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1、外文文献：SMES SECTOR ACCESS TO FINANCE: AN OVERVIEWRoman Angela“Alexandru Ioan Cuza” University of Iasi Faculty of Economics and Business AdministrationThrough their contribution to the creation of added value and new jobs, the small and medium enterprises (SMEs) have a significant role in the economic
2、and social development of a country. However, these enterprises are facing numerous obstacles that limit their performance, growth and development. Among the difficulties faced by SMEs, the access to finance is often reported as a major obstacle to the deployment and expansion of their activity. The
3、 paper aims to highlight the difficulties faced by SMEs in securing financing 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 appropriate m
4、easures, 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 to support the access to financing for SMEs.Key words: Small and Medium Enterprises, access to finance
5、, financing constraints, bank financing, support measuresJEL code classification: G30, G32, O161. IntroductionIn all countries, small and medium enterprises are a significant source of economic growth and jobs creation. Furthermore, these enterprises, through their dynamism and flexibility, are an e
6、ngine of innovation and growth. Based on these considerations, it is easy to understand the crucial importance that the easy access to funding has, 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
7、 businesses, which in turn boost the economic growth of a country. The paper is structured as follows: the first part contains the introduction remarks regarding the importance and relevance of the approached theme; the second part is dedicated to a literature review which summarises the main resear
8、ches undertaken so 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 measures that need to be taken in order to improve the access to f
9、inancing for these enterprises. The study ends with conclusions.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 conducted in this paper is based on data and statistics provided mai
10、nly by the World Bank surveys, by certain empirical studies and by the National Council of Small and Medium Sized Private Enterprises in Romania. Based on the methodology used, the paper indicates the difficulties in SMEs financing and the crucial importance of enhancing the public authorities conce
11、rns regarding their alleviation, especially by adopting measures focused on increasing financial development.The limited availability and even lack of statistical data regarding the SMEs financing situation from various countries, including Romania, impose certain limits to the researches in the fie
12、ld, which can be overcome as policy makers realize the vital importance of developing and monitoring specific indicators regarding the financing of this type of enterprises.2. Literature review regarding the access to finance for SMEsThe access to finance for SMEs represents a topic of great interes
13、t 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 obstacles in the way of enterprises growth and development, especially in the case of small and
14、 medium enterprises.The study realised by Beck, Demirguc-Kunt, Laeven and Maksimovic (2004) reflects, based on a survey that has included 10000 firms from 80 countries, the fundamental factors to which depends the enterprises access to finance. Thus, the study highlights the relationship between the
15、 access to finance for 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 obstacles when they seek to obtain financial resources. The study also highlights the
16、relationship between the degree of economic and financial development of a country (expressed through the degree of financial intermediation, the level of capital market development, the efficiency of the legal framework, the GDP per capita) and the access to finance for enterprises. From this point
17、 of view, the authors demonstrate that in the financial developed countries it can be accounted a decrease of the difficulties that the firms face when they try to obtain financing resources. Furthermore, the study concludes that the institutional development is the most important feature that expla
18、ins the differences between countries in terms of financing obstacles faced by enterprises.Beck, Demirguc-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 issue
19、s 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 and legal system development and the process of reducing corruption help to re
20、lax the constraints faced by small and medium-sized firms.Beck and Demirguc-Kunt (2006) highlight that access to finance is an important growth constraint for SMEs that financial and legal institution play an important role in relaxing this constraint. The authors also noted that innovative financin
21、g instruments can help facilitate SMEs access to finance even in the absence of well developed institutions.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,
22、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 SMEs financing level, on the other side. Moreover, the authors demonstrate that
23、the financing level of SMEs depends also on the legal framework and the overall business environment.3. The general framework regarding the obstacles in the financing process of the SMEsIn general, the access to financial products/financial services or the financial inclusion assumes the absence of
24、barriers in the way of using financial products/services, regardless of whether these obstacles are or are not related with pricing (Demirguc-Kunt, Beck and Honohan 2008: 2). Thus, improving this access means increasing the degree in which the financial products/financial services are available for
25、everyone 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. Within the firms that do not use financial products/services it can be distinguished several categorie
26、s, whose identification is essential for the authorities in order to adopt the necessary measures to improve their access 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 via
27、ble investment projects. On the other hand, it can be distinguished the involuntarily excluded firms, those firms that do not have access to finance or financial services, although they demand them. The involuntary exclusion of firms from finance/financial services appears in the situation in which
28、some companies do not earn enough income or do not have the guarantees requested by the suppliers of capital and therefore have a high credit risk. At the same time, there are situations when some companies request funding, but the financial and banking institutions are not answering to these demand
29、s because the cost involved would be too high for them. Finally, within the category of involuntarily excluded firms appear also those for which the price of financial products/services is too high or the financial products/services features dont meet their needs.The access to finance is indispensab
30、le for the efficient allocation of capital and the enterprise development. However, when compared with large 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 juridica
31、l and legislative framework, which does not support the relationship between capital providers and the enterprises that require financing; incomplete information and even lack of information from the part of both capital providers and enterprises, which prevents the development of normal and efficie
32、nt relations between them; lack of a credit history and insufficient guarantees for creditors, especially in the case of the small and young firms; limited and, sometimes, inadequate range of financing products.Numerous surveys carried out, particularly, by the World Bank highlight that the access t
33、o 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, found that, worldwide, 31% of the studied firms report that the access to finance is a major obstacle in the way of
34、 carrying out current operations, the percentage being even much higher, at 40% in the case of young firms with up to three years experience (Chavis, Klapper and Love 2010: 1). Also, a series of global surveys, including the information provided by the World Business Environment Survey, show that sm
35、all and medium size enterprises report the cost of financing as the most important obstacle to their growth. The difficulties in SMEs financing are more severe in the case of developing countries, this assessment resulting from the fact that approximately 50% of the micro and small sized enterprises
36、 report the difficulties in financing as a major obstacle.4. Difficulties in SMEs banking finance access and support measuresIn most countries, especially in the ones with bank -oriented financial systems, the SMEs main source of external financing is represented by the bank loan. Thus, the access t
37、o 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 smaller degree bank financing for new investments.As we have mentioned, the usage of financial products is determined by supply and demand
38、. Therefore, it is important to identify why small size firms use in a lesser extent bank financing. In this regard, some studies (Banerjee ,Duflo 2004) have demonstrated that the main reason would be related to the supply, because every time when the SMEs had access to subsidized credit, they used
39、it to increase the production. Such a conduct of firms strengthens the assertion that the lake of access to finance is a major obstacle to their growth. Furthermore, in the context of the current global economic crisis, the limited access of SMEs to financing has been increased as a result of reduce
40、d availability of bank loans. Thus, this type of enterprises faces major difficulties.The survey conducted by the National Council of Small and Medium Sized Private Enterprises in Romania (CNIPMMR), in the period 7 - 29 October 2010, highlights the main difficulties faced by the SMEs in their relati
41、on 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 high interest rates, the rigidity of the creditworthiness indicators used by banks, th
42、e numerous types of commissions and fees required. Also, over 61% of the SMEs entrepreneurs and managers reported banks lack of transparency (by charging hidden fees, ineffective communication etc.), no real negotiation (by using standard contracts, banks refusal to modify or complete the credit con
43、tract, etc.) and unjustified and abusive contractual terms practiced by banks (such as performing unauthorized transactions in accounts and in general bank frauds). The knowledge of these difficulties has a vital importance regarding the need to adopt measures in order to support and improve the SME
44、s access to finance.Overall, the obstacles in the way of SMEs access to financing are related both to the entrepreneurs and the economic environment as well as to the institutional and regulatory framework (Nicolescu 2008: 171). Among the obstacles related to entrepreneurs, a series of surveys condu
45、cted in various countries, identify: the lack of knowledge regarding the possibilities of obtaining financial resources, the lack of awareness regarding the consulting institutions, the development of business plans that do not meet the requirements of the lenders or investors, the reduced negotiati
46、ng skills in relation with capital suppliers and the insufficient guarantees available. In regard to the second category of obstacles, they refer in particular to the reduced availability of funding in some cases, excessive guarantees imposed by some banks for SMEs loans, the high cost of SMEs finan
47、cial consultancy services, corruption, bureaucracy.Starting from the fact that the SME sector has a key role in the economic and social development of a country, in most countries supporting this sector has become a primary objective of the governments.In order to improve the access to finance for S
48、MEs, 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 juridical and regulatory framework, developing the financing instruments for SMEs and di
49、rect interventions on the market in order to stimulate SMEs financing (for example, by granting loans through certain state institutions, providing guarantees for loans to entrepreneurs, providing grant financial allocations etc.).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 approximately two thirds of the EU business support measures, adopted by the European Commis