英文翻译范例 2012

江苏大学继续教育学院

英文翻译原文和译文

学 生 姓 名 班 级 、 学 号 工商管理09 指 导 教 师

2012年 05 月 10 日

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Bank Size and Small- and Medium-sized Enterprise (SME) Lending: Evidence from China

1. Introduction

The discrepancy between China’s economic structure and financial structure is best manifested by the mismatch between the contribution of small- and medium-sized enterprises (SMEs) to economic growth and the amount of credit they have obtained from formal financial institutions. Since China launched its economic reform in 1978, its economy has switched into the fast lane of economic growth. China had achieved 9.75% annual GDP growth during 1979–2007, making it one of the fastest growing economies in the world by any standard. SMEs have played an active role in economic growth. According to the National Bureau of Statistics, 99.6% of enterprises in China are SMEs at the end of 2005. These enterprises account for 59% of GDP, 60% of total sales, 48.2% of taxes, and about 75% of employment in urban areas. SMEs’ participation in international trade and outward investment is also very significant, representing 68.85% of the total import and export values and about 80% of outward investment. …………

2. Background, data, and methodology

(a). Background information about the Chinese financial system

China’s current financial system is mainly composed of four state-owned banks, 12 share-holding commercial banks, city commercial banks, and over 2,000 county-level rural credit cooperatives (RCCs).

Even though the source of external financing of China’s non-financial firms had changed dramatically in the past 30 years, indirect financing through financial intermediaries dominates direct financing in China. In 2002, the relative shares of financing from bank loans, treasury bonds, corporation bonds, and equity were 80.2%, 14.4%, 1.4%, and 4%, respectively. In indirect financing, loans from state-owned banks are the main source of enterprise financing in China. Although the loans granted by state-owned banks had been continuously declining since 1978, they still accounted for 70% of the loan market in 2002. …………

(b). The data

The data were collected from the Financial Ecological Environment Survey conducted by the authors in 2005. It is a retrospective survey with most of the variables covering the period 2001–04 in which some of the variables can be dated back to 1996. The survey covers 12 provinces selected on the basis of economic development and geographical location: Zhejiang, Jiangsu, Fujian, and Shandong were selected to represent provinces in the more developed eastern coastal regions; Hubei, Jilin, and Jiangxi provinces were selected to represent the central regions; and Sichuan, Chongqing, Guizhou, Shanxi, and Ningxia were chosen for the western regions.

Table 1 presents the sample distribution of the 363 financial institutions. Based on coverage, the ABC is represented in 77 of the 79 counties, followed by RCCs (73), and then the other three state-owned banks in the order of CCBs (69), ICBC (64), and BOC (57). Also sharing the markets are 19 other share-holding commercial banks such as Shanghai Pudong Development Bank and China Merchant Bank.

Table 1. Distribution of financial institutions (county branches) in the sample Zhejiang Jiangsu Fujian Shandong Hubei Jilin County ABC ICBC CCB BOC 9 6 7 6 10 6 Share holding banks 5 1 2 2 0 RCC 8 6 5 6 10 8 6 7 5 10 8 6 6 5 6 8 6 7 5 10 8 5 6 5 8 ………… ………… Table 2. Market structures at the provincial-level and the county-level ProviYear ncial loan share County-level loan market share Provincial deposit share County-level deposit market share 1997 2001 2002 2003 2004 1997 2001 2002 2003 2004 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) State-owned commercial 65 57.7 56.7 54.9 52.6 62 60.1 59.9 58.4 56.6 ProviYear ncial loan share County-level loan market share Provincial deposit share County-level deposit market share 1997 2001 2002 2003 2004 1997 2001 2002 2003 2004 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) banks ABC ICBC BOC CCB Share holding banks RCCs Other financial institutions 14 28 7 16 26.5 17.2 5.3 8.6 25.8 16.3 5.8 8.7 24.2 15.5 6.5 8.6 22.7 14.6 6.2 9.1 13 26 7 15 23.6 16.8 7.8 12.0 23.7 16.2 7.9 12.1 23.2 15.2 8.1 11.9 23.0 14.6 7.7 11.1 8 1.4 1.5 1.9 2.1 4 1.7 1.8 1.8 2.1 13 24.4 26.0 27.7 31.8 10 24.2 23.6 24.2 24.7 11 10.5 9.5 9.8 9.9 12 12.8 14.0 14.8 16.0 (c). Variable definitions and summary statistics We focus on studying the factors determining banks’ loans to SMEs, which is measured by the percent of loans to SMEs over the total enterprise loan

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