中小型企业：融资问题是其发展的制约因素[外文翻译]

《中小型企业：融资问题是其发展的制约因素[外文翻译]》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、外文翻译SmallandMedium-SizeEnterprises:AccesstoFinanceasaGrowthConstraintMaterialSource:JournalofBanking&Finance[J].November2006.volume30,Issue11:2931-2943.Author:thorstenbeck,AsliDemirguc-KuntIndevelopingcountries,financefromfriendsandfamilyplayamuchmoresi

2、gnificantrolethanindustrializedcountries.Moregenerally,SMEsinmanydevelopingcountriesgetaroundmarketfailuresandlackofformalinstitutionsbycreatingprivategovernancesystemsintheformoflong-termbusinessrelationshipsandtight,ethnically-based,businessnetworks.H

3、owever,thereisvariationinaccesstosuchnetworksacrossethnicgroupsasdiscussedbyBiggsandShah(thisissue).IndianentrepreneursinEastAfrica,LebanesefirmsinWestAfricaandEuropeanenterprisesinSouthernAfricaformbusinessnetworkswhosememberslendtoeachother,provideper

4、sonalreferencesandeasetransactionswithaninformalcontractenforcementsystembasedonreputation.Thesenetworkshelpovercometheproblemsofasymmetricinformationandweakformalcontractenforcementsystems.Advantagesofnetworksevenextendtonewentrantswhostartouttwiceasla

5、rgeintermsofassetsasnewentrantsoutsidetheethnicnetworksandgetimmediateaccesstosuppliercreditwithouthavingtobuildupareputationandrelationships(BiggsandShah).Whilenetworkswithprivateinstitutionalsupportsystemshelptheirmembersovercomedeficienciesintheireco

6、nomies'institutionalenvironment,theyhaveadiscriminatoryeffectonnon-memberswhocaneffectivelybeexcludedfrommarketexchanges.Thishasnotonlynegativerepercussionsforequity,butalsoprovidesforastaticpatternofbusinessexchange,withlittlecompetitionandinnovation.R

7、esultsreportedsofarshowastrongeconomiceffectoffinancialandinstitutionaldevelopmentoneasingSMEs'financingconstraintsandonincreasingtheiraccesstoformalsourcesofexternalfinance.ButwhatarethepoliciesthatdriveSME-friendlyfinancialandinstitutionaldevelopment?

8、Whatcanpolicymakersdo,bothintheshort-andinmedium-tolong-term,toeaseSMEs'financingconstraintsandimprovetheiraccesstoexternalfinancing,thuslevelingtheplayingfield?Creditavailabilitytoenterprises,butespeciallytoSMEs,dependsontheinfr