[雙語翻譯]中小企業(yè)融資難外文翻譯--中小企業(yè)銀行融資和出口活動（英文）

1、Availableonlineatwww.sciencedirect.comScienceDirectReviewofDevelopmentFinance4(2014)97–103BankfinanceandexportactivitiesofSmallandMediumEnterprisesJoshuaYindenabaAbor a,?,ElikplimiKomlaAgbloyor a,RansomeKuipo ba Departme

2、ntofFinance,UniversityofGhanaBusinessSchool,Legon,Ghanab DepartmentofAccounting,UniversityofGhanaBusinessSchool,Legon,GhanaAbstractThisstudyexaminesSMEs’accessto bankfinanceandhowthataffectstheirexportactivities.Thestud

3、yadoptsa probitmodeltoassesstheempiricalrelations.ThefindingsofthestudysuggestthatSMEaccesstobankfinanceimprovestheirlikelihoodtoexport.Suchfinanceis criticaltocaterforthehighfixedcostsofexporting,internationalmarketin

4、gandbranding,andmeetinghigherqualitystandardsrequiredforoverseasmarkets.Theresultsofthestudyalsoindicatethatolderfirms,moreproductivefirms,andlargerfirmsaremorelikelytotaketheimportantstepofenteringintotheexportmarket.Po

5、licyinterventionsshouldthereforebedirectedat reducingthebottlenecksthatpreventSMEsfromaccessingfundingfromthecommercialbanks.©2014AfricagrowthInstitute.ProductionandhostingbyElsevierB.V.JELclassification:F1;G2Keywo

6、rds:Bankfinance;Exports;SMEs;Ghana1. IntroductionExportingseemsto bethemostcommonforeignmarketentrymode.Thisis especiallytruefor smallfirms,wherethelowresourcecommitmentandhighflexibilitymakesit a favor-ablewaytoint

7、ernationalize(Younget al.,1989;LeonidouandKatsikeas, 1996). It is wellestablishedthatmanyfirms,espe-ciallysmallfirmshavesignificantexportingpotential,however,relativelyfewofthemhaveundertakenactualexporting(YeohandJe

8、ong,1995). Thisphenomenoncouldbeattributedto firms’difficulty inaccessingtheneededfundsforexport.Financial constraintsare citedas an importantobstacletofirms’investmentin generalandin particularto theirdesiretove

9、ntureintoexportbusiness.Recentliteratureininterna-tionaltradehasfocusedonthesunkcoststhatfirmshaveto? Correspondingauthor.E-mailaddress:Joshabor@ug.edu.gh(J.Y.Abor).PeerreviewunderresponsibilityofAfricagrowthInstitute.18

10、79-9337©2014AfricagrowthInstitute.ProductionandhostingbyElsevierB.V.http://dx.doi.org/10.1016/j.rdf.2014.05.004incurinordertoenterforeignmarkets.Theseincludeexpensesofgatheringinformationon foreignmarkets,upgrading

11、prod-uctquality,changingpackaging,andestablishingmarketingchannels.Greenawayet al. (2005)suggestthatanimportantdeterminantof firms’investmentandparticipationin theexportmarketis finance.Wethereforehypothesisthatfirm

12、sthathavebetteraccessto financialresourcesare capableto meetingexpensesandcostsassociatedwiththeexportbusinessandthere-forearemorelikelyto increasetheirinvolvementin theexportsmarket.Theabilityof a firmto exporta

13、 proportionof itssalesisincreasinglybeingregardedas an importantmeasureof compet-itiveperformance(Buckleyet al.,1990).However,the decisiontoexportcouldbe influencedby accessto requisitefinancing.Thisstudycontrib

14、utesto theliteratureby investigatinghowSMEs’accessto bankfinanceaffectstheirexportmarketpar-ticipation.In particular,wefocusonSMEsin Ghana.PreviousstudiesonGhanafocusedonproblemsnon-traditionalexportersfacein acces

15、singfinance(Buatsi,2002;AborandBiekpe,2006)andhowexportstatusinfluencefirmsfinancingchoice(Abor,2007a). Thiscurrentstudyaimsat fillingthisresearchgapbyexamining thelinkbetweenaccesstobankfinanceandexportsofSMEs. There

16、stof thepaperis organizedas follows;Section2 pro-videsstylizedfactson exportingin Ghana.Section3 describesOpen access under CC BY-NC-ND license.Open access under CC BY-NC-ND license.J.Y.Aboretal./ReviewofDevelopme

17、ntFinance4(2014)97–10399financialstatements.Thesupplyconstraintsreferto thosefactors thatmakeit difficultforfinancialinstitutionslikebanksto lend (supplyloans)to SMEsincluding,higherlevelsofinformational asymmetriesre

18、latedtoSMElending,highertransactionalcosts, inherentlyriskiernatureof SMEsandinstitutionalweaknessin developingcountriesthatmakeit moredifficultfor financial institutionstolendto SMEs. SMEs areviewedto be riskybeca

19、usemanyof themdonot survivedueto a myriadof reasons.SMEclosureratesexceeded 20%peryear(Liedholm,2001) andmostof themfailin theirfirst year(Biekpe,2004). Thelevelof riskis inverselyrelatedto the sizeof the fi

20、rm.In termsoftransactioncosts,banksexperience highertransactioncostsin theirdealingswithSMEs.Thecostof lendingmayinsomecircumstancesbe viewedas fixed.These costsincludeadministrative,legalandacquisitionofinforma- tio

21、nfroma specializedagent.Thecoststructurefortwoloansis likelytobequitesimilarregardlessofthesizeof theloan.For example,it maycosta banka similardollaramounttoprocess anSMEloanrequestof $10,000as againsta loanof$100

22、,000 froma largercorporation.Therefore,dueto scaleeconomies,the costof lendingto largerfirmsis likelyto belower.Also,trans- actionalcostsintermsofloanmonitoringafterdisbursementare disproportionatelyhigherforSMEs.Bi

23、lkey(1978)whoattemptedto summarizetheliteratureon exportbehavioroffirmsobservedthatthemostfrequentserious obstaclesto exportingreportedbyU.S.firmsin theempirical studiesare:insufficientfinances,foreigngovernmentrestri

24、c- tions,insufficientknowledgeaboutforeignsellingopportunities, inadequateproductdistributionabroad,anda lackof foreign marketconnections.Priorresearchhasalsonotedthatthough banksarea majorsourceof externalcapitalfor

25、smallfirmsit is moredifficultforthemto obtainbankloansthandolargefirms (PetersenandRajan,1994;ColeandWolken,1995;Schifferand Weder,2001). Smallfirmsobtainonly30%of theirfinancing fromexternalsources,whereaslargefirms

26、meetupto 48%of theirfinancingneedsthroughexternalfinancing(WorldBank, 2004).Binkset al.(1992)cautionthatrestrictedaccesstobank debtby smallbusinessesmaynotbe directlyattributableto theirsizebut rathertoproblemsassoci

27、atedwiththeavailability ofinformationfromwhichprojectsareevaluated(information asymmetry).Theyarguethatsuchinformationproblemsare not peculiarto thesmallbusinesssectoralone,but arepredominant therebecauseoftheanticipa

28、ted(proportionately)highercosts ofinformation-gatheringassociatedwiththatsector.Thepro- visionof financebya bankto a firmcouldbeconsideredas asimplecontractbetweenthe twopartiesinwhichthebank isthe principalandthes

29、mallfirmis the agent.Thisrelation- shippotentiallyleadsto the problemof informationasymmetry (Binkset al.,1992). Theproblemof informationasymmetryis exacerbated in developingcountriesbecauseinformationabout thec

30、reditqualityof borrowersis limited.Creditratingagencies arevirtuallynon-existentwhilstcreditreferencebureausremain largelyundeveloped.Thecoverageof reputablecreditagencies suchas Stheyare usu- allyreluctantto discl

31、oserelevantconfidentialinformationto outsiders whoarecapableofstealingtheirideas(Petersonand Schulman, 1987). Institutionalfactorsalsoaffecttheamountof creditthat SMEsareabletoaccessfromfinancialinstitutions.Thelevel o

32、fbankconcentrationin a countrywillaffecttheincentivesfor banksto reachoutto theSMEsector.Countrieswithhighly concentratedand uncompetitivemarketsaremorelikelyto havelesscreditbeingdirectedto theSMEsector.Thisis beca

33、usethelowlevelof competitiondoesnotmotivatebanksto seeknewanduntappedmarketsto boosttheirincomestream. Theenforcementofcollateralcantakeyearsdue to a poorly resourcedjudiciary.Also,propertyrightsand therightsof cr

34、ed- itorsarelessprotectedin somedevelopingcountries.Thelaw andfinanceliteratureshowthatlegalvariablessuchascreditor rightspositivelyinfluencefinancialmarketdevelopment.Small firmsare 25%morelikelyto be deniedcreditif

35、 they are instates thatprovidecreditorswithlessprotectionwhentheborroweris bankrupt(WorldBank,2004).Becket al. (2005)suggestthatfinancialconstraintsaffectthe smallestfirmsmostadverselyandthatan incrementalimprove- m

36、ent of thefinancialsystemthathelpsrelaxtheseconstraints willbemostbeneficialforSMEs.Providersof fundsgenerally preferborrowerswhohavegoodtrackrecordof profitability, somedegreeoflongevity,andassetsthatcanbeusedascolla

37、t- eral(ColeandWolken,1995). In minimizingtheriskassociated withdealingwithpotentialloanborrowers,banksemploycer- tainstrategies.Theymayraisetheinterestrateonloansto riskierborrowerssuchas smallbusinessestoreflecttheg

38、reater uncertaintyof repayment(BergerandUdell,1995a,b). Petersen andRajan(1994)confirmin theirstudythatsmallerfirmspay higherinterestonloansthanlargerfirms.If lendersdo charge high interestrates,thisincreasestheris