译文（字数 3301）

英国商业银行通过解决中小企业金融市场的不足，促进经济增长的作用

摘要：本文概述了英国商业银行的成立; 一个新的政府所有的金融机构，旨在改变小型企业的金融市场结构，使这些市场更有效地工作。 本文重点解释银行的经济理由，通过识别外部金融的业务获取如何通过促进商业投资和生产力的增加来影响经济增长。 本文概述了中小企业债务和股票市场最近的周期性趋势，然后确定了影响不同类型金融的一些特定结构性市场失灵，阻碍了一些可行的中小企业提高他们所需要的金融。 该文章然后描述了英国商业银行融资解决方案如何帮助解决这些市场失灵。

关键词：英国商业银行; 小企业金融政策; 财政差距; 中小企业增长; 投资; 银行金融 风险投资

  大多数使用外部金融的企业使用信用卡，贷款或透支金融，通常来自银行。 高级债务通常满足大多数企业需要资金流动资金或支持投资和增长的融资需求。

  由于稳定的宏观经济条件和银行竞争市场份额，包括中小企业贷款在内的商业贷款在2000年初持续增长。 英国银行显示，对英国私人非金融公司的银行贷款存量从2002年第三季度的2,521亿英镑增长了一倍多，达到2008年第三季度的51600亿英镑的高峰。然而，由于金融危机 ，银行贷款（净贷款）的未偿存量在过去五年中为负数，尽管自2013年年初以来下降速度放缓。

  自2008年以来银行贷款下降部分是由于需求下降，因为企业对扩张和承担更多债务变得更加谨慎，以及加强信用评估和增加资本充足率要求。 这导致中小企业的贷款和透支拒绝率高于经济衰退之前。 欧洲委员会表明，英国现在已经是欧洲最高的中小企业贷款拒绝率之一。

外文原文（字符数 11615）

The British Business Bank’s role in facilitatingeconomic growth by addressing imperfections in SME finance markets

Market Insight and Analysis Team, British Business Bank, Foundry House, 3 Millsands,

Sheffield S3 8NH, England

(Received 2 September 2014; accepted 14 January 2015)

This paper presents an overview of the establishment of the British Business Bank; a new government owned financial institution designed to change the structure of finance markets for smaller businesses, so that these markets work more effectively. The paper focuses on explaining the economic rationale for the Bank by identifying how business access to external finance can affect economic growth through facilitating increases in business investment and productivity. The paper provides an overview of recent cyclical trends in SME debt and equity markets, before identifying a number of specific structural market failures affecting different types of finance that prevents some viable SMEs from raising the finance they need. The paper then provides a description of how British Business Bank funding solutions can help to address these market failures.

Keywords: British Business Bank; small business finance policy; finance gap; SME growth; investment; bank finance; Venture Capital

The majority of businesses using external finance use credit cards, loans or overdraft finance, usually from a bank (British Business Bank 2013). Senior debt usually meets the financing needs of most businesses requiring finance for working capital or to support investment and growth. For instance, BDRC Continental (2014) suggests that around 7 out of 10 loan and overdraft applications were successful.