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1、外文文獻(xiàn)翻譯一、外文原文原文：原文：FinancingtheGermanMittelstIngeneralalongtermshiftinthestructureofdemfexternalfinancehastakenplace.Thedegreetowhichthelargestnonfinancialfirmshaverelieduponinternalfinancehasincreasedsignificantlysinceth

2、ebeginningofthe1970s.AfterexaminingthesourcesusesoffundsbyGermanindustrialfirmsbetween19701989EdwardsFischer(1994)concludethatretainedearningsfinanced62percentoffirmsinvestments.Infactwhenonlythepurchaseofphysicalassetsi

3、sconsideredonly11percentofthefundingwasfinancedbyGermanbanks.FinancialinstitutionsWhileconsiderableattentionhasbeenplacedontherolethattheGrossbankenplayintermsoffinancingthelargestmanufacturingcpationsofGermany8substanti

4、allylessemphasishasbeenplacedontheotherinstitutionscomprisingtheGermanfinancialsystem.Vitols(1994)pointsoutthatinfacttheBigThreebanksonlyaccountfslightlylessthanonetenthofallbankingassets.ThebulkofcreditfromtheBigThreepr

5、ivatebanksischannelledintothelargestfirms.AccdingtoVitols(1994p.7)“Thesebankshavetraditionallyconfinedtheirindustriallendingactivitiestolargercpateaccounts.”ThelargestfinancialinstitutionsaretheSparkassenwhichareessentia

6、llypublicsavingsbankstheGenossenschaftsbankenwhichessentiallyarecooperativebanks.WhiletheSparkassenaccountfaroundftypercentofallbankingassetstheGenossenschaftsbankenaccountfabout15percentoftotalbankingassets(Deeg1992).Th

7、esefinancialinstitutionsaregenerallyientedtowardsfinancingtheGermanMittelst.Vitols(1994)pointsoutthatthemostimptantfinancialinstitutioninprovidingGermanbanksdeclinedsubstantiallyfrom15.4percentin1972to11.9percentin1982.D

8、uringthissameperiodthesavingsbankswereabletoincreasetheirmarketsharefrom33.2percentto36.7percent.Atthesametimethecooperativebankinggroupsincreasedtheirmarketsharefrom12.9percentto17.4percent.TABLEIVBankloanstofirmsbymajb

9、ankgroups1972–1990(columnpercentages)aBankgroupYearLoanstoallfirmsbLoanstoindustrycLoanstoSMEsdCommercial197236.754.2NA198230.138.8NA199031.342.1NABigThreeBanks197215.428.228.3198211.918.237.2199013.822.4NASavingBanks197

10、233.226.136.7198236.733.228.4199033.630.6NACooperatives197212.911.391.8198217.417.567.4199015.317.3NAaPercentagesdonotsumtoonehundredbecauseallbankcategiesarenotincluded.bSharesincludesmtgageloansoncommercialproperty.Thi

11、scategyincludesallfirmsaswellasselfemployedpersons.cSharesarecalculatedwithoutmtgageloansoncommercialproperty.Thiscategyincludesmanufacturingindustriesonly.dNumbersrepresentthepercentageshareofsmallmediumsizedenterprises

12、(SME)creditsinthegroup’stotalloanstofirms.SMEcreditsaredefinedasmtgageloansofnomethanDM1millioncreditswherethetotalcreditengagementofthebankinafirmdoesnotexceedDM1million.Sources:Figuresf19721982fromKJ.LubitzBankmarketin

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