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1、本科毕业论文（设计）外 文 翻 译原文：CREDIT RISK IN FINANCING SME IN ROMANIAAbstractRomanias integration in the European Union brought about some major changes in our banking system. One of the direct consequences is the fierce competition between banks for supremacy on the market. According to this, the Romanian ba
2、nks saw in the SMEs sector a true potential for reaching their goal and they proceeded to conquer it by conceiving unique products, specially designed to reach the financial needs of this segment. Moreover, banks often come up with new attractive offers and cost reductions for the SMEs (Small and Me
3、diu Sized Enterprises) sector. In this context, some answers need to be done: the effective risk banks accept to take by providing the offers, specific risks in financing this sector, the problem of the balance between risk and profit return (or market share increase).Keywords: credit risk, risk man
4、agement, financing SME, bank policiesThe Romanian banking sector has been lately the victim of some profound structural changes, generated by the perspective of integration in the European Union. This resulted in a monetary instability manifested through an increased volatility of the exchanges rate
5、s and of the capital flows as well as in a tough concurrence between financial institutions. This fierce competition between banks determined them to launch themselves in a real course of financing, by accepting more and more risky transactions. The target segment of the credit institutions seems to
6、 be recently the SMEs (Small and Medium Enterprises) for some well-established reasons. Thus, SMEs represent one of the major sectors of all economies both from a market share point of view and from the fact that these firms contribute definitively to the creation of GDP (Gross Domestic Product) and
7、 engage a great part of the existent working force. Moreover, as the majority of the powerful corporations have already decided which financial institution they prefer to work with, the SMEs sector looks in this situation, as the cornerstone for the future development of the credit market, a field u
8、nexplored yet at its full potential.Therefore, it is no doubt that, in order to attract an important share of the credit market, banks initiated an aggressive campaign of conceiving some products specially designed to meet the particular financing needs of the SMEs sector.Specific risks associated t
9、o SMEs financingSMEs represent an important sector for all economies. In spite of the dynamics and of the importance of this segment for the economic development, SMEs continue to be faced with different problems linked to their access to credits. According to a study of the European Commission, con
10、cerning the SME sector in E.U., between 18% and 35% of the firms which asked for a credit were refused. Meanwhile, the same study shows that in Romania, the main source of financing new projects is represented by firms own funds.One of the reasons of SMEs difficult access to borrowed funds is the fa
11、ct that these firms are perceived as being more risky than big companies. They present a high sensitivity to economic shocks while disposing of an inferior capacity to absorb variations. From this perspective, allotting medium and long time credits to these firms becomes problematic. Moreover, even
12、short time credits are hard to be granted because of the monthly payment obligations risking to overpass the accepted debt capacity. In addition, in many of these cases, the monitoring costs reach unacceptable high levels as compared to the value of the granted credit. On the other side, many SMEs a
13、re faced with the lack of some adequate collateral necessary to sustain a credit requirement while, in the meantime, banks feel reluctant in accepting personal guarantees. And finally, the Romanian legislation concerning debt recovery in the case of bankruptcy of SMEs is much more bureaucratic than
14、in that of 1 SMEs in Europe, 2003, Report for SMEs of the Romnia in Europe.Despite all risks related to SMEs financing, banks cannot ignore anymore this sector if they want to gain a comfortable share of the credit market. In this respect, financial institutions proceeded to develop new credit tools
15、 specially conceived to meet the financial needs of this segment. However, even these new products present their own associated risks - generated by the peculiarities they present which finally add to the final risk banks accept to take when financing SMEs.One way to cut the total risk is to analyze
16、 the specific risks born by these latest financing policies and then, to try to reduce them by appealing to some specific risk management tools, in order to establish a profitable balance between the risks accepted and the income brought by this extensive financing activity.New credit products for SMEs and their associated risksA great part of banks profits comes from their financing activity. Actually, the credit segment represents a central concern
