8%的中小企業(yè)有提到 (見圖 2)。</p><p>　　圖.2 中小企業(yè)獲得融資是歐元區(qū)最緊迫的問題,被調(diào)查者的百分比 (歐洲央行, 統(tǒng)計(jì)數(shù)據(jù)倉庫)</p><p>　　尋求客戶是歐元區(qū)中小企業(yè)（歐元區(qū)中小企業(yè)24％的中小企業(yè)）的主要關(guān)注點(diǎn)，而技術(shù)人員或經(jīng)驗(yàn)豐富的管理人員（14％），被提及的生產(chǎn)成本或勞動(dòng)力被認(rèn)為是開展業(yè)務(wù)的其他重要障礙。</p><p

62、>　　在歐元區(qū)各國，在當(dāng)前形勢下，當(dāng)問及“獲得融資”如何緊迫時(shí)是一個(gè)問題，希臘（61％）、西班牙和意大利（均為50％）的企業(yè)中很大一部分，葡萄牙（40％）企業(yè)中的較少部分，報(bào)告說這是一個(gè)非常緊迫的問題（7-10級(jí)），而相應(yīng)的比例在德國和比利時(shí)約為30％，芬蘭則下降到24％。與此同時(shí)，芬蘭55％、比利時(shí)45％、德國和奧地利43％的企業(yè)，認(rèn)為獲得融資不是緊迫的問題（1-3級(jí)）（歐洲央行，2013年）。</p><p

63、>　　根據(jù)中小企業(yè)金融論壇數(shù)據(jù)，獲得融資是拉脫維亞和立陶宛25%的中小企業(yè)的主要問題（見表1），大多數(shù)企業(yè)正在使用貸款（約20%的企業(yè)）或透支（約10％）。近一半的企業(yè)表示，他們不需要信貸，他們已經(jīng)從私人商業(yè)銀行獲得貸款（約80％）。</p><p>　　表1 獲得融資是波羅的海國家中小企業(yè)的主要/嚴(yán)重障礙（中小企業(yè)金融論壇數(shù)據(jù)）</p><p>　　實(shí)施分析的結(jié)果支持假設(shè)1——獲得

64、融資是中小企業(yè)在波羅的海國家以及歐洲開展業(yè)務(wù)的主要挑戰(zhàn)之一，獲得融資的重要性因國家發(fā)展水平、經(jīng)營環(huán)境和經(jīng)濟(jì)前景而不同。</p><p>　　在表2中，作者反映了她對波羅的海市場的資金資源可用性的了解?？偨Y(jié)是一般性的，當(dāng)然也可以在兩個(gè)方向上轉(zhuǎn)移。</p><p>　　表2 新興和小型/未知公司獲得融資</p><p>　　金融資金的可用性在很大程度上取決于公司的發(fā)展水

65、平，你的公司越大越被人所熟知，你選擇的范圍就越廣泛。重要的是，對于新公司來說, 替代資源如商業(yè)天使、風(fēng)險(xiǎn)投資基金、不同的政府支持計(jì)劃和種子資金比銀行貸款更容易獲得。這個(gè)領(lǐng)域在波羅的海國家的是相當(dāng)新的，但對其他國家來說也是新的。因此，所有國家（或多或少）都處于相同的條件，并希望這一細(xì)分市場將是波羅的海國家成為創(chuàng)新型經(jīng)濟(jì)體的途徑。</p><p>　　分析波羅的海國家金融服務(wù)的普遍可用性，作者總結(jié)認(rèn)為，在愛沙尼亞,

66、公司和個(gè)人比拉脫維亞和立陶宛有更好的機(jī)會(huì)，在最好的45個(gè)國家中，愛沙尼亞的排名在43位（2012），與斯洛伐克和捷克處在同一水平，接近日本和以色列的水平。拉脫維亞和立陶宛的排名分別為65和74，拉脫維亞與牙買加、哥倫比亞相同，傾向于立陶宛-烏干達(dá)和贊比亞。盡管愛沙尼亞的獲取融資渠道明顯好轉(zhuǎn)，但所有波羅的海國家的金融服務(wù)的負(fù)擔(dān)能力相當(dāng)相似，在144個(gè)國家中，拉脫維亞和愛沙尼亞分別排在第58位和第59位，立陶宛排在第73位。通過評(píng)估波羅的海

67、國家在世界各國的地位，與服務(wù)相比，拉脫維亞金融服務(wù)的負(fù)擔(dān)能力得到改善，而在愛沙尼亞情況則相反，至于立陶宛在這兩個(gè)決定因素的情況是一樣的。</p><p>　　通過強(qiáng)調(diào)波羅的海國家替代融資的重要性，實(shí)施的分析支持了假設(shè)2。</p><p><b>　　4.結(jié)論</b></p><p>　　實(shí)施的實(shí)證分析證明，中小企業(yè)在波羅的海國家獲得融資是在波羅

68、的海國家和歐洲其他國家開展業(yè)務(wù)的主要障礙之一，波羅的海國家的替代融資可用性正在得到改善。因此，假設(shè)1（獲得融資是中小企業(yè)在波羅的海國家開展業(yè)務(wù)的主要挑戰(zhàn)之一）和假設(shè)2（波羅的海國家的替代融資的重要性正在增加）得到了充分支持。</p><p>　　金融資金的可用性在很大程度上取決于公司的發(fā)展水平，你的公司越大越被人所熟知，你選擇的范圍就越廣泛。重要的是，對于新公司來說, 替代資源如商業(yè)天使、風(fēng)險(xiǎn)投資基金、不同的政府

69、支持計(jì)劃和種子資金比銀行貸款更容易獲得。這個(gè)領(lǐng)域在波羅的海國家的是相當(dāng)新的，但對其他國家來說也是新的。因此，所有國家（或多或少）都處于相同的條件，并希望這一細(xì)分市場將是波羅的海國家成為創(chuàng)新型經(jīng)濟(jì)體的途徑。</p><p>　　波羅的海各國政府通過各種手段對全球金融危機(jī)及其對中小企業(yè)融資的影響作出了回應(yīng)。最受歡迎的措施是貸款擔(dān)保計(jì)劃，其規(guī)模大大超過2007-2011年。此外，這些方案還增加了新的內(nèi)容, 或在傳統(tǒng)的擔(dān)