中国的中小企业融资【外文翻译】

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1、外文翻译原文SmallandmediumenterprisesfinancinginChinaMaterialSource：http：//www.cismef.com.cn/web/french/frindex.htmAuthor：WalterGarcia–FontesIntroductionAfterthestartofanopen-doorpolicyin1978movingtowardsamoremarket-orientedeconomy，Chinahasexperiencedadeclineinstate-ownedenterprisesandanimp

2、ortantexpansionforsmallbusinesses.Theroleofsmallandmediumenterprises(SME)ineconomicdevelopmentiswelldocumentedforadvancedeconomiesandhasbeencrucialinChina’sprocessofeconomicreform.IthasbeenpivotalinChina’simpressiveeconomicgrowthduringthelastdecades.Nevertheless，somebottlenecksandobst

3、aclesappearforfurthergrowthofSME，especiallywithrespecttofinancing.InthispaperwedescribethesituationofSMEinChinaandthemainissuesconcerningthefinancingofSME.SMEhavebeenpartofChina’simpressiveeconomicgrowthofthelastdecadesandthemainactorsintheprivatizationprocess.Thereisevidence，though，t

4、hatfurtherdevelopmentisconstrainedbydifferentfactors，oneofwhichisaccesstofinance.1ThedevelopmentofSMEinChinaAccordingtotheWorldBankInvestmentClimateSurveyforChina，SMEinChinafaceimportantcreditconstraints，andhavelimitedaccesstoprivatefinancecomparedtootherAsiancountriesincludedinthesur

5、vey.Thesurveyalsoshowsthattheuseofformalfinancedeclineswithfirmsize.SMEuselessformalfinancethanlargefirmsinallcountries，sincetheyareyoungerandsubjecttomoregrowthuncertaintythanlargefirms，butinChinathedifferenceislarger，evenifwecompareitwithotherAsiancountries.Averyimportantissueiswhat

6、financeisavailabletostart-upfirms.TheProjectGroupofResearchinChinesePrivateEnterprisesorganizedbyChinaIndustrialandCommercialUnionandResearchCommissionofChinesePrivateBusinessshowedinasurveyconductedin2002thatself-accumulatedmoneywasthemajorsourceforstartingupfirms(approximately1255pe

7、rcent)，complementedbymoneyborrowedprivately(31.6percent)andbankandRuralCreditCorporationloans(23.4percent).ThemainproblemsrelatedtoSMEaccesstofinanceinChinaarethefollowing：StructureofthefinancialsystemChinalacksanadequatecreditsystemforSME，composedoftheappropriatefinancial-serviceinst

8、ituti