中小企业融资困境及对策分析——外文翻译(2)

telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making SME investments. These can be coupled with

perceptions that local SMEentrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance.

Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks

receive from development institutions for on-lending to SMEs are often under-utilized. SME entrepreneurs’ lack of experience in accounting and other areas of financial documentation makes it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing.

Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.

SEAF believes that the investment levels it takes,coupled with its focused efforts on increase value after investments, allows it to invest at relatively attractive multiples. This offers an array of potential exit possibilities. By contrast, many conventional emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by

rapidly increasing the revenues, productivity, and employment growth of its investee SMEs.

世界银行对中小企业的援助计划

中小企业的蓬勃发展对促进经济增长，减少发展中国家的贫穷和经济转型具有重要意义。但金融机构往往因为向中小企业融资的费用过高而减少贷款甚至不向他们贷款。中小企业援助基金会的CEO Bert van der Vaart写道中小企业需要的并不是没有机会获得资本，而是在一个包含早期阶段股权投资 加强技术援助的模型上前进.这个以美国和荷兰为基础的非政府组织管理着14个商业化投资基

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