会计学
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Title:
Future of SME finance （Background –the environment for
Future economic recovery will depend on the possibility of Crafts,
SME finance has changed
Trades and
SMEs to exploit their potential for growth and employment creation.
SMEs make a major contribution to growth and employment in the EU and are at
the heart of the Lisbon Strategy, whose main objective is to turn Europe into the most
competitive and dynamic knowledge-based economy in the world. However, the ability of SMEs to grow depends highly on their potential to invest in restructuring, innovation and qualification. All of these investments need capital and therefore access to finance.
Against this background the consistently repeated complaint of SMEs about their
problems regarding access to finance is a highly relevant constraint that endangers the
economic recovery of Europe.
Changes in the finance sector influence the behavior of credit institutes towards
Crafts, Trades and SMEs. Recent and ongoing developments in the banking sector add
to the concerns of SMEs and will further endanger their access to finance. The main changes in the banking sector which influence SME finance are:
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Globalization and internationalization have increased the competition and the worsening of the economic situations in some institutes (burst of the ITC Mergers and restructuring created larger structures and many local branches, up-coming implementation of new capital adequacy rules (Basel II) will also Stricter interpretation of State-Aide Rules by the European Commission
profit orientation in the sector;
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bubble, insolvencies) strengthen the focus on profitability further;
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which had direct and personalized contacts with small enterprises, were closed;
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change SME business of the credit sector and will increase its administrative costs;
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eliminates the support of banks by public guarantees; many of the effected banks are
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very active in SME finance.
All these changes result in a higher sensitivity for risks and profits in the finance
sector.
The changes in the finance sector affect the accessibility of SMEs
to finance.
Higher risk awareness in the credit sector, a stronger focus on profitability and
the ongoing restructuring in the finance sector change the framework for SME finance
and influence the accessibility of SMEs to finance. The most important changes are:
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In order to make the higher risk awareness operational, the credit sector Risk assessment of SMEs by banks will force the enterprises to present more Banks will try to pass through their additional costs for implementing and due to the increase of competition on interest rates, the bank sector demands
introduces new rating systems and instruments for credit scoring;
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and better quality information on their businesses;
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running the new capital regulations (Basel II) to their business clients;
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more and higher fees for its services (administration of accounts, payments systems,
etc.), which are not only additional costs for SMEs but also limit their liquidity;
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Small enterprises will lose their personal relationship with decision-makers
in local branches – the credit application process will become more formal and
anonymous and will probably lose longer;
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the credit sector will lose more and more its “public function” to provide
a number of
access to finance for a wide range of economic actors, which it has in
countries, in order to support and facilitate economic growth; the profitability of lending becomes the main focus of private credit institutions.
All of these developments will make access to finance for SMEs even more
difficult and / or will increase the cost of external finance. Business start-ups and
SMEs, which want to enter new markets, may especially suffer from shortages regarding finance. A European Code of Conduct between Banks and SMEs would have allowed at least more transparency in the relations between Banks and SMEs and UEAPME regrets that the bank sector was not able to agree on such a commitment.
Towards an encompassing policy approach to improve the access of Crafts,
Trades and SMEs to finance
All analyses show that credits and loans will stay the main source of finance for
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the SME sector in Europe. Access to finance was always a main concern for SMEs,
but the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor, which hinders economic recovery in Europe. Many SMEs are not able to finance their needs for investment.
Therefore, UEAPME expects the new European Commission and the new
European Parliament to strengthen their efforts to improve the framework conditions
for SME finance. Europe’s Crafts, Trades and SMEs ask for an encompassing policy approach, which includes not only the conditions for SMEs’ access to lending, but will also strengthen their capacity for internal finance and their access to external risk capital.
From UEAPME’s point of view such an encompassing approach should be based
on three guiding principles:
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Risk-sharing between private investors, financial institutes, SMEs and public Increase of transparency of SMEs towards their external investors and improving the regulatory environment for SME finance.
sector;
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lenders;
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Based on these principles and against the background of the changing
environment for SME finance, UEAPME proposes policy measures in the following
areas:
1. New Capital Requirement
implementation of Basel II
Directive: SME friendly
Due to intensive lobbying activities, UEAPME, together with other Business
Associations in Europe, has achieved some improvements in favour of SMEs
regarding the new Basel Agreement on regulatory capital (Basel II). The final agreement from the Basel Committee contains a much more realistic approach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations, which respect the different regional traditions and institutional structures.
However, the new regulatory system will influence the relations between Banks
and SMEs and it will depend very much on the way it will be implemented into
European law, whether Basel II becomes burdensome for SMEs and if it will reduce access to finance for them.
The new Capital Accord form the Basel Committee gives the financial market
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