经管专业毕业论文外文翻译---未来的中小企业融资.doc

外文资料原文 Title: Future of SME finance（/docs/pos_papers/2004/_SME-finance_final.doc） Background – the environment for SME finance has changed Future economic recovery will depend on the possibility of Crafts, Trades and SMEs to exploit their potential for growth and employment creation. SMEs make a major contribution to growth and employment in the EU and are at the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments need capital and therefore access to finance. Against this background the consistently repeated complaint of SMEs about their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe. Changes in the finance sector influence the behavior of credit institutes towards Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are: ? Globalization and internationalization have increased the competition and the profit orientation in the sector; ? worsening of the economic situations in some institutes (burst of the ITC bubble, insolvencies) strengthen the focus on profitability further; ? Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises, were closed; ? up-coming implementation of new capital adequacy rules (Basel II) will also change SME business of the credit sector and will increase its administrative costs; ? Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees; many of the effected banks are very active in SME finance. All these