会计学中英文对照外文翻译文献.docx

1、会计学中英文对照外文翻译文献 (文档含英文原文和中文翻译) 中英文资料外文翻译文献 Title:Future of SME finance（Background the environment for SME finance has changedFuture economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation.SMEs make a major contribution

2、to growth and employment in the EU and are at the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innova

3、tion and qualification. All of these investments need capital and therefore access to finance.Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in

4、 the finance sector influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are

5、: Globalization and internationalization have increased the competition and the profit orientation in the sector; worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further; Mergers and restructuring created larger st

6、ructures and many local branches, which had direct and personalized contacts with small enterprises, were closed; up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs; Stricter interpretation o

7、f State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks are very active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the acce

8、ssibility of SMEs to finance.Higher risk awareness in the credit sector, a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME finance and influence the accessibility of SMEs to finance. The most important changes are: In order to make the

9、 higher risk awareness operational, the credit sector introduces new rating systems and instruments for credit scoring; Risk assessment of SMEs by banks will force the enterprises to present more and better quality information on their businesses; Banks will try to pass through their additional cost

10、s for implementing and running the new capital regulations (Basel II) to their business clients; due to the increase of competition on interest rates, the bank sector demands more and higher fees for its services (administration of accounts, payments systems, etc.), which are not only additional cos

11、ts for SMEs but also limit their liquidity; Small enterprises will lose their personal relationship with decision-makers in local branches the credit application process will become more formal and anonymous and will probably lose longer; the credit sector will lose more and more its “public functio

12、n” to provide access to finance for a wide range of economic actors, which it has in a number of countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.All of these developments will make access to finance for

13、 SMEs even more difficult and / or will increase the cost of external finance. Business start-ups and SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the

14、relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.Towards an encompassing policy approach to improve the access of Crafts, Trades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance for the

15、 SME sector in Europe. Access to finance was always a main concern for SMEs, but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs fo

16、r investment.Therefore, UEAPME expects the new European Commission and the new European Parliament to strengthen their efforts to improve the framework conditions for SME finance. Europes Crafts, Trades and SMEs ask for an encompassing policy approach, which includes not only the conditions for SMEs

17、 access to lending, but will also strengthen their capacity for internal finance and their access to external risk capital.From UEAPMEs point of view such an encompassing approach should be based on three guiding principles: Risk-sharing between private investors, financial institutes, SMEs and publ

18、ic sector; Increase of transparency of SMEs towards their external investors and lenders; improving the regulatory environment for SME finance.Based on these principles and against the background of the changing environment for SME finance, UEAPME proposes policy measures in the following areas:1. N

19、ew Capital Requirement Directive: SME friendly implementation of Basel IIDue to intensive lobbying activities, UEAPME, together with other Business Associations in Europe, has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital (Basel II). The final a

20、greement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional structures.However, the new regulatory s

21、ystem will influence the relations between Banks and SMEs and it will depend very much on the way it will be implemented into European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financia

22、l market authorities and herewith the European Institutions, a lot of flexibility. In about 70 areas they have room to adapt the Accord to their specific needs when implementing it into EU law. Some of them will have important effects on the costs and the accessibility of finance for SMEs.UEAPME exp

23、ects therefore from the new European Commission and the new European Parliament: The implementation of the new Capital Requirement Directive will be costly for the Finance Sector (up to 30 Billion Euro till 2006) and its clients will have to pay for it. Therefore, the implementation especially for s

24、maller banks, which are often very active in SME finance has to be carried out with as little administrative burdensome as possible (reporting obligations, statistics, etc.). The European Regulators must recognize traditional instruments for collaterals (guarantees, etc.) as far as possible. The Eur

25、opean Commission and later the Member States should take over the recommendations from the European Parliament with regard to granularity, access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which will ease the burden on SME finance.2. SMEs need transparent rating proc

26、eduresDue to higher risk awareness of the finance sector and the needs of Basel II, many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks. The bank will require more and better quality information from their clients and will assess t

27、hem in a new way. Both up-coming developments are already causing increasing uncertainty amongst SMEs. In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment, UEAPME demands transparent rating procedures rating procedures may not become a “Black

28、 Box” for SMEs: The bank should communicate the relevant criteria affecting the rating of SMEs. The bank should inform SMEs about its assessment in order to allow SMEs to improve.The negotiations on a European Code of Conduct between Banks and SMEs , which would have included a self-commitment for t

29、ransparent rating procedures by Banks, failed. Therefore, UEAPME expects from the new European Commission and the new European Parliament support for: binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems f

30、or SMEs; Elaboration of national Codes of Conduct in order to improve the relations between Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3. SMEs need an extension of credit guarantee systems with a special focus on Micro-LendingBusiness start-ups, the transfe

31、r of businesses and innovative fast growth SMEs also depended in the past very often on public support to get access to finance. Increasing risk awareness by banks and the stricter interpretation of State Aid Rules will further increase the need for public support.Already now, there are credit guara

32、ntee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs. Experiences show that Public money, spent for supporting credit guarantees systems, is a very efficient instrument and has a much higher multiplying effect than other instruments. One Euro form the European Investment Funds can stimulate 30 Euro investments in SMEs (for venture capital funds the relation is only 1:2).Therefore, UEAPME expects the new European Commission and the new European Parliament to support: The ext