公司融資方面的英文文獻綜述

B. 融資英文文獻

融資英文文獻（6000字左右 ） 作者：Justin.Athur.winner。 Commercial Financing Solutions - Think Outside The Bank
July,2007 by Stephen Bush
Commercial financing borrowers are likely to feel that a traditional bank is their best source for business financing. However, because most traditional banks focus on a small number of established instries, non-traditional (non-bank) and non-local commercial lenders should be considered for most commercial financing situations. Therefore the recommended commercial financing strategy (as discussed in this article) is to Think Outside the Bank」.
There are several commercial financing situations in which commercial borrowers will frequently find that non-traditional commercial lenders are better positioned to provide terms that are more advantageous to the commercial borrower: (1) Business cash advance and credit card factoring programs; (2) commercial mortgage loans; and (3) credit card processing programs. In some cases a traditional bank will offer to provide commercial financing but will attach excessively stringent terms and covenants. In other cases a traditional bank will decline the commercial financing outright, perhaps because they do not even provide business financing to the commercial borrower』s particular instry. In either case, the commercial borrower is likely to benefit by Thinking Outside the Bank」.
As I noted in an earlier commercial financing article, in many non-competitive business financing situations it is not unusual for a local traditional bank to impose harsher commercial financing terms than would typically be seen in a more competitive business financing market. Such traditional banks routinely take advantage of a relative lack of other commercial lenders in their local market. An appropriate response by commercial borrowers is to seek out non-bank commercial financing options. It is neither necessary nor wise for commercial borrowers to depend only upon local traditional banks for commercial financing solutions. For most commercial financing situations, a non-local and non-bank commercial lender is likely to provide improved business financing terms because they are accustomed to competing aggressively with other commercial lenders.

COMMERCIAL FINANCING EXAMPLE ONE - THINK OUTSIDE THE BANK
Business Cash Advance and Credit Card Receivables Programs

Most businesses that accept credit cards in their business will qualify for a business cash advance with their credit card receivables. Traditional banks will typically be very poor candidates to consider if a business needs assistance with credit card factoring and business cash advances. Because even thriving businesses frequently need more cash than they can borrow from a bank, it can be of critical importance for a business to Think Outside the Bank」 and locate non-traditional lenders to assist with this commercial financing need.

COMMERCIAL FINANCING EXAMPLE TWO - THINK OUTSIDE THE BANK
Commercial Mortgage Loans

Two of the most common commercial financing difficulties experienced by commercial borrowers can be avoided if they Think Outside the Bank」. The first commercial financing situation is the prevailing practice of traditional banks to avoid most special purpose properties (such as funeral homes and churches). The second commercial financing situation is the typical practice of most commercial banks to attach balloon and/or recall provisions to their commercial loans (which means that the bank can require early repayment of the commercial loan under various conditions). Both of these undesirable commercial financing situations can usually and easily be avoided by considering a non-traditional and non-bank lender.

COMMERCIAL FINANCING EXAMPLE THREE - THINK OUTSIDE THE BANK
Credit Card Processing Programs

The choice of an appropriate credit card processing service can be instrumental in improving the profitability of businesses with a high volume of credit card activity. The analysis of credit card processing providers can be effectively combined with the credit card factoring and credit card receivables process described above. In assessing a business cash advance program, it is frequently possible to simultaneously arrange for a substantial improvement in the merchant』s credit card processing program. Because traditional banks are usually not competitive in providing assistance with credit card factoring, it is equally likely that a non-traditional lender will be the primary source of effective and competitive help with credit card processing.

A closing commercial financing thought: I have written an earlier commercial financing article about commercial lenders to avoid. It should be noted that there are in fact both traditional and non-traditional (non-bank) lenders which should be avoided. So when commercial borrowers Think Outside the Bank」, it is still of critical importance that they are prepared to avoid a wide variety of problematic non-traditional commercial lenders in their search for viable commercial financing, especially when it involves business cash advance (credit card receivables and credit card factoring) programs, credit card processing services and commercial real estate financing.

商業融資解決方案-比如銀行外
2007年7月由Stephen布希
商業融資的借款人可能會認為，傳統的銀行是他們的最佳來源的商業融資。然而，由於大多數傳統銀行側重於少數設立工業，非傳統（非銀行）和非本地商業銀行應考慮大多數商業融資的情況。因此，建議商業融資戰略（如本文中討論）是跳出本行「 。
有幾個商業融資情況下，商業借款人常常發現，非傳統的商業銀行將能夠更好地提供的條件更有利的商業借款人： （ 1 ）商業透支現金和信用卡保理業務程序; （ 2 ）商業按揭貸款;和（ 3 ）信用卡處理程序。在某些情況下，傳統的銀行將提供商業融資，但附加條件過於嚴格和盟約。在其他情況下，傳統的銀行將下降徹底的商業融資，這可能是因為他們甚至不提供商業融資，商業借款人的特定行業。在這兩種情況下，商業借款人可能會受益於銀行外思考「 。
正如我在較早的商業融資的文章，在許多非競爭企業融資情況下，它並沒有什麼不尋常的地方傳統的銀行實行更加嚴厲的商業融資條件比通常被視為在一個更具競爭力的企業融資市場。這種傳統的銀行通常利用相對缺乏其他商業銀行在其當地市場。作出適當的反應是由商業借款人尋求非銀行的商業融資方案。這是既無必要，也明智的商業借款取決於只有在當地傳統的商業銀行融資解決方案。對於大多數商業融資的情況下，非本地和非銀行的商業銀行有可能提供更好的企業融資條件，因為他們所熟悉的競爭積極與其他商業銀行。

商業融資比如-比如銀行外
企業現金和信用卡應收帳款程序

大多數企業認為接受信用卡將在其業務資格的商業現金透支的信用卡應收款。傳統的銀行通常會是非常貧窮的候選人，以考慮是否需要援助業務與保理業務和信用卡業務現金墊款。因為即使是蓬勃發展的企業往往需要更多的現金，他們可以比銀行貸款，它可以是極其重要的商業銀行外的思考「 ，並找到非傳統的貸款，以協助這個商業融資的需要。

商業融資兩名-比如銀行外
商業按揭貸款

兩個最常見的商業融資遇到困難的商業貸款，可避免如果他們認為銀行外「 。第一商業融資情況是普遍存在的做法，傳統的銀行，以避免最特殊用途性質（如殯儀館和教堂） 。第二商業融資的情況是典型的做法，大多數商業銀行的重視氣球和/或召回規定的商業貸款（這意味著銀行可以要求提前償還的商業貸款不同條件下） 。這兩種不良商業融資的情況，通常可以很容易地避免和審議了非傳統和非銀行貸款。

商業融資例3 -比如銀行外
信用卡處理程序

選擇一個適當的信用卡處理服務，可有助於改善企業的盈利與大量的信用卡活動。分析信用卡處理供應商，才能有效地結合信用卡保理業務和信用卡應收款上述進程。在評估企業現金透支程序時，它常常是有可能同時安排大大提高商家的信用卡處理程序。由於傳統的銀行通常是沒有競爭力，在提供援助信用卡保理業務中，也同樣可能是一個非傳統的貸款將是主要來源的有效和有競爭力的幫助，信用卡處理。

閉幕商業融資認為：我已經寫的早期商業融資文章商業銀行，以避免。應當指出的是，事實上，傳統和非傳統（非銀行）貸款，應加以避免。因此，當借款人跳出商業銀行「 ，它仍然是至關重要的，它們准備，以避免各種問題的非傳統的商業銀行在尋求可行的商業融資，尤其是當它涉及業務現金透支（信用卡應收款和信用卡保理）程序，信用卡處理服務和商業房地產融資。

C. 急求一篇關於中小企業融資的英文文獻，要有中文翻譯

Automatically translated text:
The definition of lease financing
Finance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer.

It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial instry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, and so the financing for the enterprise credit and secured the main requirement, it is very suitable for SME financing. In addition, the leasing of sheet financing, not reflected in the financial statements of the enterprise liability, does not affect the credit status of enterprises. This multi-channel financing needs of SMEs in terms of it is very beneficial.

Leasing and financing lease of a traditional nature of the difference is: traditional lease to the tenant leasing the use of objects of the time rent, and finance lease financing costs to the tenant occupying the time of rental. The market economy develops to a certain stage and the adaptation of a strong financing, in the 1950s in the United States have a new type of trading, as it adapted to the requirements of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business update equipment one of the main means of financing, known as the "sunrise instry." China in the early 1980s after the introction of this operational modalities for over 10 years has been the rapid development, compared with developed countries, the advantages of leasing is far from being played out, the market potential is huge.

[Edit] the main characteristics of the leasing
The main characteristics of the leasing is: the ownership of objects as leasing is the lessor in order to control the risk of the tenant rent reimbursement taken a form of ownership, at the end of the contract could eventually be transferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenant responsible for the lessor to provide financial services only. Rent calculation principles are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, according to a mutually agreed rental rates. It is essentially dependent on the traditional leasing financial transactions, is a special kind of financial instruments.

[Edit] the type of lease financing
1. Simple financing lease

Financing lease is a simple, by the lessee choose to purchase the rental property, the lessor on the lease project through risk assessment after the rental lease to the lessee the use of objects. Throughout the lease period the lessee does not enjoy the right to use the title, and is responsible for repair and maintenance of leasing objects. The lessor's lease is good or bad thing without any liability, equipment depreciation in the tenant side.

2. Leveraged lease financing

Leveraged leasing practices similar to syndicated loans, is a specialized leasing to large-scale projects with the tax benefits of lease financing, mainly led by a leasing company as a trunk, and for the lease of a very large project financing. First set up a leasing company from the operation of the main institutions - a project-based fund management company set up projects to provide more than 20% of the total amount of funds, and the remaining part was the main source of funds banks and social absorb idle idle funds, the use of 100 percent enjoy low tax benefits "in the eight Bo" leverage for the leasing project large amount of funds. The remaining financing and leasing practices are basically the same, but because of the complexity of the contract covers a wide range and even greater. As can enjoy tax benefits, operating norms, comprehensive benefits, and recovery of rent safe, low-cost, and are generally used for aircraft, ships, communications equipment and large complete sets of equipment lease financing.

3. Commissioned by the Financial Leasing

Is a way to have the funds or equipment entrusted to non-bank financial institutions in the financing lease, the lessor is also the first client, the second is the trustee of the lessor at the same time. The lessor to accept the client's money or lease of the subject matter, according to the client's written by the client designated for the lessee of the leasing business. In the subject of the lease term lease of the property of the client, the lessor only charges, not to take risks. Such leasing commissioned a major characteristic is not to lease the right to operate the enterprise, "by the right" business. E-commerce is on the lease by lease rental as a business platform.

The second is the lessor or lessee commissioned by the lease purchase of a third person, the lessor under the contract to pay the purchase price, also known as commissioned by the lease purchase financing.

4. Project finance leasing

Lessee to project their own property and to ensure efficiency, and the lessor signed a finance lease contract, the lessor to the lessee of the property and other projects without recourse to the proceeds, we can only rent charged to the project's cash flow and profitability to determine. The seller (that is leasing goods manufacturers) through their holding leasing companies to promote their procts in this way, and expand market share. Communications equipment, medical equipment, transportation equipment, or even the right to operate highway can be used this way. Others, including the return of leasing, also known as sale and leaseback financing leasing; financing to leasing, also known as the financing to leasing.

[Edit] the risk of lease financing
Finance leases from the risk of many uncertain factors, is multifaceted and interrelated, in the full understanding of the operational activities of the characteristics of various risks can be comprehensive, scientific analysis of risks to formulate corresponding measures. The risk of financing leasing main categories as follows:

(1) proct market risks. In the market environment, regardless of the financing lease, loan or investment, as long as the funds used to purchase equipment or to carry out technological transformation, first of all, should consider leasing equipment procts market risks, which need to know to sell the procts, market share rate and occupancy, proct trends in the development of the market, the consumption structure and the mentality of the consumers and consumption capacity. If these factors are not fully understand, the survey are not careful, and may increase the market risk.

(2) financial risks. For the leasing of a financial nature, financial risks throughout the entire business activities. The lessor, the biggest risk is that the lessee is also rent capacity, it has a direct impact on the operation of leasing companies and survival, therefore, the risk of also rent from the project began, it should be cause for concern.

Currency also have risks, especially international payments, methods of payment, payment date, time, the remittance channels and means of payment options improperly, will increase the risk.

(3) Trade risk. For the leasing of a trade properties, the risks of trade negotiations to orders from the acceptance testing there is a risk. The merchandise trade in the modern development of a relatively complete, the community is also supporting the establishment of corresponding institutions and preventive measures, such as a letter of credit, transport insurance, commodity inspection, commercial arbitration and the risk of credit counseling have taken precautions and remedial measures, but because people's awareness and understanding of the risks of different degrees, and some means of a commercial nature, coupled with the inexperience of the management of enterprises and other factors, all of these instruments have not been used, making trade risk still exists.

(4) technical risks. One of the benefits of lease financing before other enterprises is the introction of advanced technology and equipment. In the actual course of the operation, or advanced technology, advanced technology is mature, mature technology for the legal rights and interests of others, is an important risk a technical reasons. Serious, e to technical problems so that equipment in a state of paralysis. Other risks include the economic environment, force majeure, and so on.

[Edit] the accounting treatment of lease financing
[Edit], the tenant on the accounting treatment of lease financing
1, the start of the lease accounting treatment

At the start of the lease, the tenant will usually be the start of the lease rental assets in the original book value of the minimum lease payments and the present value of the lower of the two leased assets as recorded value of the minimum lease payments as a long-term payables recorded value, and the difference between the two records is not recognised financing costs. However, if the assets of the leasing assets of the enterprise small proportion of the total, the tenant may be the start of the lease in the minimum lease payment records of assets and long-term rent payments. This time, the "proportional" not usually refers to fixed assets financed by leasing the lessee total assets total less than 30% (including 30%). Under such circumstances, rent for the financing of long-term assets and the determination of the amount e, the tenant may, at its option, which can be used minimum lease payments, and can also be used leasing assets in the original book value of the minimum lease payments and the present value of the two in the lower. Then what "leasing the original book value of assets" refers to the start of the lease rental, as reflected in the accounts, the book value of the leased asset.

Lessee in the calculation of the minimum lease payments at the current value, if the lessor that the interest rate implicit in the lease, the lessor should be used as the interest rate implicit in the discount rate, otherwise, shall be stipulated in the lease contract interest rate as the discount rate . If the lessor's interest rate implicit in the lease and rental rates stipulated in the contract are not available, it should be used over the same period interest rates on bank loans as the discount rate. Which is implicit in the lease rates, in the inception of the lease, the minimum lease payments and the present value of the unsecured portion of the resial value of the current value of assets and equivalent to the original book value of the discount rate.

2, the initial direct costs of the accounting treatment

Initial direct costs refer to the lease negotiations and the signing of the lease agreement occurred in the course of the lease can be directly attributable to the cost of the project. Lessee in the initial direct costs usually have stamp ty, commission, attorney fees, travel expenses, such as the costs of negotiations. Lessee in the initial direct costs should be recognised as an expense in the current period. Accounts for its handling: debit "management fees" and other subjects, credited to "bank" and other subjects.

3, no finance charge assessed

In the finance lease, the lessee to the lessor to pay the rent, include the repayment of principal and interest in two parts. Lessee to pay rent, on the one hand to rece long-term payables, on the other hand, while not confirmed by the leasing costs for a certain method to confirm the current financing costs, the first rent (that is, initially matching each rental payment) Under the circumstances, the lease term is the first phase of rent paid no interest, should only rece the long-term payments, not to confirm the current financing costs.

Not sharing in the finance costs, the lessee should be used to calculate certain way. According to the guidelines, the lessee can be used in real interest rates, the straight-line method can also be used and the number of years of combined law. In using the effective interest method, in accordance with the inception of the lease is a lease assets and liabilities are recorded based on the value of different financing costs assessment rate options are also different. No finance charge assessed specific divided into the following types:

(1), leasing assets and liabilities to a minimum lease payments accounted for the present value of value to the investor and the interest rate implicit in the lease for the discount rate. Under such circumstances, investors should be the interest rate implicit in the lease for the assessment rate.

(2), leasing assets and liabilities to a minimum lease payments for the present value of recorded value, and to lease contract provides for the interest rate as the discount rate. In such circumstances, should be stipulated in the lease contract as the rate of assessment rates.

(3), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist resial value guarantees and preferential purchase right to choose. In such circumstances, should be re-calculation of the cost-sharing rate financing. Financing cost-sharing rate refers to the inception of the lease, the minimum lease payments equal to the present value of lease assets in the original book value of the discount rate. In the lessee or related to the leased asset resial value of the third-party security situation, and the similar, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.

(4), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist guaranteed resial value, but there is preferential option to purchase. In such circumstances, should be re-calculation of the cost-sharing rate financing. At the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.

(5), leasing assets and liabilities to the original book value of the leased asset value accounted for, and the existence of the lessee guaranteed resial value.

Under such circumstances, the cost-sharing should be re-financing rate. Related to the lessee or third parties on the resial value of leased assets as security has been provided or not at the end of the lease renewal and to pay a penalty of circumstances, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to the guaranteed resial value, or to be paid by the breach.

Lessee shall pay each of the rent shall be the amount of rent paid, debit "long-term payables - to finance leases," subjects, credited to "bank" subjects, if payment of rent, which includes compliance costs, At the same time debit should be "manufacturing costs", "management fees" and other subjects. At the same time should be recognized in accordance with the current amount of the finance charge, debit "financial costs" subjects, credited the "no finance charge" subjects.

4, the leased asset depreciation Provision

Tenants should finance the lessee Provision for depreciation of fixed assets, should address two main issues:

(1), depreciation policy

Provision for asset depreciation, lease, the tenant should be its own assets Provision line depreciation method. If the lessee or third parties relating to the leased asset security has been provided, should be credited for the amount of depreciation on fixed assets, and the inception of the lease accounting resial value after decting the value of the balance. If the lessee or third parties relating to the leased asset resial value of the security has been provided, the total amount of depreciation should be credited for the start of the lease value of fixed assets recorded.

(2), the depreciation period

Identify the leased asset depreciation period, should be in accordance with the lease contract. If reasonable certainty that the lessee at the end of the lessee will obtain ownership of the leased asset, the lessee can be identified with all of the assets of the remaining useful life, and should therefore be the start of the lease to lease the remaining useful life of assets as depreciation period; If you can not reasonably determine whether the lease to the lessee at the end of the lease ownership of the assets to be made to the lease period and the remaining useful life of the leased asset in the shorter of the two as the depreciation period.

5, the accounting treatment of compliance costs

Many types of compliance costs, rent for the financing of fixed assets improved expenditure, technical advice and service charges, fees should be increased staff training credited to the extension of sharing costs, debit "long-term prepaid expenses," and "accrued expenses" , "manufacturing costs", "management fees" and other subjects, the fixed assets regular maintenance, insurance, etc. can be directly charged to expense in the current period, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank deposits, "wait until the subjects.

6, or the accounting treatment of rent

Since the rent or the amount of uncertainty, unable to adopt a rational approach to its system for sharing, in the actual event, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank" and other subjects.

7, at the end of the lease accounting treatment

At the end of lease, the tenant on the lease is usually the disposition of the assets of three circumstances:

(1), the return of the leased asset. Debit "long-term payables - to finance leases," and "accumulated depreciation" subjects, credited "fixed assets - fixed assets financed by leasing all" subjects.

(2), renewable lease concession assets. If the lessee to exercise the right to choose renewable concession, the lease shall be deemed to have been made the presence of the corresponding accounting treatment. If no expiry of renewal, to the lessor under the lease contract to pay a penalty, debit "operating expenses" subjects, credited to "bank" and other subjects.

(3), stay purchase the leased asset. In the lessee enjoy preferential purchase right to choose, purchase price paid, debit "long-term payables - to finance lease," credited "bank" and other subjects at the same time, will be fixed assets from "all fixed assets financed by leasing" Details Details of the other subjects into subjects.

字數太多，翻譯另答~~~~~~

D. 急求一篇關於中小企業融資的英文文獻,字書10000字左右,萬分感謝

Automatically translated text:
The definition of lease financing
Finance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer.

It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial instry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, and so the financing for the enterprise credit and secured the main requirement, it is very suitable for SME financing. In addition, the leasing of sheet financing, not reflected in the financial statements of the enterprise liability, does not affect the credit status of enterprises. This multi-channel financing needs of SMEs in terms of it is very beneficial.

Leasing and financing lease of a traditional nature of the difference is: traditional lease to the tenant leasing the use of objects of the time rent, and finance lease financing costs to the tenant occupying the time of rental. The market economy develops to a certain stage and the adaptation of a strong financing, in the 1950s in the United States have a new type of trading, as it adapted to the requirements of modern economic development, in the 60 to 70 the rapid development in the world, and today has become a business update equipment one of the main means of financing, known as the "sunrise instry." China in the early 1980s after the introction of this operational modalities for over 10 years has been the rapid development, compared with developed countries, the advantages of leasing is far from being played out, the market potential is huge.

[Edit] the main characteristics of the leasing
The main characteristics of the leasing is: the ownership of objects as leasing is the lessor in order to control the risk of the tenant rent reimbursement taken a form of ownership, at the end of the contract could eventually be transferred to the lessee, the lease purchase items from lease people choose, maintenance from the tenant responsible for the lessor to provide financial services only. Rent calculation principles are: to lease the lessor objects based on the purchase price, occupied by the lessee to the lessor of funds based on time, according to a mutually agreed rental rates. It is essentially dependent on the traditional leasing financial transactions, is a special kind of financial instruments.

[Edit] the type of lease financing
1. Simple financing lease

Financing lease is a simple, by the lessee choose to purchase the rental property, the lessor on the lease project through risk assessment after the rental lease to the lessee the use of objects. Throughout the lease period the lessee does not enjoy the right to use the title, and is responsible for repair and maintenance of leasing objects. The lessor's lease is good or bad thing without any liability, equipment depreciation in the tenant side.

2. Leveraged lease financing

Leveraged leasing practices similar to syndicated loans, is a specialized leasing to large-scale projects with the tax benefits of lease financing, mainly led by a leasing company as a trunk, and for the lease of a very large project financing. First set up a leasing company from the operation of the main institutions - a project-based fund management company set up projects to provide more than 20% of the total amount of funds, and the remaining part was the main source of funds banks and social absorb idle idle funds, the use of 100 percent enjoy low tax benefits "in the eight Bo" leverage for the leasing project large amount of funds. The remaining financing and leasing practices are basically the same, but because of the complexity of the contract covers a wide range and even greater. As can enjoy tax benefits, operating norms, comprehensive benefits, and recovery of rent safe, low-cost, and are generally used for aircraft, ships, communications equipment and large complete sets of equipment lease financing.

3. Commissioned by the Financial Leasing

Is a way to have the funds or equipment entrusted to non-bank financial institutions in the financing lease, the lessor is also the first client, the second is the trustee of the lessor at the same time. The lessor to accept the client's money or lease of the subject matter, according to the client's written by the client designated for the lessee of the leasing business. In the subject of the lease term lease of the property of the client, the lessor only charges, not to take risks. Such leasing commissioned a major characteristic is not to lease the right to operate the enterprise, "by the right" business. E-commerce is on the lease by lease rental as a business platform.

The second is the lessor or lessee commissioned by the lease purchase of a third person, the lessor under the contract to pay the purchase price, also known as commissioned by the lease purchase financing.

4. Project finance leasing

Lessee to project their own property and to ensure efficiency, and the lessor signed a finance lease contract, the lessor to the lessee of the property and other projects without recourse to the proceeds, we can only rent charged to the project's cash flow and profitability to determine. The seller (that is leasing goods manufacturers) through their holding leasing companies to promote their procts in this way, and expand market share. Communications equipment, medical equipment, transportation equipment, or even the right to operate highway can be used this way. Others, including the return of leasing, also known as sale and leaseback financing leasing; financing to leasing, also known as the financing to leasing.

[Edit] the risk of lease financing
Finance leases from the risk of many uncertain factors, is multifaceted and interrelated, in the full understanding of the operational activities of the characteristics of various risks can be comprehensive, scientific analysis of risks to formulate corresponding measures. The risk of financing leasing main categories as follows:

(1) proct market risks. In the market environment, regardless of the financing lease, loan or investment, as long as the funds used to purchase equipment or to carry out technological transformation, first of all, should consider leasing equipment procts market risks, which need to know to sell the procts, market share rate and occupancy, proct trends in the development of the market, the consumption structure and the mentality of the consumers and consumption capacity. If these factors are not fully understand, the survey are not careful, and may increase the market risk.

(2) financial risks. For the leasing of a financial nature, financial risks throughout the entire business activities. The lessor, the biggest risk is that the lessee is also rent capacity, it has a direct impact on the operation of leasing companies and survival, therefore, the risk of also rent from the project began, it should be cause for concern.

Currency also have risks, especially international payments, methods of payment, payment date, time, the remittance channels and means of payment options improperly, will increase the risk.

(3) Trade risk. For the leasing of a trade properties, the risks of trade negotiations to orders from the acceptance testing there is a risk. The merchandise trade in the modern development of a relatively complete, the community is also supporting the establishment of corresponding institutions and preventive measures, such as a letter of credit, transport insurance, commodity inspection, commercial arbitration and the risk of credit counseling have taken precautions and remedial measures, but because people's awareness and understanding of the risks of different degrees, and some means of a commercial nature, coupled with the inexperience of the management of enterprises and other factors, all of these instruments have not been used, making trade risk still exists.

(4) technical risks. One of the benefits of lease financing before other enterprises is the introction of advanced technology and equipment. In the actual course of the operation, or advanced technology, advanced technology is mature, mature technology for the legal rights and interests of others, is an important risk a technical reasons. Serious, e to technical problems so that equipment in a state of paralysis. Other risks include the economic environment, force majeure, and so on.

[Edit] the accounting treatment of lease financing
[Edit], the tenant on the accounting treatment of lease financing
1, the start of the lease accounting treatment

At the start of the lease, the tenant will usually be the start of the lease rental assets in the original book value of the minimum lease payments and the present value of the lower of the two leased assets as recorded value of the minimum lease payments as a long-term payables recorded value, and the difference between the two records is not recognised financing costs. However, if the assets of the leasing assets of the enterprise small proportion of the total, the tenant may be the start of the lease in the minimum lease payment records of assets and long-term rent payments. This time, the "proportional" not usually refers to fixed assets financed by leasing the lessee total assets total less than 30% (including 30%). Under such circumstances, rent for the financing of long-term assets and the determination of the amount e, the tenant may, at its option, which can be used minimum lease payments, and can also be used leasing assets in the original book value of the minimum lease payments and the present value of the two in the lower. Then what "leasing the original book value of assets" refers to the start of the lease rental, as reflected in the accounts, the book value of the leased asset.

Lessee in the calculation of the minimum lease payments at the current value, if the lessor that the interest rate implicit in the lease, the lessor should be used as the interest rate implicit in the discount rate, otherwise, shall be stipulated in the lease contract interest rate as the discount rate . If the lessor's interest rate implicit in the lease and rental rates stipulated in the contract are not available, it should be used over the same period interest rates on bank loans as the discount rate. Which is implicit in the lease rates, in the inception of the lease, the minimum lease payments and the present value of the unsecured portion of the resial value of the current value of assets and equivalent to the original book value of the discount rate.

2, the initial direct costs of the accounting treatment

Initial direct costs refer to the lease negotiations and the signing of the lease agreement occurred in the course of the lease can be directly attributable to the cost of the project. Lessee in the initial direct costs usually have stamp ty, commission, attorney fees, travel expenses, such as the costs of negotiations. Lessee in the initial direct costs should be recognised as an expense in the current period. Accounts for its handling: debit "management fees" and other subjects, credited to "bank" and other subjects.

3, no finance charge assessed

In the finance lease, the lessee to the lessor to pay the rent, include the repayment of principal and interest in two parts. Lessee to pay rent, on the one hand to rece long-term payables, on the other hand, while not confirmed by the leasing costs for a certain method to confirm the current financing costs, the first rent (that is, initially matching each rental payment) Under the circumstances, the lease term is the first phase of rent paid no interest, should only rece the long-term payments, not to confirm the current financing costs.

Not sharing in the finance costs, the lessee should be used to calculate certain way. According to the guidelines, the lessee can be used in real interest rates, the straight-line method can also be used and the number of years of combined law. In using the effective interest method, in accordance with the inception of the lease is a lease assets and liabilities are recorded based on the value of different financing costs assessment rate options are also different. No finance charge assessed specific divided into the following types:

(1), leasing assets and liabilities to a minimum lease payments accounted for the present value of value to the investor and the interest rate implicit in the lease for the discount rate. Under such circumstances, investors should be the interest rate implicit in the lease for the assessment rate.

(2), leasing assets and liabilities to a minimum lease payments for the present value of recorded value, and to lease contract provides for the interest rate as the discount rate. In such circumstances, should be stipulated in the lease contract as the rate of assessment rates.

(3), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist resial value guarantees and preferential purchase right to choose. In such circumstances, should be re-calculation of the cost-sharing rate financing. Financing cost-sharing rate refers to the inception of the lease, the minimum lease payments equal to the present value of lease assets in the original book value of the discount rate. In the lessee or related to the leased asset resial value of the third-party security situation, and the similar, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.

(4), leasing assets and liabilities to the original book value of the leased asset accounted for the value of the lessee does not exist guaranteed resial value, but there is preferential option to purchase. In such circumstances, should be re-calculation of the cost-sharing rate financing. At the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to zero.

(5), leasing assets and liabilities to the original book value of the leased asset value accounted for, and the existence of the lessee guaranteed resial value.

Under such circumstances, the cost-sharing should be re-financing rate. Related to the lessee or third parties on the resial value of leased assets as security has been provided or not at the end of the lease renewal and to pay a penalty of circumstances, the end of the lease, not recognised all the financing costs should be shared End, and lease liabilities should also be reced to the guaranteed resial value, or to be paid by the breach.

Lessee shall pay each of the rent shall be the amount of rent paid, debit "long-term payables - to finance leases," subjects, credited to "bank" subjects, if payment of rent, which includes compliance costs, At the same time debit should be "manufacturing costs", "management fees" and other subjects. At the same time should be recognized in accordance with the current amount of the finance charge, debit "financial costs" subjects, credited the "no finance charge" subjects.

4, the leased asset depreciation Provision

Tenants should finance the lessee Provision for depreciation of fixed assets, should address two main issues:

(1), depreciation policy

Provision for asset depreciation, lease, the tenant should be its own assets Provision line depreciation method. If the lessee or third parties relating to the leased asset security has been provided, should be credited for the amount of depreciation on fixed assets, and the inception of the lease accounting resial value after decting the value of the balance. If the lessee or third parties relating to the leased asset resial value of the security has been provided, the total amount of depreciation should be credited for the start of the lease value of fixed assets recorded.

(2), the depreciation period

Identify the leased asset depreciation period, should be in accordance with the lease contract. If reasonable certainty that the lessee at the end of the lessee will obtain ownership of the leased asset, the lessee can be identified with all of the assets of the remaining useful life, and should therefore be the start of the lease to lease the remaining useful life of assets as depreciation period; If you can not reasonably determine whether the lease to the lessee at the end of the lease ownership of the assets to be made to the lease period and the remaining useful life of the leased asset in the shorter of the two as the depreciation period.

5, the accounting treatment of compliance costs

Many types of compliance costs, rent for the financing of fixed assets improved expenditure, technical advice and service charges, fees should be increased staff training credited to the extension of sharing costs, debit "long-term prepaid expenses," and "accrued expenses" , "manufacturing costs", "management fees" and other subjects, the fixed assets regular maintenance, insurance, etc. can be directly charged to expense in the current period, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank deposits, "wait until the subjects.

6, or the accounting treatment of rent

Since the rent or the amount of uncertainty, unable to adopt a rational approach to its system for sharing, in the actual event, debit "manufacturing costs," and "operating expenses" and other subjects, credited to "bank" and other subjects.

7, at the end of the lease accounting treatment

At the end of lease, the tenant on the lease is usually the disposition of the assets of three circumstances:

(1), the return of the leased asset. Debit "long-term payables - to finance leases," and "accumulated depreciation" subjects, credited "fixed assets - fixed assets financed by leasing all" subjects.

(2), renewable lease concession assets. If the lessee to exercise the right to choose renewable concession, the lease shall be deemed to have been made the presence of the corresponding accounting treatment. If no expiry of renewal, to the lessor under the lease contract to pay a penalty, debit "operating expenses" subjects, credited to "bank" and other subjects.

(3), stay purchase the leased asset. In the lessee enjoy preferential purchase right to choose, purchase price paid, debit "long-term payables - to finance lease," credited "bank" and other subjects at the same time, will be fixed assets from "all fixed assets financed by leasing" Details Details of the other subjects into subjects.

E. 急求一篇關於中小企業融資擔保的英文文獻

In order to assure cost recovery and a more equitable distribution of costs of solid waste services, many local governments have removed their solid waste operations from the General Fund, where the cost of waste management is often bundled with other general service costs, and started accounting for solid waste management services as a separate "enterprise fund." Effectively, governments have started viewing solid waste management services as a separate cost center with its own capital program and system of fees and charges to allow for the cost center to operate on a stand alone basis.

An enterprise fund for governmental activities is a self-sustaining cost center that operates similar to private business operations. The primary purpose of establishing the fund is to isolate all solid waste revenues and expenditures for purposes of accountability. Costs are clearly identified and recovered, and citizens can better understand the full cost of the solid waste management system.

Under an enterprise fund, all system revenues are deposited in the enterprise fund and pledged to the payment of system obligations, including administration, debt service, operations, maintenance, development, renewal and replacement of system components, provide for closure and post-closure funds, and, in some cases, provide for rate stabilization amounts. The accounting of an enterprise fund is segregated from all other community obligations and operations, including the General Fund. The accrual basis of accounting is used for enterprise funds, which matches revenues with expenses and reflects long-term commitments. Enterprise funds recognize accrued interest and depreciation as periodic expenses.

ENTERPRISE FUND FINANCIAL ASSURANCE MECHANISM

An Enterprise Fund is an alternate mechanism for local governments to demonstrate financial assurance that may be allowed on a case-by-case basis. This mechanism allows local governments to arrange satisfactory financial assurance within their governmental structure. For an enterprise fund to provide proper financial protection several conditions must be met. A specific portion of the fund must be dedicated to the closure and/or post-closure care of a specific facility, and the amount assured must be tied to the cost estimates for that facility. To provide security over time and ensure funds are readily available the monies from the enterprise fund must be dedicated to closure and/or post-closure care and deposited into a mechanism offering protection "equivalent to" a trust fund.

An Enterprise Fund mechanism requires the accrual of funds similar to a trust fund. On each anniversary of the establishment of the fund, the balance must be increased by at least the amount that would be deposited in a trust fund. The fund must be fully funded, equal to the current closure and/or post-closure cost estimate(s) when the facility closes.

To demonstrate to NDEQ that an enterprise fund satisfies the regulations, several pieces of documentation must be prepared and submitted to NDEQ.

To indicate that the governing body accepts the obligations and requirements of the regulations an originally signed resolution with the following criteria must be provided to NDEQ:
a of the formally adopted resolution directing that the enterprise fund be established with separate accounts or reserved (restricted) funds specifically for closure and/or post- closure care;
that the governing body recognizes the financial responsibility for closure and post-closure of the landfill and agrees to comply with Title 132, Chapter 8 financial assurance regulations and expresses its commitment to meet its financial obligations for closure and post-closure of the landfill;
that the governing body directs the City/County Treasurer or Chief Financial Officer to deposit and retain the funds set aside for closure and post-closure and maintain those funds to be used to pay only closure and post-closure care costs of the landfill;
that the funds shall be and remain inviolate against all other claims, including claims of the city/county or the governing board or the creditors thereof, it being the intent of the resolution that the financial assurance mechanism established will provide equivalent protection to a trust fund;
that the assured amount of funds will be available in a timely manner for closure and/or post-closure care of the landfill;
that the payments from the mechanism shall be made by the county/city treasurer or chief financial officer, as required by the Director of Public Works for the payment of closure and/or post-closure activities of the landfill as identified in the approved closure and/or post-closure plans;
that payments into the reserved accounts will be made annually according to the "pay-in" formula for trust funds in Title 132;
that the governing body authorizes NDEQ to direct the county/city treasurer or chief financial officer to pay the closure or post-closure costs if NDEQ determines the owner/operator has failed, or is failing, to perform closure or post-closure according to the approved closure or post-closure plan(s) and the county/city treasurer or chief financial officer is obligated to comply if so directed; and
that the local government will provide annual cost estimates and documentation as described in Number 3 below.
To demonstrate to NDEQ that the appropriate depository mechanism within the enterprise fund has been established, a letter from the county/city treasurer or chief financial officer must be submitted to NDEQ annually. The letter must state that the depository mechanism has been created and that he/she intends to comply with the following conditions:
The funds deposited into the closure/post-closure accounts will be used exclusively to finance closure and/or post-closure care and will remain inviolate against all other claims, including any claims by the owner/operator, the local government's governing body, and the creditors of the owner/operator and its governing body;
the funds deposited will be invested according to the laws of the State and the county/city treasurer or chief financial officer will use investment discretion similar to a trustee; and
the governing body authorizes NDEQ to direct the county/city treasurer or chief financial officer to pay closure or post-closure care costs, under the resolution described above, in a timely manner, if so directed.
To demonstrate that the local government has complied with the terms of the resolution and Title 132, Chapter 8, certification from an authorized official such as the city manager, public works director, or city/county clerk must be submitted annually, within 30 days of the date of the resolution, to NDEQ with the following criteria:
that the payment into the accounts has been made and where those funds are held;
the current account balance of the closure account and the post-closure account;
the formula used for determining the pay-in amount; and
annual cost estimate updates for inflation.

In addition, the local government must submit the most recent comprehensive annual financial report for the local government, including the enterprise fund accounts with adherence to the Governmental Accounting Standards Board (GASB) Statement No. 18 (Accounting for Municipal Solid Waste Landfill Closure and Post-Closure Care Costs).

Disclosures should include:
the type of requirements (closure, post-closure, and/or remedial action);
the source of the requirements (Nebraska Administrative Code (Title 132-Integrated Solid Waste Management Regulations, the Nebraska Environmental Protection Act, and the Integrated Solid Waste Management Act);
the name of the specific facility covered;
the corresponding cost estimates;
the amount of closure, post-closure, or remedial action liability recognized at the balance sheet date;
The estimated remaining costs not yet recognized;
The estimated landfill capacity and useful life in years; and
The financial assurance method being used.

The comprehensive annual financial disclosures will most likely be included in the financial section as a footnote to the annual financial statements and must conform to Government Accounting Standards Board Statement # 18.

Proced by: Nebraska Department of Environmental Quality, P.O. Box 98922, Lincoln, NE 68509-8922; phone (402) 471-2186. To view this, and other information related to our agency, visit our web site at www. deq.state.ne.us.

還有http://www.ciwmb.ca.gov/regulations/Title14/AppendixA/faforms/ciwmb144.doc

http://www.finance.gov.ab.ca/publications/insurance/companies.html

F. 急求一篇關於小微企業信用貸款的英文文獻，要有中文翻譯！！！急急急急急啊！！！

關於中國小微企業信貸發展文獻綜述
一．引言 小微企業在我國經濟發展中發揮著越來越重要的作用。據統計，目前我國小 微企業數量已佔到全國企業總數的99%以上，涵蓋了國民經濟的所有行業，它們對GDP的貢獻率超過60%，對稅收的貢獻率超過50%，並提供了80%的城鎮就業崗位，儼然成為國民經濟的重中之重。 然而，資金緊缺、融資困難卻一直制約著小微企業的發展壯大。一方面小微企業受自身規模小、固定資產少、會計制度不健全等問題困擾，不能給銀行提供充足的抵押品和銀行需要的相關材料；另一方面，管理不規范、制度不健全、信息不透明、信用不足也是制約小微企業從銀行獲得貸款的最大障礙。 以此為背景，筆者嘗試對該領域內主要貢獻者的觀點及建議進行歸納，並梳理其理論邏輯，力求理解小微企業，進而提出對於信貸的建議。具體講，從小微企業產生、發展和變遷的全過程看，它的特殊性究竟是什麼？我們如何將其引導到一種理想的未來狀態？大致從哪幾方面著手？具體的應對措施及建議是什麼？本文期望能為人們進一步尋求上述問題的答案提供一些有益的視角。 本文對文獻的綜述基本上按照論述對象的順序轉變安排進程。圍繞企業，銀行及政府三方面論述小微企業面臨的現狀及困境，對於整體的局勢以及趨勢有一個立體的了解並來提出部分建議。盡管文獻的視角各不相同，但都是基於改善中國小微企業面臨的困境，夯實發展基礎的初衷。
二．小微企業面臨的信貸困境及原因 融資渠道狹窄，融資困難。小微企業由於在投資規模、技術含量、競爭實力等方面處於弱勢地位，獲得和利用政策信息的渠道不通、能力不強，在融資方面難以享受與大中型企業的同等待遇[1]。目前小微企業融資渠道主要有銀行、小額貸款公司、擔保公司以及民間借貸等四種途徑。即使國家出台相關優惠政策支持小微企業融資，但基於融資成本、審批流程的考慮，小微企業或更傾向於通過親友借貸來解決融資需求，然而，資金規模卻相當有限。根據田耘在經濟研究導刊中發表的文章指出，國家統計局抽樣調查的3.8 萬家小微工業企業經營狀況顯示，僅有 15.5%的小微企業能夠獲得銀行貸款，年資金缺口近300億，近80％的小微企業面臨資金緊張[2]。盡管微小企業融資呈現出「渠道多元化、來源社會化、行為市場化」的趨勢，但總體規模偏小，資金偏緊，條件偏嚴。小微企業為了避免資金鏈斷裂，不得不轉向民間借貸。雖然民間貸款形式較多，但貸款利息高，條件苛刻，小微企業因為資金缺乏舉步維艱，其中不少企業處於倒閉、停產、半停產狀態，老闆頻頻「跑路」、人心浮躁。
三．小微企業會計代理風險管理 作為一種有效的會計解決方案和新型的社會性會計服務項目，會計代理被越來越多的小微企業所青睞。然而，根據陳軍所述，在會計代理過程中，各個相關主體都想使自己的利益得到最大化，於是就產生了各主體間的利益博弈關系[3]；同時，會計代理制度不完善、委託人與會計代理機構之間信息不對稱、會計代理機構進入門檻低、從業人員業務水平不高等原因的存在，使得會計代理給相關主體帶來了多方面的風險：給小微企業帶來財務管理風險和經營管理風險，給會計代理機構帶來信譽風險，給相關客戶帶來經濟利益風險，給國家帶來稅收征繳風險。那麼如何加強小微企業會計代理風險管理，
四．基於銀行視角的小微企業信貸 我國目前小微企業貸款的開展並不理想，除了極少數銀行由於天時地利人和的原因成功走上規模效益道路之外，大部分銀行都陷入了進退兩難的境地。我國金融機構開展小微企業貸款真正實現盈利的不多，而把微貸業務作為自己核心業務的金融機構更是少之又少，那麼如何真正使小微企業從銀行等信貸機構獲得資本，創造盈利呢？ 目前，充分利用供應鏈和小微企業的特點開發而成的「供應鏈金融」模式成為解決小微企業融資難和商業銀行增加新盈利渠道的雙贏選擇。楊海平，馮敏等認為，在供應鏈金融業務中，如何進行風險管理，從而有效控制和防範風險，是取得成功的關鍵所在[5]。而在供應鏈金融的風險管理中，信用風險是最為重要的問題，而且隨著信用交易規模的擴大，信用風險越來越大。目前，供應鏈金融業務發展時間不長，根據彭凱，向宇的研究可以推得，商業銀行對於此類業務信用風險的管理和控制尚未形成一套行之有效的方法，更沒有完善的專門適用於供應鏈金融產品的小微企業信用風險評價體系[6]。因此，建立一套適用於基於供應鏈金融的小微企業信用風險評價指標體系是目前迫切需要解決的問題。 基於供應鏈金融的小微企業信用風險評價是商業銀行為了從總體上分析小微企業的信用風險，不僅分析小微企業過去的信用和財務狀況，同時分析小微企業未來的現金流和財務狀況，以及小微企業所處供應鏈系統環境中的利益相關者對其信用風險的影響，以便掌握更多的資料，對小微企業的信用風險作出更加合理、公正的評價，以保證銀行信貸的安全性，並有針對性的對小微企業信貸過程中的風險進行有效控制[7] 。 建立一套適合供應鏈金融下的小微企業的信用風險評價體系，對小微企業來講，有利於小微企業合理分析和評價自身的綜合實力，通過不斷改善經營管理，提高自身的資信級別，便於商業銀行等金融機構按照企業的經營管理水平和信用狀況給予資金支持；對銀行機構來講，可以為商業銀行確定貸款風險程度和信貸資產風險管理提供重要的依據，提高小微企業違約成本，從而降低信貸風險[8]；同時為監管部門的監管提供參考依據。 筆者認為，銀行等信貸機構在以人為本的業務發展理念基礎上，應該盡量將一些環節規范化、制度化、標准化，特別是一些大型銀行，可以憑借自己的技術優勢，嘗試建立和完善銀行自身的信用評分模型和數據信息庫，進行小微企業貸款的發放，這也是將來的趨勢。 五.政府在解決小微企業信貸難題中的作用 小微企業在國民經濟發展、就業問題解決、城鎮化推進、區域差距縮小等方面具有重要的作用，但是面臨融資難、融資成本高的困境。尤其是最近我國部分民營經濟發達地區出現民間借貸利率飆升、民間借貸糾紛增加、小微企業融資困境惡化等問題，引發了各方關注。政府在其中該起什麼作用，這是一個亟待回答的問題。從世界各國小微企業信貸的實踐來看，大量的政府幹預並沒有取得明顯的效果，甚至出現了「好心辦壞事」的結果，那麼政府應該怎麼介入，補貼怎麼花，這是關鍵。
現筆者總結了以下幾個建議：
（一）信貸基礎設施的完善
1. 信息環境的完善。一方面，對於關系型借貸而言，目前較為成功的小微企業信貸主要是依賴於社會資本。社會資本的形成以及社會資本在軟信息生產上具有明顯的規模收益遞增效應，這意味著政府的介入是必要的。另一方面，缺乏真實可信的財務報表是小微企業信息不透明的主要表現[9]。
稅務、審計等部門可以考慮根據不同行業的特徵設計小微企業的會計標准，設定簡化的、標准化的會計科目和流程[10]。
2. 法律環境的完善。我國在民間借貸方面的立法也幾乎是一篇空白。首先要從法律上對合法與不合法的民間借貸加以界定，特別是重新界定非法吸收公眾存款、非法集資和正常的民間融資等概念的界限，從而為民間借貸提供合法化的平台，推動民間借貸的陽光化。其次，通過法律的方式明確主要合法民間借貸的定義、借貸主體雙方的權利與義務、契約條款形式、交易方式等。第三，盡快從市場准入（包括注冊資本金額度、從業資格認證）、產權結構、經營業務種類、規模與區域范圍、監管、退出等方面對各類合法民間借貸中介加以規范。
（二）產業組織政策
政府的金融行業產業組織政策會深刻影響銀行信貸技術選擇、激勵機制安排，從而影響小微企業的信貸可得性。首先，就規模而言，應該重視地方性小銀行的發展，因為這些銀行更容易形成適應於微型企業信貸需求特徵的信貸技術創新和內部組織結構[11]，在這一方面比傳統大型銀行具有比較優勢，因此其市場定位不同於傳統大型銀行。所以，「由大銀行服務大企業、小銀行服務小企業」的理念基本上形成了共識，通過多層次的金融規模結構來滿足不同規模層次企業融資需求的觀念深入人心。但是，具體到政策層面，這種理念在實現的過程中並不通暢。這在一定程度上與產權結構有關。汪興隆也在文中駁「大中型商業銀行天然不適合小微企業金融服務」這一觀點，並進行了詳盡的論述[12]。
因此，筆者認為，應該鼓勵一些在小微企業信貸方面經營能力突出的優秀社區銀行以銀行集團公司的模式實現跨地區經營，促進成功的小微企業信貸經營理念、技術與組織結構的推廣，這可以在更大范圍內更好得為小微企業的信貸服務。其次，在促進小微企業信貸的組織政策上，最核心的是要促進競爭。放寬小微金融機構的市場准入門檻，組建足夠多的小微金融機構，促進小微企業信貸市場的競爭是產業組織政策的關鍵。人為抑制規模擴張、地域擴張來迫使銀行對小微企業進行借貸的政策並不一定有效，促進充分競爭，才能真正解決小微企業信貸難的問題。

（三）放鬆小微金融機構的規制
1.要放寬小微金融機構的准入條件[13]。大量發展地方性的小微金融機構，是形成充分競爭的地方小微企業信貸市場的前提，是民間借貸規范化的主要途徑，也是解決小微企業信貸難的關鍵措施。
2.要適當放鬆對小微金融機構的監管，可適當放寬「只貸不存」類金融機構在信息披露、會計准則、風險控制乃至資本充足等方面的監管標准，降低小微企業金融服務成本。
3.在緊縮的宏觀調控中要避免誤傷小微金融機構和小微企業，通過結構性的政策放鬆對小微企業的信貸。
4.要放鬆利率管制[14]。微型企業信貸的單位成本以及風險偏高，人為壓低利
率導致貸款收益無法彌補其成本，直接制約了微型企業信貸的供給。鑒於微型企業較高的資本回報率，覆蓋成本和風險的市場化利率設定機制是商業化小微企業信貸的前提條件。同時，需要引入彈性利率制度安排，利率隨借款人的風險、次數而調整，有助於降低銀行經營風險和形成對小微企業的動態激勵。 六．總結 在國內外復雜的經濟形勢下，中國多數小微企業經營狀況不好，收益微薄，困難重重。小微企業關乎國計民生，關乎實體經濟的健康發展。本文結合文獻，分析了當前中國小微企業信貸發展中存在的各方面問題及原因，並提出了部分建議，希望其通過不斷改善經營管理，提高自身的資信級別，便於商業銀行等金融機構按照企業的經營管理水平和信用狀況給予資金支持；對銀行機構來講，可以為商業銀行確定貸款風險程度和信貸資產風險管理提供重要的依據，提高小微企業違約成本，從而降低信貸風險；同時為監管部門的監管提供參考依據。支持小微企業健康發展，對於中國經濟克服國際金融危機影響，保持平穩較快發展，具有重要的戰略意義。

英語：
A summary of the development of literature China Small and micro businesses credit
I. Introction Small and micro businesses plays a more and more important role in China's economic development.According to statistics, at present, the number of China'sSmall and micro businesses have been accounted for more than 99% of the total number of enterprises, covering allsectors of the national economy, their contribution to the GDP rate of more than 60%, the contribution of the tax rate is more than 50%, and provide 80% of urban jobs, has become a national priority among priorities economy.However, the shortage of funds, financing difficulties has restricted the development of Small and micro businessesgrow. On the one hand Small and micro businesses by itssmall scale, less fixed assets, the accounting system is not perfect and other problems, not to the bank to provide relevant materials need adequate collateral and bank; on the other hand, nonstandard management, system is not perfect, information opaque, insufficient credit also is the biggest obstacle to obtain loans from banks to small and micro enterprises. Taking this as the background, the author tries to summarize the opinion and suggestion to the main contributor to the field, and analyzing its theoretical logic, and strive to understand the Small and micro businesses, and then puts forward suggestions for credit.In particular, the whole process of development andevolution from micro enterprises, look, what is theparticularity of it? How can we be directed to an ideal future state? To roughly from what aspects? What is the counter measures and suggestions for specific? To provide some useful perspective this paper further hope for people seeking answers to the above questions. This paper reviewed the documents in accordance with the order ofthe object basically change the arrangement process.Around the three aspects of enterprises, banks and government discusses the status quo and difficulties Small and micro businesses, for the overall situation and trendshave a solid understanding of and to put forward some suggestions. Although the perspective of literature each are not identical, but are improving China Small and micro businesses face difficulties based on the original intention,firm the development foundation.
Two. Facing Small and micro businesses creditpredicament and cause the narrow channels of financing,financing difficulties. Small and micro businesses e to a weak position in the scale of investment, technology,competition and so on, access to and use of policy information channel is obstructed, ability is not strong,financing difficult to enjoy equal treatment with [1] in large and medium sized enterprises. At present Small and micro businesses financing channels mainly has four ways banks,small loan companies, Guarantee Corporation and private lending. Even if the state issued the relevant preferential policies to support Small and micro businesses financing,but the financing cost, the approval process based on the consideration of Small and micro businesses, or more inclined to friends and relatives lending to solve the financing demand, however, the size of funds is verylimited. According to Tian Yun in the economic research guide in the published article pointed out, the National Bureau of statistics sampling survey of 3.8 thousands of small micro enterprise management status, Small and micro businesses only 15.5% able to obtain bank loans, financing gap of nearly 30000000000 years, Small and micro businesses near 80% face financial strain [2]. Although the financing of small enterprises showing a "channel diversification, socialization, marketization of sourcebehavior" trend, but the overall scale is small, the fund is tight, strict conditions. Small and micro businesses in order to avoid the fund chain break, had to turn to private lending. Although the form of more folk loans, but loanshigh interest, harsh conditions, Small and micro businessesbecause of lack of funds difficult, many enterprises are closed down, stop proction, semi shutdown state, the boss frequently "Run away", impetuous.
Three. Small and micro businesses accounting agency risk management as an effective accounting solutions and newsocial accounting services, accounting agents are more and more Small and micro businesses favor. However,according to Chen Jun said, in the process of accounting,the related subject all want to make their own interests to maximize, and thus the game among the interests of subjects between [3]; at the same time, between accountingagency system is not perfect, the principal and theaccounting agency information asymmetry, accountingagency enters a doorsill low, staff service level not higherreasons, the accounting agency risks in many aspectsrelated to the subject: bring the financial management risk and operational risk management to Small and micro businesses, brings credit risk to accounting agency, bring economic benefits to the customer risk, brought to the country tax collection risk. So how to strengthen the Small and micro businesses accounting agency risk management,
Four. The credit Small and micro businesses banks based on China's current development Small and micro businesses loans are not ideal, apart from a few banks e to the right place at the right time

G. 急！！！請問誰有關於Corporate Finance企業創業融資渠道的英文文章真的很感謝

Corporate finance
Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize corporate value while recing the firm's financial risks. Although it is in principle different from managerial finance which studies the financial decisions of all firms, rather than corporations alone, the main concepts in the study of corporate finance are applicable to the financial problems of all kinds of firms.

The discipline can be divided into long-term and short-term decisions and techniques. Capital investment decisions are long-term choices about which projects receive investment, whether to finance that investment with equity or debt, and when or whether to pay dividends to shareholders. On the other hand, the short term decisions can be grouped under the heading "Working capital management". This subject deals with the short-term balance of current assets and current liabilities; the focus here is on managing cash, inventories, and short-term borrowing and lending (such as the terms on credit extended to customers).

The terms Corporate finance and Corporate financier are also associated with investment banking. The typical role of an investment banker is to evaluate investment projects for a bank to make investment decisions.

Capital investment decisions
Capital investment decisions[1] are long-term corporate finance decisions relating to fixed assets and capital structure. Decisions are based on several inter-related criteria. Corporate management seeks to maximize the value of the firm by investing in projects which yield a positive net present value when valued using an appropriate discount rate. These projects must also be financed appropriately. If no such opportunities exist, maximizing shareholder value dictates that management return excess cash to shareholders. Capital investment decisions thus comprise an investment decision, a financing decision, and a dividend decision.

The investment decision
Main article: Capital budgeting
Management must allocate limited resources between competing opportunities ("projects") in a process known as capital budgeting. Making this capital allocation decision requires estimating the value of each opportunity or project: a function of the size, timing and predictability of future cash flows.

[edit] Project valuation
In general, each project's value will be estimated using a discounted cash flow (DCF) valuation, and the opportunity with the highest value, as measured by the resultant net present value (NPV) will be selected (see Fisher separation theorem). This requires estimating the size and timing of all of the incremental cash flows resulting from the project. These future cash flows are then discounted to determine their present value (see Time value of money). These present values are then summed, and this sum net of the initial investment outlay is the NPV.

The NPV is greatly influenced by the discount rate. Thus selecting the proper discount rate—the project "hurdle rate"—is critical to making the right decision. The hurdle rate is the minimum acceptable return on an investment—i.e. the project appropriate discount rate. The hurdle rate should reflect the riskiness of the investment, typically measured by volatility of cash flows, and must take into account the financing mix. Managers use models such as the CAPM or the APT to estimate a discount rate appropriate for a particular project, and use the weighted average cost of capital (WACC) to reflect the financing mix selected. (A common error in choosing a discount rate for a project is to apply a WACC that applies to the entire firm. Such an approach may not be appropriate where the risk of a particular project differs markedly from that of the firm's existing portfolio of assets.)

In conjunction with NPV, there are several other measures used as (secondary) selection criteria in corporate finance. These are visible from the DCF and include payback period, IRR, Modified IRR, equivalent annuity, capital efficiency, and ROI.

See also: list of valuation topics, stock valuation, fundamental analysis

[edit] Valuing flexibility
Main articles: Real options analysis and decision tree
In many cases, for example R&D projects, a project may open (or close) paths of action to the company, but this reality will not typically be captured in a strict NPV approach. Management will therefore (sometimes) employ tools which place an explicit value on these options. So, whereas in a DCF valuation the most likely or average or scenario specific cash flows are discounted (see John Burr Williams: Theory), here the 「flexibile and staged nature」 of the investment is modelled, and hence "all" potential payoffs are considered. The difference between the two valuations is the "option value" inherent in the project.

The two most common tools are Decision Tree Analysis (DTA) and Real options analysis:

The DTA approach attempts to capture flexibility by incorporating likely events and consequent management decisions into the valuation. In the decision tree, each management decision in response to an "event" generates a "branch" or "path" which the company could follow. (For example, management will only proceed with stage 2 of the project given that stage 1 was successful; stage 3, in turn, depends on stage 2. In a DCF model, on the other hand, there is no "branching" - each scenario must be modelled separately.) The highest value path (probability weighted) is regarded as representative of project value
The real options approach is used when the value of a project is contingent on the value of some other asset or underlying variable. (For example, the viability of a mining project is contingent on the price of gold; if the price is too low, management will abandon the mining rights, if sufficiently high, management will develop the ore body. Again, a DCF valuation would capture only one of these outcomes.) Here, using financial option theory as a framework, the decision to be taken is identified as corresponding to either a call option or a put option - valuation is then via the Binomial model or, less often for this purpose, via Black Scholes; see Contingent claim valuation. The "true" value of the project is then the NPV of the "most likely" scenario plus the option value.

[edit] Quantifying uncertainty
Further information: Monte Carlo methods in finance
Given the uncertainty inherent in project forecasting and valuation, analysts will wish to assess the sensitivity of project NPV to the various inputs to the DCF model. In a typical sensitivity analysis the analyst will vary one key factor, while ceteris paribus holding constant all other inputs. The sensitivity of NPV to a change in that factor is then observed (calculated as Δ NPV / Δ factor). For example, the analyst will set annual revenue growth rates at 5% for "Worst Case", 10% for "Likely Case" and 25% for "Best Case" - and proce three corresponding NPVs.

Using a related technique, analysts may also run scenario based forecasts so as to observe the value of the project under various outcomes. Under this technique, a scenario comprises a particular outcome for economy-wide, "global" factors (exchange rates, commodity prices) as well as for company-specific factors (revenue growth rates, unit costs). Analysts may also plot these results to proce a "value-surface" (or even a "value-space"), where NPV is a function of several variables. Here, extending the analysis, key inputs in addition to growth are also adjusted, and NPV is calculated for the various scenarios.

A further advancement is to construct stochastic or probabilistic financial models (as opposed to the traditional static and deterministic models). For this purpose, the most common method is to use Monte Carlo simulation to analyze the project』s NPV . Here, the cash flow components that are (heavily) impacted by uncertainty are simulated, mathematically reflecting their "random characteristics". The simulation proces several thousand trials (in contrast to the scenario approach above) and outputs a histogram of project NPV. The average NPV of the potential investment - as well as its volatility and other sensitivities - is then observed. (Typically, an add-in such as Crystal Ball is used to run simulations in spreadsheet based DCF models.)

Here, continuing the above example, instead of assigning three discrete values to revenue growth, the analyst would assign an appropriate probability distribution (commonly the triangular distribution). This distribution - and that of the other sources of uncertainty - would then be "sampled" repeatedly so as to generate the several thousand realistic (but random) scenarios, and the output is a realistic, representative set of valuations. The resultant statistics (average NPV and standard deviation of NPV) will be a more accurate mirror of the project's "randomness" than the variance observed under the traditional scenario based approach.

[edit] The financing decision
Main article: Capital structure
Achieving the goals of corporate finance requires that any corporate investment be financed appropriately. As above, since both hurdle rate and cash flows (and hence the riskiness of the firm) will be affected, the financing mix can impact the valuation. Management must therefore identify the "optimal mix" of financing—the capital structure that results in maximum value. (See Balance sheet, WACC, Fisher separation theorem; but, see also the Modigliani-Miller theorem.)

The sources of financing will, generically, comprise some combination of debt and equity. Financing a project through debt results in a liability that must be serviced—and hence there are cash flow implications regardless of the project's success. Equity financing is less risky in the sense of cash flow commitments, but results in a dilution of ownership and earnings. The cost of equity is also typically higher than the cost of debt (see CAPM and WACC), and so equity financing may result in an increased hurdle rate which may offset any rection in cash flow risk.

Management must also attempt to match the financing mix to the asset being financed as closely as possible, in terms of both timing and cash flows.

One of the main theories of how firms make their financing decisions is the Pecking Order Theory, which suggests that firms avoid external financing while they have internal financing available and avoid new equity financing while they can engage in new debt financing at reasonably low interest rates. Another major theory is the Trade-Off Theory in which firms are assumed to trade-off the Tax Benefits of debt with the Bankruptcy Costs of debt when making their decisions. An emerging area in finance theory is Right-financing whereby investment banks and corporations can enhance investment return and company value over time by determining the right investment objectives, policy framework, institutional structure, source of financing (debt or equity) and expenditure framework within a given economy and under given market conditions. One last theory about this decision is the Market timing hypothesis which states that firms look for the cheaper type of financing regardless of their current levels of internal resources, debt and equity.

[edit] The dividend decision
Main article: The Dividend Decision
In general, management must decide whether to invest in additional projects, reinvest in existing operations, or return free cash as dividends to shareholders. The dividend is calculated mainly on the basis of the company's unappropriated profit and its business prospects for the coming year. If there are no NPV positive opportunities, i.e. where returns exceed the hurdle rate, then management must return excess cash to investors. These free cash flows comprise cash remaining after all business expenses have been met.

This is the general case, however there are exceptions. For example, investors in a "Growth stock", expect that the company will, almost by definition, retain earnings so as to fund growth internally. In other cases, even though an opportunity is currently NPV negative, management may consider 「investment flexibility」 / potential payoffs and decide to retain cash flows; see above and Real options.

Management must also decide on the form of the distribution, generally as cash dividends or via a share buyback. There are various considerations: where shareholders pay tax on dividends, companies may elect to retain earnings, or to perform a stock buyback, in both cases increasing the value of shares outstanding; some companies will pay "dividends" from stock rather than in cash. (See Corporate action.) Today it is generally accepted that dividend policy is value neutral seeModigliani-Miller theorem).

H. 急求關於中小企業融資問題的英文文獻

Small Business Loan 101
Essentials of Small Business Loan

From Naurys Marte, for About.com

As a small business owner, your most difficult task is finding the money to operate your business. Taking the necessary steps to prepare for a small business loan can minimize the difficulty. Learn what you need to know to clinch the loan deal.

Banks and other lending institutions cite risk factors as their main reason for turning down small business loan requests from startup businesses. Yet, you can still get a loan for your business by proper preparation.

Avoid the common error of thinking you can start with grants from the government and community agencies. It is even more unlikely than getting the money from your own savings, family, friends, or a bank.

The main requirements of attaining a small business loan are your personal credit history, business plan, experience, ecation, and feasibility of the business you are starting or expanding.

The most important task to obtain a small business loan is preparing a business plan. The business plan needs to show the lender that providing you with a small business loan is a low-risk proposition. Your business plan must answer the questions a lending institution would ask. These questions usually are:

How much money do you need?

If you are starting a business, this should be included at least in the start-up capital estimate. Accuracy is important, so request enough money to invest wisely.

What are you going to do with the money?

You will have to provide, in detail, the designated use of every dollar requested. A small business loan is often needed for: operations (new employees, marketing, etc.), assets (equipment, real estate, etc.), or to pay off business debts.

When will you repay the small business loan?

Explain in detail how this small business loan will serve as a stepping-stone for your business. You will need to convince the lender (with your financial statements and cash flow projections) that you are able to repay the loan through the expected long-term profitability of your business.

What will you do if you don't get the loan?

Let lenders know that rejection will not discourage you from starting or growing your business. You want to portray a confident and determined personality and you will try lender after lender until you receive the money you need to get your business moving.

As a small business owner, you will need a certain degree of fortitude. Be confident and proud of your venture. Let lenders know you are in control and know what's best for you and your business. Understand that lending institutions need to make loans. But if you don't get one, don't get discouraged. Ask the lender why you didn't get the small business loan. Learn from the answer, move on, and try other lenders.

The Women's Venture Fund is a resource for women in business who need money and training to expand their venture for New York or New Jersey businesses. To learn more about the Women's Venture Fund call 212-563-0499 or visit www.womensventurefund.org.
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