1、本科毕业论文（设计）外文翻译原文FINANCEFORSMESAUKPERSPECTIVETHEPURPOSEOFTHISPAPERISTWOFOLDFIRSTTODRAWOUTSOMEOFTHECENTRALFINDINGSOFTHEESRCSMALLBUSINESSRESEARCHPROGRAMMEONTHEFINANCINGOFSMALLERBUSINESSESSECONDTODISCUSSTHEIRIMPLICATIONSFORPOLICYIDONOTATTEMPTTOPROVIDEAGENERALSURVEYOFALLRECENTRELEVANTWORKONTHISISSUETHEID
2、EATHATPROBLEMSINTHEFINANCINGOFSMALLERFIRMSHAVESIGNIFICANTLYHINDEREDTHEROLETHEYPLAYINTHEOVERALLPERFORMANCEOFTHEUKECONOMYISDEEPLYROOTEDSUCCESSIVECOMMITTEESOFINQUIRYINTOSMALLFIRMSANDINTOTHEFUNCTIONINGOFFINANCIALINSTITUTIONSIDENTIFIEDPROBLEMSFORSMALLANDMEDIUMSIZEDINDEPENDENTOWNERCONTROLLEDFIRMSEMPLOYING
3、LESSTHAN200,OR500EMPLOYEESSMESTHEWILSONCOMMITTEEINITSREPORTONSMEFINANCINGARGUED,FORINSTANCE,THATSMESWERERELATIVELYRISKYTHEYCOULDTHEREFOREEXPECTTOFACEHIGHERINTERESTCHARGESORMORESEVERESECURITYCONDITIONSTHANLARGERFIRMSTHEYCONCLUDEDNEVERTHELESSTHATEXCESSIVEBANKCAUTIONLEDTOSMALLER,ANDESPECIALLYNEWER,SMES
4、BEINGRATIONEDINTHEMARKETFORLOANSANDBANKFINANCETHEYALSOPOINTEDTOASHORTAGEOFSTARTUPCAPITAL,ANDOFEQUITYDEVELOPMENTCAPITALFORFULLYGEAREDESTABLISHEDBUSINESSESWISHINGTOEXPANDTHESEREPORTSLEDOVERTHEYEARSTOTHEINTRODUCTIONOFAVARIETYOFPOLICYMEASURESDESIGNEDTOTACKLEMARKETFAILURESINTHESUPPLYOFFINANCETOSMES,ANDPA
5、RTICULARSUBGROUPSOFTHEM,SUCHASHITECHFIRMSWITHASPECIFICREQUIREMENTFORRISKCAPITALFORINSTANCEINTHE1980STHELOANGUARANTEESCHEMELGSWASINTRODUCEDALONGSIDETHEBUSINESSEXPANSIONSCHEMEBESTHESEWEREDESIGNEDTOTACKLERESPECTIVELYTHEDEBTANDEQUITYSIDESOFTHESMEFINANCINGPROBLEMINTHENINETIESTHELOANGUARANTEESCHEMEHASBEEN
6、AUGMENTEDANDALTHOUGHTHEBESWASWOUNDDOWNOTHERVERYDIFFERENTSCHEMESSUCHASSMARTANDSPURWEREINTRODUCEDTOSUPPORTINVESTMENTINHITECHANDINNOVATIVEBUSINESSES,ALONGWITHOTHERDEVELOPMENTSSUCHASTHEENTERPRISEINVESTMENTSCHEMEANDVENTURECAPITALTRUSTSTOBOOSTFINANCEFORINVESTMENTINSMESTHEREWASALSOASUBSTANTIALINCREASEINTHE
7、AVAILABILITYOFPRIVATEVENTURECAPITALFUNDING,ALTHOUGHQUESTIONSMAYBERAISEDASTOTHEEXTENTTOWHICHTHISFAVOUREDLOWERRISKMANAGEMENTBUYOUTSRATHERTHANHIGHRISK,HIGHTECH,ORINNOVATIVESMALLBUSINESSGROWTHTHEAPPARENTRESURGENCE,ALONGSIDETHESECHANGES,OFTHESMESECTORINTHE1980S,ANDTHEIDENTIFICATIONOFCONTEMPORARYGOVERNMEN
8、TFISCALPOLICY,GENERALLY,WITHCORPORATEANDPERSONALTAXCUTSTOENCOURAGEANENTERPRISECULTURE,MIGHTHAVEBEENEXPECTEDTOREDUCETHEINTENSITYOFCLAIMSTHATTHESMESECTORINTHEUKREMAINSATADISADVANTAGEINDEEDONERECENTACADEMICSURVEYCONCLUDEDTHAT“SMALLFIRMSINGREATBRITAINCURRENTLYFACEFEWDIFFICULTIESINRAISINGFINANCEFORTHEIRI
9、NNOVATIONANDINVESTMENTPROPOSALSINTHEPRIVATESECTOR”THESUBSEQUENTREPORTOFTHEHOUSEOFCOMMONSTRADEANDINDUSTRYCOMMITTEEONTHECOMPETITIVENESSOFUKMANUFACTURINGINDUSTRYALSOCONCLUDEDTHATTHISISNOT,HOWEVER,THEENDOFTHESTORYTHECOMBINEDIMPACTOFHIGHINTERESTRATESANDPROLONGEDRECESSIONINTHEEARLY1990SSERVEDTOHIGHLIGHTTH
10、EEXTENTTOWHICHSMESCONTINUETORELYHEAVILYONSHORTTERMFINANCEFROMBANKS,TOFINANCETHEIRACTIVITIESITALSOREVEALEDTHEWAYINWHICH,WHENTIMESAREHARD,THESMALLESTBUSINESSES,WHICHPROLIFERATEDMOSTRAPIDLYDURINGTHE1980S,ANDAREMOSTDEPENDENTUPONBANKS,PROTESTVIGOROUSLYABOUTTHEAPPARENTLYUNSATISFACTORYNATUREOFTHEIRRELATION
11、SHIPWITHTHEMMOREOVER,ARECENTSTUDYBYTHEADVISORYCOUNCILONSCIENCEANDTECHNOLOGYOFBARRIERSTOGROWTHINSMALLFIRMSECHOEDTHEWILSONANDBOLTONREPORTSCONCERNSOVEREQUITY,ESPECIALLYITSABSENCEINSMALLAMOUNTSFORRISKYPROJECTS,ANDTHOSEINVOLVINGSIGNIFICANTINNOVATIVECOMPONENTSINTHISCONNECTIONITPOINTEDTOTHEMUCHBETTERDEVELO
12、PEDINFORMALVENTURECAPITALMARKETINTHEUSITALSONOTEDANUMBEROFINSTANCESINTHECASESTUDIESITCONDUCTEDINTHEUKWHEREFINANCINGDIFFICULTIESHADLEDTOTHESALEOFOTHERWISEVIABLEINDEPENDENTBUSINESSESTOLARGERCONCERNS,WITHTHEIMPLICATIONTHATWHEREFOREIGNPURCHASERSWERECONCERNEDANOPPORTUNITYTODEVELOPANINDEPENDENTINTERNATION
13、ALLYCOMPETITIVEUKCONCERNHADBEENLOSTOTHERDEVELOPMENTSINTHE1980SLEDTOTHEEMERGENCEOFNEWQUESTIONSINTHEDEBATEOVERSMALLBUSINESSFINANCEONEOFTHESEWASTHEGROWTHOFETHNICBUSINESSES,INPARTICULARTHOSEOWNEDANDRUNBYMEMBERSOFTHEASIANCOMMUNITYHERETHEDEBATEFOCUSEDONTHEIRPARTICULARSTRENGTHSANDWEAKNESSESINRAISINGFINANCE
14、INTHEFACEOFCULTURALSTEREOTYPING,LACKOFESTABLISHEDTRACKRECORDS,ANDRACIALDISCRIMINATIONONTHEONEHAND,ANDSTRONGINFORMALFINANCIALNETWORKSONTHEOTHERDEAKINETAL1992,WARD1991ATTHESAMETIMETHEUNPRECEDENTEDRATEOFCOMPANYFORMATIONINTHE1980SWASASSOCIATEDWITHADEBATEABOUTTHERELATIVELYHIGHCOSTOFCOMPLIANCEWITHCOMPANYA
15、UDITANDDISCLOSUREREQUIREMENTSFORSMALLFIRMSCOMPAREDWITHTHEIRLARGERCOUNTERPARTS,ANDTHEWIDESPREADUSEBYTHEFORMEROFTHEDISPENSATIONTOSUBMITBRIEFMODIFIEDACCOUNTSGRANTEDUNDERTHECOMPANIESACTOF1981ITALSOLEDTOADEBATEABOUTWHETHERTHEBENEFITSOFLIMITEDLIABILITYWEREWORTHTHECOSTSINCURREDFORSMALLERCOMPANIESINAWORLDIN
16、WHICHTHEPURSUITOFCOLLATERALBYBANKSEFFECTIVELYUNDERMINEDIT,ANDINWHICHTHESUPPOSEDBENEFITOFCOMPANYSTATUSINGAININGACCESSTOCAPITALCOULDRARELYBETAKENADVANTAGEOFBECAUSEOFTHEEQUITYCAPITALMARKETFAILURESNOTEDABOVETHEESRCSMALLBUSINESSRESEARCHPROGRAMMEHASSOMETHINGTOSAYONEACHOFTHESEISSUESSMALLFIRMSAREHEAVILYRELI
17、ANTONRETENTIONSTOFUNDINVESTMENTFLOWSTHERELATIVELYLOWLEVELOFPROFITABILITYWHICHWEFINDFORTHESMALLFIRMSECTORISCOUPLEDWITHANABSENCEOFDIVIDENDPAYMENTBYTHEMANDHENCEAPOLICYOFMAXIMUMRETENTIONFORGROWTHANDREPLACEMENTINVESTMENTTHUSTHEMEDIANCOMPANYINTHECAMBRIDGEPANELWITHTOTALASSETSOFLESSTHAN25MILLIONPAIDNODIVIDE
18、NDSATALLINTHEPERIOD197779WECANGAINAFURTHERINSIGHTINTOFUNDINGPATTERNSBYSWITCHINGFROMANANALYSISOFCOMPANYACCOUNTSTOTHERESULTSOFTHECAMBRIDGESMESURVEYSSIXTYFIVEPERCENTOFTHE1991CAMBRIDGESURVEYSAMPLEOFOVER2,000FIRMSHADSOUGHTEXTERNALFINANCEINTHETHREEYEARS198790THEPROPORTIONINTHEBOLTONSAMPLEWAS26BUTINTHATSUR
19、VEYTHEQUESTIONRELATEDTOTHEPREVIOUSTWOYEARSHOWEVER,IFWEADJUSTTHEBOLTONFIGURETO39INORDERTOMAKEITCOMPARABLETOTHELATERFINDING,WECANSEEAMARKEDINCREASEINTHEPROPORTIONSEEKINGEXTERNALFINANCEITISNOTPOSSIBLEONTHEBASISOFOURSTUDYTOSAYWHETHERTHISISATRENDORCYCLICALDIFFERENCEMOREOVERTHEDUNANDBRADSTREETSAMPLINGFRAM
20、EONWHICHTHECAMBRIDGESURVEYSAREBASEDISBIASEDTOWARDSFIRMSSEEKINGFINANCESINCEITISACREDITRATINGDATABASEWHATISSTRIKING,HOWEVER,ISTHATOFTHE65WHICHSOUGHTFINANCEINTHEPERIOD198790,ONLYASMALLNUMBER25FAILEDTOOBTAINSOMETHISMAYREFLECTARELUCTANCETOADMITHAVINGSOUGHTFINANCEANDFAILEDTOGETANYORRELATIVELYEASYFINANCIAL
21、CONDITIONSINTHEPERIOD19871990THECAMBRIDGESURVEYOF1995,HOWEVER,REVEALSSIMILARLYHIGHSUCCESSRATESINTHEPERIODS199193AND199395INRATHERDIFFERENTFINANCIALCONDITIONSTAKENASAWHOLETHESERESULTSCONTRASTWITHEARLIERFINDINGSFORTHEUKTHUSINTHEBOLTONSAMPLEABOUTATHIRDOFTHOSESEEKINGFINANCEFAILEDTOOBTAINANYATALLANDSOINT
22、HATSENSETHEREMAYHAVEBEENSOMECLOSINGOFTHESMALLFIRMSFINANCEGAPSINCETHENACOMPARISONOFTHEPROPORTIONSEEKINGADDITIONALFINANCEACROSSVARIOUSGROUPSOFFIRMSINTHECAMBRIDGESURVEYCOVERINGTHEYEARS198790SHOWEDTHATTHEREWASLITTLEDIFFERENCEBETWEENMANUFACTURINGANDSERVICES,WHEREASTHEBOLTONSURVEYFOUNDTHATMANUFACTURINGFIR
23、MSWEREFARMORELIKELY32INTHEPREVIOUSTWOYEARSTOHAVESOUGHTADDITIONALFINANCETHANSERVICEFIRMS20INPREVIOUSTWOYEARSONTHEOTHERHAND,ANDLIKETHEBOLTONSURVEY,THECAMBRIDGEDATASHOWTHATLARGERCOMPANIESANDFASTERGROWTHCOMPANIESAREMORELIKELYTOHAVERECENTLYSOUGHTADDITIONALFINANCEINADDITION,AHIGHERPROPORTIONOFNEWERCOMPANI
24、ESSEEKEXTERNALFUNDINGCAMBRIDGESURVEYFIRMSWHOHADOBTAINEDEXTERNALFINANCEWEREASKEDTOINDICATETHEPROPORTIONOBTAINEDFROMDIFFERENTSOURCESACLEARPICTUREOFTHERELATIVEIMPORTANCEOFDIFFERENTSOURCESOFFINANCETHERESPONSESFORTHEPERIOD198790ARESHOWNINTABLEIIANDFIGURE4TABLEIISHOWSTHATBANKSAREBYFARTHEMOSTSIGNIFICANTPRO
25、VIDERSOFFINANCETOTHESMALLFIRMSECTORTHEBANKSPROVIDEDSOMEFINANCETO84OFTHOSEWHOHADRAISEDFINANCE,ANDASEPARATEANALYSISSHOWSTHATTHEYACCOUNTEDFORMORETHANHALFOFTHEADDITIONALFINANCERAISEDFOR65OFTHESAMPLELOANSWEREDOMINANTASTHEFIRSTSOURCEOFFINANCESOUGHTAFTERINTERNALCASHFLOWTHENEXTMOSTIMPORTANTSOURCEWASHIREPURC
26、HASEORLEASINGWHICHWASASOURCEOFFINANCETO45OFTHESAMPLEFIRMSWHICHHADRAISEDNEWFINANCE,ANDACCOUNTEDFOROVERHALFTHEADDITIONALFINANCEIN14OFTHECASESTHISHASCLEARLYGROWNINIMPORTANCEASASIGNIFICANTALTERNATIVETOFURTHERBORROWINGSINCETHEBOLTONREPORTANDFROMTHEPOINTOFVIEWOFTHECONTRACTINGPARTIESSOLVESSEVERALMORALHAZAR
27、DANDDEFAULTPROBLEMSWHICHWOULDBEPRESENTIFASSETSWEREBOUGHTONTHEBASISOFDEBTFINANCETOWHATEXTENTDOESTHEEVIDENCEPRESENTEDHERESUPPORT,ORUNDERMINE,THEVIEWTHATACCESSTOFINANCEHASINHIBITEDTHECONTRIBUTIONWHICHSMALLFIRMSMAKETOTHEUKECONOMYDOTHEPAPERSPROVIDEFURTHEREVIDENCEOF“GAPS”OR“MARKETFAILURE”IFSO,WHATSHOULDBE
28、DONETORECTIFYTHESEMATTERSTHEEVIDENCEINSUPPORTOFTHEEXISTENCEOF“GAPS”ISPROVIDEDMAINLYBYMASONANDHARRISONINTHEIRANALYSISOFBUSINESSANGELSTHEYSUGGESTTHATMANYSUCHINDIVIDUALSARESEEKINGTOMAKEFURTHERINVESTMENTSINAPPROPRIATESMALLERCOMPANIES,BUTAREUNABLETOOBTAINASUFFICIENTFLOWOFSUITABLEPROPOSALSMASONANDHARRISON
29、ALSOSUGGESTTHEREAREBUSINESSOWNERS,WHOSEFIRMSARECONSTRAINEDINTHEIRGROWTHBYA“SHORTAGE”OFEQUITY,ANDWHOWOULDBEPREPAREDTOSHARETHATEQUITYWITHINFORMALINVESTORSTHECLEARIMPLICATIONOFTHEIRRESEARCHTHATINFORMATIONBARRIERSEXISTBETWEENTHETWOGROUPS,ANDTHATITWOULDBEBENEFICIALTOTHEECONOMYASAWHOLEIFTHESEBARRIERSWEREO
30、VERCOMEHOWEVER,LITTLEFURTHEREVIDENCEEMERGEDFROMTHEESRCRESEARCHPROGRAMMEORTHESUBSEQUENTCAMBRIDGESURVEYSOF1993AND1995TOSUGGESTTHATGENERALGAPSEXISTINTHEFINANCINGOFSMALLFIRMS,ALTHOUGHITMUSTBENOTEDTHROUGHOUTTHATINVARIABLYSUCHEVIDENCEARISESFROMTHEANALYSISOFSURVIVINGFIRMSANDSEVEREFINANCIALCONSTRAINTSCOULDH
31、AVEPRODUCEDFAILUREORTAKEOVERCOSHANDHUGHES1994ANDCOSH,DUNCANANDHUGHES1996BEARINGTHISINMINDFINANCIALCONSTRAINTSDIDNOTAPPEARINAREASWHERETHEYMIGHTBEEXPECTEDFOREXAMPLE,JONES,MCEVOYANDERRETTINTHEIRPAPERONTHEFINANCINGOFWHITEANDETHNICBUSINESSESFINDNODIFFERENCEINTHISRESPECTBETWEENASIANANDWHITEBUSINESSESTHEYD
32、OPOINTTOPROBLEMSEXPERIENCEDBYAFROCARIBBEANBUSINESSOWNERS,BUTTHESEMAYREFLECTBOTHTHESECTORALCOMPOSITIONANDPOORERPERFORMANCEOFBUSINESSESESTABLISHEDBYTHESEGROUPSTHEFACTTHATTHEYFINDTHATDISCRIMINATIONOCCURSDOESNOT,INITSELF,IMPLYAMARKETFAILUREWITHOUTFURTHERWORKONTHERELATIVECHARACTERISTICSOFTHESEBUSINESSESS
33、O,WHATSHOULDBEDONEONEROLEFORGOVERNMENTISTHATOFENCOURAGINGTHESHARINGOFBOTHTHERISKSANDRETURNSOFBUSINESSOWNERSHIPBETWEENTHEPROVIDERSOFFINANCEANDTHEENTREPRENEURSONEILLUSTRATIONOFMOVINGPOLICYINTHISDIRECTIONWOULDBETOSPECIFY,ASUBSTANTIALMINIMUMSHARECAPITALFORTHOSEWISHINGTOESTABLISHLIMITEDCOMPANIESANDGAINTH
34、EBENEFITSOFLIMITEDLIABILITYWHILSTLEAVINGBUSINESSESWITHLITTLEAPTITUDEFORGROWTHTOREMAINUNINCORPORATEDTHEPROVISIONOFEQUITYFUNDINGMOREGENERALLYWILLALWAYSBEPROBLEMATICFORSMALLERFIRMSGIVENTHEINTERNALPRESSURESTOMAINTAININDEPENDENCEANDTHESIGNALLINGPROBLEMSASSOCIATEDWITHISSUINGEQUITYENTREPRENEURSTOTALLYCONVI
35、NCEDTHATTHEIRBUSINESSPROPOSITIONWILLBEHUGELYSUCCESSFUL,ISVERYUNLIKELYTOBEWILLINGTOSHARETHEFRUITSOFTHATSUCCESSASTHENATIONALWESTMINSTERBANKPUTITTOTHEHOUSEOFCOMMONSSELECTCOMMITTEEONTHISBASISMANYPROPOSALSWHICHAREPUTTOVENTURECAPITALORGANISATIONSORINDIVIDUALSARELIKELYTOINCLUDEAHIGHPROPORTIONOFCASESWHICHSH
36、OULDNOTBESUPPORTEDANDTHECHALLENGEISTOSIFTTHESEOUTONOTHERCRITERIATHEDEVELOPMENTOFCLEARINGHOUSESCHEMESTOENCOURAGEINVESTMENTANGELSISWORTHPURSUINGHERESOTOOISTHECONSIDERATIONOFSCHEMESTOENCOURAGEPLOUGHBACKBYTHEOWNERSOFSMESEITHERBYTAXBREAKSFORRETENTIONSUSEDTOFUNDCERTAINTYPESOFQUALIFYINGINVESTMENTS,ORMOREGE
37、NERALDIFFERENTIALTAXATIONOFRETAINEDPROFITSTHEFATEOFTHEBESSUGGESTSTHATTECHNICALPROGRESSINTAXAVOIDANCEMAYSUBVERTEVENTHEBESTINTENTIONEDOFSCHEMESBUTTHATSHOULDNOTSTOPTHESEARCHFORANEFFECTIVEONEONTHELOANSFRONTSMALLERBUSINESSMAYHAVEAROLETOPLAYINDEPENDENTOFGOVERNMENTIFTOGETHERWITH,ORINDEPENDENTLYFROM,BANKSTH
38、EYCOULDFORMCONSORTIATOUNDERWRITETHEIROWNLOANAPPLICATIONSTHISWOULDCAPITALISEONINFORMATIONHELDBYTHEFIRMSTHEMSELVESANDSOLVESOMEOFTHEINFORMATIONASYMMETRYPROBLEMSWHICHBEDEVILTHELENDINGMARKETTHEDEVELOPMENTOFMUTUALGUARANTEESCHEMESALONGTHESELINESISCOMMONINEUROPETHEREISASEEDCORNROLEFORGOVERNMENTHEREINOVERCOM
39、INGPUBLICGOODPROBLEMSINSETTINGTHEMUPTHOUGHNOTNECESSARILYINMAINTAININGTHEMWHERETHEYAREINOPERATIONSEEHUGHES1992THEREISACASETOOFORAPUBLICGOODSROLEFORSTATEORREGIONBACKEDDEVELOPMENTFINANCEBANKSFORSMALLERFIRMSTHEPRIMENATIONALEXAMPLEOFTHISSORTOFINSTITUTIONISTHEKREDITANSTALTFURWIEDERAUFBAUKFWINGERMANYITSQUA
40、SIGOVERNMENTSTATUSANDLONGTERMPERFORMANCEHASGIVENITHIGHCREDITRATINGSINITSPURSUITOFINTERNATIONALANDNATIONALFUNDSWHICHITUSESTOREFINANCEPRIVATESECTORCOMMERCIALLONGTERMLOANSTOSMESSMESBENEFITBYLOWERINTERESTRATESTHANWOULDOTHERWISEBEAVAILABLE,ANDMOREGENEROUSPHASINGOFREPAYMENTSTHANWOULDOTHERWISEBETHECASETHER
41、ECENTTRADEANDINDUSTRYCOMMITTEESRECOMMENDATIONTHATALOANFUNDINGSCHEMEALONGTHESELINESBEINVESTIGATEDSHOULDBEFOLLOWEDUPTHEIMPORTANCEOFBOTHTHEMUTUALGUARANTEEAPPROACHANDTHEKFWDEVELOPMENTBANKAPPROACHISTHATTHEREISEXPLICITRECOGNITIONOFAPUBLICGOODPROBLEMISSMEFINANCINGBUTTHECOMMERCIALBANKSARENOTASKEDTOSOLVEITTH
42、EYMAKECOMMERCIALLENDINGDECISIONSINCIRCUMSTANCESINWHICHEITHERCONSORTIAOFBORROWINGCOMPANIESOFFERGUARANTEESAGAINSTCOSTOFDEFAULTORSTATEBACKEDBUTNOTSTATEFUNDEDREFINANCINGARRANGEMENTSAREAVAILABLEDEVELOPMENTSOFTHISKINDSHOULD,HOWEVER,ENABLEBANKSTOSHIFTEMPHASISAWAYFROMCOLLATERALBACKEDSHORTTERMLENDINGANDTOWAR
43、DSLONGERTERMLENDINGBASEDONHUMANCAPITALANDBUSINESSPROSPECTSRATHERTHANCARCASEVALUATIONCOSHANDHUGHES1994NOTETHATTHELATTERHASHAPPENEDTOSOMEDEGREEBUTITNEEDSTOGOFURTHERONEWAYINWHICHBANKSCANBUILDALONGERTERMANDMOREFRUITFULRELATIONSHIPWITHTHEIRCLIENTBASEISTOBUILDUPONANDSTRENGTHENDECENTRALIZEDLENDINGDECISIONS
44、BASEDINTURNUPONMORESTABLEREGIONALCAREERPATTERNSLENDINGDECISIONSCOULDTHENBEMORESATISFACTORILYBASEDONINFORMATIONGLEANEDFROMALONGERTERMASSOCIATIONOFINDIVIDUALBANKERSWITHAGIVENREGIONALORLOCALCOMMUNITYTHISWOULDALSOSTIMULATEANDDEVELOPANINFORMATIONFRAMEWORKTOBRINGTOGETHERINFORMALINVESTORSANDENTREPRENEURSAS
45、RECOMMENDEDBYMASONANDHARRISONWHETHERTHISDECENTRALISEDRELATIONSHIPBANKINGISCOMPATIBLEWITHCOSTEFFECTIVENESSFORTHEBANKSISAMOOTPOINTANALTERNATIVEWAYFORWARDMAYWELL,ONTHECONTRARY,TURNOUTTOBESTANDARDISEDCREDITSCORINGFORTHESMALLESTBORROWERSANDAMORERESOURCEINTENSIVEBUTCOSTEFFECTIVERELATIONSHIPWITHCOMPANIESWI
46、THSUFFICIENTSCALE,ANDGROWTHPOTENTIALTOBEFUTURECANDIDATESFORSTOCKMARKETFLOTATIONSOURCEALANHUGHES,1997“SMALLBUSINESSECONOMICS”KLUWERACADEMICPUBLISHERSSEPTEMBERPP151166译文高科技中小企业财务问题以英国为例本文的目的是双重的。首先绘制出对小企业融资的小企业研究计划ESRC中央的一些调查结果。二，讨论政策的影响。我并不试图提供所有最近关于这个问题的有关工作普查。认为，在对小企业融资难问题的作用已大大阻碍了他们在英国经济的整体性能发挥的想法
47、是根深蒂固的。调查委员会将连续小企业和进入金融机构的运作确定为小型和中型独立业主控制的雇员少于200或500名员工（中小企业）企业的问题。在其报告中对中小企业融资威尔逊委员会认为，例如，中小企业相对风险。因此，他们可以预期将面临更高的利息费用或超过大企业严重的安全条件。然而，他们的结论是谨慎，导致过多的银行规模较小，特别是较新的，正在和银行的贷款配给的中小企业融资市场。他们还指出了启动资金短缺，以及股权，希望作好充分准备建立扩大企业的发展资金。在对各种政策引进年LED这些报告措施，以解决在金融供应中小型企业的市场失灵和特定子群体，例如他们对风险的具体要求高科技公司，资本。对于在贷款担保计划（L
48、GS的）是随着业务的拓展计划（百世）介绍了20世纪80年代的实例。这些人分别旨在解决中小企业融资问题的债务和权益方面。在贷款担保计划已扩充九十年代，尽管在BES为平息其他（非常不同的），如智能和SPUR计划进行了介绍，如企业投资，支持高新技术和创新的企业投资，以及与其他发展风险投资信托计划及提高对中小企业的投资资金。也有在私人风险投资资金的情况大幅增加，但问题可能会提出这样的程度，这利于管理层收购的风险较低，而不是高风险，高技术含量，或创新的小企业成长。明显的复苏，同时中小企业部门这些变化，在1980年，星光大道，与当代政府财政政策，一般来说，与企业和个人减税识别是鼓励，可能已经预计将减少索赔
49、的力度，在英国的中小企业部门仍然处于劣势。事实上，最近的一项学术调查的结论是，在英国SMALL公司目前面临在提高他们的创新和私营部门的投资建议，金融不少困难，非盟对英国制造业竞争力的下议院的贸易和工业委员会内务随后的报告业内人士也认为，这是没有，不过，故事的结尾。高利率和漫长的经济衰退在90年代初的综合影响，星光大道有助于突出的程度，中小企业仍主要依靠从银行短期融资，以资助其活动。这还透露以何种方式，在艰难岁月中，最小的业务，最迅速激增在1980年，星光大道，和最依赖于银行，抗议对他们与他们的关系显然是不能令人满意的性质蓬勃发展。此外，由科学咨询委员会和技术在小企业成长的障碍，最近的一项研究呼应了威尔逊和博尔顿的报告，对于股权政务主任的关注，尤其是在高风险项目的少量的情况下，和那些涉及重大创新的部件。在这方面，它指出，非正规企业更好地发展资本市场，在美国也注意到了，在个案研究的实例是在英国进行的地方融资困难导致了可行的独立的企业以其他方式出售给更大的关切，言下之意，如果与外国买家关注的机会，建立一个独立的国际竞争力的英国失去了关注。在1980年的其他发展的导致新的问题在辩论中对小企业融资的出现。其中之一是民族企业的增长，特别是那些拥有和由亚裔社区成员运行。在这里，他们的强项和弱点集中在提高文化成见，建立
