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1、南京航空航天大学金城学院毕业论文附件材料中小企业融资：对不同信贷结构的需要程度和反应学生姓名张琳璐学号2007033524材料目录序号附件名称数量备注1SMEsFinancing:theExtentofNeedandtheResponsesofDifferentCreditStructures1原文2中小企业融资：对不同信贷结构的需要程度和反应1译文二O—二年四月原文:SMEsFinancing:theExtentofNeedandtheResponsesofDifferentCreditStructuresDani
2、elBADULESCUUniversityofOradeadaniel.badulescu@gmail.comIntroductionSmallandmediumenterprises(SMEs)playanessentialroleinthedevelopmentofanycountry・Theycanbeassimilatedastheenginesofgrowthindevelopingeconomies,andtheimportanceandfutureofSMEstendtobeamajorpolicyco
3、ncern,withstrategicimportanceinreshapingtheproductivesectors,employmentandinnovation.But,inordertoaccomplishallthisexpectations,wehavetoadmitthatoneofthebiggestproblemtheSMEsfacesisthenon-availabilityofadequatefinancingfacilities,thelackofavailabilityoffinancia
4、linstitutionsorprivateequityinvestorstomeettheSMEsfinancingrequirements.Banks,likeotherbusinesses,concentrateoncreatingvalueunderacontrolledrisk(OECD,2006,Pathrose,2005).Analyzingaloanapplication,abankhastofocusontherisksinvolvedandthemethodstomitigatethoserisk
5、s.ThebanksarereluctanttolendtoSMEsforanumberofreasons,includingthefollowing:1・Theinformationasymmetrythatarisesfromsmallbusinesses1lackoffinancialinformationandstandardizedfinancialstatements,inadditiontothebank'slimitedknowledgeabouttheborrowercompany(Badulesc
6、u,Badulescu,2010).Thequantityandqualityoftheinformationholdbytheentrepreneurregardingtheirbusinesscannotbeaccessedinthesamemeasureandefficiencybytheprospectivecreditor.Thus,thelendersisunabletoseparatebetweengood(bankable)projectsanddoubtfulprojects,andtheprice
7、(forexample,theinterestoftheloan)doesn'tmakeanefficientselection;ratheritwillincreasethebankcreditportfoliowithriskyloans:someofthemwithinterestingperspective,othersfailuresforsure(thisphenomenonistheadverseselection).Thesecondissuecreatedbyinformationalasymmet
8、ryisthemoralhazard:oncetheloangranted,thecontrolofitsuseaccordingtotheoriginalapplication(andtheriskandopportunityanalysis)couldfaceseriousdifficultiesandtheloancouldbeused一
