中国的中小企业融资外文翻译.doc

外文翻译 原文 Small and medium enterprises financing in China Material Source： http：///web/french/frindex.htm Author： Walter Garcia–Fontes Introduction After the start of an open-door policy in 1978 moving towards a more market-oriented economy， China has experienced a decline in state-owned enterprises and an important expansion for small businesses. The role of small and medium enterprises (SME) in economic development is well documented for advanced economies and has been crucial in China’s process of economic reform. It has been pivotal in China’s impressive economic growth during the last decades. Nevertheless， some bottlenecks and obstacles appear for further growth of SME， especially with respect to financing. In this paper we describe the situation of SME in China and the main issues concerning the financing of SME. SME have been part of China’s impressive economic growth of the last decades and the main actors in the privatization process. There is evidence， though， that further development is constrained by different factors， one of which is access to finance.1 The development of SME in China According to the World Bank Investment Climate Survey for China， SME in China face important credit constraints， and have limited access to private finance compared to other Asian countries included in the survey. The survey also shows that the use of formal finance declines with firm size. SME use less formal finance than large firms in all countries， since they are younger and subject to more growth uncertainty than large firms， but in China the difference is larger， even if we compare it with other Asian countries. A very important issue is what finance is available to start-up firms. The Project Group of Research in Chinese Private Enterprises organized by China Industrial and Commercial Union and Research Commission of Chinese Private Business showed in a survey conducted in 2002 that self-accumulated money was the major source for startin