2024年3月10日发(作者：)

外文资料原文

涂敏之 会计学 8051208076

Title:

Future of SME finance

（/docs/pos_papers/2004/041027_SME-finance_）

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

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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 changes result in a higher sensitivity for risks and profits in the

finance sector.

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The changes in the finance sector affect the accessibility of SMEs to

finance.

Higher risk awareness in the credit sector, a stronger focus on profitability and

the ongoing restructuring in the finance sector change the framework for SME

finance and influence the accessibility of SMEs to finance. The most important

changes are:

• In order to make the higher risk awareness operational, the credit sector

introduces new rating systems and instruments for credit scoring;

• Risk assessment of SMEs by banks will force the enterprises to present more

and better quality information on their businesses;

• Banks will try to pass through their additional costs for implementing and

running the new capital regulations (Basel II) to their business clients;

• due to the increase of competition on interest rates, the bank sector

demands more and higher fees for its services (administration of accounts,

payments systems, etc.), which are not only additional costs for SMEs but also limit

their liquidity;

• Small enterprises will lose their personal relationship with decision-makers

in local branches – the credit application process will become more formal and

anonymous and will probably lose longer;

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• the credit sector will lose more and more its “public function” to provide

access to finance for a wide range of economic actors, which it has in a number of

countries, in order to support and facilitate economic growth; the profitability of

lending becomes the main focus of private credit institutions.

All of these developments will make access to finance for SMEs even more

difficult and / or will increase the cost of external finance. Business start-ups and

SMEs, which want to enter new markets, may especially suffer from shortages

regarding finance. A European Code of Conduct between Banks and SMEs would

have allowed at least more transparency in the relations between Banks and SMEs

and UEAPME regrets that the bank sector was not able to agree on such a

commitment.

Towards an encompassing policy approach to improve the access of Crafts,

Trades and SMEs to finance

All analyses show that credits and loans will stay the main source of finance for

the SME sector in Europe. Access to finance was always a main concern for SMEs,

but the recent developments in the finance sector worsen the situation even more.

Shortage of finance is already a relevant factor, which hinders economic recovery

in Europe. Many SMEs are not able to finance their needs for investment.

Therefore, UEAPME expects the new European Commission and the new

European Parliament to strengthen their efforts to improve the framework

conditions for SME finance. Europe’s Crafts, Trades and SMEs ask for an

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encompassing policy approach, which includes not only the conditions for SMEs’

access to lending, but will also strengthen their capacity for internal finance and

their access to external risk capital.

From UEAPME’s point of view such an encompassing approach should be

based on three guiding principles:

• Risk-sharing between private investors, financial institutes, SMEs and public

sector;

• Increase of transparency of SMEs towards their external investors and

lenders;

• improving the regulatory environment for SME finance.

Based on these principles and against the background of the changing

environment for SME finance, UEAPME proposes policy measures in the following

areas:

1. New Capital Requirement Directive: SME friendly implementation of

Basel II

Due to intensive lobbying activities, UEAPME, together with other Business

Associations in Europe, has achieved some improvements in favour of SMEs

regarding the new Basel Agreement on regulatory capital (Basel II). The final

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agreement from the Basel Committee contains a much more realistic approach

toward the real risk situation of SME lending for the finance market and will allow

the necessary room for adaptations, which respect the different regional traditions

and institutional structures.

However, the new regulatory system will influence the relations between

Banks and SMEs and it will depend very much on the way it will be implemented

into European law, whether Basel II becomes burdensome for SMEs and if it will

reduce access to finance for them.

The new Capital Accord form the Basel Committee gives the financial market

authorities and herewith the European Institutions, a lot of flexibility. In about 70

areas they have room to adapt the Accord to their specific needs when

implementing it into EU law. Some of them will have important effects on the costs

and the accessibility of finance for SMEs.

UEAPME expects therefore from the new European Commission and the new

European Parliament:

• The implementation of the new Capital Requirement Directive will be costly

for the Finance Sector (up to 30 Billion Euro till 2006) and its clients will have to pay

for it. Therefore, the implementation – especially for smaller banks, which are often

very active in SME finance – has to be carried out with as little administrative

burdensome as possible (reporting obligations, statistics, etc.).

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• The European Regulators must recognize traditional instruments for

collaterals (guarantees, etc.) as far as possible.

• The European Commission and later the Member States should take over

the recommendations from the European Parliament with regard to granularity,

access to retail portfolio, maturity, partial use, adaptation of thresholds, etc., which

will ease the burden on SME finance.

2. SMEs need transparent rating procedures

Due to higher risk awareness of the finance sector and the needs of Basel II,

many SMEs will be confronted for the first time with internal rating procedures or

credit scoring systems by their banks. The bank will require more and better

quality information from their clients and will assess them in a new way. Both

up-coming developments are already causing increasing uncertainty amongst

SMEs.

In order to reduce this uncertainty and to allow SMEs to understand the

principles of the new risk assessment, UEAPME demands transparent rating

procedures – rating procedures may not become a “Black Box” for SMEs:

• The bank should communicate the relevant criteria affecting the rating of

SMEs.

• The bank should inform SMEs about its assessment in order to allow SMEs

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to improve.

The negotiations on a European Code of Conduct between Banks and SMEs ,

which would have included a self-commitment for transparent rating procedures

by Banks, failed. Therefore, UEAPME expects from the new European Commission

and the new European Parliament support for:

• binding rules in the framework of the new Capital Adequacy Directive,

which ensure the transparency of rating procedures and credit scoring systems for

SMEs;

• Elaboration of national Codes of Conduct in order to improve the relations

between Banks and SMEs and to support the adaptation of SMEs to the new

financial environment.

3. SMEs need an extension of credit guarantee systems with a special

focus on Micro-Lending

Business start-ups, the transfer of businesses and innovative fast growth SMEs

also depended in the past very often on public support to get access to finance.

Increasing risk awareness by banks and the stricter interpretation of State Aid

Rules will further increase the need for public support.

Already now, there are credit guarantee schemes in many countries on the

limit of their capacity and too many investment projects cannot be realized by

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SMEs.

Experiences show that Public money, spent for supporting credit guarantees

systems, is a very efficient instrument and has a much higher multiplying effect

than other instruments. One Euro form the European Investment Funds can

stimulate 30 Euro investments in SMEs (for venture capital funds the relation is

only 1:2).

Therefore, UEAPME expects the new European Commission and the new

European Parliament to support:

• The extension of funds for national credit guarantees schemes in the

framework of the new Multi-Annual Programmed for Enterprises;

• The development of new instruments for securitizations of SME portfolios;

• The recognition of existing and well functioning credit guarantees schemes

as collateral;

• More flexibility within the European Instruments, because of national

differences in the situation of SME finance;

• The development of credit guarantees schemes in the new Member States;

• The development of an SBIC-like scheme in the Member States to close the

equity gap (0.2 – 2.5 Mio Euro, according to the expert meeting on PACE on April

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27 in Luxemburg).

• the development of a financial support scheme to encourage the

internalizations of SMEs (currently there is no scheme available at EU level:

termination of JOP, fading out of JEV).

4. SMEs need company and income taxation systems, which strengthen

their capacity for self-financing

Many EU Member States have company and income taxation systems with

negative incentives to build-up capital within the company by re-investing their

profits. This is especially true for companies, which have to pay income taxes.

Already in the past tax-regimes was one of the reasons for the higher dependence

of Europe’s SMEs on bank lending. In future, the result of rating will also depend

on the amount of capital in the company; the high dependence on lending will

influence the access to lending. This is a vicious cycle, which has to be broken.

Even though company and income taxation falls under the competence of

Member States, UEAPME asks the new European Commission and the new

European Parliament to publicly support tax-reforms, which will strengthen the

capacity of Crafts, Trades and SME for self-financing. Thereby, a special focus on

non-corporate companies is needed.

5. Risk Capital – equity financing

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External equity financing does not have a real tradition in the SME sector. On

the one hand, small enterprises and family business in general have traditionally

not been very open towards external equity financing and are not used to

informing transparently about their business.

On the other hand, many investors of venture capital and similar forms of

equity finance are very reluctant regarding investing their funds in smaller

companies, which is more costly than investing bigger amounts in larger

companies. Furthermore it is much more difficult to set out of such investments in

smaller companies.

Even though equity financing will never become the main source of financing

for SMEs, it is an important instrument for highly innovative start-ups and fast

growing companies and it has therefore to be further developed. UEAPME sees

three pillars for such an approach where policy support is needed:

Availability of venture capital

• The Member States should review their taxation systems in order to create

incentives to invest private money in all forms of venture capital.

• Guarantee instruments for equity financing should be further developed.

Improve the conditions for investing venture capital into SMEs

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• The development of secondary markets for venture capital investments in

SMEs should be supported.

• Accounting Standards for SMEs should be revised in order to ease

transparent exchange of information between investor and owner-manager.

Owner-managers must become more aware about the need for transparency

towards investors

• SME owners will have to realise that in future access to external finance

(venture capital or lending) will depend much more on a transparent and open

exchange of information about the situation and the perspectives of their

companies.

• In order to fulfil the new needs for transparency, SMEs will have to use new

information instruments (business plans, financial reporting, etc.) and new

management instruments (risk-management, financial management, etc.).

外文资料翻译

涂敏之 会计学 8051208076

题目：未来的中小企业融资

背景：中小企业融资已经改变

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未来的经济复苏将取决于能否工艺品，贸易和中小企业利用其潜在的增长和创造就业。

经济增长和就业在欧盟和的核心是里斯本战略，其主要目标是使欧洲成为最有竞争力

的和有活力的知识型经济在世界上，中小型企业作出重大贡献 。 然而，中小型企业能力

的增长取决于其潜在的高投资在结构调整，创新和资格，所有这些投资需要资金。

在此背景下的一贯反复投诉的中小企业的问题就在于获得融资，这是一个高度相关的

约束，关乎欧洲经济复苏。变化的影响 ，金融部门的行为 ，信贷机构对工艺品，贸易和

中小企业。

最近和当前的事态发展，银行业添加到中小企业所关注的问题 ， 并会进一步危害其

获得资金。主要的变化是影响银行业中小企业融资是：全球化和国际化，增加了竞争和盈

利方向的部门;

日益恶化的经济形势在一些机构（爆裂的国贸中心泡沫，破产）加强重点放在盈利能

力进一步加强;合并和重组创造更大的结构和许多当地的分支机构，它的直接和个性化的接

触，小企业，被关闭; 即将实施新的资本充足规则（巴塞尔II ）也将发生变化的中小企业

的信贷业务部门，并会增加其行政费用;严格的解释国家备忘录规则由欧洲委员会消除了银

行的支持下，由公共保障;许多影响银行非常积极地参与中小企业融资。所有这些变化导致

更高的灵敏度的风险和利润的金融部门。金融业的影响无障碍中小企业得到资金。

高风险的认识，信贷部门，更加注重利润和正在进行的结构调整中的金融部门变化的

框架，中小企业融资和影响力的中小企业获得资金。最重要的改变是：为了使风险意识较

高的业务，信贷部门引入新的评价制度和手段信用评分;风险评估的中小企业银行将迫使企

业提出更多更好的高质量的信息对他们的业务;银行将设法通过其额外费用为实施和运行

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的新的资本条例（巴塞尔II），以他们的商业客户;由于增加了竞争的利率，银行部门的需求

更多，更高的服务费用（管理账户，支付系统等），这不仅为中小企业的额外费用，而且还

限制了它们的流动性;小企业将失去他们的个人关系，决策者在地方分支机构-信贷申请过

程将变得更加正规和匿名的，可能会失去长远;信贷部门将失去越来越多的“公共职能”，

以提供获得资金的范围广泛的经济主体，它已在一些国家，为了支持和促进经济增长;利润

的贷款成为主要重点是私人信贷机构。

所有这些事态发展将使中小企业获得资金的更加困难和/或将增加的成本的外部资金。

创业和中小企业，而要进入新的市场，可能是受到资金短缺的问题。 欧洲行为守则银行

与中小企业之间有至少允许更多的透明度之间的关系银行与中小企业和UEAPME感到遗

憾的是，银行部门未能达成这样的承诺。

建立一个包括政策的方法，以提高准入手工业，贸易和中小企业融资所有分析表明，

信贷和贷款将保持主要的资金来源为中小企业部门在欧洲。获得资金一直是主要的关注中

小企业，但最近的事态发展，金融部门局势恶化甚至更多。资金短缺已经是一个相关因素，

阻碍欧洲经济复苏。许多中小企业没有能够资助他们的投资需求。

因此，UEAPME预计新的欧盟委员会和欧洲议会的新加强努力的框架内，以改善中小

企业融资条件。欧洲的工艺品，贸易和中小企业的要求，包括政策方针，其中不仅包括条

件中小企业获得贷款，而且还将加强其能力的内部融资和获得外部风险资本。

从UEAPME的角度来看，这种无所不包的做法应当基于三项指导原则：风险分担之间

的私人投资者，金融机构，中小企业和公共部门;增加了透明度，中小企业对外部投资者和

贷款人;改善监管环境，中小企业融资。

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基于这些原则，并在这一背景下不断变化的环境，中小企业金融，UEAPME提出政策

措施，在以下几个方面：

1.新的资本要求指令：中小企业友好执行巴塞尔II由于密集的游说活动， UEAPME ，

加上其他商业协会欧洲，已经取得了一些有利于改善中小企业的新巴塞尔协议的监管资本

（巴塞尔II ）。最后协议由巴塞尔委员会包含一个更现实的态度的真正危险状况的中小企

业贷款的金融市场并允许必要的变通余地，这方面，不同区域的传统和体制结构。

然而，新的规管制度，将影响之间的关系银行与中小企业，它在很大程度上将取决于

它的道路将实施到欧洲的法律，无论是巴塞尔II成为中小企业的负担 ，如果将减少获得资

金了。

新资本协议的形式巴塞尔委员会给出了金融市场的主管部门和函欧洲机构，有很强的

灵活性。在大约70个地区，他们间的协定，以适应其具体需要执行时纳入欧盟法律。其

中有些人将产生重要的影响成本和获取资金的中小型企业。

因此，从UEAPME预计新的欧盟委员会和欧洲议会的新实施新的资本要求指令将耗资

巨大，金融部门（至多30亿欧元3至2006年）和它的客户将不得不付出代价。 因此，

执行-特别是对规模较小的银行，往往是非常活跃的中小企业融资-已经进行了小的行政负

担可能（提交报告的义务，统计数据等） 。

欧洲管理者必须尽可能认识到传统的文书抵押（担保等）。欧洲委员会和后来的各会员

国应采取的建议，欧洲议会4方面的粒度，进入零售组合，成熟，局部使用，适应的阈值

等，这将减轻市民的负担中小企业融资。

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2.中小型企业需要透明的评价程序

由于较高的风险意识，金融部门和需要的巴塞尔II，许多中小型企业将面临第一次与

内部评级的程序或信用评分系统的银行。该银行将需要更多和更好的质量信息，并从他们

的客户将评估他们以一种新的方式。双方即将事态发展已引起越来越多的中小型企业之间

的不确定性。

为了减少这种不确定性，并允许中小企业理解的原则，新的风险评估，UEAPME要求，

透明的评价程序-评价程序可能不会成为一个“黑箱”中小企业：世界银行应当通报有关标

准影响评价的中小企业。世界银行应当通知有关中小企业的评估，以便使中小企业改善。

谈判的欧洲行为准则银行与中小企业之间的5日 ，这将包括一个自我承诺 ，透明的

评价程序，银行，失败了。因此，UEAPME期望新一届欧盟委员会和欧洲议会的新的支持：

具有约束力的规则框架中的新资本充足指令，以确保透明度的评价程序和信用评分系统，

为中小型企业; 拟订国家行为守则，以改善关系 ，银行与中小企业，并支持中小企业适应

新的金融环境。

3.中小企业需要延长信用担保制度

特别侧重于小额贷款创业，转让和创新的企业快速成长的中小企业也取决于在过去往

往对公众的支持，以获得资金。越来越多的银行风险意识和严格的解释国家援助规则将进

一步增加 ， 需要公众的支持。现在已经有信贷保证计划在许多国家的限制，他们的能力

和太多的投资项目不能得以实现的中小型企业。

经验表明，公共资金，用于支持信用担保体系，是一个非常有效的工具和具有更高的

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乘数效应比其他文书。1欧元形式的欧洲投资基金可以刺激投资的30欧元的中小型企业（为

风险资本基金的关系，仅仅是1:2 ） 。

因此，UEAPME预计新的欧盟委员会和欧洲议会的新的支持：延长资金用于国家信贷

担保计划的框架内，新的多年度方案的企业;发展新的手段对中小企业的投资组合的证券化;

承认现有的和运转良好的信贷担保计划，作为抵押;更灵活的欧洲文书，因为国家的不同情

况的中小企业融资;发展的信贷保证计划，在新的会员国;发展一个SBIC类似计划的会员国

以关闭公平差距（ 0.2 - 2.5神达欧元，根据专家会议有望在4月27日在卢森堡）。发展

了一个财务支持计划 ， 以鼓励中小企业的internalization （目前还没有计划，可在欧盟

一级：终止JOP ，淡出乙脑） 。

4.中小企业需要的公司所得税制度，加强其能力的自筹资金

许多欧盟成员国的公司和收入的税收制度与消极因素，建立资本在公司内部的再投资

的利润。 这一点尤其适用于公司，这些公司必须支付所得税。已经在过去的税收制度的

原因之一，较高的依赖欧洲的中小型企业对银行贷款的。今后，评价的结果也将取决于资

金的公司，高度依赖贷款将影响到获得贷款。这是一个恶性循环，必须打破。

尽管公司和所得税属于会员国的权限，UEAPME要求新一届欧盟委员会和欧洲议会的

新的公开支持税收改革，这将加强能力工艺品，贸易和中小企业的自筹资金。因此，特别

侧重于非公司企业的需要。

5.风险资本-股权融资

外部股权融资没有一个真正的传统，在中小型企业部门。一方面，小企业和家庭企业

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在传统上一般并不十分开放实现外部股权融资，而不是用来通知透明其业务。

另一方面，许多投资者的风险资本和类似形式的股权融资方面非常不愿意投资在其资

金规模较小的公司，这是更昂贵的投资数额较大的大型企业。此外 ，它更难以确定这种投

资规模较小的公司。

尽管股权融资将永远不会成为主要资金来源为中小型企业，这是一个重要手段高度创

新创业和快速成长的公司，因此，它得到进一步的发展。 UEAPME认为 ， 三大支柱的

这样一种做法在政策支持需要：

（1）获得风险资本

（2）会员国应审查其税收制度，以鼓励私人资本投资的各种形式的风险资本。

（3）保证文书的股权融资应得到进一步发展。

（4）改善有利于风险资本投资到中小企业

（5）发展二级市场，风险资本投资的中小企业应该得到支持。

（6）会计准则对中小企业应加以修订，以缓和透明之间的信息交流的投资者和拥有者，

管理者。

业主兼经理必须更加意识到有必要对投资者的透明度，中小型企业的业主必须明白，

在未来获得外部融资（风险资本或贷款），将取决于更多的透明和公开的信息交流有关的情

况和观点，他们的公司。

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为了满足新的需要的透明度，中小企业将必须使用新的信息工具（业务计划，财务报

告等）和新的管理手段（风险管理，财务管理等） 。

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