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1、外文资料原文 涂敏之 会计学 8051208076Title:Future of SME finance（Background the environment for SME finance has changedFuture 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 emp
2、loyment in the EU and are at the heart 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 qualific
3、ation. All of these investments need capital 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 sect
4、or influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing 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 influence SME finance are:Globalization an
5、d internationalization have increased the competition and the profit orientation in the sector;worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further;Mergers and restructuring created larger structures and many lo
6、cal branches, which had direct and personalized contacts with small enterprises, were closed;up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs;Stricter interpretation of State-Aide Rules by
7、the European Commission eliminates the support of banks by public guarantees; many of the effected banks are very active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the accessibility of SMEs to f
8、inance.Higher risk awareness in the credit 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:In order to make the higher risk awareness
9、operational, the credit sector introduces new rating systems and instruments for credit scoring;Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their businesses;Banks will try to pass through their additional costs for implementing and ru
10、nning the new capital regulations (Basel II) to their business clients;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 limit
11、 their liquidity;Small enterprises will lose their personal relationship with decision-makers in local branches the credit application process will become more formal and anonymous and will probably lose longer;the credit sector will lose more and more its “public function” to provide access to fina
12、nce for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.All of these developments will make access to finance for SMEs even more difficult an
13、d / or will increase the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from 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
14、SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance for the SME sector in Europe. Acces
15、s to finance was always a main concern for SMEs, but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.Therefore, UEAP
16、ME expects the new European Commission and the new European Parliament to strengthen 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 lending, but will
17、 also strengthen their capacity for internal finance and their access to external risk capital.From UEAPMEs point of view such an encompassing approach should be based on three guiding principles:Risk-sharing between private investors, financial institutes, SMEs and public sector;Increase of transpa
18、rency of SMEs towards their external investors and lenders;improving the regulatory environment for SME finance.Based on these principles and against the background of the changing environment for SME finance, UEAPME proposes policy measures in the following areas:1. New Capital Requirement Directiv
19、e: SME friendly implementation of Basel IIDue to intensive lobbying activities, UEAPME, together with other Business Associations in Europe, has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital (Basel II). The final agreement from the Basel Committ
20、ee 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 different regional traditions and institutional structures.However, the new regulatory system will influence the relati
21、ons between Banks and SMEs and it will depend very much on the way it will be implemented into European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financial market authorities and herewi
22、th 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 effects on the costs and the accessibility of finance for SMEs.UEAPME expects therefore from the new Eur
23、opean Commission and the new European Parliament: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 will have to pay for it. Therefore, the implementation especially for smaller banks, which are often ve
24、ry active in SME finance has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.).The European Regulators must recognize traditional instruments for collaterals (guarantees, etc.) as far as possible.The European Commission and later the Mem
25、ber 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 burden on SME finance.2. SMEs need transparent rating proceduresDue to higher risk awareness
26、 of the finance sector and the needs of Basel II, 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 quality information from their clients and will assess them in a new way. Both up-coming d
27、evelopments 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 procedures rating procedures may not become a “Black Box” for SMEs:The bank should com
28、municate the relevant criteria affecting the rating of SMEs.The bank should inform SMEs about its assessment in order to allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs , which would have included a self-commitment for transparent rating procedures by Bank
29、s, failed. Therefore, UEAPME expects from the new European Commission and the new European Parliament support for:binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems for SMEs;Elaboration of national Codes
30、 of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3. SMEs need an extension of credit guarantee systems with a special focus on Micro-LendingBusiness start-ups, the transfer of businesses and innovative fast gr
31、owth SMEs also depended in the past very often on public 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.Already now, there are credit guarantee schemes in many countries on the
32、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 multiplying effect than other instruments. One Euro form the European Investme
33、nt 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:The extension of funds for national credit guarantees schemes in the framework of the new Multi-Ann
34、ual Programmed for Enterprises;The development of new instruments for securitizations of SME portfolios;The recognition of existing and well functioning credit guarantees schemes as collateral;More flexibility within the European Instruments, because of national differences in the situation of SME f
35、inance;The development of credit guarantees schemes in the new Member States;The development of an SBIC-like scheme in the Member States to close the equity gap (0.2 2.5 Mio Euro, according to the expert meeting on PACE on April 27 in Luxemburg).the development of a financial support scheme to encou
36、rage the internalizations of SMEs (currently there is no scheme available at EU level: termination of JOP, fading out of JEV).4. SMEs need company and income taxation systems, which strengthen their capacity for self-financing Many EU Member States have company and income taxation systems with negat
37、ive 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 for the higher dependence of Europes SMEs on bank lending. In future, the result of ratin
38、g will also depend 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 Commissio
39、n and the new European Parliament to publicly 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.5. Risk Capital equity financingExternal equity financing does not have a real tradition i
40、n 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.On the other hand, many investors of venture capital and similar forms of equit
41、y finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. Furthermore it is much more difficult to set out of such investments in smaller companies.Even though equity financing will never become the main
42、 source of financing for SMEs, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. UEAPME sees three pillars for such an approach where policy support is needed: Availability of venture capitalThe Member States should
43、 review their taxation systems in order to create incentives to invest private money in all forms of venture capital.Guarantee instruments for equity financing should be further developed.Improve the conditions for investing venture capital into SMEsThe development of secondary markets for venture c
44、apital investments in SMEs should be supported.Accounting Standards for SMEs should be revised in order to ease transparent exchange of information between investor and owner-manager.Owner-managers must become more aware about the need for transparency towards investorsSME owners will have to realis
45、e that in future access to external finance (venture capital or lending) will depend much more on a transparent and open exchange of information about the situation and the perspectives of their companies.In order to fulfil the new needs for transparency, SMEs will have to use new information instru
46、ments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).外文资料翻译涂敏之 会计学 8051208076题目：未来的中小企业融资背景：中小企业融资已经改变 未来的经济复苏将取决于能否工艺品，贸易和中小企业利用其潜在的增长和创造就业。 经济增长和就业在欧盟和的核心是里斯本战略，其主要目标是使欧洲成为最有竞争力的和有活力的知识型经济在世界上，中小型企业作出重大贡献 。 然而，中小型企业能力的增长取决于其
47、潜在的高投资在结构调整，创新和资格，所有这些投资需要资金。 在此背景下的一贯反复投诉的中小企业的问题就在于获得融资，这是一个高度相关的约束，关乎欧洲经济复苏。变化的影响 ，金融部门的行为 ，信贷机构对工艺品，贸易和中小企业。 最近和当前的事态发展，银行业添加到中小企业所关注的问题 ， 并会进一步危害其获得资金。主要的变化是影响银行业中小企业融资是：全球化和国际化，增加了竞争和盈利方向的部门; 日益恶化的经济形势在一些机构（爆裂的国贸中心泡沫，破产）加强重点放在盈利能力进一步加强;合并和重组创造更大的结构和许多当地的分支机构，它的直接和个性化的接触，小企业，被关闭; 即将实施新的资本充足规则（巴
48、塞尔II ）也将发生变化的中小企业的信贷业务部门，并会增加其行政费用;严格的解释国家备忘录规则由欧洲委员会消除了银行的支持下，由公共保障;许多影响银行非常积极地参与中小企业融资。所有这些变化导致更高的灵敏度的风险和利润的金融部门。金融业的影响无障碍中小企业得到资金。 高风险的认识，信贷部门，更加注重利润和正在进行的结构调整中的金融部门变化的框架，中小企业融资和影响力的中小企业获得资金。最重要的改变是：为了使风险意识较高的业务，信贷部门引入新的评价制度和手段信用评分;风险评估的中小企业银行将迫使企业提出更多更好的高质量的信息对他们的业务;银行将设法通过其额外费用为实施和运行的新的资本条例（巴塞尔II），以他们的商业客户;由于增加了竞争的利率，银行部门的需求更多，更高的服务费用（管理账户，支付系统等），这不仅为中小企业的额外费用，而且还限制了它们的流动性;小企业将失去他们的个人关系，决策者在地方分支机构-信贷申请过程将变得更加正规和匿名的，可能会失去长远;信贷部门将失去越来越多的“公共职能”，以提供获得资金的范围广泛的经济主体，它已在一些国家，为了支持和促进经济增长;利润的贷款成为主
