中小企业融资外文翻译文献.docx
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中小企业融资外文翻译文献.docx
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中小企业融资外文翻译文献
文献信息:
文献标题:
FinancinginSMEs:
CaseoftheBalticStates(中小企业融资:
以波罗的海国家为例)
国外作者:
RamonaRupeika-Apoga
文献出处:
《Procedia-SocialandBehavioralSciences》,2014,150:
116-125
字数统计:
英文2177单词,11410字符;中文3954汉字
外文文献:
FinancinginSMEs:
CaseoftheBalticStates
AbstractAccesstofinancerepresentsoneofthemostsignificantchallengesforSMEs’entrepreneurs.ToensureSMEscreation,existenceandgrowthitisvitallyimportanttounderstandthefinancingneedsofSMEsandentrepreneurs,themainobstaclestofinanceavailabilityandaccessibility.ThestudyindicatesthedifficultiesinSMEsfinancingforthethreeBalticStatesandprovidesthegovernmentsandotherstakeholderswithatooltounderstandSMEs’financingneeds.ThestudyresultshighlightimportanceofalternativeresourcesofexternalfinancingforsmalldevelopingcountriessuchastheBalticonesandtheneedtosupportthedesignandevaluationofpolicymeasuresandtomonitortheimplicationsoffinancialreformsonSMEs’accesstofinance.
Keywords:
SMEsfinancing,accesstofinance,alternativefinancerecourses,theBalticStates
1.Introduction
2008-2009financialcriseshaseffectedavailabilityofexternalfinancingforSMEsmoredramaticallythanlargeenterprises,intheformofhigherinterestrates,shortenedmaturitiesandincreasedrequestforcollateral.AsaresultnowadaysaccesstofinancerepresentsoneofthemostsignificantchallengesforSMEs’entrepreneurs.IntheBalticStatesSMEsformthelargestpartofcompanies,providingthemajorityofjobs.Nevertheless,SMEscommonlyfollow“nichestrategies,”usinghighproductquality,flexibility,andresponsivenesstocustomerneedsasameansofcompetingwithlarge-scalemassproducers(see,forexample,Hallberg,2000andSnodgrass,1996),manyresearchershavehighlightedtheshortageoffinancialresourcesandaccesstofinanceasoneofthemainbarrierstoSMEsinnovationcapacity.Balticcompaniesfinddifficulttoobtaincommercialbankfinancing,especiallylong-termloans,foranumberofreasons,includinglackofcollateral,difficultiesinprovingcreditworthiness,smallcashflows,inadequatecredithistory,highriskpremiums,underdevelopedbank-borrowerrelationshipsandhightransactioncosts.
Overthepasttwodecades,theBalticexchangeshavestrivedtoaddresstheirclients’needsbyemployingthelatestdevelopmentsandinnovations,andintakingtheleadinreformingthesecuritiesmarket.Thisprocesshasbeenacceleratedbyintegratingwithoneoftheworld’slargestexchangeoperatorandtechnologysupplieracrosssixcontinents,NASDAQOMXGroup.Altogether,aboveeightycompaniesarelistedontwoBalticequitieslists,whichhadamarketcapofaroundEUR5.8billioninJuly2013.ThebiggestequitymarketisinLithuania,theninEstoniaandthesmallestinLatvia.ForSMEstheequitymarketismoreavailablethanthebondmarket.Unfortunately,thechoiceofmakingcompanysharesavailableforpublicpurchaseisinmostcasesonlypossibleforalreadywellknownandwithgoodreputationaswellwithhighgrowthpotentialones.Onlyinsuchcasescompaniescanattractinvestorsandtoraisepublicinterest.Therearestrictentryrequirementsimposedoncompanieswishingtogoaheadwiththisprocess.Neverthelesssuchsmalllistedcompanyquantityandmarketcapshowsthatcapitalmarketavailabilityisevenmoreproblematicthanbankingloans.
2.LiteratureReviewAndHypotheses
2.1.AccesstofinanceasachallengeforSMEs’existence
Over2007-2010inmostcountries,SMEsfacedmoreseverecreditconditionsthatdidlargeenterprises,intheformofhigherinterestrates,shortenedmaturitiesandincreasedrequestforcollateral(OECD,2012).Afteraslightimprovementin2010,creditconditionstightenedinmostcountriesin2011,possiblytriggeredbyanincreasedawarenessofriskonthepartoflendinginstitutions.IntheEuroarea,trendsinnominalinterestratesreflectedtensionsonsovereigndebt,whichincreasedattheendof2011,astheinterestrateonnationaldebtisusuallyalowerthresholdforthecostoffinancingintheremainingsectors.Abroadrangeofstudiesbasedonvarioussurveyshavehighlightedthataccesstofinanceisoneofthemainchallengesinthewayofcompanies’growthanddevelopment,especiallyinthecaseofsmallandmediumenterprises(Peachey,2004;Beck,2006;Beck,2008;ECB,2012).Numerousstudiesthatusefirm-levelsurveydatademonstratethataccesstofinanceandthecostofcreditposebarrierstoSMEfinancing(Scholtens,1999;Schiffer,2001;Galindo,2003;IADB,2004;Beck,2006(a);Beck,2006(b)).Similarresultswerefoundalsoinotherstudies:
accesstocreditisoneofthebiggestconstraintsforSMEsinColombia(Stephanou,2008);lackofaccesstofinancetogetherwithmanagement,labourskillsandregulationarethemainconstraintstogrowthof
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