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1、安徽工程大学毕业设计（论文）附录C引用的外文文献及其译文SMEFinancinginEurope:IntroductionandOverviewIntroducingthetopicofSMEfinanceandsummarisingthemainfindingsofthecontributionstothiseditionoftheEIBPapers,thisoverviewstressestheimportanceofrelationshipbankingforthesupplyofSMEcredit;pointsou
2、tthedifferencesandsimilaritiesinthecapitalstructureoffirmsacrosssizeclassesandacrossEurope;observesthatwhilethereislittleevidenceofwidespreadSMEcreditrationing,financialmarketimperfectionsmayneverthelesscurbSMEgrowth;andhighlightsthatthechangesinEurope’sfinanciall
3、andscape-includingbankconsolidationandBaselII-promisetofosterSMEfinance.1.IntroductionSomeofthechangesinEurope’sfinanciallandscapeshouldworkinfavourofSMEfinance.Firstly,newinformationandcommunicationtechnologiescontribute,atalowercost,toreducinginformationasymmetr
4、iesbetweenlendersandborrowers,therebymakingSMElendingmoreattractive(see,amongothers,Frameetal.2001).Secondly,partlyduetoprogressininformationtechnology,newbankingmethodsarebeingdevelopedandimplemented.Forinstance,banksadoptnewportfoliocreditriskmodelsthatallowthem
5、toallocateandpricetheirresourcesmoreeffectively.Moreover,theuseofcreditrisktransfermechanisms(suchasthesecuritarisationofSMEloans)isspreading,allowingbankstofocusoncomparative-advantageactivities,notablycreditriskassessment,loanorigination,andcreditriskmonitoring-
6、allactivitiescrucialfortheprovisionoffinancetoSMEs.Thirdly,equitycapitalisbecomingincreasinglyavailabletoSMEsthroughthedevelopmentof(secondary)capitalmarketsandventurecapitalfinance.Fourthly,thesecondbankingdirectiveoftheEUaimsatboostingcompetitionbetweenbanks,the
7、rebyimprovingthetermsandconditionsofbankfinance,includingthosesuppliedtoSMEs.OtherfeaturesofEurope’sfinanciallandscapehaveraisedconcernsaboutapossibledeteriorationofconditionsforSMEfinance.Firstly,consolidationinnationalbankingmarketshasreducedthenumberofbanksandh
8、asinmanyEUcountries,especiallyinthesmallerones,increasedthemarketshareofthetop-fivelargestinstitutions.ThismaybedetrimentaltoSMElendingsincethereisevide
