會計 金融 外文翻譯 外文文獻 英文文獻 未來的中小企業(yè)融資

1、未來的中小企業(yè)融資資料來源：銀行業(yè)與金融雜志，2006年7月版作者：艾倫伯杰，格雷戈瑞德爾中小企業(yè)融資環(huán)境背景已經改變未來。的經濟復蘇將取決于工藝的可能性、貿易和中小企業(yè)利用其潛在的經濟增長和就業(yè)機會的創(chuàng)造。經濟增長和就業(yè)是歐盟里斯本戰(zhàn)略的核心，其主要目的是使歐洲在世界上成為最具競爭力的和動態(tài)知識經濟，在這方面中小企業(yè)做出重大貢獻。然而,中小企業(yè)成長的能力取決于他們潛在的投資高度在重組、創(chuàng)新、資格。所有的這些投資，因此需要資本融資渠道。在這樣的背景下持續(xù)重復投訴的小企業(yè)融資問題就在于獲得融資，這是一個高度相關的約束，危及歐洲經濟復蘇。金融市場的變化影響信用機構的行為。最近，正在進行的銀行業(yè)發(fā)展

2、的關注增加，會進一步危及中小企業(yè)的融資渠道。主要的變化是影響銀行業(yè)中小企業(yè)融資是：l 全球化和國際化，增加了競爭和盈利的部門。l 經濟狀況日益惡化在一些機構(破裂的國貿中心泡沫，破產)集中在盈利能力的進一步加強。l 兼并和重組創(chuàng)造更大的結構和許多地方的分支機構，這些都有著直接的、個性化的聯(lián)系，小型企業(yè)、被關閉。l 即將實施新的資本充足率規(guī)則(巴塞爾)也會改變中小企業(yè)的信貸部門，并會增加它的行政費用。l 嚴格解釋規(guī)則由歐洲委員會支持銀行消除公眾保證，許多影響銀行非常積極地參與中小企業(yè)融資。所有這些變化導致更高的靈敏度風險和利潤的金融領域。金融市場的變化影響中小企業(yè)融資的可及性。更高的風險意識在信

3、貸部門,較強的集中在盈利能力和持續(xù)轉型的金融部門改變和影響中小企業(yè)融資結構的可及性對中小企業(yè)融資。最重要的變化是:l 為了操作更高的風險意識的業(yè)務，信用部門引入新儀器評級制度和信用評分法。l 對于中小企業(yè)的風險評估，銀行將迫使企業(yè)提交更多、更好的質量信息在他們的業(yè)務上。l 銀行試圖將通過他們的額外費用，對生產計劃進行實施與運行新的資本監(jiān)管在他們的業(yè)務。l 由于利率的壓力的增加,社會競爭,銀行部門的要求越來越高的服務收費(管理賬戶、支付系統(tǒng),等)，它不但為中小企業(yè)提供額外的費用也限制了他們的資金流動。l 中小企業(yè)會失去他們的個人關系與決策者在當?shù)胤种C構信用申請過程將變得更正式的和匿名的，可能將

4、失去長遠。l 信貸市場將失去越來越多的“公共職能”提供訪問融資具有廣泛的經濟活動主體，它已在多個國家,以支持和促進經濟增長，盈利能力的借貸成為主要的私人信貸機構把注意力集中。所有這些發(fā)展將為中小企業(yè)提供融資訪問更加困難，并且能增加成本的對外融資。和中小企業(yè)創(chuàng)業(yè)，想要進入新的市場，特別是關于金融形式短缺受苦。歐洲的行為準則的銀行和中小企業(yè)之間至少會有允許更高的透明度關系的銀行和中小企業(yè)UEAPME銀行部門遺憾不能同意這樣一個承諾。建立一個政策得方法，以進一步提高準入手工藝、貿易和中小企業(yè)融資。所有的分析表明，信貸將保持主要來源部門在歐洲。中小企業(yè)訪問融資一直是一個主要關注中小企業(yè),但最近在金融業(yè)

5、情況更加惡化。金融短缺已經是一個相關因子,這阻礙了歐洲的經濟復蘇。許多中小企業(yè)無法金融他們的需要進行投資。因此，UEAPME預期新歐盟委員會和新的歐洲議會來加強自己的努力來改善中小企業(yè)融資結構條件。歐洲的工藝品、貿易和中小企業(yè)要求一個無所不包的政策取向，既包含條件的中小企業(yè)獲得外部風險資金。從UEAPME的觀點這樣一個無所不包的方法應該是基于三個指導原則。l 風險分擔之間的私人投資者、金融機構、中小企業(yè)和公共部門。l 增加透明度的中小企業(yè)對外部投資者和貸款人。l 改善中小企業(yè)融資的監(jiān)管環(huán)境?；谶@些原則和背景，中小企業(yè)融資環(huán)境的變化，UEAPME提出了政策措施在以下幾個方面。1新資本要求指令:

6、中小企業(yè)友好地實施巴塞爾由于密集的游說活動，UEAPME連同其他商業(yè)協(xié)會在歐洲，已經取得了一些改善中小企業(yè)的支持對于巴塞爾新在監(jiān)管資本(巴塞爾)，最終協(xié)議由巴塞爾委員會包含一個更現(xiàn)實的態(tài)度來真正的風險狀況的中小企業(yè)貸款融資市場，并允許必要的變通余地，尊重不同區(qū)域的傳統(tǒng)和體制結構。但是,新的監(jiān)管體系,將影響銀行和中小企業(yè)之間的關系，這將在很大程度上取決于它將會以這樣的方式在歐洲執(zhí)行法律, 巴塞爾是否成為中小企業(yè)的負擔和它是否會減少的融資渠道。新資本協(xié)議的形式巴塞爾委員會給金融市場當局并闡述歐洲機構，有很強的靈活性。大約在70個地區(qū)，他們有空間來適應他們的特定的需要，符合歐盟的法律。其中有些人將產

7、生重要的影響的成本和獲取資金的中小企業(yè)。UEAPME希望因此形成新的歐盟委員會和新的歐洲議會。l 執(zhí)行新的資金要求指令將耗資巨大，金融業(yè)(至多30億歐元至2006年)和它的客戶不得不付出代價。因此，執(zhí)行特別是對小銀行，這通常都是非?；钴S于中小企業(yè)融資進行了小的行政負擔的可能（提交報告的義務、統(tǒng)計學等）。歐洲監(jiān)管機構必須盡可能認識到傳統(tǒng)的文書抵押（擔保等）。l 歐盟委員會及后來的成員國應該接受來自歐洲議會關于粒度、進入零售組合、成熟、局部使用，適應閾值等建議，這將緩解中小企業(yè)融資的負擔。1中小型企業(yè)需要透明的評級程序由于較高的風險意識的金融部門的需要巴塞爾，許多中小企業(yè)將面臨首次與內部評級的程序

8、或他們的銀行信用評分系統(tǒng)。銀行將需要更多、更好的質量信息，并從客戶和他們將評估以一個新的方法。雙方即將事態(tài)發(fā)展已經引起越來越多的中小型企業(yè)不確定性。為了減少這種不確定性，讓中小企業(yè)了解一些新的風險評估、UEAPME要求透明的評價程序，可能不會成為一個“黑箱”中小企業(yè)。l 銀行應該傳播相關標準評級中小企業(yè)的影響。l 銀行應及時通知對其評價中小企業(yè)，以便中小企業(yè)行政改善。在歐洲行為準則的銀行和中小企業(yè)之間的談判，這將包括一個自我承諾透明的評級程序，銀行、失敗了。因此,UEAPME指望從新的歐盟委員會和新的歐洲議會支持:l 具有約束力的規(guī)則框架中的新資本充足率指令，以確保中小企業(yè)的透明度的評級程序和

9、信用評分系統(tǒng)。l 擬定國家的行為規(guī)范，以提高銀行與中小企業(yè)之間的關系并支持適應新的經濟環(huán)境。2 需要延長中小企業(yè)信用擔保體系并特別著重于小額貸款轉讓和創(chuàng)新的企業(yè)快速成長也取決于在過去依賴于公共支持以得到融資。越來越多的銀行風險意識和更嚴格的國家解釋援助規(guī)則將進一步增加，需要公眾的支持?，F(xiàn)在，在許多國家信貸保證計劃的限制，中小型企業(yè)的極限容量和太多的投資項目是無法實現(xiàn)的。經驗表明，公共資金，用于支持信用擔保體系，是一個非常有效的工具，有更高的連鎖效應比其他的樂器。一歐元形式的歐洲投資基金可以刺激30歐元投資中小企業(yè)的關系（為風險資本基金只有1:2)。 因此，UEAPME預期新歐洲委員會和新的歐洲

10、議會支持:新的多年度方案的企業(yè)延長資金用于國家信用擔保計劃。l 為中小企業(yè)的證券化發(fā)展新的投資方式。l 承認現(xiàn)有的和運轉良好的信用擔保計劃作為貸款的抵押。l 因為民族不同環(huán)境下的中小企業(yè)融資，在歐洲具有更大的靈活性。l 在新成員國發(fā)展信用擔保計劃。l 發(fā)展一個類似SBIC計劃的會員國關閉股權空隙(0.2 -2.5歐元年產量近臺，根據專家會議追上4月27日在盧森堡速度)。3 中小企業(yè)需要公司所得稅制，強化其自籌資金的容量比例許多歐盟會員國公司和企業(yè)建立公司資本內部的再投資，在所得稅制與消極因素的刺激下。這尤其適用于公司，讓它們不得不支付所得稅。已在過去的稅收的評級也將取決于大量資金在公司的原因，

11、高依賴借貸將影響進入借貸。這是一個惡性循環(huán)，它必須被打破。 盡管公司和所得稅屬于成員國德權限，在國際市場上的競爭力，UEAPME要求歐盟新委員會和新的歐洲議會公開支持稅收改革，這將加強工藝能力、貿易和中小企業(yè)自籌資金的比例。因此，特別著重于非公司企業(yè)的需要。4風險資本-股權融資外部股權融資在中小企業(yè)并沒有一個真正的傳統(tǒng)行業(yè)。一方面，中小企業(yè)來說，家族企業(yè)在傳統(tǒng)上對外股權融資不是很開放而不是用來通知透明的業(yè)務。另一類是，許多投資者的公司風險資本和類似的形式的股份金融是很不情愿的關投資在資金較小的公司，而是投資在數(shù)額更大的公司。這樣的投資在一些較小的公司要困難得多。 即使股權融資將永遠不會成為融資

12、對中小企業(yè)的主要來源，但這對極富創(chuàng)新創(chuàng)業(yè),快速增長的公司來說是一個重要的工具，因此具有廣闊的發(fā)展前景。UEAPME認為政策支持三大支柱是需要的。l 會員國應審查其稅收制度，以刺激私人資金投資在各種形式的風險資本。l 保證文書的股權融資應得到進一步的發(fā)展。l 改善有利于風險資本投資到中小企業(yè)。l 發(fā)展二級市場，風險資本投資的中小企業(yè)更應該得到支持。l 會計準則對中小企業(yè)應加以修訂，緩和投資者和管理者之間的信息流。l 外文文獻原文Title:Future of SME financeMaterial Source:Journal of Banking and Finance,2006,7 Atho

13、r:Allen Bergory Background-the environment for SME finance has changed.Future economic recovery will depend on the possibility of Crafts,Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution to growth and employment in the EU and are at the hear

14、t of the Lisbon Strategy,whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world.However,the ability of SMEs to grow depends highly on their potential to invest in restructuring,innovation and qualification.All of these investments need capit

15、al and therefore access to finance.Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit instit

16、utes towards Crafts,Trades and SMEs.Recent and onging developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance.The main changes in the banking sector which in fluence SME finance are:l Globalization and internationalization have increased the c

17、ompetition and the profit orientation in the sector.l Worsening of the enonomic situations in some institutes(burst of the ITC bubble,insolvencies) strengthen the focus on profitability further.l Mergers and restructuring created larger structures and many local branches,which had direct and persona

18、lized contacts with small enterprises,were closed.l Up-coming implementation of new capital adequacy rules(Basel )will also change SME business of the credit sector and will increase its administrative costs.l Stricter interpretation of State-Aide Rules by the European Commission eliminates the supp

19、ort of banks by public guarantees,many of the effected banks are very active in SME finance.And All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finanice sector affect the accessibility of SMEs to finance.Higher risk awareness in the cre

20、dit sector,a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME finance and influence the accessibility of SMEs to finance.The most important changes are:l In order to make the higher risk awareness operational,the credit sector introduce

21、s new rating systems and instruments for credit scoring.l Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their business.l Banks will try to pass through their additional costs for implementing and running the new capital regulation on th

22、eir businesses.l Due to the increase of competition on interest rates,the bank sector demands more and higher fees for its services(administration of accounts,payments systems,etc.),which are not only additional costs for SMEs but also linmit their liquidity.l Small enterprises will lose their perso

23、nal relationship with decision-makers in local branches-the credit application process will become more formal and anonymous and will probably lose longer.l The credit sector will lose more and more its “public function”to provide acess to finance for a wide range of economic actors,which it has in

24、a number of countries,in order to support and facilitate economic growth,the profitability of lending becomes the mian foucs of private credit institutions.All of these developments will make acess to finance for SMEs even more difficult and will increase the cost of external finance.Business start-

25、ups and SMEs,which want to enter new markets,may especially suffer form shortages regarding finance.A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on

26、 such a commitment.Towards an encompassing policy approach to improve the access of Crafts,Trades and SMEs to finance.All analyses show that credits and loans will stay the main source for the SMEs sector in Europe.Acess to finance was always a main concern for SMEs,but the recent developments in th

27、e finance sector worsen the situation even more.Shortage of finance is already a relevabt factor ,which hinders economic recovery in Europe.Many SMEs are not able to finance their needs for investment.Therefore,UEAPME expects the new European Commission and the new European Parliament to strengthen

28、their efforts to improve the framework conditions for SME finance. Europes Crafts,Trades and SMEs ask for an encompassing policy approach,which includes not only the conditions for SMEs access to external risk capital.From UEAPMEs point of view such an encompassing approach should be based on three

29、guiding principles:l Risk-sharing between private investors,financial institutes,SMEs and public sector.l Increase of transparency of SMEs towards their external investors and lenders.l Improving the regulatory environment for SME finance.Based on these principles and against the background of the c

30、hanging environment for SME finance,UEAPME proposes policy measures in the following areas.New Capital Requirement Directive:SME friendly implementation of Basel Due to intensive lobbying activities,UEAPME,together with other Business Associations in Europe,has achieved some improvements in favour o

31、f SMEs regarding the new Basel Agrement on regulatory capital(Basel ).The final agreement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations,which respect the differen

32、t regional traditions and instirutional structures.However,the new regulatory system will influence the relations between Banks and SMEs and it will depend very much on the way it will be implemented into European law,whether Basel becomes burdensome for SMEs and if it will reduce access to finance

33、for them.The new Capital Accord form the Basel Committee gives financial market authorities and herewith the European Institutions,a lot of flexibility.In about 70 areas they have room to adapt the Accord to their specific needs when implementing it into EU law.Some of them will have important effec

34、ts on the costs and the accessibility of finance for SMEs.UEAPME expects therefore form the new European Commission and the new European Parliament:l The implementation of the new Capital Requirement Directive will be costly for the Finance Sector(up to 30 Billion Euro till 2006) and its clients wil

35、l have to pay for it.Therefore,the implementation-especially for smaller banks,which are often very active in SME finance-has to be carried out with as little administrative burdensome as possible (reporting obligations,statistics,ect.)l The European Regulators must recognize traditional instruments

36、 for collaterals (guarantees,etc.) as far as possible.l The European Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularity,access to retail portfolio,maturity,partial use,adaptation of thresholds,etc.which will ease the bu

37、rden on SME finance.1.SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the needs of Basel ,many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks.The bank will require more and better quali

38、ty information from their clients and will assess them in a new way .Both up-coming developments are already causing increasing uncertainty amongst SMEs.In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment,UEAPME demands transparent rating pro

39、cedures-rating procedures may not become a “Black Box”for SMEs.l The bank should communicate the relevant criteria affecting the rating of SMEs.l The bank should inform SMEs about its assessment in order eo allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs,w

40、hich would have included a self-commitment for transparent rating procedures by Banks,failed.Therefore,UEAPME expects from the new European Commission and the new European Parliament support for:l Binding rules in the framework of the new Capital Adequacy Directive,which ensure the transparency of r

41、ating procedures and credit scoring systems for SMEs .l Elaboration of national Codes of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of the new financial environment.2.SMEs need an extension of credit guarantee systems with a special focus on Micro-

42、LendingBusiness start-ups,the transfer of businesses and innovative fast growth SMEs also depended in the past very often on pubic support to get access to finance.Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.

43、Already now,there are credit guaratries schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs.Experiences show that Public money,spent for supporting credit guarantees systems,is a very efficient instrument and has a much higher multiply

44、ing effect than other instruments.One Euro from the European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).Therefore,UEAPME expects the new European Commission and the new European Parliament to support:l The extension of funds for na

45、tional credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprisesl The development of new instruments for securitizations of SME portfolios.l The recognition of existing and well functioning credit guarantees schemes as collateral.l More flexibility within the Euro

46、pean Instruments,because of national differences in the situation of SME financel The development of credit guarantee schemes in the new Member States.l The development of an SBIC-like scheme in the Member States to close the equity gap (0.2-2.5Mio Euro,according to the expert meeting on PACE on Apr

47、il 27 in Luxemburg).l The deveiopment of a financial support scheme to encourage the internalizations of SMEs (currently there is no scheme available at EU level.termination of JOP,fading out of JEV).3.SMEs need company and income taxation systems,which strengthen their capacity for self-financingMa

48、ny EU Member States have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits.This is especially true for companies,which have to pay income taxes.Already in the past tax-regimes was one of the reasons of rating will also d

49、epend on the amount of capital in the company,the high dependence on lending will influence the access to lending. This is a vicious cycle,which has to be broken.Even though company and income taxation falls under the competence of Member States,UEAPME asks the new European Commmission and the new E

50、uropean Parliament to publicy support tax-reforms,which will strengthen the capacity of Crafts,Trades and SME for self-financing.Thereby,a special focus on non-corporate companies is needed.4.Risk Capital-equity financingExternal equity financing does not have a real tradition in the SME sector. On the one hand,small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.One the other hand,many investor