中小型企業(yè)融資問題是其發(fā)展的制約因素[外文翻譯]

1、外文翻譯SmallMediumSizeEnterprises:AccesstoFinanceasaGrowthConstraintMaterialSource:JournalofBanking&Finance[J].November2006.volume30Issue11:29312943.Auth:thstenbeckAsliDemirgucKuntIndevelopingcountriesfinancefromfriendsfami

2、lyplayamuchmesignificantrolethanindustrializedcountries.MegenerallySMEsinmanydevelopingcountriesgetaroundmarketfailureslackoffmalinstitutionsbycreatingprivategovernancesystemsinthefmoflongtermbusinessrelationshipstightet

3、hnicallybasedbusinesswks.HoweverthereisvariationinaccesstosuchwksacrossethnicgroupsasdiscussedbyBiggsShah(thisissue).IndianentrepreneursinEastAfricaLebanesefirmsinWestAfricaEuropeanenterprisesinSouthernAfricafmbusinesswk

4、swhosememberslendtoeachotherprovidepersonalreferenceseasetransactionswithaninfmalcontractenfcementsystembasedonreputation.Thesewkshelpovercometheproblemsofasymmetricinfmationweakfmalcontractenfcementsystems.Advantagesofw

5、ksevenextendtonewentrantswhostartouttwiceaslargeintermsofassetsasnewentrantsoutsidetheethnicwksgetimmediateaccesstosuppliercreditwithouthavingtobuildupareputationrelationships(BiggsShah).Whilewkswithprivateinstitutionals

6、upptsystemshelptheirmembersovercomedeficienciesintheireconomiesinstitutionalenvironmenttheyhaveadiscriminatyeffectonnonmemberswhocaneffectivelybeexcludedfrommarketexchanges.Thishasnotonlynegativerepercussionsfequitybutal

7、soprovidesfastaticpatternofbusinessexchangewithlittlecompetitioninnovation.ResultsreptedsofarshowastrongeconomiceffectoffinancialinstitutionaldevelopmentoneasingSMEsfinancingconstraintsonincreasingtheiraccesstofmalsource

8、sofexternalfinance.ButwhatarethepoliciesthatdriveSMEfriendlyfinancialinstitutionaldevelopmentWhatcanpolicymakersdobothintheshtinmediumtolongtermtoeaseSMEsfinancingconstraintsimprovetheiraccesstoexternalfinancingthuslevel

9、ingtheplaying(BergerUdellthisissue).Leasingismostlyfequipmentwhileassetbasedlendingisalsousedfaccountsreceivableinventy.Whileassetbasedlendingusestheunderlyingassetascollateralthelenderlessownstheequipmentinaleasingrelat

10、ionshiprentsittothelessee(brower).Whileassetbasedlendingreliesonasophisticatedefficientlegalsystemwhichmightbethereasonwhyithasasignificantpresenceinonlyfourcountriesleasingdoeslesssosincetheownershipoftheassetpassestoth

11、efinancier.Leasingcanalsohavetaxadvantagesiflesslesseefacedifferentmarginaltaxrates(InternationalFinanceCpation2000).Factinginvolvesthepurchaseofaccountsreceivablebyafinancierknownasthefact.Strictlyspeakingfactingisthusn

12、otalendingtechniquewhichmakesitespeciallyattractiveincountrieswithweaklegalsystems.Italsodoesnotrelyoninfmationaboutthe“brower“butratherontheobligwhichmakesitanattractivefinancinginstrumentfrelativelyopaqueSMEs.Reversefa

13、ctingreliesevenlessoninfmationalinfrastructureasthefactentersintoanagreementwithalargecompanytofinanceaccountsreceivablefromitssmallsuppliers.Klapper(thisissue)illustratestheimptanceoffactingffirmfinancinginmanydevelopin

14、gcountriesdiscussestheexampleoftheNafinreversefactingprograminMexicowhereagovernmentinstitutionprovidesaninterbasedmarketinfrastructuretofacilitateonlinefactingservicestoSMEsuppliers.Finallythebankingmarketstructureregul

15、atypoliciesinfluencingthismarketstructurecanhaveanimptantimpactontheavailabilityofSMEfinancingaswellasinfluencingthenewtechnologiesdiscussedabove(BergerUdellthisissue).Whilealargeshareofsmallbanksdoesnotnecessarilyresult

16、inmeexternalfinancingavailabletosmallfirmsfinancialsystemsdominatedbygovernmentownedbanksseemlesseffectiveinprovidingcredittoSMEs.TheentryoffeignbanksontheotherhismostlyassociatedwithgreaterSMEcreditavailability(ClarkeCu

17、llMartinezPeriaSanchez2003).Fexamplefeignbankscanbringthenecessaryknowhowscaletointroducenewtransactionlendingtechniques.BycompetingwithdomesticbanksflargecpateclientstheycanfcedomesticbankstogodownmarkettocatertoSMEs(de