中小型企业融资决策外文资料翻译

研究中小企业融资要参考的英文文献在研究中小企业融资问题时，寻找相关的英文文献是获取国际经验和最佳实践的重要途径。

以下是一些值得参考的英文文献，涵盖了中小企业融资的理论背景、现状分析、政策建议以及案例研究等方面。

“Financing Small and Medium-Sized Enterprises: A Global Perspective”, by P.K. Agarwal, A.K. Dixit, and J.C. Garmaise. This book provides an comprehensive overview of the issues and challenges related to financing small and medium-sized enterprises (SMEs) around the world. It presents an analytical framework for understanding the different dimensions of SME financing and outlines best practices and policy recommendations for improving access to finance for these businesses.“The Financing of SMEs: A Review of the Literature and Empirical Evidence”, by R. E. Cull, L. P. Ciccantelli, and J. Valentin. This paper provides a comprehensive literature review on the financing challenges faced by SMEs, exploring the various factors that influence their access to finance,including information asymmetries, lack of collateral, and limited access to formal financial markets. The paper also presents empirical evidence on the impact of different financing strategies on SME performance and outlines policy recommendations for addressing these challenges.“The Role of Microfinance in SME Finance: A Review of the Literature”, by S. Hossain, M.A. Iftekhar, and N. Choudhury. This paper focuses on the role of microfinance in financing SMEs and explores the advantages and disadvantages of microfinance as a financing option for SMEs. It also outlines the potential for microfinance to play a greater role in supporting SME development in emerging markets and provides policy recommendations for achieving this objective.“The Political Economy of SME Finance: Evidence fromCross-Country Data”, by D.J. Mullen and J.R. Roberts. This paper examines the political economy of SME finance, exploring the relationship between government policies, market institutions, and SME financing constraints. Usingcross-country data, the paper finds evidence that government policies can have a significant impact on SME access to finance and that countries with better market institutions are more successful in supporting SME development. The paper provides policy recommendations for improving SME financing in different political and institutional settings.“Financing SMEs in Developing Countries: A Case Study of India”, by S. Bhattacharya, S. Ghosh, and R. Panda. This case study explores the financing challenges faced by SMEs in India and identifies the factors that limit their access to finance, including government policies, market institutions, and cultural traditions. It also presents an in-depth analysis of the various financing options available to SMEs in India, such as informal credit markets, microfinance institutions, and banks, and outlines policy recommendations for enhancing access to finance for these businesses.这些文献提供了对中小企业融资问题的多维度理解，并提供了实用的政策建议和案例研究，有助于更好地解决中小企业的融资需求。

中小企业的融资问题外文翻译外文翻译the Financing problems of Small and medium sized enterprisesMaterial Source: ////0>. Author: ModiglianiA thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid small and medium sized enterprises, sensing?understandably?that the transaction costs of financing them will be excessively high. What Small and medium sized enterprises need is not to be left without access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van deer Avert, CEO of Small Enterprise Assistance Funds SEAF. This US- and Dutch-based NGO manages a network of 14 commercially driven investment funds worldwide with total assets of $140 million, and has developed a unique “equity plus assistance” approach to Small and medium sized enterprises investing.Small and medium sized enterprises Sara widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open to foreign direct investment, they also tend to pay disproportionately more in taxesand social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, often find a way to reduce their tax obligations through transfer pricing, royalty payments, and negotiated tax holidays. Microenterprises, on the other hand, often fall in the informal sector, neither paying taxes nor making social security contributions.Yet if Small and medium sized enterprises constitute a critical dimension of growth and development and are often well positioned to achieve high revenue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?The reasons are multiple and, for the most part, understandable. For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investing in local Small and medium sized enterprises also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, most private capital would much prefer to invest in a few large-asset There are broader issues to be considered as well, including the lack of transparency in local legal systems and governments that make investing in these countries difficult at best. enterprises in fields such as pharmaceuticals,telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making small and medium sized enterprises investments. These can be coupled with perceptions that local Small and medium sized enterprises entrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks receive from development institutions for on-lending to Small and medium sized enterprises are often under-utilized. Small and medium sized enterprises entrepreneurs’ lack of experience in accounting and other areas of financial documentation make it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.SEAF believes that the investment levels it takes, coupled with its focused efforts on increase value after investments, and allows it to invest at relatively attractive multiples. This offers an array ofpotential exit possibilities. By contrast, many conventional Emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee Small and medium sized enterprises.The financial sector infrastructure will need to change to accommodate the substantial financing requirements of new activities and industries. Going forward, while financial institutions would need to transform to remain innovative and responsive to demands of their customers, efforts need to be directed to facilitate financing by non-banks for high-risk ventures. These include financing for knowledge-intensive and technology-intensive start-up enterprises where only ideas intangible collateral are principal assets. As such, these knowledge-intensive and technology-intensive enterprises will need alternative forms of financing to complement traditional financing sources. These alternative modes of financing include among others, venture capital and credit enhancements such as financial guarantee insurance and agriculture insurance.The financial infrastructure that supports Small and medium sizedenterprises in Serbia is undeveloped. Up to now, small and medium sized enterprises and entrepreneurs have financed their operations out of their own resources because financial markets in Serbia were isolated and lacked the support of international financial institutions. The local financial sector in the former Yugoslavia was designed to support large scale, socially owned enterprises ? otherwise known as the “Pillars of Development.” B anks, especially large-scale socially owned banks, had a redistributive function imposed on them by the state, and they dealt solely with large-scale, socially owned enterprises. In addition, the Fund for Development of the Republic of Serbia disbursed its funds to the same target group. Capacity to repay the banks or the Fund was not a criterion for credit approval.Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamicsAs a matter of intellectual history, the reason is not difficult to understandDuring the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costsBut without such frictions, financial markets have little reason to existFor example, with complete markets and if we ignore taxes, we know that whether acorporation finances itself by debt or equity is irrelevant the Modigliani-Miller theorem.The former economic and political system did not support the development of financial instruments for Small and medium sized enterprises. Cooperation with SMEs focused on a few selected companies, while sole traders were almost completely excluded from credit transactions with the banking sector. SME owners and citizens completely lost their trust in the banks and channeled their savings into the grey economy, to banks abroad, or kept their savings at home. Only payments effected through the National Payment Bureau functioned properly for Small and medium sized enterprises.译文中小企业的融资问题资源来源:////. 作者:詹姆斯?沃尔芬森中小企业的蓬勃发展对促进经济增长,减少发展中国家的贫穷和经济转型具有重要意义。

中小企业融资渠道中英文对照外文翻译文献Title: Financing Channels for Small and Medium-sized Enterprises: A Comparative Analysis of Chinese and English LiteratureIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, they often face challenges in accessing finance due to limited assets, credit history, and information transparency. This article aims to provide a comprehensive analysis of financing channels for SMEs, comparing existing literature in both Chinese and English.1. Overview of SME Financing Channels:1.1 Bank Loans:Traditional bank loans are a common financing option for SMEs. They offer advantages such as long-term repayment periods, lower interest rates, and established banking relationships. However, obtaining bank loans may be challenging for SMEs with insufficient collateral or creditworthiness.1.2 Venture Capital and Private Equity:Venture capital (VC) and private equity (PE) attract external investments in exchange for equity stakes. These financing channels are particularly suitable for high-growth potential SMEs. VC/PE investors often provide not only financial resources but also expertise and networks to support SMEs' growth. However, SMEs may face challenges in meeting the stringent criteria required by VC/PE firms, limiting accessibility.1.3 Angel Investment:Angel investors are wealthy individuals who provide early-stage funding to SMEs. They are often interested in innovative and high-potential ventures. Angel investments can bridge the funding gap during a company's initial stages, but SMEs need to actively seek out and convince potential angel investors to secure funding.1.4 Government Grants and Subsidies:Governments offer grants and subsidies to support SMEs' business development and innovation. These resources play a pivotal role in ensuring SMEs' survival and growth. However, the application process can be cumbersome, and the competition for these funds is usually high.1.5 Crowdfunding:Crowdfunding platforms allow SMEs to raise capital from a large poolof individual investors. This channel provides opportunities for SMEs to showcase their products or services and engage directly with potential customers. However, the success of crowdfunding campaigns depends on effective marketing strategies and compelling narratives.2. Comparative Analysis:2.1 Chinese Literature on SME Financing Channels:In Chinese literature, research on SME financing channels focuses on the unique challenges faced by Chinese SMEs, such as information asymmetry, high collateral requirements, and insufficient financial transparency. Studiesemphasize the importance of government policies, bank loans, and alternative financing channels like venture capital and private equity.2.2 English Literature on SME Financing Channels:English literature encompasses a broader range of financing channels and their implications for SMEs worldwide. It highlights the significance of business angel investment, crowdfunding, trade credit, factoring, and peer-to-peer lending. The literature also emphasizes the role of financial technology (fintech) in expanding SMEs' access to finance.3. Recommendations for SMEs:3.1 Enhancing Financial Literacy:SMEs should invest in improving their financial literacy to understand different financing options and strategies. This knowledge will help them position themselves more effectively when seeking external funding.3.2 Diversifying Funding Sources:To mitigate financing risks, SMEs should explore multiple channels simultaneously. A diversified funding portfolio can help SMEs access different sources of capital while reducing dependence on a single channel.3.3 Building Relationships:Developing relationships with banks, investors, and relevant stakeholders is crucial for SMEs seeking financing. Strong networks and connections can provide valuable support and increase the likelihood of securing funding.Conclusion:Access to appropriate financing channels is crucial for the growth and development of SMEs. This analysis of financing channels for SMEs, comparing Chinese and English literature, highlights the diverse options available. By understanding the strengths and limitations of each channel, SMEs can make informed decisions and adopt strategies that align with their unique business requirements. Governments, financial institutions, and other stakeholders should continue to collaborate in creating an enabling environment that facilitates SMEs' access to finance.。

文献出处：Guariglia A. The Research of Small and Medium-sized Enterprise Financing Lease [J]. Entrepreneurship Theory and Practice, 2015，12（05）：41-51. 原文The Research of Small and Medium-sized Enterprise Financing LeaseGuariglia A.AbstractThis paper discusses the lease financing business accounting, development ofsmall and medium sized enterprises, and analyses the advantage in the financing lease.Finally, introduces small and medium sized enterprises in perfect financing lease ofcountermeasures from legal environment, taxation system, and guarantee system inorder to implement financing measures provided to small and medium -sizedenterprises, and solve financing difficulties of emergencies, thus improve to economicgrowth.Keywords: Small and Medium -sized Enterprises Financing lease；1 IntroductionFinance lease is finance transfers the ownership of the nature and characteristicsof equipment leasing business. Required by the lesser according to the lessee to buyequipment such as performance, specifications, models, and the lease to the lessee.The lesser to lease equipment, on the basis of the purchase price calculated accordingto the time length of the lessee occupy the lesser money rent, the lessee in accordancewith the agreed to pay the rent for each contract. Ownership of the contract equipmentbelongs to the lesser; the lessee has only to the right to use the equipment. After thetermination of the contract to pay the rent, the lessee has the right to according to theresidual value to buy equipment, to have the ownership of the equipment, or return theequipment to the lesser.2 The lessee financing lease accounting treatment2.1 The lease beginning date processing(1) Type of lease. (2) Calculating the lease beginning date of the minimum leasepayments, long-term accounts payable of the minimum lease payments as the entryvalue. (3) To calculate the lease beginning date the present value of the minimumlease payments, the lessee shall transfer the fair value of the leased asset on the leasebeginning date and the present value of minimum lease payment of the two lower as rent entry value of the assets. The lessee when calculating the present value of minimum lease payment, the determination of the discount rate: if the lesson’s rate implicit in the lease, with the lesson’s rate implicit in the lease as the discount rate; Otherwise, the interest rate discount rate is stipulated in the lease contract, to the bank loan interest rates for the same period as the discount rate. Lease containing rate is on the lease beginning date, makes the present value of the minimum lease receipts and the unguaranteed residual value of the sum of present value equal to the fair value of the leased asset and the lesser discount rate of the sum of the initial direct costs. (4) The initial direct costs included in the value of the asset. Initial direct costs refer to the lease negotiations and sign the leasing agreement which is in the process of happen, can be directly attributable to the cost of the leasing items. There are usually stamp duty, commissions, fees, travel expenses. (5) Calculate the unrecognized financing charges. Unrecognized financing charges = minimum lease payments - fair value of the leased asset (the present value of the minimum lease payments).Unrecognized financing charges.6. Prepare the lease beginning date accounting entries.2.2 The unrecognized financing chargesUnder a finance lease, the lessee to the lesser to pay the rent for each includes the principal and interest of the two parts. When the lessee pays the rent, on the one hand, reduce long-term payables; On the other hand, at the same time the unrecognized financing charges according to certain method to confirm the current financing costs. In accordance with the standards on the lease, the lessee shall adopt the effective interest rate method. In the case of adopting the actual interest rate method, based on the lease beginning date, the entry value of the leased asset is different, the choice of financing cost allocation rate is also different, the contribution rate of unrecognized financing charges to determine the specific divided into the following several ways.(1) the present value of the minimum lease payments as the entry value of the leased asset and the lease with interest rates as the contribution rate of unrecognized financing charges.(2) the present value of the minimum lease payments as the entry value of the leased asset, the provisions of the contract interest rate as the contribution rate ofunrecognized financing charges.(3) the present value of the minimum lease payments as the entry value of the leased asset, the bank loan interest rates for the same period as the contribution rate of unrecognized financing charges.(4) based on fair value of the leased asset costs, contribution rate shall be calculated again, the contribution rate is that the present value of minimum lease payments is equal to the discount rate of the fair value of the leased asset.2.3 Lease assets depreciation provisionsThe lessee to the financing of the rented fixed assets depreciation. Determine the leased asset depreciation period shall consider the provisions of the lease contract is concerned, if it can be reasonably determining the expiry of the lease the lessee will obtain the ownership of the leased asset, the life of the leased asset shall be on the lease beginning date as the depreciation period; If unable to reasonably determine the expiration of the lease term the lessee will obtain the ownership of the leased asset and should be in the lease term and the life of the leased asset as the depreciation period is shorter.2.4 The performance cost of processingThe performance cost is refers to the leased asset during the lease term for the payment of royalties, such as technical advice and services, personnel training, maintenance, insurance, etc. The lessee of the performance cost should be included in the current profits and losses (management cost, manufacturing cost, cost of sales and other subjects).2.5 With the rentOr have the rent is refers to the amount of uncertainty, based on factors other than the length of time (such as sales, usage) rent. Or have the rent in the actual occurs into the profits and losses of the current period.2.6 Processing when the lease term expiresThe processing of the leased asset when the lease term expires, the lessee to have three conditions: return, preferential renewals, retention.3 The advantages of financing lease analysis Small and medium-sized enterprises3.1 Leasing company is able to control the risk of small and medium-sized enterprisefinancing, and is willing to provide loans.Leasing company will be confronted with various risks in doing business, roughly the kinds of product market risk, financial risk, trade risk, economic risk, technology risk, environment pollution risks, force majored, and so on. When leasing companies with weak economic strength, low credit level of small and medium enterprises to carry out the financing lease, the risk will increase, especially small and medium-sized enterprises is the risk of the lessee cannot pay the rent on time every rental companies must focus on when doing business. Leasing companies with the characteristics of the financing lease business, can control for small and medium-sized enterprise financing risk, makes it a acceptable or tolerable risk. Leasing company risk control methods mainly include the following:(1) The ownership of the leased equipment belongs to the leasing company. An obvious feature of financing lease is Lease Company has the ownership of the leased equipment, and the lessee only has leasing the right to use the equipment. It is because the separation of ownership and use right leasing equipment makes the leasing company when tenant defaults don't pay the rent on time, with relative to bank loans and other financing more leeway. The lessee cannot accord the terms of the lease contract, pay the rent on time phenomenon mainly can be divided into the following kinds: temporarily liquidity difficulties; the lessee has enough cash flow, but deliberately rent arrears; the lessee insolvency, filed for bankruptcy. To the lessee for the first reason appears the phenomenon of the rent in arrears, leasing companies in the financial condition of a detailed study of the lessee, determine the true, can adjust the rent payment scheme with tenant, make it accord with the characteristics of the lessee's cash flow. This can help the lessee through the current situation, also is advantageous to the leasing company of the lessee and continue our cooperation. If after investigation found that the lessee is intentionally rent arrears, leasing company can communicate with tenant, told if continue to fulfill its obligation to pay the rent will face the consequences. In the case of the lessee refuses to correct, leasing company can through legal means, to exercise their rights, retrieve the lease item, and punish the rent in arrears, the point of control the losses to a minimum. Visible, simpleand flexible, low requirements for credit, financing lease affordable at the same time in the financing lease can effectively predict before, in order to avoid risks, so it is in the small and medium-sized enterprise financing can not be neglected, a kind of financing way.(2) To leasing company can control the money. Finance lease is a kind of financing and it as one of the new financing way, it is different from the general bank loans, rental company does not directly provide funds to the lessee, but according to the requirements of the lessee, the lessee the selected equipment manufacturers designated equipment purchase, to rent to the lessee to use it and reach the purpose of financing. Leasing companies to provide equipment instead of the direct funding financing can be very good to prevent enterprise change of the use of funds, the limited funds for the enterprise need productive USES, expand the production capacity of enterprises, to improve enterprise's ability to pay the rent, but also reduce the risk of the leasing company.3.2 Financing lease low cost requirementsAlthough the interest of financing lease to 2 ~ 3% higher than the same period of bank interest, but long-term bank loans often have additional constraints, such as equal pay, compensating balance on a regular basis to make small and medium-sized enterprise's actual loan interest rate increase or cannot get one hundred percent of the financing, the financing lease can provide even rather than equipment price (including freight, insurance premium, etc.) was raised, and the lessee generally enjoy the tax benefits brought by the lease. By way of financing lease, the enterprise can in the case of a small amount of money, get the right to use the equipment, saving money in early. Tenant companies at the same time can also be originally out turnover must be used for equipment use, portable, improve the utilization efficiency of the capital. Therefore, taken together, the cost of the small and medium-sized enterprises using financing lease is not higher than bank loans.3.3 Equipment selection autonomy is strongIn the process of financing lease, the lessee has the right to choose its own equipment and the supplier, do not rely on the lesson’s judgment and decision, thelesser shall not interfere in the lessee's choice of equipment and the supplier. Besides there are special provisions of the state of equipment, the lesser may recommend to the lessee and equipment manufacturer, but did not say.3.4 The rent paymentFinancial leasing is more flexible in terms of rent charge. Rent shall be according to the production nature of the lessee, the condition of capital and the sales season characteristics, in terms of reimbursement amount of time and combined with enterprise actual operating conditions, and not pay the rent in regular, fixed form. The lessee pays the rent can take the form of more, such as the payment time intervals, can be divided into annual pay, can pay half a year, quarter and monthly payment; According to whether the rent at the time of waiting for the forehead, can be divided into equal pay and equal pay. In practice, the lessee and the lesser agreed to rent payment is commonly uniform annuity to pay later.译文中小企业融资租赁研究Guariglia A.摘要本文具体探讨了融资租赁业务的会计处理方式、发展思路，分析了中小企业开展融资租赁的优势。

中小企业融资英文文献Title: Financing Options for Small and Medium-sized EnterprisesIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, one of the major challenges faced by SMEs is accessing adequate financing. This article aims to explore various financing options available for SMEs, highlighting their advantages and disadvantages.1. Traditional Bank Loans:Traditional bank loans have long been the primary source of financing for SMEs. They offer a fixed amount of capital, typically with a defined repayment period and interest rate. Bank loans provide stability and reliability, making them suitable for long-term investments and capital expenditures. However, the loan application process can be time-consuming and require a strong credit history, which may be challenging for some SMEs.2. Equity Financing:Equity financing involves raising capital by selling shares or ownership stakes in the company to investors. This type of financing is especially beneficial for high-growth potential SMEs. Equity investors provide not only financial resources but also expertise and industry connections. However, SMEs need to dilute their ownership and share profits with investors, which may limit their control over business decisions.3. Venture Capital (VC):Venture capital firms invest in SMEs with high growth potential in exchange for equity. VC funding is especially attractive for innovative startups and technology-driven enterprises. Apart from financial support, venture capitalists often provide valuable guidance and mentorship. However, securing VC funding can be highly competitive, and SMEs often have to demonstrate a unique and scalable business model to attract investors.4. Crowdfunding:Crowdfunding platforms allow SMEs to raise funds from a large number of individuals through online campaigns. It provides an opportunity for SMEs to engage with their target audience and build a loyal customer base. In return for their contributions, supporters may receive rewards or early access to the company's products or services. However, the success of a crowdfunding campaign depends on the SME's ability to effectively market their project and generate interest.5. Government Grants and Subsidies:Many governments offer grants and subsidies to support SMEs. These funds are typically targeted towards specific sectors or industries and aim to encourage innovation and economic growth. Government programs vary across countries, and SMEs must meet certain eligibility criteria. While government funding can provide a significant financial boost, the application process can be complex, and the availability of funds may be limited.6. Supplier Financing:Supplier financing involves negotiating extended payment terms with suppliers, allowing SMEs to free up working capital and manage cash flow. This form of financing is particularly useful for businesses with low credit ratings or limited access to traditional loans. However, SMEs need to establish strong relationships with their suppliers to negotiate favorable terms.Conclusion:In conclusion, small and medium-sized enterprises have various financing options available to them. It is crucial for SMEs to assess their specific needs and goals when considering different financing sources. Combining multiple financing options may also be a viable strategy for addressing diverse funding requirements. By exploring these options, SMEs can overcome financing challenges and continue to contribute to economic growth and development.。

中小型企业融资决策-外文翻译外文资料翻译译文中小型企业融资决策融资租赁(金融租赁)也被称为设备租赁(设备租赁),或现代租赁(现代租赁),基本上是全部或大部分的资产所有权转移风险和报酬的租赁。

终极所有权的资产转移,也可能不转移。

它指的具体内容承租人出租人在租赁对象和特定需求的供应商选择、供应商融资购买租赁财产,和使用出租给承租人,承租人对出租人分期支付租金,在租赁期内租赁对象的所有权属于出租人所有,承租人有权使用租赁项目。

任期届满,承租人支付租金在完成融资租赁合同履行义务,租赁对象所有权归属的承租人。

尽管融资租赁交易,租赁公司购买设备的身份,但购买的实质性内容设备供应商的选择等设备的具体要求,由承租人购买合同谈判的条件享受和锻炼,承租人租赁对象本质上是买方。

,是一个融资租赁贷款和贸易和技术更新的扩展新的综合金融行业。

因为它扩展的贷款和组合特征,有一个问题在租赁公司可以回收、处理租赁,所以企业的融资信贷和担保的主要要求,非常适合中小企业融资。

此外,负债融资租赁,不反映在企业的财务报表责任,不影响企业的信用状况。

这种多渠道融资需求的中小企业而言是非常有利的。

传统性质的租赁和融资租赁的区别就是:传统租赁以承租人租赁使用物件的时间租金、融资成本和融资租赁租金的租户占用时间。

市场经济发展到一定阶段和适应一个强大的融资,在1950年代在美国有一个新的类型的交易,因为它适应了现代经济发展的要求,在60 到70年世界上快速发展,如今已成为一个企业更新设备融资的主要方式之一,被称为“朝阳产业。

“中国在1980年代早期在这个操作模式的介绍了10年的快速发展,与发达国家相比,租赁的优势远未结束,市场潜力是巨大的。

租赁的主要特征租赁的主要特征是:对象的所有权,租赁是出租人为了控制租户租金还款的风险采取的一种形式所有权,在合同结束时最终有可能转移给承租人,租赁租赁人选择购买产品,从租户负责维护出租人只提供金融服务。

租金计算原则是:出租人租赁对象购买价格的基础上,由承租人向出租人资金时间的基础上,根据双方同意租赁利率。

中小企业融资英文文献An Analysis on Credit Guarantee System of Small and Medium-sized Enterprises in China AbstractAt presentthere are still many constraints in the further development of SMEsmall and medium—sized enterprises in ChinaAnd especially the financing development of SME has become a bottle neckwhich was caused by the unsound credit guarantee system for SMEBased on China’s SME guarantee system and its problemsthe thesis puts forward proposals to perfect guarantee system for China’s SME with norma l analysisIn order to make guarantee system play its due roleit is necessary to establish different modes of credit guarantee institutions in accordance with the actual situationto found SME credit guarantee funds and its supplementary systemto adjust the operation mode of guarantee funds and to improve legal protection of the credit guarantee system 对中国中小企业信用担保体系的分析摘要目前中国中小企业的进一步发展仍然受到很多约束尤其是中小企业融资问题已经成为制约的瓶颈。

中小企业融资和企业家外文翻译（可编辑）中小企业融资和企业家外文翻译外文翻译原文Financing SMEs and EntrepreneursMaterial Source: ////0>.Author: ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENTIntroductionSmall and medium-sized enterprises SMEs are the backbone of all economies and are a key source of economic growth, dynamism andflexibility in advanced industrialised countries,as well as in emerging and developing economies。

SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country。

They are responsible for between 60-70% net job creation in OECD countries。

Small businesses are particularly important for bringing innovative products or techniques to the market。

Microsoft may be a software giant today, but it started off intypical SME fashion, as a dream developed by a young student with the help of family and friends.Only when Bill Gates and his colleagues had a saleable product were they able to take it to the marketplace and look for investment from more traditional sources.While not every small business turns into a multinational, they all face the same issue in their early days ? finding the money to enablethem to start and build up the business and test their product or service.Why is it harder for them to borrow money from banks or to find private investors than for larger firms?And why is it easier for small businesses to raise money in some countries than in others?These are important questions given the fact that small businesses, and particularly innovative SMEs, become increasingly vital to economic development and job creation as the knowledge-based economy develops.This Policy Brief looks at the extent of the SME “financing gap”, and what governments can do to make it easier for them to obtain the funding they need to start, grow and prosper, and thus contribute to creating jobs and economic growth.SMEs are vital for economic growth and development in both industrialised and developing countries, by playing a key role in creating new jobs.Financing is necessary to help them set up and expand their operations, develop new products, and invest in new staff or production facilities.Many small businesses start out as an idea from one or two people, who invest their own money and probably turn to family and friends for financial help in return for a share in the business.But if they are successful, there comes a time for all developing SMEs when they need newinvestment to expand or innovate further.That is where they often run into problems, because they find it much harder than largerbusinesses to obtain financing from banks, capital markets or other suppliers of credit.This “financing gap” is all the more important in a fast-changing knowledge-based economy because of the speed ofinnovation.Innovative SMEs with high growth potential, many of them in high-technology sectors, have played a pivotal role in raising productivity and maintaining competitiveness in recent years.But innovative products and services, however great their potential, need investment to flourish.If SMEs cannot find the financing they need, brilliant ideas may fall by the wayside and this represents a loss in potential growth for the economy.The “bagless” vacuum cleaner and the “wind-up” radio or flashlight whic h need nobatteries are now common household items, but nearly failed to see the light of day because their inventors could not find financial backing to transform their ideas into production.Already, differences are emerging between countries in terms of how easy it is for innovative SMEs to grow and develop.This sector has been very dynamic in the United States and a few other countries, but has lagged in many continental European countries and Japan, to the detriment of job creation and competitiveness.图 1Note: In many cases of debt in OECD countries, this problem is limited to a sub set of SMEs, mostly start-ups and very young firms. Data is based on the responses of 20 OECD and 10 non-OECD economies.Source: OECD SME and Entrepreneurship Financing Survey.While the SME financing gap is more pervasive in emerging markets, business financing overall is not a problem in OECD countries Figure 1, where banks are adopting strategies to cope with reducing the risk of lending to SMEs and where there are well-established systems for raising money through banks and capital markets.Many countries that do not report an overall financing gap for SMEs say that they do have a financing problem when it comes to innovative SMEs, precisely because they do not fit the mould applied in traditional SME financing.Since innovative SMEs tend to be newcomers to the market, or seeking financing for a new type of product or service, and usually havenegative cash flows and untried business models, they represent a higher risk to banks and cannot be assessed in the same manner as traditional SMEs or large firms.One fundamental problem in dealing with the SME financing gap islack of basic information about just how big such a gap may be.Often the only evidence is in the form of complaints from SMEs themselves and this is difficult to use in analysis or for comparison.Moreover, thedefinition of an SME varies between countries and financial institutions, some only compile figures by size of loan, not by size of the company borrowing, and some do not keep regular statistics of SME lending atall.And this is just in OECD countries ? outside the OECD area, information is even scarcer.The difficulties that SMEs encounter when trying to access financing can be due to an incomplete range of financial products and services, regulatory rigidities or gaps in the legal framework, lack of information on both the bank’s and the SME’s side.Banks may avoid providing financing to certain types of SMEs, in particular, start ups and very young firms that typically lack sufficient collateral, or firms whose activities offer the possibilities of high returns but at a substantial risk of loss.SMEs tend by their very nature to show a far more volatile patternof growth and earnings, with greater fluctuations, than larger companies.Their survival rate is lower than for larger companies ? one analyst found that manufacturing firms with fewer than 20 employees were five times more likely to fail in a given year than largerfirms.Thus, SMEs are at a particularly severe disadvantage when trying to obtain financing relative to larger and more established firms.It can also be difficult for potential creditors or investors to distinguish the financial situation of the company from that of its owners.The entrepreneur may have re-mortgaged his or her house to acquire the start-up funds for the company, for example.If there are two cars in the driveway, can one or both be considered part of the company’s assets? If the owner dies, is there someone to ta ke over the business, or will it die with him or her?In order to assess the success of such actions, governments need to be able to measure the size of the SME financing gap and evaluate theimpact of government actions.OECD and non-OECD governments have asked the OECD to take the lead in establishing international benchmarks to facilitate comparisons of the relative performance of markets in providing financing to SMEs and entrepreneurs and to shed light on outstanding financing gaps and issues.译文中小企业融资和企业家资料来源: ////. 作者:经济合作与发展组织在先进的工业化国家,中小企业不仅是所有经济的中坚力量,也是经济增长的关键,也是一种新兴经济体和发展中的经济。

小微企业融资外文文献翻译the XXX credit to small and medium enterprises (SMEs)。

However。

micro enterprises (MEs) which are smaller than SMEs。

have been XXX。

using a path XXX finance。

such as family and friends。

due to the lack of access to formal finance。

Path dependence is also evident。

XXX finance.翻译：乌干达的小微企业融资：路径依赖和其他融资决策的决定因素XXX：Winifred XXX-XXX博士摘要：发展中国家的融资文献主要关注正规金融机构向中小型企业（SMEs）提供信贷的角色。

然而，小微企业（MEs）比SMEs更小，却被忽视了。

本文使用路径依赖框架，研究了乌干达小微企业的融资决策，识别了影响它们获得融资的因素。

研究发现，由于缺乏正规融资渠道，小微企业严重依赖非正规融资来源，如家人和朋友。

路径依赖也很明显，过去的融资决策和与非正规融资来源的关系影响了当前的融资决策。

本研究建议政策应着重改善小微企业获得正规融资的渠道，并促进金融素养，减少对非正规融资来源的依赖。

Access to credit is crucial for small and medium enterprises (SMEs) and micro enterprises。

as they are considered to be the main drivers of economic growth。

In e countries。

XXX role than SMEs。

XXX-agricultural self-XXX。

XXX due to the way they are XXX。

中小企业融资的英文文献Automatically translated text:The definition of lease financingFinance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer.It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial industry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, andso the financing for the enterprise credit and secured the main requirement, it is very suitable for SME financing. In addition, the leasing of sheet financing, not reflected in the financial statements of the enterprise liability, does not affect the credit status of enterprises. This multi-channel financing needs of SMEs in terms of it is very beneficial.Leasing and financing lease of a traditional nature of thedifference is: traditional lease to the tenant leasing the use of objects of the time rent, and finance lease financing costs to the tenant occupying the time of rental. The market economy develops to a certain stage and the adaptation of a strong financing, in the 1950s in the United States have a new type of trading, as it adapted to the requirements of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business update equipment one of the main means of financing, known as the "sunrise industry." China in the early 1980s after the introduction of this operational modalities for over 10 years has been the rapid development, compared with developed countries, the advantages of leasing is far from being played out, the market potential is huge.[Edit] the main characteristics of the leasingThe main characteristics of the leasing is: the ownership of objects as leasing is the lessor in order to control the risk of the tenant rent reimbursement taken a form of ownership, atthe end of the contract could eventually be transferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenant responsible for the lessor to provide financial servicesonly. Rent calculation principles are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, according to a mutually agreed rental rates. It is essentially dependent on the traditional leasing financial transactions, is a special kind of financial instruments.[Edit] the type of lease financing1.Simple financing leaseFinancing lease is a simple, by the lessee choose to purchase the rental property, the lessor on the lease project through risk assessment after the rental lease to the lessee the use of objects. Throughout the lease period the lessee does not enjoy the right to use the title, and is responsible for repair and maintenance of leasing objects. The lessor,s lease is good or bad thing without any liability, equipment depreciation in the tenant side.2.Leveraged lease financingLeveraged leasing practices similar to syndicated loans, is a specialized leasing tolarge-scale projects with the tax benefits of lease financing, mainly led by a leasing company as a trunk, and for the lease of a very large project financing. First set up a leasing company from the operation of the main institutions - a project-based fund management company set up projects to provide more than 20% of the total amount of funds, and the remaining part was the main source of funds banks and social absorb idle idle funds, the use of 100 percent enjoy low taxbenefits "in the eight Bo" leverage for the leasing project large amount of funds. The remaining financing and leasing practices are basically the same, but because of the complexity of the contract covers a wide range and even greater. As can enjoy tax benefits, operating norms, comprehensive benefits, and recovery of rent safe, low-cost, and are generally used for aircraft, ships, communications equipment and large complete sets of equipment lease financing.missioned by the Financial LeasingIs a way to have the funds or equipment entrusted to non-bank financial institutions in the financing lease, the lessor is also thefirst client, the second is the trustee of the lessor at the same time. The lessor to accept the client,s money or lease of the subject matter, according to the client,s written by the client designated for the lessee of the leasing business. In the subject of the lease term lease of the property of the client, the lessor only charges, not to take risks. Such leasing commissioned a major characteristic is not to lease the right to operate the enterprise, "by the right" business. E-commerce is on the lease by lease rental as a business platform.The second is the lessor or lessee commissioned by the lease purchase of a third person, the lessor under the contract to pay the purchase price, also known as commissioned by the lease purchase financing.4.Project finance leasingLessee to project their own property and to ensure efficiency, and the lessor signed a finance lease contract, the lessor to the lessee ofthe property and other projects without recourse to the proceeds, we can only rent charged to the project,s cash flow and profitability to determine. The seller (that is leasing goods manufacturers) through their holding leasing companies to promote their products in this way, and expand market share. Communications equipment, medical equipment, transportation equipment, or even the right to operate highway can be used this way. Others, including the return of leasing, also known as sale and leaseback financing leasing; financing to leasing, also known as the financing to leasing.[Edit] the risk of lease financingFinance leases from the risk of many uncertain factors, is multifaceted and interrelated, in the full understanding of theoperational activities of the characteristics of various risks can be comprehensive, scientific analysis of risks to formulate corresponding measures. The risk of financing leasing main categories as follows:(1)product market risks. In the market environment, regardless ofthe financing lease, loan or investment, as long as the funds used to purchase equipment or to carry out technological transformation, first of all, should consider leasing equipment products market risks, which needto know to sell the products, market share rate and occupancy, product trends in the development of the market, the consumption structure andthe mentality of the consumers and consumption capacity. If these factors are not fully understand, the survey are not careful, and may increasethe market risk.(2)financial risks. For the leasing of a financial nature,financial risks throughout the entire business activities. The lessor,the biggest risk is that the lessee is also rent capacity, it has adirect impact on the operation of leasing companies and survival, therefore, the risk of also rent from the project began, it should be cause for concern.Currency also have risks, especially international payments, methods of payment, payment date, time, the remittance channels and means of payment options improperly, will increase the risk.(3)Trade risk. For the leasing of a trade properties, the risks of trade negotiations to orders from the acceptance testing there is a risk. The merchandise trade in the modern development of a relatively complete, the community is also supporting the establishmentof corresponding institutions and preventive measures, such as a letter of credit, transport insurance, commodity inspection, commercial arbitration and the risk of credit counseling have taken precautions and remedial measures, but because people,s awareness and understanding of the risks of different degrees, and some means of a commercial nature, coupled with the inexperience of the management of enterprises and other factors, all of these instruments have not been used, making trade risk still exists.(4)technical risks. One of the benefits of lease financing before other enterprises is the introduction of advanced technology and equipment. In the actual course of the operation, or advanced technology, advanced technology is mature, mature technology for the legal rights and interests of others, is an important risk a technical reasons. Serious, due to technical problems so that equipment in a state ofparalysis. Other risks include the economic environment, force majeure, and so on.[Edit] the accounting treatment of lease financing[Edit], the tenant on the accounting treatment of lease financing1,the start of the lease accounting treatmentAt the start of the lease, the tenant will usually be the start of the lease rental assets in the original book value of the minimum lease payments and the present value of the lower of the two leased assets as recorded value of the minimum lease payments as a long-term payables recorded value, and the difference between the two records is not recognised financing costs. However, if the assets of the leasing assets of the enterprise small proportion of the total, the tenant may be the start of the lease in the minimum lease payment records of assets and long-term rent payments. This time, the "proportional" not usually refers to fixed assets financed by leasing the lessee total assets total less than 30% (including 30%). Under such circumstances, rent for the financing of long-term assets and the determination of the amount due, the tenant may, at its option, which can be used minimum lease payments, and can also be used leasing assets in the original book value of the minimum lease payments and the present value of the two in the lower. Then what "leasing the original book value of assets" refers to the start of the lease rental, as reflected in the accounts, the book value of the leased asset.Lessee in the calculation of the minimum lease payments at the current value, if the lessor that the interest rate implicit in thelease, the lessor should be used as the interest rate implicit in thediscount rate, otherwise, shall be stipulated in the lease contract interest rate as the discount rate . If the lessor,s interest rateimplicit in the lease and rental rates stipulated in the contract are not available, it should be used over the same period interest rates on bank loans as the discount rate. Which is implicit in the lease rates, in the inception of the lease, the minimum lease payments and the present value of the unsecured portion of the residual value of the current value of assets and equivalent to the original book value of the discount rate.2,the initial direct costs of the accounting treatmentInitial direct costs refer to the lease negotiations and the signing of the lease agreement occurred in the course of the lease can bedirectly attributable to the cost of the project. Lessee in the initial direct costs usually have stamp duty, commission, attorney fees, travel expenses, such as the costs of negotiations. Lessee in the initial direct costs should be recognised as an expense in the current period. Accounts for its handling: debit "management fees" and other subjects, credited to "bank" and other subjects.3,no finance charge assessedIn the finance lease, the lessee to the lessor to pay the rent, include the repayment of principal and interest in two parts. Lessee to pay rent, on the one hand to reducelong-term payables, on the other hand, while not confirmed by the leasing costs for a certain method to confirm the current financing costs, the first rent (that is, initially matching each rental payment) Under the circumstances, the lease term is the first phase of rent paidno interest, should only reduce the long-term payments, not to confirm the current financing costs.Not sharing in the finance costs, the lessee should be used to calculate certain way. According to the guidelines, the lessee can be used in real interest rates, the straight-line method can also be used and the number of years of combined law. In using the effective interest method, in accordance with the inception of the lease is a lease assets and liabilities are recorded based on the value of different financing costs assessment rate options are also different. No finance charge assessed specific divided into the following types:(1), leasing assets and liabilities to a minimum lease payments accounted for the present value of value to the investor and the interest rate implicit in the lease for the discount rate. Under such circumstances, investors should be the interest rate implicit in the lease for the assessment rate.(2), leasing assets and liabilities to a minimum lease payments for the present value of recorded value, and to lease contract provides for the interest rate as the discount rate. In such circumstances, should be stipulated in the lease contract as the rate of assessment rates.(3), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist residual value guarantees and preferential purchase right to choose. In such circumstances, should be re-calculation of thecost-sharing rate financing. Financing cost-sharing rate refers to the inception of the lease,the minimum lease payments equal to the present value of lease assets in the original book value of the discount rate. In the lessee or related to the leased asset residual value of the third-party security situation, and the similar, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to zero.(4), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist guaranteed residual value, but there is preferential option to purchase. In such circumstances, should be re-calculation of the cost-sharing rate financing. At the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to zero.(5), leasing assets and liabilities to the original book value of the leased asset value accounted for, and the existence of the lessee guaranteed residual value.Under such circumstances, the cost-sharing should be re-financing rate. Related to the lessee or third parties on the residual value of leased assets as security has been provided or not at the end of the lease renewal and to pay a penalty of circumstances, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reduced to the guaranteed residual value, or to be paid by the breach.Lessee shall pay each of the rent shall be the amount of rent paid, debit "long-term payables - to finance leases," subjects, credited to "bank" subjects, if payment of rent, which includes compliance costs, Atthe same time debit should be "manufacturing costs", "management fees" and other subjects. At the same time should be recognized in accordance with the current amount of the finance charge, debit "financial costs" subjects, credited the "no finance charge" subjects.4,the leased asset depreciation ProvisionTenants should finance the lessee Provision for depreciation of fixed assets, should address two main issues:(1), depreciation policyProvision for asset depreciation, lease, the tenant should be its own assets Provision line depreciation method. If the lessee or third parties relating to the leased asset security has been provided, should be credited for the amount of depreciation on fixed assets, and the inception of the lease accounting residual value after deducting the value of the balance. If the lessee or third parties relating to the leased asset residual value of the security hasbeen provided, the total amount of depreciation should be credited for the start of the lease value of fixed assets recorded.(2), the depreciation periodIdentify the leased asset depreciation period, should be in accordance with the lease contract. If reasonable certainty that thelessee at the end of the lessee will obtain ownership of the leased asset, the lessee can be identified with all of the assets of the remaining useful life, and should therefore be the start of the lease tolease the remaining useful life of assets as depreciation period; If you can not reasonably determine whether the lease to the lessee at the end of the lease ownership of the assets to be made to the lease period and the remaining useful life of the leased asset in the shorter of the two as the depreciation period.5,the accounting treatment of compliance costsMany types of compliance costs, rent for the financing of fixed assets improved expenditure, technical advice and service charges, fees should be increased staff training credited to the extension of sharing costs, debit "long-term prepaid expenses," and "accrued expenses", "manufacturing costs", "management fees" and other subjects, the fixed assets regular maintenance, insurance, etc. can be directly charged to expense in the current period, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank deposits, "wait until the subjects.6,or the accounting treatment of rentSince the rent or the amount of uncertainty, unable to adopt a rational approach to its system for sharing, in the actual event, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank" and other subjects.7,at the end of the lease accounting treatmentAt the end of lease, the tenant on the lease is usually the disposition of the assets of three circumstances:(1), the return of the leased asset. Debit "long-term payables - to finance leases," and "accumulated depreciation" subjects, credited "fixed assets - fixed assets financed by leasing all" subjects.(2), renewable lease concession assets. If the lessee to exercise the right to choose renewable concession, the lease shall be deemed to have been made the presence of the corresponding accounting treatment. If no expiry of renewal, to the lessor under the leasecontract to pay a penalty, debit "operating expenses" subjects, credited to "bank" and other subjects.(3), stay purchase the leased asset. In the lessee enjoy preferential purchase right to choose, purchase price paid, debit "long-term payables - to finance lease," credited "bank" and other subjects at the same time, will be fixed assets from "all fixed assets financed by leasing" Details Details of the other subjects into subjects.。