外文參考文獻(xiàn)帶中文翻譯

1、外文資料原文涂敏之會(huì)計(jì)學(xué)8051208076Title:FutureofSMEfinance(BackgroundtheenvironmentforSMEfinancehaschangedFutureeconomicrecoverywilldependonthepossibilityofCrafts,TradesandSMEstoexploittheirpotentialforgrowthandemploymentcreation.SMEsmakeamajorcontributiontogrowthandemploymentintheEUandareattheheartoftheLisbonS

2、trategy,whosemainobjectiveistoturnEuropeintothemostcompetitiveanddynamicknowledge-basedeconomyintheworld.However,theabilityofSMEstogrowdependshighlyontheirpotentialtoinvestinrestructuring,innovationandqualification.Alloftheseinvestmentsneedcapitalandthereforeaccesstofinance.Againstthisbackgroundthec

3、onsistentlyrepeatedcomplaintofSMEsabouttheirproblemsregardingaccesstofinanceisahighlyrelevantconstraintthatendangerstheeconomicrecoveryofEurope.ChangesinthefinancesectorinfluencethebehaviorofcreditinstitutestowardsCrafts,TradesandSMEs.RecentandongoingdevelopmentsinthebankingsectoraddtotheconcernsofS

4、MEsandwillfurtherendangertheiraccesstofinance.ThemainchangesinthebankingsectorwhichinfluenceSMEfinanceare:?Globalizationandinternationalizationhaveincreasedthecompetitionandtheprofitorientationinthesector;?worseningoftheeconomicsituationsinsomeinstitutes(burstoftheITCbubble,insolvencies)strengthenth

5、efocusonprofitabilityfurther;?Mergersandrestructuringcreatedlargerstructuresandmanylocalbranches,whichhaddirectandpersonalizedcontactswithsmallenterprises,wereclosed;?up-comingimplementationofnewcapitaladequacyrules(BaselII)willalsochangeSMEbusinessofthecreditsectorandwillincreaseitsadministrativeco

6、sts;?StricterinterpretationofState-AideRulesbytheEuropeanCommissioneliminatesthesupportofbanksbypublicguarantees;manyoftheeffectedbanksareveryactiveinSMEfinance.Allthesechangesresultinahighersensitivityforrisksandprofitsinthefinancesector.ThechangesinthefinancesectoraffecttheaccessibilityofSMEstofin

7、ance.Higherriskawarenessinthecreditsector,astrongerfocusonprofitabilityandtheongoingrestructuringinthefinancesectorchangetheframeworkforSMEfinanceandinfluencetheaccessibilityofSMEstofinance.Themostimportantchangesare:?Inordertomakethehigherriskawarenessoperational,thecreditsectorintroducesnewratings

8、ystemsandinstrumentsforcreditscoring;?RiskassessmentofSMEsbybankswillforcetheenterprisestopresentmoreandbetterqualityinformationontheirbusinesses;?Bankswilltrytopassthroughtheiradditionalcostsforimplementingandrunningthenewcapitalregulations(BaselII)totheirbusinessclients;?duetotheincreaseofcompetit

9、iononinterestrates,thebanksectordemandsmoreandhigherfeesforitsservices(administrationofaccounts,paymentssystems,etc.),whicharenotonlyadditionalcostsforSMEsbutalsolimittheirliquidity;?Smallenterpriseswilllosetheirpersonalrelationshipwithdecision-makersinlocalbranchesthecreditapplicationprocesswillbec

10、omemoreformalandanonymousandwillprobablyloselonger;?thecreditsectorwilllosemoreandmoreits“publicfunctiontoprovideaccesstofinanceforawiderangeofeconomicactors,whichithasinanumberofcountries,inordertosupportandfacilitateeconomicgrowth;theprofitabilityoflendingbecomesthemainfocusofprivatecreditinstitut

11、ions.AllofthesedevelopmentswillmakeaccesstofinanceforSMEsevenmoredifficultand/orwillincreasethecostofexternalfinance.Businessstart-upsandSMEs,whichwanttoenternewmarkets,mayespeciallysufferfromshortagesregardingfinance.AEuropeanCodeofConductbetweenBanksandSMEswouldhaveallowedatleastmoretransparencyin

12、therelationsbetweenBanksandSMEsandUEAPMEregretsthatthebanksectorwasnotabletoagreeonsuchacommitment.TowardsanencompassingpolicyapproachtoimprovetheaccessofCrafts,TradesandSMEstofinanceAllanalysesshowthatcreditsandloanswillstaythemainsourceoffinancefortheSMEsectorinEurope.Accesstofinancewasalwaysamain

13、concernforSMEs,buttherecentdevelopmentsinthefinancesectorworsenthesituationevenmore.Shortageoffinanceisalreadyarelevantfactor,whichhinderseconomicrecoveryinEurope.ManySMEsarenotabletofinancetheirneedsforinvestment.Therefore,UEAPMEexpectsthenewEuropeanCommissionandthenewEuropeanParliamenttostrengthen

14、theireffortstoimprovetheframeworkconditionsforSMEfinance.Europe'sCrafts,TradesandSMEsaskforanencompassingpolicyapproach,whichincludesnotonlytheconditionsforSMEsaccesstolending,butwillalsostrengthentheircapacityforinternalfinanceandtheiraccesstoexternalriskcapital.FromUEAPME'spointofviewsucha

15、nencompassingapproachshouldbebasedonthreeguidingprinciples:?Risk-sharingbetweenprivateinvestors,financialinstitutes,SMEsandpublicsector;?IncreaseoftransparencyofSMEstowardstheirexternalinvestorsandlenders;?improvingtheregulatoryenvironmentforSMEfinance.Basedontheseprinciplesandagainstthebackgroundof

16、thechangingenvironmentforSMEfinance,UEAPMEproposespolicymeasuresinthefollowingareas:1. NewCapitalRequirementDirective:SMEfriendlyimplementationofBaselIIDuetointensivelobbyingactivities,UEAPME,togetherwithotherBusinessAssociationsinEurope,hasachievedsomeimprovementsinfavourofSMEsregardingthenewBaselA

17、greementonregulatorycapital(BaselII).ThefinalagreementfromtheBaselCommitteecontainsamuchmorerealisticapproachtowardtherealrisksituationofSMElendingforthefinancemarketandwillallowthenecessaryroomforadaptations,whichrespectthedifferentregionaltraditionsandinstitutionalstructures.However,thenewregulato

18、rysystemwillinfluencetherelationsbetweenBanksandSMEsanditwilldependverymuchonthewayitwillbeimplementedintoEuropeanlaw,whetherBaselIIbecomesburdensomeforSMEsandifitwillreduceaccesstofinanceforthem.ThenewCapitalAccordformtheBaselCommitteegivesthefinancialmarketauthoritiesandherewiththeEuropeanInstitut

19、ions,alotofflexibility.Inabout70areastheyhaveroomtoadapttheAccordtotheirspecificneedswhenimplementingitintoEUlaw.SomeofthemwillhaveimportanteffectsonthecostsandtheaccessibilityoffinanceforSMEs.UEAPMEexpectsthereforefromthenewEuropeanCommissionandthenewEuropeanParliament:?TheimplementationofthenewCap

20、italRequirementDirectivewillbecostlyfortheFinanceSector(upto30BillionEurotill2006)anditsclientswillhavetopayforit.Therefore,theimplementation-especiallyforsmallerbanks,whichareoftenveryactiveinSMEfinancehastobecarriedoutwithaslittleadministrativeburdensomeaspossible(reportingobligations,statistics,e

21、tc.).?TheEuropeanRegulatorsmustrecognizetraditionalinstrumentsforcollaterals(guarantees,etc.)asfaraspossible.?TheEuropeanCommissionandlatertheMemberStatesshouldtakeovertherecommendationsfromtheEuropeanParliamentwithregardtogranularity,accesstoretailportfolio,maturity,partialuse,adaptationofthreshold

22、s,etc.,whichwilleasetheburdenonSMEfinance.2. SMEsneedtransparentratingproceduresDuetohigherriskawarenessofthefinancesectorandtheneedsofBaselII,manySMEswillbeconfrontedforthefirsttimewithinternalratingproceduresorcreditscoringsystemsbytheirbanks.Thebankwillrequiremoreandbetterqualityinformationfromth

23、eirclientsandwillassesstheminanewway.Bothup-comingdevelopmentsarealreadycausingincreasinguncertaintyamongstSMEs.InordertoreducethisuncertaintyandtoallowSMEstounderstandtheprinciplesofthenewriskassessment,UEAPMEdemandstransparentratingprocedures-ratingproceduresmaynotbecomea“BlackBox"forSMEs:?Th

24、ebankshouldcommunicatetherelevantcriteriaaffectingtheratingofSMEs.?ThebankshouldinformSMEsaboutitsassessmentinordertoallowSMEstoimprove.ThenegotiationsonaEuropeanCodeofConductbetweenBanksandSMEs,whichwouldhaveincludedaself-commitmentfortransparentratingproceduresbyBanks,failed.Therefore,UEAPMEexpect

25、sfromthenewEuropeanCommissionandthenewEuropeanParliamentsupportfor:?bindingrulesintheframeworkofthenewCapitalAdequacyDirective,whichensurethetransparencyofratingproceduresandcreditscoringsystemsforSMEs;?ElaborationofnationalCodesofConductinordertoimprovetherelationsbetweenBanksandSMEsandtosupportthe

26、adaptationofSMEstothenewfinancialenvironment.3. SMEsneedanextensionofcreditguaranteesystemswithaspecialfocusonMicro-LendingBusinessstart-ups,thetransferofbusinessesandinnovativefastgrowthSMEsalsodependedinthepastveryoftenonpublicsupporttogetaccesstofinance.Increasingriskawarenessbybanksandthestricte

27、rinterpretationofStateAidRuleswillfurtherincreasetheneedforpublicsupport.Alreadynow,therearecreditguaranteeschemesinmanycountriesonthelimitoftheircapacityandtoomanyinvestmentprojectscannotberealizedbySMEs.ExperiencesshowthatPublicmoney,spentforsupportingcreditguaranteessystems,isaveryefficientinstru

28、mentandhasamuchhighermultiplyingeffectthanotherinstruments.OneEuroformtheEuropeanInvestmentFundscanstimulate30EuroinvestmentsinSMEs(forventurecapitalfundstherelationisonly1:2).Therefore,UEAPMEexpectsthenewEuropeanCommissionandthenewEuropeanParliamenttosupport:?Theextensionoffundsfornationalcreditgua

29、ranteesschemesintheframeworkofthenewMulti-AnnualProgrammedforEnterprises;?ThedevelopmentofnewinstrumentsforsecuritizationsofSMEportfolios;?Therecognitionofexistingandwellfunctioningcreditguaranteesschemesascollateral;?MoreflexibilitywithintheEuropeanInstruments,becauseofnationaldifferencesinthesitua

30、tionofSMEfinance;?ThedevelopmentofcreditguaranteesschemesinthenewMemberStates;?ThedevelopmentofanSBIC-likeschemeintheMemberStatestoclosetheequitygap(0.22.5MioEuro,accordingtotheexpertmeetingonPACEonApril27inLuxemburg).?thedevelopmentofafinancialsupportschemetoencouragetheinternalizationsofSMEs(curre

31、ntlythereisnoschemeavailableatEUlevel:terminationofJOP,fadingoutofJEV).4. SMEsneedcompanyandincometaxationsystems,whichstrengthentheircapacityforself-financingManyEUMemberStateshavecompanyandincometaxationsystemswithnegativeincentivestobuild-upcapitalwithinthecompanybyre-investingtheirprofits.Thisis

32、especiallytrueforcompanies,whichhavetopayincometaxes.Alreadyinthepasttax-regimeswasoneofthereasonsforthehigherdependenceofEurope'sSMEsonbanklending.Infuture,theresultofratingwillalsodependontheamountofcapitalinthecompany;thehighdependenceonlendingwillinfluencetheaccesstolending.Thisisaviciouscyc

33、le,whichhastobebroken.EventhoughcompanyandincometaxationfallsunderthecompetenceofMemberStates,UEAPMEasksthenewEuropeanCommissionandthenewEuropeanParliamenttopubliclysupporttax-reforms,whichwillstrengthenthecapacityofCrafts,TradesandSMEforself-financing.Thereby,aspecialfocusonnon-corporatecompaniesis

34、needed.5. RiskCapitalequityfinancingExternalequityfinancingdoesnothavearealtraditionintheSMEsector.Ontheonehand,smallenterprisesandfamilybusinessingeneralhavetraditionallynotbeenveryopentowardsexternalequityfinancingandarenotusedtoinformingtransparentlyabouttheirbusiness.Ontheotherhand,manyinvestors

35、ofventurecapitalandsimilarformsofequityfinanceareveryreluctantregardinginvestingtheirfundsinsmallercompanies,whichismorecostlythaninvestingbiggeramountsinlargercompanies.Furthermoreitismuchmoredifficulttosetoutofsuchinvestmentsinsmallercompanies.Eventhoughequityfinancingwillneverbecomethemainsourceo

36、ffinancingforSMEs,itisanimportantinstrumentforhighlyinnovativestart-upsandfastgrowingcompaniesandithasthereforetobefurtherdeveloped.UEAPMEseesthreepillarsforsuchanapproachwherepolicysupportisneeded:Availabilityofventurecapital?TheMemberStatesshouldreviewtheirtaxationsystemsinordertocreateincentivest

37、oinvestprivatemoneyinallformsofventurecapital.?Guaranteeinstrumentsforequityfinancingshouldbefurtherdeveloped.ImprovetheconditionsforinvestingventurecapitalintoSMEs?ThedevelopmentofsecondarymarketsforventurecapitalinvestmentsinSMEsshouldbesupported.?AccountingStandardsforSMEsshouldberevisedinorderto

38、easetransparentexchangeofinformationbetweeninvestorandowner-manager.Owner-managersmustbecomemoreawareabouttheneedfortransparencytowardsinvestors?SMEownerswillhavetorealisethatinfutureaccesstoexternalfinance(venturecapitalorlending)willdependmuchmoreonatransparentandopenexchangeofinformationaboutthes

39、ituationandtheperspectivesoftheircompanies.?Inordertofulfilthenewneedsfortransparency,SMEswillhavetousenewinformationinstruments(businessplans,financialreporting,etc.)andnewmanagementinstruments(risk-management,financialmanagement,etc.).外文資料翻譯涂敏之會(huì)計(jì)學(xué)8051208076題目：未來的中小企業(yè)融資背景：中小企業(yè)融資已經(jīng)改變未來的經(jīng)濟(jì)復(fù)蘇將取決于能否工藝品

40、，貿(mào)易和中小企業(yè)利用其潛在的增長和創(chuàng)造就業(yè)。經(jīng)濟(jì)增長和就業(yè)在歐盟和的核心是里斯本戰(zhàn)略，其主要目標(biāo)是使歐洲成為最有競(jìng)爭(zhēng)力的和有活力的知識(shí)型經(jīng)濟(jì)在世界上，中小型企業(yè)作出重大貢獻(xiàn)。然而，中小型企業(yè)能力的增長取決于其潛在的高投資在結(jié)構(gòu)調(diào)整，創(chuàng)新和資格，所有這些投資需要資金。在此背景下的一貫反復(fù)投訴的中小企業(yè)的問題就在于獲得融資，這是一個(gè)高度相關(guān)的約束，關(guān)乎歐洲經(jīng)濟(jì)復(fù)蘇。變化的影響，金融部門的行為，信貸機(jī)構(gòu)對(duì)工藝品，貿(mào)易和中小企業(yè)。最近和當(dāng)前的事態(tài)發(fā)展，銀行業(yè)添加到中小企業(yè)所關(guān)注的問題，并會(huì)進(jìn)一步危害其獲得資金。主要的變化是影響銀行業(yè)中小企業(yè)融資是：全球化和國際化，增加了競(jìng)爭(zhēng)和盈利方向的部門；日益惡化的

41、經(jīng)濟(jì)形勢(shì)在一些機(jī)構(gòu)（爆裂的國貿(mào)中心泡沫，破產(chǎn)）加強(qiáng)重點(diǎn)放在盈利能力進(jìn)一步加強(qiáng)；合并和重組創(chuàng)造更大的結(jié)構(gòu)和許多當(dāng)?shù)氐姆种C(jī)構(gòu)，它的直接和個(gè)性化的接觸，小企業(yè)，被關(guān)閉；即將實(shí)施新的資本充足規(guī)則（巴塞爾II）也將發(fā)生變化的中小企業(yè)的信貸業(yè)務(wù)部門，并會(huì)增加其行政費(fèi)用；嚴(yán)格的解釋國家備忘錄規(guī)則由歐洲委員會(huì)消除了銀行的支持下，由公共保障；許多影響銀行非常積極地參與中小企業(yè)融資。所有這些變化導(dǎo)致更高的靈敏度的風(fēng)險(xiǎn)和利潤的金融部門。金融業(yè)的影響無障礙中小企業(yè)得到資金。高風(fēng)險(xiǎn)的認(rèn)識(shí)，信貸部門，更加注重利潤和正在進(jìn)行的結(jié)構(gòu)調(diào)整中的金融部門變化的框架，中小企業(yè)融資和影響力的中小企業(yè)獲得資金。最重要的改變是：為了使風(fēng)

42、險(xiǎn)意識(shí)較高的業(yè)務(wù)，信貸部門引入新的評(píng)價(jià)制度和手段信用評(píng)分；風(fēng)險(xiǎn)評(píng)估的中小企業(yè)銀行將迫使企業(yè)提出更多更好的高質(zhì)量的信息對(duì)他們的業(yè)務(wù)；銀行將設(shè)法通過其額外費(fèi)用為實(shí)施和運(yùn)行的新的資本條例（巴塞爾II）,以他們的商業(yè)客戶；由于增加了競(jìng)爭(zhēng)的利率，銀行部門的需求更多，更高的服務(wù)費(fèi)用（管理賬戶，支付系統(tǒng)等），這不僅為中小企業(yè)的額外費(fèi)用，而且還限制了它們的流動(dòng)性；小企業(yè)將失去他們的個(gè)人關(guān)系，決策者在地方分支機(jī)構(gòu)-信貸申請(qǐng)過程將變得更加正規(guī)和匿名的，可能會(huì)失去長遠(yuǎn)；信貸部門將失去越來越多的“公共職能”，以提供獲得資金的范圍廣泛的經(jīng)濟(jì)主體，它已在一些國家，為了支持和促進(jìn)經(jīng)濟(jì)增長；利潤的貸款成為主要重點(diǎn)是私人信貸機(jī)

43、構(gòu)。所有這些事態(tài)發(fā)展將使中小企業(yè)獲得資金的更加困難和/或?qū)⒃黾拥某杀镜耐獠抠Y金。創(chuàng)業(yè)和中小企業(yè)，而要進(jìn)入新的市場(chǎng)，可能是受到資金短缺的問題。歐洲行為守則銀行與中小企業(yè)之間有至少允許更多的透明度之間的關(guān)系銀行與中小企業(yè)和UEAPM感到遺憾的是，銀行部門未能達(dá)成這樣的承諾。建立一個(gè)包括政策的方法，以提高準(zhǔn)入手工業(yè)，貿(mào)易和中小企業(yè)融資所有分析表明，信貸和貸款將保持主要的資金來源為中小企業(yè)部門在歐洲。獲得資金一直是主要的關(guān)注中小企業(yè)，但最近的事態(tài)發(fā)展，金融部門局勢(shì)惡化甚至更多。資金短缺已經(jīng)是一個(gè)相關(guān)因素，阻礙歐洲經(jīng)濟(jì)復(fù)蘇。許多中小企業(yè)沒有能夠資助他們的投資需求。因此，UEAPM預(yù)計(jì)新的歐盟委員會(huì)和歐洲

44、議會(huì)的新加強(qiáng)努力的框架內(nèi)，以改善中小企業(yè)融資條件。歐洲的工藝品，貿(mào)易和中小企業(yè)的要求，包括政策方針，其中不僅包括條件中小企業(yè)獲得貸款，而且還將加強(qiáng)其能力的內(nèi)部融資和獲得外部風(fēng)險(xiǎn)資本。從UEAPM感角度來看，這種無所不包的做法應(yīng)當(dāng)基于三項(xiàng)指導(dǎo)原則：風(fēng)險(xiǎn)分擔(dān)之間的私人投資者，金融機(jī)構(gòu)，中小企業(yè)和公共部門；增加了透明度，中小企業(yè)對(duì)外部投資者和貸款人；改善監(jiān)管環(huán)境，中小企業(yè)融資?；谶@些原則，并在這一背景下不斷變化的環(huán)境，中小企業(yè)金融，UEAPME提出政策措施，在以下幾個(gè)方面：1 .新的資本要求指令：中小企業(yè)友好執(zhí)行巴塞爾II由于密集的游說活動(dòng)，UEAPME加上其他商業(yè)協(xié)會(huì)歐洲，已經(jīng)取得了一些有利于改

45、善中小企業(yè)的新巴塞爾協(xié)議的監(jiān)管資本（巴塞爾II）。最后協(xié)議由巴塞爾委員會(huì)包含一個(gè)更現(xiàn)實(shí)的態(tài)度的真正危險(xiǎn)狀況的中小企業(yè)貸款的金融市場(chǎng)并允許必要的變通余地，這方面，不同區(qū)域的傳統(tǒng)和體制結(jié)構(gòu)。然而，新的規(guī)管制度，將影響之間的關(guān)系銀行與中小企業(yè)，它在很大程度上將取決于它的道路將實(shí)施到歐洲的法律，無論是巴塞爾II成為中小企業(yè)的負(fù)擔(dān)，如果將減少獲得資金了。新資本協(xié)議的形式巴塞爾委員會(huì)給出了金融市場(chǎng)的主管部門和函歐洲機(jī)構(gòu)，有很強(qiáng)的靈活性。在大約70個(gè)地區(qū)，他們間的協(xié)定，以適應(yīng)其具體需要執(zhí)行時(shí)納入歐盟法律。其中有些人將產(chǎn)生重要的影響成本和獲取資金的中小型企業(yè)。因此，從UEAPM感計(jì)新的歐盟委員會(huì)和歐洲議會(huì)的新

46、實(shí)施新的資本要求指令將耗資巨大，金融部門（至多30億歐元3至2006年）和它的客戶將不得不付出代價(jià)。因此，執(zhí)行-特別是對(duì)規(guī)模較小的銀行，往往是非?；钴S的中小企業(yè)融資-已經(jīng)進(jìn)行了小的行政負(fù)擔(dān)可能（提交報(bào)告的義務(wù)，統(tǒng)計(jì)數(shù)據(jù)等）。歐洲管理者必須盡可能認(rèn)識(shí)到傳統(tǒng)的文書抵押（擔(dān)保等）。歐洲委員會(huì)和后來的各會(huì)員國應(yīng)采取的建議，歐洲議會(huì)4方面的粒度，進(jìn)入零售組合，成熟，局部使用，適應(yīng)的閾值等，這將減輕市民的負(fù)擔(dān)中小企業(yè)融資。2 .中小型企業(yè)需要透明的評(píng)價(jià)程序由于較高的風(fēng)險(xiǎn)意識(shí)，金融部門和需要的巴塞爾II,許多中小型企業(yè)將面臨第一次與內(nèi)部評(píng)級(jí)的程序或信用評(píng)分系統(tǒng)的銀行。該銀行將需要更多和更好的質(zhì)量信息，并從他們的客戶將評(píng)估他們以一種新的方式。雙方即將事態(tài)發(fā)展已引起越來越多的中小型企業(yè)之間的不確定性。為了減少這種不確定性，并允許中小企業(yè)理解的原則，新的風(fēng)險(xiǎn)評(píng)估，UEAPME要求，透明的評(píng)價(jià)程序-評(píng)價(jià)程序可能不會(huì)成為一個(gè)“黑箱”中小企業(yè)：世界銀行