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编号 南京航空航天大学金城学院 毕业论文附件材料 题 目 中小企业融资：对不同信贷结构的需要程度和反应 学生姓名 张琳璐 学 号 2007033524 材 料 目 录 序号 附件名称 数量 备注 1 SMEs Financing: the Extent of Need and the Responses of Different Credit Structures 1 原文 2 中小企业融资：对不同信贷结构的需要程度和反应 1 译文 二〇一二年四月原文： SMEs Financing: the Extent of Need and the Responses of Different Credit Structures Daniel B?DULESCU University of Oradea daniel.badulescu@ Introduction Small and medium enterprises (SMEs) play an essential role in the development of any country. They can be assimilated as the engines of growth in developing economies, and the importance and future of SMEs tend to be a major policy concern, with strategic importance in reshaping the productive sectors, employment and innovation. But, in order to accomplish all this expectations, we have to admit that one of the biggest problem the SMEs faces is the non-availability of adequate financing facilities, the lack of availability of financial institutions or private equity investors to meet the SMEs financing requirements. Banks, like other businesses, concentrate on creating value under a controlled risk (OECD, 2006, Pathrose, 2005). Analyzing a loan application, a bank has to focus on the risks involved and the methods to mitigate those risks. The banks are reluctant to lend to SMEs for a number of reasons, including the following: 1. The information asymmetry that arises from small businesses lack of financial information and standardized financial statements, in addition to the banks limited knowledge about the borrower company (Badulescu, Badulescu, 2010). The quantity and quality of the information hold by the entrepreneur regarding their business cannot be accessed in the same measure and efficiency by the prospective creditor. Thus, the lenders is unable to separate between good (bankable) projects and doubtful projects, and the price (for example, the interest of the loan) doesn’t make an efficient selectio