[雙語翻譯]中小企業(yè)融資難外文翻譯--中小企業(yè)銀行融資和出口活動

1、4700 英文單詞， 英文單詞，2.5 萬英文字符，中文 萬英文字符，中文 7900 字文獻出處： 文獻出處：Abor J Y, Agbloyor E K, Kuipo R. Bank finance and export activities of Small and Medium Enterprises[J]. Review of Development Finance, 2014, 4(2):97-103.Bank finance

2、 and export activities of Small and Medium EnterprisesJoshua Yindenaba Abor , Elikplimi Komla Agbloyor , Ransome KuipoAbstractThis study examines SMEs’ access to bank finance and how that affects their export activities.

3、 The study adopts a probit model to assess the empirical relations. The findings of the study suggest that SME access to bank finance improves their likelihood to export. Such finance is critical to cater for the high fi

4、xed costs of exporting, international marketing and branding, and meeting higher quality standards required for overseas markets. The results of the study also indicate that older firms, more productive firms, and larger

5、 firms are more likely to take the important step of entering into the export market. Policy interventions should therefore be directed at reducing the bottlenecks that prevent SMEs from accessing funding from the commer

6、cial banks.Keywords: Bank finance; Exports; SMEs; Ghana1. IntroductionExporting seems to be the most common foreign market entry mode. This is especially true for small firms, where the low resource commitment and high f

7、lexibility makes it a favor- able way to internationalize (Young et al., 1989; Leonidou and Katsikeas, 1996). It is well established that many firms, especially small firms have significant exporting potential, however,

8、relatively few of them have undertaken actual exporting (Yeoh and Jeong, 1995). This phenomenon could be attributed to firms’ difficulty in accessing the needed funds for export.Financial constraints are cited as an impo

9、rtant obstacle to firms’ investment in general and in particular to their desire to venture into export business. Recent literature in international trade has focused on the sunk costs that firms have to incur in order t

10、o enter foreign markets. These include expenses of gathering information on foreign markets, upgrading product quality, changing packaging, and establishing marketing channels. Greenaway et al. (2005) suggest that an imp

11、ortant determinant of firms’ investment and participation in the export market is finance. We therefore hypothesis that firms that have better access to financial resources are capable to meeting expenses and costs assoc

12、iated with the export business and there- fore are more likely to increase their involvement in the exports market.The ability of a firm to export a proportion of its sales is increasingly being regarded as an important

13、measure of competitive performance (Buckley et al., 1990). However, the decision to export could be influenced by access to requisite financing. This study contributes to the literature by investigating how SMEs’ access

14、to bank finance affects their export market participation. In particular, we focus on SMEs in Ghana. Previous studies on Ghana focused on problems non-traditional exporters face in accessing finance (Buatsi, 2002; Abor a

15、nd Biekpe, 2006) and how export status influence firms financing choice (Abor, 2007a). This current study aims at filling this research gap by examining the link between access to bank finance and exports of SMEs.The res

16、t of the paper is organized as follows; Section 2 pro- vides stylized facts on exporting in Ghana. Section 3 describes the methodology used in the study. Section 4 presents the empir- ical results, and finally in Section

17、 5 we conclude the study and provide policy recommendations.2. Overview of SME development and exports in GhanaAlso, SMEs are not able to afford the high cost of training and advisory services while others do not see the

18、 need to upgrade their skills. In terms of technology, SMEs often have difficulties in gaining access to appropriate technologies and information on available techniques (Aryeetey et al., 1994). In most cases, SMEs utili

19、ze foreign technology with a scarce percentage of shared ownership or leasing. They usually acquire foreign licenses, because local patents are difficult to obtain. Regulatory constraints also pose serious challenges to

20、SME development and although wide ranging structural reforms have led to some improvements, prospects for enterprise development remain to be addressed at the firm-level. The high start-up costs for firms, including lice

21、nsing and registration requirements, can impose excessive and unnecessary burdens on SMEs. Further, the high cost of settling legal claims, and excessive delays in court proceedings adversely affect SME operations. In th

22、e case of Ghana, the cumbersome procedure for registering and commencing business are key issues often cited. The World Bank Doing Business Report (2013) indicated that it takes 12 days to start a business, 19 days to ex

23、port, 1.9 years to resolve insolvency and 487 days to enforce a contract.Though previously insulated from international competition, many SMEs are now faced with greater external competition and the need to expand market

24、 share. However, their limited inter- national marketing experience, poor quality control and product standardization, and little access to international partners, continue to impede SMEs’ expansion into international ma

25、rkets (Aryeetey et al., 1994; Kayanula and Quartey, 2000). They also lack the necessary information about foreign markets.3. Literature reviewBanks make a wide variety of loans to a wide variety of customers for many dif

26、ferent purposes. However, small businesses often encounter difficulties when applying to providers of finance for credit to support fixed capital investment and to provide working capital for their operations (Tucker and

27、 Lean, 2003). SMEs’ access to bank loans is mainly affected by both demand and supply constraints. The demand constraints refer to factors that make it difficult for SMEs themselves to seek external finance from financia

28、l institutions such as poor quality of potential projects that qualify for funding and the inability of SMEs to draft convincing business plans and pro-forma financial statements. The supply constraints refer to those fa

29、ctors that make it difficult for financial institutions like banks to lend (supply loans) to SMEs including, higher levels of informational asymmetries related to SME lending, higher transactional costs, inherently riski

30、er nature of SMEs and institutional weakness in developing countries that make it more difficult for financial institutions to lend to SMEs.SMEs are viewed to be risky because many of them do not survive due to a myriad

31、of reasons. SME closure rates exceeded 20% per year (Liedholm, 2001) and most of them fail in their first year (Biekpe, 2004). The level of risk is inversely related to the size of the firm. In terms of transaction costs

32、, banks experience higher transaction costs in their dealings with SMEs. The cost of lending may in some circumstances be viewed as fixed. These costs include administrative, legal and acquisition of informa- tion from a

33、 specialized agent. The cost structure for two loans is likely to be quite similar regardless of the size of the loan. For example, it may cost a bank a similar dollar amount to process an SME loan request of $10,000 as

34、against a loan of $100,000 from a larger corporation. Therefore, due to scale economies, the cost of lending to larger firms is likely to be lower. Also, trans-actional costs in terms of loan monitoring after disbursemen