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1、密级： NANCHANG UNIVERSITY外 文 翻 译THESIS OF BACHELOR（20082012年）学 院: 共青学院 系 别: 经济贸易系 专 业: 经济学 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.原文来自罗马安吉拉 中小企业的融资渠道的领域:概述（奥拉迪亚大学：经济科学，2011年第一卷第一期，431-437）摘要通过中小企业在创造附加值和新的就业岗位中的贡献
34、,使它在国家的经济和社会发展中拥有一个显著的角色。然而，这些企业面临着许多障碍，限制他们的表现、增长和发展。在中小企业所面临的困境，获得融资渠道往往是作为一个主要障碍部署和扩大他们的活动。本文旨在强调中小企业融资担保所面临的困难，强调国家之间差异以及中小企业和大型企业之间的差异。政策制定者在设计和执行适当的措施时了解中小企业融资难问题是必要的，这将有助于中小企业获得融资。因此,另一个问题处理,综合分析在本文的公共机构所采取的一系列措施,以支持中小企业获得融资。关键词：中小企业，融资渠道，融资约束，银行融资，支持措施中小企业的融资渠道的领域:概述1.介绍在所有国家，中小企业是经济增长和创造工作机
35、会的一个重要来源。此外，这些企业通过他们的活力和灵活性，是创新和发展的动力。本文的研究方法采用从文献入手以突出我们研究主题的重要性。本文分析了基于主要由世界银行的调查提供的数据和统计,在罗马尼亚通过一定的实证研究中小民营企业。根据所采用的方法，指出了中小企业融资难问题和增强公共机构的关注的重要性，尤其是为提高金融发展采取的措施。2.关于中小企业的融资渠道的文献关于中小企业的融资渠道的一个热门的学术文献,见证了大量解决这样的问题的研究。.无数的调查研究指出,融资渠道是企业的成长与发展过程中的一个至关重要的阻碍，特别是在中小企业。通过贝克、迪蒙瑞格-克鲁特、伊万和马卡斯莫维奇(2004)调查研究，
36、反映了来自80个国家的10000家企业的根本因素主要取决于企业的融资。因此，研究突出企业融资和其特点之间的关系，如年龄、规模和产权结构。从这个角度来看，作者发现年轻的公司规模小以及面临更大的障碍时，他们寻求金融资源。艾瑞迪克、梅勒科和萨尔塔（2011）分析，通过统计数据发现宏观经济和制度因素影响中小企业融资贷款。在其它类似的研究中，作者发现了呈正相关关系的整体经济发展（衡量人均收入）与金融发展（衡量的国内生产总值的私人借贷比率），另一方面，中小企业融资的水平却相反。此外，作者表明，中小企业的融资水平还取决于法律结构和总体商业环境。3.在中小企业融资过程中的一般障碍一般来说，获得金融产品或金融服
37、务或金融包容性假定没有贸易壁垒的方式利用金融产品或服务,不管是否这些障碍或是不相关的定价（迪蒙瑞格-克鲁特、贝克和霍诺根2008：2）。因此，在提高这种接入手段意味着增加的程度，金融产品或金融服务以一个公平的价格提供给每个人。在企业内不使用的金融产品或服务可以分为几类,其识别是必要的,以便采取必要的措施来改善他们的融资渠道。因此，一方面企业获得融资，一般的金融产品和服务，但不要使用他们，因为他们没有可行的投资项目。另一方面，它可以区分非自愿拒绝企业，虽然这些企业需求但无法获得财务或金融服务。企业自主融资或金融服务中出现的状况在一些企业并未赚到足够的资金或没有融资机构所要求的保障，因此具有较高的
38、信用风险。与此同时，当一些企业需要资金的情况时，金融和银行机构因为所涉及的才成本太高而不能同意融资。最后，在企业的范畴内拒绝出现价格过高的金融产品或服务和不能满足他们要求的金融产品或服务。融资渠道是企业发展和有效配置资金必不可少的。然而，与大企业相比，中小企业在寻求融资面临着许多困难，这是因为以下几个原因，包括：不稳定和不完善的司法和立法结构，它不支持需要融资的企业和资金提供者之间的关系；部分的资金提供者和企业信息不完整或者甚至缺乏信息，这妨碍了企业和资金提供者之间正常和高效的发展关系；特别是在年轻的小公司，缺乏信用历史和担保的债权人，有时限制了可以利用的金融产品的范围。多项调查进行，特别是世
39、界银行强调，融资是中小企业良好发展和成长的最大障碍之一。例如，世界银行在2006年至2009年的调查发现，在世界范围内31%的研究报告,企业融资的一个主要障碍是目前实施的方式,甚至更高的比例在40%的案件的年轻公司长达三年的经验（查韦斯、克拉波尔和爱尔2010：1）。此外，一系列的全球调查，包括世界商业环境调查所提供的资料表明，中小企业的融资交易成本是阻碍企业发展的最主要的因素。4.中小企业银行融资困难和支持措施在大多数国家，尤其是在以银行导向型金融体系的国家，中小企业外部融资的主要来源是由银行贷款。因此，获得这种类型的贷款对中小企业的发展是至关重要的。然而，调查显示，中小企业与大企业相比使用
40、的是很小程度的银行融资中的新投资。正如我们提到的，使用金融产品是由供给和需求决定的。因此，重要的是了解为什么中小企业只在很小程度上使用银行融资。在这方面，一些研究（班纳吉和迪弗洛：2004）已经表明，主要原因与供给有关，因为每次当中小企业能够获得贷款，他们就用它来增加生产。企业的这种行为更加证明融资是企业发展的一个重要因素。此外，在当前全球金融危机的背景下，由于银行贷款的可用性下降导致中小企业融资机会有限。因此，这是中小企业面临的主要问题。2010年10月29日，这项在罗马尼亚进行的中小企业调查凸显了中小企业与银行之间所面临的主要问题。因此，82%的受采访企业家认为获得银行融资是非常困难的，主
41、要是因为过度官僚主义、不合理的高要求、高利率、刚性的银行信用指标以及众多类型的佣金和费用。此外，超过 61%的中小企业的企业家和管理者报告银行缺乏透明度 (费用隐藏、缺乏沟通渠道等），没有真正的协商（使用标准的合同、银行拒绝修改或完成信贷合同等）和银行不正当或滥用合同条款（例如执行未经授权的交易账户或一般银行诈骗）。了解这方面的知识对采取措施为支持和促进中小企业融资至关重要。改善中小企业融资问题仍然值得关注，也是国家、欧洲和国际当前面临的一个挑战。例如，在欧盟范围，通过执行小型企业管理局为欧洲设立的新措施来改善中小企业融资渠道，通过降低结构基金回报的要求促进中小企业的准入，建立“信用监察员”以
42、促进中小企业和信贷机构之间的对话，避免税收立法的双重征税，这将妨碍国际风险投资，起着重要的作用。特别是有实证的大量研究，强调影响一个国家金融发展程度至关重要的是中小企业融资的发展程度。因此，当局采取一系列的措施以支持中小企业获得融资，确保国家金融高效发展，这将确保企业融资更大的可用性。具体地说，当局应该针对通常用来衡量金融发展程度的七大支柱采取措施，即制度环境，商业环境，金融稳定，银行金融服务，非银行金融服务，金融市场和金融准入。5.结论有效的融资对中小企业创造新的业务具有重要的意义，并成长和发展企业已有的，同时促进国家的经济和社会的发展。此外，在经济危机的情况下，中小企业有助于恢复国民经济，所以扶持中小企业融资显得尤为重要。然而，大多数调查报告强调，始终中小企业的融资渠道是影响其运行和发展的一个最重要的因素。中小企业试图获得必要的资金资源时面临困难，关系到企业家和每个国家的经济环境，以及现有法律和制度结构。为了减轻这些困难，公共当局所采取的措施应着重于提高金融发展，从而确保企业融资和经济增长更大的有效性。在各国，包括罗马尼亚，关于中小企业融资的可用性下降，甚至缺乏统计数据，我们认为政策制定者需要将重点放在具体化和监控一系列的重要指标，如根据中小企业的大小、经验和行业活动，按份额向其发放贷款，这将有益于公共当局、债权人和投资者。
