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1、外文題目：TheSMEFinancingGap:TheyEvidence出處：FinancialMarketTrends作者：JamesClunie原文：TheSMEFinancingGap:TheyEvidenceSummaryI.BackgroundAtthe2ndOECDMinisterialConferenceonSMEsheldinIstanbulTurkeyinJune2004Ministersrecognisedinthe

2、IstanbulMinisterialDeclaration“theneedtoimproveaccesstofinancingfSMEsonreasonableterms|...|“.MinistersunderlinedtheimptanceofthisissuebyencouragingtheOECDtoganiseathematicconferenceffurtherdiscussiontoseekmeinnovativesol

3、utionsinitiativesffacilitatingSMEaccesstofinancingfromfirmcreationthroughallstagesofdevelopment.ThehighlevelOECDGlobalConferenceon“BetterFinancingfEntrepreneurshipSMEGrowth“。hostedbytheBrazilianGovernment(Brasilia2730Mar

4、ch2006)intheframewkoftheOECDBolognaProcessonSMEEntrepreneurshipPoliciesprovidedanoccasiontoachievetheseobjectives.AtthatconferenceakeynotepaperontheSMEFinancingGapwaspresenteddiscussedwhichprovidedthebasisfareptbeingpubl

5、ishedontheresponsibilityoftheSecretaryGeneraloftheOECD(TheSMEFinancingGap(Vo.1):TheyEvidenceOECD2006).ThefollowingistheexecutivesummaryofthereptwhichanalysesthefinancinggapdiscusseschallengesofdebtfinancingofSMEsperspect

6、ivesfventurecapitalfinancingdrawsconclusionsgivesrecommendationsonhowtofosterSMEfinancing.II.ExecutiveSummaryManycommentatshavepostulateda“financinggap“fsmallmediumsizedenterprises(SMEs)meaningthattherearesignificantnumb

7、ersofSMEshighreturnsbutatasubstantialriskofloss.InacompetitivemarketsuppliersoffinancehavepowerfulincentivestoovercomebarrierstoSMEfinance.InmostOECDcountriesbanksperceiveSMEfinanceasanattractivelineofbusinessthushavedev

8、elopedeffectivemonitingtechniques.Whetheranycountryexperiencesafinancinggapwillultimatelydependuponwhetherthebusinessenvironmentissufficientlyrobusttoenablebrowerslenderstointeractwithconfidenceonan“armslength“basis.Inde

9、rtodeterminehowwidespreadthe“financinggap“problemistheOECDSecretariatcirculatedaquestionnairetoofficialsinallmembercountriesaswellastoalargenumberofnonmembers(over100economiesinall)togainsomeinsightsintofactsinfluencingt

10、heprovisionoffinancingtotheSMEsect.Muchoftheinfmationsoughtisofaqualitativenaturethustheresultsofthissurveyalongwithrelatedinfmatione.g.nationalsurveysdevelopmentfinanceanalyses)evenwhencompletepermitonlysometentativecon

11、clusions.TheexperienceofOECDnonOECDeconomieswithSMEfinancinggapscanbedividedintothreegroups:1.OECDcountriesdonotreptanygeneralisedSMEfinancinggap.MostSMEsinOECDcountriesareabletoobtainsufficientcreditfrombanksothercredit

12、institutionssupplementedinsomecasesbyamodestvolumeofofficialguarantees.2.MostnonOECDeconomiesbycontrastreptawidespreadshtageofSMEfinance.EventhoughSMEstypicallyaccountfalargeshareofenterprisesemploymentoutputinmanyemergi

13、ngdevelopingcountriestheyreceiveaverylowshareofcreditwiththemajityoftendeniedanyaccesstothefmalmarkets.Thisdevelopmentiscloselyrelatedtothephenomenonof“infmality“inemergingmarketsinwhichmanyenterprisesoperateoutsidethefm

14、alsystem.Therearethreefactsfavouringinfmality:1)establishedfinancialinstitutionsarenotinterestedindealingwithSMEshencetherearefewpositiveincentivestooperatetransparently2)entrepreneursinSMEsseektoavoidregulationtaxationi

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