外文翻译---中小企业融资来源：概述-企业融资(编辑修改稿)

外文翻译---中小企业融资来源：概述-企业融资(编辑修改稿)内容摘要：

ll as national ones face greater obstacles when they seek to obtain financial resources. The study also highlights the 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 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 explains the differences between countries in terms of financing obstacles faced by enterprises. Beck, Demirg252。 231。 Kunt and Maksimovic (2020) point based on a survey realised on firms from 54 countries that small and mediumsized enterprises are faced with financial and legal constraints and corruption issues in a much greater degree when pared 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 relax the constraints faced by small and mediumsized firms. Beck and DemirgucKunt (2020) highlight that access to finance is an important growth constraint for SMEs that financial and legal 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 institutions. Ardic, Mylenko and Saltane (2020) analyze, using statistical data, the macroeconomic and institutional factors that are influencing the SMEs’ financing through loans. Similar to other studies, the authors have found a positive correlation between the overall economic development (measured by ine 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 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 SMEs In 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 not related with pricing (DemirgucKunt, Beck and Honohan 2020: 2). Thus, improving this access means increasing the degree in which the financial products/financial services are available for 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 categories, 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 viable 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 some panies do not earn enough ine 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 panies request funding, but the financial and banking institutions are not answering to these demands 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 don’t meet their needs. The access to finance is indispensable for the efficient allocation of capital and the enterprise development. However, when pared 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 inadequ。