外文翻译--区域决策的小公司在英国贷款担保方案.docVIP

本科毕业论文外文翻译原文 外文题目：Regional Determinants of Small Firm Loan Under the U.K. Loan Guanrantee Scheme 出 处：Small Business Economics 作 者：marc cowling 原 文： Regional Determinants of Small Firm Loans Under the U.K. Loan Guarantee Scheme Marc cowling ABSTRACT. The Loan Guarantee Scheme was initiated in 1981 in order to alleviate a perceived constraint in the ability of small firms to secure bank finance due to a lack of collateral. This paper shows that a national small firms support scheme has, at the point of delivery, had quite different coverage across regions. Briefly, the initial evidence suggests that the Northern regions of England have been the major net beneficiaries of the scheme, primarily at the expense of Northern Ireland and Scotland. Further analysis identified house prices as the single most important determinant of loan size, acting via a collateral effect. On loan numbers and value, fixed regional effects were dominant particularly in the South East and North West. 1. Introduction The Loan Guarantee Scheme (LGS) was set up in 1981 in order to fill a perceived gap in the financing of smaller firms. It was designed specifically for firms who were constrained in terms of their ability to borrow from banks by a lack of collateral. However, as Harrison and Mason (1986, p. 536) point out, ‘Concern for this situation in the United Kingdom can be traced back to the Macmillan Report which commented in 1931 that ‘great difficulty is experienced by the smaller and medium-sized business in raising the capital which they from time to time require.’ Yet despite a number of subsequent reports highlighting problem areas in the external financing of small businesses (see for example the Radciffe Report, 1959, and Bolton Committee, 1971), little was done to address this issue until evidence from the Wilson Committee (1979) suggested that smaller firms w