中小企业融资外文翻译--中小企业融资渠道是其发展瓶颈（节选）

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1、 1700 单词， 9500 英文字符 ， 3350 汉字 原文出处： T. Beck, A. Demirguc-Kunt Small and medium-size enterprises: access to finance as a growth constraint .Journal of Banking and Finance, 30 (2006), pp. 2931 2943 Small and medium-size enterprises: Access to finance as a growth constraint Thorsten Beck, Asli Demirguc

2、-Kunt Abstract This paper presents recent research on access to finance by small and medium-size enterprises (SMEs). SMEs form a large part of private sector in many developed and developing countries. While cross-country research sheds doubt on a causal link between SMEs and economic development, t

3、here is substantial evidence that small firms face larger growth constraints and have less access to formal sources of external finance, potentially explaining the lack of SMEs contribution to growth. Financial and institutional development helps alleviate SMEs growth constraints and increase their

4、access to external finance and thus levels the playing field between firms of different sizes. Specific financing tools such as leasing and factoring can be useful in facilitating greater access to finance even in the absence of well-developed institutions, as can systems of credit information shari

5、ng and a more competitive banking structure. Keywords Small and medium-size enterprises; Business environment; Economic development 1. Introduction Numerous studies have discussed that small and medium enterprises (SMEs) are financially more constrained than large firms and are less likely to have a

6、ccess to formal finance. Until recently, however, there was little cross-country evidence on the extent to which size is a decisive factor in determining growth obstacles or access to finance. Further, little cross-country evidence has been accumulated on the policies to overcome SMEs growth obstacles and foster their access to finance. Recently compiled cross-country firm-level databases have facilitated more detailed research and have enhanced our understanding of policies to foster SMEs