外文翻譯---中小企業(yè)融資來源：概述-企業(yè)融資-在線瀏覽
2024-07-24 10:57本頁(yè)面
【正文】 e 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。 lack of a credit history and insufficient guarantees for creditors, especially in the case of the small and young firms。 refusal to modify or plete the credit contract, etc.) and unjustified and abusive contractual terms practiced by banks (such as performing unauthorized transactions in accounts and in general bank frauds). The knowledge of these difficulties has a vital importance regarding the need to adopt measures in order to support and improve the SMEs access to finance. Overall, the obstacles in the way of SMEs access to financing are related both to the entrepreneurs and the economic environment as well as to the institutional and regulatory framework (Nicolescu and Nicolescu 2020: 171). Among the obstacles related to entrepreneurs, a series of surveys conducted in various countries, identify: the lack of knowledge regarding the possibilities of obtaining financial resources
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