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1、附录C引用的外文文献及其译文SMEFinancinginEurope:IntroductionandOverviewIntroducingthetopicofSMEfinanceandsummarisingthemainfindingsofthecontributionstothiseditionoftheEIBPapers,thisoverviewstressestheimportanceofrelationshipbankingforthesupplyofSMEcredit;pointsoutthedifferencesandsimilaritiesinthecapitals
2、tructureoffirmsacrosssizeclassesandacrossEurope;observesthatwhilethereislittleevidenceofwidespreadSMEcreditrationing,financialmarketimperfectionsmayneverthelesscurbSMEgrowth;andhighlightsthatthechangesinEurope’sfinanciallandscape-includingbankconsolidationandBaselII-promisetofosterSMEfinance.
3、1.IntroductionSomeofthechangesinEurope’sfinanciallandscapeshouldworkinfavourofSMEfinance.Firstly,newinformationandcommunicationtechnologiescontribute,atalowercost,toreducinginformationasymmetriesbetweenlendersandborrowers,therebymakingSMElendingmoreattractive(see,amongothers,Frameetal.2001).S
4、econdly,partlyduetoprogressininformationtechnology,newbankingmethodsarebeingdevelopedandimplemented.Forinstance,banksadoptnewportfoliocreditriskmodelsthatallowthemtoallocateandpricetheirresourcesmoreeffectively.Moreover,theuseofcreditrisktransfermechanisms(suchasthesecuritarisationofSMEloans)
5、isspreading,allowingbankstofocusoncomparative-advantageactivities,notablycreditriskassessment,loanorigination,andcreditriskmonitoring-allactivitiescrucialfortheprovisionoffinancetoSMEs.Thirdly,equitycapitalisbecomingincreasinglyavailabletoSMEsthroughthedevelopmentof(secondary)capitalmarketsan
6、dventurecapitalfinance.Fourthly,thesecondbankingdirectiveoftheEUaimsatboostingcompetitionbetweenbanks,therebyimprovingthetermsandconditionsofbankfinance,includingthosesuppliedtoSMEs.OtherfeaturesofEurope’sfinanciallandscapehaveraisedconcernsaboutapossibledeteriorationofconditionsforSMEfinance
7、.Firstly,consolidationinnationalbankingmarketshasreducedthenumberofbanksandhasinmanyEUcountries,especiallyinthesmallerones,increasedthemarketshareofthetop-fivelargestinstitutions.ThismaybedetrimentaltoSMElendingsincethereisevidencethatlargeba
