外文翻译---中国中小企业融资难和融资结构特点

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1、外文翻译 金融 07* 张 * 2020507H00 文献 标题 Financing Difficulties and Structural Characteristics of SMEs in China 作者 Yanzhong Wang 发表日期 2004 出版社或 期刊名称 China & World Economy 论文页码 Vol. 12 No. 2, 2004 英文原文 Chinas reform and opening-up policy has created a good environment for the development of small- and medium

2、-sized enterprises (SMEs), especially the burgeoning SMEs in the private sector. In the meantime, SMEs have been playing an important role in Chinas economic reform and development and, to some extent, have become a growth engine in the Chinese economy. However, SMEs are still facing many financial

3、difficulties due to various reasons, such as lagging in the banking system, an inadequate financial structure, lack of a guarantee system, etc. This paper will analyze the structural roots of SMEs financing difficulties and put forward possible measures to mitigate such financing obstacles Since Chi

4、nas reform and opening up, the market-oriented reform of the countryseconomic system has gradually engendered labor and capital markets, which have promoted an organic combination of rich labor resources and increasingly expandedcapital resources. The development of SMEs, especially the sharp rise i

5、n non-stateownedand non-public-owned enterprises, have provided a vast space and permanent vehicle for this type of combination. Although the overall size of the state-owned economy is still increasing in terms of number of enterprises and developmentalpotential, non-state-owned SMEs have become a m

6、ain part of the Chinese economy and played an increasingly important role in the national economy and social development. With the rapid growth of the Chinese economy, many kinds of SMEs have been established and gradually developed. In 1980, the number of industrial enterprises at the level of coll

7、ective township and village enterprises and above (excluding village and family enterprises), was about 377,300. Among them were 1,400 large enterprises, 3,400 medium enterprises and 372, 500 small enterprises, about 0.37, 0.90 and 98.73 percent of all firms respectively ( National Bureau of Statist

8、ics, 1981, p. 204). In the same year, China had 1.81 million commercial enterprises (including private businesses), more than 99 percent of which were SMEs. The number of individually owned enterprises was 686,000. The Chinese economy experienced rapid growth in the 1980s, and there was a tremendous

9、 boost in the number of SMEs. In 1990, the total number of industrial enterprises reached 7,957,800. The proportions of large, medium and small enterprises were 0.95, 2.27 and 96.78 percent respectively.1 The significant increase in the number of SMEs reflects the objective reality of its fast devel

10、opment at the time. Apart from an increase in industrial enterprises, the number of construction, commercial, food-and-beverage and service enterprises all increased by over 300 percent over 1980 (NBS, 1991, p. 16-17). In the 1990s, the Chinese economy maintained a trend of steady and rapid growth a

11、nd the overall scale of the economy continued to expand. According to the new standards on the scale of industrial enterprises carried out in 1998, there were 7,864 large enterprises, 14, 371 medium enterprises and 139,798 small enterprises about 4.85, 8.87 and 86.28 percent of all firms respectivel

12、y (NBS, 2000, p. 412-413). Compared to figures from 1980 and 1990, while there was an increase in the proportion of large and medium-sized enterprises, the proportion of small enterprises decreased by 10 percent. There were several reasons for this: (1) Large and medium-sized enterprises increased t

13、heir scale after the structural adjustment, merge and acquisition； (2) With the improvement of the enterprise differentiation standard, a great number of SMEs could not be brought into the statistical category due to their small scale. The number of SMEs decreased (the statistics for the number of f

14、irms in 1999 was 38.9 percent of the 1990 figure) and, naturally, the proportion of large and medium-sized enterprises increased； (3) Since the mid-1990s, China has switched from a shortage economy to a buyers market. The expansion of the opening-up policy and the Asian economic crisis exposed Chine

15、se enterprises to more ardent international competition. Due to the system reforms, the number of state-owned SMEs was cut down largely. Many non-state-owned SMEs also left the market for many reasons, including the pressures of environmental protection, capital difficulties, increased tax burden an

16、d fierce market competition. On the whole, it is already difficult to maintain the previous growth momentum in the number of SMEs as seen in the 1980s and 1990s. Since the late 1970s, the reform and opening-up policy and objective terms of the phase of economic take-off have provided a good external

17、 environment for the development of SMEs. Therefore, the increasing number and variety of emerging SMEs not only impelled the development of local and national economies, but also became an important indicator for a boost in the Chinese economy. Today, SMEs are getting stronger and continue to contr

18、ibute to the development of Chinese society and economy. They exert the same function as SMEs in other countries, which is mainly expressed by promoting employment, technological innovation, training of entrepreneurs, developing international economic relationships, accelerating market competition,

19、maintaining economic vitality, and so on. Comparatively speaking, the special nature of Chinese SMEs manifests their specific influence on the transition of Chinas economic system and social structure. For example, the development of non-public-owned SMEs not only changes the enterprise ownership st

20、ructure, but also lays an important foundation in the process of developing Chinas market economy. At present, the number of non-public-owned Chinese enterprises far exceeds the number of state-owned firms. Excluding over 20 million individually-owned enterprises, the proportion of formally register

21、ed non-state-owned legal entities grew from 26.1 to 59.5 percent between 1996 and 2001 (Table 2). The proportion of non-state-owned enterprises also far surpassed state-owned ones. According to the statistics on industrial value-added output, in the first three months of 2003, the state-owned and co

22、llective economy fell to 30 percent, while the non-publicowned economy jumped to 70 percent. Since Chinas reform and opening up, SMEs have gradually enjoyed a healthy external environment for development. By reforming the system of a planned economy, the nation relaxed its limitations on the develop

23、ment of SMEs so that urban collective enterprises, township and village enterprises, individual businesses, private enterprises, foreign-funded enterprises and joint ventures could rapidly develop. Regarding the various forms of SME ownership, different development policies were adopted. For state-o

24、wned SMEs, from its efforts to “decentralize authority to release benefits” (fangquan rangli) in 1978 to “grasp the large and let go of the small” (zhuada fangxiao) adopted at the Third Plenary Session of the 14th Central Committee in 1995, the governments policy has focused on reforming the old sys

25、tem which did not adapt to the demand of a market economy. In the mid-1990s, China adopted the policy of “deregulation to render agile” (fangkai gaohuo) and privatization policy for small-sized state-owned enterprises. Many state-owned and collective SMEs reinforced their competitive activities thro

26、ugh reform and “privatization”, which transformed the system of property rights and management. As for non-state-owned SMEs, China mainly adopted policies of relaxing policy restrictions, granting political acceptance and financial support, and gradually established a market environment of fair comp

27、etition andSince the mid-1990s, developing SMEs has been an important strategy in China. The Asian financial crisis of 1997 made the Chinese government and academic circles completely rethink the shortcomings of the simplistic strategy that relied on large enterprises. The government and its institu

28、tions came to recognize the need to stress the development of SMEs. Later, a unified administrative framework for all types of SMEs began to take shape. Because of the successive governmental institution reform in 1998, some government departments of various industries were incorporated into the Sta

29、te Economic and Trade Commission.2 At the same time, a SME department was established in the State Economic and Trade Commission, the highest-level comprehensive management department in charge of reform and development policy of SMEs. Since the trend for the township industry to transform into an u

30、rban one is growing, the management of the village and township industry will be gradually consolidated with urban management. Government departments at different levels gradually adopted some accommodating policies to begin building a specialized support service system. From 1999, the Ministry of F

31、inance and other departments started to actively establish a SMEs loan guarantee system. By 2001, they published some laws and regulations, such as the Provisional Regulation of SME Credit Guarantee System and Management Methods of Credit Guarantees for SMEs.3 By the end of 2000, 30 provinces, munic

32、ipalities and autonomous regions in China had opened pilot sites for the SME credit-guarantee system, established more than 200 credit-guarantee institutions, raised a guarantee fund of 10 billion yuan, and put forth an important effort to improve the credit environment for SME development. The Mini

33、stry of Science and Technology provides 10 billion yuan per year to build venture capital funds for hitech enterprises. Shanghai established the Shanghai SMEs Service Center, which released 13.9 million yuan in credit to 11 SMEs from June to September 1998 (Yao Jun, 1999). The Shanghai Branch of the

34、 China Industrial and Commercial Bank set up SME credit departments and took 10 measures to support SMEs. By April 1999, it had shelledout about 300 million yuan in credit to SMEs.4 Throughout the reform process and especially in recent years, China has begun placing an emphasis on the issue of supp

35、orting SME development. But there are still many problems in the relevant policies. First of all, China lacks a long-term, systematic, unified and relatively independent SME development strategy and policy system. Second, the SME management system and relevant policies are inconsistent, and basic management is weak. Furthermore, since the design of the social service system is severely behind the times, the burden of taxation and quotas is heavy. Finally, without sufficient financial support for SMEs, difficulties in obtaining loans and raising funds will block SME development.