外文文獻(xiàn)及翻譯：未來中小企業(yè)融資

1、外文資料原文 涂敏之 會計學(xué) 8051208076title:future of sme finance（/docs/pos_papers/2004/041027_sme-finance_final.doc）background the environment for sme finance has changedfuture economic recovery will depend on the possibility of crafts, trades and smes to exploit their potential for growth and emp

2、loyment creation.smes make a major contribution to growth and employment in the eu and are at the heart of the lisbon strategy, whose main objective is to turn europe into the most competitive and dynamic knowledge-based economy in the world. however, the ability of smes to grow depends highly on th

3、eir potential to invest in restructuring, innovation and qualification. all of these investments need capital and therefore access to finance.against this background the consistently repeated complaint of smes about their problems regarding access to finance is a highly relevant constraint that enda

4、ngers the economic recovery of europe.changes in the finance sector influence the behavior of credit institutes towards crafts, trades and smes. recent and ongoing developments in the banking sector add to the concerns of smes and will further endanger their access to finance. the main changes in th

5、e banking sector which influence sme finance are:globalization and internationalization have increased the competition and the profit orientation in the sector;worsening of the economic situations in some institutes (burst of the itc bubble, insolvencies) strengthen the focus on profitability furthe

6、r;mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises, were closed;up-coming implementation of new capital adequacy rules (basel ii) will also change sme business of the credit sector and will increase its adm

7、inistrative costs;stricter interpretation of state-aide rules by the european commission eliminates the support of banks by public guarantees; many of the effected banks are very active in sme finance.all these changes result in a higher sensitivity for risks and profits in the finance sector.the ch

8、anges in the finance sector affect the accessibility of smes to finance.higher risk awareness in the credit sector, a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for sme finance and influence the accessibility of smes to finance. the most

9、important changes are:in order to make the higher risk awareness operational, the credit sector introduces new rating systems and instruments for credit scoring;risk assessment of smes by banks will force the enterprises to present more and better quality information on their businesses;banks will t

10、ry to pass through their additional costs for implementing and running the new capital regulations (basel ii) to their business clients;due to the increase of competition on interest rates, the bank sector demands more and higher fees for its services (administration of accounts, payments systems, e

11、tc.), which are not only additional costs for smes but also limit their liquidity;small enterprises will lose their personal relationship with decision-makers in local branches the credit application process will become more formal and anonymous and will probably lose longer;the credit sector will l

12、ose more and more its “public function” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.all of these develop

13、ments will make access to finance for smes even more difficult and / or will increase the cost of external finance. business start-ups and smes, which want to enter new markets, may especially suffer from shortages regarding finance. a european code of conduct between banks and smes would have allow

14、ed at least more transparency in the relations between banks and smes and ueapme regrets that the bank sector was not able to agree on such a commitment.towards an encompassing policy approach to improve the access of crafts, trades and smes to financeall analyses show that credits and loans will st

15、ay the main source of finance for the sme sector in europe. access to finance was always a main concern for smes, but the recent developments in the finance sector worsen the situation even more. shortage of finance is already a relevant factor, which hinders economic recovery in europe. many smes a

16、re not able to finance their needs for investment.therefore, ueapme expects the new european commission and the new european parliament to strengthen their efforts to improve the framework conditions for sme finance. europes crafts, trades and smes ask for an encompassing policy approach, which incl

17、udes not only the conditions for smes access to lending, but will also strengthen their capacity for internal finance and their access to external risk capital.from ueapmes point of view such an encompassing approach should be based on three guiding principles:risk-sharing between private investors,

18、 financial institutes, smes and public sector;increase of transparency of smes towards their external investors and lenders;improving the regulatory environment for sme finance.based on these principles and against the background of the changing environment for sme finance, ueapme proposes policy me

19、asures in the following areas:1. new capital requirement directive: sme friendly implementation of basel iidue to intensive lobbying activities, ueapme, together with other business associations in europe, has achieved some improvements in favour of smes regarding the new basel agreement on regulato

20、ry capital (basel ii). the final agreement from the basel committee contains a much more realistic approach toward the real risk situation of sme lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional struct

21、ures.however, the new regulatory system will influence the relations between banks and smes and it will depend very much on the way it will be implemented into european law, whether basel ii becomes burdensome for smes and if it will reduce access to finance for them.the new capital accord form the

22、basel committee gives the financial market authorities and herewith the european institutions, a lot of flexibility. in about 70 areas they have room to adapt the accord to their specific needs when implementing it into eu law. some of them will have important effects on the costs and the accessibil

23、ity of finance for smes.ueapme expects therefore from the new european commission and the new european parliament:the implementation of the new capital requirement directive will be costly for the finance sector (up to 30 billion euro till 2006) and its clients will have to pay for it. therefore, th

24、e implementation especially for smaller banks, which are often very active in sme finance has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.).the european regulators must recognize traditional instruments for collaterals (guarantees, e

25、tc.) as far as possible.the european commission and later the member states should take over the recommendations from the european parliament with regard to granularity, access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which will ease the burden on sme finance.2. sm

26、es need transparent rating proceduresdue to higher risk awareness of the finance sector and the needs of basel ii, many smes will be confronted for the first time with internal rating procedures or credit scoring systems by their banks. the bank will require more and better quality information from

27、their clients and will assess them in a new way. both up-coming developments are already causing increasing uncertainty amongst smes. in order to reduce this uncertainty and to allow smes to understand the principles of the new risk assessment, ueapme demands transparent rating procedures rating pro

28、cedures may not become a “black box” for smes:the bank should communicate the relevant criteria affecting the rating of smes.the bank should inform smes about its assessment in order to allow smes to improve.the negotiations on a european code of conduct between banks and smes , which would have inc

29、luded a self-commitment for transparent rating procedures by banks, failed. therefore, ueapme expects from the new european commission and the new european parliament support for:binding rules in the framework of the new capital adequacy directive, which ensure the transparency of rating procedures

30、and credit scoring systems for smes;elaboration of national codes of conduct in order to improve the relations between banks and smes and to support the adaptation of smes to the new financial environment.3. smes need an extension of credit guarantee systems with a special focus on micro-lendingbusi

31、ness start-ups, the transfer of businesses and innovative fast growth smes also depended in the past very often on public support to get access to finance. increasing risk awareness by banks and the stricter interpretation of state aid rules will further increase the need for public support.already

32、now, there are credit guarantee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by smes. experiences show that public money, spent for supporting credit guarantees systems, is a very efficient instrument and has a much higher multiplying e

33、ffect than other instruments. one euro form the european investment funds can stimulate 30 euro investments in smes (for venture capital funds the relation is only 1:2).therefore, ueapme expects the new european commission and the new european parliament to support:the extension of funds for nationa

34、l credit guarantees schemes in the framework of the new multi-annual programmed for enterprises;the development of new instruments for securitizations of sme portfolios;the recognition of existing and well functioning credit guarantees schemes as collateral;more flexibility within the european instr

35、uments, because of national differences in the situation of sme finance;the development of credit guarantees schemes in the new member states;the development of an sbic-like scheme in the member states to close the equity gap (0.2 2.5 mio euro, according to the expert meeting on pace on april 27 in

36、luxemburg).the development of a financial support scheme to encourage the internalizations of smes (currently there is no scheme available at eu level: termination of jop, fading out of jev).4. smes need company and income taxation systems, which strengthen their capacity for self-financing many eu

37、member states have company and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits. this is especially true for companies, which have to pay income taxes. already in the past tax-regimes was one of the reasons for the higher dependenc

38、e of europes smes on bank lending. in future, the result of rating will also depend on the amount of capital in the company; the high dependence on lending will influence the access to lending. this is a vicious cycle, which has to be broken.even though company and income taxation falls under the co

39、mpetence of member states, ueapme asks the new european commission and the new european parliament to publicly support tax-reforms, which will strengthen the capacity of crafts, trades and sme for self-financing. thereby, a special focus on non-corporate companies is needed.5. risk capital equity fi

40、nancingexternal equity financing does not have a real tradition in the sme sector. on the one hand, small enterprises and family business in general have traditionally not been very open towards external equity financing and are not used to informing transparently about their business.on the other h

41、and, many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies, which is more costly than investing bigger amounts in larger companies. furthermore it is much more difficult to set out of such investments in smaller

42、companies.even though equity financing will never become the main source of financing for smes, it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore to be further developed. ueapme sees three pillars for such an approach where policy support i

43、s needed: availability of venture capitalthe member states should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.guarantee instruments for equity financing should be further developed.improve the conditions for investing venture ca

44、pital into smesthe development of secondary markets for venture capital investments in smes should be supported.accounting standards for smes should be revised in order to ease transparent exchange of information between investor and owner-manager.owner-managers must become more aware about the need

45、 for transparency towards investorssme owners will have to realise that in future access to external finance (venture capital or lending) will depend much more on a transparent and open exchange of information about the situation and the perspectives of their companies.in order to fulfil the new nee

46、ds for transparency, smes will have to use new information instruments (business plans, financial reporting, etc.) and new management instruments (risk-management, financial management, etc.).外文資料翻譯涂敏之 會計學(xué) 8051208076題目：未來的中小企業(yè)融資背景：中小企業(yè)融資已經(jīng)改變 未來的經(jīng)濟(jì)復(fù)蘇將取決于能否工藝品，貿(mào)易和中小企業(yè)利用其潛在的增長和創(chuàng)造就業(yè)。 經(jīng)濟(jì)增長和就業(yè)在歐盟和的核心是里斯本戰(zhàn)

47、略，其主要目標(biāo)是使歐洲成為最有競爭力的和有活力的知識型經(jīng)濟(jì)在世界上，中小型企業(yè)作出重大貢獻(xiàn) 。 然而，中小型企業(yè)能力的增長取決于其潛在的高投資在結(jié)構(gòu)調(diào)整，創(chuàng)新和資格，所有這些投資需要資金。 在此背景下的一貫反復(fù)投訴的中小企業(yè)的問題就在于獲得融資，這是一個高度相關(guān)的約束，關(guān)乎歐洲經(jīng)濟(jì)復(fù)蘇。變化的影響 ，金融部門的行為 ，信貸機(jī)構(gòu)對工藝品，貿(mào)易和中小企業(yè)。 最近和當(dāng)前的事態(tài)發(fā)展，銀行業(yè)添加到中小企業(yè)所關(guān)注的問題 ， 并會進(jìn)一步危害其獲得資金。主要的變化是影響銀行業(yè)中小企業(yè)融資是：全球化和國際化，增加了競爭和盈利方向的部門; 日益惡化的經(jīng)濟(jì)形勢在一些機(jī)構(gòu)（爆裂的國貿(mào)中心泡沫，破產(chǎn)）加強(qiáng)重點(diǎn)放在盈利能

48、力進(jìn)一步加強(qiáng);合并和重組創(chuàng)造更大的結(jié)構(gòu)和許多當(dāng)?shù)氐姆种C(jī)構(gòu)，它的直接和個性化的接觸，小企業(yè)，被關(guān)閉; 即將實(shí)施新的資本充足規(guī)則（巴塞爾ii ）也將發(fā)生變化的中小企業(yè)的信貸業(yè)務(wù)部門，并會增加其行政費(fèi)用;嚴(yán)格的解釋國家備忘錄規(guī)則由歐洲委員會消除了銀行的支持下，由公共保障;許多影響銀行非常積極地參與中小企業(yè)融資。所有這些變化導(dǎo)致更高的靈敏度的風(fēng)險和利潤的金融部門。金融業(yè)的影響無障礙中小企業(yè)得到資金。 高風(fēng)險的認(rèn)識，信貸部門，更加注重利潤和正在進(jìn)行的結(jié)構(gòu)調(diào)整中的金融部門變化的框架，中小企業(yè)融資和影響力的中小企業(yè)獲得資金。最重要的改變是：為了使風(fēng)險意識較高的業(yè)務(wù)，信貸部門引入新的評價制度和手段信用評分;

49、風(fēng)險評估的中小企業(yè)銀行將迫使企業(yè)提出更多更好的高質(zhì)量的信息對他們的業(yè)務(wù);銀行將設(shè)法通過其額外費(fèi)用為實(shí)施和運(yùn)行的新的資本條例（巴塞爾ii），以他們的商業(yè)客戶;由于增加了競爭的利率，銀行部門的需求更多，更高的服務(wù)費(fèi)用（管理賬戶，支付系統(tǒng)等），這不僅為中小企業(yè)的額外費(fèi)用，而且還限制了它們的流動性;小企業(yè)將失去他們的個人關(guān)系，決策者在地方分支機(jī)構(gòu)-信貸申請過程將變得更加正規(guī)和匿名的，可能會失去長遠(yuǎn);信貸部門將失去越來越多的“公共職能”，以提供獲得資金的范圍廣泛的經(jīng)濟(jì)主體，它已在一些國家，為了支持和促進(jìn)經(jīng)濟(jì)增長;利潤的貸款成為主要重點(diǎn)是私人信貸機(jī)構(gòu)。 所有這些事態(tài)發(fā)展將使中小企業(yè)獲得資金的更加困難和/或

50、將增加的成本的外部資金。創(chuàng)業(yè)和中小企業(yè)，而要進(jìn)入新的市場，可能是受到資金短缺的問題。 歐洲行為守則銀行與中小企業(yè)之間有至少允許更多的透明度之間的關(guān)系銀行與中小企業(yè)和ueapme感到遺憾的是，銀行部門未能達(dá)成這樣的承諾。 建立一個包括政策的方法，以提高準(zhǔn)入手工業(yè)，貿(mào)易和中小企業(yè)融資所有分析表明，信貸和貸款將保持主要的資金來源為中小企業(yè)部門在歐洲。獲得資金一直是主要的關(guān)注中小企業(yè)，但最近的事態(tài)發(fā)展，金融部門局勢惡化甚至更多。資金短缺已經(jīng)是一個相關(guān)因素，阻礙歐洲經(jīng)濟(jì)復(fù)蘇。許多中小企業(yè)沒有能夠資助他們的投資需求。 因此，ueapme預(yù)計新的歐盟委員會和歐洲議會的新加強(qiáng)努力的框架內(nèi)，以改善中小企業(yè)融資條

51、件。歐洲的工藝品，貿(mào)易和中小企業(yè)的要求，包括政策方針，其中不僅包括條件中小企業(yè)獲得貸款，而且還將加強(qiáng)其能力的內(nèi)部融資和獲得外部風(fēng)險資本。 從ueapme的角度來看，這種無所不包的做法應(yīng)當(dāng)基于三項(xiàng)指導(dǎo)原則：風(fēng)險分擔(dān)之間的私人投資者，金融機(jī)構(gòu)，中小企業(yè)和公共部門;增加了透明度，中小企業(yè)對外部投資者和貸款人;改善監(jiān)管環(huán)境，中小企業(yè)融資。 基于這些原則，并在這一背景下不斷變化的環(huán)境，中小企業(yè)金融，ueapme提出政策措施，在以下幾個方面： 1.新的資本要求指令：中小企業(yè)友好執(zhí)行巴塞爾ii由于密集的游說活動， ueapme ，加上其他商業(yè)協(xié)會歐洲，已經(jīng)取得了一些有利于改善中小企業(yè)的新巴塞爾協(xié)議的監(jiān)管資本

52、（巴塞爾ii ）。最后協(xié)議由巴塞爾委員會包含一個更現(xiàn)實(shí)的態(tài)度的真正危險狀況的中小企業(yè)貸款的金融市場并允許必要的變通余地，這方面，不同區(qū)域的傳統(tǒng)和體制結(jié)構(gòu)。 然而，新的規(guī)管制度，將影響之間的關(guān)系銀行與中小企業(yè)，它在很大程度上將取決于它的道路將實(shí)施到歐洲的法律，無論是巴塞爾ii成為中小企業(yè)的負(fù)擔(dān) ，如果將減少獲得資金了。 新資本協(xié)議的形式巴塞爾委員會給出了金融市場的主管部門和函歐洲機(jī)構(gòu)，有很強(qiáng)的靈活性。在大約70個地區(qū)，他們間的協(xié)定，以適應(yīng)其具體需要執(zhí)行時納入歐盟法律。其中有些人將產(chǎn)生重要的影響成本和獲取資金的中小型企業(yè)。 因此，從ueapme預(yù)計新的歐盟委員會和歐洲議會的新實(shí)施新的資本要求指令將耗資巨大，金融部門（至多30億歐元3至2006年）和它的客戶將不得不付出代價。 因此，執(zhí)行-特別是對規(guī)模較小的銀行，往往是非常活躍的中小企業(yè)融資-已經(jīng)進(jìn)行了小的行政負(fù)擔(dān)可能（提交報告的義務(wù)，統(tǒng)計數(shù)據(jù)等） 。 歐洲管理者必須盡可能認(rèn)識到傳統(tǒng)的文書抵押（擔(dān)保等）。歐洲委員會和后來的各會員國應(yīng)采取的建議，歐洲議會4方面的粒度，進(jìn)入零售組合，成熟，局部使用，適應(yīng)的閾值等，這將減輕市民的負(fù)擔(dān)中小企業(yè)融資。 2.中小型企業(yè)需要透明的評價程序 由于較高的風(fēng)險意識，金融部門和需要的巴塞爾ii