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。