1、IXX 大学 XX 学院毕业设计（论文）外文翻译学生姓名： XXX 院（系）： XXXXX 学院 专业班级： XXX 班 指导教师： XXX 完成日期： X 年 X 月 X 日 IICatalogueFinance and small and medium-sized enterprise in developing countries .1Review.1Relevant theory and its development.1SME Research on Developing Countries .2Conclusions and Recommendations .3目录发展中国家的财政
2、和中小型企业 .41、综述 .42、相关理论及其发展 .43、对发展中国家中小企业的研究 .54、结论和建议 .61外文资料Finance and small and medium-sized enterprise in developing countriesCook, PaulReviewInterest in the role of small and medium-sized enterprises (SME) in the development process continues to be in the forefront of policy debates in develop
3、ing countries. The advantages claimed for SMEs are various, including: the encouragement of entrepreneurship; the greater likelihood that SMEs will utilize labor intensive technologies and thus have an immediate impact on employment generation; the fact that they can usually be established rapidly a
4、nd put into operation to produce quick returns; the ability of SME development to encourage the process of both inter- and intra-regional decentralization; and the notion that they may become a countervailing force against the economic power of larger enterprises. More generally, the development of
5、SMEs is seen as accelerating the achievement of wider economic and socio-economic objectives, including poverty alleviation. Relevant theory and its developmentStaley and Morse (1965, p. 318) identify a developmental approach to SME promotion which has as its objective the creation of “economically
6、viable enterprises which can stand on their own feet without perpetual subsidy and can make a positive contribution to the growth of real income and therefore to better living levels.“ This approach emphasizes the importance of efficiency in new SMEs. Small producers must be encouraged to adopt new
7、methods, to move into new lines of production and in the longer-run, wherever feasible, be encouraged to become medium- or even large-scale producers. Unfortunately, the empirical evidence on the relation between efficiency and firm size is rather inconclusive. Little, Mazumdar and Page (1987) repor
8、ted technical efficiency does not vary systematically with firm size. A collection of studies found efficiency was lower in smaller firms Cortes, Berry Goldar, （1988). Opposite conclusions can be drawn from the twelve country studies by Liedholm and Mead (1987). More recent concerns associated with
9、the growth and efficiency of smaller enterprises have also become prominent (1997). Using the case of Northern Italy, Piore and Sabel (1984) have argued that small enterprises are more efficient because they have adopted a flexible specialization approach. Correspondingly, there has been growing int
10、erest in whether this model has been or can be replicated in developing countries (Schmitz, 1989; Pederson, 1994; Schmitz Schmitz, 1995). The role of finance has been viewed as a critical element for the development of small and medium-sized enterprises. Previous studies have highlighted the limited
11、 access to financial resources available to smaller enterprises compared to larger organizations and the consequences for their growth and development (Levy, 1993). Typically, smaller enterprises face higher transaction costs than larger enterprises in obtaining credit (Saito initial levels of emplo
12、yment are low, typically less than a dozen, though the figure varies with the nature of the business; the social and occupational backgrounds of the owners varies greatly; and the firms that expand into medium 3or large scale activities do so continually or in steps. Expansion can be very fast for s
13、ome firms, though the growth rates appear as broadly distributed as their final sizes“ Anderson (1982, p. 926) concluded that the available empirical evidence suggested that a significant part of the growth of large-scale enterprises was rooted in the expansion of once small firms through the size d
14、istribution. In low income countries, work directed towards the internal workings of enterprises has been hampered by the lack of basic data on the management and characteristics of smaller firms. Considerable effort has been expended on attempting to gather consistent and measurable information abo
15、ut small firms. Industrial censuses in a large number of low income countries have not been undertaken annually; they have concentrated on larger enterprises; they have only infrequently surveyed small enterprises, and have often been published with long delays. As a consequence, useful time series
16、data for smaller enterprises from official sources are largely absent. This has had implications for research efforts into small enterprises in low income countries in three important ways. First, a considerable amount of time has been spent on gathering baseline information on small firms. This has
17、 involved identifying universes and constructing samples, devising methods to deal with delinquent returns and editing the results in a consistent manner. Second, information collected tends to be more qualitative than quantitative because of the poor record keeping, as well as the lack of cross-ref
18、erencing sources through formal channels that can be used to confirm data reliability. This tends to limit the use of the data in statistical analysis. Third, surveys are more often conducted on an ad hoc basis and at a point in time. Few compare different points in time and fewer still have attempt
19、ed to use the same database for follow-up work. As a result, time series work on the small scale sector is relatively scarce. The preoccupation with gathering baseline data and the restricted nature of the data that have eventually been collected has resulted in a preponderance of studies that descr
20、ibe and report on the characteristics and features of the small scale sector rather than test theoretical propositions about relationships and the expected behavior of the small firm sector. This is not to suggest that theorizing and testing of theories is completely absent in relation to work on sm
21、all enterprises in low income countries. But in comparison with work in industrialized countries, or in relation to research on the behavior of larger foreign-owned enterprises in low income countries, it is demonstrably less evident. Conclusions and Recommendations This review has pointed to the we
22、aknesses and gaps in our knowledge concerning the relation between finance and SME development. At least four strands of research can be identified that will contribute to a better understanding of the financing needs of SMEs and the ways to deliver financial services to them. First, research is nee
23、ded on the forms of finance used by small and mediumsized enterprises and made available by lending institutions and investors. In particular, a clear picture is required of the financing differences between firms of different sizes and the differences in financing in relation to types of ownership
24、structures. Cross-country and regional differences may also exist in these respects. Second, research is required into the relation between different financial forms and firm-level performance. Existing research on small size and performance has not isolated the importance of different forms of fina
25、nce. Methods should be devised to examine the relationship 4between different financial structures of firms and a range of performance measures (including output, productivity, employment, and survival rates). Third, research is required relating to the behavior of small and medium-sized firms with
26、different forms of finance. We need to predict how different forms of finance will affect the allocation of profits between income (dividend flows), investment and consumption and their effect on other forms of expenditure relating to innovation, marketing and the development of human resources thro
27、ugh training. In particular, the links need to be made between different forms of finance and the impact of small firm development on poverty alleviation. Fourth, research is required on the supply side of finance. This work should focus on formal and informal sector lending institutions and savers,
28、 and the macroeconomic environment, including economic policies, promotional policies, and the role played by private, international and non-governmental organizations. 中文翻译发展中国家的财政和中小型企业库克.保罗1、综述在发展中国家，中小型企业在发展过程中对利益作用的政策辩论，仍然位于最前沿。为中小企业提供的优势声称是多方面的,包括:鼓励创业;中小型企业更可能将利用劳动密集型行业技术,从而直接影响就业;这一事实,就是他们通常
29、可以迅速建立并投入经营，尽快获得收益;中小企业的发展过程中,鼓励双方由于国际区域内分权化,认为他们可以成为对经济实力反补贴力量更大的企业。更普遍的是，中小企业的发展被视为能够加速实现更广泛的经济和社会经济目标，包括扶贫。2、相关理论及其发展斯特利和莫尔斯（1965年，第318页）识别的发展途径的中小企业提升其目的而创造的“经济可行的企业, 没有永恒的补贴也能够自行站稳脚跟,同时可以作出积极的贡献实现实际收入的增长,从而获得更好的生活水平。 ”这种方法强调效率的重要性，在新的中小企业，必须鼓励小生产者采用新的方法，转移到新的生产线，并进行较长的运行，在可行的情况下，鼓励他们成为中型甚至大型生产商
30、。不幸的是,实证研究证明效率和企业规模之间的关系是相当不确定。小玛祖达尔和佩格（1987）报告，在一个研究效率收集率较低的小规模企业，系统技术效率与企业规模无关。科尔特斯，贝里和伊沙克， （1987）; 哥达（1988） ，收集研究发现效率较低。利德霍尔姆和米德（1987）来自12个国家研究，可以得出相反的结论。最近有关对小企业发展与效益的关注日益突出，依据意大利北部的情况,皮埃尔和萨贝尔(1984)认为,小型企业更有效率,因为它们采取了一些灵活专业化的方法。相应地，相关人士对这种模式能否应用在发展中国家越来越感兴趣(施密茨,1989; 佩德森,1994;施密茨和马苏科,1994; 施密茨,1
31、995)。财政的作用，一直被视为一个为小型和中小型企业发展的关键因素。以往的研究都强调了有限的财政资源提供给规模较小的企业相比，规模较大的组织和为他们的成长和发展（列维，1993）的后果。通常情况下，规模较小的企业面临着较高的交易成本，比规模较大的企业在获得信贷（斋藤维拉纽瓦，1981） 。5资金不足已提供财政周转金（皮尔和威尔逊，1996） 。管理不善和会计惯例，阻碍了规模较小的企业提高财政的能力。受企业规模限制，小企业的资金流动规模也较小，借款人所获得的与贷款相关的信息不对称。尽管能够提出这些索赔，然而一些研究表明，由于非金融性的原因，大量的小企业却失败了（利德霍尔姆，麦弗逊及楚塔 199
32、4） 。本文的目的是，系统地研究金融和中小型企业发展之间的关系，并找出一些我们知识上的差距。虽然是一个相当小型和中小型企业的特点和行为，但是这方面的知识仍然不完善，在关系到发展中国家的金融和小企业发展的大量问题仍然没有找到答案。本文讨论了由以往的研究成果，并指出提高到新的领域进而对一些问题进行调查的卓有成效的方法。3、对发展中国家中小企业的研究有较少的工作，直接关系到中低收入国家的小型和中小型企业，虽然这项工作的地理分布广泛，包括非洲，亚洲和南美洲。这也是这项工作的主要比例一直凭经验而不是理论上集中的情况下，这是合理的结论，大约是在低收入国家的企业家，相对于那些在高收入国家的经营的行为相对较少
33、。对发展中国家的文献如下同一部门对工业化国家的研究，试图通过区分影响小型和中小型企业发展的外部和内部因素。在外部因素方面，在 20 世纪 70年代早期文学的关注与对规模较小的企业，通过贸易和追求在低收入国家的产业政策和适当的支持机构，将弥补这些所谓的设计与建立的偏见政策引起的偏见。施密茨（1982）发现，小企业的发展受一些外部因素的影响。这些因素包括信用缺失，合理的成本较小，缺乏流动资金，基础设施差，和较大的外国公司的竞争。经济自由化政策的相继出台，目的是有利于减少部分大型企业对中小企业的偏见。20 世纪 80 年代，关于中小型企业在低收入国家的发展问题获得了更大的关注，这需要在宏观，中观和微
34、观层面建立政策，斯图尔特（1990） 。小型和中小型企业的内部运作的早期研究主要关注与小企业的规模，并为他们的成长提供解释。斯特利和莫尔斯（1965）研究阶段的小企业通过作为经济增长的传递。他们推测有几个原因为什么在低收入国家的小企业开始前占工业活动中所占的份额增长迅速开始下降。 （一）需求增加，农村居民收入增长和基础设施的成本仍然青睐以附近分散的市场定位的小企业和（b）分包和地方议会是共同例如，在机品种，小企业的快速增长可以解释店活动，并在规模较小的公司制作了一个小总市场的产品差异化和创新服务的范围。但正如安德森（1982）指出，这些主张没有被定量测试由 20 世纪 80 年代初。这些早期的
35、研究人员还调查小企业创造较大的公司业绩增长的基础，在何种程度上斤斤计较。正如安德森（1982 年，第 923 页）称：“公司几乎总是非常小的实体开始与低资本来自雇主或亲友借款的储蓄金额，就业初始水平低，通常小于十几，这个数字虽然随业务的性质;业主的社会和职业背景良莠不齐;和扩展的企业扩大到中型或大型活动，这样做，不断在步骤可以非常快一些。公司，尽管增长率出现分布广泛，其最终大小“安德森（1982 年，第 926 页）的结论是，现有的经验证据表明，一个大型企业的增长显著部分是扎根在一次小的扩张公司通过发行规模。在低收入国家，企业具有缺乏基本数据管理和规模较小的特点，这使企业的内部运作受到阻碍。虽
36、然他们一直在花费相当大的努力试图收集有关的信息来证明，中小企业的信息是一致的和可衡量的。但是，他们却没有开展针对大6量的低收入国家的工业普查，每年他们的普查都集中在规模较大的企业，他们只是偶尔去调查小企业，并且还经常延期公布。因此，有用的时间序列数据基本来自官方渠道，小规模企业的相关数据基本上不存在。在低收入国家， 这已影响到小企业在三个重要方面的研究工作。首先，相当多的时间已经花费在小企业信息基线的收集上。这涉及到确定宇宙和建设的样本，制定的方法来处理违法的回报和编辑以一致的方式结果。二，信息收集，往往是因为穷人保持的纪录，以及缺乏跨比定量定性引用通过正规渠道的来源，可用于确认数据的可靠性。
37、这往往限制使用的统计分析数据。第三，调查更经常地进行特设的基础上，并在某个时间点。很少有时间和比较不同点少，仍然有尝试使用相同的数据库后续工作。因此，一系列小规模部门工作时间相对稀缺。收集基线数据，并最终被收集的数据的限制性质的当务之急，导致优势的研究，描述小规模部门的特点和功能，而不是关系和预期的行为的理论命题测试报告小企业部门。这也许表明，理论和理论测试等有关工作在低收入国家的小企业完全缺席。但是，在工业化国家，或在较大的外商独资企业在低收入国家的行为研究方面的工作相比，这显然不太明显。4、结论和建议这项检讨指出，在我们的知识的弱点和差距，有关金融和中小企业的发展之间的关系。至少有四个方面
38、的研究，可以认定，这将有助于更好地了解了中小企业的融资需求，以及如何向他们提供金融服务。首先，研究的用意是为大型企业、中小型企业、贷款机构和投资者提供融资形式，是必要的。特别是，清晰的画面是需要的不同规模的企业和融资类型的所有制结构差异之间的融资差异。在这方面的跨国家和地区的差异也可能存在。二，研究需要到不同的金融形式和企业级的性能之间的关系。现有的小尺寸和性能的研究不是孤立存在的不同形式的融资的重要性。应制定方法，研究不同的企业的财务结构和性能的措施（包括产量，生产率，就业，和存活率）的范围之间的关系。三，研究需要与不同形式的融资小型和中型公司的行为。我们需要预测不同形式的融资将如何影响之间的收入（股息流动） ，投资和消费，他们在创新，市场营销和通过培训人力资源的发展有关的其他支出形式的影响利润分配。特别是，各环节之间不同形式的融资和小企业发展对扶贫的影响的需要。四，研究所需的资金供给方。这项工作应重点放在正规和非正规部门的贷款机构和储蓄，宏观经济环境，包括经济政策，促销政策，以及私营部门，国际组织和非政府组织所发挥的作用。
