贷款担保的违约成本和对小企业的利处------外文翻译.doc

Governments of most countries seek to encourage Small and Medium Sized Enterprise (SME) growth and the job creation that many believe is fostered by such growth. Substantive growth usually requires expansion capital. It is often perceived that compared with larger firms, SMEs face disproportionately less access to the debt capital they need for start-up, growth, and survival.Consequently, governments and trade associations have often intervened in credit markets by taking on the role of guarantor of loans that financial institutions advance to SMEs. For example, the Small Business Administration in the United States provides guarantees of loans made by banks to qualifying small firms. Similar schemes are in effect in, among other countries,Canada, Japan, the U.K., Korea, and Germany. Trade associations take on such roles in France, Spain,and other nations.

Loans that support the expansion of small enterprises may convey significant benefits to the borrowing firms and, through job creation and retention, to the rest of society. However, to the extent that some borrowers are unable to meet the repayment obligations of their debt, guarantors also face material real costs of honoring their guarantee to the lenders. Loan guarantee programs are designed in a variety of ways. Often these programs do not appear to reflect guidance from economic theory or experience.This paper draws on empirical evidence to comp



大多数国家的政府鼓励中小企业的成长，并认为中小企业的成长能促进就业机会的增长。中小企业实质性的成长需要资本扩张。通常认为，相对于大企业而言，中小企业面临着不成比例或者说很少腀@锛狡浞⑵稹⒊沙ず蜕嫠枰恼褡时尽Ｕ托幸敌岢３０缪菡咝糯１Ｈ说慕巧允勾罨瓜蛑行∑笠捣⒎糯睢＠纾诿拦∑笠倒芾砭窒蚍咸跫男∑笠捣⒎乓写畹１！＠嗨频募苹导噬希谄渌依缂幽么螅毡荆⒐偷鹿?br>都存在。法国、西班牙和其他国家的行业协会也常常扮演着这种角色。
支持扩大小企业的贷款，可能会给借款单位带来显著效益；并且能够通过创造新的就业岗位和保留原来的岗位，也会给整个社会带来显著效益。然而，从某种程度上，一些借款人无法履行期借款偿还义务，担保者也面临着向放款者履行地担保义务的物质上的实际成本。贷款担保计划书有各种各样的设计样式。通常，这些计划书的出现并不直接反映经济理论或经验方面的指南。这篇论文是基于实证研究以对比贷款担保的成本和收益。此外，本篇论文使用研究结果和经济理论向