文档介绍：毕业论文(设计) 外文翻译题目:担保公司发展中存在的问题及政策建议学院:金融学院专业:金融学班级:金融 0801 学号: 0806100107 学生姓名: 指导教师:姚耀军二○○年四月【精品】外文翻译外文翻译之一 LOAN GUARANTEES:COSTS OF DEFAULT AND BENEFITS TO SMALL FIRM 作者: ALLAN &E HAINES JR. 国籍: Canada 出处: Carleon University, Ottawa, Ontario, Canada 原文正文: Governments ofmost countries seek toencourage Small and Medium Sized Enterprise (SME) growth and the job creation that many believe isfostered bysuch growth. Substantive growth usually requires expansion capital. Itisoften perceived pared with larger firms, SMEs face disproportionately less access tothe debt capital they need for start-up, growth, and , governments and trade associations have often intervened incredit markets bytaking onthe role ofguarantor ofloans that financial institutions advance toSMEs. For example, the Small Business Administration inthe United States provides guarantees ofloans made bybanks toqualifying small firms. Similar schemes are in effect in, among other countries,Canada, Japan, the ., Korea, and Germany. Trade associations take onsuch roles inFrance, Spain,and other nations. Loans that support the expansion ofsmall enterprises may convey significant benefits tothe borrowing firms and, through job creation and retention, tothe rest ofsociety. However, tothe extent that some borrowers are unable tomeet the repayment obligations oftheir debt, guarantors also face material real costs ofhonoring their guarantee to the lenders. Loan guarantee programs are designed inavariety ofways. Often these programs donot appear toreflect guidance from economic theory paper draws onempirical evidence pare costs with benefits. Inaddition, ituses the results and economic theory toprovide some guidance for the design ofloan guarantee programs. Finally, the study shows that loan guarantee programs can beaneffective means ofsupporting start-up, growth, and survival ofnew and risky 【精品】外文翻译 enterprises. The work finds that substantial total and incremental j