外文資料翻譯-郝旭峰

1、山東英才學(xué)院畢業(yè)設(shè)計(jì)(論文)外文資料翻譯學(xué) 院經(jīng)濟(jì)管理學(xué)院專業(yè)財(cái)務(wù)管理學(xué)生姓名郝旭峰班級學(xué)號財(cái)務(wù)管理1002,201001010317外文出處Allen Bergory Background，F(xiàn)uture of SME finance J，American economic review，October 27, 2004附件：1.外文資料翻譯譯文；2.外文原文指導(dǎo)教師評價(jià)：1翻譯內(nèi)容與課題的結(jié)合度： 優(yōu) 良 中 差2翻譯內(nèi)容的準(zhǔn)確、流暢： 優(yōu) 良 中 差3專業(yè)詞匯翻譯的準(zhǔn)確性： 優(yōu) 良 中 差4翻譯字符數(shù)是否符合規(guī)定要求： 符合 不符合指導(dǎo)教師簽名：年月日未來的中小企業(yè)融資作 者 ： 艾 倫

2、伯 杰 ， 格 雷 戈 瑞 德 爾 中小企業(yè)融資環(huán)境背景已經(jīng)改變未來。的經(jīng)濟(jì)復(fù)蘇將取決于工藝的可能性、貿(mào)易和中小企業(yè)利用其潛在的經(jīng)濟(jì)增長和就業(yè)機(jī)會(huì)的創(chuàng)造。經(jīng)濟(jì)增長和就業(yè)是歐盟里斯本戰(zhàn)略的核心，其主要目的是使歐洲在世界上成為最具競爭力的和動(dòng)態(tài)知識經(jīng)濟(jì)，在這方面中小企業(yè)做出重大貢獻(xiàn)。然而中小企業(yè)成長的能力取決于他們潛在的投資高度在重組、創(chuàng)新、資格。所有的這些投資，因此需要資本融資渠道。在這樣的背景下持續(xù)重復(fù)投訴的小企業(yè)融資問題就在于獲得融資，這是一個(gè)高度相關(guān)的約束，危及歐洲經(jīng)濟(jì)復(fù)蘇。金融市場的變化影響信用機(jī)構(gòu)的行為。最近，正在進(jìn)行的銀行業(yè)發(fā)展的關(guān)注增加，會(huì)進(jìn)一步危及中小企業(yè)的融資渠道。主要的變化是

3、影響銀行業(yè)中小企業(yè)融資是： 全球化和國際化，增加了競爭和盈利的部門。 經(jīng)濟(jì)狀況日益惡化在一些機(jī)構(gòu)破裂的國貿(mào)中心泡沫，破產(chǎn)集中在盈利能力的進(jìn)一步加強(qiáng)。 兼并和重組創(chuàng)造更大的結(jié)構(gòu)和許多地方的分支機(jī)構(gòu)，這些都有著直接的、個(gè)性化的聯(lián)系，小型企業(yè)、被關(guān)閉。 即將實(shí)施新的資本充足率規(guī)則巴塞爾也會(huì)改變中小企業(yè)的信貸部門，并會(huì)增加它的行政費(fèi)用。 嚴(yán)格解釋規(guī)則由歐洲委員會(huì)支持銀行消除公眾保證，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)致更高的靈敏度風(fēng)險(xiǎn)和利潤的金融領(lǐng)域。金融市場的變化影響中小企業(yè)融資的可及性。更高的風(fēng)險(xiǎn)意識在信貸部門較強(qiáng)的集中在盈利能力和持續(xù)轉(zhuǎn)型的金融部門改變和影響中小企業(yè)融資結(jié)構(gòu)

4、的可及性對中小企業(yè)融資。最重要的變化是: 為了操作更高的風(fēng)險(xiǎn)意識的業(yè)務(wù)，信用部門引入新儀器評級制度和信用評分法。 對于中小企業(yè)的風(fēng)險(xiǎn)評估，銀行將迫使企業(yè)提交更多、更好的質(zhì)量信息在他們的業(yè)務(wù)上。 銀行試圖將通過他們的額外費(fèi)用，對生產(chǎn)計(jì)劃進(jìn)行實(shí)施與運(yùn)行新的資本監(jiān)管在他們的業(yè)務(wù)。 由于利率的壓力的增加社會(huì)競爭銀行部門的要求越來越高的服務(wù)收費(fèi)管理賬戶、支付系統(tǒng)等，它不但為中小企業(yè)提供額外的費(fèi)用也限制了他們的資金流動(dòng)。 中小企業(yè)會(huì)失去他們的個(gè)人關(guān)系與決策者在當(dāng)?shù)胤种C(jī)構(gòu)信用申請過程將變得更正式的和匿名的，可能將失去長遠(yuǎn)。 信貸市場將失去越來越多的“公共職能”提供訪問融資具有廣泛的經(jīng)濟(jì)活動(dòng)主體，它已在多個(gè)

5、國家以支持和促進(jìn)經(jīng)濟(jì)增長，盈利能力的借貸成為主要的私人信貸機(jī)構(gòu)把注意力集中。所有這些發(fā)展將為中小企業(yè)提供融資訪問更加困難，并且能增加成本的對外融資。和中小企業(yè)創(chuàng)業(yè)，想要進(jìn)入新的市場，特別是關(guān)于金融形式短缺受苦。歐洲的行為準(zhǔn)則的銀行和中小企業(yè)之間至少會(huì)有允許更高的透明度關(guān)系的銀行和中小企業(yè) UEAPME 銀行部門遺憾不能同意這樣一個(gè)承諾。建立一個(gè)政策得方法，以進(jìn)一步提高準(zhǔn)入手工藝、貿(mào)易和中小企業(yè)融資。所有的分析表明，信貸將保持主要來源部門在歐洲。中小企業(yè)訪問融資一直是一個(gè)主要關(guān)注中小企業(yè)但最近在金融業(yè)情況更加惡化。金融短缺已經(jīng)是一個(gè)相關(guān)因子這阻礙了歐洲的經(jīng)濟(jì)復(fù)蘇。許多中小企業(yè)無法金融他們的需要進(jìn)

6、行投資。因此，UEAPME 預(yù)期新歐盟委員會(huì)和新的歐洲議會(huì)來加強(qiáng)自己的努力來改善中小企業(yè)融資結(jié)構(gòu)條件。歐洲的工藝品、貿(mào)易和中小企業(yè)要求一個(gè)無所不包的政策取向，既包含條件的中小企業(yè)獲得外部風(fēng)險(xiǎn)資金。從 UEAPME 的觀點(diǎn)這樣一個(gè)無所不包的方法應(yīng)該是基于三個(gè)指導(dǎo)原則。 風(fēng)險(xiǎn)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。 增加透明度的中小企業(yè)對外部投資者和貸款人。 改善中小企業(yè)融資的監(jiān)管環(huán)境。 基于這些原則和背景，中小企業(yè)融資環(huán)境的變化，UEAPME 提出了政策措施在以下幾個(gè)方面。1 新資本要求指令:中小企業(yè)友好地實(shí)施巴塞爾由于密集的游說活動(dòng)，UEAPME 連同其他商業(yè)協(xié)會(huì)在歐洲，已經(jīng)取得了

7、一些改善中小企業(yè)的支持對于巴塞爾新在監(jiān)管資本巴塞爾，最終協(xié)議由巴塞爾委員會(huì)包含一個(gè)更現(xiàn)實(shí)的態(tài)度來真正的風(fēng)險(xiǎn)狀況的中小企業(yè)貸款融資市場，并允許必要的變通余地，尊重不同區(qū)域的傳統(tǒng)和體制結(jié)構(gòu)。 但是新的監(jiān)管體系將影響銀行和中小企業(yè)之間的關(guān)系，這將在很大程度上取決于它將會(huì)以這樣的方式在歐洲執(zhí)行法律 巴塞爾是否成為中小企業(yè)的負(fù)擔(dān)和它是否會(huì)減少的融資渠道。新資本協(xié)議的形式巴塞爾委員會(huì)給金融市場當(dāng)局并闡述歐洲機(jī)構(gòu)，有很強(qiáng)的靈活性。大約在 70 個(gè)地區(qū)，他們有空間來適應(yīng)他們的特定的需要，符合歐盟的法律。其中有些人將產(chǎn)生重要的影響的成本和獲取資金的中小企業(yè)。UEAPME 希望因此形成新的歐盟委員會(huì)和新的歐洲議會(huì)

8、。 執(zhí)行新的資金要求指令將耗資巨大，金融業(yè)至多 30 億歐元至 2006 年和它的客戶不得不付出代價(jià)。因此，執(zhí)行特別是對小銀行，這通常都是非常活躍于中小企業(yè)融資進(jìn)行了小的行政負(fù)擔(dān)的可能（提交報(bào)告的義務(wù)、統(tǒng)計(jì)學(xué)等）。歐洲監(jiān)管機(jī)構(gòu)必須盡可能認(rèn)識到傳統(tǒng)的文書抵押（擔(dān)保等）。 歐盟委員會(huì)及后來的成員國應(yīng)該接受來自歐洲議會(huì)關(guān)于粒度、進(jìn)入零售組合、成熟、局部使用，適應(yīng)閾值等建議，這將緩解中小企業(yè)融資的負(fù)擔(dān)。1 中小型企業(yè)需要透明的評級程序 由于較高的風(fēng)險(xiǎn)意識的金融部門的需要巴塞爾，許多中小企業(yè)將面臨首次與內(nèi)部評級的程序或他們的銀行信用評分系統(tǒng)。 銀行將需要更多、更好的質(zhì)量信息，并從客戶和他們將評估以一個(gè)新

9、的方法。雙方即將事態(tài)發(fā)展已經(jīng)引起越來越多的中小型企業(yè)不確定性。為了減少這種不確定性，讓中小企業(yè)了解一些新的風(fēng)險(xiǎn)評估、UEAPME 要求透明的評價(jià)程序，可能不會(huì)成為一個(gè)“黑箱”中小企業(yè)。 銀行應(yīng)該傳播相關(guān)標(biāo)準(zhǔn)評級中小企業(yè)的影響。 銀行應(yīng)及時(shí)通知對其評價(jià)中小企業(yè)，以便中小企業(yè)行政改善。 在歐洲行為準(zhǔn)則的銀行和中小企業(yè)之間的談判，這將包括一個(gè)自我承諾透明的評級程序，銀行、失敗了。因此UEAPME 指望從新的歐盟委員會(huì)和新的歐洲議會(huì)支持: 具有約束力的規(guī)則框架中的新資本充足率指令，以確保中小企業(yè)的透明度的評級程序和信用評分系統(tǒng)。 擬定國家的行為規(guī)范，以提高銀行與中小企業(yè)之間的關(guān)系并支持適應(yīng)新的經(jīng)濟(jì)環(huán)境

10、。2 需要延長中小企業(yè)信用擔(dān)保體系并特別著重于小額貸款 轉(zhuǎn)讓和創(chuàng)新的企業(yè)快速成長也取決于在過去依賴于公共支持以得到融資。越來越多的銀行風(fēng)險(xiǎn)意識和更嚴(yán)格的國家解釋援助規(guī)則將進(jìn)一步增加，需要公眾的支持?，F(xiàn)在，在許多國家信貸保證計(jì)劃的限制，中小型企業(yè)的極限容量和太多的投資項(xiàng)目是無法實(shí)現(xiàn)的。經(jīng)驗(yàn)表明，公共資金，用于支持信用擔(dān)保體系，是一個(gè)非常有效的工具，有更高的連鎖效應(yīng)比其他的樂器。一歐元形式的歐洲投資基金可以刺激 30 歐元投資中小企業(yè)的關(guān)系（為風(fēng)險(xiǎn)資本基金只有 1:2。 因此，UEAPME 預(yù)期新歐洲委員會(huì)和新的歐洲議會(huì)支持:新的多年度方案的企業(yè)延長資金用于國家信用擔(dān)保計(jì)劃。 為中小企業(yè)的證券化發(fā)

11、展新的投資方式。 承認(rèn)現(xiàn)有的和運(yùn)轉(zhuǎn)良好的信用擔(dān)保計(jì)劃作為貸款的抵押。 因?yàn)槊褡宀煌h(huán)境下的中小企業(yè)融資，在歐洲具有更大的靈活性。 在新成員國發(fā)展信用擔(dān)保計(jì)劃。 發(fā)展一個(gè)類似 SBIC 計(jì)劃的會(huì)員國關(guān)閉股權(quán)空隙0.2 -2.5 歐元年產(chǎn)量近臺(tái)，根據(jù)專家會(huì)議追上 4 月 27 日在盧森堡速度。3 中小企業(yè)需要公司所得稅制，強(qiáng)化其自籌資金的容量比例 許多歐盟會(huì)員國公司和企業(yè)建立公司資本內(nèi)部的再投資，在所得稅制與消極因素的刺激下。這尤其適用于公司，讓它們不得不支付所得稅。已在過去的稅收的評級也將取決于大量資金在公司的原因，高依賴借貸將影響進(jìn)入借貸。這是一個(gè)惡性循環(huán)，它必須被打破。 盡管公司和所得稅屬于

12、成員國德權(quán)限，在國際市場上的競爭力，UEAPME要求歐盟新委員會(huì)和新的歐洲議會(huì)公開支持稅收改革，這將加強(qiáng)工藝能力、貿(mào)易和中小企業(yè)自籌資金的比例。因此，特別著重于非公司企業(yè)的需要。Future of SME financeAthor:Allen Bergory Background The environment for SME finance has changed.Future economicrecovery will depend on the possibility of CraftsTrades and SMEs to exploit theirpotential for growt

13、h and employment creation.SMEs make a major contribution togrowth and employment in the EU and are at the heart of the Lisbon Strategywhosemain objective is to turn Europe into the most competitive and dynamicknowledge-based economy in the world.Howeverthe ability of SMEs to growdepends highly on th

14、eir potential to invest in restructuringinnovation andqualification.All of these investments need capital and therefore access tofinance.Against this background the consistently repeated complaint of SMEs abouttheir problems regarding access to finance is a highly relevant constraint thatendangers t

15、he economic recovery of Europe.Changes in the finance sectorinfluence the behavior of credit institutes towards CraftsTrades and SMEs.Recentand onging developments in the banking sector add to the concerns of SMEs andwill further endanger their access to finance.The main changes in the banking secto

16、rwhich in fluence SME finance are: Globalization and internationalization have increased the competition and the profit orientation in the sector. Worsening of the enonomic situations in some institutesburst of the ITC bubbleinsolvencies strengthen the focus on profitability further. Mergers and res

17、tructuring created larger structures and many local brancheswhich had direct and personalized contacts with small enterpriseswere closed. Up-coming implementation of new capital adequacy rulesBasel will also change SME business of the credit sector and will increase its administrative costs. Stricte

18、r interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guaranteesmany of the effected banks are very active in SME finance. And All these changes result in a higher sensitivity for risks and profits in thefinance sector.The changes in the finanice s

19、ector affect the accessibility of SMEs tofinance.Higher risk awareness in the credit sectora stronger focus on profitabilityand the ongoing restructuring in the finance sector change the framework for SMEfinance and influence the accessibility of SMEs to finance.The most importantchanges are: In ord

20、er to make the higher risk awareness operationalthe 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 business. Banks will try to pass through their addit

21、ional costs for implementing and running the new capital regulation on their businesses. Due to the increase of competition on interest ratesthe bank sector demands more and higher fees for its servicesadministration of accountspayments systemsetc.which are not only additional costs for SMEs but als

22、o linmit their liquidity. Small enterprises will lose their personal relationship with decision-makers in local branches-the credit application process will become more formal and anonymous and will probably lose longer. The credit sector will lose more and more its “public function”to provide acess

23、 to finance for a wide range of economic actorswhich it has in a number of countriesin order to support and facilitate economic growththe profitability of lending becomes the mian foucs of private credit institutions. All of these developments will make acess to finance for SMEs even moredifficult a

24、nd will increase the cost of external finance.Business start-ups andSMEswhich want to enter new marketsmay especially suffer form shortagesregarding finance.A European Code of Conduct between Banks and SMEs wouldhave allowed at least more transparency in the relations between Banks and SMEsand UEAPM

25、E regrets that the bank sector was not able to agree on such acommitment. Towards an encompassing policy approach to improve the access of CraftsTradesand SMEs to finance. All analyses show that credits and loans will stay the main source for the SMEssector in Europe.Acess to finance was always a ma

26、in concern for SMEsbut therecent developments in the finance sector worsen the situation even more.Shortageof finance is already a relevabt factor which hinders economic recovery inEurope.Many SMEs are not able to finance their needs for investment. ThereforeUEAPME expects the new European Commissio

27、n and the newEuropean Parliament to strengthen their efforts to improve the framework conditionsfor SME finance. Europes CraftsTrades and SMEs ask for an encompassing policyapproachwhich includes not only the conditions for SMEs access to external riskcapital.From UEAPMEs point of view such an encom

28、passing approach should bebased on three guiding principles: Risk-sharing between private investorsfinancial institutesSMEs and public sector. Increase of transparency of SMEs towards their external investors and lenders. Improving the regulatory environment for SME finance. Based on these principle

29、s and against the background of the changingenvironment for SME financeUEAPME proposes policy measures in the followingareas.New Capital Requirement Directive:SME friendly implementation of Basel Due to intensive lobbying activitiesUEAPMEtogether with other BusinessAssociations in Europehas achieved

30、 some improvements in favour of SMEsregarding the new Basel Agrement on regulatory capitalBasel .The finalagreement from the Basel Committee contains a much more realistic approachtoward the real risk situation of SME lending for the finance market and will allowthe necessary room for adaptationswhi

31、ch respect the different regional traditionsand instirutional structures. Howeverthe new regulatory system will influence the relations between Banksand SMEs and it will depend very much on the way it will be implemented intoEuropean lawwhether Basel becomes burdensome for SMEs and if it will reduce

32、access to finance for them. The new Capital Accord form the Basel Committee gives financial marketauthorities and herewith the European Institutionsa lot of flexibility.In about 70areas they have room to adapt the Accord to their specific needs when implementingit into EU law.Some of them will have

33、important effects on the costs and theaccessibility of finance for SMEs. UEAPME expects therefore form the new European Commission and the newEuropean Parliament: The implementation of the new Capital Requirement Directive will be costly for the Finance Sectorup to 30 Billion Euro till 2006 and its

34、clients will have to pay for it: Thereforethe implementation-especially for smaller bankswhich are often very active in SME finance-has to be carried out with as little administrative burdensome as possible reporting obligationsstatisticsect. The European Regulators must recognize traditional instru

35、ments for collaterals guaranteesetc. as far as possible. The European Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularityaccess to retail portfoliomaturitypartial useadaptation of thresholdsetc.which will ease the burden

36、 on SME finance.1. SMEs need transparent rating procedures Due to higher risk awareness of the finance sector and the needs of Basel manySMEs will be confronted for the first time with internal rating procedures or creditscoring systems by their banks.The bank will require more and better qualityinf

37、ormation from their clients and will assess them in a new way .Both up-comingdevelopments are already causing increasing uncertainty amongst SMEs. In order to reduce this uncertainty and to allow SMEs to understand the principlesof the new risk assessmentUEAPME demands transparent rating procedures-

38、ratingprocedures 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 eo allow SMEs to improve. The negotiations on a European Code of Conduct between Banks andSMEswhich would h

39、ave included a self-commitment for transparent ratingprocedures by Banksfailed.ThereforeUEAPME expects from the new EuropeanCommission and the new European Parliament support for: Binding rules in the framework of the new Capital Adequacy Directivewhich ensure the transparency of rating procedures a

40、nd 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 the new financial environment.2. SMEs need an extension of credit guarantee systems with a special focus onMicro-Lending Business st

41、art-upsthe transfer of businesses and innovative fast growth SMEsalso depended in the past very often on pubic support to get access tofina.Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.Already now,there are cr

42、edit guaratries 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 verey efficient instrument and has a much higher multiplying effect than other i

43、nstruments.One Euro from the European Investment Funds can stimulate 30 Euro investments in SMEs(for ventuer capital funds the relation is only 1:2).Therefore,UEAPME expects the new European Commission and the new European Parliament support: The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprises. The development of new instruments for securi