外文文献翻译
（2013届）
译文一：中小企业,技术与全球化1译文二：中小企业,技术与全球化2
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Small and Medium-Sized Enterprises, Technology, and Globalization:Introduction to a Special Issueon Small and Medium-Sized
Zoltan J. Acs
Enterprises in the Global Economy
Lee Preston
Abstract. This paper is an introduction to the special issue on Small and Medium-Sized Enterprises in the Global Economy. The paper gives a broad outline of globalization, the role of technology, and examines the role that small and medium-sized enterprises play in the global economy. We focus on foreign direct investment of small technology based firms and how their innovations diffuse into the global economy
There is little question that economic activity of all types is moving in the direction of globalization. As we approach the 21st century, a worldwide system of production and distribution is evolving, in much the same way as national markets evolved from local and regional networks
during the 19th century (Chandler, 1990). In nearly every economically active country of the world, the importance of international trade and foreign direct investment (FDI) have risen significantly over the last decade. The growth of FDI has been particularly dramatic, increasing more rapidly than either world production or world trade. As a result, both inbound and outbound FDI stocks have increased relative to total investment and gross domestic product in nearly every country (Dunning, 1995).
Globalization refers to the web of linkages and interconnections between states, societies, and organizations that make up the present world economic system. Globalization creates new structures and new relationships, with the result that business decisions and actions in one part of the world have significant consequences in other places. Underlying and reinforcing these globalization trends is the rapidly changing technological environment, particularly in biotechnology, information processing, and telecommunications. Changes in telecommunications and data processing capabilities make it possible to coordinate research, marketing and production operation around the world. Almost instantaneous communications makes it possible to trade financial instruments twenty-four hours a day: and thus more return-sensitive are location of resources within firms, industries and countries.
The growth of global markets stimulates competition and forces governments to adopt market-oriented policies, both domestically and internationally. Modern technologies have greatly
reduced the cost of information and the capabilities to participate in the global economy (Dunning,
1993). Countries must join the club. Policies that aim to exclude global participation via trade and investment barriers can be easily circumvented, and they keep no hostages but deprive the countries of global prosperity.
Along with the globalization trend, contemporary technical advances are demanding a much closer synthesis and more integrative learning between innovative and production activities.
The pressures of global competition force producers to continually innovate, and to upgrade the quality of existing products. Yet, at the same time, many firms can no longer acquire or afford all the technological and human resources that they need. Increasingly, they form interdependent and flexible relationships with other firms –including suppliers and competing firms –to fully capitalize on their core competencies (GomesCasseres,1996). Interdependence calls for a capacity on the part of firms, individuals, and governments to interact with speed, flexibility and creativity to the actions of other agents (de la Mothe and Paquet,1996) In this new environment knowledge and intellectual labor are being mobilized on a more collaborative basis. Firms must develop human resource strategies based on synthesis with educational institutions. They must locate design and production facilities in metropolitan areas that allow partnerships with suppliers and educational institutions, and in places served by governments committed to business-friendly policies. The main form of economic organization in intermediary product markets is increasingly a network of inter firm cooperative arrangements, rather than the large hierarchical firm (Reich, 1992).
Advancement in technologies and management skills have blurred firm boundaries. Before 1980 most FDI was of the “stand alone” variety. Each Multinational Enterprise (MNE) would exploit its own home-based competitive advantages and coordinate related intra-firm activities across national boundaries through internal mechanisms. More recently, however, MNEs are expanding their territorial and functional horizons by acquiring, or gaining access to, new resources and capabilities. The critical feature of strategic asset-seeking FDI, as opposed to market-seeking FDI, is that participating firms recognize that their stand-alone resources and capabilities are insufficient to sustain their international competitiveness, and that they need to draw upon resources and capabilities of others to achieve this goal. While there are may reasons why firms form alliances with other firms, the great majority of those concluded over the past decade have been to gain access to new product or process, technologies and organizational competencies, especially those perceived necessary to advance their core competencies
Globalization challenges management and students of business economics. According to conventional wisdom, most transnational business activities, particularly those involving FDI or cross-border alliances, are traditionally carried out by large firms. In addition, some people have believed that technological change requires increasingly large scale total operations, along with increasing size of research and development resources. These views would lead one to expect that small enterprises would decline in importance as they become overwhelmed by global firms exploiting economies of scale.
As the readers of this Journal well know, there is considerable evidence that these commonly held views are no longer correct. Depending upon the measure of business size examined, the long-term trend toward increasing firm size either decelerated, ceased, or reversed itself sometime between the late 1960s and the late 1970s (Acs, 1996). This leads to an interesting question: “Is the apparent resurgence of smaller firms due to the emergence of a dynamic, vital innovative entrepreneurial sector, or is it due to the inability of large incumbent MNEs to prevail in a technologically dynamic global environment?”Harrison (1994) has argued that the role of
SMEs has been overestimated, and that MNEs have been able to prosper in the new global environment by combining four basic building blocks: returning to their core competencies; using new information technologies; forming strategic alliances; and eliciting more active
collaboration from their workers. However, this view overlooks the synergy between large and small firms, the strong attachment of small firms to their local economies, the role of small firms in technological change, and the role they play in the growth and evolution of industries (Acs, 1995). In fact,
there is ample evidence that small and medium sized enterprise (SMEs) have not only flourished in domestic economies, but that their international presence has grown as well (UNCTAD, 1993; Masataka, 1995a and 1995b; Admiraal, 1996; and Buckley et al., in press). However, very little is
known about the processes by which SMEs participate in the global economy. 10 For this reason, the Center for International Business Education and Research (CIBER) at the University of Maryland organized a conference of experts on “Small and Medium Sized Enterprises and the Global Economy”, held on October 20, 1995. The conference was organized by Zoltan J. Acs,
then Associate Director of CIBER. The primary focus of the conference was on the role that technology and network organizations play in the global activities of SMEs. Participants in this
conference examined the role of SMEs in the identification of technological opportunity, technological diversity and geographical localization, technology transfer, R&D spillovers, strategic alliances, and the international diffusion of innovations. The papers appearing in this special issue of Small Business Economics are revised versions of those presented on that occasion.
An overview of SME participation in the global economy reveals at least three lines of activity: trade, technology, and investment. The most commonly discussed topic in SMEs international literature is their role as exporters from their domestic jurisdictions to foreign customers. The opportunities and challenges facing SMEs in this role are well known. The conference papers do not address these topics in any detail. Instead, they see that export activity as linked to the other activities that are given greater emphasis here. The second most prominent issue in the literature is SMEs and technology, and particularly SME supplier connections with larger MNEs in local markets. In their simplest form, these connections involve “intra-national exports,” that is, domestic sales to foreign firms, who happen to be operating within the home country of the supplier. The importance of these connections is stressed by Porter (1993), in his discussion of the role of “related and supporting industries”, and Dunning (1993) under the heading of “linkages and spillover effects” of MNEs. These connections came up for explicit attention at the conference primarily in connection with technological opportunity, technologic diversity, technology transfer, and R&D spillovers. The emphasis was mostly ontransfer of technology from MNEs to their SME suppliers and costumers, although it was also acknowledged the MNEs might also acquire the appropriate technology from local SMEs, and possibly eventually acquire the SME firms them- selves as well.
The final issue is the SME role in investment, the connection between SMEs and FDI. SMEs may evolve as multinationals either through their own investments or as a result of the formation of alliances. The questions of why SMEs go abroad, how they do it, and what are the consequences of this activity are examined carefully in the papers in this volume. We start by examining the technological basis of SMEs. Though in aggregate SMEs spend less on R&D than large firms, they produce almost twice as many innovations on a per employee basis (Acs and Audretsch, 1990). In 1993 U.S., SMEs receive 3.8 percent of federal R&D dollars and performed 14.5 percent of company funded industrial R&D (U.S. National Science Foundation, 1996). In
1991 SMEs received 40 percent of all domestic utility patents granted in the UnitedStates (U.S Patent and Trademark Office, 1996). Recently Cohen and Klepper (1996) have suggested that while small firms may be superior in the generation of new knowledge, larger firms are superior in their ability to appropriate returns from these innovations, either by buying property rights, acquiring the firms or benefiting through spillovers. This raised two important questions: (1) Why are SMEs superior innovators in the first place? and (2) How do we explain the superior innovative performance of SMEs if they spend less on R&D than large firms? Why SMEs are superior innovators is examined in the first paper by Acs, Morck, Shaver and Yeung. The critical role of property rights in capitalist economies is becoming increasingly evident. Societies must protect innovators’ property rights to the gains from their innovations. An additional angle in the paper is that it also emphasizes an innovator’s property rights within an organization. An innovator in a large company
only has very limited property rights protection. The new product, process, etc. generally belongs to the firm, not the employee who invented it. This reduces creative employees’incentives to innovate for the company. The lack of clear property rights in large corporations creates perverse incentives for both employees and managers. Both can benefit from “free riding” on other people’s innovative efforts and results.
翻译:文摘。摘要本文介绍了特殊问题的中小企业在全球经济。本文给出了一个全球化的大纲,科技的作用,同时也将检视这个中小企业在全球经济中所扮演的这个角色。我们专注于外国直接投资的小公司和他们的技术为基础的创新扩散到全球经济的现象.毫无疑问,经济活动的类型是朝着全球化的方向。当我们接近21世纪,全球系统生产和分配的进步,在很大程度上与是由于国家市场从当地和地区网络进化而来的.
在20世纪(钱德勒,1990) 在过去的十年, 国际贸易和外国直接投资(FDI) 几乎在每个国家的经济活动中的重要性已经明显增加在.外国直接投资的增长尤其戏剧化,比世界生产或世界贸易增加更多。结果, 相对于总投资和国内生产总值几乎在每个国家(邓宁,1995)两个入站和出站FDI股票增加了。
全球化指的是web的状态之间的联系和社会和组织相互连接 ,弥补当前世界经济体系。全球化创造了新结构、新关系,结果导致业务决策和行动在一个世界的其他地方造成重大的影响,加强了这些全球化趋势是快速变化的技术环境,特别是在生物技术、信息处理和通信领域。电信和数据处理能力的增强使它可以协调研究在世界各地的生产作业和营销。几乎瞬时的通讯使人们有可能使用贸易金融工具一天24小时,因此更多的返回敏感位置内的资源公司、行业和国家.
全球市场的增长刺激竞争,迫使,在国内和国外政府采取以市场为导向的政策。现代技术大大降低了参与全球经济成本的信息和能力 (邓恩。1993)。国家必须加入俱乐部。政策旨在排除全球参与通过贸易和投资壁垒可以很容易地绕过,和他们保持没有人质但剥夺了国家的全球繁荣。
随着全球化趋势,现代技术进步要求一个更综合、更综合在创新和生产活动之间学习。全球竞争的压力迫使生产商不断创新和升级现有产品的质量。然而,与此同时,许多公司不再能够获得或提供所有的技术和人力资源,他们需要越来越多地与其他公司形成相互依赖和灵活的关系——包括供应商和相互竞争的公司——,充分利用他们的核心竞争力(GomesCasseres,1996)。相互依存呼吁部分公司、个人和政府与速度、灵活性和创造性的行为其他代理(de la Mothe和Paquet,1996)
在这个新环境的知识和智力劳动被动员起来更协作的基础。公司必须开发基于合成与教育机构的人力资源策略。他们必须找到在大都市地区设计和生产设施,允许合作伙伴与供应商和教育机构,服务于地方政府致力于商业友好政策。经济组织的主要形式在中间产品市场正日益成为一个网络公司的国际合作安排,而不是等级森严的大型公司(帝国,1992)。
在技术进步和管理技能之间有模糊公司边界。在1980年之前大多数外国直接投资是―独立‖品种。每个跨国企业(外资)将利用自己的以家庭为基础的竞争优势和协调相关公司内部活动跨越国界通过内部机制。最近,然而,跨国公司正在扩大他们的领土和功能的视野,或通过收购获得新资源与能力。关键特性的战略资产寻求外国直接投资,而不是市场寻求外国直接投资,参与公司承认他们的独立资源与能力都不足以维持他们的国际竞争力,他们需要利用别人的资源和能力来实现这一目标。虽然有可能某些原因与其他公司的公司结盟,绝大多数的那些总结过去十年一直为获得新产品或过程、技术和组织能力,尤其是那些认为需要推进他们的核心竞争力.
全球化挑战管理和商业经济学的学生。根据传统观念,大多数跨国商业活动,特别是那些涉及外国直接投资或跨国联盟,传统上是由大公司进行。此外,一些人认为,技术变革需要越来越大的规模总运算,以及增加大小的研究和开发的资源。这些观点会导致人们预计,小企业将下降,因为他们成为重要性被全球公司利用规模经济。
这杂志的读者一样清楚,有大量证据表明,这些普遍持有的观点不再是正确的。根据大小是衡量企业,长期趋势增加企业规模要么减慢,停止或逆转在本身之间的某个时候,1960年代末和1970年代后期(Acs,1996)。这导致一个有趣的问题:―是明显复苏的小公司由于出现了一个动态的、至关重要的创新企业部门,还是由于大型跨国公司的无能创造了在一个技术动态全球环境?―哈里森(1994)认为,这个角色
的中小企业已经被高估了,跨国公司已经能够繁荣在新的全球环境结合四个基本构建块:回到他们的核心竞争力;利用新的信息技术,形成战略联盟,诱发更积极合作从他们的工人。然而,这种观点忽略了大型和小型企业之间的协作,强劲的附件的小公司到当地经济发展的作用,小公司在技术变化,其扮演的角色的发展和演化的行业(Acs,1995)。事实上,有充分的证据表明,中小企业虽然在国内经济繁荣,但他们的
国际影响力增长是非常小的.为了知道过程,中小企业参与全球经济的这个原因,国际商业中心的教育和研究(CIBER)在马里兰大学组织了一次会议的专家在―中小型企业和全球经济》,1995年10月20日举行。这个会议是由佐尔坦?j . Acs担任CIBER副主任。会议的重点是在技术和网络组织的角色,发挥中小企业在全球活动的作用。参与者在这个会议检查了中小企业的作用在识别技术的机会,技术的多样性和地理定位、技术转让、研发外溢,战略联盟,国际扩散的创新。论文在这个特殊问题的小型商业经济的修订版本就出现在那个时候。
概述中小企业参与全球经济的揭示了至少有三个活动:贸易、技术、投资。最常讨论的话题在中小企业是他们作为出口商从国内司法管辖区外国客户。中小企业面临的机遇和挑战在这个角色是众所周知的。这个会议不解决这些主题在任何细节。相反,他们看到出口活动是作为链接到其他活动.强调了这里,第二个最突出的问题是中小企业和技术,特别是中小企业供应商关系与较大的跨国公司在当地的市场。最简单的形式,这些连接涉及―国内出口‖,即,国内销售给外国公司,那些碰巧操作在祖国的供应商。这些连接的重要性是强调通过波特(1993),在他的角色的讨论―相关和配套产业‖,邓宁(1993)标题下的―联系和溢出效应‖的跨国公司。这些连接是在会议上明确关注主要在连接技术的机会,技术多样性、技术转让、和研发外溢。重点主要是跨国公司的技术关于他们的中小企业供应商和客户,虽然它也承认,跨国公司也可能获得适当的技术从本地的中小企业外,并也可能最终获得他们自己的中小企业。最后的问题是中小企业的作用在投资,中小企业和外商直接投资之间的联系。中小企业可能演变为跨国公司通过自己的投资或结果的形成联盟。这个问题是为什么中小企业出国,他们是如何做到的,以及这样的结果是什么活动。我们将首先分析中小企业的技术基础。虽然在中小企业在研发上比大公司投入少,他们产生两倍的创新在每个员工的基础上。1993年,美国,中小企业获得3.8%的联邦研发经费和执行14.5%的公司资助工业研发(美国国家科学基金会,1996年)。中小企业在1991年得到40%的国内授权的实用专利在美国(U。年代专利和商标办公室,1996)。最近科恩和克莱伯(1996)表明,小公司将会产生新的知识,能比大公司的能力都优于适当回报这些创新,要么通过购买产权,收购这些公司或通过溢出中获益。这带来了两个重要问题:(1)为什么中小企业优越的创新者在第一个地方吗?(2)我们如何解释优越的创新性能的中小企业,如果他们在研发上比大公司投入少?为什么中小企业产权的重要角色在资本主义经济正变得越来越明显。社会必须保护创新者的财产权利从他们的创新的成果。它也强调一个创新者的产权组织中对比在一个大公司的革新者
只有非常有限的产权保护。新产品、过程等,一般属于公司,而不是员工谁发明了它。这减少了创造性的员工为公司创新动力。缺少明确的产权在大型企业创造了不正当的动机对于雇员和经理。两者都可以受益于―搭便车‖别人的创新努力和结果。
In contrast to innovative employees in largefirms, independent innovators can hold clear property rights, can have every incentive to undertake radical innovations, and can be largely free of red tape. Thus they argue that SMEs are better at creating radical innovations because they better protect the innovator’s property rights. Acs et al. further argue that the international diffusion of SMEs innovations is important for global economic welfare. However, SMEs have only limited operations abroad. One reason for this is barriers to entry. Barriers to entry that limit international expansion are systematically higher for SMEs than for larger firms. The other reason is that SMEs have less resources to protect their
property rights. The Authors suggest that these difficulties faced by SMEs in international markets can frequently be circumvented by using existing MNEs as international conduits for SMEs innovations. MNEs can thus be catalysts and facilitator of smaller firms’ international expansion. While direct expansion by SMEs is the subject of much discussion, the intermediated possibility had not been given much attention. However, such intermediated modes of expansion are adversely affected by transaction difficulties and inter mediator’s rent extraction, which are topics explored in greater details in Gomes Casseres, Kohn, and Eden’s papers. Acs etal. raise several conceptual considerations important in comparing the two modes of international expansion, and identify the conditions for private market arrangements to be efficient. They do not believe direct subsidies to SMEs going abroad are advisable.
How do we explain the superior innovative performance of SMEs? In a recent study Jaffe et al. (1993) analyzed patent citation data pertaining to domestic university and corporate patents to test the extent of localization of knowledge spillovers. Almeida and Kogut (1995) found that localization of patentable knowledge varies across regions. Semiconductor knowledge in the Silicon Valley and New York triangle tends to be localized. This suggests that complementarities are important. (Feldman, 1996). Recent literature has suggested that SMEs benefit from R&D spillovers from university research and private research at large firms (Acs, Audretsch and Feldman, 1994; and Anselin, Varga and Acs, 1996).
But why should this phenomenon of regionalnetworking benefit smaller firms rather than larger ones? One reason, perhaps, is that larger firms, because of their property rights and incentive structure, are more self reliant and do not emphasize building relationships with
other institutions in the region. By definition of a start up, the personnel in a new company will have a shorter tenure in the company, and recent experience in other firms.
To study the influence of geographic localization and technological diversity on innovation Almeida and Kogut in the second paper examine the origins of citations to 170 major patents in the semiconductor industry. Field research, consisting of interviews with semiconductor engineers and other informed individuals, served to complemented the patent analysis. They argue (1) that start ups gain their comparative innovative advantage by exploring new technological spaces that may be overlooked by larger firms, and (2) that this process is facilitated by regional networking which permits small firms to obtain and use knowledge more efficiently than large firms. They find that start-ups produce innovations in less crowded technological space than larger firms. That is, small firms are more likely to explore technologically diverse territories. Their empirical results pinpoint how smaller firms make radical innovations and compliment the theoretical conjecture in Acs et al. While knowledge is localized for both start-ups and other firms, start-ups are more closely tied into regional networks since they depend on networks for critical knowledge inputs. Knowledge was more localized for start-ups than other firms with groups of entrepreneurs playing a crucial role. If knowledge flows are localized, then firms located in distant regions are excluded from knowledge networks. It is this local character of the networks that is their potential link with globalization (Acs, de la Mothe and Pacquet, 1996). Therefore, small technology-based firms are attractive acquisition targets for MNEs interested in entering new technological networks. About 10 percent of the 38,000 new high tech establishments listed in the Corp Tech data base had foreign ownership in 1994 (Science and Engineering Indicators, 1996, pp. 6–29). The next two papers offer examples of the intermediated form of international expansion by SMEs. If small firms face higher barriers to entry in international operations than large firms, and have a more difficult time protecting their property rights, how can small firms become international players? When SMEs invest abroad they generally seek help. In the third paper, Gomes-Casseres examines the use of strategic alliances by SMEs. He asks three questions: (1) When do small firms use alliances to do business abroad? (2) How do small businesses use alliances? and (3) What effect do alliances have on firms competitive performance? The paper
defines a new unit of competition called a ―constellation‖. A constellation is a set of firms linked together by alliances. The paper finds that small firms can follow one of two different approaches to alliances, depending on their relative size. Firms that are small relative to competitors and to the requirements of the market tend to use alliances to reach scale and scope economies. Firms that are large relative to the same benchmark, rely on internal capabilities to expand.
In any event, the evidence shows that SMEs, against the expectations of many traditional scholars, are active players in the international arena. In the fourth paper, Kohn examines how SMEs play the international game when they choose not to team up with larger partners. He finds that most small multinational firms follow a “deep niche strategy‖. That is, their positions were characterized by market dominance and techno- logical leadership, and by a focus on producer goods. Also, small firms tend to invest in younger industries rather than more mature ones. In fact, Gomes-Casseres and Kohn (forthcoming) found that SMEs had fewer, not more, alliances than one might have expected. Do SMEs face higher transaction costs than MNEs in international expansion? The fifth paper in this issue examines the role of transaction costs in international expansion. Eden, Levitas and Martinez survey a large literature dealing with international business, entrepreneurship, and technical change; they provide a link between the technological literature on SMEs and the technological literature on MNEs. The paper examines three aspects of technology: (1) technology as a firm-specific advantage, (2) the costs of technology transfer, and (3) technology spillovers. In each case they outline current views and debates in the field about the role played by the large multinationals which, according to the statistical evidence, are the world’s principal technology producers. Finally, they compare the ability of large and small firms to profit from technology. They suggest that SMEs are less likely to be able to properly manage the technology transfer process when problems occur.
In terms of the costs of technology transfer, they suggest that SMEs may face higher transaction costs that large MNEs. Although SMEs, due to their relative size, benefit from reduced bureaucratic costs, they also have fewer resources to devote to search, negotiation, monitoring and enforcement efforts. They may also be more subject to opportunistic behavior
on the part of suppliers and buyers due to their smaller size and corresponding inability to retaliate. Finally, SMEs may be less likely to have a tight appropriability regime protecting their knowledge-base, and
therefore may face higher risks of dissipation and its attendant costs. This view is consistent with Cohen and Klepper (1996)
If small technology-based firms have in fact become international players, then how large a role are they playing in the global economy? The fifth article by Buckley examines the role of SMEs in technology transfer. It relies for its empirical evidence on the United Nations Conference on Trade and Development (UNCTAD) report on small and medium sized multinational corporations (UNCTAD, 1993). The UNCTAD study on technology transfer found that SMEs, like MNEs, transferred technology internationally from the parent firm. The most common vehicle for international transfer is via a joint venture with a host country company. This however is much less formalized than in large MNEs. Three types of technologies are picked up by SMEs: small scale technologies, labor intensive technologies, and specialized high technology know-how. The latter included biotechnology and microelectronics.
These firms frequently utilize joint ventures, and non-equity licensing deals and alliances. Finally, Reynolds revisit’s an old question: ―Do larger markets favor larger firms?‖A number of recent analyses and events suggest that the types of large markets currently in development not only provide substantial opportunities for SMEs, but
that a dynamic new and small firm sector is critical for economic growth in these markets. This brings us full circle to the issues initially raised by Acs et al. and Almeida and Kogut. Rather than weak and vulnerable entities that may require subsidies, new and small firms may not only thrive in new global markets, but maybe a necessary component for enhanced economic well-being (Lucas, 1988). The international diffusion of new innovations is crucial for continuing improvement of global economic welfare. In the diffusion process SMEs face two serious challenges: property rights protection and barriers to entry. If the rate of creative destruction is indeed too low, public policies should aim to increase the creation and international diffusion of innovations by SMEs. The analysis in the papers that follow suggests
that policies should aim to reduce the costs in international expansion for SMEs. That is, policies should aim to reduce private market costs incurred for the protection of property rights, to reduce entry barriers, and to reduce transaction costs. We should note, however, the suggestions rely on the premises that we have to little creative destruction. The broader question whether we have to much or too little creative destruction is not yet addressed. This basic question deserves our research attention.
Acknowledgements We wish to thank Bernard Yeung for helpful comments on an earlier draft. All errors and omissions remain our responsibility.
翻译:相比之下,在创造力的员工、独立的创新者可以容纳产权清晰、可以有充分动机进行激进的创新,可以很大程度上自由的繁文缛节。因此他们认为中小企业更善于创造革命性创新,因为他们更好的保护创新者的产权。Acs等人进一步认为,国际扩散中小企业创新是重要的全球经济福利。然而,中小企业只有有限的海外行动。原因之一是进入壁垒,为限制国际扩张,比大公司,中小企业系统要求更高。另一个原因是,中小企业有更少的资源来保护自己产权。作者认为,这些中小企业面临的困境在国际市场可以经常被规避跨国公司通过使用现有的国际渠道应对中小企业的创新。跨国公司也因此可以限制催化剂和促进者的小公司的国际扩张。而直接膨胀的中小企业受到了很多讨论,作为中介可能没有得到太多的关注。然而,这样的扩张作为中介模式负面影响交易困难和国际中介的租金萃取,主题非常详细地探索在戈梅斯,伊甸园的论文.提出了若干概念性问题重要的两种模式的比较国际扩张,并确定条件的私人市场安排是有效的。他们不相信直接补贴中小企业出国是明智的。
我们如何解释优越的创新性能的中小企业呢?在最近的一项研究Jaffe等(1993)分析了专利引文数据等属于国内大学和公司的专利来测试的范围知识溢出的本地化。阿尔梅达和科格特发现,本地化的专利知识在不同地区。半导体知识在硅谷和纽约三角往往是本地化。这表明互补性是重要的。最近的文献显示,中小企业受益于研发外溢从大学研究和大公司的私人研究但为什么这一现象大公司的利益比小公司的利益而不是更大的吗?其中一个原因也许是,较大的公司,因为他们的财产权和激励结构,更自我依靠、不强调建立关系和其他机构在该地区。通过定义的启动,人员在一个新公司将会有一个较短的任期在公司,利用最近的经验在其他公司。
研究地理定位的影响和技术的多样性在创新阿尔梅达和科格特来自在第二个纸检查引用的起源到170主要专利在半导体行业。实地调查研究,包括采访半导体工程师和其他个人的信息,用来补充专利分析。他们认为中小企业开始获得它们的比较优势,探索新技术创新的空间,会被大公司压缩,在这个
过程很容易造成区域性网络允许小公司更有效地获得和使用知识比大公司。他们发现,初创企业生产创新在拥挤的技术空间相对于大公司。这时,小公司更有可能探索不同地区的技术。他们的实证结果确定小公司如何使激进的创新和恭维理论推测在Acs et al。虽然知识是本地化为两个初创企业和其他企业,初创公司正在更加密切到区域网络是因为他们依靠网络输入关键知识。知识是为初创公司更多的本地化比其他公司和组织的企业家发挥了决定性的作用。如果知识流都是局部的,那么公司位于遥远的地区被排除在知识网络。这是这个地方特色的网络,是他们的潜在的链接与全球化(Acs,德拉Mothe和Pacquet,1996)。因此,小科技型企业有吸引力的收购目标感兴趣的跨国公司进入新技术网络。大约10%的38000个新的高科技企业上市的集团科技数据库有外国所有权会转移.如果小公司比大公司面临更高的进入壁垒的国际业务,有一个更困难的时间来保护他们的财产权利,小公司如何能成为国际公司?中小企业在海外投资时,他们通常寻求帮助。Gomes-Casseres在检查使用由中小企业的战略联盟之后他问三个问题:(1)当做小公司使用联盟做海外业务?(2)小企业如何使用联盟吗?(3)有什么影响联盟对企业竞争力的表现吗?本文定义了一个新单位的竞争称为―星座‖。一个星座是一组公司联系在一起的联盟。本文发现,小型企业可以遵循一种不同的方法来联盟,这要看他们的相对大小。企业相对于竞争对手,并和小的市场需求倾向于使用联盟,以达到经济规模和范围。公司是大型的相对于相同的基准,依靠内部功能扩展。
在任何情况下,证据表明,中小企业,对许多传统学者的预期,是活跃在国际舞台上的成员。中小企业如何发挥优势,当他们选择不与较大的合作伙伴进行合作。他发现,大多数小型跨国公司遵循―深深的缝隙战略‖。就是说,他们的位置以市场主导地位和techno——逻辑领导,并由一个专注于生产资料。同时,小公司倾向于投资于年轻的行业,而不是更成熟的行业。事实上,Gomes-Casseres和科恩(即将到来的)发现情况有更少,而不是更多的中小企业的联盟比人们预期的。做中小企业比跨国公司在国际扩张面临更高的交易成本吗?在这个问题上的第五论文考察了交易成本的作用在国际扩张。伊甸园,Levitas和马丁内兹调查一个大型文学处理国际业务,企业家和技术改变;他们提供了一个链接技术文献之间的中小企业和跨国公司的技术文献。本文检视技术三个方面:(1)技术作为公司特有的优势,(2)技术转移的成本,和(3)技术外溢。在每种情况下他们大纲视图和辩论的电流场关于所发挥的作用,大型跨国公司,根据统计证据,是世界上的主要技术生产商。最后,他们比较的能力大、小公司利润从技术。他们认为,中小企业不太可能能够出现问题时妥善管理技术转让过程。
在成本方面的技术转移,他们建议中小企业可能面临更高的交易成本,相对于大型跨国公司。虽然中小企业,由于它们的相对比较小,受益于减少官僚成本,然而他们也有更少的资源投入到搜索、谈判、监控和执法力度。他们也可能更受机会主义行为的部分供应商和买家由于其小的尺寸和相应的无法反馈。最后,
中小企业不太可能拥有一个专用性政权保护他们的知识库,
因此可能面临更高的风险成本的耗散和服务。这种观点是符合科恩和克莱伯(1996)如果小科技型企业事实上成为国际企业,那么他们是在全球经济中扮演多大的角色载.它依赖于它的经验证据在联合国贸易和发展会议(UNCTAD)报告在中小型跨国公司(UNCTAD,1993)。联合国贸易和发展会议上的研究发现,中小企业的技术转移,如跨国公司,转让技术国际从母公司。最常用的工具是通过国际转移与东道国的合资企业公司合作。三种类型的技术关于中小企业:小规模技术、劳动密集型技术和专业高技术诀窍。后者包括生物技术和微电子学。这些公司经常利用合资企业,和非股权许可交易和联盟。
最后,雷诺兹重新审视的一个老问题:―做大市场青睐大公司吗?―最近的一系列分析和事件表明,类型的大型市场目前在发展不仅提供了大量的机会,但中小企业这一新动态和小公司部门对于经济增长至关重要的这些市场,这给我们带来了整圆的问题等人提出的来自于最初Acs和阿尔梅达和科格特德问题。而不是软弱和脆弱的实体,可能需要补贴,新的小公司不仅可以生长在新的全球市场,但也许是增强经济福利(卢卡斯,1988)的必要的组件。国际扩散的新的创新至关重要的继续改善全球经济福利。在扩散过程中小企业面临着两个严重的挑战:产权保护和进入壁垒。如果创造性破坏的速度确实过低,公共政策的目标应该是提高创建和国际扩散的中小企业的创新。在论文的分析表明,政策应该遵循旨在降低成本为中小企业的国际扩张。这是,政策应该旨在减少私人市场费用为保护财产权利,减少进入壁垒,降低交易成本。我们应该注意,然而,建议依靠的前提,我们必须小创造性破坏。更大的问题我们是否有太多或太少的创造性破坏还没有解决。这个基本的问题值得我们研究的关注。
确认我们要感谢杨贤提供有帮助的评论较早的一份草案。所有的错误和遗漏保持我们的责任。
人民币国际化的现状和障碍 班级：17金融数学 学号：2017106142 姓名：余佳欣
人民币国际化是人民币逐渐从中国的主权货币发展成为主要国际货币的过程。在当前“一超多元”的国际货币格局下，人民币想要打破国际市场对美元、欧元(1.1202, 0.0019, 0.17%)的使用惯性、路径依赖，获得广泛使用的网络效应，最终实现与中国经济和贸易地位相匹配的货币地位，仍然需要经历一个漫长而曲折的历史进程。 人民币国际化的现状 人民币国际化是指人民币能够跨越国界，流通的范围不仅仅局限于中国境内，而是可以在境外流通，从而在国际间发挥记账单位、交易媒介、支付手段和价值贮藏手段职能，成为国际上普遍认可的计价、结算及储备及市场干预工具的过程。 近些年来，在我国与周边国家的边境贸易中，人民币已经被普遍作为了支付和结算的硬通货，尤其是东南亚的一些国家，已经有官方正式承认和公开宣布人民币为自由兑换货币。人民币国际化指数现状 1．人民币国际化调整巩固，RII触底后强势反弹。2017年，全球经济形势复苏向好，贸易与投资回暖，发达经济体增长势头巩固，新兴市场企稳回升。中国经济在转型升级的压力下保持稳健，新动能更加强劲，增长表现好于预期，国际货币基金组织（IMF）一年内连续四次上调中国GDP增速预测。综合国力提升，改革开放有序推进，夯实了人民币国际化发展的基础。市场需求企稳回升，摆脱“恐慌”回归理性，为人民币国际化提供了内源动力。在此基础上，跨境人民币使用政策体系以及基础设施进一步完善，为人民币跨境与离岸使用创造了便利条件。总体来看，2017年人民币国际化逐渐消化前期负面冲击与预期，在波动中显著回升，在全球货币体系中保持稳定地位。截至2017年4季度，人民币国际化指数（RII）为3.13（图1），同比上升44.80%，强势反弹，基本回归至2015年水平。
人民币国际化对中国外贸的影响研究 学院：xx 学号：xx 姓名：xx 授课教师姓名：xx 论文提交日期：2011年x月x日 学期：xx
人民币国际化对中国外贸的影响研究 摘要：人民币国际化是指人民币能够跨越国界，在境外流通，成为国际上普遍认可的计价、结算及储备货币的过程。随着世界经济全球化进程的加快，人民币国际化对于进一步提升我国的国际地位和国际竞争力具有十分重要的意义。同时对中国外经贸发展将带来极大的影响。 关键词：人民币国际化，中国外贸，影响 一．人民币国际化的基本概念 （一）货币国际化 广义的货币国际化是指当一国货币被该货币发行国之外的国家的个人或机 构接受并用作交换媒介、记账单位和价值储藏手段时，该国货币国际化就开始了，它一般是以一国货币流通范围超出法定的流通区域作为货币国际化的标准。狭义的货币国际化是指一种货币在没有该货币发行国参与的国际交易中充当记账单位、交换媒介和价值贮藏手段时，该货币就等同于国际化。人民币国际化（二）人民币国际化是指人民币跨越国界，由非国际货币变为国际货币，成为世界上普遍认可的支付手段、记账单位和贮藏手段的经济过程。它是一个渐进演变的动态过程。并且这一过程是人民币不断参与国际货币竞争的过程。 二、人民币国际化的进程加快 2009 年3 月11 日，中国央行和白俄罗斯国家银行签订了200 亿元人民币兑8 万亿白俄罗斯卢布的双边货币互换协议，使得人民币参与国际贸易结算从周边拓展到欧洲。人民币国际化路线图已经呈现，即采取从区域化到全球化，分阶段实施的方式。北面，中俄去年10 月已签署货币互换协议，双方有近2000 亿美元的20 年石油采购合同；东面，韩国在金融危机的逼迫下，也于去年12 月与中国签署了货币互换协议，金额高达约270 亿美元；东南，人民币已成为东盟民间的硬通货，官方层面，中国和越南、缅甸和马来西亚都有货币互换协议。 2009 年3 月29 日，中国人民银行和阿根廷中央银行签署了700 亿元等值人民币的双边货币互换框架协议。这已经是金融危机爆发以来，中国央行自2008 年12月至今签署的第6 个类似协议，并且从中国香港地区、韩国、马来西亚等周边地带扩展至拉美国家。至此，通过货币互换“走出去”的人民币总额达到6500 亿元。 2009 年4 月8 日，国务院常务会议决定，在上海、广州、深圳、珠海、东莞开展跨境贸易人民币结算试点。以目前中国经济的影响和政府推进人民币国际化的决心，人民币最终成为国际货币为时不远。 三、人民币国际化对中国外贸的影响 （一）有助于减少汇价风险，促进我国国际贸易和投资的发展 随着我国参与经济全球化速度的加快和程度的加深，对外贸易和对外金融活动也步入了空前的发展时期。对外贸易的快速发展使外贸企业持有大量外币债权和债务，由于货币敞口风险较大，汇价波动会对企业经营产生一定影响。人民币国际化后，对外贸易和投资可以使用本国货币计价，企业所面临的汇率风险也将随之减少，这可以进一步促进我国对外贸易和投资的发展。国际金融危机爆发以来，在美元和欧元汇率剧烈波动中，中国企业和贸易伙伴国企业普遍希望使用币
本科毕业论文（设计） 外文翻译 原文： Financing of SMEs Abstract The main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are https://www.doczj.com/doc/7c13777012.html, For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from
人民币国际化地影响 一·前言 牙买加体系地建立, 使布雷顿森林体系崩溃后地浮动汇率制得到法律上地认可, 但汇率过度波动则导致大多数国家在世纪年代重新实施汇率管理.“汇率目标区”就是一种有管理地汇率制度安排, 即一国允许其汇率在一特定地区间内进行波动, 一旦汇率地波动超出这个区间, 货币当局就要进行干预.然而，汇率目标区涉及到一个不完全可信性问题，这个难题未能获得有效解决大大抑制了该制度在各国地有效应用. 二·背景 在国际游资规模越来越庞大地今天，政府通过冲销干预以期达到改变投机者预期从而维持汇率目标区地愿望越来越变得不现实.本文分析了基于供给视角解决汇率目标区可维持性地局限,主张从需求视角构建托宾税惩罚机制消除投机者冲击目标区边界带来地高额收益预期，从而使汇率目标区具有完全可信性.完全可信地汇率目标区不仅解决了货币投机攻击问题, 还给“三元悖论”难题提供了一个近似解,使得一国货币政策不再受制于国际短期资本流动. 三·对中国经济地意义 （一）升值预期导致地货币投机 近几年来，我国地经常账户和资本账户均处于双顺差地状态，因此导致外汇储备增长，使基础货币供给被动增长，市场利率不断降低，从而形成汇率升值压力.长期地双顺差状态发展地必然结果就是汇率升值压力日积月累形成名义汇率对均衡汇率地偏离，这就要求对币值进行重估.正是在这样地背景下，年月我国放弃盯住美元地固定汇率制度，实行参考一篮子货币地管理浮动汇率制度.这就给投机者以强烈地进一步升值地预期，大量热钱涌入国内，自此人民币开始步入升值周期.尽管当前我国实行资本项目地管制，但大规模短期资本通过进出口贸易、和地下钱庄地途径流入国内，为了稳定汇率，投入大量外汇占款，带来较大地通胀压力. （二）国内外货币政策地冲突 目前我国货币政策地主要任务是紧缩货币，抑制通货膨胀.近两年来，我国面临着日益严峻地通货膨胀形势，从国内因素来看，随着中国城市化进程日益深化，农村劳动力越来越多地向城市转移，导致我国猪肉、蛋类、农产品等供给日益减少，在此期间，我国食品类商品价格不断上涨，出现了需求拉动型通货膨胀.从国际因素来看，一方面，从年月开始人民币步入升值周期，这就给投机者以强烈地升值预期.大量热钱通过进出口贸易、和地下钱庄地途径流入国内，为了稳定
文献出处: Waitz M. The small and medium-sized enterprise financing under P2P finance [J]. Journal of Business Research, 2016, 8(6): 81-91. 原文 The small and medium-sized enterprise financing under P2P finance Waitz M Abstract Small and medium-sized enterprise financing difficult is worldwide difficult problem. Article introduces the concept of the Internet financial, mainly summarized the P2P financial in the development of financial innovation and integration of science and technology, a combination of academic research on P2P financial now of the five directions of various views and opinions. Points out the current P2P financial problems in the development of risk control, and analyses the trend of the Internet financial. Keywords: P2P financial; Financial innovation; Risk control 1 Introduction Look from the history of enterprise development, a large enterprise originate from small and medium-sized enterprises. Small and medium-sized enterprises (smes) is the most dynamic part of the national economy, often walk in the forefront of technology development, in the high-tech industry, clean energy, green economy, etc, have good performance, play an important role in the economic transformation. Small and medium-sized enterprise financing difficult is worldwide difficult problem. These small and medium-sized enterprise financing environment and narrow channels, more than 60% are unable to get a bank loan. At present, science and technology enterprises and the characteristics of light assets, financing difficulties, become a huge bottleneck of sustainable development. 2 The concept of the Internet financial In the past two years, the Internet financial show explosive growth, since 2014, the Internet financial sector performance strength. Current economic field exists the phenomenon of two special contradiction, one is the small and medium-sized
中小企业融资的英文文献 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 industry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, and
中小企业成本管理研究外文翻译、中文文献外文资料及译文 Cost Management for SMEs SMEs are an important pillar of China's economic development, in the Abstract: increasingly fierce market economy, the SMEs to establish position, to produce quality products, controlling production costs, reduce unnecessary waste, and only in order to obtain better economic benefit, to continue the development and growth : The importance of cost management; cost information; design ideas; Keywords thinking Introduction Since the reform and opening up, China's economic development, small and medium enterprises in the socialist market economy and plays an irreplaceable role. It played an important role to promote market competition, increasing employment, promoting innovation and to accelerate national economic development and maintaining social stability. Many SME organizations due to their own institutions are inadequate, the system is not tight, the quality of personnel is good and bad, the lower management level can not be ignored, especially in the chaos of cost management, even within the enterprise is not the full cost accounting information, which impeded the economic developments.
人民币国际化决定因素分析 【摘要】伴随时代的不断进步，世界经济一体化进程加速，我国市场经济不断发展，成功引领我国市场经济步入世界经济发展舞台。随着我国对外经济贸易的增长，人民币的国际化成长迅速提升。研究货币国际化的主要理念因素需要关注货币国际化的转变形式，从单一国家货币的流转形式向国际化的货币模式进行转换，是促进国家外汇增长和储蓄的最优化通道，能够实现相关成本的优异效益，满足了市场经济的发展需求。然而，影响单一种类国家货币发展成为国际化的决定因素不单单是这一种，还需要考量到国家内部发展和外部影响等诸多原因，因此，采取有效的分析能够促进国家经济的发展，也是本文研究的主要方向。 【关键词】人民币国际化决定因素分析 人民币国际化发展对于我国整体的经济增长和人们生活水平的提升息息相关，通过对货币国际化的影响因素进行合理、科学的分析，能够突破传统国家货币的增长形式，有效的推动国家的经济发展，也成为各地区人民相互交往的有效媒介。在世界贸易往来中促进国家与国家质检的资本流转能够充实国际经济往来，推动货币国际化的转变，也能够促使货币成为国家交往与交流，让国际化的货币成为国家的资
本储蓄力量，也成为物质价格的衡量标准，最重要的成为国际市场贸易的交流途径。本文针对国际化货币概念，以及国际货币流转过程中涉及的税费与收益方式进行相关研究，以此分析人民币国际化的决定性因素。 一、货币国际化概述 国家固定居民与外来人群之间进行的一种货币使用行为，可以划分为货币国际化的概念之中，通过突破不同种类货币的使用实现国家与国家、人民与人民之间的经济贸易往来。货币国际化可以实现世界经济贸易的往来，在具体的交易过程中充当非常重要且必然的影响因素。货币国际化应用在实际的国际贸易往来中是一种具体化的价值衡量标准，也能够为国际之间的贸易往来充当使者的使命，还可以为经济交易充当储存方式，进而实现完整的交易往来流程体系。从概念的角度来讲，希望国家自身的货币类型能够形式上述的职能，就需要推动货币国际化的发展，以此保证货币在国际贸易中的应用和往来需求。在实际应用的过程中，推动和促进货币国际化发展的主要因素是市场运作的选择，以及经济发展制度的控制。影响市场运作选择和经济发展制度的主要因素包含货币发行国家的经济稳定程度，货币发行国家的经济和政治体系越强大，这个国家的对外贸易比例也就越高，相对性的市场经济发展也就更加发达，有效的促进了国家经济和产品的稳定性质。
淮阴工学院 毕业设计(论文)外文资料翻译 学院： 专业： 姓名： 学号： 外文出处：Facts for You (用外文写) 附件： 1.外文资料翻译译文；2.外文原文。 注：请将该封面与附件装订成册。
附件1：外文资料翻译译文 中小型企业融资决策 企业的产生、生存及发展均离不开投资与融资活动。随着我国加入WTO 组织，市场经济体制的逐步完善，金融市场的快速发展，投资与融资效率也越来越成为企业发展的关键。对于中小型企业而言，应要根据自身发展需求，认真考虑如何选择自己需要和适合自己发展阶段的融资方式以及各种融资方式的利用时机、条件、成本和风险，确定合适的融资规模以及制定最佳融资期限等问题。要解决这些问题，需要中小型企业制定适当的融资策略，以作出最优化的融资决策。 一、企业融资决策概述 (一)企业融资决策概述 企业融资决策，是企业根据其价值创造目标需要，利用一定时机与渠道，采取经济有效的融资工具，为公司筹集所需资金的一种市场行为。它不仅改变了公司的资产负债结构，而且影响了企业内部管理、经营业绩、可持续发展及价值增长。典型的融资决策包括出售何种债务和股权（融资方式）、如何确定所要出售债务和股权的价值（融资成本）、何时出售些债务和股权（融资时机）等等。而其中最主要的包括融资规模的决策和融资方式的决策。融资规模应为企业完成资金使用目的的最低需要量。而企业的融资方式则多种多样，常见的以下几种： 1.财政融资。财政融资方式从融出的角度来讲，可分为：预算内拨款、财政贷款、通过授权机构的国有资产投资、政策性银行贷款、预算外专项建设基金、财政补贴。 2.银行融资。从资金融出角度即银行的资金运用来说，主要是各种代款，例如：信用贷款、抵押贷款、担保贷款、贴现贷款、融资租凭、证券投资。 3.商业融资。其方式也是多种多样，主要包括商品交易过程中各企业间发生的赊购商品、预收货款等形式。
Appendix： International Business Review 13 (2004) 383–400 Sources of export success in small and medium-sized enterprises: the impact of public programs Roberto Alvarez E Department of Economics, University of Chile, Santiago, Chile Abstract This paper analyzes differences in firm exporter performance for small and medium-sized enterprises (SMEs). Traditionally, it is argued that these firms face several disadvantages for competing in international markets. Few studies, however, exploit the fact that successful exporters exist within this group. Using data for Chilean firms, we study various explanations for differences between sporadic and permanent exporters. Our results suggest that greater effort in international business, process innovation, and the utilization of export promotion programs contribute positively to export performance in SMEs. In addition, we find that some forms of intervention are better than others: trade shows and trade missions do not affect the probability of exporting permanently, but exporter committees show a positive and significant impact. Key words: Export performance; Export promotion; Small- and medium-sized enterprises
《国际经济评论》2011年第3期 人民币国际化的现状和展望* [日]露口洋介 【内容提要】2009年7月,中国当局允许在跨境贸易中使用人民币结算。之后跨境贸易人民币结算量迅速增长,可以说人民币的国际化迈出了一大步。但就目前来看,人民币结算仅限于经常项目和一部分资本项目,尽管人民币交易在香港已较自由,但达到“国际化”程度还尚须时日。中国当局允许跨境贸易人民币结算的目的之一是摆脱过度依赖美元。在人民币完全实现“国际化”之前,推动货币多元化是一种次善之策,而日中间贸易结算使用日元对两国也是一种选择。 关键词:人民币国际化外汇管制跨境贸易结算资本项目管制 中国人民银行在2009年7月启动了跨境贸易人民币结算试点,并在2010年6 月扩大了试点范围,包括取消境外地域限制等。这一系列举措,让人们关注到人民币的国际化[1]已经开始启动。本文就当前开展中的人民币国际化的实际情况和今后的展望予以讨论。 一、人民币是一种什么样的货币? (一人民币的交易情况 在人民币获准可与境外结算以后,与以前相比发生了哪些具体变化呢? 作者系信金中央金库上席顾问。写作该文时作者系日本银行国际局亚洲金融合作中心特别研究员。本文由日本银行国际局亚洲金融合作中心吴冰翻译。 *本稿为修订稿,原登载于《东亚》月刊(2010年9月号霞山会。本文笔者个人见解,不代表日本银行、信金中央金库的立场。
[1]中国人民银行和中国政府并不使用“人民币国际化”这种表达方式。一般使用“跨境人民币结算试点”。 109 国际经济评论 首先,我们来看人民币交易情况的特征。[1]2007年4月人民币日均交易额为150亿美元,仅占全球外汇交易额的0.5%(2010年4月为0.9%,交易额很少。而同一时期的美元占比为85.6%,欧元为37.0%,日元为17.2%。[2]人民币外汇交易的对象货币基本上100%是美元。[3] 其次,来看比较贸易额和外汇交易额的比重。全球外汇交易额大约是贸易额的30倍左右,但人民币的该数字却只有2倍,新西兰元约250倍,美元约200倍,日元约100倍。可以看出,伴有资本交易的人民币外汇交易比率与其他货币相比非常低。即便从2010年4月的数据来看,人民币也仅为3.5倍,与美元、日元分别为240、140的倍率相去甚远。 另外,境内市场非居民的人民币交易也基本不存在。而美元、日元、欧元等主要货币在境内市场非居民中的交易比率超过50%。除日元以外,亚洲主要货币的该比率均在25%左右。这表明非居民的境内人民币交易受到严格管制。 再看境外人民币交易,基本上一种是被称为无本金交割远期外汇的交易(NDF。它是以人民币远期为交易对象,但实际交易结算是用美元等外币进行清算,不存在人民币的交割。根据东京外汇市场委员会统计,2007年4月在东京市场的人民币交易中,97%为NDF。[4]可以说在境外,人民币原则上并没有向账户汇款那样以实际交割的形式交易。[5]像这样的货币在实际业务中被称作不可交割货币。 (二中国对人民币外汇交易的管制 人民币外汇交易特征的原因是什么呢?主要是中国对外汇交易的管制。下面,我们把对跨境资金流动(贸易收付、借贷等资本交易的管制,和对汇兑交易的管
致力于打造高品质文档人民币国际化的现状及对中国经济的影响人民币国际化的现状及对中国经济的影响 世界贸易呈现出多元化开放格局，世界金融储备体系和世界贸易结算体系的变化趋势，促使全球货币体系必然趋向调整。因而，在全球范围内产生新的国际货币来调节和维护国际货币制度已成为必然趋势。人民币作为当下日益走俏的硬通货，成为国际货币应当是众望所归。本文拟在相关学者研究的基础上，探讨人民币国际化的现状，分析其对中国经济带来的利与弊的影响，以期利于观点的丰富，研究的加深。 一、人民币国际化的现状 衡量人民币国际化有三方面的标准：第一，人民币现金在境外享有一定的流通度；第二，以人民币计价的金融产品成为国际各主要金融机构的投资工具，以人民币计价的金融市场规模不断扩大；第三，国际贸易中以人民币结算的交易达到一定的比重。 1.人民币跨境流通规模不管是用直接法还是间接法估算，都能得出大致相同的结果，即按照时间的先后顺序，人民币跨境流通规模不断扩大，无论是人民币流入流进量、流通总额亦或是人民币境外滞留量，均表现出不断扩大的趋势。 2.人民币跨境流通的主要方式 人民币跨境流通分为出境和入境。首先，人民币出境主要有以下五种方式：一是贸易出境，即边境贸易的进口以人民币支付。二是旅游、消费出境。近年来，国内出境旅游者越来越多，尤其是到周边国家观光旅游者甚众，因而这些国家可以用人民币购买的商店越来越多，可以兑换人民币的银行等金融机构不断增多。三是投资出境。主要是以政府项目为基础的境外投资和私营企业在境外的直接投资，均带动了人民币资本流出。四是货币互换途径。这主要是以亚洲国家为主，通过货币互换以应对金融危机，其中部分货币互换是人民币与国外货币的互换。五是非法渠道出境（走私、毒品交易、地摊银行等）。另外，人民币入境的主要方式也有如下五种：一是贸易入境，即边境贸易支付流回境内。二是消费入境，指入境旅游、探亲带动的人民币资本流动。三是银行信用渠道入境主要包括境外居民直接在我国口岸金融机构存入人民币和外方银行将吸收的人民币存款转存至我国境内银行。四是投资入境，即境外居民到境内购买资产、直接投资等。五是走私入境。 3.人民币国际化的发展阶段 二、人民币国际化将给我国带来的利益 一国货币的国际化程度是本国经济在世界经济中地位的重要体现，掌握一种国际货币的发行权对于一国经济的发展具有十分重要的意义。 1.国际铸币税收入规模扩大 在现代货币制度下，铸币税并不是税收体系下的一个税种，而是指发行者凭借其发行货币的特权所获得的货币面值大于发行成本之间的差额，即货币发行带来的收入。一国货币成为国际货币可以获得丰厚的铸币税收入。同样，国际铸币税收入是实现人民币国际化之后的最大收益。发行国际货币便可以从其他国家征收铸币税，而且这种收益是无成本的。因此，如果人民币成为国际计价和支付货币，甚至成为储备货币后，我国将获得高额的铸币税税收。人民币国际化带来的国际
Sme financing problems related to the analysis First small and medium-sized enterprises financing status Reform and opening up china for 30 years of small and medium-sized enterprises obtained arapid development of enterprises 99 of the small and medium-sized enterprises of our countrymore than 60 GDP contribution tax over 50 provides 70 of import and export trade and80 of urban jobs. Small and medium-sized enterprises in our country is also an important powerof independent innovation 66 of invention patent 82 of new product development of smalland medium-sized enterprises from small and medium-sized enterprises has become the economicprosperity expanding employment adjusting structure promote innovation and new industriesof important strength. From 80 years since the outbreak of the international financial crisis the implementation ofthe positive fiscal policy and loser monetary policy but no small and medium-sized enterprisesfrom the proactive fiscal policy and moderate looser monetary policy benefit directly for instanceof the new 2008 225 million small loan only more than previous year but rose 1.4 only theloans increased 14.9 09 year three months of national
文献信息： 文献标题：A Theoretical Discussion of Internal Audit Effectiveness in Kuwaiti Industrial SMEs（科威特工业中小企业内部审计有效性的理论探讨）国外作者：Awn Metlib AL-SHBAIL，Turki A.A.TURKI 文献出处：《International Journal of Academic Research in Accounting, Finance and Management Sciences》, 2017,1(7):107-116 字数统计：英文2221单词，12805字符；中文4184汉字 外文文献： A Theoretical Discussion of Internal Audit Effectiveness in Kuwaiti Industrial SMEs Abstract This paper aims to scrutinise the association between the internal audit effectiveness and the four factors associated with International Standards for Professional Practice of Internal Auditing (ISPPIA): independence of internal auditors, scope of internal auditors, management support, and audited cooperation. The relationship between these factors and Satisfaction of internal auditors is also examined. Further, the moderating effect on the relationship between these factors (if present) and the effectiveness of IA among industrial SMEs in Kuwait are investigated through satisfaction of internal auditors. By ascertaining the effectiveness of IA at the industrial firms via theories as well as variables, this paper broadens the available literature on the effectiveness of IA. Key words：Internal audit effectiveness, satisfaction of internal auditors, Kuwaiti Industrial SMEs 1.Introduction Within the past few decades, internal audit departments have significantly contributed to organizational structure through value added services and thus, it has
Shan xi University of Finance and Economics 本科学年论文 论文题目：人民币国际化对中国经济的影响 姓名：万莱 学号：201404040205 班级：2014级金融工程2班 专业：金融工程 学院：财政金融学院 指导教师：张丽华 完成时间： 2016年5月
摘要 人民币境外流通的扩大终会导致人民币的国际化，人民币国际化趋势是市场选择的结果。人民币国际化将进一步促进中国边境贸易的发展；减少汇价风险,促进中国国际贸易和投资的发展；使中国获得国际铸币税收入；提升中国国际地位,增强中国对世界经济的影响力。但也会有对中国有不利的影响，如：增加宏观调控的难度，加大人民币现金管理和监测的难度，对中国经济金融稳定产生一定的负面影响等。此论文旨在探讨人民币国际化对中国经济的利与弊及解决对策。 关键词：人民币国际化中国经济利与弊解决对策
目录 1引言 (1) 1.1选题背景和意义 (1) 1.2国内外文献综述 (3) 3人民币国际化的利与弊 (7) 3.1人民币国际化有利的方面 (7) 3.1.1进一步促进中国边境贸易的发展 (7) 3.2人民币国际化不利的方面 (9) 4解决对策 (10) 4.1积极创造人民币国际化的政治、经济条件。 (10) 4.2进一步放宽人民币出入境限制。 (10) 4.3设立人民币自由兑换试验区。 (11) 4.4国家对人民币境外流通采取鼓励和保护政策。 (11) 4.5要进一步解决境外人民币回流的问题。 (11) 5结论 (12) 参考文献 (13)
1、引言 1.1选题背景和意义 1.1.1选题背景 为应对金融危机，美国实施了四轮量化宽松的货币政策，增发大量美元使美国获得更多的国际铸币税收益。这项政策虽在一定程度上使美国的经济有所回升，但加剧了通货膨胀，导致美元贬值，其实质是让全世界为其造成的全球性金融危机买单，降低了金融危机对美国国内经济和金融的影响。但是，美国作为国际大国以本国利益为准则制定货币政策，并未考虑其货币政策对其他国家的影响，这种做法严重影响了美国的国际地位和非居民对美元币值稳定的信心，导致美元的国际地位和信誉受到严重影响，非居民相应的减少了美元的需求量，增加其他货币的需求量，甚至开始寻求储备货币多元化战略与实施区域化货币，降低对美元的过度依赖，从而在一定程度上降低了国际金融危机的影响。对于中国来说，外汇储备中美元资产占到了四分之三以上，而美元大幅度贬值导致中国的外汇储备资产严重缩水。中国作为美国最大的债权国，如果美国发生债务危机，那么中国将是最大的受害者。同时，亚洲各国普遍把美元作为主要的国际储备货币，美元大幅度贬值使亚洲各国遭受严重损失。为了降低对美元的过度依赖，减少美元贬值对亚洲各国经济和金融的影响，亚洲各国开始寻求区域货币，为人民币走向国际化提供了很好的机遇。随着中国经济实力和国际影响力的提升，经济的开放度和市场化程度不断的深入发展，中国与周边国家和地区的贸易逐渐的使用人民币作为结算货币。尤其是金融危机以来，人民币不断的升值以及人民币币值的相对稳定，提高了人民币的国际地位和影响力，增加了非居民对人民币的需求量，人民币逐渐的在贸易结算、金融投资中充当交易货币，人民币逐步的实现了周边化，进而推动人民币的区域化甚至国际化。同时，中国政府为推进人民币国际化进程，与更多的国家签署货币互换协议，逐步的扩大人民币作为贸易结算和金融交易货币的使用范围。人民币国际化是中国经济发展和国际金融一体化的必然结果，因此，中国政府应做出多方面的努力，借鉴国际主导货币国际化的经验，准确的判断人民币国际化的影响因素，合理的评估人民币国际化的收益和风险，