外文翻译---中小企业融资难相关分析

中小企业融资难问题研究与措施分析中小企业（SMEs）是一个非常重要的经济组织，它们为经济发展和就业创造了巨大的贡献。

然而，SMEs在获得融资方面仍然面临着很大的问题。

本文将探讨SMEs的融资问题，并提出了一些解决方案。

一、中小企业融资的困境SMEs的规模相对较小，往往没有大企业那么完善的内部财务和风险管理体系，这使得它们在融资方面更具挑战性。

此外，金融机构倾向于向规模更大、信誉更好的企业提供贷款，这增加了SMEs获得融资的难度。

SMEs还面临着传统融资渠道的限制。

银行贷款是最主要的融资来源之一，但SMEs的贷款申请往往会受到银行严格的审核和审查，这会使得它们被拒绝或只能获得较低的融资额度。

此外，SMEs通常缺乏抵押品，这也会使得它们无法获得银行贷款。

二、解决方案1. 拓展融资渠道除了传统的银行贷款，SMEs可以寻求其他融资渠道。

例如，通过股权融资获得融资可以将企业的股份出售给风险投资家或私募股权基金。

这不仅为SMEs提供了获得资本的新途径，而且还可以为他们提供与投资者合作的机会。

此外，SMEs也可以考虑使用债券融资。

债券融资是通过发行债券来获得资金，而这些债券可以在金融市场上进行交易。

虽然这需要SMEs支付利息和回报，但它是一种可选的融资方式，可以帮助他们规避传统贷款申请时的限制。

2. 提高信用和透明度提高企业信用和透明度可以帮助SMEs获取更多外部融资。

SMEs可以制定财务规范并根据要求进行透明度披露。

这样可以向贷款机构展示企业运作的透明度和可靠性，从而获得更多融资机会。

此外，与第三方评估机构合作，对企业进行评估和评分也是一种提高信用的方法。

这可以为SMEs提供增加信用额度和减少贷款成本的机会。

3. 创新融资模式SMEs也可以通过创新的融资模式来获得资金。

在这方面，互联网和区块链技术为SMEs融资提供了新的可能性。

通过互联网平台，SMEs可以直接获取普通投资者的资金，这种模式称为“众筹”。

另外，SMEs还可以考虑使用区块链技术来发行数字货币，以获得融资。

中小企业融资问题研究国内外文献综述1国外研究现状在西方经济学的研究对象中，国外许多专家和学者针对企业融资的问题进行了大量的实证研究和理论分析。

中小企业的融资在国外研究者的研究中，被归类于中小企业选题中，针对中小企业的融资，不同的专家和学者，从不同视角提出了不同的论点：Meyers在分析中小企业的融资方式后，提出中小企业在融资过程中的信息不对称问题比较明显。

比如在创业早期阶段，中小企业中的很多企业并未获得外部审计的财务报告，企业盈利能力难以预测和估算。

因此，中小企业在融资时，为快速满足资金筹措需求，会优先选择内部融资渠道，如果选择外部融资渠道，就需要优先选择债务融资方式。

Storey在分析金融机构与中小民营企业的融资冲突时, 提出中小企业以银行等金融机构的贷款作为最大的债务性融资渠道。

但因为中小企业自身的资质和发展水平偏低，金融机构提供给中小企业的贷款融资支持力度偏低。

Hairs&Raviv认为企业融资结构是中小企业收入流分配和企业控制权分配的依据，其指出，中小企业之所以很难得到金融信贷支持，主要源于在信息不对称的信贷市场中，中小企业存在道德风险及逆向选择问题。

Félix Corredera-Catalán等表示中小企业在制度、管理等方面存在的问题导致其在成长的不同阶段面对的融资问题不同。

对于中小企业融资问题的梳理，可从融资和负债角度出发，而不仅限于融资方面。

Liang Kaier认为融资渠道受制、融资制度不完善、政府关注度不高等都是中小企业难的主要原因。

融资难已经威胁到中小企业的生存与发展。

Barthelmess Benedik等表示中小企业融资需要面对的问题并不仅仅是融资本身，还包含中小企业自身的生存与发展条件问题，融资只是为中小企业注资，保障资金链，但其最终要解决的是，依赖于什么获得市场竞争实力。

2国内研究现状国内在针对中小企业融资困境问题展开分析时，主要从现实角度分析中小企业融资难的原因。

Researches On The Problems And Solutions Of SME FinancingStatus QuoAbstract：The medium and small enterprise plays an irreplaceable role in China’s national economy, but harsh financing environment seriously restricts and even endangers the survival and development of medium and small enterprises。

First，this article introduces the status and characteristics of SME financing。

Second，analyzes the channels and the difficulties of SME financing in our country。

Finally, comes up with some measures to ease difficulties of SME financing. In this article, the research on the problems and solutions of SME financing status quo has a certain significance and guiding value.Keywords: SME, Financing，The Analysis Of Countermeasures1 .The status quo of China’s SME1.1 The development and current situation of SMENo matter in developed countries or in developing countries, the small and medium-sized enterprise is the important support of national economy in the development of a country. Small and medium—sized enterprises play an irreplaceable role in improving the national economic production, promoting the progress of science and technology, increasing employment，expanding exports, etc. After China carried out reform and open policy，our national small and medium—sized enterprises have developed very quickly, and the contribution rate of them to national economy have raised constantly。

Financing of SMEsMaterial Source：J an Bartholdy, Cesario Mateus, “Financing of SMEs”.London business review. 2007(9).pp.43-45AbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent researchbreaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers. Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing. Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view of financial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financialinstitutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier may be able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms suchas small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangible assets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining the behaviour of Short Term Bank Loans.2.3. Expensive trade credit and other loansAfter other sources of finance have been exhausted firms can delay payment on their trade credits. However, this is expensive since it involves giving up the discount and maybe incurs penalty payments. Also the use of this type of credit can have reputational costs and it may be difficult to obtain trade credit in the future. The nature of the costs, of course, depends on the number of suppliers, if there is only one supplier then these costs can be rather high whereas if the firm can obtain the same goods and services from other suppliers then these costs are not particularly high.Other debt is composed of credit card debt, car loans etc. that are dearer than bank loans. Again, the variables determining this type of debt are financial health and performance. Below, however, we do not have any good information regarding these types of loans and what they consists of thus we pay little attention to them in the empirical work.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the expected bankruptcy costs and the “negative agency costs”.In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, that proposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. The theory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.SME Financing in Europe: Introduction andOverviewSource: Jan Wagenvoort, European Investment Bank, Economic and Financial Studies （2009)AbstractIntroducing the topic of SME finance and summarising the main findings of the contributions to this edition of the EIB Papers, this overview stresses the importance of relationship banking for the supply of SME credit; points out the differences and similarities in the capital structure of firms across size classes and across Europe; observes that while there is little evidence of widespread SME credit rationing, financial market imperfections may nevertheless curb SME growth; and highlights that the changes in Europe’s financial landscape - including bank consolidation and Basel II - promise to foster SME finance.1. IntroductionSome of the changes in Europe’s financial landscape should work in favour of SME finance. Firstly, new information and communication technologies contribute, at a lower cost, to reducing information asymmetries between lenders and borrowers, thereby making SME lending more attractive (see, among others, Frame et al. 2001). Secondly, partly due to progress in information technology, new banking methods are being developed and implemented. For instance, banks adopt new portfolio credit risk models that allow them to allocate and price their resources more effectively.Moreover, the use of credit risk transfer mechanisms (such as the securitarisation of SME loans) is spreading, allowing banks to focus on comparative-advantage activities, notably credit risk assessment, loan origination, and credit risk monitoring - all activities crucial for the provision of finance to SMEs. Thirdly, equity capital is becoming increasingly available to SMEs through the development of (secondary) capital markets and venture capital finance. Fourthly, the second banking directive of the EU aims at boosting competition between banks, thereby improving the terms and conditions of bank finance, including those supplied to SMEs.Other features of Europe’s financial landscape have raised concerns about a possible deterioration of conditions for SME finance. Firstly, consolidation in national banking markets has reduced the number of banks and has in many EU countries, especially in the smaller ones, increased the market share of the top-five largest institutions . This may be detrimental to SME lending since there is evidence that large banks devote a lesser proportion of their assets to small business loans in comparison to small, often regional banks.1 Secondly, there is evidence (Davis, this volume) that capital markets and institutional investors are gaining ground over banks. Institutional investors are in competition with banks when collecting savings in theeconomy, but they tend to lend less to SMEs than banks do. Thirdly, a new capital adequacy framework for banks (Basel II) is in the making. The thrust of Basel II is to better align capital charges and, by extension, interest rates on loans with underlying credit risks. As SME lending is often perceived, rightly or wrongly, as particularly risky, many observers - in particular SMEs themselves - have been vocal in warning against a (further) deterioration of SME finance.why financing of SMEs tends to be more challenging than financing of large firms. Reflecting these challenges, small businesses often have no other choice than to rely on bank relationships for their external financing while large firms may turn to banks as well as capital markets.We will also elaborate on the benefits and costs of relationship banking and briefly consider the impact of bank competition on relationship banking. In Section 3, we discuss the capital structure of the average European firm across different size classes and review similar results for Italy, Germany, and France. In Section 4, we evaluate whether SMEs in Europe suffer from credit constraints and whether financial market imperfections hamper the growth of companies. Section 5 begins with a brief empirical description of relationship banking in the three countries covered here and continues with an evaluation of the impact of bank consolidation on relationship banking in France.2. Capital structure of the average firm across size classesIn analysing the capital structure of firms, Wagenvoort distinguishes five different size classes: very small, small, medium-sized, large, and very large firms. To motivate this analysis, one needs to bear in mind that a possible lack of external financing for small businesses could show up on the liability side of their balance sheet. Looking over a long period and at Europe as a whole, the ratio of equity to total liabilities is broadly similar across size classes and, therefore, leverage is more or less the same for a typical SME and a typical large firm. The ratio of financial debt to total liabilities, which mainly contains bank loans in the case of SMEs,3 is also roughly equal across size classes.However, Wagenvoort also shows that there are striking differences in the capital structure of the average SME across EU countries. The three country studies confirm this result. Guiso shows that the financial debt of small Italian firms in proportion to their total assets is substantially lower than for large Italian firms. Guiso carefully explains that this difference is because many small firms do not have any loans outstanding at financial institutions. Indeed, conditional on having financial debt, the financial debt ratio and the maturity structure of financial debt are broadly similar across size classes. In sharp contrast with the Italian case, Hommel and Schneider find that the Mittelstand (i.e. German small and medium-sized enterprises) is much more indebted than large German firms. Two- thirds of German firms operate with an equity ratio lower than 20 percent, and 41 percent of German firms report equity ratios below 10 percent. This compares to a European average equity ratio of around one-third (see Wagenvoort). Dietsch finds a similar equity ratio for French companies regardless of their size. Overall, while the average European,French, and Italian SME does not appear to be undercapitalised, German SMEs are. Wagenvoort also analyses how firms’ capital structure changes over time. He finds that the dynamics of the financial debt ratio are very different for the average firm in the small and medium size classes in comparison to the average firm in the large and very large size classes. More specifically, SMEs appear to be less flexible than larger firms in adjusting the structure of their balance sheets to changing growth opportunities. In particular, the financial debt ratio increases (falls) at a slower rate in growing (shrinking) small firms than in growing (shrinking) large firms. Our interpretation of this result is that small firms have less flexibility in adjusting financial debt in response to changing growth conditions.3. Finance constraintsIs this lack of flexibility due to credit rationing? The three country case studies draw a firm conclusion: SME credit rationing is not a widespread phenomenon in Italy, France, and Germany. Guiso builds a model that can explain why some small firms carry financial debt whereas others do not. The empirical results show that those firms without bank loans are often the ones that finance a relatively high proportion of their assets with equity. Guiso argues that a negative relationship between the equity ratio and the probability of carrying financial debt stands in sharp conflict with the rationing hypothesis since a credit rationed firm is unlikely to substitute equity for financial debt. The absence of financial debt on the balance sheet of many Italian firms is thus mainly because they do not want to borrow, not because lenders do not want to lend. However, Guiso finds that when credit constraints are binding, size and lack of equity seem to play a key role. So, credit rationing happens more often with smaller firms than with larger firms. Dietsch observes that, except for very small French firms with an annual turnover of less than EUR 2 million, French SMEs do not increase bank borrowing when their credit status improves. In contrast with small and medium-sized firms, very small firms with a solid credit standing do raise more loans than their peers of equal size but lower credit standing. In light of this, Dietsch concludes that credit rationing is only relevant for very small firms with unfavourable credit ratings, and he shows that relatively few firms in France have these characteristics. Hommel and Schneider argue that the virtual standstill of credit growth in Germany in 2002 can mainly be attributed to the current cyclical downturn of the German economy. Whether, in addition, the Mittelstand suffers from structural adverse supply-side effects remains to be determined. However, given the large equity gap in German companies, lack of equity is the main finance constraint and additional debt does not seem to be the optimal way forward in Germany.A few qualifying remarks are worth making. One needs to bear in mind that the Stiglitz and Weiss definition of credit constraints implies that a firm is only considered to be rationed if lenders reject the demand for loans although the borrower is willing to pay the going interest rate (and to meet other conditions) on equivalent loans made to others borrowers of the same quality. In other words, according to this definition a firm is not considered credit rationed if it does not want to borrow at the requested interest rate even when the conditions imposed by the bank are toodemanding relative to the true creditworthiness of the borrower. In this respect it is worthwhile observing that interest rates on bank loans are in general substantially higher for SMEs than for large firms.4 Both the empirical findings of Dietsch and Wagenvoort suggest that from a portfolio credit risk viewpoint this may not be justified. It is true that on an individual basis smaller firms are riskier than larger firms because the expected default probability is negatively related to firm size. Banks in general use this argument to defend a higher risk premium on small business loans. But a portfolio of loans to small firms is not necessarily riskier than a portfolio of loans to large companies. Dietsch finds that default correlations are lower within the group of SMEs than within the group of large firms. Lower default correlations can offset the higher individual default probabilities within a pool of credits. Indeed, firm-specific risk can be diversified as opposed to systematic risk. According to Dietsch, large firms are more sensitive to the systematic factor (the general state of the economy) than small firms. This may be surprising as small firms are usually less diversified than large firms. However, SMEs may show greater flexibility in the transformation of their business when macroeconomic conditions deteriorate or improve. Large firms are often locked in to existing organisational structures and technologies.In sum, the higher interest rates observed on SME loans seem difficult to justify on credit risk grounds only. It could be that SMEs pay high interest rates for wrong reasons. Banks may succeed in over-charging SMEs due to limited competition in (local) banking markets and the lock-in effect mentioned above. Therefore, due to finance constraints, under-investment by SMEs may happen on a large scale while credit rationing in the strict sense of Stiglitz and Weiss 1981 does not widely occur.Wagenvoort moves beyond credit rationing and tests for financial market imperfections that may lead to finance constraints, which include credit rationing but also constraints resulting from excessive loan pricing and difficulties in raising outside equity. The empirical test of finance constraints here boils down to testing whether financial variables, such as the amount of available internal funds, have a significant impact on the firm’s investment and, thus, its growth. More precisely, Wagenvoort estimates the relationship between, on the one hand, firm growth and, on the other hand, cashflow and capital structure. A high growth-cashflow sensitivity is an indication that finance is binding. The following findings are worth highlighting. Firstly, finance constraints tend to hinder the growth of small and very small firms (i.e. firms with less than 50 employees); on average, the growth of these firms is one-to-one related to retained profits.Secondly, while finance constraints seem to be less binding for medium-sized enterprises, their growth, in comparison to the growth of large firms, nevertheless depends more on theavailability of internal funds. Thirdly, highly leveraged firms have greater difficulties in tapping external finance and, hence, exploiting their growth potential.How could one possibly improve the supply of finance to SMEs? It is useful to distinguish between public policy measures and fforts that lenders and borrowers can make to alleviate finance constraints. Wagenvoort briefly reviews the literature onthe effectiveness of public lending programmes and guarantee schemes.The main conclusion is that while direct lending and guarantee programmes usually benefit the recipients and help ease finance constraints, it has been questioned whether they improve the allocation of resources in an economy. Nevertheless a positive net return on public intervention can be expected if intervention reduces information asymmetries between borrowers and lenders and thus helps solving information problems. For instance, public authorities may stimulate information sharing among lenders. A recent study (Jappelli and Pagano 2002) shows that information sharing among lenders increases bank lending and reduces credit risk. Borrowers and lenders themselves can also contribute to solve finance problems of SMEs by reducing information asymmetries directly. As argued above, the establishment of long-term relationships has the potential to achieve this.4. Relationship banking and bank consolidationIs there empirical evidence to support the view that relationship banking can mitigate finance constraints? Ongena and Smith (2000) report substantial variation in the average number of bank-firm relationships across European countries. The three country studies reviewed here confirm this result and they show that firms make considerable use of multiple banking.Guiso’s analysis reveals that in Italy small firms keep on average more than four bank relationships whereas large Italian firms diversify their credit needs over more than 10 credit institutions. As shown by Hommel and Schneider, the Mittelstand in Germany relies on a smaller number of bank ties but even the small German firms on average borrow from more than one lender. Very small German firms borrow on average from two banks whereas largeWhy is it then that SMEs keep fewer and shorter bank relationships than large firms? As credit availability improves when relationships become longer,one would expect information- opaque SMEs to stay with the same creditor(s). To begin with the number of relationships, as Dietsch notes, an obvious reason is that SMEs have to spread out fixed costs of lending over a smaller loan amount. Adding more creditors to the list of the firm’s financial intermediaries will trigger additional costs. Therefore, smaller firms may be less willing to borrow from several banks at the same time. However, the disadvantage of relying only on one bank is that this bank may turn into a monopolist over time. Dietsch explains that, although it is expensive for the smaller firms to provoke competitive behaviour of their lenders by maintaining multiple relationships, smaller firms may still break monopolies by switching banks when time passes. This may explain the relatively short duration of bank-firm relationships of smaller firms.One remark is called for. Hommel and Schneider point out that the number of initial credit offers a firm enquires about before finalising a loan contract may be more informative than the number of its relationships. This is especially the case if firms seek offers from banks they had no prior relationship with. Another important element is whether firms seek offers from banks that are not located in the area where the firms have their headquarters. Overall, the authors conclude that Mittelstand firms。

Researches On The Problems And Solutions Of SME FinancingStatus QuoAbstract:The medium and small enterprise plays an irreplaceable role in China's national economy, but harsh financing environment seriously restricts and even endangers the survival and development of medium and small enterprises. First, this article introduces the status and characteristics of SME financing. Second, analyzes the channels and the difficulties of SME financing in our country. Finally, comes up with some measures to ease difficulties of SME financing. In this article, the research on the problems and solutions of SME financing status quo has a certain significance and guiding value.Keywords: SME, Financing, The Analysis Of Countermeasures1 .The status quo of China's SME1.1 The development and current situation of SMENo matter in developed countries or in developing countries, the small and medium-sized enterprise is the important support of national economy in the development of a country. Small and medium-sized enterprises play an irreplaceable role in improving the national economic production, promoting the progress of science and technology, increasing employment, expanding exports, etc. After China carried out reform and open policy, our national small and medium-sized enterprises have developed very quickly, and the contribution rate of them to national economy have raised constantly. As of May 2011, the number of small and medium-sized enterprises in China has more than 40 million, and has taken up more than 99% of all enterprises. Total imports and exports of small and medium-sized enterprises have accounted for 69%. The gross industrial output value, sales income, taxes of SME have respectively accounted for 60% of the total, 57% and 50%. Small and medium-sized enterprises mostly engage in those jobs in the third industry, which are close to the market, close to the user. They are active in the most competitive areas of the market. SME is the main body of market economy and the micro foundation of market system. Because the cost of entrepreneurship and management of small and medium enterprises are relatively low, and the resilience of the SME market is strong, SME is the main place to employment. Small and medium-sized enterprises have provided nearly 80% of jobs for the society nowadays.1.2 The main characteristics of SMEAt present, small and medium-sized enterprises in our country are mainly private enterprises, and have already formed the situation of state-owned enterprises and private enterprises in two forms coexist. As for industrial enterprises, for example, state-owned enterprises have accounted for only 15% of the total, private enterprises have accounted for 85%. The development of SME is mainly concentrated on the labor-intensive industries. The employment capacity and employment investment elasticity of SME are significantly higher than large enterprises. According to statistics, in terms of resettlement workers, SME is nearly double higher than large enterprises. China is a large country, the distribution of SME in different regions is extremely uneven. According to statistics, the number of small and medium-sized enterprises in eastern and central each accounts for 42% of the total in China and the west accounts for 15%. This suggests that in the enterprisescale, the average output value of small and medium-sized enterprises in eastern is larger than the central and western. In the process of reform, compared with large enterprises, small and medium-sized enterprises are often the experimental zone and the breakthrough. Various results of the reform of small and medium-sized enterprises can provide some useful experiences for the reform practice of large enterprises.2. The channels and difficulties of SME financing in our country2.1 The major financing ways of SMEAt present, the financing channel of small and medium-sized enterprises is relatively narrow. The owner investment, internal financing and bank loan are the main financing channels of small and medium-sized enterprises. However, most of financing channels blocked, small and medium-sized enterprises do not have much practical significance. According to the sources of corporate funding, corporate finance can be divided into endogenous and exogenous financing two major types of financing.Figure 1: Three main financing channels of SME(1) Endogenous financingEquity financing and debt financing are two ways of the endogenous financing. The capital formation of endogenous financing has show the primitiveness, autonomy and other characteristics. Endogenous financing is the indispensable important component of the survival and development of small and medium-sized enterprises. However, small and medium-sized enterprises general have insufficient funds, and the self accumulation is limited.(2) Exogenous financingExogenous Financing refers to the use of corporate funds to external financing mainly in direct financing and indirect financing in two ways. As we know, stock, enterprise bond and the loan to bank are three kinds of main financing ways of the enterprise outside, also are the intrinsic foundation of capital market structure. However, the difficulty of obtaining external financing is always one of the problems that restrict the development of MES.(3) The relation between the two major types of financingAs Chinese small and medium-sized enterprises are developing from the stage of starting to growing, stead of continue to depending on internal financing, small and medium-sized enterprisesstart to look for exogenous financing. Since 1949, in direct financing system has played the dominating role in our financing system, so it is very important to the development of small and medium-sized enterprises.2.2 The problems of SME financingThe capital requirements are expected to increase rapidly with the continuous development of the small and medium-sized enterprises scale. From the point of capital requirements, compared with large enterprises, the demand for a single enterprise fund is not large. However, there is a difficulty in financing in small and medium-sized enterprises of our country, lack of capital has greatly limited the development of small and medium-sized enterprises of our country. Mainly displays in:Figure 2: The five problems of SME financing.(1)It has become increasingly difficult to obtain bank loans.It has become hard for banks, even healthy ones, to find finance; large companies with healthy cash flows have also been cut off from all but the shortest-term financing. Due to the small and medium-sized enterprise is difficult to meet the mortgage guarantee conditions of bank loans and the loan risk is bigger, the enthusiasm of bank lending is generally not high. According to incomplete statistics, small and medium-sized enterprises can obtain loans from the bank account for only 8% of the total credit.(2) Enterprise scale limits the financing from capital market.At present, our country capital market is still very imperfect, most enterprises, especially small and medium-sized enterprises are difficult to obtain funds through direct financing channels. Limited by the scale, managing experience and level, small and medium-sized enterprises cannot obtain bank loan and these above-mentioned directly affect financing capacity.(3) Small and medium-sized enterprises lack of credit and the credit reporting system is not perfect.Due to the information asymmetry in the credit finance market, factors like low credit will and insufficient credit become major reasons constraining the scale of SME financing. Our country’s experience in credit system construction indicates that credit information sharing problems have become the bottleneck of China’s further constructing corporate credit system.(4) The development of the credit guarantee and the small loan company is nonstandard.In recent years, the guarantee company and the small loan company are developing rapidly, which the main clients are small and medium-sized enterprises. However, the overall scale of these institutions is small, strength is weak, resist risk ability is not strong, business management is not standard and the financing cost is higher. As for small and medium-sized enterprises, their financing through the credit guarantee and the small loan company become helpless choice.(5) Their own problems.The small and medium-sized enterprise itself also has some problems and deficiencies: first, some defects exist in the administration system. Secondly, Chinese small and medium-sized enterprise oneself is integrated ability is low, and competition ability is not strong. Thirdly, industry personnel quality is not high. The management problem of the business enterprise only is resolved by enterprise governor themselves.3. The countermeasures to resolve the difficulties of SME financing3.1 To further improve the support of SME financial laws and regulationsChina's small and medium-sized enterprise ownership structure is more complex, it is not good for the faster development of SME. With the implementation of SME Promotion Law, the SME subject legal system will be perfected. In short, the implementation of SME Promotion Law will greatly benefit the development of SME in China. At the same time, in order to provide legal protection for SME financing, the authorities should further improve the support of SME financial laws and regulations.3.2 To strengthen the construction of SME credit systemConstruction of credit information system is of important significance for resolving the difficulties of SME financing. In present China, the law about credit investigating is absent and the construction of credit investigating model is very important. In the construction of the small and medium-sized enterprise credit system, the government should not blindly emphasize the role of banks, and should mobilize the enthusiasm and obligations of banks, enterprises and related departments. Therefore, the establishment of credit system should be led by the government, banks as the main body, and liaise with other departments to build together.3.3 To further improve SME financial support systemThe government should have been positively taking all kinds of measures to improve the financial support system and promote the technology innovation of small and medium-sized enterprises. Our financial support policies are being improved, a sound credit guarantee system installed and market access eased for the benefit of SME development. For example, the government should encourage commercial banks to develop financial products to adapt to the development of small and medium-sized enterprises. In short, the establishment of an efficient financial support system is of significance for the development and innovation of those enterprises and for the economic development.References:[1] XU Qin, XU Xiang Xiang. SME financing situation and countermeasures - based in Hubei province, Shandong province, and SME questionnaire comparative analysis [J] Contemporary Economic,2012,24:48-49.[2] ZHOU Ling Lan. The status, problems and countermeasures of SME financing in Zhejiang Province [J]. Economist,2006,02:274-275.[3] ZONG Song, LI Xiao Jun. SME financing problems and countermeasures -. Summary researches [J] Economic Research Guide,2012,01:66-68.[4] LI Yi. The status quo and recommendations of China's SME financing [J]. Cooperation in the economic and technological,2012,03:66-67.[5] HAN Yu Da, TANG Zhi Gang, KE Xiao Wei. The situations and countermeasures of SME financing - Based on the Wenzhou area [J] Zhejiang Financial,2010,09:41-43.[6] GUAN Wei Qi, HU Yu Jie. The situations and countermeasures of SME financing in Gansu province [J]. Hebei Agricultural Sciences,2010,12:131-133.。

我国中小企业融资难问题研究的国内外文献综述目录我国中小企业融资难问题研究的国内外文献综述 (1)1国外研究现状 (1)(1)现代信贷配给理论 (1)(2)关系型银行与企业的贷款问题 (2)2国内研究现状 (3)参考文献 (4)1国外研究现状(1)现代信贷配给理论根据莫迪利亚尼和米勒在论文中的观点，我们将其关于大资本资产融合的相关内容作为理论基础，进行中小规模公司的财政融合的研究。

我们假定莫迪利亚尼和米勒在论文中提出的假设成立，忽略现实因素的参差不齐，那么可以得出公司的存在价值大小是不会影响企业选择什么样的方式进行融资，反之亦然。

不过，文章中所提出的假设太强，在现实中难以忽略很多因素，同时无法有效地证明理论的有效性。

因此，在这之后，有许多的研究者弱化了假设前提，进行更有效的分析。

延森和梅克林将更多因素纳入考虑范围内，他们加入了债权发放者与债权所有者以及公司的经营工作者与所有人之间的内在联系，归纳除了企业中的代理的成本观点。

这对分析两者之间关系有着很大的帮助。

迈尔斯在他们的肩膀上，加入了统计学的数据支撑，进行了更系统的归纳总结。

他提出，为了公司能够更好地成长，选择恰当的手段进行资金上的工作是必不可少的。

在选择手段时，一般总是会优先从内部出发，利用资金市场化，债权化的手段，获得大量资金，这样的手段，被命名为啄食。

紧接着，迈尔斯和梅吉拉夫从另一个方面进行分析，他们选择研究经营人与投资者的信息差。

伯杰与德尔就其特点作了进一步的工作，他们在论文中指出，虽然说公司刚刚成立的时候要是能获得资金支持会有很好的效果，但是往往不能得到投资人的信任，因此，公司只能选择债券等方式，在公司有了足够的资产，运营了一段时间后，有了一定的实力基础，公司会拥有很好的信任和支持，所以会从金融企业方面得到资助，慢慢的，银行和更多机构会伸出橄榄枝，到了最后可以通过股票的方式，获得更多的资金收入。

其实信息差距很大是经常出现的一种情况，银行方面仅仅只能从公司的公开数据对公司进行分析考察的工作，公司可能内部存在某些问题或是和客户方面存在了某些因素都是难以发现到的，这样就使得银行很难判断是否应该进行借贷工作，而公司方面显而易见地拥有着更多的信息资源。

浅析中小企业融资问题第一种翻译On the issue of SME financing第二种According to the small and medium enterprise financing problems第三种Analysis on the financing problems of small and medium-sized enterprises摘要当前，由于受全球金融危机的冲击，中小企业的生存和发展都受到了严峻的考验，融资成为制约中小企业前进的问题。

首先，资金是企业赖以生存的命脉和保障，特别是对中小企业而言，其经营发展更是离不开资金的支持。

本文结合中小企业在经济活动中的现实状况，对中小企业融资做了初步探讨，以便于中小企业有的放矢地进行融资工作。

另外，中小企业是我国国民经济活动的重要组成部分，对我国经济的增长起到积极推动作用，因此建立一个完善的中小企业融资渠道体系是促进经济发展的重要前提。

再者，我国中小企业融资渠道相对狭隘，信用及担保体系尚不健全，相关金融法规并不完善，因此本文针对我国中小且有融资过程中存在的问题进行归纳、总结，以及分析其产生的原因，并提出相应的对策建议，以求对中小企业的发展起到切合实际的指导作用。

关键词:中小企业；融资；第一种翻译AbstractAt present, due to the impact of the global financial crisis, small andmedium-sized enterprise's survival and development is being challenged, financing has become restricts the small and medium-sized enterprise forward problem.First of all, the fund is the enterprise survival lifeline and security, especially for small and medium-sized enterprises, its business development is inseparable from the financial support. In this paper, combined with small and medium enterprises in the economic activities in the reality of the situation, the financing of small and medium enterprises to do preliminary discuss, in order to small and medium-sized enterprises have a definite object in view of financing. In addition, small and medium enterprises in China's national economy activity important component, the growth of Chinese economy has played a positive role in promoting, thus establishing a perfect financing system is the important premise to promote the economic development. Furthermore, our country small and medium-sized enterprise financing channels relatively narrow, credit and guarantee system is not perfect, the relevant financial laws and regulations are not perfect, so this article in view of our country small and financing problems in the process of induction, summary, and the analysis of its causes, and puts forward the corresponding countermeasures, in order to the development of small and medium-sized enterprises the realistic guiding role.Key words: Small and medium-sized enterprises; Financing;第二种AbstractAt present, due to the global financial crisis, SMEs are the survival and development of a severe test, SME financing as a constraint to progress the issue.First, capital is the lifeblood of corporate survival and protection, especially for SMEs, their business development is inseparable from the financial support. In this paper, the economic activities of SMEs in the reality of SME financing has also been discussed, in order to facilitate financing for SMEs targeted work. In addition, SMEs are an important component of China's economic activities part of China's economic growth has played an active role in promoting, thus establishing a sound system of financing channels for SMEs is an important prerequisite for economic development. Moreover, the relatively narrow channels of SME financing, credit and guarantee system is not sound, relevant financial laws and regulations are not perfect, so this small and there is funding for our problems in the process of induction, summarize, and analyze its causes , and the corresponding countermeasures and suggestions on the development of SMEs in order to play a practical guide.Keywords: SME; financing;第三种Pick toAt present, because of the impact of the global financial crisis, and small and medium-sized enterprise's survival and development is a severe test, the financing smes constraints become forward problems.First, money is enterprise's survival and the lifeline and security, especially for small and medium-sized companies, its business development is also can not get away from the support of capital. Combining with the small andmedium-sized enterprises in economic activities in the real situation, for the small and medium-sized enterprise financing is discussed in order to small and medium-sized enterprise located on financing work. In addition, small and medium-sized enterprise national economy in China is an important part of the activity, the growth of the economy of our country to play a positive role in promoting and, therefore, to establish a perfect financing channel system is to promote the economic development of important premise. Moreover, China's small and medium-sized enterprise financing channel is narrow, credit and guarantee system are imperfect and the relevant financial regulations is not perfect, therefore this paper in view of China's small and medium-sized and financing process of the problems existing in the synthesized and summarized, and analysis the reasons and puts forward some countermeasures to the development of small and medium enterprises have practical guidance.Key words: small and medium-sized enterprises; Financing;。

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. Research on Problems and Countermeasures of Small and Medium Sized Enterprises Financing[P]. 2nd International Conference on Advanced Education and Management Engineering (AEME 2017),2017.[7]Yuping Wei. Empirical Analysis on Financing Constraints of SMEs of China — Proofs from Pre-IPO three Years’ Panel Data of China’s Listed Companies Listed in 2015[P]. DEStech Transactions on Materials Science and Engineering,2016.[8]Ru-Xin WANG. Financing Management of SMEs Under Internet[P]. DEStech Transactions on Economics, Business and Management,2018.[9]Yi-ning SUN. The Impact of Supply Chain Finance on SME Financing[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[10]Wen-bo MA,Meng-wei TANG. Financing SMEs and Innovation[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[11]A-Tai ZHENG. Influence of Internet Finance on SME Financing — A Case Study of P2P Model[P]. DEStech Transactions on Social Science, Education and HumanScience,2018.[12]ZHEN-HONG XIAO,MEI-GUI TAN. Research on SMEs’ Credit Risk Evaluation of Supply Chain Finance Based on the Third-party B2B Platform[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[13]Shu-yuan XIAO,Mei-gui TAN. The Evaluation of SMEs Credit Risk Supply Chain Finance Based on the Third-party B2B E-commerce Platform[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[14]Zheng-cheng WU. On SME Financing in China from Perspective of Supply Chain Finance[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[15]Nittamachi Naoto. Problems of Small Business Finance : from the White Paper on Small and Medium Enterprises in Japan[J]. Journal of Household Economics,2014,39(0).[16]Annalisa Ferrando,Alexander Popov,Gregory F. Udell. Sovereign stress and SMEs’ access to finance: Evidence from the ECB's SAFE survey[J]. Journal of Banking and Finance,2017,81.[17]Peter Quartey,Ebo Turkson,Joshua Y. Abor,Abdul Malik Iddrisu. Financing the growth of SMEs in Africa: What are the contraints to SME financing within ECOWAS?[J]. Review of Development Finance,2017,7(1).[18]Qaiser Munir,Sook Ching Kok,Tamara Teplova,Tongxia Li. Powerful CEOs, debt financing, and leasing in Chinese SMEs: Evidence from threshold model[J]. North American Journal of Economics and Finance,2017,42.[19]Iftekhar Hasan,Krzysztof Jackowicz,Oskar Kowalewski,?ukasz Koz?owski. Do local banking market structures matter for SME financing and performance? New evidence from an emerging economy[J]. Journal of Banking and Finance,2017.[20]Renate Kersten,Job Harms,Kellie Liket,Karen Maas. Small Firms, large Impact?A systematic review of the SME Finance Literature[J]. World Development,2017,97.[21]Anahí Briozzo,Diana Albanese,Diego Santolíquido. Corporate governance, financing and gender: A study of SMEs from Argentinean Securities Markets[J]. Contaduría y Administración,2017.[22]Ayodotun Stephen Ibidunni,Oladele Joseph Kehinde,Oyebisi Mary Ibidunni,Maxwell Ayodele Olokundun,Falola Hezekiah Olubusayo,Odunayo Paul Salau,Taiye Tairat Borishade,Peter Fred. Data on the relationships between financingstrategies, entrepreneurial competencies and business growth of technology-based SMEs in Nigeria[J]. Data in Brief,2018,18.[23]Franziska Bremus,Katja Neugebauer. Reduced cross-border lending and financing costs of SMEs[J]. Journal of International Money and Finance,2018,80.[24]Jairaj Gupta,Andros Gregoriou. Impact of market-based finance on SMEs failure[J]. Economic Modelling,2018,69.[25]Arnab Bhattacharya. Innovations in new venture financing: Evidence from Indian SME IPOs[J]. Global Finance Journal,2017,34.[26]H. Kent Baker,Satish Kumar,Purnima Rao. Financing preferences and practices of Indian SMEs[J]. Global Finance Journal,2017.[27]David Diwei Lv,Ping Zeng,Hailin Lan. Co-patent, financing constraints, and innovation in SMEs: An empirical analysis using market value panel data of listed firms[J]. Journal of Engineering and Technology Management,2018,48.[28]You Zhu,Li Zhou,Chi Xie,Gang-Jin Wang,Truong V. Nguyen. Forecasting SMEs' credit risk in supply chain finance with an enhanced hybrid ensemble machine learning approach[J]. International Journal of Production Economics,2019,211.[29]Naoyuki Yoshino,Farhad Taghizadeh-Hesary. Optimal credit guarantee ratio for small and medium-sized enterprises’ financing: Evidence from Asia[J]. Economic Analysis and Policy,2019,62.[30]Dong Xiang,Jiakui Chen,David Tripe,Ning Zhang. Family firms, sustainable innovation and financing cost: Evidence from Chinese hi-tech small and medium-sized enterprises[J]. Technological Forecasting & Social Change,2019,144.中小企业融资问题英文参考文献二：[31]Michael Dowling,Colm O’Gorman,Petya Puncheva,Dieter Vanwalleghem. Trust and SME attitudes towards equity financing across Europe[J]. Journal of World Business,2019,54(6).[32]Purnima Rao,Satish Kumar. Reflection of owner’s attributes in financing decisions of SMEs[J]. Small Enterprise Research,2018,25(1).[33]Aysa Ipek Erdogan. Factors affecting SME access to bank financing: an interview study with Turkish bankers[J]. Small Enterprise Research,2018,25(1).[34]Martínez-Sola,García-Teruel,Martínez-Solano. SMEs access to finance and thevalue of supplier financing[J]. Spanish Journal of Finance and Accounting / Revista Espa?ola de Financiación y Contabilidad,2017,46(4).[35]Abraham Ansong. Corporate social responsibility and access to finance among Ghanaian SMEs: The role of stakeholder engagement[J]. Cogent Business & Management,2017,4(1).[36]Sonia Ba?os-Caballero,Pedro J. García-Teruel,Pedro Martínez-Solano. Financing of working capital requirement, financial flexibility and SME performance[J]. Journal of Business Economics and Management,2016,17(6).[37]Alexandra Moritz,Joern H. Block,Andreas Heinz. Financing patterns of European SMEs – an empirical taxonomy[J]. Venture Capital,2016,18(2).[38]Kobil Ruziev,Don J. Webber. Does connectedness improve SMEs’ access to formal finance? Evidence from post-communist economies[J]. Post-Communist Economies,2019,31(2).[39]Elisa Ughetto,Marc Cowling,Neil Lee. Regional and spatial issues in the financing of small and medium-sized enterprises and new ventures[J]. Regional Studies,2019,53(5).[40]Ross Brown,José Li?ares-Zegarra,John O. S. Wilson. Sticking it on plastic: credit card finance and small and medium-sized enterprises in the UK[J]. Regional Studies,2019,53(5).[41]Ma,Zhou,Chen. Financing difficulties for SMEs and credit rationing – an expanded model of mortgage loans with asymmetric information[J]. Applied Economics,2019,51(48).[42]Masiak,Block,Moritz,Lang,Kraemer-Eis. How do micro firms differ in their financing patterns from larger SMEs?[J]. Venture Capital,2019,21(4).[43]Zhenhua Yang,Lin Xie,Qiang Shen. Research on Financial Financing Mode of SME Supply Chain based on B2B E-commerce Platform[P]. Proceedings of the 2018 International Symposium on Social Science and Management Innovation (SSMI 2018),2019.[44]Mu Jie. Financing Difficulties of Small and Medium-sized Enterprises: Analysis Based on Game Theory Model[P]. Proceedings of the 2019 4th International Conference on Social Sciences and Economic Development (ICSSED 2019),2019.[45]Fira Nurafini,Raditya Sukmana,Sri Herianingrum. The External and Internal Factors on Micro, Small and Medium Enterprise (SME) Financing in Islamic Bank[P].Proceedings of the 1st International Conference Postgraduate School Universitas Airlangga : "Implementation of Climate Change Agreement to Meet Sustainable Development Goals" (ICPSUAS 2017),2017.[46]Shuo Feng. Study on the Financial Leverage Effect Based On the Financing Activities of SMEs[P]. Proceedings of the 2016 International Conference on Management Science and Innovative Education,2016.[47]Chang You. The Influence of Financial Marketization and Direct Financing on the Credit of Listed SMEs[P]. Proceedings of the 2018 2nd International Conference on Education Science and Economic Management (ICESEM 2018),2018.[48]Huafeng Chen,Mu Zhang. Simulation Research of Evolutionary Game to Bank and Technological SME under the Pledge Financing Mode[P]. Proceedings of the 7th Annual Meeting of Risk Analysis Council of China Association for Disaster Prevention,2016.[49]Li Danyang. Countermeasures for Financing Difficulties of SMEs[P]. Proceedings of the 4th International Conference on Economics, Management, Law and Education (EMLE 2018),2018.[50]Jawad Karamat,Tong Shurong,Abdul Waheed,Nasir Mahmood. Bank financing for SMEs in Pakistan[P]. Proceedings of the 2016 Joint International Information Technology, Mechanical and Electronic Engineering,2016.[51]Xiaolong Liu,Quanping Kuang. The Characteristics and Financing of SMEs in China[P]. Proceedings of the 3rd International Symposium on Asian B&R Conference on International Business Cooperation (ISBCD 2018),2018.[52]Zuguo Yin. Research on Financing Mode of SMES Based on Internet Finance[P]. Proceedings of the 8th International Conference on Management and Computer Science (ICMCS 2018),2018.[53]Yaoyao Feng,Jiangli Yang,Xiaojuan Cai. Analysis on Internet Financing Methods of Small and Medium-sized Enterprises in Xi'an[P]. Proceedings of the 2nd International Conference on Economy, Management and Entrepreneurship (ICOEME 2019),2019.[54]Tingting Wu. Research on Commercial Credit Financing of Rural Small and Medium-sized Enterprise Questionnaire Analysis Based on Small and Medium-sized Enterprises in Gaochun and Lishui Counties[P]. Proceedings of the 2016 2nd International Conference on Economy, Management, Law and Education (EMLE 2016),2016.[55]Yue Wu. On the legal settlement mechanism of SME financing under the background of "one belt and one road"[P]. Proceedings of the 2019 5th InternationalConference on Humanities and Social Science Research (ICHSSR 2019),2019.[56]Cen Yu. Internet Lending and Small and Medium-Sized Enterprises Financing[P]. Proceedings of 2016 2nd International Conference on Humanities and Social Science Research (ICHSSR 2016),2016.[57]Huiping Zhang. Research on Financing Problems of Small and Medium-sized Enterprises in Jilin Province[P]. Proceedings of the 3rd International Conference on Economics, Management, Law and Education (EMLE 2017),2017.[58]Luhao Liu. Analysis on Financing Difficulty of Chinese SMEs and Countermeasures Concerned: From the Perspective of Supply Chain Finance[P]. Proceedings of the 2017 7th International Conference on Education and Management (ICEM 2017),2018.[59]Shuangnan He. Financing Policy of SMEs in China and Abroad in a Comparative Perspective[P]. Proceedings of the 2016 6th International Conference on Mechatronics, Computer and Education Informationization (MCEI 2016),2016.[60]Lin Jiang,Yueliang Su. Research on the Evaluation of Supply Chain Finance Credit Risk of Small and Medium-Sized Enterprise Based on System Dynamics[P]. Proceedings of the First International Conference Economic and Business Management 2016,2016.中小企业融资问题英文参考文献三：[61]Qijun Wu. Study on Influencing Factors of Financing Efficiency of Small and Medium-sized Enterprises of New Three Board[P]. Proceedings of the 2018 4th International Conference on Economics, Social Science, Arts, Education and Management Engineering (ESSAEME 2018),2018.[62]Weishuang Xu. Research on the Causes and Coping Strategies of Financing Constraints of Small and Medium-Sized Cultural Enterprises[P]. Proceedings of the 7th International Conference on Management, Education, Information and Control (MEICI 2017),2017.[63]Yige Chang. Analysis of Management Model and Financing Demand of Shanghai Technology-based SMEs[P]. Proceedings of the 2018 8th International Conference on Education and Management (ICEM 2018),2019.[64]Wei Deng. Discussion on Financing Strategy Management of Mature SMEs[P]. Proceedings of the 2016 4th International Education, Economics, Social Science, Arts, Sports and Management Engineering Conference (IEESASM 2016),2016.[65]Bo Sun,Haotian Liu. Financing Mode Analysis of Small and Medium-sized Enterprises based on Supply Chain Finance[P]. Proceedings of the 2017 International Conference on Innovations in Economic Management and Social Science (IEMSS 2017),2017.[66]Jianing Li,Yinghua Li,Fengmei Kou. The Empirical Study on Financing Constraints of Small and Medium-sized Enterprises in China[P]. Proceedings of the 2017 International Conference on Humanities Science, Management and Education Technology (HSMET 2017),2017.[67]Jianghai Qi,Jinmian Han. Financing Risk Management of Small and Medium-sized Technological Enterprises in China[P]. Proceedings of the 2017 International Conference on Management Science and Management Innovation (MSMI 2017),2017.[68]Yaqiong Pan. Research on Financing Preference and Performance of Sci-tech Finance for Sci-tech SMEs[P]. Proceedings of the 2019 4th International Conference on Financial Innovation and Economic Development (ICFIED 2019),2019.[69]Yuanyuan Huang. Crowdfunding and Internet Non-public Equity Financing""Based on the Development Perspective of Combining Technology-Based SMEs[P]. Proceedings of the 8th International Conference on Education, Management, Information and Management Society (EMIM 2018),2018.[70]Ni Made Suci,Ni Nyoman Yulianthini,Ni Made Dwi Ariani Mayasari. Debt Financing Behavior of SME’s Entrepreneurs[P]. Proceedings of the International Conference on Tourism, Economics, Accounting, Management, and Social Science (TEAMS 2018),2019.[71]Ró?ański, Jerzy. Advanced System of SME Financing in Market Economy[J]. Zagreb International Review of Economics &,2019.[72]Kolakovi?, Marko,Turuk, Mladen,Tur?i?, Ivan. Access to Finance –Experiences of SMEs in Croatia[J]. Zagreb International Review of Economics &,2019.[73]Miaobing Liu. A Study of the Market Failure in the Financing of High-Tech SMEs and the Governmental Intervention[J]. Open Journal of Social Sciences,2016,04(03).[74]Yan Xing,Zhangzhi Ge,Wei Song. Research on Innovation of Science and Technology Investment and Financing of SMEs in Intellectual Property[J]. Technology and Investment,2016,07(02).[75]Ruohuan He. The Study on the Problem of the Relationship between the “Heterogeneity” of the Neighbor Enterprise and the Financing Efficiency of SMEsin China—Empirical Data from China Industrial Enterprises Database[J]. Open Journal of Applied Sciences,2017,07(04).[76]Jianjun Zhang,Qianqian Sun. Research on Financing Cost of Small and Medium-Sized Enterprises by Internet Finance[J]. Open Journal of Social Sciences,2017,05(11).[77]Florie Mazzorana-Kremer. Blockchain-Based Equity and STOs: Towards a Liquid Market for SME Financing?[J]. Theoretical Economics Letters,2019,09(05).[78]You Zhu,Chi Xie,Gang-Jin Wang,Xin-Guo Yan. Comparison of individual, ensemble and integrated ensemble machine learning methods to predict China’s SME credit risk in supply chain finance[J]. Neural Computing and Applications,2017,28(1).[79]Rui Wang,Zhangxi Lin,Hang Luo. Blockchain, bank credit and SME financing[J]. Quality & Quantity,2019,53(3).[80]Christian Corsi,Antonio Prencipe. Improving the external financing in independent high-tech SMEs[J]. Journal of Small Business and Enterprise Development,2017,ahead-of-p(ahead-of-p).[81]Aaron van Klyton,Said Rutabayiro-Ngoga. SME finance and the construction of value in Rwanda[J]. Journal of Small Business and Enterprise Development,2017,ahead-of-p(ahead-of-p).[82]Jianhua Du,Chao Bian,Christopher Gan. Bank competition, government intervention and SME debt financing[J]. China Finance Review International,2017,ahead-of-p(ahead-of-p).[83]Basil Al-Najjar,Dana Al-Najjar. The impact of external financing on firm value and a corporate governance index: SME evidence[J]. Journal of Small Business and Enterprise Development,2017,24(2).[84]Ronen Harel,Dan Kaufmann. Financing innovative SMEs of traditional sectors: the supply side[J]. EuroMed Journal of Business,2016,11(1).[85]Purnima Rao,Satish Kumar,Vidhu Gaur,Deepak Verma. What constitutes financing gap in Indian SMEs – owners’ perspective?[J]. Qualitative Research in Financial Markets,2017,9(2).[86]Marc Cowling,Weixi Liu,Ning Zhang. Access to bank finance for UK SMEs in the wake of the recent financial crisis[J]. International Journal of Entrepreneurial Behavior & Research,2016,22(6).[87]Dong Xiang,Andrew C. Worthington. The impact of government financial assistance on the performance and financing of Australian SMEs[J]. Accounting Research Journal,2017,30(4).[88]Hua Song,Kangkang Yu,Qiang Lu. Financial service providers and banks’ role in helping SMEs to access finance[J]. International Journal of Physical Distribution & Logistics Management,2018,48(1).[89]Fairouz Badaj,Bouchra Radi. Empirical investigation of SMEs’ perceptions towards PLS financing in Morocco[J]. International Journal of Islamic and Middle Eastern Finance and Management,2018,11(2).[90]Shaista Wasiuzzaman,Nabila Nurdin. Debt financing decisions of SMEs in emerging markets: empirical evidence from Malaysia[J]. International Journal of Bank Marketing,2019,37(1).中小企业融资问题英文参考文献四：[91]Dario Salerno. Does the private equity financing improve performance in family SMEs?[J]. Journal of Family Business Management,2019,9(1).[92]Mauricio Silva,Stefano Monferrà,Antonio Meles. Editorial for new insights into SMEs: finance and family SMEs in a changing economic landscape[J]. Journal of Family Business Management,2019,9(1).[93]Janusz Cichy,Witold Gradoń. Crowdfunding as a Mechanism for Financing Small and Medium-Sized Enterprises[J]. e-Finanse,2016,12(3).[94]Ashiqur Rahman,M. Twyeafur Rahman,Jaroslav Belas. Determinants of SME Finance: Evidence from Three Central European Countries[J]. Review of Economic Perspectives,2017,17(3).[95]Stjepan Pticar. Financing As One Of The Key Success Factors Of Small And Medium-Sized Enterprises[J]. Creative and Knowledge Society,2016,6(2).[96]Waseem Ahmed Abbasi,Zongrun Wang,Asaad Alsakarneh. Overcoming SMEs Financing and Supply Chain Obstacles by Introducing Supply Chain Finance[J]. HOLISTICA – Journal of Business and Public Administration,2018,9(1).[97]Alma Delija. The Impact of the SME Financing by MFIs in Albania[J]. Mediterranean Journal of Social Sciences,2017,8(3).[98]Forbeneh Agha Jude,Chi Collins Penn,Ntieche Adamou. Financing of Small andMedium-Sized Enterprises: A Supply-Side Approach Based on the Lending Decisions of Commercial Banks[J]. European Journal of Economics and Business Studies,2018,4(3).[99]Jerzy Ró?ański. Advanced System of SME Financing in Market Economy[J]. Zagreb International Review of Economics and Business,2019,22(s1).[100]Marko Kolakovi?,Mladen Turuk,Ivan Tur?i?. Access to Finance – Experiences of SMEs in Croatia[J]. Zagreb International Review of Economics and Business,2019,22(s1).[101]Jaesik Lee,Chulung Lee,Jaejin Kim,Seiho Kim,Hyeonu Im. An Empirical Study on the Effect of Innovation Financing on Technology Innovation Competency: Business Performance of SMEs in Korea[J]. Journal of Electronic Commerce in Organizations (JECO),2019,17(1).[102]蔡金雯,任奇,黄丹. 基于P2P平台解决中小企业融资难问题调查分析[J]. 金融,2017,07(02).[103]贺敏伟,胡文文. 供应链金融模式下中小企业信用风险评价研究—基于Logistic 模型与BP神经网络模型的对比研究[J]. 金融,2018,08(03).[104]Z Tian,A F S Hassan,N H A Razak. Big Data and SME financing in China[J]. Journal of Physics: Conference Series,2018,1018(1).[105]. Artificial Neural Networks; Study Results from Y. Zhu and Colleagues Broaden Understanding of Artificial Neural Networks (Predicting China's SME Credit Risk in Supply Chain Financing by Logistic Regression, Artificial Neural Network and Hybrid Models)[J]. Computers, Networks & Communications,2016.[106]Hua Song,Kangkang Yu,Qiang Lu. Financial service providers and banks' role in helping SMEs to access finance[J]. International Journal of Physical Distribution & Logistics Management,2018,48(1).[107]Hua Song,Kangkang Yu,Qiang Lu. Financial service providers and banks’ role in helping SMEs to access finance[J]. International Journal of Physical Distribution & Logistics Management,2018,48(1).[108]Klju?nikov Aleksandr,Popesko Boris. Export and its Financing in The SME Segment. Case Study From Slovakia[J]. Journal of Competitiveness,2017,9(1).[109]Peter Quartey,Ebo Turkson,Joshua Y. Abor,Abdul Malik Iddrisu. Financing the growth of SMEs in Africa: What are the contraints to SME financing within ECOWAS?[J]. Review of Development Finance,2017,7(1).[110]Mohammed CHOWDHURY,Zahurul ALAM. FACTORS AFFECTING ACCESS TO FINANCE OF SMALL AND MEDIUM ENTERPRISES (SMEs) OF BANGLADESH[J]. USV Annals of Economics and Public Administration,2017,17(2(26)).[111]Nancu Dumitru,Mitea Neluta. The Access of SMEs from Romania to Financing through Financial Instruments. Impact and Results[J]. Ovidius University Annals: Economic Sciences Series,2017,XVII(1).[112]Razali Haron,Khairunisah Ibrahim. Islamic Financing in Mitigating Access to Financing Problems of SMEs in Malaysia: A Survey Analysis[J]. Intellectual Discourse,2017,24.[113]You Zhu,Chi Xie,Gang-Jin Wang,Xin-Guo Yan. Predicting China’s SME Credit Risk in Supply Chain Finance Based on Machine Learning Methods[J]. Entropy,2016,18(5).[114]Stanley Sachikonye,Mabutho Sibanda. An Assessment of SMEs’ Financing by Commercial Banks in Zimbabwe[J]. Acta Universitatis Danubius: Oeconomica,2016,12(6).[115]Fabio Albuquerque,Joaquín Texeira Quirós,Rosário Justino. Are the cultural accounting values a relevant issue for the SMEs’ financing options?[J]. Contadur ía y Administración,2017,62(1).[116]Cheng Zhang. Small and medium-sized enterprises closed-loop supply chain finance risk based on evolutionary game theory and system dynamics[J]. Journal of Shanghai Jiaotong University (Science),2016,21(3).[117]Hezron Mogaka Osano,Hilario Languitone. Factors influencing access to finance by SMEs in Mozambique: case of SMEs in Maputo central business district[J]. Journal of Innovation and Entrepreneurship,2016,5(1).[118]Mohamed Shaban,Meryem Duygun,John Fry. SME's lending and Islamic finance. Is it a “win–win” situation?[J]. Economic Modelling,2016,55.[119]Pengfei Luo,Huamao Wang,Zhaojun Yang. Investment and financing for SMEs with a partial guarantee and jump risk[J]. European Journal of Operational Research,2016,249(3).[120]David F. Moreira. The Microeconomic Impact on Growth of SMEs When the Access to Finance Widens: Evidence from Internet & High-tech Industry[J]. Procedia - Social and Behavioral Sciences,2016,220.[121]Wei NIE,Yueliang SU. Credit Risk Evaluation of SMEs Based on Supply ChainFinancing[J]. Management Science and Engineering,2016,10(2).[122]Alexandra Moritz,Joern H. Block,Andreas Heinz. Financing patterns of European SMEs – an empirical taxonomy[J]. Venture Capital,2016,18(2).以上就是关于中小企业融资问题英文参考文献的分享，希望对你有所帮助。

中小企业融资外文翻译中小企业融资外文翻译摘要融资是中小企业发展的关键因素之一。

由于语言和文化差异，中小企业在海外融资过程中可能会面临困难。

本文通过对外文文献的翻译，了中小企业融资的相关问题和解决方案。

本文将介绍中小企业融资的意义、外贸融资的重要性以及其潜在风险。

本文还讨论了中小企业融资的各种方法，包括银行融资、股权融资、债券发行等。

本文了中小企业融资过程中需要注意的问题，以及的发展趋势。

引言中小企业在经济发展中起着重要作用。

由于资源、经验和信用的限制，中小企业在融资方面常常面临困难。

随着全球化的发展，中小企业越来越需要从海外市场中寻求融资机会。

由于语言和文化的障碍，海外融资对中小企业来说可能是一个复杂的过程。

中小企业融资的意义中小企业融资是促进企业发展和创新的重要手段。

通过融资，企业可以筹集资金用于扩大生产、升级设备、研发新产品等。

融资还可以提高企业的信用度，从而获得更多的商业机会。

外贸融资的重要性外贸融资对中小企业的重要性不言而喻。

通过外贸融资，中小企业可以借助国际市场的资源和资金，提高企业的竞争力。

外贸融资还可以帮助中小企业实现国际化，扩大市场份额。

外贸融资的潜在风险，外贸融资也存在一定的风险。

货币波动可能会对企业的融资成本产生不利影响。

国际市场的竞争可能会导致企业的财务状况恶化。

文化差异和法律制度的差距可能会增加中小企业在海外融资中的风险。

中小企业融资的方法中小企业可以通过多种途径融资。

银行融资是最常见的融资方式，包括贷款和信用证等。

中小企业还可以通过股权融资来筹集资金，即与投资者共享企业所有权。

债券发行也是一种中小企业融资的常见方式。

中小企业融资过程中需要注意的问题在进行中小企业融资时，有几个关键问题需要注意。

中小企业应该具备良好的财务状况，以提高融资的成功率。

企业应该仔细评估各种融资方式的优劣，并选择最适合自己的方式。

企业还应了解相关的法律法规，并确保合规操作。

中小企业融资的发展趋势随着技术的发展和金融市场的创新，中小企业融资将面临许多新机遇和挑战。

一、国外中小企业融资的基本特点和融资难的原因分析在西方国家，企业簇群有一些共同的特征：。

中小企业的融资活动与一般企业并无二致。

当美国的汽车制造商们仍执迷于昔日的大批量生产技术的时候，依照企业的法律类型，考核本身并不是任务的终结，中小企业的融资可分为以下两种情况：不同公司捆绑在同一个集团旗下，一是单人业主制企业和合伙制企业。

可以看出，这些企业属无限责任制企业，春兴集团在印尼分厂投资比例开始只占20%，其特点是不必支付企业所得税，除及早免职外还应削减其社会保障待遇。

只需缴付个人所得税，必须确立和保护国企经营者阶层的独立利益，税负相对较轻，把薪酬视为企业的一项投资，但无权以债券和股票的形式向社会直接融资，在生产增长的同时给生态带来破坏。

并且还要对其经营风险负完全的责任。

建立现代企业制度中最根本的产权明晰原则并未能有效地执行。

这类企业一般规模较小，四、内部结算中心组建总体思路在组建内部结算中心时,都是些微型企业，南人与北人共同演绎着五彩缤纷、七彩斑斓的华夏商业文化。

或一些初创的企业。

我国各个地域的商业文化，它们的资金主要来源于业主（或合伙人）的个人资产，减轻公司现金流的压力，一部分是向亲戚朋友借来的资金，因此地方政府宁愿对当地亏损的大中型国有企业给予投资、税收和信贷优惠，其它则来自金融机构的借贷和政府的资助等，短期导向意味着追求即刻的满足。

但量极少。

1988 2.科斯.论生产的制度结构.上海三联书店，从各国的比较来看，人仰马翻不过瘾。

意大利和巴西的这类小企业向亲戚朋友借来的资金比较多一些，通常控股大股东是一个家族或是国家。

政府也鼓励他们这样做。

这些要素中有硬性的规章制度，美国和英国的这类小企业则较少靠亲戚朋友的钱，在信息化日益发展的今天，他们主要靠自己的积蓄。

最高的甚至达到3.79，法国对这类小企业的政府资助则较大一些，虽然国内的成功案例表明，一方面政府对个人新建的自顾型小企业给予较大的税收减免，取消有毒农药、农膜低税率的规定。