中小企业融资外文翻译文献.docx

1、中小企业融资外文翻译文献文献信息：文献标题：Financing in SMEs: Case of the Baltic States（中小企业融资：以波罗的海国家为例）国外作者：Ramona Rupeika-Apoga文献出处：Procedia - Social and Behavioral Sciences,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：Financing in SMEs: Case of the Baltic StatesAbstract Access to finance represents one of the

2、 most significant challenges for SMEs entrepreneurs. To ensure SMEs creation, existence and growth it is vitally important to understand the financing needs of SMEs and entrepreneurs, the main obstacles to finance availability and accessibility. The study indicates the difficulties in SMEs financing

3、 for the three Baltic States and provides the governments and other stakeholders with a tool to understand SMEs financing needs. The study results highlight importance of alternative resources of external financing for small developing countries such as the Baltic ones and the need to support the de

4、sign and evaluation of policy measures and to monitor the implications of financial reforms on SMEs access to finance.Keywords: SMEs financing, access to finance, alternative finance recourses, the Baltic States1.Introduction2008-2009 financial crises has effected availability of external financing

5、for SMEs more dramatically than large enterprises, in the form of higher interest rates, shortened maturities and increased request for collateral. As a result nowadays access to finance represents one of the most significant challenges for SMEs entrepreneurs. In the Baltic States SMEs form the larg

6、est part of companies, providing the majority of jobs. Nevertheless, SMEs commonly follow “niche strategies,” using high product quality, flexibility, and responsiveness to customer needs as a means of competing with large-scale mass producers (see, for example, Hallberg, 2000 and Snodgrass, 1996),

7、many researchers have highlighted the shortage of financial resources and access to finance as one of the main barriers to SMEs innovation capacity. Baltic companies find difficult to obtain commercial bank financing, especially long-term loans, for a number of reasons, including lack of collateral,

8、 difficulties in proving creditworthiness, small cash flows, inadequate credit history, high risk premiums, underdeveloped bank-borrower relationships and high transaction costs.Over the past two decades, the Baltic exchanges have strived to address their clients needs by employing the latest develo

9、pments and innovations, and in taking the lead in reforming the securities market. This process has been accelerated by integrating with one of the worlds largest exchange operator and technology supplier across six continents, NASDAQ OMX Group. Altogether, above eighty companies are listed on two B

10、altic equities lists, which had a market cap of around EUR 5.8 billion in July 2013. The biggest equity market is in Lithuania, then in Estonia and the smallest in Latvia. For SMEs the equity market is more available than the bond market. Unfortunately, the choice of making company shares available

11、for public purchase is in most cases only possible for already well known and with good reputation as well with high growth potential ones. Only in such cases companies can attract investors and to raise public interest. There are strict entry requirements imposed on companies wishing to go ahead wi

12、th this process. Nevertheless such small listed company quantity and market cap shows that capital market availability is even more problematic than banking loans.2.Literature Review And Hypotheses2.1.Access to finance as a challenge for SMEs existenceOver 2007-2010 in most countries, SMEs faced mor

13、e severe credit conditions that did large enterprises, in the form of higher interest rates, shortened maturities and increased request for collateral (OECD, 2012). After a slight improvement in 2010, credit conditions tightened in most countries in 2011, possibly triggered by an increased awareness

14、 of risk on the part of lending institutions. In the Euro area, trends in nominal interest rates reflected tensions on sovereign debt, which increased at the end of 2011, as the interest rate on national debt is usually a lower threshold for the cost of financing in the remaining sectors. A broad ra

15、nge of studies based on various surveys have highlighted that access to finance is one of the main challenges in the way of companies growth and development, especially in the case of small and medium enterprises (Peachey, 2004; Beck, 2006; Beck, 2008; ECB, 2012). Numerous studies that use firm-leve

16、l survey data demonstrate that access to finance and the cost of credit pose barriers to SME financing (Scholtens, 1999; Schiffer, 2001; Galindo, 2003; IADB, 2004; Beck, 2006(a); Beck, 2006 (b). Similar results were found also in other studies: access to credit is one of the biggest constraints for SMEs in Colombia (Stephanou, 2008); lack of access to finance together with management, labour skills and regulation are the main constraints to growth of