外文文献及翻译-中小企业融资在欧洲-介绍和概述SME-Financing-in-Europe--Introduction-and-Overview.doc

任毅敏：社会转型期民企融资渠道探究附录C引用的外文文献及其译文SMEFinancinginEurope:IntroductionandOverviewIntroducingthetopicofSMEfinanceandsummarisingthemainfindingsofthecontributionstothiseditionoftheEIBPapers,thisoverviewstressestheimportanceofrelationshipbankingforthesupplyofSMEcredit;pointsoutthedifferencesandsimilaritiesinthecapitalstructureoffirmsacrosssizeclassesandacrossEurope;observesthatwhilethereislittleevidenceofwidespreadSMEcreditrationing,financialmarketimperfectionsmayneverthelesscurbSMEgrowth;andhighlightsthatthechangesinEurope’sfinanciallandscape-includingbankconsolidationandBaselII-promisetofosterSMEfinance.IntroductionSomeofthechangesinEurope’sfinanciallandscapeshouldworkinfavourofSMEfinance.Firstly,newinformationandcommunicationtechnologiescontribute,atalowercost,toreducinginformationasymmetriesbetweenlendersandborrowers,therebymakingSMElendingmoreattractive(see,amongothers,Frameetal.2001).Secondly,partlyduetoprogressininformationtechnology,newbankingmethodsarebeingdevelopedandimplemented.Forinstance,banksadoptnewportfoliocreditriskmodelsthatallowthemtoallocateandpricetheirresourcesmoreeffectively.Moreover,theuseofcreditrisktransfermechanisms(suchasthesecuritarisationofSMEloans)isspreading,allowingbankstofocusoncomparative-advantageactivities,notablycreditriskassessment,loanorigination,andcreditriskmonitoring-allactivitiescrucialfortheprovisionoffinancetoSMEs.Thirdly,equitycapitalisbecomingincreasinglyavailabletoSMEsthroughthedevelopmentof(secondary)capitalmarketsandventurecapitalfinance.Fourthly,thesecondbankingdirectiveoftheEUaimsatboostingcompetitionbetweenbanks,therebyimprovingthetermsandconditionsofbankfinance,includingthosesuppliedtoSMEs.OtherfeaturesofEurope’sfinanciallandscapehaveraisedconcernsaboutapossibledeteriorationofconditionsforSMEfinance.Firstly,consolidationinnationalbankingmarketshasreducedthenumberofbanksandhasinmanyEUcountries,especiallyinthesmallerones,increasedthemarketshareofthetop-fivelargestinstitutions.ThismaybedetrimentaltoSMElendi