中小企业融资外文翻译文献.docx

中小企业融资外文翻译文献.docx

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中小企业融资外文翻译文献

文献信息：

文献标题：

FinancinginSMEs:

CaseoftheBalticStates（中小企业融资：

以波罗的海国家为例）

国外作者：

RamonaRupeika-Apoga

文献出处：

《Procedia-SocialandBehavioralSciences》,2014,150:

116-125

字数统计：

英文2177单词，11410字符；中文3954汉字

外文文献：

FinancinginSMEs:

CaseoftheBalticStates

AbstractAccesstofinancerepresentsoneofthemostsignificantchallengesforSMEs’entrepreneurs.ToensureSMEscreation,existenceandgrowthitisvitallyimportanttounderstandthefinancingneedsofSMEsandentrepreneurs,themainobstaclestofinanceavailabilityandaccessibility.ThestudyindicatesthedifficultiesinSMEsfinancingforthethreeBalticStatesandprovidesthegovernmentsandotherstakeholderswithatooltounderstandSMEs’financingneeds.ThestudyresultshighlightimportanceofalternativeresourcesofexternalfinancingforsmalldevelopingcountriessuchastheBalticonesandtheneedtosupportthedesignandevaluationofpolicymeasuresandtomonitortheimplicationsoffinancialreformsonSMEs’accesstofinance.

Keywords:

SMEsfinancing,accesstofinance,alternativefinancerecourses,theBalticStates

1.Introduction

2008-2009financialcriseshaseffectedavailabilityofexternalfinancingforSMEsmoredramaticallythanlargeenterprises,intheformofhigherinterestrates,shortenedmaturitiesandincreasedrequestforcollateral.AsaresultnowadaysaccesstofinancerepresentsoneofthemostsignificantchallengesforSMEs’entrepreneurs.IntheBalticStatesSMEsformthelargestpartofcompanies,providingthemajorityofjobs.Nevertheless,SMEscommonlyfollow“nichestrategies,”usinghighproductquality,flexibility,andresponsivenesstocustomerneedsasameansofcompetingwithlarge-scalemassproducers（see,forexample,Hallberg,2000andSnodgrass,1996）,manyresearchershavehighlightedtheshortageoffinancialresourcesandaccesstofinanceasoneofthemainbarrierstoSMEsinnovationcapacity.Balticcompaniesfinddifficulttoobtaincommercialbankfinancing,especiallylong-termloans,foranumberofreasons,includinglackofcollateral,difficultiesinprovingcreditworthiness,smallcashflows,inadequatecredithistory,highriskpremiums,underdevelopedbank-borrowerrelationshipsandhightransactioncosts.

Overthepasttwodecades,theBalticexchangeshavestrivedtoaddresstheirclients’needsbyemployingthelatestdevelopmentsandinnovations,andintakingtheleadinreformingthesecuritiesmarket.Thisprocesshasbeenacceleratedbyintegratingwithoneoftheworld’slargestexchangeoperatorandtechnologysupplieracrosssixcontinents,NASDAQOMXGroup.Altogether,aboveeightycompaniesarelistedontwoBalticequitieslists,whichhadamarketcapofaroundEUR5.8billioninJuly2013.ThebiggestequitymarketisinLithuania,theninEstoniaandthesmallestinLatvia.ForSMEstheequitymarketismoreavailablethanthebondmarket.Unfortunately,thechoiceofmakingcompanysharesavailableforpublicpurchaseisinmostcasesonlypossibleforalreadywellknownandwithgoodreputationaswellwithhighgrowthpotentialones.Onlyinsuchcasescompaniescanattractinvestorsandtoraisepublicinterest.Therearestrictentryrequirementsimposedoncompanieswishingtogoaheadwiththisprocess.Neverthelesssuchsmalllistedcompanyquantityandmarketcapshowsthatcapitalmarketavailabilityisevenmoreproblematicthanbankingloans.

2.LiteratureReviewAndHypotheses

2.1.AccesstofinanceasachallengeforSMEs’existence

Over2007-2010inmostcountries,SMEsfacedmoreseverecreditconditionsthatdidlargeenterprises,intheformofhigherinterestrates,shortenedmaturitiesandincreasedrequestforcollateral（OECD,2012）.Afteraslightimprovementin2010,creditconditionstightenedinmostcountriesin2011,possiblytriggeredbyanincreasedawarenessofriskonthepartoflendinginstitutions.IntheEuroarea,trendsinnominalinterestratesreflectedtensionsonsovereigndebt,whichincreasedattheendof2011,astheinterestrateonnationaldebtisusuallyalowerthresholdforthecostoffinancingintheremainingsectors.Abroadrangeofstudiesbasedonvarioussurveyshavehighlightedthataccesstofinanceisoneofthemainchallengesinthewayofcompanies’growthanddevelopment,especiallyinthecaseofsmallandmediumenterprises（Peachey,2004;Beck,2006;Beck,2008;ECB,2012）.Numerousstudiesthatusefirm-levelsurveydatademonstratethataccesstofinanceandthecostofcreditposebarrierstoSMEfinancing（Scholtens,1999;Schiffer,2001;Galindo,2003;IADB,2004;Beck,2006（a）;Beck,2006（b））.Similarresultswerefoundalsoinotherstudies:

accesstocreditisoneofthebiggestconstraintsforSMEsinColombia（Stephanou,2008）;lackofaccesstofinancetogetherwithmanagement,labourskillsandregulationarethemainconstraintstogrowthof