中小企業(yè)的融資渠道的領(lǐng)域概述外文翻譯、英漢互譯、中英對(duì)照

1、密級(jí)： nanchang university外 文 翻 譯thesis of bachelor（20082012年）學(xué) 院: 共青學(xué)院 系 別: 經(jīng)濟(jì)貿(mào)易系 專 業(yè): 經(jīng)濟(jì)學(xué) the areas of sme financing channels: an overview1. introduction in all countries, smes are an important source of economic growth and create jobs. in addition, these companies through their dynamism and flexibil

2、ity, the power of innovation and development.the research method is to start from the literature to highlight 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 so

3、me empirical research. 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.2. the literature on smes financing channelsa popular academic literature on the fina

4、ncing channels of smes, has witnessed a lot of research to solve this problem.countless research studies have indicated that financing channels is a critical obstacle in the growth and development process, especially in small and medium enterprises.through baker dumont reggae - ke lute, ivan, and ma

5、rca 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 highlights the corporate finance and its characteristics such as age, size and structure of pro

6、perty rights. from this perspective, the authors found that the small size of the young company, and face greater obstacles when they seek financial resources.the iresearch dick mei leke and salta (2011) analysis of macroeconomic and institutional factors affecting sme financing loans through the st

7、atistical data found. in other similar studies, 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 other hand, the level of sme financing is

8、 the opposite. in addition, the authors show that the level of financing for smes depends on the legal structure and overall business environment.3. in the process of sme financing in the general obstacles in general, access to financial products or financial services or financial inclusion assumes

9、that there is no trade barriers to the use of financial products or services, regardless of whether these barriers or non-related pricing (dumont reggae - ke lute, baker, and honorine root 2008:2). therefore, to improve this means of access means increasing the degree of financial products or financ

10、ial services at a fair price to everyone. enterprise 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 the one hand, enterprises obtain fina

11、ncing, 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 refuse corporate although these business needs, but not have access to financial services. the status of independent corp

12、orate finance or financial services in some companies do not earn enough money or safeguards required by financing institutions and therefore have higher credit risk. at the same time, when some companies in need of funding, financial and banking institutions involved too costly and can not agree to

13、 financing. finally, in the context of the enterprise refused to appear over-priced financial products or services and financial products or services that meet their requirements. financing channels for enterprise development and the efficient allocation of funds essential. however, compared with la

14、rge enterprises, smes 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 and funding the relationship between; part of the funding and co

15、rporate information is incomplete or even lack of information, which hinders the normal and efficient development of relations between enterprises and providers of finance; especially in the young company, the lack of credit history and guarantees the creditors, and sometimes limits the range of fin

16、ancial products that can be used.the number of surveys, especially the world bank stressed 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

17、major obstacle 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, including the information provided by the world business environment survey sho

18、w that sme financing transaction costs is the main obstacle to enterprise development.4.sme bank financing difficulties and support measuresin most countries, especially in countries with bank-oriented financial system, the main source of external financing for smes by bank loans. therefore, this ty

19、pe 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 bank financing.as we mentioned, the use of financial products is determined by supply and demand. it is therefore important to

20、understand why the smes use bank financing to a small extent only. in this 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 financin

21、g is an important factor in the development of enterprises. in addition, in the context of the current global financial crisis, the declining availability of bank loans and limited financing opportunities for smes. therefore, it is the main problem facing small and medium enterprises.october 29, 201

22、0, this survey of smes in romania highlights the main problems faced by smes and banks. 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 we

23、ll as 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 channels, etc.), there is no real consultation (using the standard contract, the bank refused to modify or complete the

24、credit contract, etc.) and banks do not legitimate or misuse of the terms of the contract (for example, perform the unauthorized transaction accounts or bank fraud). understanding this knowledge to take measures to support and promote sme financing.improve sme financing is still cause for concern, b

25、ut 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 for europe to improve the financing channels for smes, by reducing the return of the structural funds requirements

26、to promote the access of small and medium enterprises, the establishment of the credit ombudsman to promote small and medium-sized enterprises and dialogue between the credit institutions, to avoid the double taxation of the tax legislation, which will hinder the international venture capital plays

27、an important role.in particular, empirical research, emphasizing the impact of the degree of financial development of a country is essential that the level of development of the sme financing. therefore, a series of measures to support smes to obtain financing, to ensure the efficient development of

28、 the countrys financial, which will ensure greater availability of corporate finance. specifically, the authorities should take measures commonly used to measure the degree of financial development in the seven pillars, namely, the institutional environment, business environment, financial stability

29、, banking and financial services, non-bank financial services, financial markets and access to finance.5 .conclusion effective financing for smes to create new business is of great significance, and existing growth and development of enterprises, while promoting the countrys economic and social deve

30、lopment. in addition, in the case of the economic crisis, smes contribute 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 factor to affect its

31、operation and development. 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 existing legal and institutional structure. to alleviate these difficulties, the measures taken by public authori

32、ties should focus on improving the financial development and to ensure that the corporate finance and economic growth, greater effectiveness. 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

33、 need to focus 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(lái)自羅馬安吉拉 中小企業(yè)的融資渠道的領(lǐng)域:概述（奧拉迪亞大學(xué)：經(jīng)濟(jì)科學(xué)，2011年第一卷第一期，431-437）摘要通過(guò)中小企業(yè)在創(chuàng)造附加值和新的就業(yè)崗位中的貢獻(xiàn)

34、,使它在國(guó)家的經(jīng)濟(jì)和社會(huì)發(fā)展中擁有一個(gè)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(zhǎng)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(gè)主要障礙部署和擴(kuò)大他們的活動(dòng)。本文旨在強(qiáng)調(diào)中小企業(yè)融資擔(dān)保所面臨的困難，強(qiáng)調(diào)國(guó)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(shè)計(jì)和執(zhí)行適當(dāng)?shù)拇胧r(shí)了解中小企業(yè)融資難問(wèn)題是必要的，這將有助于中小企業(yè)獲得融資。因此,另一個(gè)問(wèn)題處理,綜合分析在本文的公共機(jī)構(gòu)所采取的一系列措施,以支持中小企業(yè)獲得融資。關(guān)鍵詞：中小企業(yè)，融資渠道，融資約束，銀行融資，支持措施中小企業(yè)的融資渠道的領(lǐng)域:概述1.介紹在所有國(guó)家，中小企業(yè)是經(jīng)濟(jì)增長(zhǎng)和創(chuàng)造工作機(jī)

35、會(huì)的一個(gè)重要來(lái)源。此外，這些企業(yè)通過(guò)他們的活力和靈活性，是創(chuàng)新和發(fā)展的動(dòng)力。本文的研究方法采用從文獻(xiàn)入手以突出我們研究主題的重要性。本文分析了基于主要由世界銀行的調(diào)查提供的數(shù)據(jù)和統(tǒng)計(jì),在羅馬尼亞通過(guò)一定的實(shí)證研究中小民營(yíng)企業(yè)。根據(jù)所采用的方法，指出了中小企業(yè)融資難問(wèn)題和增強(qiáng)公共機(jī)構(gòu)的關(guān)注的重要性，尤其是為提高金融發(fā)展采取的措施。2.關(guān)于中小企業(yè)的融資渠道的文獻(xiàn)關(guān)于中小企業(yè)的融資渠道的一個(gè)熱門(mén)的學(xué)術(shù)文獻(xiàn),見(jiàn)證了大量解決這樣的問(wèn)題的研究。無(wú)數(shù)的調(diào)查研究指出,融資渠道是企業(yè)的成長(zhǎng)與發(fā)展過(guò)程中的一個(gè)至關(guān)重要的阻礙，特別是在中小企業(yè)。通過(guò)貝克、迪蒙瑞格-克魯特、伊萬(wàn)和馬卡斯莫維奇(2004)調(diào)查研究，反

36、映了來(lái)自80個(gè)國(guó)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(diǎn)之間的關(guān)系，如年齡、規(guī)模和產(chǎn)權(quán)結(jié)構(gòu)。從這個(gè)角度來(lái)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(shí)，他們尋求金融資源。艾瑞迪克、梅勒科和薩爾塔（2011）分析，通過(guò)統(tǒng)計(jì)數(shù)據(jù)發(fā)現(xiàn)宏觀經(jīng)濟(jì)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(guān)關(guān)系的整體經(jīng)濟(jì)發(fā)展（衡量人均收入）與金融發(fā)展（衡量的國(guó)內(nèi)生產(chǎn)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(jié)構(gòu)和總體商業(yè)環(huán)境。3.在中小企業(yè)融資過(guò)程中的一般障礙一般來(lái)說(shuō)，獲得金融產(chǎn)品或金融服務(wù)

37、或金融包容性假定沒(méi)有貿(mào)易壁壘的方式利用金融產(chǎn)品或服務(wù),不管是否這些障礙或是不相關(guān)的定價(jià)（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(chǎn)品或金融服務(wù)以一個(gè)公平的價(jià)格提供給每個(gè)人。在企業(yè)內(nèi)不使用的金融產(chǎn)品或服務(wù)可以分為幾類,其識(shí)別是必要的,以便采取必要的措施來(lái)改善他們的融資渠道。因此，一方面企業(yè)獲得融資，一般的金融產(chǎn)品和服務(wù)，但不要使用他們，因?yàn)樗麄儧](méi)有可行的投資項(xiàng)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(wú)法獲得財(cái)務(wù)或金融服務(wù)。企業(yè)自主融資或金融服務(wù)中出現(xiàn)的狀況在一些企業(yè)并未賺到足夠的資金或沒(méi)有融資機(jī)構(gòu)所要求的保障，因此具有較高的信

38、用風(fēng)險(xiǎn)。與此同時(shí)，當(dāng)一些企業(yè)需要資金的情況時(shí)，金融和銀行機(jī)構(gòu)因?yàn)樗婕暗牟懦杀咎叨荒芡馊谫Y。最后，在企業(yè)的范疇內(nèi)拒絕出現(xiàn)價(jià)格過(guò)高的金融產(chǎn)品或服務(wù)和不能滿足他們要求的金融產(chǎn)品或服務(wù)。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?yàn)橐韵聨讉€(gè)原因，包括：不穩(wěn)定和不完善的司法和立法結(jié)構(gòu)，它不支持需要融資的企業(yè)和資金提供者之間的關(guān)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(guān)系；特別是在年輕的小公司，缺乏信用歷史和擔(dān)保的債權(quán)人，有時(shí)限制了可以利用的金融產(chǎn)品的范圍。多項(xiàng)調(diào)查進(jìn)行，特別是世界銀行強(qiáng)調(diào)，融資是中小企業(yè)良好發(fā)展和成長(zhǎng)的最大障礙之一。例如，世界銀行在2006年至2009年的調(diào)查發(fā)現(xiàn)，在世界范圍內(nèi)31%的研究報(bào)告,企業(yè)融資的一個(gè)主要障礙是目前實(shí)施的方式,甚至更高的比例在40%的案件的年輕公司長(zhǎng)達(dá)三年的經(jīng)驗(yàn)（查韋斯、克拉波爾和愛(ài)爾2010：1）。此外，一系列的全球調(diào)查，包括世界商業(yè)環(huán)境調(diào)查所提供的資料表明，中小企業(yè)的融資交易成本是阻礙企業(yè)發(fā)展的最主