【正文】 Kunt and Maksimovic (2020) point based on a survey realised on firms from 54 countries that small and mediumsized enterprises are faced with financial and legal constraints and corruption issues in a much greater degree when pared with the large firms, thus the impact of these constraints on the firm growth is inversely proportional to the size of the firm. Moreover, the authors also noted that the financial and legal system development and the process of reducing corruption help to relax the constraints faced by small and mediumsized firms. Beck and DemirgucKunt (2020) highlight that access to finance is an important growth constraint for SMEs that financial and legal institutions play an important role in relaxing this constraint. The authors also noted that innovative financing instruments can help facilitate SMEs access to finance even in the absence of well developed institutions. Ardic, Mylenko and Saltane (2020) analyze, using statistical data, the macroeconomic and institutional factors that are influencing the SMEs’ financing through loans. Similar to other studies, the authors have found a positive correlation between the overall economic development (measured by ine per capita) and financial development (measured by the ratio of private credit to GDP), on the one hand, and the SMEs’ financing level, on the other side. Moreover, the authors demonstrate that the financing level of SMEs depends also on the legal framework and the overall business environment.. 3. The general framework regarding the obstacles in the financing process of the SMEs In general, the access to financial products/financial services or the financial inclusion assumes the absence of barriers in the way of using financial products/services, regardless of whether these obstacles are or are not related with pricing (DemirgucKunt, Beck and Honohan 2020: 2). Thus, improving this access means increasing the degree in which the financial products/financial services are available for everyone and at a fair price. Unlike the use of financial products/services which is determined by supply and demand, the access aims at providing financial products or supplying financial services. Within the firms that do not use financial products/services it can be distinguished several categories, whose identification is essential for the authorities in order to adopt the necessary measures to improve their access to finance. Thus, on the one hand, there are the firms that have access to finance, generally to financial products and services, but do not use them because they do not have viable investment projects. On the other hand, it can be distinguished the involuntarily excluded firms, those firms that do not have access to finance or financial services, although they demand them. The involuntary exclusion of firms from finance/financial services appears in the situation in which some panies do not earn enough ine or do not have the guarantees requested by the suppliers of capital and therefore have a high credit risk. At the same time, there are situations when some panies request funding, but the financial and banking institutions are not answering to these demands because the cost involved would be too high for them. Finally, within the category of involuntarily excluded firms appear also those for which the price of financial products/services is too high or the financial products’/services’ features don’t meet their needs. The access to finance is indispensable for the efficient allocation of capital and the enterprise development. However, when pared with large enterprises, small and medium enterprises face many difficulties when pursuing to procure financial resources, which are due to several causes, including: the unstable and inadequate juridical and legislative framework, which does not support the relationship between capital providers and the enterprises that require financing。 在各國，包括羅馬尼亞，關(guān)于中小企業(yè)融資的可用性下降，甚至缺乏統(tǒng)計(jì)數(shù)據(jù)，我們認(rèn)為政策制定者需要將重點(diǎn)放在具體化和監(jiān)控一系列的重要指標(biāo)，如根據(jù)中小企業(yè)的大小、經(jīng)驗(yàn)和行業(yè)活動(dòng)，按份額向其發(fā)放貸款，這將有益于公共當(dāng)局、債權(quán)人和投資者。 特別是有實(shí)證的大量研究，強(qiáng)調(diào)影響一個(gè)國家金融發(fā)展程度至關(guān)重要的是中小企業(yè)融資的發(fā)展程度。對(duì)于第二類障礙，特別是指在某些情況下銀行為中小企業(yè)貸款減少供應(yīng)資金，實(shí)行過度擔(dān)保，中小企業(yè)財(cái)務(wù)咨詢服務(wù)高成本降低了資金的可用性。此外，在當(dāng)前全球金融危機(jī)的背景下，由于銀行貸款的可用性下降導(dǎo)致中小企業(yè)融資機(jī)會(huì)有限。在中小企業(yè)融資難問題更嚴(yán)重的是在發(fā)展中國家，這一評(píng)估致使大約 50%的微型和中小企業(yè)融資困難報(bào)道作為一個(gè)主要障礙。企業(yè)自主融資或金融服務(wù)中出現(xiàn)的狀況在一些企業(yè)并未賺到足夠的資金或沒有融資機(jī)構(gòu)所要求的保障，因此具有較高的信用風(fēng)險(xiǎn)。在其它類似的研究中，作者發(fā)現(xiàn)了呈正相關(guān)關(guān)系的整體經(jīng)濟(jì)發(fā)展（衡量人均收入）與金融發(fā)展（衡量的國內(nèi)生產(chǎn)總值的私人借貸比率），另一方面，中小企業(yè)融資的水平卻相反。這項(xiàng)研究還強(qiáng)調(diào)一個(gè)國家的經(jīng)濟(jì)和金融發(fā)展之間的關(guān)系（表示通過一定程度的金融中介 ,一級(jí)資本市場的發(fā)展 ,效率的法律結(jié)構(gòu) ,人均國內(nèi)生產(chǎn)總值 )和為企業(yè)取得融資的渠道。 本文的研究方法采用從文獻(xiàn)入手以突出我們研究主題的重要性。 本文旨在強(qiáng)調(diào)中小企業(yè)融資擔(dān)保所面臨的困難，強(qiáng)調(diào)國家之間差異以及中小企業(yè)和大型企業(yè)之間的差異。政策制定者在設(shè)計(jì)和執(zhí)行適當(dāng)?shù)拇胧r(shí)了解中小企業(yè)融資難問題是必要的，這將有