中小型企业：融资问题是其发展的制约因素[外文翻译].doc

外文翻译 Small and Medium-Size Enterprises:Access to Finance as a Growth Constraint Material Source:Journal of Banking Finance[J].November 2006.volume 30,Issue 11: 2931-2943. Author: thorsten beck,Asli Demirguc-Kunt In developing countries, finance from friends and family play a much more significant role than industrialized countries. More generally, SMEs in many developing countries get around market failures and lack of formal institutions by creating private governance systems in the form of long-term business relationships and tight, ethnically-based, business networks. However, there is variation in access to such networks across ethnic groups as discussed by Biggs and Shah (this issue). Indian entrepreneurs in East Africa, Lebanese firms in West Africa and European enterprises in Southern Africa form business networks whose members lend to each other, provide personal references and ease transactions with an informal contract enforcement system based on reputation. These networks help overcome the problems of asymmetric information and weak formal contract enforcement systems. Advantages of networks even extend to new entrants who start out twice as large in terms of assets as new entrants outside the ethnic networks and get immediate access to supplier credit without having to build up a reputation and relationships (Biggs and Shah). While networks with private institutional support systems help their members overcome deficiencies in their economies institutional environment, they have a discriminatory effect on non-members who can effectively be excluded from market exchanges. This has not only negative repercussions for equity, but also provides for a static pattern of business exchange, with little competition and innovation. Results reported so far show a strong economic effect of financial and institutional development on easing SMEs financing constraints and on increasing their access to formal sources of external finance. But what are the