外文参考文献带中文翻译.docx
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外文参考文献带中文翻译.docx
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外文参考文献带中文翻译
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涂敏之会计学8051208076
Title:
FutureofSMEfinance(c)
Background–theenvironmentforSMEfinancehaschanged
FutureeconomicrecoverywilldependonthepossibilityofCrafts,TradesandSMEstoexploittheirpotentialforgrowthandemploymentcreation.
SMEsmakeamajorcontributiontogrowthandemploymentintheEUandareattheheartoftheLisbonStrategy,whosemainobjectiveistoturnEuropeintothemostcompetitiveanddynamicknowledge-basedeconomyintheworld.However,theabilityofSMEstogrowdependshighlyontheirpotentialtoinvestinrestructuring,innovationandqualification.Alloftheseinvestmentsneedcapitalandthereforeaccesstofinance.
AgainstthisbackgroundtheconsistentlyrepeatedcomplaintofSMEsabouttheirproblemsregardingaccesstofinanceisahighlyrelevantconstraintthatendangerstheeconomicrecoveryofEurope.
ChangesinthefinancesectorinfluencethebehaviorofcreditinstitutestowardsCrafts,TradesandSMEs.RecentandongoingdevelopmentsinthebankingsectoraddtotheconcernsofSMEsandwillfurtherendangertheiraccesstofinance.ThemainchangesinthebankingsectorwhichinfluenceSMEfinanceare:
•Globalizationandinternationalizationhaveincreasedthecompetitionandtheprofitorientationinthesector;
•worseningoftheeconomicsituationsinsomeinstitutes(burstoftheITCbubble,insolvencies)strengthenthefocusonprofitabilityfurther;
•Mergersandrestructuringcreatedlargerstructuresandmanylocalbranches,whichhaddirectandpersonalizedcontactswithsmallenterprises,wereclosed;
•up-comingimplementationofnewcapitaladequacyrules(BaselII)willalsochangeSMEbusinessofthecreditsectorandwillincreaseitsadministrativecosts;
•StricterinterpretationofState-AideRulesbytheEuropeanCommissioneliminatesthesupportofbanksbypublicguarantees;manyoftheeffectedbanksareveryactiveinSMEfinance.
Allthesechangesresultinahighersensitivityforrisksandprofitsinthefinancesector.
ThechangesinthefinancesectoraffecttheaccessibilityofSMEstofinance.
Higherriskawarenessinthecreditsector,astrongerfocusonprofitabilityandtheongoingrestructuringinthefinancesectorchangetheframeworkforSMEfinanceandinfluencetheaccessibilityofSMEstofinance.Themostimportantchangesare:
•Inordertomakethehigherriskawarenessoperational,thecreditsectorintroducesnewratingsystemsandinstrumentsforcreditscoring;
•RiskassessmentofSMEsbybankswillforcetheenterprisestopresentmoreandbetterqualityinformationontheirbusinesses;
•Bankswilltrytopassthroughtheiradditionalcostsforimplementingandrunningthenewcapitalregulations(BaselII)totheirbusinessclients;
•duetotheincreaseofcompetitiononinterestrates,thebanksectordemandsmoreandhigherfeesforitsservices(administrationofaccounts,paymentssystems,etc.),whicharenotonlyadditionalcostsforSMEsbutalsolimittheirliquidity;
•Smallenterpriseswilllosetheirpersonalrelationshipwithdecision-makersinlocalbranches–thecreditapplicationprocesswillbecomemoreformalandanonymousandwillprobablyloselonger;
•thecreditsectorwilllosemoreandmoreits“publicfunction”toprovideaccesstofinanceforawiderangeofeconomicactors,whichithasinanumberofcountries,inordertosupportandfacilitateeconomicgrowth;theprofitabilityoflendingbecomesthemainfocusofprivatecreditinstitutions.
AllofthesedevelopmentswillmakeaccesstofinanceforSMEsevenmoredifficultand/orwillincreasethecostofexternalfinance.Businessstart-upsandSMEs,whichwanttoenternewmarkets,mayespeciallysufferfromshortagesregardingfinance.AEuropeanCodeofConductbetweenBanksandSMEswouldhaveallowedatleastmoretransparencyintherelationsbetweenBanksandSMEsandUEAPMEregretsthatthebanksectorwasnotabletoagreeonsuchacommitment.
TowardsanencompassingpolicyapproachtoimprovetheaccessofCrafts,TradesandSMEstofinance
AllanalysesshowthatcreditsandloanswillstaythemainsourceoffinancefortheSMEsectorinEurope.AccesstofinancewasalwaysamainconcernforSMEs,buttherecentdevelopmentsinthefinancesectorworsenthesituationevenmore.Shortageoffinanceisalreadyarelevantfactor,whichhinderseconomicrecoveryinEurope.ManySMEsarenotabletofinancetheirneedsforinvestment.
Therefore,UEAPMEexpectsthenewEuropeanCommissionandthenewEuropeanParliamenttostrengthentheireffortstoimprovetheframeworkconditionsforSMEfinance.Europe’sCrafts,TradesandSMEsaskforanencompassingpolicyapproach,whichincludesnotonlytheconditionsforSMEs’accesstolending,butwillalsostrengthentheircapacityforinternalfinanceandtheiraccesstoexternalriskcapital.
FromUE
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