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1、外文文献及中文翻译：The SME Financing Gap: theory and EvidenceThe sharply varying levels of development of SME sectors in OECD countries and worldwide makes it imperative for those countries where the sector is lagging to review and reform their entire frameworks for entrepreneurial finance.ConclusionsA lack
2、of data impedes a complete analysis of the financial situation of SMEs in OECD and non-OECD economies.Financing gaps are more pervasive in emerging markets than in OECD countries,but many OECD countries have financing gaps for ISMEs.The overall macroeconomic legal,regulatory and financial framework
3、is the critical determinant of SMEs access to finance.SMEs have significant gaps in the information and skills needed to access external finance.The modern market-based model of banking is more likely to work to the advantage of SMEs than highly controlled banking that is closed to foreign competiti
4、on.Emerging economies need to strengthen incentives for SMEs to move into the formal sector.An effective framework for research-commerce linkages is a critical precondition for effective ISME finance.RecommendationsGovernments can play an important role in supporting the SME sector,in particular,in
5、cases of market failures and incomplete markets that inhibit the provision of adequate financing or financing on terms suitable for the stage of SME development.Government measures to promote SMEs should be carefully focused,aiming at making markets work efficiently and at providing incentives for t
6、he private sector to assume an active role in SME finance.Public policy should improve awareness among entrepreneurs of the range of financing options available from official programmes,private investors, and banks.The principle of risk sharing should be observed,committing official funds only in pa
7、rtnership with those of entrepreneurs,banks,businesses or universities.The tax system should not inadvertently place SMEs at a disadvantage.Where necessary,banking systems should be reformed in line with market-based principles.Governments should determine whether the market for informal risk capita
8、l (often described asbusiness angels)can be made to operate more efficiently through government technical support. National policies should encourage diverse forms of institutional savings and institutional investors should be regulated flexibly.The market for corporate control should be allowed to
9、function efficiently for both domestic and foreign entities.The legal,tax and regulatory framework should be reviewed in order to assure that the environment encourages the development of venture capital,including opportunities for exit.经合组织（OECD）国家以及全世界范围内的中小企业的急剧变化性的发展，使这些国家很有必要审视和改革其企业融资的整个框架。结论数
10、据的缺乏阻碍了中小企业在经合组织和非经合组织经济体的财政状况的全面分析。新兴市场国家的融资缺口普遍高于经合组织国家，但许多经合组织国家存在ISME的融资缺口。整体宏观经济的法律，法规和财政体制，是中小企业获得资金的关键因素。 中小型企业及其缺乏融资所需的市场信息和专业性的融资技巧能力。在对中小企业的进行放贷的业务方面，现代市场为基础的银行模式比更关注海外竞争的高度集中控制的银行更有竞争优势。新兴经济体需要加强对中小企业的诱因，以使其发展更规范化。一种研究商贸联系的有效框架是一个有效的ISME融资的重要前提条件。建议政府可以在支持中小企业发展方面起到重要作用，特别是，在经济萧条时和不完全市场经济
11、情况下，而这种不完全市场经济将严重阻碍为中小企业提供充足现金流或提供中小企业发展所需的最少融资额。政府关于促进中小企业发展的举措应当有侧重性，将提高市场效率足以来提供和激活市场为中小企业融资作为目标。政策要加强对来自官方的融资方案规划，为私人投资者提供企业家和银行范围的认识。遵守在风险分担方面的原则，专项资金只流向相关的企业，银行，以及和大学有合作伙伴关系的企业。税收制度不应对中小企业不利。如有需要，银行系统应进行改革，以符合市场所依据的原则。各国政府应确定所涉及到的资本是否是正规的市场风险资本（通常称为“商业天使”），可通过政府的运作更有效率地描述技术支持。国家政策应鼓励储蓄的多样性和机构投资者的灵活调节性。市场操作规范应当充分发挥企业国内外的高效率运作。法律，税收和监管框架应审查，以确保市场环境是鼓励创业资本的发展的，包括出口机会。
