1、 外文翻译 原文 Financing SMEs and Entrepreneurs Material Source: http:/www.oecd.org/dataoecd/53/27/37704120.pdf Author: ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Introduction Small and medium-sized enterprises (SMEs) are the backbone of all economies and are a key source of economic growth， d
2、ynamism and flexibility in advanced industrialised countries ， as well as in emerging and developing economies。 SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country。 They are responsible for between 60-70% net job c
3、reation in OECD countries。 Small businesses are particularly important for bringing innovative products or techniques to the market。 Microsoft may be a software giant today, but it started off in typical SME fashion, as a dream developed by a young student with the help of family and friends.Only wh
4、en Bill Gates and his colleagues had a saleable product were they able to take it to the marketplace and look for investment from more traditional sources. While not every small business turns into a multinational, they all face the same issue in their early days finding the money to enable them to
5、start and build up the business and test their product or service. Why is it harder for them to borrow money from banks or to find private investors than for larger firms?And why is it easier for small businesses to raise money in some countries than in others?These are important questions given the
6、 fact that small businesses, and particularly innovative SMEs, become increasingly vital to economic development and job creation as the knowledge-based economy develops. This Policy Brief looks at the extent of the SME financing gap, and what governments can do to make it easier for them to obtain
7、the funding they need to start, grow and prosper, and thus contribute to creating jobs and economic growth. SMEs are vital for economic growth and development in both industrialised and developing countries, by playing a key role in creating new jobs. Financing is necessary to help them set up and e
8、xpand their operations, develop new products, and invest in new staff or production facilities.Many small businesses start out as an idea from one or two people, who invest their own money and probably turn to family and friends for financial help in return for a share in the business.But if they ar
9、e successful, there comes a time for all developing SMEs when they need new investment to expand or innovate further.That is where they often run into problems, because they find it much harder than larger businesses to obtain financing from banks, capital markets or other suppliers of credit. This
10、financing gap is all the more important in a fast-changing knowledge-based economy because of the speed of innovation.Innovative SMEs with high growth potential, many of them in high-technology sectors, have played a pivotal role in raising productivity and maintaining competitiveness in recent year
11、s.But innovative products and services, however great their potential, need investment to flourish.If SMEs cannot find the financing they need, brilliant ideas may fall by the wayside and this represents a loss in potential growth for the economy.The bagless vacuum cleaner and the wind-up radio or f
12、lashlight which need no batteries are now common household items, but nearly failed to see the light of day because their inventors could not find financial backing to transform their ideas into production. Already, differences are emerging between countries in terms of how easy it is for innovative
13、 SMEs to grow and develop.This sector has been very dynamic in the United States and a few other countries, but has lagged in many continental European countries and Japan, to the detriment of job creation and competitiveness. 图 1 Note: In many cases of debt in OECD countries, this problem is limite
14、d to a sub set of SMEs, mostly start-ups and very young firms. Data is based on the responses of 20 OECD and 10 non-OECD economies. Source: OECD SME and Entrepreneurship Financing Survey. While the SME financing gap is more pervasive in emerging markets, business financing overall is not a problem i
15、n OECD countries (Figure 1), where banks are adopting strategies to cope with reducing the risk of lending to SMEs and where there are well-established systems for raising money through banks and capital markets. Many countries that do not report an overall financing gap for SMEs say that they do ha
16、ve a financing problem when it comes to innovative SMEs, precisely because they do not fit the mould applied in traditional SME financing.Since innovative SMEs tend to be newcomers to the market, or seeking financing for a new type of product or service, and usually have negative cash flows and untr
17、ied business models, they represent a higher risk to banks and cannot be assessed in the same manner as traditional SMEs or large firms. One fundamental problem in dealing with the SME financing gap is lack of basic information about just how big such a gap may be.Often the only evidence is in the f
18、orm of complaints from SMEs themselves and this is difficult to use in analysis or for comparison.Moreover, the definition of an SME varies between countries and financial institutions, some only compile figures by size of loan, not by size of the company borrowing, and some do not keep regular stat
19、istics of SME lending at all.And this is just in OECD countries outside the OECD area, information is even scarcer. The difficulties that SMEs encounter when trying to access financing can be due to an incomplete range of financial products and services, regulatory rigidities or gaps in the legal fr
20、amework, lack of information on both the banks and the SMEs side.Banks may avoid providing financing to certain types of SMEs, in particular, start ups and very young firms that typically lack sufficient collateral, or firms whose activities offer the possibilities of high returns but at a substanti
21、al risk of loss. SMEs tend by their very nature to show a far more volatile pattern of growth and earnings, with greater fluctuations, than larger companies.Their survival rate is lower than for larger companies one analyst found that manufacturing firms with fewer than 20 employees were five times
22、more likely to fail in a given year than larger firms.Thus, SMEs are at a particularly severe disadvantage when trying to obtain financing relative to larger and more established firms. It can also be difficult for potential creditors or investors to distinguish the financial situation of the compan
23、y from that of its owners.The entrepreneur may have re-mortgaged his or her house to acquire the start-up funds for the company, for example.If there are two cars in the driveway, can one or both be considered part of the companys assets? If the owner dies, is there someone to take over the business
24、, or will it die with him or her? In order to assess the success of such actions, governments need to be able to measure the size of the SME financing gap and evaluate the impact of government actions.OECD and non-OECD governments have asked the OECD to take the lead in establishing international be
25、nchmarks to facilitate comparisons of the relative performance of markets in providing financing to SMEs and entrepreneurs and to shed light on outstanding financing gaps and issues. 译文 中小企业融资和企业家 资 料来源 : http:/www.oecd.org 作者： 经济合作与发展组织 在先进的工业化国家，中小企业不仅是所有经济的中坚力量，也是经济增长的关键，也是一种新兴经济体和发展中的经济。中小企业是构成商
26、业组织的主要方式，约占一个国家经济的 95%-97%以上，中小企业负责通过经合组织为就业者创造 60%-70%的就业机会，小型企业在生产重要产品或技术创新等方面显得尤为重要。 微软虽然作为现今软件行业的巨头，但同时也是典型的中小企业形象，就像在做梦的时候梦见了一群年轻的学生在自己家人 和朋友的帮助下研制开发。只有当比尔盖茨和他的同事在拥有可以销售的产品时，他们有能力把产品带到市场上，然后从传统的资源中寻求投资。 虽然不是每个小型都能变成跨国公司，但在他们成立的早期都面临着同样的问题 -寻找资金可以使他们的企业开始运作和成立，因而来测试他们的产品或服务。为什么中小企业向银行贷款或者寻找私人投资者
27、会比大型企业困难？为什么中小企业在小的国家筹集资金会比在大的国家要容易？事实上，存在一个很重要的问题，就是小型企业，特别是创新型的中小型企业，逐渐成为了经济发展过程中和创造以知识为基础的工作机会最重要 的力量。 这个政策对于中小企业来说，在一定程度上存在着 资金缺口 政府能够让他们更加容易得到资金，来帮助中小企业的创业期、成长期和成熟期，从而更加有利于创造就业和经济增长。 在工业化国家和发展中国家，中小企业在创造新的就业机会过程中作为一个重要的角色对于经济的增长和发展是至关重要的。 融资是必不可少的，通过融资可以帮助中小企业建立和扩大经营、开发新产品和人员投资或生产设备。许多小型企业开始构想一
28、个或 两个人，来作为他们的投资者，可能是他们的家人，也可能是他们的朋友，通过想他们筹集资金来换取企业的正常运转，但是如果他们成功了，他们就会有更多的时间用来发展中小型企业，然而，他们也将会需要更多的资金来进一步扩大和创新。这就是他们经常遇到困难，因为他们发现向银行贷款、资本市场或者其他供应信用商融资会显得更加困难。 这种由于快速创新带来的 财政赤字 是相当重要的，尤其是在这个瞬息万变的以知识为基础的经济时代。在近几年，中小企业具有很高的创新潜力，很多中小企业在高科技领域中，起到了保持竞争力和提高劳动效率的重要作用 。但是创新的产品和服务，具有更大的潜力，当然也需要更多的投资者才会蓬勃发展。如果
29、中小企业找不到他们所需要的资金，再辉煌成功的想法也可能落入歧途，这代表着在经济增长中可能存在着损害经济增长的潜在增长率。 bagless真空环境和 卷曲 无线电或不需要电池的手电筒作为现在常用的家居用品，但是几乎都是在缺少光明的时候才用得到，因为投资者他们也是一个道理，他们找不到一个可以将他们的想法投入生产的企业，而他们又不可能改变自己的想法。 已经出现在不同国家之间的创新难易度方面的差异，对正在成长和发展中的中小型企业是 多么的简单。这个部门在美国和其他一些国家一直存在着互动，但是在许多欧洲国家和日本，却相对来说处于滞后状态，从而对创造就业机会和竞争力具有减弱作用。 图 1 注意：在经合组织
30、国家，存在很多债务，这个问题仅限于中小企业的替补上场，其中大部分是中小型企业刚创业。资料是由 20 个经济合作和发展组织与10 个非经合组织的经济体提供的。资料来源：经合组织中小企业和企业家融资调查 而中小企业融资难问题在新兴市场中已形成一种深入人心的差距，在经合组织的新兴市场中企业融资整体将不是问题（图 1），在那里，银行也将采取策略来降低中小 企业的贷款风险，同时也将建立良好的系统通过银行和资本市场来筹集资金。 当中小企业处于创新阶段时，很多国家不会全面详细地报告资金缺口说对中小企业的融资困境，正是因为中小企业不符合传统的融资放式。因为中小企业的创新趋向于市场中的新来者，或者寻求融资的一个
31、新类型的产品或服务，通常具有负面的现今流量和持续增长的经营模式，他们代表了一种较高的风险银行和无法用相同方式来评定大型企业和传统的大公司。 一个最基本的问题在于处理中小企业资金缺口，这个缺口缺乏一个基本信息，而我们并不知道这个裂缝有多大。中小企业经常通过以唯一的 证据抱怨自己，这是通过中小企业间进行比较分析得来的。此外，中小企业的定义在不同国家以及金融机构之间是不同的，有的通过贷款多少的不同来进行编译，而不是通过大小公司的借款，有些则不需要保持常规的数据来统计中小企业贷款。而这还只是经合组织国家在晶核组织意外的地区，信息资源甚至匮乏。 当试图进入中小企业融资可能是由于一种不完全的领域的时候，金
32、融产品和服务的金融往往会遇到困难，监督管理刚度和空白的法律构架，都是缺乏对银行和中小企业的了解的表现。银行可能会避免提供某些类型的中小企业融资，特别是，建立和改变一些刚成立的公 司，这些公司是典型的缺乏足够抵押品或者哪些行为的提供者有可能会收回更高的回报，但是也极有可能是一种损失。 中小企业往往由于其本身的性质，展示了更多不稳定和收入增长方式，与大型企业相比，具有更大的波动性。同时，他们的生存率相对于大型企业来说也是更低 一位分析家发现少于 20 个员工的制造业公司，与大型企业相比，将会有 5 被的几率失败。因此，相对于能够获得融资来成立更大更优越的公司来说，中小企业是一个特别没有优势的服务。 它也很难区分除它的所有者意外的其他潜在的投资者债权人或者公司的财务状况。比如：企业家可能再抵押 他或者她的房子，来获得启动资金用于公司。如果有两辆车行驶在车道上，可以把一个或者全部想象成公司资产的一部分？如果所有者死亡，那么有谁来做这个生意或者是和所有者一起死亡？ 为了对这中星微进行肯定的评价，政府需要预测出企业融资缺口带来的影响，并且通过预测也可以对政府进行评估。非经济合作和发展组织与政府已经要求经合组织要带头基准带头，建立国际间的基准点来推进和比较，为发展中国家提供经济市场的企业和企业家提出融资缺口及存在的问题。
