外文文献及翻译中小企业融资在欧洲介绍和概述SMEFinancinginEuropeIntroductionandOverview.doc

任毅敏：社会转型期民企融资渠道探究 30 - PAGE 31 附录C引用的外文文献及其译文 SME Financing in Europe: Introduction and Overview Introducing the topic of SME finance and summarising the main findings of the contributions to this edition of the EIB Papers, this overview stresses the importance of relationship banking for the supply of SME credit; points out the differences and similarities in the capital structure of firms across size classes and across Europe; observes that while there is little evidence of widespread SME credit rationing, financial market imperfections may nevertheless curb SME growth; and highlights that the changes in Europe’s financial landscape - including bank consolidation and Basel II - promise to foster SME finance. Introduction Some of the changes in Europe’s financial landscape should work in favour of SME finance. Firstly, new information and communication technologies contribute, at a lower cost, to reducing information asymmetries between lenders and borrowers, thereby making SME lending more attractive (see, among others, Frame et al. 2001). Secondly, partly due to progress in information technology, new banking methods are being developed and implemented. For instance, banks adopt new portfolio credit risk models that allow them to allocate and price their resources more effectively.Moreover, the use of credit risk transfer mechanisms (such as the securitarisation of SME loans) is spreading, allowing banks to focus on comparative-advantage activities, notably credit risk assessment, loan origination, and credit risk monitoring - all activities crucial for the provision of finance to SMEs. Thirdly, equity capital is becoming increasingly available to SMEs through the development of (secondary) capital markets and venture capital finance. Fourthly, the second banking directive of the EU aims at boosting competition between banks, thereby improving the terms and conditions of bank finance, including those supplied to SMEs. Other features of Euro