中小企业融资中英文对照外文翻译文献

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。

题目：家族式中小企业融资存在的问题及对策第一部分外文翻译原文Family SME financing problems and countermeasures1、The status of family SMEsFamily-owned SMEs in the development of our country experienced a small to large, from weak to strong in the process, along with the family business in China today the deepening of economic reform and development and growth, has gone through four stages: the first stage, From 1978 to 1987, after the December 1978 Third Plenary Session of the Party, the private sector began to sprout exploration; the second stage, from 1988 to 1991, in 1988 the state promulgated the "Provisional Regulations on private Enterprises", the private sector has been Legislative protection; the third stage, from 1992 to 1996, the spring of 1992, Comrade Deng Xiaoping's southern tour speech, encourage private sector development; the fourth stage, the 15th Party Congress in 1997 affirmed the non-public economy is an important component of the socialist market economy private enterprises to enter the stage of stable development.At present, China's family-owned SMEs in general to take the family system management mode, although this management model, although in favor of corporate governance, reducing the commission Enterprises - the agency costs, but this also increases the external transactions arising from the establishment of corporate identity costs. On the one hand our economy is in a transition period, various policies and regulations are not perfect, the community has not formed a unified identity for the family of SMEs, which makes family-owned SMEs in the market development, customer acquisition financing and other aspects in particular more difficult. On the other hand due to the absolute control of the family by the family-owned small and medium enterprises, the decision arbitrary and authoritarian strong, the error rate is large, resulting in enterprise development to a certain stage on the lack of power, it is difficult to continue to develop.2、The main problem of family exist in the process of SME financing2.1 Family ownership structure and governance structure of SMEs unreasonableOur family ownership structure of SMEs in general showing unity, closed characteristics. According to statistics, the founder of the family business enterprise investment accounted for 75% of total share capital, its holding ratio as high as 70%, while the proportion of shares held by the founder's family also accounted for 10% ofthe company's total share capital, both in the family business of Holdings the proportion of 80%, the enterprise has absolute control. This single ownership structure and the closure of many family-owned SMEs generally do not pay attention to external financing, business development and capital accumulation is still relying on its own within the family obtain financing, which limits the expansion of enterprises.2.2 The family behind SME management modeCurrently, many executives are from family-owned small and medium enterprises within the family, but also because of the family's absolute control of the enterprise, many business owners arbitrariness in decision-making, so that companies will bring tremendous business risk to the enterprise zone to instability, which will undoubtedly increase the risk of funding provided. Meanwhile, in the internal distribution ofprofits, there is no established concept of sustainable development can play, often only taking into account the short-term interests, net of corporate profits spectroscopic eat, rarely from the perspective of enterprise development, consider using retained funds to supplement operating funds, and their accumulation of weak sense.2.3 The family-owned SME financial system is not perfectAs noted in the survey, more than 50 percent of family-owned SMEs in the financial system is not perfect, and many family-owned small and medium business managers lack professional financial management knowledge, lack of major financial decision analysis to develop a reasonable and legitimate, and even prepare several sets of accounts to check payable regulatory authorities. Because most investors to corporate lending main consideration is return on investment, and ROI analysis depends mainly on the view the company's financial statements, due to the corporate financial system defects, it is difficult to provide accurate accounting information, investors are unable to find out the enterprise the true face, nature does not give business loans.3、The Solution of family financing of SMEs3.1 Family fade colors, introducing diversification of investorsFirst of all to clarify property rights, according to the contribution principle, the principle of efficiency, fairness rationalize the relationship between members of the family property, clear the nature of the enterprise, the definition of enterprise property rights, reform of property rights. Forward to the public on the basis of clear property rights on the inside, diversify their ownership by absorbing social capital, the equity isfully owned by the family into a controlling stake, the investor capital, human capital and social capital is allocated in equal shares, to increase transparency and social trust.3.2 Change management model to promote institutional innovationMany of our family-owned small and medium enterprises in the employment context nepotism, meritocratic closer. This management model is not conducive to family-owned small and medium enterprises to introduce outstanding management personnel, resulting in a lack of family-owned small and medium business decision rationality, increasing the risk offamily-owned small and medium business, reducing the level of family credit for SMEs, resulting in banks and investors unwilling to its loans and investments. In view of this, family-owned SMEs should abandon the family management, the introduction of professional managerial system, the implementation of corporate restructuring in accordance with the requirements of modern enterprise system, the introduction of outstanding management talent, improve operational efficiency and reduce operational risks. So as to raise the level of credit to enhance financing capacity. At present, the rapid development of China's many family businesses employ people outside the family as a decision-making executives, such as the United States and other countries.3.3 Cegulate corporate financial system, improve financial managementAccording to the relevant regulations of the state, the establishment of financial and accounting system sound enterprises, not cooking the books, establish and improve financial reporting system to improve the credibility and transparency of the financial situation of the financial statements. These include: 1, raise funds, and the effectiveuse of funds, supervision and funding normal operation, maintenance, financial security, boost profits. 2, establish a sound financial management system, financial revenues and expenditures do a good job planning, control, accounting, analysis and assessment work. 3, to strengthen the management of financial accounting, in order to improve the timeliness and accuracy of accounting information.In short, to be truly effective in solving the difficult problem of family SME financing, companies need to go through joint efforts of financial institutions, to create a family-owned diversified financing channels for SMEs, social credit sound socio-economic environment for the family-owned SMEs the development provides a relaxed environment for raising capital.第二部位论文译文题目：家族式中小企业融资存在的问题及对策一、家族式中小企业的现状家族式中小企业在我国的发展经历了一个由小到大、由弱变强的过程，当今中国的家族企业随着经济体制改革的不断深化而发展壮大，经历了四个阶段:第一阶段，1978～1987年，1978年12月党的十一届三中全会以后，私营企业开始萌芽探索;第二阶段，1988～1991年，1988年国家颁布了《私营企业暂行条例》，私营企业得到了立法保护;第三阶段，1992～1996年，1992年春邓小平同志南巡讲话，鼓励私营企业发展;第四阶段，1997年党的十五大肯定了非公经济是社会主义市场经济的重要组成部分，私营企业进入稳步发展阶段。

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.。

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.。

中小企业融资渠道中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：The areas of SME financing channels: an overview 1.IntroductionIn all countries, SMEs are an important source of economic growth and create jobs. In addition, these companies through their dynamism and flexibility, the power of innovation and development.The research method is to start from the literature to highlight the importance of the theme of our research. This paper analyzes the data and statistics based on mainly by the World Bank survey, small and medium-sized private enterprises in Romania by some empirical research. According to the method used, and pointed out the importance of financing of SMEs and enhance the public bodies concerned about, especially the measures taken to improve financial development.2.the literature on SMEs financing channelsA popular academic literature on the financing channels of SMEs, has witnessed a lot of research to solve this problem.Countless research studies have indicated that financing channels is a critical obstacle in the growth and development process, especially in small and medium enterprises.Through Baker Dumont reggae - Ke Lute, Ivan, and Marca Smokin Popovich (2004) research, reflecting the fundamental factors of 10 000 enterprises from 80 countries mainly depend on the financing of enterprises. Therefore, the relationship between the study highlights the corporate finance and its characteristics such as age, size and structure of property rights. From this perspective, the authors found that the small size of the young company, and face greater obstacles when they seek financial resources.The iResearch Dick Mei Leke and Salta (2011) analysis of macroeconomic and institutional factors affecting SME financing loans through the statistical data found. In other similar studies, the authors found a positive correlation between the overall economic development (a measure of per capita income) and financial development (measured by private lending ratio of gross domestic product), on the other hand, the level of SME financing is the opposite. In addition, the authors show that the level of financing for SMEs depends on the legal structure and overall business environment.3.in the process of SME financing in the general obstaclesIn general, access to financial products or financial services or financial inclusion assumes that there is no trade barriers to the use of financial products or services, regardless of whether these barriers or non-related pricing (Dumont reggae - Ke Lute, Baker, and Honorine root 2008:2). Therefore, to improve this means of access means increasing the degree of financial products or financial services at a fair price toeveryone.Enterprise does not use financial products or services can be divided into several categories, their identification is necessary, in order to take the necessary measures to improve their financing channels. Therefore, on the one hand, enterprises obtain financing, the financial products and services, but do not use them because they do not have a viable investment projects. On the other hand, it can distinguish between non-voluntary refuse corporate Although these business needs, but not have access to financial services. The status of independent corporate finance or financial services in some companies do not earn enough money or safeguards required by financing institutions and therefore have higher credit risk. At the same time, when some companies in need of funding, financial and banking institutions involved too costly and can not agree to financing. Finally, in the context of the enterprise refused to appear over-priced financial products or services and financial products or services that meet their requirements.Financing channels for enterprise development and the efficient allocation of funds essential. However, compared with large enterprises, SMEs seeking finance is facing many difficulties, because of several reasons, including: the judicial and legislative structure of the instability and imperfect, it does not support the enterprises in need of financing and funding the relationship between; part of the funding and corporate information is incomplete or even lack of information, which hinders the normal and efficient development of relations between enterprises and providers of finance; especially in the young company, the lack of credit history and guarantees the creditors, and sometimes limits the range of financial products that can be used.The number of surveys, especially the World Bank stressed that the financing is one of the biggest obstacle to good development and growth of the SME. For example, the World Bank in the 2006-2009 survey foundthat 31% of the worldwide study of corporate finance is a major obstacle to the current implementation, and even higher proportion of young company in the 40% of cases up to three years of experience (Chavez, kt Boer and Ireland 2010:1). In addition, a series of global surveys, including the information provided by the World Business Environment Survey show that SME financing transaction costs is the main obstacle to enterprise development.4.SME bank financing difficulties and support measuresIn most countries, especially in countries with bank-oriented financial system, the main source of external financing for SMEs by bank loans. Therefore, this type of loan is crucial to the development of SMEs. However, the survey showed, compared to the SMEs and large enterprises are using the new investment in the small extent of bank financing.As we mentioned, the use of financial products is determined by supply and demand. It is therefore important to understand why the SMEs use bank financing to a small extent only. In this regard, some studies (Banerjee and Duflo: 2004) has shown that the main reason for the supply, because every time when SMEs are able to obtain loans, they use it to increase production. This behavior is more proof of financing is an important factor in the development of enterprises. In addition, in the context of the current global financial crisis, the declining availability of bank loans and limited financing opportunities for SMEs. Therefore, it is the main problem facing small and medium enterprises.October 29, 2010, this survey of SMEs in Romania highlights the main problems faced by SMEs and banks. Therefore, 82% of the interviewed entrepreneurs obtain bank financing is very difficult, mainly because of excessive bureaucracy, unreasonable high demand, high interest rates, rigid bank credit indicators, as well as many types of commission and expenses. In addition, more than 61% of SMEentrepreneurs and managers reporting banks lack of transparency (hidden costs, lack of communication channels, etc.), there is no real consultation (using the standard contract, the bank refused to modify or complete the credit contract, etc.) and banks do not legitimate or misuse of the terms of the contract (for example, perform the unauthorized transaction accounts or bank fraud). Understanding this knowledge to take measures to support and promote SME financing.Improve SME financing is still cause for concern, but also national, European and international facing a challenge. For example, in the EU, through the implementation of the new measures established by the Small Business Administration for Europe to improve the financing channels for SMEs, by reducing the return of the structural funds requirements to promote the access of small and medium enterprises, the establishment of the Credit Ombudsman to promote small and medium-sized enterprises and dialogue between the credit institutions, to avoid the double taxation of the tax legislation, which will hinder the international venture capital plays an important role.In particular, empirical research, emphasizing the impact of the degree of financial development of a country is essential that the level of development of the SME financing. Therefore, a series of measures to support SMEs to obtain financing, to ensure the efficient development of the country's financial, which will ensure greater availability of corporate finance. Specifically, the authorities should take measures commonly used to measure the degree of financial development in the seven pillars, namely, the institutional environment, business environment, financial stability, banking and financial services, non-bank financial services, financial markets and access to finance.5 .ConclusionEffective financing for SMEs to create new business is of great significance, and existing growth and development of enterprises, whilepromoting the country's economic and social development. In addition, in the case of the economic crisis, SMEs contribute to restoring the national economy, so it is particularly important to support SME financing. However, most of the survey report stressed, always the financing channels of SMEs is one of the most important factor to affect its operation and development.SMEs trying to get the necessary financial resources to face difficulties related to the entrepreneurs and the economic environment of each country, as well as existing legal and institutional structure. To alleviate these difficulties, the measures taken by public authorities should focus on improving the financial development and to ensure that the corporate finance and economic growth, greater effectiveness.In various countries, including Romania, the decline on the availability of SME financing, or even the lack of statistical data, we believe that policy makers need to focus on and monitor a series of important indicators, depending on the size of the SMEs, experience and industry events share of its loans, which will benefit the public authorities, creditors and investors.原文来自罗马·安吉拉中小企业的融资渠道的领域:概述（奥拉迪亚大学：经济科学，2011年第一卷第一期，431-437）摘要通过中小企业在创造附加值和新的就业岗位中的贡献,使它在国家的经济和社会发展中拥有一个显著的角色。

文献出处:Daskalakis N, Jarvis R, Schizas E. Financing practices and preferences for micro and small firms[J]. Journal of Small Business and Enterprise Development, 2013, 20(1): 80-101.原文Financing practices and preferences for micro and small firmsNikolaos DaskalakisSmall Enterprises Institute (IME-GSEVEE), Athens, GreeceRobin JarvisACCA, London, UK and Brunel University, Middlesex, UK, andEmmanouil SchizasACCA, London, UKAbstractPurpose – The aims of the paper are three-fold: first, to analyse how sm all and micro firms finance themselves; second, to investigate what their financing preferences are; and third, to explore their opinions on how they evaluate the financing sources and the various obstacles they face in accessing those sources.Design/methodology/approach– The paper uses a sample of Greek small and micro firms, which cover 99.6 per cent of the total number of firms operating in Greece. The data are derived from the answers in a structured questionnaire.Findings –The main conclusions are as fol lows. Regarding equity financing, firms rely heavily on their own funds and would not raise new equity from sources outside the family; thus, there is a reluctance to use new outside equity (venture capital, business angels, etc.). Regarding debt financing,firms denoted that they would use more debt, specifically long-term debt, than they currently do. Thus, there are limitations in accessing long-term debt financing. Regarding grant financing, micro and small firms should be better informed and encouraged more to participate in state grants and co-financed programs; thus, there is an informational gap in grantfinancing.Originality/value–The paper uses a sample of Greek micro and small firms and a survey methodology to tackle the lack of quantitative published data for most small firms in Greece. It incorporates distinct sources of funds that are very important for small firms (family funds, grants provided by the state and micro-loans). It investigates preferences, not just practices.Keywords Capital structure, Mic ro and small firms, Survey, Greece, Small to medium-sized enterprisesPaper type Research paper1. IntroductionThe growing recognition of the importance of small and medium-sized enterprises (SMEs) to economies in the European Union (Commission of the European Communities, 2008) and the acknowledgement that SMEs are relatively financially constrained have resulted in a surge of interest in SME financing prior to and during the current financial turmoil.A major area of interest, from an academic and policy perspective, is analysis of the different types of finance that are used by SMEs, and their preferences. This subject is conventionally captured under the term “capital structure theory”. The literature emphasises that the capital structure theory of large fir ms has very limited applicability to SMEs (Michaellas et al., 1999). There is substantial evidence that small firms have less access to formal sources of external finance (e.g. Beck and Demirgu¨c¸-Kunt, 2006, Kuntchev et al., 2012 for developing economies). Beck et al. (2006) found that younger and smaller firms report higher financing obstacles, and in a later paper Beck et al. (2008) concluded that small firms use less external finance, especially bank finance.In terms of SMEs it is very difficult to generalise about capital structure issues because of the differing size of SMEs, nature of the firm, the external environment and context diversity. In particular, smaller firms (i.e. “micro” and “small” according to the EU definition of SMEs[1]) are more numerous and make a significantcontribution to EU member state economies, but, as indicated above, are more constrained in raising external finance. The focus of this paper is on issues relating to the capital structure of micro and small firms in Greece, which has a high er proportion of these firms in the EU categorisation of SMEs, and is the first investigation of the financial issues of smaller SMEs in this member state. The study makes an important contribution to the literature and provides an important insight to policy makers and other small firm stakeholders concerned with enhancing the number of start-ups, the survival rate and growth of small firms in Greece; to the best of the authors’ knowledge, there is no other survey-based research study regarding SMEs’ access to finance in Greece. Additionally, by studying smaller firms within the SME definition, the findings should give a better understanding of the patterns of financing in other countries that have a similar landscape of smaller enterprises.The paper simultaneously addresses two important factors for small firm financing. Firstly, the literature to date relating to SME financing tends to focus on the traditional main external sources of capital for large enterprises, namely equity and debt. Although several authors acknowledge that small businesses are not “scaled-down versions” of large businesses (Cressy and Olofsson, 1997), when investigating the capital structure of SMEs, they focus on the very same sources used by large firms.The need to incorporate sources other th an traditional financing sources in the financing pattern of SMEs was addressed by Beck et al. (2008). This paper gave consideration to distinct sources of funds that were found to be important to smaller firms. These included funds sourced from the family, trade credit, the various grants offered by government and other regional bodies, and micro-loans. This study considers most of these and other sources of finance in mapping the capital structure issues for smaller firms.The study also investigates the financing preferences of small firm owners. Respondents were asked how they would finance their investments and daily operations if they faced no barriers to accessing finance. The comparison of these preferences with their current sources of finance gave an importa nt insight into the so-called “SME finance gap”[2]. Thus, the survey sheds light on how theentrepreneurs themselves evaluate various financing sources and the corresponding obstacles they face in to gaining access to those sources.The remainder of the pape r is as follows. Section 2 briefly presents some background data on the European and the Greek SME sector; Section 3 provides a brief background of the financing patterns of micro and small firms. Section 4 presents the data and the methodology employed. Section 5 presents the empirical results, while section 6 concludes the paper.2. SMEs in Europe and GreeceAs mentioned previously, SMEs represent 99 per cent of the total number of enterprises in Europe and employ 67 per cent of the total number of employees in the private sector. Table I presents interesting data on numbers and percentages of enterprises and employees for EU-27 and Greece for 2008. The data are divided into size groups based on the definition of the European Commission.Table I shows that there are 19 million micro firms in the EU-27, which account for 91.8 per cent of the total number of enterprises and provide jobs for 39.6 million people, namely, 29.7 per cent of total emplo yment. With small firms added, they represent 98.7 per cent of the total number of firms and provide half the jobs. The Greek economy is based on micro and small firms with even larger figures in terms of total firm numbers and percentages. Specifically, in 2004[3] there were 902.631 firms operating in Greece, offering work to approximately two million people. The vast majority of the enterprises were micro firms (96.5 per cent), which offer work to almost 58 per cent of total persons employed, considerably higher than the corresponding 29.7 per cent in EU-27. To sum up, micro and small firms with up to 50 employees represent a very important area of the business economy. Their ability to create jobs, flexibility to adapt easily to the economic environment and endurance in unfavourable periods have been the subject of several studies in recent years. However, this is a vast area, as figures indicate, and an area to be further explored. 3. Financing patterns for micro and small firmsFollowing previous research an appropriate starting point in exploring the theory of the financing of small and micro entities is through the traditional theories of thefactors that determine capital structure of firms. A key to this theoretical framework is the consideration as to how the siz e of the business entity affects their financial structure. The influence of size has been investigated by a number of researchers from a large firm perspective (Marsh, 1982; Bennett and Donnelly, 1993; Rajan and Zingales, 1995; Panno, 2003; Ojah and Manrique, 2005; for Greece, Eriotis et al., 2007; Vasiliou et al., 2005) and a SME perspective (Kotey, 1999; Michaellas et al., 1999; Sogorb-Mira, 2005; Garcı´a-Teruel and Martı´nez-Solano, 2007; Hernandez-Canovas and Koetter-Kant, 2008; and specifically in the cas e of Greece, Daskalakis and Psillaki, 2008; Psillaki and Daskalakis, 2009). The analysis of the literature indicates that size does affect capital structure determination. Explanations for the differences in the capital structure due to the size of the enterprise have been identified in the literature (Pettit and Singer, 1985; Chittenden et al., 1996; Cressy and Olofsson, 1997; Jordan et al., 1998; Beck et al., 2008).The most influential explanations for the difference are:. the use of the debt tax shield;. asymmetric information; and. agency costs.The following paragraphs expand on these explanations.In the case of debt tax shields, Pettit and Singer (1985) have argued that tax considerations are of little importance for SMEs, particularly micro and small entities, as these firms are less likely to generate high profits and therefore less likely to benefit from using debt for tax shield reasons. Similar findings were derived from later research by Michaellas et al. (1999), who argued that tax considerations do not influence the debt level of SMEs. Small and micro firms are therefore unlikely to be influenced by tax considerations in the capital structure decision. Another dimension of debt tax shield is worth mentioning specifically for the Greek context, which refers to tax avoidance and evasion. For example, Matsaganis and Flevotomou (2010) conclude that income under-reporting for self-employed is estimated at 24 per cent, resulting in a 26 per cent shortfall in tax receipts. Thus, using debt for tax shield reasons is of an even lower importance for Greece.Regarding asymmetric information, the financing pattern implied by this approach is the well-known pecking order theory developed by Myers (1984) and Myers and Majluf (1984). Ang (1992), Holmes and Kent (1991), and Cosh and Hughes (1994) have emphasised that the pecking order theory can be detected in the choice of finance by SMEs. Specifically, small firms are often opaque and therefore bear high information costs per se (Psillaki, 1995). These costs (i.e. the information costs) can be considered nil for internal funds but are very high when issuing new capital whereas debt lies in an intermediate position through, for example, asset securitisation (Jobst, 2006). Small and micro firms, therefore, are expected to rely heavily on internal funds, use lower levels o f debt and avoid external equity financing. The capability to control the enterprise without external interference is an important issue for owner-managers of SMEs. This is particularly the case when internal funds are insufficient: firms will prefer debt to new equity mainly because debt brings a lower level of intrusion and, more importantly, a reduced risk of losing control and decision-making power than a similar firm financed by equity.Agency costs, the costs of preventing agents (mangers) pursuing their own interest at the expense of their principals (e.g. shareholders) are not likely to be influential from a equity perspective in the case of SMEs. Invariably SMEs are owner managed and do not have access to equity markets. In the case of external debt taken on by SMEs, for example bank finance, agency costs may be particularly severe, mainly due to firm opaqueness (Van der Wijst, 1989; Ang, 1992).In summary, micro and small firms are expected to rely heavily on internal equity financing, avoid debt financing and use external equity financing as a last resort.4. Data and methodology4.1 DesignA telephone questionnaire survey was adopted to collect data on the use of the different types of finance employed by small and micro Greek businesses. The questionnaire was structured containing ten pertinent questions that reflected the nature and attributes of micro and small entities. Questions were designed in a sympathetic way to eliminate jargon and terminology that was unlikely to becomprehensible to potential respondents. The questionnaire prior to being employed was piloted and adjustments and amendments where appropriate were made.Questionnaire surveys have been the preferred choice for the collection of data in studies involving the investigation of the capital structure of both large and small firms. Graham and Harvey (2001) used a questionnaire in the collection of data to test several aspects of corporate finance, including the capital structure issue. Others have followed including Bancel and Mittoo (2004), Brounen et al. (2006) who focused on European firms and Vasiliou and Daskalakis (2009) examining the issue in Greece. All of these studies, however, focus on large firms, most of which are listed on stock exchanges. In terms of small firms, Michaellas et al. (1998) analysed capital structure determination in small firms eliciting evidence about non-financial and behavioural variables. Houssain et al. (2006) followed a similar methodology, employing a telephone survey using a semi-structured questionnaire to analyse differences in the choice of funds employed between the UK and Chinese small firms. Sorheim (2005) used a loosely structured interview guide to investigate the role of business angels as facilitators for finance. Lastly, Tucker and Lean (2003) undertook a ques tionnaire survey to collect data concerning small business awareness and use of informal finance and to identify issues concerning difficulties encountered in gaining access to finance.Similar studies are also being conducted by the European Commission and the European Central Bank (European Central Bank, 2009; European Commission, 2011). However, for most recent studies the results in these studies are seriously affected by the severe economic crisis. The current study depicts financing preferences and practices in Greece in the pre-crisis period, providing unbiased conclusions in this matter.An important objective of this research study was to capture all small and micro firms operating in the Greek economy. However, from the total population of these size fir ms only 5 per cent (approximately 45,000 firms) are limited liability companies that are obliged to prepare and publish financial statements. Thus, data for the remaining 95 per cent were essentially non-existent from a public source. The lack of data from p ublished financial statements is the same for other European Unionmember states. Thus, a survey-based approach including small and micro firms that are unincorporated and do not publish accounts is perhaps the only way to gather data that reflects the total stock of business entities.The Hellenic Statistical Authority was contacted to obtain a sample of firms that would be representative of the population according to the following criteria (cumulatively):. they employ up to 49 employees;. they cover all the prefectures of Greece; and. they cover the relevant sectors of manufacturing and services.In total, 2,327 firms were identified by the Hellenic Statistical Authority, related to a list that originated in 2004. It was necessary to contact these companies for their agreement to participate in the telephone interviews. This process resulted in identifying only 567 firms that were still trading.4.2 Delivery and response issuesThe list of 567 firms was given to four graduate students who were then asked to co ntact the firms and to ask them to complete the questionnaire via telephone interviews. Telephone contact increases the probability that the person to whom the questionnaire is aimed will complete the questionnaire when compared to other contact methods such as mailing or e-mailing the questionnaire. The survey took place between 1 September and 30 September 2008. The final sample of the study consisted of 191 small firms in Greece. The people interviewed were mostly the firm’s owners and in a limited number of cases the firm’s accountant. The most important non-response reason was a general unwillingness to answer the questionnaire without providing any specific reason (40.1 per cent), followed by a lack of time (27.1 per cent).4.3 Summary statistics and data issuesTable II presents the sample demographics. The sample firms are primarily (92.1 per cent) micro firms (up to nine employees), reflecting the pattern of the business environment in both Greece and in Europe. It should also be noted that approximately one-third of the respondents (29.3 per cent) are self-employed entrepreneurs,reflecting the general situation in Greece. This distinction between self employed entities and other entities is taken in consideration in this study. According to Henley (2005) the transition from sole trader to employer of others may be a significant, as it involves substantial adjustment costs, notably in having to manage the payment of labour taxes, social insurance contributions and in having to gain awareness of employment legislation.In terms of sales revenue, more than half of the firms (61.6 per cent) denoted that their sales were less than e100,000. Regarding the industry coverage, some sectors were left out of the survey, namely the primary production sectors (agriculture, animal husbandry, fishery and mining) and financial and leasing firms, as these industrial sectors have special financing characteristics that it was considered may have distorted the findings and the conclusions of the survey. Approximately half of the sample firms (47 per cent) were operating in the wholesale and retail sectors, followed by manufacturing (26.7 per cent).The majority of the entities (89.9 per cent) included in the sample had been established for more than four years. Therefore, these entities had some experience of financing themselves over that period and were likely to have used or considered a variety of types of finance to support the operations of the entity as compared to if only start-ups had been included in the sample. An important, though rather expected, characteristic of the sample was that most of the entities (95.2 per cent) were owner-managed, thereby reducing any influence of agency cost due to the separation of ownership and management of the entity in the capital structure decision.Whether respondents perceived that the firm was adequately financed was investigated. This information was important as it may influence the way in which the firm was financed and the respondents finance preferences. There were six respondents (3.1 per cent) who did not answer the question. From the remaining 185 respondents, 87 (45.6 per cent) indicated that their current financing was adequate, while 98 (51.3 per cent) were of the opinion that it was not sufficient to satisfy their needs.译文小、微型企业的融资行为及偏好尼古劳斯·扎斯卡拉基斯中小企业协会，雅典，希腊罗宾·贾维斯特许公认会计师公会，伦敦，英国布鲁内尔大学，米都塞克斯大学，英国，高级经济分析师席察斯特许公认会计师公会，伦敦，英国摘要目的——本文研究的目的有三个：首先,分析小微型企业融资方式;第二,调查他们的融资偏好;第三,探求他们对于如何评估融资来源的看法，以及他们获取这些资源的过程中面临的各种障碍。

中小企业融资英文文献An Analysis on Credit Guarantee System of Small and Medium-sized Enterprises in China Abstract:At present(there are still manyconstraints in the further development of SME(small and medium—sized enterprises in China(And especially the financing development of SME has become a bottle neck，which was caused by the unsound credit guarantee system for SME(Basedon China’s SME guarantee system and its problems，the thesis puts forward proposals to perfect guarantee system for China’s SME with normal analysis(In order to make guarantee system play its due role(itis necessary to establish different modes of credit guaranteeinstitutions in accordance with the actual situation(to found SME credit guarantee funds and its supplementary system(to 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。

小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。

近年来，随着中小企业的飞速发展，中小企业融资问题，已经成为一些中小企业进一步发展所面临的“瓶颈”。

在我国经济体制转型和经济结构调整的特殊历史时期,中小企业融资问题不仅表现得较为突出,也更为复杂。

下面是搜索整理的中小企业融资问题英文参考文献，欢迎借鉴参考。

中小企业融资问题英文参考文献一：[1]XUE-FENG JI. Analysis on Financing Problems of SME in Internet Finance Mode[P]. 2nd International Conference on Advanced Education and Management Engineering (AEME 2017),2017.[2]Xiao-juan GUO. Difficulties and Countermeasures on the Financing of SMEs[P]. 4th International Conference on Economics and Management (ICEM 2017),2017.[3]Jing Zhang,J. Ke. The Financing Efficiency of Enterprises Listed on SMEs Board[P]. 3rd International Conference on Society Science and Economics Development (ICSSED 2018),2018.[4]Wan-rong ZHANG. A Study on Financing Difficulties of SMEs in China[P]. 4th International Conference on Economics and Management (ICEM 2017),2017.[5]Zhao-Hui CHEN,Zhi-Juan ZHOU. Problems and Suggestions on the Mode of Intellectual Property Financing of Small and Medium-sized Technological Enterprises[P]. 4th International Conference on Social Science (ICSS 2017),2017.[6]YU SHI. 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小微企业融资外文文献翻译小微企业融资外文文献翻译(文档含中英文对照即英文原文和中文翻译)原文：Micro Enterprise Finance in Uganda: Path Dependence and Other and Determinants of Financing DecisionsDr. Winifred Tarinyeba- KiryabwireAbstractAccess to finance literature in developing countries focuses onaccess to credit constraints of small and medium enterprises (SMEs) micro enterprises because they are considered the drivers of economic growth. However, in low income countries, micro enterprises play a much more significant role than SMEs because of their contribution to non-agricultural self-employment. The predominant use of informal credit rather than formal credit shows that the manner in which micro enterprises are formed and conduct their businesses favors the former over the latter. In addition, other factors such as lengthy credit application procedures, negative perceptions about credit application processes make informal credit more attractive. On the other hand specific factors such as business diversification, the need to acquire business inputs or assets than cannot be obtained using supplier credit are associated with a tendency to use formal credit.IntroductionIt well established that in markets where access to credit is constrained, it is the smaller businesses that have the most difficulty accessing credit. Various policy interventions have been made to improve access to credit including reforming the information and contractual frameworks, macro-economic performance, competitiveness in the financial system, and regulatory frameworks that enablefinancial institutions to develop products for SMEs such as leasing and factoring. Over the past ten years, policy makers in developing and low income countries have focused on microfinance as an intervention to bridge the access to credit gap and improve access to credit for those than cannot obtain credit from mainstream financial institutions such as commercial banks. However, despite, the use of what are often termed as “innovative lending” methods that are designed to ease access to credit, such as use of group lending and other collateral substitutes, micro enterprises continue to rely heavily on informal finance as opposed to formal credit. While other studies have focused broadly on factors that inhibit access to credit, this article seeks to throw some light on specific characteristics of micro enterprises that make them more inclined to use informal credit, as well as specific factors that are more associated with use of formal credit. The former are what I term as path dependence factors.The majority of micro enterprises operate as informally established sole proprietorships. This finding is consistent with the literature on micro enterprises, particularly the fact that they operate in the informal sector. However, nearly all of the enterprises had some form of trading license issued by the local government of the area in whichthey operate. The license identifies the owner of the business and its location, and is renewable every financial year. Most respondents did not understand the concept of business incorporation and thought that having a trading license meant that they were incorporated. Several factors can be attributed to the manner in which micro enterprises are established. First, proprietors generally understand neither the concept of incorporation nor the financial and legal implications of establishing a business as a legal entity separate from its owner. Second, the majority of micro enterprises start as spontaneous business or economic opportunities, rather than as well-thought out business ventures, particularly businesses that operate by the road side, or in other strategic areas, such as telephone booths that operate along busy streets. The owners are primarily concerned with the economic opportunity that the business presents rather than with the formalities of establishing the business. Third, rule of law issues also explain the manner in which businesses generally are established and financed. Although a mechanism exists for incorporating businesses in Uganda, the process and the legal and regulatory burdens, associated with formalizing a business, create costs that, in most cases, far outweigh the benefits or even the economic opportunity created by the business.Commenting on the role of law in determining the efficiency of the economic activities it regulates, Hernando De Soto argues that if laws impede or disrupt economic efficiency, they not only impose unnecessary costs of accessing and remaining in the formal system, but costs of operating informally as well. The former include the time and cost of registering a business, taxes and complying with bureaucratic procedures. On the other hand, the costs of informality include costs of avoiding penalties, evading taxes and labor laws and costs that result from absence of good laws such as not inadequate property rights protection, inability to use the contract system, and inefficiencies associated with extra contractual law.Businesses in Uganda are registered by the Registrar of Companies under the Company’s Act. The office of the Registrar of Companies is located in the capital city of Kampala and this imposes a burden on businesses that operate in other parts of the country that would wish to be registered. However, remoteness of the business registration office was not the primary inhibitor because the tendency not to register was as pronounced in businesses close to the registration office, as it was in those that were remotely placed. In addition, the following fees are required to incorporate a company: a name search andreservation fee of Ugshs. 25,000 ($12.50), stamp duty of 0.5% of the value of the share capital, memorandum and articles of association registration fee of Ugshs. 35,000 ($17.5), and a registration fee ranging from Ugshs. 50,000 to 4,000,000 ($25 to 2000).Legal systems characterized by low regulatory burden, shareholder and creditor rights protection, and efficient bankruptcy processes are associated with incorporated businesses and increased access to finance. On the other hand, inadequate legal protection is associated with limited business incorporation, low joint entrepreneurial activity, and higher financing obstacles. These impediments are what De Soto refers to as the mystery of legal failure. He argues that although nearly every developing and former communist nation has a formal property system, most citizens cannot gain access to it and their only alternative is to retreat with their assets into the extra legal sector where they can live and do business.译文乌干达小微企业融资路径依赖和融资的决定性因素Dr. Winifred Tarinyeba- Kiryabwire摘要通过查阅发展中国家的金融文献，我们往往可以发现由于中小企业是推动发展中国家经济增长的主要动力源，其金融问趣则主要侧重于中小企业的融资受限方面。

本文档包括改专题的：外文文献、文献综述一、外文文献The Role of Banks in Small and Medium Enterprises Financing: A Case Studyfrom KosovoAbstractIn this study we investigate the impact of firm and entrepreneurship characteristics in small and medium enterprises (SME-s) investment finance through debt (bank loan). Data are gathered from interviews based on a self-organized questionnaire with 150 SME-s in Kosovo. Based on the econometric model of linear regression, key factors are identified which influence the investment growth financed by debt. The results indicate that there is mutual correlation among the firm's age, size, business plan, sector, number of owners, sources of financing and the investment growth financed from banks in Kosovo. Therefore, findings in this work suggest that the access to external sources of financing through bank loan is an important factor that influences the investment growth. The paper provides some important conclusions and implications for policymakers and entrepreneurs.Keywords: SME, entrepreneurship, financing through debt, investment, Kosovo1. IntroductionIt is explicitly accepted that SME-s present a pivotal element in the economic activity in both, developed and developing countries (Acs & Audretsch, 1990; Johnson & Loweman, 1995). Numerous authors from academic and professional world designate SME-s as generators of both, economic growth and overall social development (Audretsch & Klepper, 2000; World Bank Group, 2005; McMillan & Woodruff, 2002).The discussion of the relevant literature related to the access of SME-s to finance, as well as to investment finance is of particular importance (Krasniqi, 2007). According to Beck et al. (2007), the SME-s access to, and cost of, finances is quite often characterized as a major difficulty, up to the extent of 35 percent. It should alsobe stressed that the small firms come with more difficulty to loans, since they encounter higher transaction costs and higher premium risks, for they are more fragile and they offer lower collaterals (Beck et al., 2006). Audretsch and Elston (2006) also stress that small firms confronted higher financial difficulties than large ones. Similar conclusions can be found among other authors who have worked in this direction (Beck et al., 2006; Oliveira & Fortunato, 2006).Brinckmann et al. (2011) finds that small firms have higher limitations to access external sources of financing than bigger firms, and, thus, they become more dependent on internal funds for financing their investment needs. A major obstacle in financial markets to the access on finances by SME-s is also the asymmetry of information. Thus, based on Zhao et al. (2006), one from the major difficulties for accessing finance is the asymmetry of information among lenders and debtors; for instance, borrowers have private information on the firm that lenders do not possess. Because of their small size, short history and inconsistent accounting data, the issue of asymmetric information for SME-s becomes more serious (Deakins et al., 2008; EBRD, 1999; Pissardies et al., 2003; Klapper et al., 2002).Difficulties of this kind are expressed also among SME-s of Kosovo, as one from the last countries in transition. In spite of the fact that the SME sector in Kosovo is relatively new, it constitutes 98% of all the firms, thus representing a huge potential for generation of new jobs and for economic development of the country. Based on data of the World Bank (2010), the major obstacle to the development of SME-s in Kosovo is access to bank loans. Only 10% of investments made by SME-s are financed through bank loans, and above 85% of investments are financed from private sources (World Bank, 2010).Objective of this work is to empirically investigate the role and importance of the firms and entrepreneurship characteristics that influence the investment growth through debt finance (loans) in Kosovo. Therefore, the research question in this study is: How does the investment growth impact the performance of SME-s, by discussing the firm and entrepreneurship characteristics of the investment growth of SME-s in Kosovo?The organization of the work is as following: Part one discusses the context of the research, part two the theoretical aspect and the summary of literature. In part three we provide the research methodology and model. Part four contains the results and empirical findings. And, part five deals with the conclusions.2. Theory and Literature ReviewUntil now, there is no single and unique theoretical model that explains the financing of SME-s, which influences the performance of investments, their growth and development. The theoretical principles underlying capital structure can generally be describes in terms of the static trade off theory by Modigliani and Miller (1958), the pecking order theory (Myers & Majluf, 1984), managerial theory of investments (Marris, 1963; Baumol, 1967), agency theory by Jensen and Meckling (1976) and extended by Stiglitz and Weiss (1981).According to neoclassical theory of investments (M-M), which affirms the attitude on the irrelevance of the capital structure for the value of the firm, internal and external sources of financing are perfect substitutes. In the world of the perfect functioning of the market, the choice between financing through capital or debt is irrelevant. Therefore, the cost of capital and the market value of the firm are independent from the value of the firm (Modigliani & Miller, 1958). The theory of M-M is based on the following premises: there are no taxes, there are no transaction costs, there are no bankruptcy costs, the equal cost of debt for companies and for investors, symmetrical information in the market, there is no influence of debt in the profit of the company before interest and taxation.Modigliani and Miller (1958) modify their theory by introducing the tax on profit. In this case, the value of the firm is positively related to debt. After introducing the tax on profit in their analysis, they ascertain that the financial leverage increases the value of the firm, since the interest decreases the tax base (it is deduced from the business profit), and, therefore, we have savings which have the value of the interest. From this ascertainment, the value of the firm grows bigger, as the financial leverage increases, which means that the highest value of the firm is achieved if the burden of debt becomes 100%. In this way the firm attains absolute advantage, given that it isdefended from taxes.Scott (1972) emphasizes that 100% tax shield does not exist in reality, because of distress costs. Debt leads to legal obligation to pay interest and principal. If a firm cannot meet its debt obligation, it is forced in to bankruptcy an incurs associated costs (Fatoki & Asah, 2011). This theory, in fact, does not take into the consideration all the other factors, such as: the costs of the bankruptcy of the firm, the costs of the agency, the impact of debt in profit, the asymmetry of information, and, therefore, this theory is challenged by other theories (Harris & Raviv, 1991).Thus, the static trade off theory, which is based on the M-M theory and is its complementary, except savings from the tax on profit, incorporates into the discussion also the cost of bankruptcy, such as: judicial taxes, attorney costs, administrative costs, and, also, the agency costs (the firms managers damage the interests of the creditors by working in the interest of shareholders), and this can reduce the value of the firm (Jensen and Meckling, 1976). This theory is, in fact, the dominant theory regarding the determination of the financial structure of the firm, and it is founded on the premise that it is the firm that chooses how much it will be financed from debt, and how much from the capital, by balancing the cost of profits. According to this theory, the optimal level of the structure of capital is the one which equates the profit and costs from debt.According to pecking order theory, the firm initially prefers internal sources of financing to external ones, and, regarding external sources, they prefer debt to capital (Donaldson, 1961). Thus, initially we have the use of accumulated profit, amortization, debt, and, finally, the equity capital. According to this theory, the firms finance their investment requirements based on a hierarchic order. This can direct also to existence of the asymmetry of information between managers (insiders) and investors (outsiders). As a result of this, managers have more information then investors (Myers & Majluf, 1984).Based on the agency theory, Stiglitz and Weiss (1981) present the problem that, as a consequence of asymmetrical information, occur between managers and shareholders, on one hand, and the problem among shareholders, managers andcreditors, on the other. They argue that only SME-s knows the real financial structure of their own, the real strength of their investment projects and the tendencies for settling up the debt, and, therefore, the firm possesses superior private information (Mazanai & Fatoki, 2012).3. Hypothesis3.1 Business PlanAccording to Guffey, the business plan is a necessary requirement at the beginning of business, and it is used as an important element to acquire financial support during application to banking institutions (Guffey, 2008). An increase in the level of skills of those who are looking for credits in the compilation of business plans, will increase their opportunities to have properly prepared documentation, and to have a clear idea on the course of their business. According to Maziku (2012), the asymmetric information between the debt-seeking SME-s and the bank, is reflected in the incapability of the majority of SME-s to provide consistent financial data and real business plans, which increases the operational cost during the decision making for permitting the loans by the a bank (Maziku, 2012). Thus, the business plan does not have an impact only in reduction of operational costs, but it is also a key instrument in the decision making regarding the use of banking loans by the firms (Zhang, 2008; Madura, 2007). This is valid particularly for start-up businesses.Therefore, the following hypothesis is generated:H1: SME-s which have business plans are more likely to use bank loans than SME-s without written business plans.3.2 The Growth of the FirmThe growth of SME-s depends on the level of investments. The growth of SME-s can be measured in different ways, including the growth of sales, profits, or number of employees (McPerson, 1996). We measure this variable through the growth of the number of employees.The ability of SME-s to grow depends on a large measure from their potential to invest in the restructuring and innovations. All these investments require capital, that is, they require access to finance (Mazanai & Fatoki, 2012). According to Ganbold(2008), in a research of the World Bank, one among the key difficulties in the growth of the firm is access to financial services, which reflects in economic growth, employment generation, and reduction of poverty in the developing countries (Ganbold, 2008). Based on the theory of firm growth (Jovanovic, 1982), new enterprises grow faster, which means that these have to invest more.Therefore, the following hypothesis is generated:H2: SME-s that grow faster invest more than those with low level of growth.3.3 GenderIn the professional literature there are contradictory opinions regarding the impact that gender of the owner of the firm has into the access to finance. While a group of thinkers assert that gender of the owner has an impact into the capital structure of the firm, the other group denies this, ascertaining that gender doesn't have any impact into the determination of the capital structure.On one hand, Abor (2008) argues that businesses owned by female owners use the debt (loans) less for different reasons, including discrimination and aversion to risk. Watson et al. (2009) emphasize that a key factor in determining the capital structure in businesses owned by female owners is their propensity towards not accepting risk from the desire to keep things under control. Female clients are more hesitant to seek loans, since they feel discriminated and discouraged (Kon & Storey, 2003).On the other hand, Coleman (2000) find that there ar no important differences in the use of debt (banking loan) between female and male owners, and that gender is not an important predictor of the financial leverage of the firm. Whereas, Irving and Scott (2008), analyzing 400 SME-s, and based on the questionare prepared by Barclays Bank, in the most surprising way ascertain that female have easier access to finance then male. Therefore, based on the findings reported above, the following hypothesis is generated:H3: The male owners of firms are more likely to use bank loans then the female owners of firms.3.4 Sources of FinancingThe larger participation of investment finance from internal sources of SME-s increases the probability for acquiring of bank loans, since the internal sources carry the opportunity cost of financing of the project. Thus, SME-s provide higher level of trust to banks, since, in the case of failure, the unexpected burden falls on SME-s themselves. In their research conducted in 16 countries of OECD, Japelli and Pagano (1994) ascertain that banks don't finance 100% of the property value in any of these countries, but they do that with a certain coeficient loan/property. This is not equal for all the countries, and it differs from country to country, starting from the minimum financing of 50% in Turkey and Greece, up to 95% in Denmark.Thus, authors Lee and Ratti (2008) and Ahn et al. (2006) reports negative relationship between debt and investments. This relationship is stronger among smaller firms. As the debt (loans) grows, the cash flow is increasingly used for settling up the loan and its interest. Consequently, firms fulfill their obligations to creditors with more difficulties, and, on the other hand, the possibility for new investments is reduced.Therefore the following hypothesis is generated:H4: The higher the internal sources of SME-s, the higher probability to acquire bank loans for investment finance.3.5 EducationEducation is one of the important factors that influence the growth of the firm. Therefore, the high level of human capital (education and experience) has a positive impact in the growth of the firm. The owners of the firm who are of young age and low level of education are more active in using the external sources of financing, in spite of the fact that higher education reduces the fear for refusing the loans. In the meantime the owners of more mature age and with higher education, the so called "wiser" ones, can be found as less interested for external sources of financing (V os et al., 2007). Therefore, the majorities of owners of SME-s prefer to keep the control and do not apply for external capital (Curran, 1986; Jarvis, 2000).Thus, the internal capital is the major source of financing the SME-s (Ou & Haynes, 2003). Rand (2007) finds also negative influence between education ofowners-managers and access to credit, arguing that owners-managers with higher education can understand easier that their requirements for credits can be refused. Therefore, these owners-managers are for this reason discouraged and hesitate to apply for loans. In their study on new firms, Hartarska and Gonzales Vega (2006) find that education does not have an important role in the decision-making of the banks for lending.Therefore, the following hypothesis is generated:H5: Owners/managers with high level of education use less bank loans for financing the investment requirements.4. Methodology4.1. Sources of DataThe organization of data gathering from the questionnaire was developed in the period March-July, 2012, and data processing based on the answers was conducted in November and December 2012. On this occasion, a database was developed, which includes characteristics of SME-s in general, and characteristics related to investments and their financing in particular. Data processing was conducted with the STATA software.The questionnaire is specially designed for this scientific research with 150 SME-s in Kosovo, and it includes years 2010 and 2011. The sample selection is made randomly, from database at the Agency for Businesses Registration in the Ministry of Industry and Trade of Kosovo, and it is stratified in three basic sectors, in order to reflect eventual changes among the production, trade and service firms. Interviews were conducted directly (face to face) with owners/managers, or financial managers of the firms.4.2 QuestionnaireThe questionnaire consisted of 4 major sections. The first section included data on the owner/manager of the firm, and general data about the firm (location, the year of establishment, type of activity, and qualification of owners/managers). Second section included the orientation regarding the development in the future as well as investments, and here are presented data regarding volume of investments, sources ofinvestment, the use of bank loans in realization of investments, conditions of financing, activities that are conducted during the realization of investments, and investment plans for the future. The third section covers information regarding business activities of the firms inside and outside of the country, that is, whether a certain firm imports or exports merchandise. The fourth section includes data regarding the business plans of the firms: possession of the business plan, its impact on the decisions of the banks. Information gathered from the questionnaire was important for determining the variables in the econometric model of linear regression.5. Survey ResultsBased on the results, we conclude that the regression linear model mentioned above is specified good, given that Adj R-squared 0.36, which shows that the variation in independent variables explains the variation in dependent variable for more than 36%. In addition, the statistical F-test, shows that all the independent variables, jointly, which are statistically significant, are different from zero.Also, the correlation analysis shows that the problem of correlation in independent variables is not present in our data, given that there no higher coefficients in our estimation. Also, the dependent variable has a normal distribution and does not represent a statistical problem that requires treatment.Based on the table 2, in which the results of the linear regression are presented, from nine independent variables, six are statistically significant with impact on the dependent variable, or on the investment growth.According to results, the variable business plan, is statistically significant and with positive sign. This means that the firms that have business plans, on average have investment growths that are bigger than those of the firms that do not have business plans. Similar ascertainments can be found among other authors who emphasize that the business plan serves as a mean for increasing financing from external sources (Zhang, 2008).The variable trade is statistically significant and with negative impact in the investment growth when compared with the firms that belong to the service sector. This has the meaning that services on average invest more than other sectors. Inaddition the variable production is also statistically significant and with negative impact on the increase of investments when compared with the firms that belong to the sector of services. This has the meaning that when compared with the services, the sector of production invests less than other sectors. Similar ascertainments for the case of Kosovo can be found in the work of the author Krasniqi (2010).The next variable no_own, which indicates the number of owners, is statistically significant and with positive impact, which means that the greater the number of owners, the greater will be the investments. We have also size_emp as a variable that shows the size of the firm expressed by the number of employees, and is statistically significant and with inverse impact on the growth of investments. This means that smaller firms have larger investment growths. This finding clearly reflects that as the number of employee's grows, the firms grow slowlier. This is in full accordance with findings of other authors (Audretsch & Klepper, 2000; Caves, 1998). These results are the same with other studies that oppose the Gibrat Law (Krasniqi, 2006; Harris & Trainor, 2005).The firm_age as an independent variable is statistically significant and with negative sign, which means that new firms grow faster than older firms. This ascertainment is in accordance with findings of many authors who ascertain that younger firms grow faster than the older ones, and, therefore, have higher investment growth (Woldie et al., 2008; Storey, 1994; Barkham et al., 1996).The gender of the owner of the firm in the presented model, as a variable is not statistically significant, which means that the owners of the businesses of both genders have the same probability to obtain bank loans for SME-s investments. These results are in accordance with the studies conducted by Kalleberg and Leicht (1991), who, in a study conducted with 300 firms in three sectors, ascertain that female owners were as successful as male owners. We find similar ascertainment in the study of 298 businesses in United Kingdom, which emphasizes that gender, is not a determinant for financing the business (Johnson & Storey, 1993). Coleman (2000) emphasizes that there are no important differences in the use of debt (bank loans) between males and females, and that gender is not an important predictor for financial leverage of thefirm.Finally, education represents a variable which is not statistically significant and has negative sign, which means that the level of education of the managers/owners doesn't impact external sources of financing (bank loans) for SME-s investments. This is explained by the fact that Kosovan SME-s suffer from permanent lack of capital, and on average the time frame of establishment is short and the means that are accumulated from the profits are insufficient for financing the investments. Therefore, the only alternative that remains to them is financing from banking credits, taking into the consideration that the capital market does not function in Kosovo, which causes that the possibility to use other forms of external financing is very difficult. Similar results can be found at Krasniqi (2010).6. ConclusionsIn this study we have investigated empirically the key factors of the firms and entrepreneurship which influence the increase of investment growth through bank loans. The data gathered by the self organized questionnaire with 150 SME-s in the entire territory of Kosovo for the years 2010 and 2011 are used to test the impact of certain factors in the increase of investments through the use of financial means from debt (bank loans). Based on the statistical analysis and the method of linear regression, key factors are identified as indicators that influence the growth of investments of SME-s in Kosovo.The findings of this work stress that the business plan is a factor with statistical importance which has positive influence in the access to the bank loans for financing the SME-s investment. This means that the firms that posses business plan and use it for seeking bank loans necessary for financing investments, on average have higher growth of investments than the firms who do not have a business plan.The variables trade and production are statistically significant, but they have negative influence in the growth of investments. This means that the firms that use bank loans for investment in the sector of trade and production, on average, have lower chance to grow, than firms in the service sector. This is an indicator that shows that the sector of services is more attractive in the aspect of investments of Kosovanfirms, than other sectors of the economy, and this results from faster returns of investments and, consequently, faster settling up of the bank loans.The next variable named as the number of owners also results positive and significant in the statistical aspect, which means that the larger the number of owners, the greater the investments. This is explained by the fact that in Kosovo firms have started to use other forms of organization that influence the growth of business and of firm, through larger number of owners who use investment as another opportunity for the growth and development of the firm.The size of the firm expressed by the number of employees results with inverse influence in the growth of investments, and is statistically significant. The meaning of this is that smaller firms have bigger growth of investment on average than other firms. This result is in accordance with other studies that oppose the Gibrat's Law for the case of Kosovo (Krasniqi, 2010). Similar results are attained regarding the variable the age of the firm, which is statistically significant and has a negative sign, which means that the younger firms invest more on average than older firms.Empirical evidence and findings in this work can be used as recommendations for a broad spectrum of users. The problems of asymmetric information between owners-managers and creditors (banks) are of particular importance. This represents a clear signal for policy makers to create conditions for favorable environment for stimulating the sources of external financing of SME-s in Kosovo, such as: the creation of the guarantee fund for SME-s, the increase of banking supply through licensing of new banks in the financial market, which will increase the competition between the existing banks, and which will, in turn, enable the improvement of the conditions of financing of SME-s, with the reduction of the interest, reduction of managerial costs, increase of the grace period, softening of the conditions for collateral, longer periods of use of financial means, particularly for SME-s that have longer investment plans. Also, in the institutional aspect, initiatives should be undertaken for the creation of conditions for development of entrepreneurial capabilities, and for other forms of cooperating networks of firms that will facilitate the growth of businesses in general, and investment growth in particular.二、文献综述中小企业融资研究文献综述摘要长时间以来，融资难问题都是制约中小企业长期稳定发展的最主要因素之一，各国学者对于中小企业的融资问题从本国范围和世界范围内进行了深入的研究,在此对国内外学者的研究成果进行了文献综述，主要内容包括：中小企业融资现状和制度环境分析；分别从内、外部原因以及信息不对称等原因分析中小企业融资难问题；第三部分是关于应对中小企业融资难问题的对策研究；最后给出关于中小企业融资难问题的建议。

Future of SME financeBackground – 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 employment 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 qualification. 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 sector 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 and 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 local 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 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 finance.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 financeand influence the accessibility of SMEs to finance. The most important changes are: •In order to make the higher risk awareness 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 running 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 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 finance 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 and / 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 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. Access 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, UEAPME expects the new European Commission and the new European Parliament to strengthen their efforts to improve the framework conditions for SME finance. Europe’s Crafts, Trades and SMEs ask for an encompassing policyapproach, which includes not only the conditions for SMEs’ access to lending, but will also strengthen their capacity for internal finance and their access to external risk capital.From UEAPME’s 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 transparency 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 Directive: 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 Committee 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 relations 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 herewith 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 European Commission and the new European Parliament:•The implementation of the new Capital Requirement Directive will be costlyfor 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 very 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 Member 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 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 developments 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 communicate 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 Banks, 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 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 growth 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 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 Investment 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-Annual 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 finance;•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 encourage 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-financingMany EU Member States have company and income taxation systems with negative 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 ofEurope’s SMEs on bank lending. In future, the result of rating 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 Commission 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 in 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 equity 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 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 capital•The Member States should 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 SMEs•The development of secondary markets for venture capital 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 investors•SME owners will have to realise that in future access to external finance (venture capital or lending) will depend much more on a transparent and openexchange 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 instruments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).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生产工艺提升的可能性、贸易和中小企业利用其潜在的经济增长和创造就业。

本科毕业设计（论文）中英文对照翻译(此文档为word格式,下载后您可任意修改编辑!)作者：Groot M期刊：International Business Research，第5卷，第2期，pp:31-41 原文The research of financing difficulty in SMES作者：Groot M1. IntroductionThe principles of the European Union funding of SME have gradually emerged and are constantly analyzed for improvement.Unfulfilled or only partially achieved expectations to the property less, deviations from the model for better or worse, complaints, problems, deficiencies noticed in the comparison, all of them are challenges needed to be met by training operations that EU experts will bring out. Given the political interest which European structures manifested in this direction, this process will undoubtedly continue, because it allows better management of financial resources and an increase with large positive effects. Furthermore, access to finance is the most important factor promoting employment, growth and innovation in SME in Europe. Given the size of the Structural Funds, the European Commission tried not to leave to chance the "right to know". The research period focused in this paper encompasses the years 2007 - 2009. (Note 1) The research methodology used was based on document analysis, secondary data analysis and statistical analysis. The analysis of levels of funding granted through different EU financial instruments has been conducted on basis of statistical analysis of financial information from European Commission budget. 2. Structural and Cohesion Financing Sources for SME According to the Guidelines on financing of small and medium enterprises, funding may be made by calling the internal sources (equity capital) and / or external funding sources (http://www.finantare.ro/ghid-finantari.html). The internal funding sources are:* Contributions of the owners or associated members. * Resources generated by the company's activity (retaining profit). Internal funding sources have some advantages, such as preserving the independence and financial autonomy, because it creates no additional binding (interest, guarantees), or maintaining borrowing capacity, being a reliable mean of financial support of the enterprise's needs. They also bear disadvantages because the owners have fewer funds to invest in other more profitable activities than the activity which generated the financial overflow (alternative cost). External financing sources of SME include: loans, grants, and capital market instruments. The needed borrowing is obtained by the analysis of the evolution indicators of costs that are generated by the SME development. This need should be determined from the planning stage of development. Depending on the characteristics of this necessary, one develops the company's financing policy. External financing is necessary if the SME does not have sufficient internal resources to cover the investments necessary for the planned activities. Regardless of the country, it is intended to facilitate access of SME to external financing sources, especially venture capital, micro-loans, financial mezzanine, and the development of a stimulating legal and business environment. Attracting capital is one of the conditions necessary for both establishing a successful business (especially SME) and for ensuring its development. The use of own resources or loans is often insufficient for start-up firmsor those with strong growth potential. Investors hesitate to invest in start-up companies because of high transaction costs and because the returns do not compensate for risk. Therefore, these companies usually seek a venture capital, which may provide the amounts necessary for entering the market and developing faster. The venture capital is essential for the innovative SME' financing and for the assurance of the best investment opportunities. However, in Europe, venture capital market is fragmented, which affects cross-border investments and growth potential of venture capital funds and reduces the level of investment. Therefore, given the need to improve SME' access to financing (and especially for the innovative ones), the European Commission established facilitating cross-border investments as one of the main objectives, and initiated some measures to overcome regulatory and tax obstacles at EU and each Member State level. To become competitive, European venture capital markets wish to increase their efficiency and profitability, and a way to achieve this goal is by extending the benefits of a single venture capital market to facilitate cross-border transactions. The European Commission will evaluate the options for the introduction of a private placement regime to facilitate cross-border investments to stimulate the development of venture capital funds in Europe and will assist Member States to promote programs which stimulate investments.Regarding financial mezzanine, this is a hybrid financing instrumentthat combines features of equity and loan and increases the possibilities of companies' financial option. In fact, financial mezzanine can be an important complementary source of financing firms. The most important instruments of mezzanine financing include private placement instruments (private mezzanine) and capital market instruments (public mezzanine).Mezzanine capital is an appropriate solution especially when the requirements for financing may not be covered by traditional loans. Hybrid forms of financing can be employed also in less dynamic periods (e.g. maturity phase) to optimize the financial mix. Cases of refinancing are also suitable for using mezzanine capital. In these stages of the business, financial mezzanine is an attractive option for companies with positive cash flows and developing perspectives to attract additional funds. Mezzanine financing is inappropriate for restructuring, because in these phases capital flows are volatile and more difficult to predict. Further, financial mezzanine is not recommended for companies with an unstable position on the market and negative forecasts of development, with a high debt rate and accounting and financial weaknesses.The mezzanine financial instruments are little used now, compared with traditional financial loans, but amid a trend of change and rapid evolution of financial markets, where the survival and development of the companies will require substantial resources, it is estimated that this formof financing will grow significantly.3. Current Scenarios for Financing SME The increasing attention paid in the last decade to SME in most countries of the world, as a result of the recognition of their major contribution to economic development and generating new jobs in the economy, is reflected in the development of various public financing schemes. There are two significantly different concepts at the basis of their design and operation: 1. Financing schemes for SME based on governmental economic policies, which aim to achieve certain economic and social objectives by financing with priority some certain categories of firms. Adherents of this approach are the Japanese, who are currently preferentially financing through a variety of public schemes, small businesses which develop strongly and with great potential for job creation (Klein et al., 2003).2. Financing schemes for SME focused on market requirements, which aim to provide financial resources, but under the same or very close conditions to the market conditions. The main concern is to avoid causing distortions in market competition, which might advantage certain categories of firms. These schemes, which forecast modest subsidies to SME financing costs, have a less sensitive role in stimulating them. In Europe, there are especially in Germany and the UK approaches based largely on this model, while in the period 2007-2009, the previous approach was predominantly used.Romanian SME' requirements consider the types of investment needed during the development of their commercial activities, the risks related to investments which will be financed, and the factors to be considered when selecting a funding source. In choosing the source of funding for SME several aspects should be carefully considered: what kind of source of funding is best suited to the business' objectives, what financing size can meet the needs of the business and its own assessment of the company, which will be made in order to assess the ability of the business, to have access to financing and to repay it. When the financing source is chosen, the following factors should be taken into account (Nicolescu &Nicolescu, 2008). 4. An Outline of Financing SME in Romania In Romania, public schemes which promote SME financing can be divided mainly into four categories (Figure 1). Financing schemes by grants provide, under certain conditions, grants for SME. Generally, these grants address companies from certain economic sectors or areas of the country. Most often, there are financed investments in equipment and, more rarely, in capital. The basic principle of providing grants is financial co-participation, which implies the allocation by the SME of a part of the funds necessary for the whole project at a clearly stated minimum level. Such schemes were operationalized through some foundations (CRIMM, FIMAN) or governmental agencies (the National Agency of Small and Medium Enterprises, the National Agency for Regional Development, theNational Employment Agency) and ministries (Ministry of Transport, Ministry of Labor and Social Protection, etc.).EU Structural Funds are managed by the European Commission and have as destination financing the structural aid measures at communitarian level, in order to promote the regions with delays in development, reconversion of areas affected by industrial decline, combating long-term unemployment, and promoting the employability of young people or rural development. If one considers that Romania would benefit by 2013 from structural funds of about 28-30 billion Euros from the EU, it is of great importance to known the level of the Romanian SME connected with the accessing of these forms of financing.5. Concluding DiscussionConsidering the results presented above, one can identify and outline areas where the following priority actions are recommended: 1. Gradual establishment of a system of guarantee funds for financing entrepreneurs at national and regional level. 2. Significant reduction of the amount of guarantees and fees required by banks in lending in accord with the EU practices. 3. Simplifying procedures for obtaining credit. 4. Interest subsidy on loans to SME, at least in certain sectors with competitive advantages and for certain groups (youth, disabled persons, etc.). 5. Developing a national training program for entrepreneurs in order toaccess structural funds based on the principle of public - private partnership. 6. Providing adequate grace period on loans for investment. It is also necessary to give credits for investment for a longer period of time, at least 5-7 years. These two measures would facilitate a comprehensive and rapid development of SME. 7. Transforming a state bank in a development bank (investments) for SME.译文中小企业的融资困境研究作者：格鲁特1.引言欧盟中小企业融资的原则问题已经显现出来并需要不断地进行分析改进。