1、外文翻译THEFINANCINGPROBLEMSOFSMALLANDMEDIUMSIZEDENTERPRISESMATERIALSOURCEHTTP/WWWWORLDBANKORG/AUTHORMODIGLIANIATHRIVINGSMESECTORISCRUCIALTOSPURRINGGROWTHANDREDUCINGPOVERTYINDEVELOPINGANDTRANSITIONECONOMIESBUTFINANCIALINSTITUTIONSOFTENAVOIDSMALLANDMEDIUMSIZEDENTERPRISES,SENSINGUNDERSTANDABLYTHATTHETRANS
2、ACTIONCOSTSOFFINANCINGTHEMWILLBEEXCESSIVELYHIGHWHATSMALLANDMEDIUMSIZEDENTERPRISESNEEDISNOTTOBELEFTWITHOUTACCESSTOCAPITAL,BUTAPPROACHEDONANEWMODELTHATCOMBINESEARLYSTAGEEQUITYINVESTMENTANDPERFORMANCEENHANCINGTECHNICALASSISTANCE,WRITESBERTVANDEERAVERT,CEOOFSMALLENTERPRISEASSISTANCEFUNDSSEAFTHISUSANDDUT
3、CHBASEDNGOMANAGESANETWORKOF14COMMERCIALLYDRIVENINVESTMENTFUNDSWORLDWIDEWITHTOTALASSETSOF140MILLION,ANDHASDEVELOPEDAUNIQUEEQUITYPLUSASSISTANCEAPPROACHTOSMALLANDMEDIUMSIZEDENTERPRISESINVESTINGSMALLANDMEDIUMSIZEDENTERPRISESSARAWIDELYCREDITEDWITHGENERATINGTHEHIGHESTRATESOFREVENUEANDEMPLOYMENTGROWTHINVIR
4、TUALLYALLECONOMIESINTRANSITIONANDDEVELOPINGCOUNTRIESOPENTOFOREIGNDIRECTINVESTMENT,THEYALSOTENDTOPAYDISPROPORTIONATELYMOREINTAXESANDSOCIALSECURITYCONTRIBUTIONSTHANEITHERTHEIRLARGERANDSMALLERCOUNTERPARTSLARGERENTERPRISES,ESPECIALLYMULTINATIONALS,OFTENFINDAWAYTOREDUCETHEIRTAXOBLIGATIONSTHROUGHTRANSFERP
5、RICING,ROYALTYPAYMENTS,ANDNEGOTIATEDTAXHOLIDAYSMICROENTERPRISES,ONTHEOTHERHAND,OFTENFALLINTHEINFORMALSECTOR,NEITHERPAYINGTAXESNORMAKINGSOCIALSECURITYCONTRIBUTIONSYETIFSMALLANDMEDIUMSIZEDENTERPRISESCONSTITUTEACRITICALDIMENSIONOFGROWTHANDDEVELOPMENTANDAREOFTENWELLPOSITIONEDTOACHIEVEHIGHREVENUEANDPROFI
6、TGROWTH,WHYHAVEPRIVATEANDPUBLICFINANCINGINSTITUTIONSALIKETENDEDTOAVOIDINVESTINGINTHEMTHEREASONSAREMULTIPLEAND,FORTHEMOSTPART,UNDERSTANDABLEFORPRIVATEINVESTORS,THEAMOUNTOFWORKREQUIREDTOINVESTRELATIVELYSMALLSUMSINTOSEVERALSMESSEEMSUNATTRACTIVECOMPAREDTOTHEWORKNEEDEDTOSUPPORTFEWERINVESTMENTSINLARGERCOM
7、PANIESMOREOVER,INVESTINGINLOCALSMALLANDMEDIUMSIZEDENTERPRISESALSOOFTENINVOLVESWORKINGWITHENTREPRENEURSWHOARELESSFAMILIARWITHCONVENTIONALFINANCINGRELATIONSHIPS,BUSINESSPRACTICES,ANDTHEENGLISHLANGUAGETHANPRINCIPALSOFLARGERFIRMSACCORDINGLY,MOSTPRIVATECAPITALWOULDMUCHPREFERTOINVESTINAFEWLARGEASSETTHEREA
8、REBROADERISSUESTOBECONSIDEREDASWELL,INCLUDINGTHELACKOFTRANSPARENCYINLOCALLEGALSYSTEMSANDGOVERNMENTSTHATMAKEINVESTINGINTHESECOUNTRIESDIFFICULTATBESTENTERPRISESINFIELDSSUCHASPHARMACEUTICALS,TELECOMMUNICATIONSORPRIVATIZEDINDUSTRYRATHERTHANINSMALLERCOMPANIESWITHRELATIVELYFEWASSETS,LOWCAPITALIZATIONANDAP
9、ERCEIVEDGREATERVULNERABILITYTOMARKETCONDITIONSPUBLICDEVELOPMENTINSTITUTIONSCANALSOENCOUNTERHIGHADMINISTRATIVECOSTSINMAKINGSMALLANDMEDIUMSIZEDENTERPRISESINVESTMENTSTHESECANBECOUPLEDWITHPERCEPTIONSTHATLOCALSMALLANDMEDIUMSIZEDENTERPRISESENTREPRENEURSMAYNOTBETRUSTWORTHY,ANDTHATWORKINGWITHTHEMMIGHTBRINGF
10、EWERVISIBLYDEVELOPMENTALBENEFITSTHANTARGETINGMOREPOVERTYFOCUSEDFIELDSSUCHASMICROFINANCELOCALCOMMERCIALBANKSTOOAREOFTENBIASEDINFAVOROFLARGECORPORATEBORROWERSWITHCONSIDERABLEASSETSTHISHASMEANTTHATEVENTHELINESOFCREDITLOCALBANKSRECEIVEFROMDEVELOPMENTINSTITUTIONSFORONLENDINGTOSMALLANDMEDIUMSIZEDENTERPRIS
11、ESAREOFTENUNDERUTILIZEDSMALLANDMEDIUMSIZEDENTERPRISESENTREPRENEURSLACKOFEXPERIENCEINACCOUNTINGANDOTHERAREASOFFINANCIALDOCUMENTATIONMAKEITDIFFICULTFORBANKSOROTHERPOTENTIALSOURCESTOASSESSTHEIRCREDITWORTHINESSANDCASHFLOWS,AGAINHINDERINGTHEPROVISIONOFFINANCINGCOMBINED,THESEFACTORSHAVELARGELYLEFTWHATSHOU
12、LDBETHEMOSTDYNAMICSECTOROFTHEECONOMYINDEVELOPINGCOUNTRIESLACKINGTHECAPITALITNEEDSTOREALIZEITSPOTENTIALSEAFBELIEVESTHATTHEINVESTMENTLEVELSITTAKES,COUPLEDWITHITSFOCUSEDEFFORTSONINCREASEVALUEAFTERINVESTMENTS,ANDALLOWSITTOINVESTATRELATIVELYATTRACTIVEMULTIPLESTHISOFFERSANARRAYOFPOTENTIALEXITPOSSIBILITIES
13、BYCONTRAST,MANYCONVENTIONALEMERGINGMARKETPRIVATEEQUITYINVESTORSHAVEHADDISAPPOINTINGRECORDSINACHIEVINGEXITSOVERTHELASTFOURYEARSSEAFSAPPROACHTOEARLYSTAGEINVESTINGINSMESTHUSMAYONEDAYBESEENASONEOFTHEMOREAPPROPRIATEMEANSOFINVESTINGINDEVELOPINGCOUNTRIESINTHEMEANTIME,SEAFISACHIEVINGITSDEVELOPMENTALOBJECTIV
14、ESBYRAPIDLYINCREASINGTHEREVENUES,PRODUCTIVITY,ANDEMPLOYMENTGROWTHOFITSINVESTEESMALLANDMEDIUMSIZEDENTERPRISESTHEFINANCIALSECTORINFRASTRUCTUREWILLNEEDTOCHANGETOACCOMMODATETHESUBSTANTIALFINANCINGREQUIREMENTSOFNEWACTIVITIESANDINDUSTRIESGOINGFORWARD,WHILEFINANCIALINSTITUTIONSWOULDNEEDTOTRANSFORMTOREMAINI
15、NNOVATIVEANDRESPONSIVETODEMANDSOFTHEIRCUSTOMERS,EFFORTSNEEDTOBEDIRECTEDTOFACILITATEFINANCINGBYNONBANKSFORHIGHRISKVENTURESTHESEINCLUDEFINANCINGFORKNOWLEDGEINTENSIVEANDTECHNOLOGYINTENSIVESTARTUPENTERPRISESWHEREONLYIDEASINTANGIBLECOLLATERALAREPRINCIPALASSETSASSUCH,THESEKNOWLEDGEINTENSIVEANDTECHNOLOGYIN
16、TENSIVEENTERPRISESWILLNEEDALTERNATIVEFORMSOFFINANCINGTOCOMPLEMENTTRADITIONALFINANCINGSOURCESTHESEALTERNATIVEMODESOFFINANCINGINCLUDEAMONGOTHERS,VENTURECAPITALANDCREDITENHANCEMENTSSUCHASFINANCIALGUARANTEEINSURANCEANDAGRICULTUREINSURANCETHEFINANCIALINFRASTRUCTURETHATSUPPORTSSMALLANDMEDIUMSIZEDENTERPRIS
17、ESINSERBIAISUNDEVELOPEDUPTONOW,SMALLANDMEDIUMSIZEDENTERPRISESANDENTREPRENEURSHAVEFINANCEDTHEIROPERATIONSOUTOFTHEIROWNRESOURCESBECAUSEFINANCIALMARKETSINSERBIAWEREISOLATEDANDLACKEDTHESUPPORTOFINTERNATIONALFINANCIALINSTITUTIONSTHELOCALFINANCIALSECTORINTHEFORMERYUGOSLAVIAWASDESIGNEDTOSUPPORTLARGESCALE,S
18、OCIALLYOWNEDENTERPRISESOTHERWISEKNOWNASTHEPILLARSOFDEVELOPMENTBANKS,ESPECIALLYLARGESCALESOCIALLYOWNEDBANKS,HADAREDISTRIBUTIVEFUNCTIONIMPOSEDONTHEMBYTHESTATE,ANDTHEYDEALTSOLELYWITHLARGESCALE,SOCIALLYOWNEDENTERPRISESINADDITION,THEFUNDFORDEVELOPMENTOFTHEREPUBLICOFSERBIADISBURSEDITSFUNDSTOTHESAMETARGETG
19、ROUPCAPACITYTOREPAYTHEBANKSORTHEFUNDWASNOTACRITERIONFORCREDITAPPROVALECONOMISTSHAVENOTALWAYSFULLYAPPRECIATEDTHEIMPORTANCEOFAHEALTHYFINANCIALSYSTEMFORECONOMICGROWTHORTHEROLEOFFINANCIALCONDITIONSINSHORTTERMECONOMICDYNAMICSASAMATTEROFINTELLECTUALHISTORY,THEREASONISNOTDIFFICULTTOUNDERSTANDDURINGTHEFIRST
20、FEWDECADESAFTERWORLDWARII,ECONOMICTHEORISTSEMPHASIZEDTHEDEVELOPMENTOFGENERALEQUILIBRIUMMODELSOFTHEECONOMYWITHCOMPLETEMARKETSTHATIS,INTHEIRANALYSES,ECONOMISTSGENERALLYABSTRACTEDFROMMARKET“FRICTIONS“SUCHASIMPERFECTINFORMATIONORTRANSACTIONCOSTSBUTWITHOUTSUCHFRICTIONS,FINANCIALMARKETSHAVELITTLEREASONTOE
21、XISTFOREXAMPLE,WITHCOMPLETEMARKETSANDIFWEIGNORETAXES,WEKNOWTHATWHETHERACORPORATIONFINANCESITSELFBYDEBTOREQUITYISIRRELEVANTTHEMODIGLIANIMILLERTHEOREMTHEFORMERECONOMICANDPOLITICALSYSTEMDIDNOTSUPPORTTHEDEVELOPMENTOFFINANCIALINSTRUMENTSFORSMALLANDMEDIUMSIZEDENTERPRISESCOOPERATIONWITHSMESFOCUSEDONAFEWSEL
22、ECTEDCOMPANIES,WHILESOLETRADERSWEREALMOSTCOMPLETELYEXCLUDEDFROMCREDITTRANSACTIONSWITHTHEBANKINGSECTORSMEOWNERSANDCITIZENSCOMPLETELYLOSTTHEIRTRUSTINTHEBANKSANDCHANNELEDTHEIRSAVINGSINTOTHEGREYECONOMY,TOBANKSABROAD,ORKEPTTHEIRSAVINGSATHOMEONLYPAYMENTSEFFECTEDTHROUGHTHENATIONALPAYMENTBUREAUFUNCTIONEDPRO
23、PERLYFORSMALLANDMEDIUMSIZEDENTERPRISES译文中小企业的融资问题资源来源HTTP/WWWWORLDBANKORG/作者詹姆斯沃尔芬森中小企业的蓬勃发展对促进经济增长，减少发展中国家的贫穷和经济转型具有重要意义。但金融机构往往因为向中小企业融资的费用过高而减少贷款甚至不向他们贷款。中小企业援助基金会的总裁伯特范德法特写道中小企业需要的并不是没有机会获得资本，而是在一个包含早期阶段股权投资，加强技术援助的模型上的前进这个以美国和荷兰为基础的非政府组织管理着14个商业化投资基金，在全球范围内具有140亿美元总资产，并制定了独特的“股权加援助”对中小型企业投资的方式。
24、几乎在所有经济体中，中小企业是促进经济增长和提高劳动就业率的一大功臣。在转型国家和发展中国家的外国直接投资开放环境中，他们也往往不成比例地比任何的更大和更小的同行多支付税收和社会保障缴款。较大的企业，特别是跨国公司，往往会找到一种方法，通过转移定价，专利费的税务义务，并协商免税以减少税费。另一方面，小企业经常在非正规部门，既不纳税，也不缴纳社会保障款。然而，如果中小型企业掌握了增长和发展的临界尺寸，往往能够获得高收入和利润的增长。但为什么有私人和公共金融机构都倾向于避免对他们进行投资呢其原因是多方面的，并为大部分可以理解的。对于私人投资者，投入较少的资金到几个中小型企业需要的工作量与投入到大企
25、业相比，似乎缺乏吸引力。此外，投资本地中小型企业也往往涉及与对企业融资，商业做法，英语不太熟悉的企业家合作。还有更多的问题要考虑，包括本地法律体系和政府透明度的缺失，如药品，电讯或私营工业企业，而不是在资产相对较少的小公司，这些公司资本化程度低，以及被认为极易受到市场条件的影响。公共发展机构也会遇到对中小企业投资的高额的行政费用，再加上中小企业家可能不可靠。与他们一起工作可能会带来明显减少“发展”的机会，比如针对小额信贷扶贫等为重点领域的利益。地方商业银行也往往偏向于有相当大的资产的大公司借款人。这意味着，即使是当地银行从发展机构获得的信贷额度转贷给中小企业往往利用不足。中小企业企业家在会计和
26、其他财务文件方面的经验不足，使得银行或其他潜在来源难以评估其信用及现金流量，从而不符合融资的条件。总之，这些因素都在很大程度上影响着缺乏资金去实现其潜力的发展中国家的经济发展最具活力的经济部门。中小企业援助基金会认为，他们的投资水平和投资后的努力允许它投资在相对具有吸引力的倍数。这就提供了一个潜在的出口机会。与此相反，许多新兴市场的私人股权投资者过去4年里的出口令人失望。因此中小企业援助基金早期阶段的做法可能有一天被视为投资发展中国家最合适的手段。同时，该基金通过迅速增加中小企业的收入，生产率和就业增长来实现其发展目标。金融部门基础设施需要改变,以适应实质性的融资需求的新活动和行业。而金融机构
27、需要不断的变换才能继续生存下去，这个变化是指创新和满足来自全世界不同文化的需求,针对他们的需求，努力为客户提供他们需要的东西，从而促进企业融资。这些包括知识密集型、技术密集型融资，企业在思想上担保无形资产担保品是非常重要的。作为这样,这些知识密集型、技术密集型企业需要另一个形式的融资来补充传统的融资来源。这些替代模式包括融资风险资本和信用增强,如金融担保保险和农业保险。金融基础设施的建设,支持中小企业融资在发达国家也不是很发达。到现在,中小型企业和企业家资助他们的业务走出自己的资源,因为金融市场缺乏国际金融机构的支持。当地的金融部门在前南斯拉夫被设计用来支持大规模的、社交的独资企业。像银行,特
28、别是大型社会上拥有了再分配功能的机构，他们强加于他们的国家、并且他们办事只与大规模、社交上层的独资企业。是否有能力偿还银行或基金并不是唯一的信贷审批标准。经济学家的重要性并不总是得到充分的赏识,一个健康的金融体系对经济增长的作用表现在财务状况或在短期经济动态。不论在思想史,原因是不难理解的。在最初的几十年,第二次世界大战之后,经济理论家强调发展一般均衡模型与完整的市场经济,在他们的分析中,经济学家们普遍抽象于市场“摩擦”等的不完全信息或交易成本。但是如果没有这样的摩擦,金融市场几乎没有存在的理由。例如,在完整的市场，如果我们忽略税收,我们知道是否有一个公司的财务状况本身通过债务或股票无关。在这之前，经济制度和政治制度的不支持中小企业是阻碍金融工具发展的一个重要因素。与中小企业合作只是集中于少数个别公司,而唯一的交易商都几乎完全被排斥在银行业信用交易之外。中小企业所有者和公民完全失去了银行等大型金融机构的信任。银行间接引导其投向灰色经济,比如海外银行,或者让他们储蓄在家里。只有通过全国性付款支付，卖方才能妥善，这是对中小企业融资功能最好的办法。
