中小型企業(yè)在東歐的融資【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Small- and Medium-Size Enterprise Financing in Eastern Europe</p><p>　　Material Source: The World Bank Dev

2、elopment Research Group Finance　December 2002</p><p>　　Author: Leora F. Klapper Virginia Sarria-Allend Victor Sulla</p><p>　　There is currently a large interest in understanding firms' acc

3、ess to finance, particularly in the financing of small-and medium-size enterprises (SMEs). But the financing patterns of SMEs across countries is not well understood. For example, little is known about the relative impor

4、tance of equity, debt, and inter-firm financing for SMEs across countries.</p><p>　　The authors use the Amadeus database, which includes nancial information on over 97,000 private and publicly traded firms i

5、n 15 Eastern and Central European countries. The Amadeus database allows the authors the portunity to provide a new analysis of the general financing patterns of private firms across a large sample of Eastern European co

6、untries. The summary statistics how that the size of the SME sector (as measured by the percentage of total employment) in Eastern European countries is smal</p><p>　　For most of the 19th and 20th centuries,

7、 large corporations were considered the primary and driving force of economic and technological progress. Very large corporations dominated research and development (R&D) and the introduction of innovations, and expe

8、rienced major improvements in production efficiency. The exploitation of economies of scale and scope were considered to be the driving force of economic development. As Schumpeter (1942) proclaimed, "What we have g

9、ot to accept is that the larg</p><p>　　Beginning in the 1970s, however, large manufacturing firms in key industries began to loose competitiveness and a number of important empirical studies began to documen

10、t the critical role of SMEs. For example, Acs (1984) argued that newer and smaller firms entered sectors as "agents of change". Studies using direct measures of innovative activity -such as measures of new prod

11、ucts and processes -replaced older measures (such as R&D) and showed that innovative activity was introduced by small firm</p><p>　　Previous studies also showed the shift in the industrial structure away

12、 from large corporations and towards SMEs during the 1980s and 1990,s.2 Several explanations have been offered to account for this structural change. For example, Audretsch and Thurik (2000) suggested that the increase

13、in the level of education and business skills in the United States increased entrepreneurship and new firms. Others have focused on the inflexibility of large conglomerates to react to globalization and new te</p>

14、<p>　　1 We see in Eastern Europe a unique role for SMEs during "transitional" periods of change. The restructuring and downsizing of large firms, the privatization of public utilities and other large comp

15、anies, the outsourcing of many support services, and the vertical fragmentation of production are all forces that promoted the creation and expansion of SMEs. A number of recent papers have discussed the characteristics

16、 and role of SMEs in developed countries, but little has been said about SMEs in E</p><p>　　2 Given the unique nature of the financial development and market structure in Eastern European countries, we would

17、 expect to see some distinctions in the firm characteristics and financing choices of SMEs in these countries, relative to previous studies. The AMADEUS database -which includes financial information on over 5 million re

18、gistered firms in Eastern and Western Europe-offers an excellent opportunity to study the firm characteristics of the SME sector in a wide range of countries. In thi</p><p>　　3 We provide some evidence on th

19、e main differences between SMEs and large corporations in 15 Eastern European countries. We also include a discussion of our cross-country findings on the firm and country characteristics that affect firms' access to

20、 finance and the financing of SMEs in particular. There is an extensive literature examining the capital structure choices of firms in developed and developing countries, although most studies exclude small firms.</p&

21、gt;<p>　　4 In this paper we provide a new analysis of the general financing patterns of private firms across countries. With the caveat, however, that we are providing neither an exhaustive nor rigorous analysis o

22、f capital structure, but only showing some key preliminary results that should only be seen as a starting point for future research.</p><p>　　We also include a discussion of our cross-country findings on the

23、 firm and country characteristics that affect firms' access to finance and the financing of SMEs in particular. There is an extensive literature examining the capital structure choices of firms in developed and devel

24、oping countries, although most studies exclude small firms.6 In this paper we provide a new analysis of the general financing patterns of private firms across countries. With the caveat, however, that we are providing n&

25、lt;/p><p>　　The paper proceeds as follows. Section 2 describes the Amadeus database, the financial and descriptive variables available for each firm, and limitations of the data. Section 3 reviews the previous

26、literature relating to the SME sectors in particular and the development of financial markets in Eastern Europe in general. Section 4 provides summary statistics and a discussion of the Amadeus data, by age, size, and l

27、everage. Section 6 discusses future avenues for research and concludes.</p><p>　　l For example, see Schimitz (1989), Acs (1992), Calderon and Nickel (1998) and Audretsch and Thurik (2000).</p><p&g

28、t;　　2 For example, see Acs and Audretsch (1993), Loveman and Senegenberger (1991) and Thurik (1996).</p><p>　　3 See Svejnar (2002).</p><p>　　4 There have been a number of country-specific World

29、 Bank surveys of SMEs in Eastern Europe.</p><p>　　For example, we discuss in Section 3 a survey of SMEs in Romania by Chaves, Sanchez, Schor and Tesliuc (2001) and a survey of Russian firms by Broadman and R

30、ecanatini, 2001.</p><p>　　5 Throughout this paper we use the European convention of defining the SME sector as firms with less than 250 employees.</p><p>　　6 For example, Rajan and Zingales (199

31、5) andBooth, Aivazian, Demirguc-Kunt, and Maksimovic (2001) study the capital structure of developed and developing countries, respectively, although these papers use only a sample of publicly-traded firms.</p>

32、<p><b>　　譯文</b></p><p>　　中小型企業(yè)在東歐的融資</p><p>　　資料來(lái)源：世界銀行發(fā)展研究小組 </p><p>　　作者：Klapper Leora f . 維吉尼亞Sarria-Allend 維克多Sulla</p><p>　　目前對(duì)于大公司的融資渠道，

33、尤其是在小、中型企業(yè)的融資引起了比較廣泛的關(guān)注。但各國(guó)中小企業(yè)的融資模式目前仍然不是很清楚。例如，企業(yè)融資的相對(duì)重要性，股票融資、債務(wù)融資對(duì)中小企業(yè)和公司在各國(guó)之間的影響。</p><p>　　作者用阿馬戴烏斯數(shù)據(jù)庫(kù)，包括財(cái)政信息就超過(guò)97000私人和上市企業(yè)囊括15個(gè)東部和中部的歐洲國(guó)家。作者的阿馬戴烏斯資料庫(kù)允許提供一種新的分析民營(yíng)企業(yè)的融資模式的方法，所研究的國(guó)家一般橫跨東歐國(guó)家。如何統(tǒng)計(jì)中小企業(yè)部門(mén)(這是

34、通過(guò)測(cè)量就業(yè)總量中所占的比例，歐洲東部國(guó)家明顯小于大多數(shù)經(jīng)濟(jì)發(fā)達(dá)的國(guó)家。雖然作者發(fā)現(xiàn)幾乎每個(gè)國(guó)家都有大量的中小企業(yè)公司作為一個(gè)總量中所占的比例，中小企業(yè)在東歐是一般較小的企業(yè)，一般只雇傭數(shù)名員工而已。然而，中小企業(yè)相對(duì)于大型企業(yè)在東歐的經(jīng)濟(jì)體中似乎構(gòu)成了最有活力的經(jīng)濟(jì)部門(mén)。一般而言，中小企業(yè)的行業(yè)包括相對(duì)更年輕、更有高杠桿，和更加有益的和更快的快速發(fā)展的公司。這表明，中小型企業(yè)是一種新型的公司是新興的轉(zhuǎn)型經(jīng)濟(jì)的產(chǎn)物，它以開(kāi)拓市場(chǎng)、營(yíng)利為

35、目的。但同時(shí)，對(duì)于這些公司的金融約束，似乎已妨礙他們獲得長(zhǎng)久的融資和增長(zhǎng)能力。</p><p>　　在19世紀(jì)和20世紀(jì)，大公司被認(rèn)為是推動(dòng)經(jīng)濟(jì)和科技進(jìn)程的主要?jiǎng)恿?。以大公司占主?dǎo)地位的研究與開(kāi)發(fā)(R&D)和引進(jìn)創(chuàng)新、經(jīng)驗(yàn)豐富的技術(shù)人才來(lái)提高生產(chǎn)效率。開(kāi)發(fā)的規(guī)模經(jīng)濟(jì)和范圍被認(rèn)為是經(jīng)濟(jì)發(fā)展的動(dòng)力。比如熊彼特(1942)宣稱(chēng)：“我們也必須接受大型企業(yè)已開(kāi)始以最強(qiáng)大的引擎進(jìn)入的事實(shí)”。在從貢獻(xiàn)方面而言，中小企業(yè)

36、對(duì)于推動(dòng)經(jīng)濟(jì)進(jìn)步的貢獻(xiàn)還小的時(shí)候，經(jīng)濟(jì)學(xué)家認(rèn)為這個(gè)部門(mén)不那么重要了。</p><p>　　從1970年代大型制造業(yè)公司而言，在重點(diǎn)行業(yè)開(kāi)始松散的競(jìng)爭(zhēng)力的狀況下，一些重要的實(shí)證研究所表明中小企業(yè)在其中所扮演的關(guān)鍵角色。例如，Acs(1984)認(rèn)為，新公司和小公司的代理人正在進(jìn)入行業(yè)“轉(zhuǎn)變”。其研究使用直接測(cè)量如創(chuàng)新活動(dòng)的新產(chǎn)品與新流程取代年長(zhǎng)的措施(如研發(fā)創(chuàng)新活動(dòng))，表明其主要引入小公司而不是較大的大公司(見(jiàn)Acs

37、和Audrestsch，1988年和1990年)。在一系列經(jīng)濟(jì)活動(dòng)中，中小企業(yè)也開(kāi)始扮演重要的角色，為大型企業(yè)提供有效的中間產(chǎn)品或服務(wù)。許多論文表明，發(fā)達(dá)國(guó)家鼓勵(lì)中小企業(yè)的發(fā)展從而帶動(dòng)更高的經(jīng)濟(jì)增長(zhǎng)。</p><p>　　對(duì)于其先前的研究還表明，產(chǎn)業(yè)結(jié)構(gòu)的轉(zhuǎn)變，在遠(yuǎn)離大型企業(yè)以及對(duì)中小企業(yè)在1980年代即1990年，科學(xué)引入了幾種解釋來(lái)明確的解釋這樣的結(jié)構(gòu)變化。例如，Audretsch和Thurik(2000)建

38、議的增加，受教育程度和商業(yè)技巧的影響的技術(shù)人員的加入上升了企業(yè)文化的提高和新公司的發(fā)展。別人都是集中在僵化的大企業(yè)集團(tuán)來(lái)回應(yīng)全球化和新技術(shù)的革新，從而促使經(jīng)理和其他內(nèi)部人士在大公司失落時(shí)離開(kāi)，加入一個(gè)更有效率的環(huán)境。然而，這種現(xiàn)象的潛在的故事引進(jìn)的中小企業(yè)在東歐國(guó)家似乎是不同的。但與美國(guó)不同，在美國(guó)先后經(jīng)歷了自然會(huì)產(chǎn)生新的，小公司、中小企業(yè)的行業(yè)出現(xiàn)在東歐國(guó)家的結(jié)果則是私有化和大型國(guó)有企業(yè)的分手，再通過(guò)大量革新，分化成一般非常小的公司來(lái)

39、作為一個(gè)結(jié)果就是市場(chǎng)的自由化進(jìn)程。</p><p>　　1.我們看到在東歐化的過(guò)程中有其獨(dú)特角色對(duì)中小企業(yè)的“過(guò)渡”時(shí)期的變化。重組與裁員，私有化的大公司的公用事業(yè)及其他的大型公司，外包的許多服務(wù)支持，和垂直分割的生產(chǎn)，促進(jìn)了中小企業(yè)的發(fā)展和壯大。一些最近的論文討論了在發(fā)達(dá)國(guó)家的中小企業(yè)的特點(diǎn)和作用，但很少有人提及在東歐的中小企業(yè)。</p><p>　　2.在東歐各國(guó)的中小企業(yè)具有獨(dú)特性質(zhì)

40、的金融發(fā)展與市場(chǎng)結(jié)構(gòu)，我們希望從中看到一些區(qū)別，在這些國(guó)家相對(duì)于以往的研究中發(fā)現(xiàn)對(duì)于該公司的特點(diǎn)和中小企業(yè)的融資選擇的不同。阿馬戴烏斯的財(cái)務(wù)信息數(shù)據(jù)庫(kù)——包括超過(guò)5萬(wàn)的注冊(cè)公司在東方的和西方歐洲贊助商有極好的機(jī)會(huì)來(lái)研究具有在廣泛的國(guó)家的中小企業(yè)的特點(diǎn)。在這篇文章中我們將首先概要分析了公司的特點(diǎn)，在樣品的97000東歐各國(guó)，特別關(guān)注中小企業(yè)，代表大約有82%的總樣本)。</p><p>　　3.我們提供了一些依據(jù),

41、主要差異在15個(gè)東歐國(guó)家中小企業(yè)和大型企業(yè)之間。我們還通過(guò)討論發(fā)現(xiàn)了對(duì)公司和國(guó)家的特點(diǎn)，從而得出影響企業(yè)的融資渠道和我國(guó)中小企業(yè)融資難問(wèn)題具體的問(wèn)題。有一個(gè)廣泛的文獻(xiàn)檢視在發(fā)達(dá)國(guó)家和發(fā)展中國(guó)家的中小企業(yè)對(duì)資本結(jié)構(gòu)的選擇，雖然大多數(shù)研究排除小公司。</p><p>　　4.我們?cè)诒疚闹刑峁┝艘环N新的分析，在不同國(guó)家對(duì)于一般民營(yíng)企業(yè)的融資模式的研究。然而，我們提供的一份詳盡的分析也只能分析出不嚴(yán)格的資本結(jié)構(gòu)，但只展示

42、了一些關(guān)鍵的初步結(jié)果應(yīng)僅被視為一個(gè)起點(diǎn),為未來(lái)的研究提供方向。</p><p>　　我們還通過(guò)討論發(fā)現(xiàn)對(duì)公司和國(guó)家的特點(diǎn)的研究發(fā)現(xiàn)影響企業(yè)的融資渠道和我國(guó)中小企業(yè)融資難問(wèn)題具體的目標(biāo)。有一個(gè)廣泛的文獻(xiàn)檢視顯示在發(fā)達(dá)國(guó)家和發(fā)展中國(guó)家公司對(duì)資本結(jié)構(gòu)的選擇上的不同,雖然大多數(shù)研究排除小公司。</p><p>　　摘要收益如下：第二節(jié)介紹了數(shù)據(jù)庫(kù)、金融和阿馬戴烏斯描述性的變量，并可用于每個(gè)公司的數(shù)

43、據(jù)的限制。第3部分，回顧了以往文獻(xiàn)中有關(guān)特定行業(yè)的中小企業(yè)的發(fā)展，金融市場(chǎng)在東歐的發(fā)展與經(jīng)濟(jì)發(fā)達(dá)國(guó)家的不同。第四章總結(jié)討論，提供統(tǒng)計(jì)資料，通過(guò)阿馬戴烏斯的年齡，大小和杠桿的調(diào)節(jié)作用。第六節(jié)討論了未來(lái)方法進(jìn)行研究和總結(jié)。</p><p>　?。?Schimitz l(1989)，英華》(1992)，卡爾德隆和鎳(1998)和Audretsch和Thurik(2000)。</p><p>　　

44、2.和Audretsch Acs(1993)，Loveman和Senegenberger(1991)和Thurik(1996)。</p><p>　　3.看Svejnar(2002)。</p><p>　　4.有很多國(guó)家中小企業(yè)在世界銀行的調(diào)查東歐。</p><p>　　例如，我們討論在第3部分，進(jìn)行的一項(xiàng)調(diào)查顯示，在羅馬尼亞，中小企業(yè)通過(guò)Chaves·肖

45、爾與Tesliuc桑切斯，(2001)和俄羅斯公司進(jìn)行的一項(xiàng)調(diào)查顯示，由Broadman和Recanatini，2001年。</p><p>　　5.在這篇文章中，我們使用歐洲大會(huì)的界定，中小企業(yè)的產(chǎn)業(yè)為公司小于250名員工。</p><p>　　6.Zingales(1995)，Aivazian andBooth，民國(guó)，Demirguc-Kunt(2001)研究資本結(jié)構(gòu)的發(fā)達(dá)國(guó)家和發(fā)展中