金融专业-毕设论文外文翻译（翻译+原文）.doc

　　外文翻译之一 　　LOAN GUARANTEES:COSTS OF DEFAULT AND 　　BENEFITS TO SMALL FIRM 　　作者：ALLAN L. RIDING GEORGE HAINES JR. 　　国籍：Canada 出处：Carleon University, Ottawa, Ontario, Canada 原文正文： 　　Governments of most countries seek to encourage Small and Medium SizedEnterprise (SME) growth and the job creation that many believe is fostered by suchgrowth. Substantive growth usually requires expansion capital. It is often perceivedthat compared with larger firms, SMEs face disproportionately less access to the debtcapital they need for start-up, growth, and survival.Consequently, governments andtrade associations have often intervened in credit markets by taking on the role ofguarantor of loans that financial institutions advance to SMEs. For example, the SmallBusiness Administration in the United States provides guarantees of loans made bybanks to qualifying small firms. Similar schemes are in effect in, among othercountries,Canada, Japan, the U.K., Korea, and Germany. Trade associations take onsuch roles in France, Spain,and other nations. 　　Loans that support the expansion of small enterprises may convey significant benefitsto the borrowing firms and, through job creation and retention, to the rest of society. 　　However, to the extent that some borrowers are unable to meet the repaymentobligations of their debt, guarantors also face material real costs of honoring theirguarantee to the lenders. Loan guarantee programs are designed in a variety of ways. Often these programs do not appear to reflect guidance from economic theory orexperience.This paper draws on empirical evidence to compare costs with benefits. Inaddition, it uses the results and economic theory to provide some guidance for thedesign of loan guarantee programs. Finally, the study shows that loan guaranteeprograms can be an effective means of supporting start-up, growth, and survival ofnew and risky enterprises. The work finds that substantial total and incremental jobcreation may be attributed to the Canadian loan gua