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1、<p>  NEW IDEAS FROM THE WORLD BANK OF SMALL AND MEDIUM ENTERPRISES World Bank Group SME Department Vol. 2, No. 1 March 2001</p><p>  A thriving SME sector is crucial to spurring growth and reducing p

2、overty in developing and transition economies. But financial institutions often avoid SMEs, sensing—understandably—that the transaction costs of financing them will be excessively high. What SMEs need is not to be left w

3、ithout access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van der Vaart, CEO of Small Enterprise Assistance Fund</p

4、><p>  Small and medium sized enterprises (SMEs) Sare widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open

5、to foreign direct investment, they also tend to pay disproportionately more in taxes and social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, oft

6、en find a way to reduce their tax obligations through transfer pricing, royal</p><p>  Yet if SMEs constitute a critical dimension of growth and development and are often well positioned to achieve high reve

7、nue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?</p><p>  The reasons are multiple and, for the most part, understandable.</p><p&g

8、t;  For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investin

9、g in local SMEs also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, m

10、ost private capital would much prefer to invest in a few large-a</p><p>  Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even

11、the lines of credit local banks receive from development institutions for on-lending to SMEs are often under-utilized. SME entrepreneurs’ lack of experience in accounting and other areas of financial documentation makes

12、it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Comb</p><p>  SEAF believes that the investment levels it takes,

13、coupled with its focused efforts on increase value after investments, allows it to invest at relatively attractive multiples. This offers an array of potential exit possibilities. By contrast, many conventional</p>

14、<p>  emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the mo

15、re appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee SMEs. <

16、;/p><p>  世界銀行對(duì)中小企業(yè)的援助計(jì)劃</p><p>  中小企業(yè)的蓬勃發(fā)展對(duì)促進(jìn)經(jīng)濟(jì)增長(zhǎng),減少發(fā)展中國(guó)家的貧窮和經(jīng)濟(jì)轉(zhuǎn)型具有重要意義。但金融機(jī)構(gòu)往往因?yàn)橄蛑行∑髽I(yè)融資的費(fèi)用過(guò)高而減少貸款甚至不向他們貸款。中小企業(yè)援助基金會(huì)的CEO Bert van der Vaart寫(xiě)道中小企業(yè)需要的并不是沒(méi)有機(jī)會(huì)獲得資本,而是在一個(gè)包含早期階段股權(quán)投資 加強(qiáng)技術(shù)援助的模型上前進(jìn).這個(gè)以美國(guó)和荷

17、蘭為基礎(chǔ)的非政府組織管理著14個(gè)商業(yè)化投資基金,在全球范圍內(nèi)具有1.40億美元總資產(chǎn),并制定了獨(dú)特的“股權(quán)加援助”對(duì)中小型企業(yè)投資的方式。</p><p>  幾乎在所有經(jīng)濟(jì)體中,中小企業(yè)是促進(jìn)經(jīng)濟(jì)增長(zhǎng)和提高勞動(dòng)就業(yè)率的一大功臣。在轉(zhuǎn)型國(guó)家和發(fā)展中國(guó)家的外國(guó)直接投資開(kāi)放,他們也往往不成比例地比任何的更大和更小的同行多支付稅收和社會(huì)保障繳款。較大的企業(yè),特別是跨國(guó)公司,往往會(huì)找到一種方法,通過(guò)轉(zhuǎn)移定價(jià),專(zhuān)利費(fèi)的稅務(wù)

18、義務(wù),并協(xié)商免稅以減少稅費(fèi)。另一方面,小企業(yè)經(jīng)常在非正規(guī)部門(mén),既不納稅,也不繳納社會(huì)保障款。</p><p>  然而,如果中小型企業(yè)掌握了增長(zhǎng)和發(fā)展的臨界尺寸,往往能夠獲得高收入和利潤(rùn)的增長(zhǎng)。但為什么有私人和公共金融機(jī)構(gòu)都傾向于避免對(duì)他們進(jìn)行投資呢?其原因是多方面的,并為大部分可以理解的。對(duì)于私人投資者,投入較少的資金到幾個(gè)中小型企業(yè)需要的工作量與投入到大企業(yè)相比,似乎缺乏吸引力。此外,投資本地中小型企業(yè)也往往

19、涉及與對(duì)企業(yè)融資,商業(yè)做法,英語(yǔ)不太熟悉的企業(yè)家合作。還有更多的問(wèn)題要考慮,包括本地法律體系和政府透明度的缺失,如藥品,電訊或私營(yíng)工業(yè)企業(yè),而不是在資產(chǎn)相對(duì)較少的</p><p>  小公司,這些公司資本化程度低,以及被認(rèn)為極易受到市場(chǎng)條件的影響。公共發(fā)展機(jī)構(gòu)也會(huì)遇到對(duì)中小企業(yè)投資的高額的行政費(fèi)用,再加上SMEentrepreneurs可能不可靠。與他們一起工作可能會(huì)帶來(lái)明顯減少“發(fā)展”比更針對(duì)小額信貸扶貧等為重

20、點(diǎn)領(lǐng)域的利益。地方商業(yè)銀行也往往偏向于有相當(dāng)大的資產(chǎn)的大公司借款人的。這意味著,即使是當(dāng)?shù)劂y行從發(fā)展機(jī)構(gòu)獲得的信貸額度轉(zhuǎn)貸給中小企業(yè)往往利用不足。中小企業(yè)企業(yè)家在會(huì)計(jì)和其他財(cái)務(wù)文件方面的經(jīng)驗(yàn)不足,使得銀行或其他潛在來(lái)源難以評(píng)估其信用及現(xiàn)金流量,從而不符合融資的條件。總之,這些因素都在很大程度上影響著缺乏資金去實(shí)現(xiàn)其潛力的發(fā)展中國(guó)家的經(jīng)濟(jì)發(fā)展最具活力的經(jīng)濟(jì)部門(mén)。</p><p>  中小企業(yè)援助基金會(huì)認(rèn)為,他們的投

21、資水平和投資后的努力允許它投資在相對(duì)具有吸引力的倍數(shù)。這就提供了一個(gè)潛在的出口機(jī)會(huì)。與此相反,許多新興市場(chǎng)的私人股權(quán)投資者過(guò)去4年里的出口令人失望。因此中小企業(yè)援助基金早期階段的做法可能有一天被視為投資發(fā)展中國(guó)家最合適的手段。同時(shí),該基金通過(guò)迅速增加中小企業(yè)的收入,生產(chǎn)率和就業(yè)增長(zhǎng)來(lái)實(shí)現(xiàn)其發(fā)展目標(biāo)。</p><p>  研究中小企業(yè)融資要參考的英文文獻(xiàn)</p><p>  英文圖書(shū)和期刊類(lèi)

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