外文翻译未来的中小企业融资.doc

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1、未来的中小企业融资资料来源：银行业与金融杂志，2006年7月版作者：艾伦伯杰，格雷戈瑞德尔中小企业融资环境背景已经改变未来。的经济复苏将取决于工艺的可能性、贸易和中小企业利用其潜在的经济增长和就业机会的创造。经济增长和就业是欧盟里斯本战略的核心，其主要目的是使欧洲在世界上成为最具竞争力的和动态知识经济，在这方面中小企业做出重大贡献。然而,中小企业成长的能力取决于他们潜在的投资高度在重组、创新、资格。所有的这些投资，因此需要资本融资渠道。在这样的背景下持续重复投诉的小企业融资问题就在于获得融资，这是一个高度相关的约束，危及欧洲经济复苏。金融市场的变化影响信用机构的行为。最近，正在进行的银行业发展

2、的关注增加，会进一步危及中小企业的融资渠道。主要的变化是影响银行业中小企业融资是：l 全球化和国际化，增加了竞争和盈利的部门。l 经济状况日益恶化在一些机构(破裂的国贸中心泡沫，破产)集中在盈利能力的进一步加强。l 兼并和重组创造更大的结构和许多地方的分支机构，这些都有着直接的、个性化的联系，小型企业、被关闭。l 即将实施新的资本充足率规则(巴塞尔)也会改变中小企业的信贷部门，并会增加它的行政费用。l 严格解释规则由欧洲委员会支持银行消除公众保证，许多影响银行非常积极地参与中小企业融资。所有这些变化导致更高的灵敏度风险和利润的金融领域。金融市场的变化影响中小企业融资的可及性。更高的风险意识在信

3、贷部门,较强的集中在盈利能力和持续转型的金融部门改变和影响中小企业融资结构的可及性对中小企业融资。最重要的变化是:l 为了操作更高的风险意识的业务，信用部门引入新仪器评级制度和信用评分法。l 对于中小企业的风险评估，银行将迫使企业提交更多、更好的质量信息在他们的业务上。l 银行试图将通过他们的额外费用，对生产计划进行实施与运行新的资本监管在他们的业务。l 由于利率的压力的增加,社会竞争,银行部门的要求越来越高的服务收费(管理账户、支付系统,等)，它不但为中小企业提供额外的费用也限制了他们的资金流动。l 中小企业会失去他们的个人关系与决策者在当地分支机构信用申请过程将变得更正式的和匿名的，可能将

4、失去长远。l 信贷市场将失去越来越多的“公共职能”提供访问融资具有广泛的经济活动主体，它已在多个国家,以支持和促进经济增长，盈利能力的借贷成为主要的私人信贷机构把注意力集中。所有这些发展将为中小企业提供融资访问更加困难，并且能增加成本的对外融资。和中小企业创业，想要进入新的市场，特别是关于金融形式短缺受苦。欧洲的行为准则的银行和中小企业之间至少会有允许更高的透明度关系的银行和中小企业UEAPME银行部门遗憾不能同意这样一个承诺。建立一个政策得方法，以进一步提高准入手工艺、贸易和中小企业融资。所有的分析表明，信贷将保持主要来源部门在欧洲。中小企业访问融资一直是一个主要关注中小企业,但最近在金融业

5、情况更加恶化。金融短缺已经是一个相关因子,这阻碍了欧洲的经济复苏。许多中小企业无法金融他们的需要进行投资。因此，UEAPME预期新欧盟委员会和新的欧洲议会来加强自己的努力来改善中小企业融资结构条件。欧洲的工艺品、贸易和中小企业要求一个无所不包的政策取向，既包含条件的中小企业获得外部风险资金。从UEAPME的观点这样一个无所不包的方法应该是基于三个指导原则。l 风险分担之间的私人投资者、金融机构、中小企业和公共部门。l 增加透明度的中小企业对外部投资者和贷款人。l 改善中小企业融资的监管环境。基于这些原则和背景，中小企业融资环境的变化，UEAPME提出了政策措施在以下几个方面。1新资本要求指令:

6、中小企业友好地实施巴塞尔由于密集的游说活动，UEAPME连同其他商业协会在欧洲，已经取得了一些改善中小企业的支持对于巴塞尔新在监管资本(巴塞尔)，最终协议由巴塞尔委员会包含一个更现实的态度来真正的风险状况的中小企业贷款融资市场，并允许必要的变通余地，尊重不同区域的传统和体制结构。但是,新的监管体系,将影响银行和中小企业之间的关系，这将在很大程度上取决于它将会以这样的方式在欧洲执行法律, 巴塞尔是否成为中小企业的负担和它是否会减少的融资渠道。新资本协议的形式巴塞尔委员会给金融市场当局并阐述欧洲机构，有很强的灵活性。大约在70个地区，他们有空间来适应他们的特定的需要，符合欧盟的法律。其中有些人将产

7、生重要的影响的成本和获取资金的中小企业。UEAPME希望因此形成新的欧盟委员会和新的欧洲议会。l 执行新的资金要求指令将耗资巨大，金融业(至多30亿欧元至2006年)和它的客户不得不付出代价。因此，执行特别是对小银行，这通常都是非常活跃于中小企业融资进行了小的行政负担的可能（提交报告的义务、统计学等）。欧洲监管机构必须尽可能认识到传统的文书抵押（担保等）。l 欧盟委员会及后来的成员国应该接受来自欧洲议会关于粒度、进入零售组合、成熟、局部使用，适应阈值等建议，这将缓解中小企业融资的负担。1中小型企业需要透明的评级程序由于较高的风险意识的金融部门的需要巴塞尔，许多中小企业将面临首次与内部评级的程序

8、或他们的银行信用评分系统。银行将需要更多、更好的质量信息，并从客户和他们将评估以一个新的方法。双方即将事态发展已经引起越来越多的中小型企业不确定性。为了减少这种不确定性，让中小企业了解一些新的风险评估、UEAPME要求透明的评价程序，可能不会成为一个“黑箱”中小企业。l 银行应该传播相关标准评级中小企业的影响。l 银行应及时通知对其评价中小企业，以便中小企业行政改善。在欧洲行为准则的银行和中小企业之间的谈判，这将包括一个自我承诺透明的评级程序，银行、失败了。因此,UEAPME指望从新的欧盟委员会和新的欧洲议会支持:l 具有约束力的规则框架中的新资本充足率指令，以确保中小企业的透明度的评级程序和

9、信用评分系统。l 拟定国家的行为规范，以提高银行与中小企业之间的关系并支持适应新的经济环境。2 需要延长中小企业信用担保体系并特别着重于小额贷款转让和创新的企业快速成长也取决于在过去依赖于公共支持以得到融资。越来越多的银行风险意识和更严格的国家解释援助规则将进一步增加，需要公众的支持。现在，在许多国家信贷保证计划的限制，中小型企业的极限容量和太多的投资项目是无法实现的。经验表明，公共资金，用于支持信用担保体系，是一个非常有效的工具，有更高的连锁效应比其他的乐器。一欧元形式的欧洲投资基金可以刺激30欧元投资中小企业的关系（为风险资本基金只有1:2)。 因此，UEAPME预期新欧洲委员会和新的欧洲

10、议会支持:新的多年度方案的企业延长资金用于国家信用担保计划。l 为中小企业的证券化发展新的投资方式。l 承认现有的和运转良好的信用担保计划作为贷款的抵押。l 因为民族不同环境下的中小企业融资，在欧洲具有更大的灵活性。l 在新成员国发展信用担保计划。l 发展一个类似SBIC计划的会员国关闭股权空隙(0.2 -2.5欧元年产量近台，根据专家会议追上4月27日在卢森堡速度)。3 中小企业需要公司所得税制，强化其自筹资金的容量比例许多欧盟会员国公司和企业建立公司资本内部的再投资，在所得税制与消极因素的刺激下。这尤其适用于公司，让它们不得不支付所得税。已在过去的税收的评级也将取决于大量资金在公司的原因，

11、高依赖借贷将影响进入借贷。这是一个恶性循环，它必须被打破。 尽管公司和所得税属于成员国德权限，在国际市场上的竞争力，UEAPME要求欧盟新委员会和新的欧洲议会公开支持税收改革，这将加强工艺能力、贸易和中小企业自筹资金的比例。因此，特别着重于非公司企业的需要。4风险资本-股权融资外部股权融资在中小企业并没有一个真正的传统行业。一方面，中小企业来说，家族企业在传统上对外股权融资不是很开放而不是用来通知透明的业务。另一类是，许多投资者的公司风险资本和类似的形式的股份金融是很不情愿的关投资在资金较小的公司，而是投资在数额更大的公司。这样的投资在一些较小的公司要困难得多。 即使股权融资将永远不会成为融资

12、对中小企业的主要来源，但这对极富创新创业,快速增长的公司来说是一个重要的工具，因此具有广阔的发展前景。UEAPME认为政策支持三大支柱是需要的。l 会员国应审查其税收制度，以刺激私人资金投资在各种形式的风险资本。l 保证文书的股权融资应得到进一步的发展。l 改善有利于风险资本投资到中小企业。l 发展二级市场，风险资本投资的中小企业更应该得到支持。l 会计准则对中小企业应加以修订，缓和投资者和管理者之间的信息流。l 外文文献原文Title:Future of SME financeMaterial Source:Journal of Banking and Finance,2006,7 Atho

13、r:Allen Bergory Background-the environment for SME finance has changed.Future economic recovery will depend on the possibility of Crafts,Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution to growth and employment in the EU and are at the hear

14、t 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 their potential to invest in restructuring,innovation and qualification.All of these investments need capit

15、al 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 endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit instit

16、utes towards Crafts,Trades and SMEs.Recent and onging developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance.The main changes in the banking sector which in fluence SME finance are:l Globalization and internationalization have increased the c

17、ompetition and the profit orientation in the sector.l Worsening of the enonomic situations in some institutes(burst of the ITC bubble,insolvencies) strengthen the focus on profitability further.l Mergers and restructuring created larger structures and many local branches,which had direct and persona

18、lized contacts with small enterprises,were closed.l Up-coming implementation of new capital adequacy rules(Basel )will also change SME business of the credit sector and will increase its administrative costs.l Stricter interpretation of State-Aide Rules by the European Commission eliminates the supp

19、ort of banks by public guarantees,many of the effected banks are very active in SME finance.And All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finanice sector affect the accessibility of SMEs to finance.Higher risk awareness in the cre

20、dit 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 important changes are:l In order to make the higher risk awareness operational,the credit sector introduce

21、s new rating systems and instruments for credit scoring.l Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their business.l Banks will try to pass through their additional costs for implementing and running the new capital regulation on th

22、eir businesses.l 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,etc.),which are not only additional costs for SMEs but also linmit their liquidity.l Small enterprises will lose their perso

23、nal relationship with decision-makers in local branches-the credit application process will become more formal and anonymous and will probably lose longer.l The credit sector will lose more and more its “public function”to provide acess to finance for a wide range of economic actors,which it has in

24、a number of countries,in order to support and facilitate economic growth,the profitability of lending becomes the mian foucs of private credit institutions.All of these developments will make acess to finance for SMEs even more difficult and will increase the cost of external finance.Business start-

25、ups and SMEs,which want to enter new markets,may especially suffer form shortages regarding finance.A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on

26、 such a commitment.Towards an encompassing policy approach to improve the access of Crafts,Trades and SMEs to finance.All analyses show that credits and loans will stay the main source for the SMEs sector in Europe.Acess to finance was always a main concern for SMEs,but the recent developments in th

27、e finance sector worsen the situation even more.Shortage of finance is already a relevabt factor ,which hinders economic recovery in Europe.Many SMEs are not able to finance their needs for investment.Therefore,UEAPME expects the new European Commission and the new European Parliament to strengthen

28、their efforts to improve the framework conditions for SME finance. Europes Crafts,Trades and SMEs ask for an encompassing policy approach,which includes not only the conditions for SMEs access to external risk capital.From UEAPMEs point of view such an encompassing approach should be based on three

29、guiding principles:l Risk-sharing between private investors,financial institutes,SMEs and public sector.l Increase of transparency of SMEs towards their external investors and lenders.l Improving the regulatory environment for SME finance.Based on these principles and against the background of the c

30、hanging environment for SME finance,UEAPME proposes policy measures in the following areas.New Capital Requirement Directive:SME friendly implementation of Basel Due to intensive lobbying activities,UEAPME,together with other Business Associations in Europe,has achieved some improvements in favour o

31、f SMEs regarding the new Basel Agrement on regulatory capital(Basel ).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 differen

32、t regional traditions and instirutional structures.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 becomes burdensome for SMEs and if it will reduce access to finance

33、for them.The new Capital Accord form the Basel Committee gives 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 effec

34、ts on the costs and the accessibility of finance for SMEs.UEAPME expects therefore form the new European Commission and the new European Parliament:l 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 wil

35、l have to pay for it.Therefore,the 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,ect.)l The European Regulators must recognize traditional instruments

36、 for collaterals (guarantees,etc.) as far as possible.l 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 bu

37、rden on SME finance.1.SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the needs of Basel ,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 quali

38、ty information from 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 pro

39、cedures-rating procedures may not become a “Black Box”for SMEs.l The bank should communicate the relevant criteria affecting the rating of SMEs.l 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 and SMEs,w

40、hich would have included 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:l Binding rules in the framework of the new Capital Adequacy Directive,which ensure the transparency of r

41、ating procedures and credit scoring systems for SMEs .l 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 on Micro-

42、LendingBusiness start-ups,the transfer of businesses and innovative fast growth SMEs also depended in the past very often on pubic 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.

43、Already now,there are credit 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 very efficient instrument and has a much higher multiply

44、ing effect than other instruments.One Euro from 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:l The extension of funds for na

45、tional credit guarantees schemes in the framework of the new Multi-Annual Programmed for Enterprisesl The development of new instruments for securitizations of SME portfolios.l The recognition of existing and well functioning credit guarantees schemes as collateral.l More flexibility within the Euro

46、pean Instruments,because of national differences in the situation of SME financel The development of credit guarantee schemes in the new Member States.l The development of an SBIC-like scheme in the Member States to close the equity gap (0.2-2.5Mio Euro,according to the expert meeting on PACE on Apr

47、il 27 in Luxemburg).l The deveiopment 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).3.SMEs need company and income taxation systems,which strengthen their capacity for self-financingMa

48、ny EU 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 of rating will also d

49、epend 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 competence of Member States,UEAPME asks the new European Commmission and the new European Parliament to publicy support tax-reforms,which