11財(cái)一中英文翻譯

1、Sme financing problems related to theysis， small and medium-sized entrise financing susReform and opening up, China for 30 years of small and medium-sized entrisesobtained a radevelopment of entrise, 99% of the small and medium-sizedentrises of our country moren 60% GDP contribution, tax over 50%, p

2、rovides70%of import and export trade and 80% of urban jobs. Small and medium-sizedentrises in our country is also an importanter of independent innovation, 66%of invention patent, 82% of new product development of small and medium-sizedentrises, from small and medium-sized entrises hase the economic

3、prosperity, expanding employment, adjusting structure, promote innovation and newindustries of important strength.From 80 years since the outbreak of theernational finanl crisis, theimplemenion of theitive fiscal policy and looser monetary policy, but no smalland medium-sized entrises from the proac

4、tive fiscal policy and moderate loosermonetary policy benefit directly, for instance, of the new 2008 225 million small loanonly, moren the previous year, but rose 1.4% only the loans increased 14.9%, 09year three months of national total credit increased 4 8 trillion, including loans tosmall and me

5、dium-sized entrises increased amount only lessn 5%. Current,loan financing difficulse the bottleneck of restricting the development ofsmall and medium-sized entrises and small and medium-sized entriseproduction and management faced difficulties, according to the se sistical bureauof sistics and lett

6、er untilof 2008he small and medium-sized entrisesof production or collapse closed accounts for about 7. 5%, the urban employment, thissituation is not only more difficult economic recovery, influence and directly affectthe growth and development of peoples livelihood, stable. In this sense, theernat

7、ional finanl crisis under the impact of Chinas economy could not really low,the key is out of small and medium-sized entrises vitality can be fully recovered.Second, the sme financing reasonysisSme loans and financing is a cosmopolitan should say, see, both from China, andmechanism of medium and sma

8、ll-sized entrises, there are three main reasons:,the medium and small-sized entrises, small and medium-sized entrisesgenerally small, weak strength, its not too much credit. Small and medium-sizedentrises generally weak awareness of honesty, similar to a few of the commonphenomenon, may report on ta

9、x on some, less ugly sements in Bs, thisersection, some may form good-looking, such loans pois reliable became aproblem. But this approach is very adverse instead of entrises, the development ofsmall and medium-sized entrises are not healthy, we imagine, if severaldepartments will these together, th

10、ethis entrise is not sincere, he will havea foothold. We manufacture and export-oriented smes in human resour, technology,capital, market environment faced finanl crisis, there was a huge prere, thedevelopment of it is the root cause of the scientific and technological content of theentrise, the inn

11、ovation ability of high enough to enter the market is weak, the lowthreshold, the fierce competitionhe market will increase, these are not good for thedevelopment of small and medium-sized entrises. Second, from the b, for smalland medium-sized entrise credit conditions stricter, because we are most

12、 Bs, itis also considered commerl b, the risk of their own profits. Toof 2008,the small bad loans is highernt of the entire bing industry res lowpercentage of se-owned entrises, like a big problem, once, countries will stillcome m&a, solving some problems, but the loans of the small and medium-sized

13、entrises, espelly those small problems, once the bruptcy, nobody tube, so thebloan quality cannot guaranteed, so in this management system, to reduce therisks, the bwill demand of small and medium-sized entrises in providingenough after pawn dare loan. Another bfrom the operation cost of small andme

14、dium-sized entrises, do loans will pay more maner, so also does not want toextend loans to small and medium-sized entrises. A boperating costs, the halfis labor cost, small and medium-sized entrises espelly do small, very high laborcosts, is five million or 50m or fifty billion billion a loan, it is

15、 the same as theworkload, but it is the benefit of different times. Third, the sme financing channel istoo narrow and small and medium-sized entriseshe capital markets have directfinancing ways of securities market, including small plate and gem, And privateequity funds, industrial investment funds,

16、 venture investment funds, risk investmentfunds, and the bond market, etc. But since the sept. 25, 2008, the small plate market,securities ied after huachang chemical and closed the door, just recently IPO torestart the IPO. But gem is ten years, good sword.people until now only be vividlyportrayed.

17、 Although with gem listing conditions, but a lot of small and medium-sizedentrises to financing, for many entrises, it is still a luxury. In overseas, smalland medium-sized entrises in the pros of growing only rely on bloanfinancing, many times is a venture investment risk or the help of small andme

18、dium-sized entrises in China, however, can grow in the basic of financing.Shenzhen has 3,000 venture company, wiregistered capital of 6,000 billion, butno company is willing to startup investment entrise. The company is more mature,can the fancy of the securities market and gem.Third, the sme financ

19、ing difficulty in solving the problem(a) from the Angle of theernment1, theernment should relax market acs control, reducing barriers, let moresmaller Bs, small and medium-sized entrises in service for the strategicitioningof those small Bs to bitter fleabane bitter fleabane. Dynamicdevelopment Now

20、China is probably moren adred villages and towns of theb, bestablished to improve the bottleneck of the economic investment county,including improving agriculture development of small and medium-sized entrisesand support will play a very important role. For existing five se-owned Bs,should be encour

21、aged to develop their own businesses for the financing of thespelized agencies, relax its has branches and encourage them in the land, andcounty, township, even closer to provide finanl serviand more convenient.2, theernment should help Bs to establish a credit system, further reducingtheir informat

22、ion cost, in our country, the central bsince 1998 entrise creditsystem construction was started by the spelized agencies, collection and storage,sorting,ysis, and use of entrise credit information, to guard against credit risks,maain stable finanl markets. In 2006, the central band small andmedium-s

23、ized entrise credit system to establish the credit system, hope to coverthose and finanlinstitutions have no credit relations of small and medium-sizedentrises. Of course, the credit system is not only by theernment, and now havesome network company, for exle, try to usein online tranioninformationo

24、 small and medium-sized entrise credit index, the index of credit,if out of the bto further reduce the cost of information.3, theernment should various of brisk compensation, the localerest riskcompensation mechanism and policy, just compensation fund is to solve the smefinancing way, and cannot be

25、fundamentally solved. As to, fujian province ofbad loans is small loans 6.71%, but the average level of bing, is a two percent,while a few risk compensation, just to 0.8 percent, only a small part. So many of brisk compensation. As all of the loans to small and medium-sized entrises, thenaccording t

26、o the bloans, reduce its tax, business tax,e tax reduction,Countries can help entrises to improve berest, risk and return, If the loanlosses, theernment formed by risk compensation fund to patch up it, this makesbig business loans and small and medium-sized entrise loan to achieve the balanceis the

27、basic yields.4, theernment should actively promote the multi-level capital market system,in order to better satisfy all kinds of small and medium-sized entrises include thefinancing needs of entrise. Different types of small and medium-sized entrises,the development stage is endless and same, determ

28、ines the sme financing needs is notthe same. So small and medium-sized entrise groups of differentiation determinesthe diversified financing needs, then satisfy sme financing demand also needs thevarious forms of financing mode, such as bloans, bonds, equity financing, etc. 2 00 to 4 years in shenzh

29、en stock exchange medium plate, founded by promoting capital,technology, management, and the effective factors of high quality as cultivating board,also to promote the upgrading of industrial structure is playing aitive role.In October 2009, gem offilly launched. Founded board will provide forindepe

30、ndent innovation, promoting effective supervimechanism of small andmedium-sized entriseshe new development stage. But for moren for smalland medium-sized entrises are listed to solve this kind of condition, entrisesequity financing, stock transfer to a valid the over-the-counter market. In 2006, Chi

31、nalaunched fei jo-stock company listing for trading of securities companies enteringthlot work. Besides theernment should vigorously promote the developmentof the bond market, bond financing for small and medium entrises to provide moreconvenient, in the developed countries, the bond market is the m

32、ain financing,financing,he United Ses, for exle, 2008, the company bonds is circulationstock circulation of 5 times, with the United Ses, Europe and other countries andregionshe bond market, also has the very big development space.(b) from the bAngleIf rely on the existing in bing finanl products an

33、d sme loans, to solve thedifficulty in financing smes is imsible, we cannot change the present situation ofsmall and medium-sized entrises, so we would change our bcredit, finanlinnovation is imminent. Currently bing is through theanization innovation, riskmanagement technical innovation, innovation

34、, and security collateral productinnovation so as to change the sus of financing for smes.1，guarantee mortgage innovation. Collateral shortage is small and medium-sizedentrise biggest soft rib, they could not buy a heap of the house and then prepare forsecurity, it is not realistic to high-tech entr

35、ise, as the core of assets should be theirellectual property rights, the patent right and one on the market in technology,creative team, is the most important asset, can make their annual growth, but thecapital like the blood to support its development, as well as several pieof themortgaged property

36、, but all need money to lend, b. The small and medium-sizedBs are many provinin the face of finanl innovation of small andmedium-sized entrises, such as jiangsu cooperatives experiment widely warehouseinventory impawn, through a mortgage loan product, Tianjin coastal rural commerlbactively carry out

37、 entrise shareholding pledge loan, Beijing brecentlylaunchedellectual property as a pledge from the bfor a loan.2，credit rating innovation. Big Bs do business of time, usually see a balancesheet, ane sement and a cash flow sement, small and medium-sizedentrises have even these three tables are not h

38、igh, the binformation costs,tyrone arisen, commerl Bs, they look for innovative water meter,customs declaration form, large, reduce cost, still can make small loans to earnenough money. Like shenzhen development b, by focusing on their opponentscredit tranion, the authenticity of the entrise, choose

39、 a new way of entrisescredit rating. For entriseshe credit rating method for entrise itself, the creditrating weight only 15%, pay more attention to the authenticity of the tradingcountarty and. Most entrises arehe supply chain of trade, survive, it musthave upstream and downstream of the raw materi

40、al supply semi-finished products orservior transporion or logistics managementhis pros, so as to retrieve theentrise credit record, these things can be easier to choose good credit are true of theentrise, trade background to provide enough good service, mobilize variousfinanl tools,he pros of entris

41、e development, ShenFaZhso created theprofits.3, business pros innovation. Our country commerl b, the bis mostlyoffilhe house, wait for a loan to customers approval for a month, three months,such a kind of management, such an examination result is imsible to small andmedium-sized enterprise financial

42、 services, it is impossible to improve the financingdifficulties of small and medium-sized enterprises. Banks to reduce threshold, theother is to simplify the process, reduce link, establish examination mechanism, so asto adapt to the credit fund is short and small, fast. The bank of China on Aprili

43、ntroduced credit factory. The bank is a factory, small and medium-sized enterprises israw material, into the line after the marketing, sales, and service, with approval, andcustomer maintenance and post-loan management, obtain loans. But Banks are not aperson from beginning to end, but complete all

44、seven groups, each worker sent a linkon guard line and batch production. Through the way of examination and approvalprocedures simplified. Through this process to make sure that the smes creditapproval from the cycle over the past 2, 3 months, shorten to 3, 5 days now.4, strengthening the training o

45、f personnel. After construction in mechanism tohave a group of people to do it, and do it well, it is to strengthen the training of thestaff, further strengthen the sme, small business loans and high-tech smes job trainingand the loan of communication, increasing the entire product r&d efforts, with

46、 thestrain of new incentive and restraint measures to cultivate a professional team and thenew service.(c) from the Angle of enterprises1, enterprises should strengthen management, improve quality. To correctlyunderstand the situation, face, establish the risk by management effectiveness anddevelopm

47、ent idea, must pay more attention to technical innovation, technologicalinnovation, pay attention to the new product development, improve quality and brandconstruction and development of new products, improve the product qualityimprovement, and win the market. Reducing energy consumption, to increas

48、e,increasing earnings. Increasing market development ability, reduce products,accounts receivable two nbre, accelerate the capital turnover. Through thedevelopment way, not only by the expanof production, but improve the quality ofthe industrial sector realize ragrowth.2, the entrises should strengt

49、hen the construction of credit system, establish thestandard of management system, establish the transparent reliable finanl sements,the accumulation of entrise credit system.To sum up, the sme financing is a global problem, but also a systematicengineering, which requires concerted effort, also nee

50、ds the medium and small-sizedentrises management, this thing whether it advanthe way how difficult, as longas we joeffort, to break the financing difficulties of small and medium-sizedentrises contribute their wisdom and strength, change the idea, bold innovation,finding solutions to sme financinghe

51、 right way, then we will be on a road morewalk more brorospects, we would also more and more beautiful.中小企業(yè)融資難相關(guān)問題分析一、中小企業(yè)融資難現(xiàn)狀開放30 年來，我國的中小企業(yè)得到了迅速的發(fā)展，占企業(yè)總數(shù) 99的中小企業(yè)對國家GDP 貢獻(xiàn)超過了60，超過了50，提供了70的進(jìn)出口貿(mào)易和80的城鎮(zhèn)就業(yè)崗位。中小企業(yè)同樣是國家創(chuàng)新的一個重要力量，66的發(fā)明專利，82的新產(chǎn)品開發(fā)都來自于中小企業(yè)，中小企業(yè)已經(jīng)成為繁榮經(jīng)濟(jì)、擴(kuò)大就業(yè)、調(diào)整結(jié)構(gòu)、推動創(chuàng)新和形成新的產(chǎn)業(yè)的重要的力量。自0 8 年國際

52、金融爆發(fā)以來, 我國實(shí)施了積極的財(cái)政政策和寬松的貨幣政策, 但廣大中小企業(yè)至今沒有從積極的財(cái)政政策和適度寬松的貨幣政策當(dāng)中直接受益,例如08 年新增小企業(yè)只有225 億，比上年只增長了1.4，的增加了14.9，09 年頭三個月的信貸規(guī)?？偭吭黾恿? .8，其中給中小企業(yè)增加的額度只占不到5。目前融資難、難已經(jīng)成為制約中小企業(yè)發(fā)展的瓶頸, 中小企業(yè)生產(chǎn)經(jīng)營著嚴(yán)峻，據(jù)國家統(tǒng)計(jì)局和工信部統(tǒng)計(jì)到08 年底，中小企業(yè)中歇業(yè)停產(chǎn)或者的大約占7 .5，城鎮(zhèn)就業(yè)更加，這個狀況不僅影響我國經(jīng)濟(jì)的復(fù)蘇，而且直接影響保增長、保民生、保穩(wěn)定的發(fā)展目標(biāo)。從這個意義上說，國際金融沖擊下的我國經(jīng)濟(jì)能否真正的走出低谷，關(guān)鍵是

53、廣大中小企業(yè)的能否得到完全恢復(fù)。二、中小企業(yè)融資難原因分析中小企業(yè)融資難、難應(yīng)該說也是一個世界性的難題，從我國看，既有體制機(jī)制問題，也有中小企業(yè)自身，主要有三個方面的原因：第一個，中小企業(yè)自身, 中小企業(yè)一般規(guī)模小，實(shí)力弱，它的信譽(yù)不是太高。中小企業(yè)普遍誠信意識薄弱，類似的一家企業(yè)幾套報(bào)表的現(xiàn)象屢見不鮮，可能在稅務(wù)這邊報(bào)表難看一些, 少交點(diǎn)稅，在這邊可能表好看一些，多貸點(diǎn)款，這樣信息是否真實(shí)可靠就成了問題。而這種做法對企業(yè)反而是很不利的，對中小企業(yè)的發(fā)展是不健康的，試想一下，如果幾個部門把這些表全拿在一起，那首先這個企業(yè)是不誠信的，他就沒有立足之地了。的制造型和外向型中小企業(yè)在、技術(shù)、市場環(huán)境

54、等方面面對著金融，存在著巨大的發(fā)展壓力，它的根本原因是企業(yè)的科技含量不夠高，創(chuàng)新的能力比較弱，進(jìn)入市場的門檻比較低，市場競爭的激烈也增加, 這些都不利于中小企業(yè)的發(fā)展壯大。第二個，從方面來看，對于中小企業(yè)的條件更加嚴(yán)格，因?yàn)榈拇蟛糠质巧虡I(yè)，它也考慮自身的風(fēng)險，自身的利潤。到2008 年末，小企業(yè)不良率是11.6%，高于整個業(yè)七八個百分點(diǎn), 像國有的大企業(yè)，一旦出了問題，國家還會來并購重組，解決一些難，但是這些中小型的企業(yè)，特別小企業(yè)，一旦產(chǎn)生問題的話，就沒人管，所以的質(zhì)量就沒有辦法得到保證，因此在這樣的經(jīng)營體制下，為降低風(fēng)險，必然會要求中小企業(yè)在提供了足夠的抵押物后才敢放款。另外從運(yùn)營成本考慮

55、，做中小企業(yè)將付出的人力物力，因此也不愿意向中小企業(yè)。一個經(jīng)營的成本，有一半左右是勞動力成本，做中小企業(yè)特別是做小企業(yè)的勞動力成本非常高，無論是五百萬還是五千萬，是五個億還是五十個億的一筆，它的工作量是相同的，但是它所產(chǎn)生的效益是成百倍的不同。第三個，中小企業(yè)融資太窄，中小企業(yè)在資本市場上直接融資的途徑有市場、包括中小板和創(chuàng)業(yè)板；還有私募股權(quán)基金、產(chǎn)業(yè)投資基金、創(chuàng)業(yè)投資基金、風(fēng)險投資基金，以及債券市場等等。而自從2008 年9 月25 日，中小板市場華昌化工之后，便關(guān)閉了IPO 大門， 近日才重啟新股。而創(chuàng)業(yè)板也是“十年磨一劍”，到現(xiàn)在才呼之欲出。盡管符合創(chuàng)業(yè)板上市條件的中小企業(yè)不少，但真正能

56、夠上市融資，對于很多企業(yè)來說，仍然是一種奢望。在海外，中小企業(yè)成長過程中的融資不僅僅依靠的，很多時候是獲得風(fēng)險投資或者創(chuàng)投的幫助，然而我國的中小企業(yè)在成長中，基本無法獲得這樣的融資。擁有3000 家創(chuàng)司，達(dá)6000 億，但沒有公司愿意投資給創(chuàng)業(yè)初期的企業(yè)。這些公司的時候只是看中比較成熟、能上創(chuàng)業(yè)板和市場的企業(yè)。三、中小企業(yè)融資難解決之道( 一)從角度而言1、應(yīng)該放松，降低市場準(zhǔn)入壁壘，讓的小，以服務(wù)中小企業(yè)為定位的那些小能夠蓬蓬勃勃的發(fā)展起來?，F(xiàn)在我國有大概一百多家村鎮(zhèn)，村鎮(zhèn)的成立對改善縣經(jīng)濟(jì)投資的瓶頸，包括改善中小企業(yè)和支持三農(nóng)發(fā)展將會起到非常重要的作用。對現(xiàn)有五大國有, 應(yīng)鼓勵其大力發(fā)展自

57、己有利于小企業(yè)融資的專門機(jī)構(gòu)，放松其下設(shè)分支機(jī)構(gòu)的環(huán)節(jié)，鼓勵它們在地、縣，甚至鄉(xiāng)，來提供更接近、更方便的金融服務(wù)。2 、應(yīng)該幫助建立一個信用體系，進(jìn)一步降低他們的信息成本，在我國，央行從1998 年起就開始啟動了企業(yè)體系建設(shè)，由專門機(jī)構(gòu)、保存、整理、分析、使用企業(yè)的信用信息，以防范信用風(fēng)險，保持穩(wěn)定。2006 年開始，央行又著手建立中小企業(yè)信用體系，希望把體系覆蓋到那些和金融機(jī)構(gòu)沒有信貸關(guān)系的中小企業(yè)。當(dāng)然，信用體系也不是只靠，現(xiàn)在有一些網(wǎng)絡(luò)公司，比如阿里巴巴在嘗試用網(wǎng)上交易的信息變成中小企業(yè)的信用指標(biāo)，這個信用指標(biāo)如果出來了以后，可以進(jìn)一步降低的信息成本。3應(yīng)該多方面的對進(jìn)行風(fēng)險補(bǔ)償, 目前

58、各地出臺的利益補(bǔ)償機(jī)制和風(fēng)險補(bǔ)償基金政策，僅僅是解決中小企業(yè)融資難的一種辦法，并不能從根本上解決。例如到去年末為止，福建省小企業(yè)的不良率是 6.71%，而整個銀行業(yè)，平均的水平是百分之二點(diǎn)一幾， 而風(fēng)險補(bǔ)償金，只是給 0.8 個百分點(diǎn)，只解決一小部分。因此需要多方面的對進(jìn)行風(fēng)險補(bǔ)償。例如凡是給中小企業(yè)的，那么就根據(jù)的量，減少它的，減少營業(yè)稅、所得稅; 國家可以幫助企業(yè)貼息，提高風(fēng)險收益; 如款形成損失，用風(fēng)險補(bǔ)償基金把它補(bǔ)起來，這就使大企業(yè)的和中小企業(yè)的能夠達(dá)到比較收益率是基本平衡的。4應(yīng)該積極推進(jìn)多層次資本市場體系建設(shè), 以更好的滿足包括中小企業(yè)在內(nèi)的各類企業(yè)的融資需求。中小企業(yè)類型不一，所處的發(fā)展階段不盡相同，決定了中小企業(yè)的融資需求也不一樣。因此中小企業(yè)群體的差異