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1、外文资料原文Title:FutureofSMEfinance（www.ueapme.com/docs/pos_papers/2004/041027_SME-finance_final.doc）Background–theenvironmentforSMEfinancehaschangedFutureeconomicrecoverywilldependonthepossibilityofCrafts,TradesandSMEstoexploittheirpotentialforgrowthandemploymentcreat

2、ion.SMEsmakeamajorcontributiontogrowthandemploymentintheEUandareattheheartoftheLisbonStrategy,whosemainobjectiveistoturnEuropeintothemostcompetitiveanddynamicknowledge-basedeconomyintheworld.However,theabilityofSMEstogrowdependshighlyontheirpotentialtoinvestinrest

3、ructuring,innovationandqualification.Alloftheseinvestmentsneedcapitalandthereforeaccesstofinance.AgainstthisbackgroundtheconsistentlyrepeatedcomplaintofSMEsabouttheirproblemsregardingaccesstofinanceisahighlyrelevantconstraintthatendangerstheeconomicrecoveryofEurop

4、e.ChangesinthefinancesectorinfluencethebehaviorofcreditinstitutestowardsCrafts,TradesandSMEs.RecentandongoingdevelopmentsinthebankingsectoraddtotheconcernsofSMEsandwillfurtherendangertheiraccesstofinance.ThemainchangesinthebankingsectorwhichinfluenceSMEfinanceare:

5、•Globalizationandinternationalizationhaveincreasedthecompetitionandtheprofitorientationinthesector;•worseningoftheeconomicsituationsinsomeinstitutes(burstoftheITCbubble,insolvencies)strengthenthefocusonprofitabilityfurther;•Mergersandrestructuringcreatedlargerstru

6、cturesandmanylocalbranches,whichhaddirectandpersonalizedcontactswithsmallenterprises,wereclosed;•up-comingimplementationofnewcapitaladequacyrules(BaselII)willalsochangeSMEbusinessofthecreditsectorandwillincreaseitsadministrativecosts;•StricterinterpretationofState

7、-AideRulesbytheEuropeanCommissioneliminatesthesupportofbanksbypublicguarantees;manyoftheeffectedbanksareveryactiveinSMEfinance.14Allthesechangesresultinahighersensitivityforrisksandprofitsinthefinancesector.ThechangesinthefinancesectoraffecttheaccessibilityofSMEst

8、ofinance.Higherriskawarenessinthecreditsector,astrongerfocusonprofitabilityandtheongoingrestructuringinthefinancesectorchangetheframeworkforSMEfinancean