工商管理外文翻譯---貸款擔(dān)保的違約成本和對小企業(yè)的利處

1、<p><b>　　外文翻譯之一</b></p><p>　　LOAN GUARANTEES:COSTS OF DEFAULT AND BENEFITS TO SMALL FIRM</p><p>　　作者：ALLAN L. RIDING& GEORGE HAINES JR. </p><p><b>　　國籍：Ca

2、nada</b></p><p>　　出處：Carleon University, Ottawa, Ontario, Canada</p><p><b>　　原文正文：</b></p><p>　　Governments of most countries seek to encourage Small and Medium Si

3、zed Enterprise (SME) growth and the job creation that many believe is fostered by such growth. Substantive growth usually requires expansion capital. It is often perceived that compared with larger firms, SMEs face dispr

4、oportionately less access to the debt capital they need for start-up, growth, and survival.Consequently, governments and trade associations have often intervened in credit markets by taking on the role of guaranto</p&

5、gt;<p>　　Loans that support the expansion of small enterprises may convey significant benefits to the borrowing firms and, through job creation and retention, to the rest of society. However, to the extent that so

6、me borrowers are unable to meet the repayment obligations of their debt, guarantors also face material real costs of honoring their guarantee to the lenders. Loan guarantee programs are designed in a variety of ways. Oft

7、en these programs do not appear to reflect guidance from economic theory or </p><p>　　In addition, analysis of the lenders’ motives suggests that default rates on the portfolio of guaranteed loans and, there

8、fore, the costs of honoring guarantees, are particularly sensitive to the level of the guarantee. Small reductions in the level of the guarantee (for example, guaranteeing80%of principal and accrued interest instead of 8

9、5%) could lead to substantial reductions in default rates. Debate persists in economic theory about whether or not government intervention in the credit market</p><p>　　貸款擔(dān)保的違約成本和對小企業(yè)的利處</p><p>

10、　　作者：亞倫.瑞德 喬治.海恩斯</p><p><b>　　國籍：加拿大</b></p><p>　　出處：加拿大.安大略省.渥太華市.carleon大學(xué)</p><p><b>　　中文譯文：</b></p><p>　　大多數(shù)國家的政府鼓勵中小企業(yè)的成長，并認(rèn)為中小企業(yè)的成長能促進(jìn)就業(yè)機(jī)

11、會的增長。中小企業(yè)實質(zhì)性的成長需要資本擴(kuò)張。通常認(rèn)為，相對于大企業(yè)而言，中小企業(yè)面臨著不成比例或者說很少能籌集到其發(fā)起、成長和生存所需要的債務(wù)資本。政府和行業(yè)協(xié)會常常扮演者信貸擔(dān)保人的角色以使貸款機(jī)構(gòu)向中小企業(yè)發(fā)放貸款。例如，在美國，小企業(yè)管理局向符合條件的小企業(yè)發(fā)放銀行貸款擔(dān)保。類似的計劃，實際上，在其他國家例如加拿大，日本，英國，韓國和德國</p><p>　　都存在。法國、西班牙和其他國家的行業(yè)協(xié)會也常常扮

12、演著這種角色。</p><p>　　支持?jǐn)U大小企業(yè)的貸款，可能會給借款單位帶來顯著效益；并且能夠通過創(chuàng)造新的就業(yè)崗位和保留原來的崗位，也會給整個社會帶來顯著效益。然而，從某種程度上，一些借款人無法履行期借款償還義務(wù)，擔(dān)保者也面臨著向放款者履行地?fù)?dān)保義務(wù)的物質(zhì)上的實際成本。貸款擔(dān)保計劃書有各種各樣的設(shè)計樣式。通常，這些計劃書的出現(xiàn)并不直接反映經(jīng)濟(jì)理論或經(jīng)驗方面的指南。這篇論文是基于實證研究以對比貸款擔(dān)保的成本和收益

13、。此外，本篇論文使用研究結(jié)果和經(jīng)濟(jì)理論向貸款計劃的設(shè)計給以指導(dǎo)。最后，研究表明，貸款擔(dān)保計劃是支持本身具有風(fēng)險的新型企業(yè)發(fā)起、存在和生存的有效方式。研究發(fā)現(xiàn)，大量的總量和增量的就業(yè)崗位的創(chuàng)造可以歸因于加拿大的貸款擔(dān)保計劃。這篇論文回顧了以前試圖進(jìn)行的貸款擔(dān)保計劃的陳本收益分析。研究發(fā)現(xiàn)，國際范圍內(nèi)，違約率存在著很大差異。公布的數(shù)據(jù)表明，違約率從不到5%（德國）到超過40%（英國）。據(jù)此期間，對重點向加拿大實施的貸款擔(dān)保和中小企業(yè)貸款法的

14、實證分析的結(jié)果表明：（1）根據(jù)中小企業(yè)貸款法，貸款擔(dān)保提供了一種非常有效的創(chuàng)造就業(yè)崗位的方式，并給與創(chuàng)造的每個崗位的成本非常低的估計；（2）新企業(yè)的違約可能性更大，并且這種可能性隨</p><p>　　此外，對貸款人的動機(jī)分析表明擔(dān)保貸款組合的違約率和履行擔(dān)保的成本對保證水平特別敏感。保證水平的小幅度減?。ɡ?，保證80%的本金和利息而不是85%的本金和利息）可能導(dǎo)致違約水平的大幅度減小。盡管有發(fā)現(xiàn)說明擔(dān)保貸款似