《中小型企业：融资问题是其发展的制约因素外文翻译（可编辑） .doc》由会员分享，可在线阅读，更多相关《中小型企业：融资问题是其发展的制约因素外文翻译（可编辑） .doc（14页珍藏版）》请在三一办公上搜索。
1、中小型企业：融资问题是其发展的制约因素外文翻译 外文翻译Small and Medium-Size Enterprises:Access to Finance as a Growth Constraint Material Source:Journal of Banking & FinanceJ.November 2006.volume 30,Issue 11: 2931-2943. Author: thorsten beck,Asli Demirguc-Kunt In developing countries, finance from friends and family play a m
2、uch more significant role than industrialized countries. More generally, SMEs in many developing countries get around market failures and lack of formal institutions by creating private governance systems in the form of long-term business relationships and tight, ethnically-based, business networks.
3、 However, there is variation in access to such networks across ethnic groups as discussed by Biggs and Shah this issue. Indian entrepreneurs in East Africa, Lebanese firms in West Africa and European enterprises in Southern Africa form business networks whose members lend to each other, provide pers
4、onal references and ease transactions with an informal contract enforcement system based on reputation. These networks help overcome the problems of asymmetric information and weak formal contract enforcement systems. Advantages of networks even extend to new entrants who start out twice as large in
5、 terms of assets as new entrants outside the ethnic networks and get immediate access to supplier credit without having to build up a reputation and relationships Biggs and Shah. While networks with private institutional support systems help their members overcome deficiencies in their economies ins
6、titutional environment, they have a discriminatory effect on non-members who can effectively be excluded from market exchanges. This has not only negative repercussions for equity, but also provides for a static pattern of business exchange, with little competition and innovation Results reported so
7、 far show a strong economic effect of financial and institutional development on easing SMEs financing constraints and on increasing their access to formal sources of external finance. But what are the policies that drive SME-friendly financial and institutional development? What can policy makers d
8、o, both in the short- and in medium- to long-term, to ease SMEs financing constraints and improve their access to external financing, thus leveling the playing field Credit availability to enterprises, but especially to SMEs, depends on the infrastructure that supports financial transactions, includ
9、ing the legal system and the information environment. Commercial laws that effectively assign and protect property rights and their efficient enforcement are crucial for financial transactionsThis includes the laws, regulations and institutions to create, register and enforce collateral and an effec
10、tive bankruptcy system. Firms in countries with more effective and more adaptable legal systems report lower financing obstacles Beck,Demirguc-Kunt and Levine, 2005b and the effect of financial and legal obstacles on growth is lower in countries with better developed legal systems, especially for sm
11、all firms Beck, Demirguc-Kunt and Maksimovic, 2005. A rapidly expanding literature has shown the positive effect that credit information sharing has on the credit availability to SMEs Pagano and Jappelli, 1993; Miller, 2003; Love and Mylenko, 2003. Since the mid-1990s, the use of information from th
12、ese bureaus and of proprietary information from financial institutions for small business credit scoring has become popular in the U.S. and other developed economies. This technique relies mostly on information on the owner rather than the small firm itself and can significantly reduce transaction c
13、osts of loan processing. Frame, Padhi and Wosley 2004 show that the use of credit-scoring techniques has increased small business lending by banks in the U.S Depending on the legal and information environment in their respective country, financial institutions around the world have developed specifi
14、c techniques to lend to small, opaque firms with little or no collateral. While relationship lending - lending decisions based on soft information and long-term relationships between lender and borrower - has long been seen as the major lending technology benefiting SMEs, the last decades have seen
15、the rise of new transaction lending technologies - based on hard information - that have found ways around the constraints that opaqueness and lack of appropriate collateral pose for SME lending. This had led to a change in paradigm concerning SME Finance Berger and Udell, this issue. While small an
16、d local banks have been seen as the core institutions providing finance to small and opaque firms, building on their long-term relationships, technology and scale economies have given large institutions the opportunity to serve small-scale customers. Several techniques provide alternatives to relati
17、onship lending for SMEs. Asset-based lending and leasing are both lending techniques focused on the underlying asset as the primary source of repayment Berger and Udell, this issue. Leasing is mostly for equipment, while asset-based lending is also used for accounts receivable and inventory. While a
18、sset-based lending uses the underlying asset as collateral, the lender - lessor - owns the equipment in a leasing relationship and rents it to the lessee borrower. While asset-based lending relies on a sophisticated and efficient legal system - which might be the reason why it has a significant pres
19、ence in only four countries -, leasing does less so, since the ownership of the asset passes to the financier. Leasing can also have tax advantages if lessor and lessee face different marginal tax rates International Finance Corporation, 2000 Factoring involves the purchase of accounts receivable by
20、 a financier, known as the factorStrictly speaking, factoring is thus not a lending technique, which makes it especially attractive in countries with weak legal systems. It also does not rely on information about the borrower, but rather on the obligor, which makes it an attractive financing instrum
21、ent for relatively opaque SMEs. Reverse factoring relies even less on informational infrastructure, as the factor enters into an agreement with a large company to finance accounts receivable from its small suppliers. Klapper this issue illustrates the importance of factoring for firm financing in ma
22、ny developing countries and discusses the example of the Nafin reverse factoring program in Mexico, where a government institution provides an internet-based market infrastructure to facilitate on-line factoring services to SME suppliers Finally, the banking market structure and regulatory policies
23、influencing this market structure can have an important impact on the availability of SME financing, as well as influencing the new technologies discussed above Berger and Udell, this issue. While a large share of small banks does not necessarily result in more external financing available to small
24、firms, financial systems dominated by government-owned banks seem less effective in providing credit to SMEs. The entry of foreign banks, on the other hand, is mostly associated with greater SME credit availability Clarke, Cull, Martinez Peria and Sanchez, 2003. For example, foreign banks can bring
25、the necessary know-how and scale to introduce new transaction lending techniques. By competing with domestic banks for large corporate clients, they can force domestic banks to go down market to cater to SMEs de Haas and Naaborg, 2005. There are mixed results concerning the effect of bank concentrat
26、ion and competitiveness on the availability of SME financing Berger, Demirguc-Kunt, Levine and Haubrich, 2004However, the market structure can have important repercussions for interest and non-interest charge that SMEs have to pay as Heffernan this issue shows for the UK banking market. Her findings
27、 suggest the presence of a complex oligopoly. Policies directed at improving the availability of information and making it easier for small businesses to change banks/accounts would reduce inertia in the banking sector, which in turn, should improve competition among financial institutions. Competit
28、ion can also have important implications for how much collateral firms have to provide, as Voordecker this issue shows for a sample of borrowers of a large Belgian bank. As borrowers have access to more competitor banks, the probability of having to pledge collateral or personal guarantees decreases
29、 This article summarizes recent empirical research which shows that access to finance is an important growth constraint for SMEs, that financial and legal institutions play an important role in relaxing this constraint, and that innovative financing instruments can help facilitate SMEs access to fin
30、ance even in the absence of well developed institutions. The research has a number of important policy implications The research summarized here suggests that a competitive business environment, of which access to finance is an important component, facilitates entry, exit and growth of firms and is
31、therefore essential for the development process. A focus on improving the business environment for all firms is more important than simply trying to promote a large SME sector which might be characterized by a large number of small but stagnant firms Although SMEs constitute a significant part of to
32、tal employment in many countries, one of the reasons they may not be able to contribute to economic growth is because they face greater growth obstaclesIndeed, compared to large firms, SMEs are more constrained by different obstacles, and limited access to finance is an important one of these. Resea
33、rch suggests improving legal and financial institutions helps all deserving firms access finance and grow, but the effect is greatest on smaller firms. Both firm-level and industry-level studies suggest that small firms do relatively better compared to large firms in countries with better-developed
34、institutions Furthermore, we see that in the absence of well developed financial markets and legal systems, it is difficult for firms to grow to their optimal size since outside investors cannot prevent appropriation by corporate insiders, limiting firm sizeThis is important for SME- promotion strat
35、egies, since if it is optimal for firms to stay small when the business environment has weaknesses, subsidizing SMEs may be at best ineffective, but at worst, counterproductive The literature suggests that a focus on improving the institutions and the overall business environment is probably the mos
36、t effective way of relaxing the growth constraints SMEs face and facilitate their to contribution to economic growthHowever, institution building is a long term process and in the interim innovative lending technologies hold promise, providing market- friendly ways of relaxing the constraints SMEs f
37、aceFactoring is an example of a technology that is particularly promising in the absence of developed institutions, as it relies on them to a lesser extent. Others, such as credit-scoring and leasing can also be useful and be more effective with development of institutions over time. A contestable f
38、inancial system makes it more likely that such technologies will be adopted more rapidly, with foreign banks playing an important role in facilitating this process, whereas public banks have been less useful in the past The research summarized in this article is only the first step on a long term re
39、search agenda. Much more analysis, particularly using time-series variation, microeconomic data, and country case studies, is needed to explore in more detail the policies and financing tools that can help SMEs overcome financing constraints and expand their access to external financeIn this context
40、, it seems especially relevant to focus on institutions that are important for SMEs access to finance. Going along with institution-building, however, the search has to be continued for financing tools that can work around institutional deficiencies译文中小型企业:融资问题是其发展的制约因素 资料来源:银行与金融J.2006(11):2931-294
41、3 作者:索斯腾?贝克,阿斯利?德米居斯-孔特 在发展中国家,民间融资在融资方式上发挥着比工业化国家更为重要的作用。这其中尤为普遍的情况是许多发展中国家的中小企业在避开市场失灵和缺乏正规的机构的基础上建立长期的业务关系以及严密的私人治理制度。然而,不同民族对于这一网络的具体运用又有所不一。东非的印度企业家、西非的黎巴嫩公司和南非的欧洲公司互相借钱给对方的经营网络,为其提供帮助和方便个人使用一个基于信誉基础的非正式合同执行系统来进行交易。这些网络有助于克服信息不对称和弱正式合同执行系统存在的问题。网络的优势,甚至可以使新设立公司的资产总额是网络以外的可立即获得贷款而不必建立声誉和关系的新设立公司
42、的两倍。虽然私人机构网络支持系统可以帮助其成员克服体制环境缺陷,但是它们对从市场交换中被排除的非会员具有歧视性影响。这不仅不公平,而且还使企业交流成为几乎没有竞争和创新的静态模式。 除了金融体制的发展,市场结构的改变和创新贷款工具的出现也逐渐发挥其重要作用。截至目前的报导,可以看出金融体制的发展对缓解中小企业融资制约问题、帮助其以正式来源获得更多的外部资金有着强烈的经济影响。但什么政策能推动中小企业建立友好的财务和体制制度?有什么是决策者在短期、中期至长期内,为减少中小企业融资制约因素并促使其更多的利用外部资金,从而平衡市场竞争可以做的? 向企业提供信贷,特别是中小型企业,依赖于能支持金融交易
43、的基础条件,包括法律制度和信息环境。商业法是为了有效地分配和保护财产权利以及使相关机构有效地执法而颁布的,它是金融交易的关键,包括法律和法规的制定、机构的建立、登记和执行担保以及有效的破产制度。一国的公司,能促使国家发表更有效、更适合的法律系统报告来减少融资障碍和关于经济增长的财政和法律方面的障碍,这些企业的行为促使国家法律系统更好地被完善和发展,在这一方面,中小企业的作用尤为突出。此外,迅速扩展的信息资料表明了信用信息共享对中小企业信贷供应的积极作用。自90年代中期以来,一些机构开始对中小企业的信用进行评分,之后金融机构使用这些专有信息来衡量中小企业,这在美国和其他发达经济体中已被普遍利用。
44、这种技术主要依赖于信息的所有者,而不是中小企业本身,它可以大大降低贷款处理的交易成本。信用评分技术的使用增加了银行对美国中小企业的贷款。 从各国的法律和信息环境来看,世界的金融机构已具有成熟、具体的技术而可以将资金借给小的公司和没有抵押品或不透明的公司。虽然关系型贷款?贷款人和借款人之间的贷款决策基于软信息和长期关系?长期以来被视为有利于中小企业获得贷款的主要技术,但是过去十年来,我们看到了基于硬信息的新的交易贷款技术的兴起?金融机构通常围绕公司的不透明或公司缺乏适当的抵押品这些限制方式以限制中小企业担保贷款。 上述变化已导致了中小企业融资模式的改变。虽然小银行和地方性银行与中小企业建立了长期
45、关系,已经成为为不透明的小公司提供资金的核心机构,但是同时,技术和规模经济也给大型机构服务小规模客户的机会。多种技术的出现为中小企业提供了更多样化的融资方式。融资租赁作为贷款技术把潜在的资产当做还款的主要来源。租赁的主要以设备为主,但是也可以是应收账款和库存存货。融资租赁方式利用的是潜在的资产,贷款人?出租人?承租人(借款人)三者之间的基于租金的设备租赁关系。融资租赁依赖于一个成熟、高效的法律制度?这可能是为什么它只有在4个发达国家被较充分的利用。租赁花费更少的成本,因为资产的所有权转移给了金融家。如果出租人和承租人面临着不同的边际税率的话,租赁也可以有税收优惠。 保理业务作为一项技术涉及金融
46、家应收账款的购买。严格来说,保理不是一个贷款技术,这使得它尤其是在薄弱的法律制度的国家更具有吸引力。它也不会依赖于“借款人”的信息,而是依赖于债务人,使之成为在相对不透明的中小企业中成为具有吸引力的融资工具。反向担保作为一项要素进入到一个大公司达成的协议中,用来资助其小供应商的应收账款,它依赖更少的信息基础设施。克拉伯在这个问题上证明了保理业务在许多发展中国家为公司融资发挥重要的作用,并举例讨论了有关墨西哥的案例:在墨西哥,政府组织提供基于互联网的市场基础设施,以方便中小企业供应商在网上进行保理业务。 最后,银行市场结构和监管政策的变化促使这一市场的结构被影响可能是影响中小企业融资可得性和影响
47、上文讨论的新技术的发展的重要方面。虽然有很大一部分小银行并不一定把更多的外部资金提供给小企业,但是作为金融系统由政府主导的国有银行,似乎也不积极地为中小企业提供有效的信贷。外资银行的进入把为相关中小企业提供信贷作为一项主要业务。外资银行可以根据必要的信息和交易规模,引进新的贷款技术;外资银行通过与国内银行竞争大型企业客户,可以迫使国内银行深入市场,拓展对中小企业的业务,以满足中小企业的贷款需求。有关银行集中度和竞争力在中小企业融资中的有效性的影响有好坏参半的结果。然而,市场结构可以被利息和非利息费用的差别而影响,中小企业要为赫弗南对英国银行市场所说的那样作出准备。她的调查结果显示了一个复杂的寡
48、头垄断的存在。定向的政策增加信息的有效性,使小企业能够更容易地改变银行/账户,从而使银行部门减少,这反过来又加强了金融机构间的竞争。竞争也因担保公司必须提供像沃德克指出的比利时的一家大型银行借款人的样本数据显示那样具有重要的含义。由于借款人有权获得更多的各竞争银行的贷款,所以可能会使质押担保贷款被增多、个人担保贷款被减少。 本文在总结了最近的实证研究后表明,融资问题是制约中小企业增长的重要因素,金融和法律机构在放宽这个限制中起了重要作用,而创新的融资工具即便是缺乏完善的机构也可以帮助中小企业获得资金。该项研究具有重要的政策意义。 研究表明,一个竞争的商业环境,顺利获得资金是其重要的组成部分,它
49、使企业的进入、成长和退出更加顺利,因此资金对于企业的发展进程至关重要。改善企业的经营环境比仅仅试着推动一个可能由一批小而停滞不前的企业而影响整个大的中小企业集群领域更重要。 虽然中小型企业构成的总就业人数在许多国家的就业人口总数中占重要组成部分,但是他们未必能促进经济的增长。其中一个重要原因是他们面临更大的发展障碍。事实上,相对于大企业,中小企业更被不同的障碍所受制,其中有限的融资渠道是这些障碍中重要的一个。研究表明,完善的法律和金融机构帮助企业获得资金和使其成长,这在小企业中的效果是最大的。这在两个企业级和行业级的研究中被证明。一个国家的小企业在这方面与拥有更好的开发机构的大型公司相比,小企业做的更好。 此外,我们看到,在发达的金融市场和法律制度下,因为外部投资者不能防止企业内部人员挪用经费,公司难以发展成为它们最佳的规模,这限制了企业的规模。最佳规模对中小企业的营销策略影响很大,因为如果是在弱的经营环境下,在中小企业保持最佳的规模时资助中小企业,可能不起作用;但在最坏的环境下,却会适得其反。 文献表
