外文参考文献带中文翻译.docx

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外文参考文献带中文翻译

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涂敏之会计学8051208076

Title:

FutureofSMEfinance（c）

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.

FromUE