外文翻譯---中小企業(yè)融資來(lái)源概述

1、<p>　　中小企業(yè)融資來(lái)源：概述</p><p>　　摘要：本文通過(guò)中小企業(yè)在創(chuàng)造附加值和新的就業(yè)崗位中的貢獻(xiàn),使它在國(guó)家的經(jīng)濟(jì)和社會(huì)發(fā)展中擁有一個(gè)顯著的角色。然而，這些企業(yè)面臨著許多障礙，限制他們的表現(xiàn)、增長(zhǎng)和發(fā)展。在中小企業(yè)所面臨的困境，獲得融資渠道往往是作為一個(gè)主要障礙部署和擴(kuò)大他們的活動(dòng)。</p><p>　　本文旨在強(qiáng)調(diào)中小企業(yè)融資擔(dān)保所面臨的困難，強(qiáng)調(diào)國(guó)家之間差異以

2、及中小企業(yè)和大型企業(yè)之間的差異。政策制定者在設(shè)計(jì)和執(zhí)行適當(dāng)?shù)拇胧r(shí)了解中小企業(yè)融資難問(wèn)題是必要的，這將有助于中小企業(yè)獲得融資。因此,另一個(gè)問(wèn)題處理,綜合分析在本文的公共機(jī)構(gòu)所采取的一系列措施,以支持中小企業(yè)獲得融資。</p><p>　　關(guān)鍵詞：中小企業(yè)，融資渠道，融資約束，銀行融資，支持措施</p><p><b>　　介紹</b></p><p

3、>　　在所有國(guó)家，中小企業(yè)是經(jīng)濟(jì)增長(zhǎng)和創(chuàng)造工作機(jī)會(huì)的一個(gè)重要來(lái)源。此外，這些企業(yè)通過(guò)他們的活力和靈活性，是創(chuàng)新和發(fā)展的動(dòng)力?；谶@些,輕松獲取資金具有的重要性是不難理解的,同時(shí)考慮到它可以支持建立新的企業(yè)，創(chuàng)新以及增長(zhǎng)和發(fā)展現(xiàn)有的企業(yè),從而促進(jìn)一國(guó)的經(jīng)濟(jì)增長(zhǎng)。</p><p>　　本文結(jié)構(gòu)如下：第一部分包含導(dǎo)論的重要性和相關(guān)性的探討主題；第二部分致力于總結(jié)迄今為止在這一主題進(jìn)行了主要研究的一個(gè)文獻(xiàn)綜述；第三

4、部分強(qiáng)調(diào)中小企業(yè)融資的主要困難原因,第四部分論述體現(xiàn),主要的一些困難是企業(yè)家在處理銀行和為這些企業(yè)改善融資需要采取的措施。最后是研究的結(jié)論。</p><p>　　本文的研究方法采用從文獻(xiàn)入手以突出我們研究主題的重要性。本文分析了基于主要由世界銀行的調(diào)查提供的數(shù)據(jù)和統(tǒng)計(jì),在羅馬尼亞通過(guò)一定的實(shí)證研究中小民營(yíng)企業(yè)。根據(jù)所采用的方法，指出了中小企業(yè)融資難問(wèn)題和增強(qiáng)公共機(jī)構(gòu)的關(guān)注的重要性，尤其是為提高金融發(fā)展采取的措施。

5、</p><p>　　關(guān)于中小企業(yè)的融資渠道的文獻(xiàn)</p><p>　　關(guān)于中小企業(yè)的融資渠道的一個(gè)熱門(mén)的學(xué)術(shù)文獻(xiàn),見(jiàn)證了大量解決這樣的問(wèn)題的研究。無(wú)數(shù)的調(diào)查研究指出,融資渠道是企業(yè)的成長(zhǎng)與發(fā)展過(guò)程中的一個(gè)至關(guān)重要的阻礙，特別是在中小企業(yè)。</p><p>　　通過(guò)貝克、迪蒙瑞格-克魯特、伊萬(wàn)和馬卡斯莫維奇(2004)調(diào)查研究，反映了來(lái)自80個(gè)國(guó)家的10000家企業(yè)

6、的根本因素主要取決于企業(yè)的融資。因此，研究突出企業(yè)融資和其特點(diǎn)之間的關(guān)系，如年齡、規(guī)模和產(chǎn)權(quán)結(jié)構(gòu)。從這個(gè)角度來(lái)看，作者發(fā)現(xiàn)年輕的公司規(guī)模小以及面臨更大的障礙時(shí)，他們尋求金融資源。這項(xiàng)研究還強(qiáng)調(diào)一個(gè)國(guó)家的經(jīng)濟(jì)和金融發(fā)展之間的關(guān)系（表示通過(guò)一定程度的金融中介,一級(jí)資本市場(chǎng)的發(fā)展,效率的法律結(jié)構(gòu),人均國(guó)內(nèi)生產(chǎn)總值)和為企業(yè)取得融資的渠道。通過(guò)這個(gè)觀點(diǎn)，作者表明在經(jīng)濟(jì)發(fā)達(dá)的國(guó)家企業(yè)試圖獲得融資渠道以減少他們遇到的困難。此外,該研究報(bào)告的結(jié)論認(rèn)為

7、制度的發(fā)展是最重要的特征,解釋了不同國(guó)家之間企業(yè)在面臨融資障礙方面的差異。</p><p>　　貝克、迪蒙瑞格-克魯特和馬卡斯莫維奇（2005）在調(diào)查基礎(chǔ)上，實(shí)現(xiàn)對(duì)來(lái)自54個(gè)國(guó)家的中小企業(yè)所面臨的融資和法律約束和腐敗問(wèn)題與大企業(yè)進(jìn)行更大程度對(duì)比，從而影響企業(yè)成長(zhǎng)的因素是成反比的公司規(guī)模。此外，作者還指出，金融和法律制度發(fā)展的進(jìn)程和減少腐敗可以幫助減輕中小企業(yè)面臨的制約。</p><p>　

8、　貝克和迪蒙瑞格-克魯特(2006)指出,融資是一個(gè)重要的制約中小企業(yè)發(fā)展的因素，放松約束對(duì)中小企業(yè)融資和法律制度中發(fā)揮重要作用。作者還指出,即使沒(méi)有發(fā)展良好的機(jī)構(gòu)，創(chuàng)新融資工具可以幫助促進(jìn)中小企業(yè)的融資。</p><p>　　艾瑞迪克、梅勒科和薩爾塔（2011）分析，通過(guò)統(tǒng)計(jì)數(shù)據(jù)發(fā)現(xiàn)宏觀經(jīng)濟(jì)和制度因素影響中小企業(yè)融資貸款。在其它類似的研究中，作者發(fā)現(xiàn)了呈正相關(guān)關(guān)系的整體經(jīng)濟(jì)發(fā)展（衡量人均收入）與金融發(fā)展（衡量的

9、國(guó)內(nèi)生產(chǎn)總值的私人借貸比率），另一方面，中小企業(yè)融資的水平卻相反。此外，作者表明，中小企業(yè)的融資水平還取決于法律結(jié)構(gòu)和總體商業(yè)環(huán)境。</p><p>　　3．在中小企業(yè)融資過(guò)程中的問(wèn)題</p><p>　　一般來(lái)說(shuō)，獲得金融產(chǎn)品或金融服務(wù)或金融包容性假定沒(méi)有貿(mào)易壁壘的方式利用金融產(chǎn)品或服務(wù),不管是否這些障礙或是不相關(guān)的定價(jià)（迪蒙瑞格-克魯特、貝克和霍諾根2008：2）。因此，在提高這種接入

10、手段意味著增加的程度，金融產(chǎn)品或金融服務(wù)以一個(gè)公平的價(jià)格提供給每個(gè)人。</p><p>　　不同的金融產(chǎn)品或服務(wù)是由供給和需求決定的，訪問(wèn)旨在提供金融產(chǎn)品或提供金融服務(wù)。在企業(yè)內(nèi)不使用的金融產(chǎn)品或服務(wù)可以分為幾類,其識(shí)別是必要的,以便采取必要的措施來(lái)改善他們的融資渠道。因此，一方面企業(yè)獲得融資，一般的金融產(chǎn)品和服務(wù)，但不要使用他們，因?yàn)樗麄儧](méi)有可行的投資項(xiàng)目。另一方面，它可以區(qū)分非自愿拒絕企業(yè)，雖然這些企業(yè)需求但

11、無(wú)法獲得財(cái)務(wù)或金融服務(wù)。企業(yè)自主融資或金融服務(wù)中出現(xiàn)的狀況在一些企業(yè)并未賺到足夠的資金或沒(méi)有融資機(jī)構(gòu)所要求的保障，因此具有較高的信用風(fēng)險(xiǎn)。與此同時(shí)，當(dāng)一些企業(yè)需要資金的情況時(shí)，金融和銀行機(jī)構(gòu)因?yàn)樗婕暗牟懦杀咎叨荒芡馊谫Y。最后，在企業(yè)的范疇內(nèi)拒絕出現(xiàn)價(jià)格過(guò)高的金融產(chǎn)品或服務(wù)和不能滿足他們要求的金融產(chǎn)品或服務(wù)。</p><p>　　融資渠道是企業(yè)發(fā)展和有效配置資金必不可少的。然而，與大企業(yè)相比，中小企業(yè)在尋求

12、融資面臨著許多困難，這是因?yàn)橐韵聨讉€(gè)原因，包括：不穩(wěn)定和不完善的司法和立法結(jié)構(gòu)，它不支持需要融資的企業(yè)和資金提供者之間的關(guān)系；部分的資金提供者和企業(yè)信息不完整或者甚至缺乏信息，這妨礙了企業(yè)和資金提供者之間正常和高效的發(fā)展關(guān)系；特別是在年輕的小公司，缺乏信用歷史和擔(dān)保的債權(quán)人，有時(shí)限制了可以利用的金融產(chǎn)品的范圍。</p><p>　　多項(xiàng)調(diào)查進(jìn)行，特別是世界銀行強(qiáng)調(diào)，融資是中小企業(yè)良好發(fā)展和成長(zhǎng)的最大障礙之一。例如

13、，世界銀行在2006年至2009年的調(diào)查發(fā)現(xiàn)，在世界范圍內(nèi)31%的研究報(bào)告,企業(yè)融資的一個(gè)主要障礙是目前實(shí)施的方式,甚至更高的比例在40%的案件的年輕公司長(zhǎng)達(dá)三年的經(jīng)驗(yàn)（查韋斯、克拉波爾和愛(ài)爾2010：1）。此外，一系列的全球調(diào)查，包括世界商業(yè)環(huán)境調(diào)查所提供的資料表明，中小企業(yè)的融資交易成本是阻礙企業(yè)發(fā)展的最主要的因素。在中小企業(yè)融資難問(wèn)題更嚴(yán)重的是在發(fā)展中國(guó)家，這一評(píng)估致使大約50%的微型和中小企業(yè)融資困難報(bào)道作為一個(gè)主要障礙。<

14、;/p><p>　　4．中小企業(yè)銀行融資困難和支持措施</p><p>　　在大多數(shù)國(guó)家，尤其是在以銀行導(dǎo)向型金融體系的國(guó)家，中小企業(yè)外部融資的主要來(lái)源是由銀行貸款。因此，獲得這種類型的貸款對(duì)中小企業(yè)的發(fā)展是至關(guān)重要的。然而，調(diào)查顯示，中小企業(yè)與大企業(yè)相比使用的是很小程度的銀行融資中的新投資。</p><p>　　正如我們提到的，使用金融產(chǎn)品是由供給和需求決定的。因此，

15、重要的是了解為什么中小企業(yè)只在很小程度上使用銀行融資。在這方面，一些研究（班納吉和迪弗洛：2004）已經(jīng)表明，主要原因與供給有關(guān)，因?yàn)槊看萎?dāng)中小企業(yè)能夠獲得貸款，他們就用它來(lái)增加生產(chǎn)。企業(yè)的這種行為更加證明融資是企業(yè)發(fā)展的一個(gè)重要因素。此外，在當(dāng)前全球金融危機(jī)的背景下，由于銀行貸款的可用性下降導(dǎo)致中小企業(yè)融資機(jī)會(huì)有限。因此，這是中小企業(yè)面臨的主要問(wèn)題。</p><p>　　2010年10月29日，這項(xiàng)在羅馬尼亞進(jìn)

16、行的中小企業(yè)調(diào)查凸顯了中小企業(yè)與銀行之間所面臨的主要問(wèn)題。因此，82%的受采訪企業(yè)家認(rèn)為獲得銀行融資是非常困難的，主要是因?yàn)檫^(guò)度官僚主義、不合理的高要求、高利率、剛性的銀行信用指標(biāo)以及眾多類型的傭金和費(fèi)用。此外，超過(guò) 61%的中小企業(yè)的企業(yè)家和管理者報(bào)告銀行缺乏透明度 (費(fèi)用隱藏、缺乏溝通渠道等），沒(méi)有真正的協(xié)商（使用標(biāo)準(zhǔn)的合同、銀行拒絕修改或完成信貸合同等）和銀行不正當(dāng)或?yàn)E用合同條款（例如執(zhí)行未經(jīng)授權(quán)的交易賬戶或一般銀行詐騙）。了解這

17、方面的知識(shí)對(duì)采取措施為支持和促進(jìn)中小企業(yè)融資至關(guān)重要。</p><p>　　總而言之，阻礙中小企業(yè)融資與企業(yè)家、經(jīng)濟(jì)環(huán)境以及體制、管理結(jié)構(gòu)相關(guān)（尼克斯可2008：171）。在各個(gè)國(guó)家的有障礙的企業(yè)家之間進(jìn)行一系列的調(diào)查，認(rèn)為：可能缺乏獲取金融資金方面的知識(shí)，缺乏關(guān)于咨詢機(jī)構(gòu)的意識(shí)，對(duì)不符合要求的貸款人或投資者制定業(yè)務(wù)計(jì)劃，在資本供應(yīng)商充分保證減少談判技巧。對(duì)于第二類障礙，特別是指在某些情況下銀行為中小企業(yè)貸款減少

18、供應(yīng)資金，實(shí)行過(guò)度擔(dān)保，中小企業(yè)財(cái)務(wù)咨詢服務(wù)高成本降低了資金的可用性。</p><p>　　事實(shí)證明中小企業(yè)在國(guó)家的經(jīng)濟(jì)和社會(huì)的發(fā)展中具有關(guān)鍵性的作用，在大多數(shù)國(guó)家支持中小企業(yè)的發(fā)展已成為政府的主要目標(biāo)之一。</p><p>　　為了改善中小企業(yè)的融資環(huán)境,不同國(guó)家的公共機(jī)構(gòu)根據(jù)每個(gè)國(guó)家的特殊性采取了一系列的措施,旨在(國(guó)際金融公司2010:26)改善法律及監(jiān)管結(jié)構(gòu),發(fā)展中小企業(yè)融資工具和

19、直接干預(yù)市場(chǎng)促進(jìn)中小企業(yè)融資（例如，發(fā)放貸款，通過(guò)特定的國(guó)家機(jī)構(gòu)為企業(yè)家貸款提供擔(dān)保,提供財(cái)政撥款等。)。</p><p>　　企業(yè)能夠輕松的獲得資金顯得尤為重要，特別是在中小企業(yè)。尤其是在當(dāng)前金融危機(jī)的背景下，重點(diǎn)是大約三分之二的歐盟企業(yè)的支持措施通過(guò)了歐洲委員會(huì),開(kāi)始了歐洲經(jīng)濟(jì)恢復(fù)計(jì)劃旨在促進(jìn)融資（歐洲委員會(huì)2009 :79）。</p><p>　　改善中小企業(yè)融資問(wèn)題仍然值得關(guān)注，也

20、是國(guó)家、歐洲和國(guó)際當(dāng)前面臨的一個(gè)挑戰(zhàn)。例如，在歐盟范圍，通過(guò)執(zhí)行小型企業(yè)管理局為歐洲設(shè)立的新措施來(lái)改善中小企業(yè)融資渠道，通過(guò)降低結(jié)構(gòu)基金回報(bào)的要求促進(jìn)中小企業(yè)的準(zhǔn)入，建立“信用監(jiān)察員”以促進(jìn)中小企業(yè)和信貸機(jī)構(gòu)之間的對(duì)話，避免稅收立法的雙重征稅，這將妨礙國(guó)際風(fēng)險(xiǎn)投資，起著重要的作用。</p><p>　　特別是有實(shí)證的大量研究，強(qiáng)調(diào)影響一個(gè)國(guó)家金融發(fā)展程度至關(guān)重要的是中小企業(yè)融資的發(fā)展程度。因此，當(dāng)局采取一系列的措

21、施以支持中小企業(yè)獲得融資，確保國(guó)家金融高效發(fā)展，這將確保企業(yè)融資更大的可用性。具體地說(shuō)，當(dāng)局應(yīng)該針對(duì)通常用來(lái)衡量金融發(fā)展程度的七大支柱采取措施，即制度環(huán)境，商業(yè)環(huán)境，金融穩(wěn)定，銀行金融服務(wù)，非銀行金融服務(wù)，金融市場(chǎng)和金融準(zhǔn)入（世界經(jīng)濟(jì)論壇2010：5）。</p><p><b>　　5．結(jié)論</b></p><p>　　有效的融資對(duì)中小企業(yè)創(chuàng)造新的業(yè)務(wù)具有重要的意義，

22、并成長(zhǎng)和發(fā)展企業(yè)已有的，同時(shí)促進(jìn)國(guó)家的經(jīng)濟(jì)和社會(huì)的發(fā)展。此外，在經(jīng)濟(jì)危機(jī)的情況下，中小企業(yè)有助于恢復(fù)國(guó)民經(jīng)濟(jì)，所以扶持中小企業(yè)融資顯得尤為重要。然而，大多數(shù)調(diào)查報(bào)告強(qiáng)調(diào)，始終中小企業(yè)的融資渠道是影響其運(yùn)行和發(fā)展的一個(gè)最重要的因素。</p><p>　　中小企業(yè)試圖獲得必要的資金資源時(shí)面臨困難，關(guān)系到企業(yè)家和每個(gè)國(guó)家的經(jīng)濟(jì)環(huán)境，以及現(xiàn)有法律和制度結(jié)構(gòu)。為了減輕這些困難，公共當(dāng)局所采取的措施應(yīng)著重于提高金融發(fā)展，從而

23、確保企業(yè)融資和經(jīng)濟(jì)增長(zhǎng)更大的有效性。</p><p>　　在各國(guó)，包括羅馬尼亞，關(guān)于中小企業(yè)融資的可用性下降，甚至缺乏統(tǒng)計(jì)數(shù)據(jù)，我們認(rèn)為政策制定者需要將重點(diǎn)放在具體化和監(jiān)控一系列的重要指標(biāo)，如根據(jù)中小企業(yè)的大小、經(jīng)驗(yàn)和行業(yè)活動(dòng)，按份額向其發(fā)放貸款，這將有益于公共當(dāng)局、債權(quán)人和投資者。</p><p><b>　　外文文獻(xiàn)出處 ：</b></p><

24、p>　?、?作者信息：Roman Angela “Alexandru Ioan Cuza” University of Iasi Faculty of Economics and Business Administration（羅馬·安吉拉“亞歷山伊萬(wàn)·斯科特”雅西大學(xué)經(jīng)濟(jì)與工商管理系）</p><p>　?、?名稱：Oradea university:Economic science

25、, in 2011 a spool of Issue 1（奧拉迪亞大學(xué)：經(jīng)濟(jì)科學(xué)，2011年第一卷第一期）</p><p>　　③ 頁(yè)碼：2-2，；431-437</p><p>　　SMES' SECTOR ACCESS TO FINANCE: AN OVERVIEW</p><p>　　Roman Angela</p><p>　

26、　“Alexandru Ioan Cuza” University of Iasi Faculty of Economics and Business Administration</p><p>　　Through their contribution to the creation of added value and new jobs, the small and medium enterprises (S

27、MEs) have a significant role in the economic and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties face

28、d by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity.</p><p>　　The paper aims to highlight the difficulties faced by SMEs in securing finan

29、cing resources, emphasizing the differences between countries and also between SMEs and large enterprises. Knowing the difficulties in SMEs financing is essential for policy makers in order to design and implement approp

30、riate measures, which will help to improve the access to financing for these enterprises. Thus, another issue addressed, synthetically, in this paper aims the measures taken by public authorities in order</p><

31、p>　　JEL code classification: G30, G32, O16</p><p>　　1. Introduction</p><p>　　In all countries, small and medium enterprises are a significant source of economic growth and jobs creation. Furt

32、hermore, these enterprises, through their dynamism and flexibility, are an engine of innovation and growth. Based on these considerations, it is easy to understand the crucial importance that the easy access to funding h

33、as, taking into account that it can support the creation of new businesses, the innovation process as well as the growth and the development of the existing businesse</p><p>　　The paper is structured as foll

34、ows: the first part contains the introduction remarks regarding theimportance and relevance of the approached theme; the second part is dedicated to a literature review which summarises the main researches undertaken so

35、far on this theme; the third part highlights the major difficulties in SMEs financing, and the fourth part of the paper reflects, mainly, the difficulties reported by the entrepreneurs in dealing with banks and the measu

36、res that need to be taken in </p><p>　　The research methodology used in this paper starts with a literature review in order to highlight the importance of the subject addressed in our research. The analysis

37、conducted in this paper is based on data and statistics provided mainly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania. Based

38、on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of en</p><p>　　The limited availability and even lack of statistical data regarding the SMEs financi

39、ng situation from various countries, including Romania, impose certain limits to the researches in the field, which can be overcome as policy makers realize the vital importance of developing and monitoring specific indi

40、cators regarding the financing of this type of enterprises.</p><p>　　2. Literature review regarding the access to finance for SMEs</p><p>　　The access to finance for SMEs represents a topic of g

41、reat interest for the academic literature, as witnessed by the large number of studies addressing such a problem. Numerous studies based on various surveys highlight that access to finance is one of the most important ob

42、stacles in the way of enterprises’ growth and development, especially in the case of small and medium enterprises.</p><p>　　The study realised by Beck, Demirguc-Kunt, Laeven and Maksimovic (2004) reflects, b

43、ased on a survey that has included 10.000 firms from 80 countries, the fundamental factors to which depends the enterprises’ access to finance. Thus, the study highlights the relationship between the access to finance fo

44、r enterprises and their characteristics, such as age, size and propriety structure. From this perspective, the authors find that young firms of small size as well as national ones face greater obst</p><p>　　

45、Beck, Demirgüç-Kunt and Maksimovic (2005) point based on a survey realised on firms from 54 countries that small and medium-sized enterprises are faced with financial and legal constraints and corruption issues

46、 in a much greater degree when compared with the large firms, thus the impact of these constraints on the firm growth is inversely proportional to the size of the firm. Moreover, the authors also noted that the financial

47、 and legal system development and the process of reducing corruption h</p><p>　　Beck and Demirguc-Kunt (2006) highlight that access to finance is an important growth constraint for SMEs that financial and le

48、gal institutions play an important role in relaxing this constraint. The authors also noted that innovative financing instruments can help facilitate SMEs access to finance even in the absence of well developed instituti

49、ons.</p><p>　　Ardic, Mylenko and Saltane (2011) analyze, using statistical data, the macroeconomic and institutional factors that are influencing the SMEs’ financing through loans. Similar to other studies,

50、the authors have found a positive correlation between the overall economic development (measured by income per capita) and financial development (measured by the ratio of private credit to GDP), on the one hand, and the

51、 SMEs’ financing level, on the other side. Moreover, the authors demonstrate that the f</p><p>　　3. The general framework regarding the obstacles in the financing process of the SMEs</p><p>　　In

52、 general, the access to financial products/financial services or the financial inclusion assumes the absence of barriers in the way of using financial products/services, regardless of whether these obstacles are or are n

53、ot related with pricing (Demirguc-Kunt, Beck and Honohan 2008: 2). Thus, improving this access means increasing the degree in which the financial products/financial</p><p>　　services are available for everyo

54、ne and at a fair price. Unlike the use of financial products/services which is determined by supply and demand, the access aims at providing financial products or supplying financial services. </p><p>　　With

55、in the firms that do not use financial products/services it can be distinguished several categories, whose identification is essential for the authorities in order to adopt the necessary measures to improve their access

56、to finance. Thus, on the one hand, there are the firms that have access to finance, generally to financial products and services, but do not use them because they do not have viable investment projects. On the other hand

57、, it can be distinguished the involuntarily excluded fir</p><p>　　The access to finance is indispensable for the efficient allocation of capital and the enterprise development. However, when compared with la

58、rge enterprises, small and medium enterprises face many difficulties when pursuing to procure financial resources, which are due to several causes, including: the unstable and inadequate juridical and legislative framewo

59、rk, which does not support the relationship between capital providers and the enterprises that require financing; incomplete information an</p><p>　　Numerous surveys carried out, particularly, by the World B

60、ank highlight that the access to finance is often mentioned by the SMEs as one of the most important barriers to their well functioning and growth. For example, the surveys conducted by the World Bank, in 2006-2009, foun

61、d that, worldwide, 31% of the studied firms report that the access to finance is a major obstacle in the way of carrying out current operations, the percentage being even much higher, at 40% in the case of young firms wi

62、th</p><p>　　As results also from upon, regardless of the group of countries where SMEs are located, about one-third of these firms report that the access to finance is a major current operations (Internation

63、al Finance Corporation 2010: 12).</p><p>　　4. Difficulties in SME’s banking finance access and support measures</p><p>　　In most countries, especially in the ones with bank source of external fi

64、nancing is represented by the bank loan. Thus, the access to this type of loans is vital for the development of these enterprises. However, surveys show that small firms when compared with large firms are using in a much

65、 smaller degree bank investments. As we have mentioned within the paper, the usage of financial products is determined by supply and demand. Therefore, it is important financing. In this regard, some studies</p>&

66、lt;p>　　The survey conducted by the National Council of Small and Medium Sized Private Enterprises in Romania (CNIPMMR), in the period 7 - 29 October 2010, highl ights the main difficulties faced by the SMEs in their r

67、elation with the banks. Thus, 82% of the interviewed entrepreneurs considered that the access to bank financing is very difficult, especially because of the excessive bureaucracy, the unjustified high requirements, the h

68、igh interest rates, the rigidity of the creditworthiness indicators us</p><p>　　Overall, the obstacles in the way of SMEs access to financing are related both to the entrepreneurs and the economic environmen

69、t as well as to the institutional and regulatory framework (Nicolescu and Nicolescu 2008: 171). Among the obstacles related to entrepreneurs, a series of surveys conducted in various countries, identify: the lack of know

70、ledge regarding the possibilities of obtaining financial resources, the lack of awareness regarding the consulting institutions, the development of busin</p><p>　　In order to improve the access to finance fo

71、r SMEs, the public authorities from different countries have adopted a series of measures, depending on the particularities of each country, which aimed (International Finance Corporation 2010: 26) at improving the jurid

72、ical and regulatory framework, developing the financing instruments for SMEs and direct interventions on the market in order to stimulate SMEs’ financing (for example, by granting loans through certain state institutions

73、, providing guar</p><p>　　The significant importance of easy access to finance for enterprises, particularly for SMEs, and especially in the context of the current crisis, is highlighted by the fact that app

74、roximately two thirds of the EU business support measures, adopted by the European Commission and set out through the European Economic Recovery Plan aims to facilitate the access to finance (EuropeanCommission 2009: 79)

75、.</p><p>　　Improving the access to finance for SMEs still remains a concern and also a challenge for the authorities from the national, European and international level. For example, at EU level, through the

76、 Review of the Small Business Act (SBA) for Europe are set out new measures to improve the access to finance for SMEs, including facilitating the access for SMEs to structural funds through reducing reporting requirement

77、s, establishing the “credit ombudsman” in order to facilitate the dialogue between S</p><p>　　A number of studies, especially the empirical ones, highlight the crucial importance of the degree of financial d

78、evelopment of a country for SMEs’ access to finance. Therefore, the measures taken by authorities in order to support the SMEs’ access to finance should focus on ensuring a high 436 degree of financial development, which

79、 would ensure a greater availability of financing for businesses. Concretely, the authorities should adopt measures aimed at the seven pillars commonly used to measure</p><p>　　5.Conclusions</p><p

80、>　　The easy access to finance for SMEs has a significant importance for the creation of new businesses, the growth and development of already existing ones, which, in their turn, foster the economic and social develop

81、ment of a country. Moreover, under crisis conditions, supporting the access to finance for SMEs is vital because these firms can contribute to the recovery of the national economies. However, most surveys emphasize that

82、SMEs report, consistently, the access to finance as one of the mos</p><p>　　The difficulties that SMEs face when they are seeking to obtaine the necessary funding resources are related both to the entreprene

83、urs and the economic environment from each country, as well as to the existing regulatory and institutional framework. In order to mitigate these difficulties, the measures taken by public authorities should focus on inc

84、reasing financial development, which would ensure greater availability of financing for businesses and thus economic growth.</p><p>　　Given the reduced availability and even lack of statistical data regardin

85、g SMEs’ financing in various countries, including Romania, we consider that policy makers need to focus their efforts in order to the shape and monitor a series of significant indicators, such as the share of loans grant