本文档来自高校大学生毕业论文答辩过程材料，版权归原作者所有，供下载者论文创作参考借鉴之用，请勿作商用！本科毕业论文(设计) 外文翻译 原文: Finance for SMEs: A . Perspective The purpose of this paper is twofold. First to draw out some of the central findings of the ESRC Small Business Research Programme on the financing of Smaller Businesses. Second to discuss their implications for policy. I do not attempt to provide a general survey of all recent relevant work on this issue. The idea that problems in the financing of smaller firms have significantly hindered the role they play in the overall performance of the . economy is deeply rooted. mittees of Inquiry into Small Firms and into the Functioning of Financial Institutions identified problems for small and medium-sized independent owner-controlled firms employing less than 200, or 500 employees (SMEs). The mittee in its report on SME financing argued, for instance, that SMEs were relatively risky. They could therefore expect to face higher interest charges or more severe security conditions than larger firms. They concluded nevertheless that excessive bank caution led to smaller, and especially newer, SMEs being rationed in the market for loans and bank finance. They also pointed to a shortage of start-up capital, and of equity development capital for fully geared established businesses wishing to expand. These reports led over the years to the introduction of a variety of policy measures designed to tackle ‘market failures’ in the supply of finance to SMEs, and particular sub-groups of them, such as hi-tech firms with a specific requirement for risk capital. For instance in the 1980s the Loan Guarantee Scheme (LGS) was introduced alongside the Business Expansion Scheme (BES). These were designed to tackle respectively the debt and equity sides of the SME financing problem. In the ies the Loan Guarantee Scheme has been augmented and although the BES was wound down other (very different) schemes such as SMART and SPUR were introduced to support investment in hi-tech and innovative businesses, along with other development
