外文参考文献(带中文翻译)

外文资料原文

涂敏之

会计学

8051208076

Title:

Future of SME finance

（

/docs/pos_papers/2004/04102 7_SME-finance_

c

）

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.

1

All these changes result in a higher sensitivity for risks and profits in the finance

sector.

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;

?

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,

2

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 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 UEAPM

E’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

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

3

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.).

?

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

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:

4

?

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 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 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).

5