创业板市场的发展和运行研究【外文翻译】

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1、外文翻译原文THEDEVELOPMENTANDOPERATIONOFTHEGROWTHENTERPRISEMARKETMaterialSource:InderscienceEnterprisesLtd2006-08-30Author:juliacharltonThisarticleismainlywrittenfromthreeaspectsGEM.1.Limitedaccesstofinanceofsmallandmedium-sizedenterprise.2.thedevelopmentofGrowthEnterpriseMarket.3.TheadvantagesoftheGrowt

2、hEnterpriseMarket.ThispaperstudiesthedevelopmentofGEM,ontheotheraspectsoftheGEMisnotdescriptLet'slookatthefinancingproblemsfacedbySMEs.Itisestimatedthatcloseto95%ofallSMEsrelyonthepersonalresourcesoftheirownersand/orloansfromfriendsandrelativestofinancetheirbusinesses.MostSMEsfinancedtheiractivitie

3、swithinternalresources(fromsaving,family,friendsandrelatives).Thispracticeoftenhappenedduringthestart-upperiod.Commonreasonsgivenweredifficultiestosecurebankloans(Chee1986;Chin2003;MohaAsri2002;MohdKhairuddinandSyedAzizi2002).The2006CensusofEstablishmentsandEnterprisesdataindicatesthatdifficultiest

4、oobtainfinancingremainamajorconstraintthathindersthegrowthofSMEs.Thecensusdatashowsthatonly13.7percentofSMEsoptedforinstitutionalfinanceandgovernmentloansastheirfirstchoicetofinancetheirbusinessoperation.Owncontributionorinternallygeneratedfundsandborrowingfromfriendsorfamilyrepresented57.6percenta

5、stheprimesourceoffinancingaccessedbyMalaysianSMEs(Normah2006:9).Thisraisesquestionontheroleoffinancialinstitutionsasasourceoffinancing.Furtheranalysisbysourceoffinancingandcompanysizerevealsthatmedium-sizeSMEstendtomakemoreuseoffinancialinstitutions(43.9percent)astheirprimesourceoffinancing.Convers

6、ely,microfirmsuseonly13.4percentwhileprefertorelyoninternallygeneratedfunds(31.4percent).AsSMEsgrowinsize,theytendtorelymoreonfinancialandcommercialinstitutionsassourcesoffinancing.AnalysisshowsthatthemostsignificantproblemfacingtheSMEswasthelackofcollateral(Normah2006:9).Otherdifficultiescitedincl

7、udedinsufficientdocumentstosupportloanapplication,lackoffinancialtrackrecordandviabilityofbusinesses(seeTable7).Theseaccountedformorethan80.0percentofdifficultiescitedinallsectors.Otherreasongivenwas,9.8per