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1、编号南京航空航天大学金城学院毕业论文附件材料题目中小企业融资：对不同信贷结构的需要程度和反应此处需填写所选的3000字英文翻译材料的题目，而不是你的论文题目。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译文二〇一二年四月-18-原文：SMEsFinancing:theExtentofNeedandtheResponsesofDifferentCreditStructure
2、sDanielBĂDULESCUUniversityofOradeadaniel.badulescu@gmail.comIntroductionSmallandmediumenterprises(SMEs)playanessentialroleinthedevelopmentofanycountry.Theycanbeassimilatedastheenginesofgrowthindevelopingeconomies,andtheimportanceandfutureofSMEstendtobeamajorpolicyconcern,withstrategicimportancein
3、reshapingtheproductivesectors,employmentandinnovation.But,inordertoaccomplishallthisexpectations,wehavetoadmitthatoneofthebiggestproblemtheSMEsfacesisthenon-availabilityofadequatefinancingfacilities,thelackofavailabilityoffinancialinstitutionsorprivateequityinvestorstomeettheSMEsfinancingrequirem
4、ents.Banks,likeotherbusinesses,concentrateoncreatingvalueunderacontrolledrisk(OECD,2006,Pathrose,2005).Analyzingaloanapplication,abankhastofocusontherisksinvolvedandthemethodstomitigatethoserisks.ThebanksarereluctanttolendtoSMEsforanumberofreasons,includingthefollowing:1.Theinformationasymmetryth
5、atarisesfromsmallbusinesses'lackoffinancialinformationandstandardizedfinancialstatements,inadditiontothebank'slimitedknowledgeabouttheborrowercompany(Badulescu,Badulescu,2010).Thequantityandqualityoftheinformationholdbytheentrepreneurregardingtheirbusinesscannotbeaccessedinthesamemeasureandeffici
6、encybytheprospectivecreditor.Thus,thelendersisunabletoseparatebetweengood(bankable)projectsanddoubtfulprojects,andtheprice(forexample,theinterestoftheloan)doesn’tmakeanefficientselection;ratheritwillincreasethebankcreditportfoliowithriskyloans:someofthemwithinterestingperspective,othersfailuresfo
7、rsure(thisphenomenonistheadverseselection).Thesecondissuecreatedbyinformationalasymmetryisthemoralhazard:oncetheloangranted,thecontrolofitsuseaccordingtotheoriginalapplication(andtheriskandopportunityanalysis)couldface
