中小企業(yè)融資外文翻譯--中小企業(yè)融資渠道是其發(fā)展瓶頸（節(jié)選）

1、<p>　　1700單詞，9500英文字符 ，3350漢字</p><p>　　原文出處： T. Beck, A. Demirguc-Kunt Small and medium-size enterprises: access to finance as a growth constraint .Journal of Banking and Finance, 30 (2006), pp. 2931–29

2、43</p><p>　　Small and medium-size enterprises: Access to finance as a growth constraint</p><p>　　Thorsten Beck, Asli Demirguc-Kunt</p><p><b>　　Abstract</b></p>&l

3、t;p>　　This paper presents recent research on access to finance by small and medium-size enterprises (SMEs). SMEs form a large part of private sector in many developed and developing countries. While cross-country rese

4、arch sheds doubt on a causal link between SMEs and economic development, there is substantial evidence that small firms face larger growth constraints and have less access to formal sources of external finance, potential

5、ly explaining the lack of SMEs’ contribution to growth. Financial and</p><p><b>　　Keywords</b></p><p>　　Small and medium-size enterprises; Business environment; Economic de

6、velopment</p><p>　　1. Introduction</p><p>　　Numerous studies have discussed that small and medium enterprises (SMEs) are financially more constrained than large firms and are less likely to have

7、 access to formal finance. Until recently, however, there was little cross-country evidence on the extent to which size is a decisive factor in determining growth obstacles or access to finance. Further, little cross-cou

8、ntry evidence has been accumulated on the policies to overcome SMEs growth obstacles and foster their access to finance. Recently </p><p>　　Efforts targeted at the SME sector are based on the premises that (

9、i) SMEs are the engine of economic development, but (ii) market and institutional failures impede their growth, thus justifying government interventions. Despite the growing interest of the development community in subsi

10、dizing SMEs, however, there are skeptical views that question the efficacy of pro-SME policies. Specifically, many critics stress the importance of the business environment facing all firms, large and small. From </p&

11、gt;<p>　　Section 3 discusses recent cross-country evidence on the growth constraints faced by SMEs and the role of financial and institutional development to overcome these constraints. We review evidenc

12、e that financing obstacles are more growth-constraining for small firms and they prevent all firms from reaching their optimal size. This is also reflected in financing patterns: small firms finance a smaller share of th

13、eir investment and working capital with formal financial sources than large firms. We </p><p>　　Section 4 discusses the importance of financial market structure for easing SMEs’ access to finance a

14、nd specific financing tools to overcome small firms’ financing constraints. Traditionally, relationship banking and thus the presence of small banks have been considered the characteristics of an SME-conducive financial

15、system. The introduction of transaction-based SME financing tools, such as factoring and credit scoring, however, has underlined the advantages of large banks in providing finance</p><p>　　2. SMEs, business

16、environment and growth</p><p>　　Efforts targeted at the SME sector are often based on the premises that (i) SMEs are the engine of growth, but (ii) market imperfections and institutional weaknesses impede th

17、eir growth. Skeptics question the efficacy of this policy and point to empirical evidence either in favor of large firms or of a size-blind policy approach (see Biggs, 2002 for an overview). While many country-

18、level and microeconomic studies have assessed the importance of SMEs in the economic development and industrializat</p><p>　　Cross-country regressions of GDP per capita growth on SMEs share in manufacturing

19、employment show a strong positive relationship over the 1990s, even after controlling for an array of other country characteristics that can account for differences in growth across countries. Instrumental variable regre

20、ssions that explicitly control for reverse causation and simultaneity bias, however, erode the significance of the relationship between SMEs and economic growth. The regressions do not necessarily l</p><p>　

21、　While to our best knowledge there is no robust cross-country evidence on the relationship between the business environment and economic growth, industry-level, firm level and survey evidence consistently show a positive

22、 association of a competitive business environment with entry, entrepreneurship and investment.</p><p>　　Klapper et al. (in press) show that one channel through which the business environment affects ec

23、onomic development is the entry of new firms. Using firm-level data for Western and Eastern Europe, they find that entry regulations, measured as the cost of registering a firm, hamper the creation of new firms, while re

24、gulations fostering property right protection and access to finance enhance entry. Further, the effect of depressed entry shows up in lower productivity: value added per employee in n</p><p>　　Fig. 1. I

25、taly vs. UK: Firm size at entry and over time. This graph shows the average value added for firms at entry and over time in Italy and the UK. Source: Klapper et al. (in press).</p><p>　　Firms are n

26、ot only more likely to enter in countries with better access to external finance and better investor protection, they are also more likely to incorporate than to maintain the legal form of proprietorships (Demirguc-Kunt

27、et al., 2006). Using firm-level survey data for 52 countries, Demirguc-Kunt et al. show that one of the reasons for this variation in the likelihood of incorporating is the fact that incorporated firms face lower obstacl

28、es to their growth in countries with better devel</p><p>　　Using survey data from interviews with entrepreneurs and non-entrepreneurs in seven cities across Russia,Djankov et al. (2004) provide further

29、evidence for the importance of the business environment for the decision of becoming an entrepreneur. They find that in addition to many personal characteristics the perception of corruption and government officials’ att

30、itude towards entrepreneurship affects the decision to become an entrepreneur. Similarly, Johnson et al. (2002) find that entrepreneurs i</p><p>　　Are different dimensions of the business environme

31、nt equally important? Using firm level survey data on the business environment across 80 countries, Ayyagari et al. (2005) investigate the impact of access to finance, property right protection, provision of in

32、frastructure, inefficient regulation and taxation, and broader governance features such as corruption, macroeconomic and political stability on firm growth. They show that finance, crime and political instability are the

33、 only obstacles that</p><p>　　Together, these results suggest that it is important to have a competitive business environment that allows for the entry of new and innovative entrepreneurs resulting in the Sc

34、humpeterian process of “creative destruction” rather than simply having a large SME sector, which might be characterized by a large number of small enterprises that are neither able to grow nor to exit. Indeed, a large,

35、but stagnant SME sector may be a by-product of a poor business environment itself.2 Furthermore, the ex</p><p>　　References</p><p>　　Ayyagari et al., in press.Ayyagari, M., Beck, T., Demirg

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37、.How important are financing constraints? The role of finance in the business environment.World Bank Mimeo (2005)</p><p>　　Beck et al., 2004a.T. Beck, A. Demirguc-Kunt, L. Laeven, R. Levine.Finance, firm siz

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71、ournal of Banking and Finance, this issue, doi:10.1016/j.jbankfin.2006.05.003.</p><p>　　中小企業(yè)：融資渠道是其發(fā)展瓶頸</p><p><b>　　摘要</b></p><p>　　本文闡述了近期的一項有關(guān)中小企業(yè)融資渠道的研究。中小企業(yè)在許多發(fā)

72、達國家和發(fā)展中國家的私營部門中發(fā)揮了巨大作用。雖然跨國研究質(zhì)疑中小企業(yè)和經(jīng)濟發(fā)展之間的因果關(guān)系，但是有充分的理由相信小型企業(yè)面臨著更大的發(fā)展障礙和限制，而且接觸外部融資的正規(guī)渠道較少。這也在潛移默化地說明了中小企業(yè)對經(jīng)濟發(fā)展的貢獻較小。金融和制度發(fā)展能夠幫助減輕發(fā)展束縛并增加外部融資渠道，因此會提高不同規(guī)模企業(yè)之間的競爭水平。特定的金融工具，例如體融資租賃和保理等甚至可以在沒有十分成熟的機構(gòu)的情況下可以拓寬金融渠道，也可以擁有信用信息共

73、享的系統(tǒng)以及更有競爭力的銀行結(jié)構(gòu)。</p><p>　　關(guān)鍵字：中小企業(yè);商業(yè)環(huán)境;經(jīng)濟發(fā)展</p><p><b>　　1.引言</b></p><p>　　很多研究表明，相對于大型企業(yè)來說，中小型企業(yè)更易在融資方面受到限制，獲得正式金融支持的難度也大得多。但是至今為止世界范圍內(nèi)還沒有證據(jù)支持這樣一種決定性因素，能夠在某種程度上確定到底是增長

74、的障礙或是獲得融資。另外，我們用來制定政策，以幫助中小企業(yè)克服發(fā)展障礙、疏通其融資渠道所積累的全國性證據(jù)也很少。近來，一些全國性公司層面數(shù)據(jù)庫的編譯使更為細致的研究帶來了便利，同時增強了我們對疏通中小企業(yè)融資渠道的相關(guān)政策的理解。</p><p>　　以中小企業(yè)部門為目標的努力基于以下前提：1）中小企業(yè)是經(jīng)濟增長的發(fā)動機，但是2）市場和制度上的缺陷阻礙了它的發(fā)展，這恰好表明了政府介入的合理性。除了發(fā)展共同體在補貼

75、中小企業(yè)過程中的利益增長，仍有持懷疑態(tài)度的人對支持中小企業(yè)政策的效力提出了質(zhì)疑。特別地，很多批評者強調(diào)商業(yè)環(huán)境的公平，即同時面對大型和中小型企業(yè)。從這個角度來講，低出入門檻，定義完善的財產(chǎn)權(quán)利，有效的合約執(zhí)行和穩(wěn)固的融資渠道塑造了一個利于競爭和私人交易的商業(yè)環(huán)境。本文綜述的第二部分討論了一些全國性的證據(jù)，這些證據(jù)表明制造行業(yè)中小企業(yè)的重要性和經(jīng)濟發(fā)展有很強的偏相關(guān)關(guān)系，但同時對于整個中小企業(yè)來講并無顯著影響。這并不表示中小企業(yè)不值得受到

76、政策制定者的關(guān)注，相反的，這意味著一個觀念上的轉(zhuǎn)變，從“規(guī)模導向型”政策向旨在改善各類企業(yè)的競爭環(huán)境的政策進行轉(zhuǎn)變。</p><p>　　第三部分探討了最近中小企業(yè)所面臨的發(fā)展障礙以及金融和體制在幫助克服這些障礙中所承擔的角色。我們回顧了能夠表明融資障礙對小企業(yè)的發(fā)展阻礙更大，同時限制了所有企業(yè)達到其最優(yōu)規(guī)模的證據(jù)。這些在融資模式中也有所體現(xiàn)：相對于大公司來說，小型企業(yè)通過正式資金來源所獲得的融資占其投資和營運資

77、本的比例較小。我們對當今的發(fā)展中國家和19世紀的北大西洋核心國家的做了一個歷史性的對比，并對撒哈拉以南非洲地區(qū)人際關(guān)系網(wǎng)正在何種程度上取代正規(guī)金融市場進行了討論，以此作為本部分的總結(jié)。</p><p>　　第四部分探討了疏通中小企業(yè)融資渠道，開發(fā)有針對性的融資工具以克服中小企業(yè)融資瓶頸對于金融市場結(jié)構(gòu)的重要性。從傳統(tǒng)意義上講，關(guān)系金融和因此產(chǎn)生的小銀行被認為是一個“中小企業(yè)導向”的金融體系所具有的特征。對于基于交

78、易行為的中小企業(yè)融資工具的介紹，例如保理業(yè)務和信用評分，充分說明了大銀行在對小型不透明企業(yè)提供融資方面的優(yōu)勢所在。</p><p>　　第五部分是結(jié)論總結(jié)。</p><p>　　2.中小企業(yè)，商業(yè)環(huán)境和發(fā)展</p><p>　　以中小企業(yè)部門為目標的努力基于以下前提：1）中小企業(yè)是經(jīng)濟增長的發(fā)動機，但是2）市場和制度上的缺陷阻礙了它的發(fā)展。持懷疑態(tài)度的人質(zhì)疑政策的有

79、效性，他們指出這些實證研究數(shù)據(jù)應能闡釋大企業(yè)，或者作為一條研究所有企業(yè)通用政策的途徑（參見Biggs, 2002的綜述部分 ）。很多跨國的以及微觀研究成果都在強調(diào)中小企業(yè)對于經(jīng)濟發(fā)展和工業(yè)化進程的重要性（Snodgrass and Biggs, 1996），與此同時，Beck等人（2005a）基于Ayyagari等人所編譯的新的數(shù)據(jù)庫資料，首次提出了跨國性的證據(jù)，說明了中小企業(yè)、經(jīng)濟發(fā)展以及扶貧工作三者的聯(lián)系。</p&g

80、t;<p>　　基于多國數(shù)據(jù)的回歸分析顯示，在二十世紀九十年代，人均GDP與中小企業(yè)在制造行業(yè)所貢獻的就業(yè)份額呈現(xiàn)出很強的正相關(guān)，即使對其他國家的特征變量數(shù)組進行控制，（中小企業(yè)在制造行業(yè)所貢獻的就業(yè)份額）仍可作為國家間發(fā)展差異的合理解釋。然而在工具變量回歸分析中，明確控制反向因果和聯(lián)立偏差會對中小企業(yè)發(fā)展和經(jīng)濟增長二者關(guān)系的顯著性造成影響。以上回歸結(jié)果未必推導出中小企業(yè)的發(fā)展不促進經(jīng)濟增長的結(jié)論，相反的，這些結(jié)果未能合理

81、地推翻之前的假設：中小企業(yè)不能對人均GDP的增長發(fā)揮因果性的影響。這個發(fā)現(xiàn)恰好印證了如下的觀點：龐大的中小企業(yè)群體是一個快速發(fā)展經(jīng)濟體的特征之一，但并不能稱為其迅速發(fā)展的原因。Beck等人(2005a) 也未能找到任何證據(jù)，表明一個大的中小企業(yè)群體和所在國最貧困五分之一人口的收入增長更快，以及貧困消除速度更快之間存在任何關(guān)聯(lián)。</p><p>　　根據(jù)目前所知，商業(yè)環(huán)境和經(jīng)濟增長、產(chǎn)業(yè)水平、企業(yè)水平都沒

82、有顯著的相關(guān)性，同時調(diào)查數(shù)據(jù)顯示出一個充分競爭的商業(yè)環(huán)境和市場準入、創(chuàng)業(yè)以及投資之間具有正相關(guān)關(guān)系。</p><p>　　Klapper 等人指出，新公司的進入正是商業(yè)環(huán)境對經(jīng)濟發(fā)展產(chǎn)生作用的途徑之一。他們通過研究歐洲東西部企業(yè)層面的數(shù)據(jù)后發(fā)現(xiàn)，被看做公司注冊成本的準入管制，促進了知識產(chǎn)權(quán)的保護以及融資渠道的管理，但同時也極大地阻礙了新公司的創(chuàng)造性。另外，被限制的準入也造成了更低的生產(chǎn)率：自然條件下“寬松準入”產(chǎn)

83、業(yè)的員工人均增值量在那些有繁瑣準入限制的國家里增長的更慢。文章還揭示出在某些情況下，由于諸多限制和市場缺陷在阻礙市場競爭的同時也會延緩企業(yè)的發(fā)展，一個落后的商業(yè)環(huán)境還可能影響中小企業(yè)群體的表現(xiàn)。我們通過對比意大利和英國就可以驗證這一現(xiàn)象。在意大利，準入成本占到GNP的20%，而英國這一比例僅為1.4%，因而相對于英國，意大利有更多的小企業(yè)面臨著發(fā)展阻滯，其小企業(yè)群體中有更多過時且效率低下的企業(yè)。其實，意大利的企業(yè)普遍在創(chuàng)立初始規(guī)模較大，

84、但是發(fā)展緩慢，以至于在成立十年之后其規(guī)模僅僅相當于英國企業(yè)的一半（見表1）。這些結(jié)果是對Beck等人研究結(jié)論的有力支持，解釋了為什么一個大規(guī)模的中小企業(yè)群體并不與更快的增長速度相關(guān)聯(lián)，即大規(guī)模有可能恰好是企業(yè)低準入和低回報的表現(xiàn)。</p><p>　　表1：意大利與英國的對比：成立之初至一段時間后的公司規(guī)模。本圖表顯示意大利和英國的企業(yè)在成立之初以及一段時間之后價值增量的平均值。 來源于Klapper等人。<

85、;/p><p>　　從公司角度來說，他們更傾向于落腳到易于獲得外部融資、對投資者的保護更到位的國家，不僅如此，他們同時更希望合并擴張而不是維持法定的所有權(quán)形式（Demirguc-Kunt 等, 2006）。根據(jù)52個國家公司層面的調(diào)查數(shù)據(jù)，Demirguc-Kunt等指出這樣一個事實：合并擴張以后的公司會獲得來自所在國較低的發(fā)展限制，更完善的融資平臺，高效的法制體系，強有力的股東及債權(quán)人權(quán)利，更寬松的規(guī)則枷鎖、公司稅

86、以及規(guī)范有效的破產(chǎn)程序，而這恰恰是企業(yè)們對合并擴張青睞有加的原因之一。法人企業(yè)比非法人企業(yè)所面對的融資、法制上的障礙要少得多，這一優(yōu)勢在那些有著更完善制度和優(yōu)越的商業(yè)環(huán)境的國家里會進一步擴大。另外，他們還證明了合并擴張后的企業(yè)在有著完善金融和法律制度的國家里會發(fā)展的更快。</p><p>　　根據(jù)對俄羅斯境內(nèi)7個城市的企業(yè)家與非企業(yè)家的訪談資料，Djankov等人（2004）進一步提出商業(yè)環(huán)境對于個人抉擇是否希望

87、成為企業(yè)家具有重要影響。他們發(fā)現(xiàn)除去個人特質(zhì)以外，貪污腐敗的比例以及政府官員對于企業(yè)家精神的態(tài)度也會影響人們成為企業(yè)家的意愿。類似的，Johnson 等人 (2002)發(fā)現(xiàn)處于轉(zhuǎn)型經(jīng)濟的企業(yè)家在對所在國產(chǎn)權(quán)保護措施有信心的情況下更愿意將其利潤用于再投資，與此同時Cull 和 Xu (2005)卻發(fā)現(xiàn)中國的企業(yè)家除產(chǎn)權(quán)保護體系以外，還會在意信貸渠道是否更便捷，這種現(xiàn)象在小型企業(yè)中尤甚。</p><p>　　商業(yè)環(huán)境

88、的不同層面是不是同樣重要？通過來自80多個國家有關(guān)商業(yè)環(huán)境的公司層面的數(shù)據(jù)分析， Ayyagari等人(2005)調(diào)查了以下各個因素對公司發(fā)展的影響：融資渠道、產(chǎn)權(quán)保護、基礎(chǔ)設施的提供、低效的制度稅收、諸如腐敗等更廣泛的治理特征、宏觀經(jīng)濟以及政局穩(wěn)定性。他們指出，只有融資、犯罪活動和政局穩(wěn)定性會對公司成長產(chǎn)生直接的影響，而之中融資因素表現(xiàn)出最強的關(guān)聯(lián)性。</p><p>　　總而言之，這些調(diào)查結(jié)果表明一