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1、外文翻译原文Small-andMedium-SizeEnterpriseFinancinginEasternEuropeMaterialSource:TheWorldBankDevelopmentResearchGroupFinance December2002Author:LeoraF.KlapperVirginiaSarria-AllendVictorSullaThereiscurrentlyalargeinterestinunderstandingfirms'accesstofinance,particularlyinth
2、efinancingofsmall-andmedium-sizeenterprises(SMEs).ButthefinancingpatternsofSMEsacrosscountriesisnotwellunderstood.Forexample,littleisknownabouttherelativeimportanceofequity,debt,andinter-firmfinancingforSMEsacrosscountries.TheauthorsusetheAmadeusdatabase,whichinclude
3、snancialinformationonover97,000privateandpubliclytradedfirmsin15EasternandCentralEuropeancountries.TheAmadeusdatabaseallowstheauthorstheportunitytoprovideanewanalysisofthegeneralfinancingpatternsofprivatefirmsacrossalargesampleofEasternEuropeancountries.Thesummarysta
4、tisticshowthatthesizeoftheSMEsector(asmeasuredbythepercentageoftotalemployment)inEasternEuropeancountriesissmallerthaninmostdevelopedeconomies.AlthoughtheauthorsfindinalmosteverycountryintheamplealargenumberofSMEsasapercentageoftotalfirms,theSMEsinEasternEuropearegen
5、erallysmallandhirefewemployees.However,SMEsseemtoconstitutethemostdynamicsectoroftheEasternEuropeaneconomies,relativetolargefirms.Ingeneral,theSMEsectorcomprisesrelativelyyounger,morehighlyleveraged,andmoreprofitableandfastergrowingfirms.Thissuggeststhatanewtypeoffir
6、misemergingntransitioneconomiesthatismoremarketandprofit-oriented.Butatthesametime,thesefirmsappeartohavefinancialconstraintsthatimpedetheiraccesstolong-termfinancingandabilitytogrow.Formostofthe19thand20thcenturies,largecorporationswereconsideredtheprimaryanddriving
7、forceofeconomicandtechnologicalprogress.Verylargecorporationsdominatedresearchanddevelopment(R&D)andtheintroductionofinnovations,andexperiencedmajorimprovementsinproductionefficiency.Theexploitationofeconomiesofscaleandscopewereconsideredtobethedrivingforceofeconomic
8、development.AsSchumpeter(1942)proclaimed,"Whatwehavegottoacceptisthatthelarge-scaleenterprisehascometobethemostpowerfulengineofprog
