会计学中英文对照外文翻译文献文档格式.docx

会计学中英文对照外文翻译文献文档格式.docx

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FutureofSMEfinance（Background–theenvironmentforSMEfinancehaschanged

FutureeconomicrecoverywilldependonthepossibilityofCrafts,TradesandSMEstoexploittheirpotentialforgrowthandemploymentcreation.

SMEsmakeamajorcontributiontogrowthandemploymentintheEUandareattheheartoftheLisbonStrategy,whosemainobjectiveistoturnEuropeintothemostcompetitiveanddynamicknowledge-basedeconomyintheworld.However,theabilityofSMEstogrowdependshighlyontheirpotentialtoinvestinrestructuring,innovationandqualification.Alloftheseinvestmentsneedcapitalandthereforeaccesstofinance.

AgainstthisbackgroundtheconsistentlyrepeatedcomplaintofSMEsabouttheirproblemsregardingaccesstofinanceisahighlyrelevantconstraintthatendangerstheeconomicrecoveryofEurope.

ChangesinthefinancesectorinfluencethebehaviorofcreditinstitutestowardsCrafts,TradesandSMEs.RecentandongoingdevelopmentsinthebankingsectoraddtotheconcernsofSMEsandwillfurtherendangertheiraccesstofinance.ThemainchangesinthebankingsectorwhichinfluenceSMEfinanceare:

•Globalizationandinternationalizationhaveincreasedthecompetitionandtheprofitorientationinthesector;

•worseningoftheeconomicsituationsinsomeinstitutes（burstoftheITCbubble,insolvencies）strengthenthefocusonprofitabilityfurther;

•Mergersandrestructuringcreatedlargerstructuresandmanylocalbranches,whichhaddirectandpersonalizedcontactswithsmallenterprises,wereclosed;

•up-comingimplementationofnewcapitaladequacyrules（BaselII）willalsochangeSMEbusinessofthecreditsectorandwillincreaseitsadministrativecosts;

•StricterinterpretationofState-AideRulesbytheEuropeanCommissioneliminatesthesupportofbanksbypublicguarantees;

manyoftheeffectedbanksareveryactiveinSMEfinance.

Allthesechangesresultinahighersensitivityforrisksandprofitsinthefinancesector.

ThechangesinthefinancesectoraffecttheaccessibilityofSMEstofinance.

Higherriskawarenessinthecreditsector,astrongerfocusonprofitabilityandtheongoingrestructuringinthefinancesectorchangetheframeworkforSMEfinanceandinfluencetheaccessibilityofSMEstofinance.Themostimportantchangesare:

•Inordertomakethehigherriskawarenessoperational,thecreditsectorintroducesnewratingsystemsandinstrumentsforcreditscoring;

•RiskassessmentofSMEsbybankswillforcetheenterprisestopresentmoreandbetterqualityinformationontheirbusinesses;

•Bankswilltrytopassthroughtheiradditionalcostsforimplementingandrunningthenewcapitalregulations（BaselII）totheirbusinessclients;

•duetotheincreaseofcompetitiononinterestrates,thebanksectordemandsmoreandhigherfeesforitsservices（administrationofaccounts,paymentssystems,etc.）,whicharenotonlyadditionalcostsforSMEsbutalsolimittheirliquidity;

•Smallenterpriseswilllosetheirpersonalrelationshipwithdecision-makersinlocalbranches–thecreditapplicationprocesswillbecomemoreformalandanonymousandwillprobablyloselonger;

•thecreditsectorwilllosemoreandmoreits“publicfunction”toprovideaccesstofinanceforawiderangeofeconomicactors,whichithasinanumberofcountries,inordertosupportandfacilitateeconomicgrowth;

theprofitabilityoflendingbecomesthemainfocusofprivatecreditinstitutions.

AllofthesedevelopmentswillmakeaccesstofinanceforSMEsevenmoredifficultand/orwillincreasethecostofexternalfinance.Businessstart-upsandSMEs,whichwanttoenternewmarkets,mayespeciallysufferfromshortagesregardingfinance.AEuropeanCodeofConductbetweenBanksandSMEswouldhaveallowedatleastmoretransparencyintherelationsbetweenBanksandSMEsandUEAPMEregretsthatthebanksectorwasnotabletoagreeonsuchacommitment.

TowardsanencompassingpolicyapproachtoimprovetheaccessofCrafts,TradesandSMEstofinance

AllanalysesshowthatcreditsandloanswillstaythemainsourceoffinancefortheSMEsectorinEurope.AccesstofinancewasalwaysamainconcernforSMEs,buttherecentdevelopmentsinthefinancesectorworsenthesituationevenmore.Shortageoffinanceisalreadyarelevantfactor,whichhinderseconomicrecoveryinEurope.ManySMEsarenotabletofinancetheirneedsforinvestment.

Therefore,UEAPMEexpectsthenewEuropeanCommissionandthenewEuropeanParliamenttostrengthentheireffortstoimprovetheframeworkconditionsforSMEfinance.Europe’sCrafts,TradesandSMEsaskforanencompassingpolicyapproach,whichincludesnotonlytheconditionsforSMEs’accesstolending,butwillalsostrengthentheircapacityforinternalfinanceandtheiraccesstoexternalriskcapital.

FromUEAPME’spointofviewsuchanencompassingapproachshouldbebasedonthreeguidingprinciples:

•Risk-sharingbetweenprivateinvestors,financialinstitutes,SMEsandpublicsector;

•IncreaseoftransparencyofSMEstowardstheirexternalinvestorsandlenders;

•improvingtheregulatoryenvironmentforSMEfinance.

BasedontheseprinciplesandagainstthebackgroundofthechangingenvironmentforSMEfinance,UEAPMEproposespolicymeasuresinthefollowingareas:

1.NewCapitalRequirementDirective:

SMEfriendlyimplementationofBaselII

Duetointensivelobbyingactivities,UEAPME,togetherwithotherBusinessAssociationsinEurope,hasachievedsomeimprovementsinfavourofSMEsregardingthenewBaselAgreementonregulatorycapital（BaselII）.ThefinalagreementfromtheBaselCommitteecontainsamuchmorerealisticapproachtowardtherealrisksituationofSMElendingforthefinancemarketandwillallowthenecessaryroomforadaptations,whichrespectthedifferentregionaltraditionsandinstitutionalstructures.

However,thenewregulatorysystemwillinfluencetherelationsbetweenBanksandSMEsanditwilldependverymuchonthewayitwillbeimplementedintoEuropeanlaw,whetherBaselIIbecomesburdensomeforSMEsandifitwillreduceaccesstofinanceforthem.

ThenewCapitalAccordformtheBaselCommitteegivesthefinancialmarketauthoritiesandherewiththeEuropeanInstitutions,alotofflexibility.Inabout70areastheyhaveroomtoadapttheAccordtotheirspecificneedswhenimplementingitintoEUlaw.SomeofthemwillhaveimportanteffectsonthecostsandtheaccessibilityoffinanceforSMEs.

UEAPMEexpectsthereforefromthenewEuropeanCommissionandthenewEuropeanParliament:

•TheimplementationofthenewCapitalRequirementDirectivewillbecostlyfortheFinanceSector（upto30BillionEurotill2006）anditsclientswillhavetopayforit.Therefore,theimplementation–especiallyforsmallerbanks,whichareoftenveryactiveinSMEfinance–hastobecarriedoutwithaslittleadministrativeburdensomeaspossible（reportingobligations,statistics,etc.）.

•TheEuropeanRegulatorsmustrecognizetraditionalinstrumentsforcollaterals（guarantees,etc.）asfaraspossible.

•TheEuropeanCommissionandlatertheMemberStatesshouldtakeovertherecommendationsfromtheEuropeanParliamentwithregardtogranularity,accesstoretailportfolio,maturity,partialuse,adaptationofthresholds,etc.,whichwilleasetheburdenonSMEfinance.

2.SMEsneedtransparentratingprocedures

DuetohigherriskawarenessofthefinancesectorandtheneedsofBaselII,manySMEswillbeconfrontedforthefirsttimewithinternalratingproceduresorcreditscoringsystemsbytheirbanks.Thebankwillrequiremoreandbetterqualityinformationfromtheirclientsandwillassesstheminanewway.Bothup-comingdevelopmentsarealreadycausingincreasinguncertaintyamongstSMEs.

InordertoreducethisuncertaintyandtoallowSMEstounderstandtheprinciplesofthenewriskassessment,UEAPMEdemandstransparentratingprocedures–ratingproceduresmaynotbecomea“BlackBox”forSMEs:

•ThebankshouldcommunicatetherelevantcriteriaaffectingtheratingofSMEs.

•ThebankshouldinformSMEsaboutitsassessmentinordertoallowSMEstoimprove.

ThenegotiationsonaEuropeanCodeofConductbetweenBanksandSMEs,whichwouldhaveincludedaself-commitmentfortransparentratingproceduresbyBanks,failed.Therefore,UEAPMEexpectsfromthenewEuropeanCommissionandthenewEuropeanParliamentsupportfor:

•bindingrulesintheframeworkofthenewCapitalAdequacyDirective,whichensurethetransparencyofratingproceduresandcreditscoringsystemsforSMEs;

•ElaborationofnationalCodesofConductinordertoimprovetherelationsbetweenBanksandSMEsandtosupporttheadaptationofSMEstothenewfinancialenvironment.

3.SMEsneedanextensionofcreditguaranteesystemswithaspecialfocusonMicro-Lending

Businessstart-ups,thetransferofbusinessesandinnovativefastgrowthSMEsalsodependedinthepastveryoftenonpublicsupporttogetaccesstofinance.IncreasingriskawarenessbybanksandthestricterinterpretationofStateAidRuleswillfurtherincreasetheneedforpublicsupport.

Alreadynow,therearecreditguaranteeschemesinmanycountriesonthelimitoftheircapacityandtoomanyinvestmentprojectscannotberealizedbySMEs.

ExperiencesshowthatPublicmoney,spentforsupportingcreditguaranteessystems,isaveryefficientinstrumentandhasamuchhighermultiplyingeffectthanotherinstruments.OneEuroformtheEuropeanInvestmentFundscanstimulate30EuroinvestmentsinSMEs（forventurecapitalfundstherelationisonly1:

2）.

Therefore,UEAPMEexpectsthenewEuropeanCommissionandthenewEuropeanParliamenttosupport:

•Theext