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1、外文翻译之一LOANGUARANTEES:COSTSOFDEFAULTANDBENEFITSTOSMALLFIRM作者：ALLANL.RIDING&GEORGEHAINESJR.国籍：Canada出处：CarleonUniversity,Ottawa,Ontario,Canada原文正文：GovernmentsofmostcountriesseektoencourageSmallandMediumSizedEnterprise(SME)growthandthejobcreationthatmanybelieveisfosteredbysuchgrowth・Substantivegrowt
2、husuallyrequiresexpansioncapital.Itisoftenperceivedthatcomparedwithlargerfirms,SMEsfacedisproportionatelylessaccesstothedebtcapitaltheyneedforstart・up,growth,andsurvival.Consequently,governmentsandtradeassociationshaveoftenintervenedincreditmarketsbytakingontheroleofguarantorofloansthatfinanciali
3、nstitutionsadvancetoSMEs.Forexample,theSmallBusinessAdministrationintheUnitedStatesprovidesguaranteesofloansmadebybankstoqualifyingsmallfirms.Similarschemesareineffectin,amongothercountries,Canada,Japan,theUK,Korea,andGermany.TradeassociationstakeonsuchrolesinFrance,Spain,andothernations-Loanstha
4、tsupporttheexpansionofsmallenterprisesmayconveysignificantbenefitstotheborrowingfirmsand,throughjobcreationandretention,totherestofsociety.However,totheextentthatsomeborrowersareunabletomeettherepaymentobligationsoftheirdebt,guarantorsalsofacematerialrealcostsofhonoringtheirguaranteetothelenders.
5、Loanguaranteeprogramsaredesignedinavarietyofways.Oftentheseprogramsdonotappeartoreflectguidancefromeconomictheoryorexperience.Thispaperdrawsonempiricalevidencetocomparecostswithbenefits.Inaddition,itusestheresultsandeconomictheorytoprovidesomeguidanceforthedesignofloanguaranteeprograms.Finally,th
6、estudyshowsthatloanguaranteeprogramscanbeaneffectivemeansofsupportingstart-up,growth,andsurvivalofnewandriskyenterprises.TheworkfindsthatsubstantialtotalandincrementaljobcreationmaybeattributedtotheCanadianloanguaranteeprogram.Thepaperreviewspreviousattemptstoconductcost-benefitanalysesofloanguar
7、anteeprograms.ltfindswidevariation,internationally,indefaultrates.Publisheddatasuggestsdefaultratesvaryfromlessthan5%(Germany)tomorethan40%(U.K.).TheempiricalanalysisreportedherefocusesontheCanadianimplementationofloan
