中小企业融资难外文翻译.docx

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1、附录Financing small and medium-sized problem is not unique to China. In the United States, the existence of such an economic phenomenon of the same, the difference is that the U.S. government measures to support a market-oriented SMEs. Chinas very rapid development of SMEs, currently has more than 430

2、 million small and medium enterprises, SMEs can be seen in economic activity in China to occupy more and more of the components already. In order to help the development of SMEs in China, the central government has promulgated a number of policies in recent years. However, as funding is concerned, t

3、he majority of domestic small and medium enterprises are still everywhere, meet with a rebuff. Because of shortage of funds in many small and medium enterprises, development has been limited. Perhaps, the U.S. government to encourage small and medium-sized ways and means of financing is worth learni

4、ng from.Similarly the United States there are difficulties in SME lending Although the U.S. companies the proportion of bank financing through external financing accounted for about 61.8 percent, but small and medium-sized view, because of the existence of relatively high credit risk, leading financ

5、ial institutions, commercial loans to small and medium-sized lack of impact on the financing of small and medium enterprises. U.S. commercial well-developed financial system, but the prevalence of small and medium-sized small scale, lack of credit, the reasons for poor business environment, small an

6、d medium-sized financial institutions are not commercial loans the preferred target. Development and stability that only those products with market and credit conditions favorable to small and medium-sized commercial banks to obtain loans. This point and treat Chinas commercial banks loans to SMEs w

7、ith little difference between the attitude Typically, the United States the amount of long-term financing of SMEs and 25% 85% from the accumulation of the enterprise. 90 In the mid-20th century, the total internal sources of funds financing the proportion rose to 61.5 percent from 82.8 percent, whic

8、h shows that the United States to obtain commercial financing of small and medium-sized proportion was not high. The difference is that the U.S. government has never been to the commercial financial institutions to issue administrative indicators, but mainly through government policy on small and me

9、dium-sized financial institutions to provide the Guarantee Fund, and guide financial institutions in commercial lending to SMEs. In addition, the SME Credit Guarantee in the United States, the commercial banks also have a larger initiative, to decide whether or not the loan, whether to apply for gov

10、ernment guarantees. In addition, the U.S. government and the local small and medium-sized foreign banks have not provided any financing and loan services. Would like to obtain financing unless the business has been successfully registered in the United States, and the owner of this business is a U.S

11、. citizen or permanent residence of the U.S. federal taxpayers. Contrast, the financing structure of SMEs in the United StatesU.S. small and medium-sized and large enterprises through equity financing and debt financing to fund access to business development. Equity financing for SMEs in the United

12、States accounted for 49.63% of total assets, debt financing for SMEs accounted for 50.37% of total assets. Financing structure of the United States through the analysis and comparison, we get the following revelation: In improving the financial industry specialization to develop at the same time sma

13、ll and medium-sized financial institutions, the financing of small and medium-sized changes in the status of the system also depends on the arrangements for non-financial innovation. On the one hand, including large enterprises, including the system of innovation is to broaden the financing channels

14、 for SMEs in an important way. On the other hand, the effectiveness of innovation in the financial system, also depends on the real economy to create the system. With the West is relatively sound financial system countries, Chinas small and medium enterprises financing difficulties faced by SMEs in

15、Western countries than in more difficult, not only is Chinas financial institutions, the impact of preferences, there are many reasons for their own financial institutions. At the same time, the market system, interest rates and charges, mortgages and guarantees, and other aspects of integration of

16、the financial sector, Chinas market and the need to improve the system.China started the development of SMEs with foreign capital compared to less than significant in the development of the industry are often subject to restrictions on the adjustment. In fact, Chinas small and medium enterprises in

17、the Credit Ratings in the lower grades, it is difficult to obtain the trust of financial institutions, which directly affect their lending. Chinas small and medium-sized to the development process in the future to address the financing difficulties, the most important issues is to establish good fai

18、th. Lets look at private financing. Although our country has been to broaden the financing channels for civil society, but still very smooth. Market-oriented operation of the informal or semi-formal financial financing models have not yet fully developed, even if the development in some areas and di

19、d not embark on the track of normal operation.The United States is encouraging the development of supporting measures for SMEs As a result of the national economy of a country SMEs are the most active ingredient, which the governments of the world on the development and financing of small and medium

20、 enterprises attach great importance to the issue, the United States is no exception. In order to encourage the development of SMEs, the U.S. government to take a lot of ways to be used for reference. Establish and improve laws and regulations to support SME financing. The U.S. federal government to

21、 support the development of SMEs for the development of the regulations, the adoption of legislative norms in the form of financing small and medium-sized service system, including: small and medium-sized law, small and medium-sized investment law, Economic Policy Act of SMEs, small and medium-sized

22、 Enterprise Technology Innovation Promotion Law, Small Business Investment Incentive Act, Small Business Development Center Act and so on.The establishment of special funds. Special fund is the U.S. government to make small and medium enterprises in the national economy and social development and gi

23、ve full play to the role of certain aspects of the financial assistance given. In the U.S. There are two major categories: the Governments financial results for the special science and technology research and development funds, product procurement funds, small and medium-sized start-up fund, employm

24、ent fund, such as the unemployed population can encourage small and medium-sized product innovation and creating jobs; risk compensation fund, the Financial special funds (as distinct from direct financial subsidies, it has strict regulatory requirements, the need for funds of funds must be clear be

25、fore the number, purpose, targets, methods of payment and subsidies), special industries, such as re-insurance fund to help small and medium-sized to reduce market risks. The establishment of specialized agencies, to provide financing for small and medium-sized security and assistance. The United St

26、ates to manage small and medium-sized sector is the Federal Small Business Administration (SBA), has sent in the state institutions, the role is to fight for small businesses a level playing field conditions, to serve the small business economic groups.The U.S. governments policy towards SMEs only a

27、 small number of loans, the Government mainly through the federal Small Business Administration to develop macro-control policies to guide the private capital investment to small and medium enterprises. In the United States nearly 45 years of history, Small Business Investment Company (under the fed

28、eral Small Business Administration) through the investment projects 140,000 to about 90,000 small businesses provided 40 billion U.S. dollars of funds, the creation of about one million new jobs. U.S. Small Business Investment Company, former head of the Tang Christensen A view that China should lea

29、rn from the United States or some experience in grafting, if small businesses can give full play to the role of investment companies, then, Chinas small enterprises will be developed into a medium-sized enterprises . U.S. small and medium enterprises financing structureEquity financing: The main own

30、er of the assets of the owners equity accounted share of 2 / 3, representing approximately 31.33% of total assets. Assets are the rights and interests other options, accounting for about 12.86 percent of total assets. This part of the shares of the owner is mainly relatives and friends. They neither

31、 have the majority of shares, nor is it a major business decision-makers. There is also a known as the angel funding equity, total assets of the enterprises accounted for about 3.95 percent. Angel capital refers to small and medium enterprises in the start-up period for the development of small and

32、medium-sized to provide a direct personal or family funds, but also to provide certain management advice and experience. In addition, the venture capital, this type of investment, mainly to vote for small, medium and high-tech enterprises. True in the development of small and medium enterprises have

33、 access to this type of venture capital, the amount accounted for only 1.58% of total assets. The proportion of foreign capital is not high, about 2.69 percent, but very clearly the purpose of investment is to encourage and promote the development of small and medium-sized high-tech enterprises.Debt

34、 Financing: From financial institutions: Bank credit accounted for 8.75% of total assets Financial companies accounted for 4.91% of total assetsOther financial institutions (including non-financial institutions) accounted for 3% of total assets From non-financial institutions and government funding:

35、 15.78% for commercial credit 1.74% for other enterprises 0.49% Government Participation by the private investment funds, accountingfor 5.71%United States Government to provide loans to small and medium-sized security model Loan guarantees for small and medium-sized federal Small Business Administra

36、tion is an important task, and its security as follows: to the Federal Small Business Administrations reputation as a small business loan guarantees to commercial banks, under normal circumstances, the Federal Small Business Administration loans the total amount of 75% 80% of the guarantee, the rest

37、 of the commercial banks. Federal Small Business Administration loans up to a maximum of 750,000 U.S. dollars. The risk of loss of loan guarantee by the Government as a risk management budget. Federal Small Business Administration in accordance with financial institutions, small business lending exp

38、erience and performance, to participate in the secured loan lending institutions are classified based on different procedures.中小企业融资难的问题不是中国所特有。在美国，这种经济现象同样存在，所不同的是，美国政府有一套市场化措施支持中小企业融资。 我国中小企业发展十分迅猛，目前全国中小企业已达430多万家，可见中小企业在中国经济活动中占据的成分已经越来越大。为了帮助我国中小企业发展，中央政府近年颁布了不少政策。但是，在融资方面，国内的大多数中小企业仍然处处“碰钉子”。许

39、多中小企业因为资金短缺，发展已经受到了限制。也许，美国政府鼓励中小企业融资的方式方法值得借鉴。 （1）美国中小企业贷款同样存在困难 虽然美国企业通过银行融资的比重约占外部融资61.8%，但从中小企业来看，由于存在着相对较高的贷款风险，导致商业性金融机构对中小企业贷款不足，影响中小企业的融资。 美国商业性金融体系相当发达，但因中小企业普遍存在规模小、信用不足、经营环境差等原因，中小企业并不是商业性金融机构所青睐的放款对象。只有那些发展稳定、产品具有市场、信用条件良好的中小企业才能取得商业银行的贷款。这一点和我国商业银行对待中小企业贷款的态度几乎没有什么区别。 通常，美国中小企业的长期融资额中有2

40、5%85%来自企业内部积累。20世纪90年代中期，企业内部融资占全部资金来源的比重由61.5%上升到82.8%，由此看出，美国中小企业取得商业融资的比重并不高。 所不同的是，美国政府从未给商业性金融机构“下达”行政性指标，而主要是通过政府对中小企业政策性金融机构提供的担保基金，引导商业性金融机构对中小企业贷款。此外，在美国中小企业信用担保中，商业银行也具有较大的主动性，能自主决定是否贷款，是否申请政府担保。 此外，美国政府和各地方银行几乎不对国外中小企业提供任何融资与贷款服务。想获得其融资服务，除非企业已经成功在美国注册，并且这个企业的所有者是美国公民或获得美国永久居住权的联邦纳税人。 （2）

41、对比中、美两国中小企业融资结构 美国中小企业和大企业都是通过股权融资和债务融资来获得企业发展资金。股权融资在美国占中小企业总资产的49.63%，债务融资占中小企业总资产的50.37%。通过对美国融资结构分析和比较，我们可得到以下启示： 在提高金融业专业化分工、大力发展中小金融机构的同时，中小企业的融资地位改变还有赖于非金融制度安排的创新。一方面，包括大企业在内的制度创新是拓宽中小企业融资渠道的重要途径。另一方面，金融制度创新的有效性，同样有赖于实体经济的制度创造。 与西方金融制度相对完善的国家相比，我国中小企业面临的融资困境要比西方国家的中小企业更难，这不仅是中国金融机构偏好的影响，还有诸多金

42、融机构自身原因。同时，在市场体系、利率和收费、抵押和担保、金融业整合等方面，我国的市场和制度亟待完善。 我国中小企业的起步发展资金与国外相比有很大不足，在发展中经常受到行业调整的限制。实际上，我国中小企业在信用等级评价体系中等级低下，很难获得金融机构的信任，这直接影响其贷款。我国中小企业要想在未来发展过程中解决融资困境，首要解决的问题是建立良好的诚信。 再来看民间融资。虽然我国民间融资渠道有所拓宽，但还是很不通畅。市场化运作的非正式或半正式金融融资模式还没有完全发展起来，即使有些地区有所发展，也没有走上正常运转的轨道。 （3）美国鼓励中小企业发展的配套措施 由于中小企业是一国国民经济中最活跃的

43、成份，因而世界各国政府对中小企业的发展及融资问题非常重视，美国也不例外。为了鼓励中小企业发展，美国政府采取的很多办法值得借鉴。 建立健全扶持中小企业融资的法规。美国联邦政府为扶持中小企业的发展制定了法规，用立法的形式规范中小企业的融资服务体系，包括：中小企业法、中小企业投资法、中小企业经济政策法、中小企业技术革新促进法、小企业投资奖励法、小企业开发中心法等。设立财政专项基金。财政专项基金是美国政府为使中小企业在国民经济及社会发展的某些方面充分发挥作用而给予的财政援助。在美国主要有两大类：政府财政针对专项科技成果的研究与开发基金、产品采购基金、中小企业的创业基金、失业人口就业基金等可以鼓励中小企

44、业产品创新和吸纳就业;风险补偿基金、财政专项基金(不同于财政直接补贴，它有严格的管理要求，需要在基金设立之前就必须明确资金的数量、用途、对象、支付方式和补贴方式)、特殊行业的再保险基金等可以帮助中小企业降低市场风险。 建立专门机构，为中小企业的融资提供担保及援助。美国对中小企业进行管理的部门是联邦小企业管理局(SBA)，在各州设有派出机构，作用是为小企业争取平等的竞争条件，服务于小企业这一经济群体。 美国政府对中小型企业的政策性贷款数量很少，政府主要通过联邦小企业管理局制定宏观调控政策，引导民间资本向中小企业投资。在美国近45年历史中，小企业投资公司(隶属于联邦小企业管理局)通过14万个投资项

45、目向大约9万家小企业提供了400亿美元的资金，创造了大约100万个新的工作岗位。 美国小企业投资公司前负责人唐A克里斯蒂森认为，“中国应该借鉴或嫁接美国的一些经验，如果能充分发挥小企业投资公司的作用，那么，中国的小企业一定会发展成为大中型企业。” （4）美国中小企业融资结构 股权融资： 主要所有者股权占所有者权益资产的2/3，大约占总资产的31.33%。 权益资产是“其他股权”，大约占总资产的12.86%。这部分股权拥有人主要是亲戚和朋友。他们既不拥有大部分股权，也不是企业重大决策人。 还有一种被人们称为“天使资金”的股权，约占企业总资产的3.95%。“天使资金”是指中小企业在初创期，给中小企

46、业直接提供一定发展资金的个人或家族，同时又为企业提供一定的管理意见和经验。 此外，就是“风险投资”，这类投资，主要是投给中、小高科技企业。真正发展中的中小企业能获得这类风险投资，其额度只能占总资产的1.58%。外来性资金所占比例并不高，大约在2.69%，但是投资的目的很清楚，就是鼓励与促进中小高科技企业发展。 债权融资： 来源于金融机构提供的资金： 银行信贷占总资产的8.75% 金融公司占总资产的4.91% 其他金融机构(含非金融机构)占总资产的3% 来源于非金融机构和政府提供的资金： 商业信贷为15.78% 其他企业为1.74% 政府为0.49% 由私人参与投资提供的资金，约占5.71% 美国政府给中小企业贷款提供的担保模式 为中小企业贷款担保是联邦小企业管理局的一项重要任务，其担保方式如下：以联邦小企业管理局的信誉为小企业向商业银行贷款担保，一般情况下，联邦小企业管理局提供贷款总额75%80%的担保，其余部分由商业银行承担。联邦小企业管理局担保贷款最高限额为75万美元。担保贷款的风险损失由政府预算列为风险处理。联邦小企业管理局根据金融机构的小企业贷款经验和业绩，对参与担保贷款计划的贷款机构进行分类，并据此采取不同的审批程序。.忽略此处. .此处忽略！