中小企业的融资问题[外文翻译]

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1、外文翻译theFinancingproblemsofSmallandmediumsizedenterprisesMaterialSource:http://www.worldbank.org/Author:ModiglianiAthrivingSMEsectoriscrucialtospurringgrowthandreducingpovertyindevelopingandtransitioneconomies.Butfinancialinstitutionsoftenavoidsmallandmediumsize

2、denterprises,sensing—understandably—thatthetransactioncostsoffinancingthemwillbeexcessivelyhigh.WhatSmallandmediumsizedenterprisesneedisnottobeleftwithoutaccesstocapital,butapproachedonanewmodelthatcombinesearly-stageequityinvestmentandperformance-enhancingtech

3、nicalassistance,writesBertvandeerAvert,CEOofSmallEnterpriseAssistanceFunds(SEAF).ThisUS-andDutch-basedNGOmanagesanetworkof14commerciallydriveninvestmentfundsworldwidewithtotalassetsof$140million,andhasdevelopedaunique“equityplusassistance”approachtoSmallandmedi

4、umsizedenterprisesinvesting.SmallandmediumsizedenterprisesSarawidelycreditedwithgeneratingthehighestratesofrevenueandemploymentgrowthinvirtuallyalleconomies.Intransitionanddevelopingcountriesopentoforeigndirectinvestment,theyalsotendtopaydisproportionatelymorei

5、ntaxesandsocialsecuritycontributionsthaneithertheirlargerandsmallercounterparts.Largerenterprises,especiallymultinationals,oftenfindawaytoreducetheirtaxobligationsthroughtransferpricing,royaltypayments,andnegotiatedtaxholidays.Microenterprises,ontheotherhand,of

6、tenfallintheinformalsector,neitherpayingtaxesnormakingsocialsecuritycontributions.YetifSmallandmediumsizedenterprisesconstituteacriticaldimensionofgrowthanddevelopmentandareoftenwellpositionedtoachievehighrevenueandprofitgrowth,whyhaveprivateandpublicfinancingi

7、nstitutionsaliketendedtoavoidinvestinginthem?Thereasonsaremultipleand,forthemostpart,understandable.Forprivateinvestors,theamountofworkrequiredtoinvestrelativelysmallsumsintoseveralSMEsseemsunattractivecomparedtotheworkneededtosupportfewerinvestmentsinlargercom

8、panies.Moreover,investinginlocalSmallandmediumsizedenterprisesalsoofteninvolvesworkingwithentrepreneurswhoarelessfamiliarwithconventionalfinancingrelationships,businesspract