中小型企业在东欧的融资外文翻译.doc

外文 原文 Small- and Medium-Size Enterprise Financing in Eastern Europe Material Source: The World Bank Development Research Group Finance　December 2002 Author: Leora F. Klapper Virginia Sarria-Allend Victor Sulla There is currently a large interest in understanding firms access to finance, particularly in the financing of small-and medium-size enterprises (SMEs). But the financing patterns of SMEs across countries is not well understood. For example, little is known about the relative importance of equity, debt, and inter-firm financing for SMEs across countries. The authors use the Amadeus database, which includes nancial information on over 97,000 private and publicly traded firms in 15 Eastern and Central European countries. The Amadeus database allows the authors the portunity to provide a new analysis of the general financing patterns of private firms across a large sample of Eastern European countries. The summary statistics how that the size of the SME sector (as measured by the percentage of total employment) in Eastern European countries is smaller than in most developed economies. Although the authors find in almost every country in the ample a large number of SMEs as a percentage of total firms, the SMEs in Eastern Europe are generally small and hire few employees. However, SMEs seem to constitute the most dynamic sector of the Eastern European economies, relative to large firms. In general, the SME sector comprises relatively younger, more highly leveraged, and more profitable and faster growing firms. This suggests that a new type of firm is emerging n transition economies that is more market and profit-oriented. But at the same time, these firms appear to have financial constraints that impede their access to long-term financing and ability to grow. For most of the 19th and 20th centuries, large corporations were considered the primary and driving force of economic and technological progress. Very large corporations dominated research and development (R