未来的中小企业融资-毕业论文外文翻译

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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,TradesandSMEstoexploittheirpotentialforgrowthandem

2、ploymentcreation.SMEsmakeamajorcontributiontogrowthandemploymentintheEUandareattheheartoftheLisbonStrategy,whosemainobjectiveistoturnEuropeintothemostcompetitiveanddynamicknowledge-basedeconomyintheworld.However,theabilityofSMEstogrowdependshighlyonth

3、eirpotentialtoinvestinrestructuring,innovationandqualification.Alloftheseinvestmentsneedcapitalandthereforeaccesstofinance.AgainstthisbackgroundtheconsistentlyrepeatedcomplaintofSMEsabouttheirproblemsregardingaccesstofinanceisahighlyrelevantconstraint

4、thatendangerstheeconomicrecoveryofEurope.ChangesinthefinancesectorinfluencethebehaviorofcreditinstitutestowardsCrafts,TradesandSMEs.RecentandongoingdevelopmentsinthebankingsectoraddtotheconcernsofSMEsandwillfurtherendangertheiraccesstofinance.Themainc

5、hangesinthebankingsectorwhichinfluenceSMEfinanceare:•Globalizationandinternationalizationhaveincreasedthecompetitionandtheprofitorientationinthesector;•worseningoftheeconomicsituationsinsomeinstitutes(burstoftheITCbubble,insolvencies)strengthenthefocu

6、sonprofitabilityfurther;•Mergersandrestructuringcreatedlargerstructuresandmanylocalbranches,whichhaddirectandpersonalizedcontactswithsmallenterprises,wereclosed;13•up-comingimplementationofnewcapitaladequacyrules(BaselII)willalsochangeSMEbusinessofthe

7、creditsectorandwillincreaseitsadministrativecosts;•StricterinterpretationofState-AideRulesbytheEuropeanCommissioneliminatesthesupportofbanksbypublicguarantees;manyoftheeffectedbanksareveryactiveinSMEfinance.Allthesechangesresultinahighersensitivityfor

8、risksandprofitsinthefinancesector.ThechangesinthefinancesectoraffecttheaccessibilityofSMEstofinance.Higherriskawarenessinthecreditsector,astrongerfocusonprofitabilityandtheongoingrestructuringinthefinancesectorchangetheframeworkforSMEfinancean