哪位英语达人帮我翻译一个关于中小企业融资的外文文献吧!1

The“conventionalwisdom”arguesthattheinadequatefinancingofSMEsistoasignificantextentrootedin“supply-side”features.Thatis,thewayinwhichfinancialinstitutionsoperateisbiasedagainstofferingfinancingtoSMEs;asaconsequence,manybanksandotherfinancialinstitutionsbecomeuninterestedinbeinginvolvedwithSMEs.Theconventionalviewhighlightsanumberoffactorsthatmightconstrainfinancialinstitutions.Tostart,financingSMEsisdifficultbecausetheyareopaque.Opaquenessmeansthatitisdifficulttoascertainiffirmshavethecapacitytopay(theyhaveviableprojects)and/orthewillingnesstopay(duetomoralhazard).Thisopaquenessparticularlyundermineslendingfrominstitutionsthatwanttoengageinthemoreimpersonalorarms-lengthfinancingthatrequireshard,objective,andtransparentinformation.

Second,relativetolargefirms,SMEsaremorelikelytobeinformal,particularly

indevelopingcountries.Thisnotonlymakesopaquenessworse,butitalsoposes

additionalobstaclesandriskstoSMElending.8Forexample,bankscannotlendtoSMEsasmuchaswouldbewarrantediffirmsdonotreportreliablytheirfullfinancialactivityontheirfinancialstatements.9Furthermore,informalityimpliesthatthefirmhasunrecorded,contingentseniorliabilitiestothegovernmentanditsownemployees.Facedwiththeriskthattaxand/orlaborauthoritiescouldcausesuchliabilitiestomaterialize,bankswouldlendlesstoSMEsorchargeahigherriskpremium.

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