资源描述：
《中国的中小企业融资外文翻译》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、SmallandmediumenterprisesfinancinginChinaWalterGarcia–FontesUniversitatPompeuFabraSUMMARYNovember2005IntroductionAfterthestartofanopen-doorpolicyin1978movingtowardsamoremarket-orientedeconomy,Chinahasexperiencedadeclineinstate-ownedenterprisesandanimportantexpansionforsma
2、llbusinesses.Theroleofsmallandmediumenterprises(SMEs)ineconomicdevelopmentiswelldocumentedforadvancedeconomiesandhavebeencrucialinChina'sprocessofeconomicreform.IthasbeenpivotalinChina'simpressiveeconomicgrowthduringthelastdecades.Nevertheless,somebottlenecksandobstacles
3、appearforfurthergrowthofSMEs,especiallywithrespecttofinancing.InthispaperwedescribethesituationofSMEsinChinaandthemainissuesconcerningthefinancingofSMEs.SMEshavebeenpartofChina'simpressiveeconomicgrowthofthelastdecadesandthemainactorsintheprivatizationprocess.Thereiseviden
4、ce,though,thatfurtherdevelopmentisconstrainedbydifferentfactors,oneofwhichisaccesstofinance.1ThedevelopmentofSMEsinChinaAccordingtotheWorldBankInvestmentClimateSurveyforChina,SMEsinChinafaceimportantcreditconstraints,andhavelimitedaccesstoprivatefinancecomparedtootherAsian
5、countriesincludedinthesurvey1.Thesurveyalsoshowsthattheuseofformalfinancedeclineswithfirm1Accordingtothesurvey,SMEsinChinaobtainonly12percentoftheirworkingcapitalfrombankloans,whileSMEsobtain21percentinMalaysia,24percentinIndonesia,28percentinthePhilippinesand261size.SMEsu
6、selessformalfinancethanlargefirmsinallcountries,sincetheyareyoungerandsubjecttomoregrowthuncertaintythanlargefirms,butinChinathedifferenceislarger,evenifwecompareitwithotherAsiancountries2.Averyimportantissueiswhatfinanceisavailabletostart-upfirms.TheProjectGroupofResearchinC
7、hinesePrivateEnterprisesorganizedbyChinaIndustrialandCommercialUnionandResearchCommissionofChinesePrivateBusinessshowedinasurveyconductedin2002thatself-accumulatedmoneywasthemajorsourceforstartingupfirms(approximately55percent),complementedbymoneyborrowedprivately(31.6per
8、cent)andbankandRuralCreditCorporationloans(23.4percent).ThemainproblemsrelatedtoSMEaccesstofinanceinChin
