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On the side of the angels 站在天使这边

天之聪教育 2012-06-19 未知 131次

 

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韩刚老师中级面授班授课实录

 

韩刚:毕业于外交学院英语翻译理论与实践专业,曾以优异成绩考入外交部翻译室接受培训,后调任新闻司担任新闻发言人同传;曾为国际大型会议担任同传逾百场,口译实战经验颇丰。 作为B2A口译系统教学法创始人,自2003年起潜心钻研口译培训,注重系统传授,教学踏实认真,方法科学得当,现已在北京翻译培训界独树一帜,是深得广大学员尊重和爱戴的口笔译资深权威讲师。

 

马茜老师初级面授班授课实录

 

马茜:北京外国语大学毕业,师从韩刚老师,一次性获得人事部二级口、笔译证书及教育部中级口译证书,现为天之聪教育口译讲师。


Special Report:Financial Innovation



On the side of the angels

站在天使这边

New ways of lending to small businesses
小企业融资的新方式
 

IF THERE IS one bit of finance where people agree on the need for more innovation, it is in lending to small business. Policymakers are desperate to get more credit flowing to this vital engine of economic growth. Banks claim that lending is muted because demand is subdued, but that is not the only problem. Small and medium-sized enterprises (SMEs) are harder credit risks to assess than large ones, so they attract higher capital charges and are often the first to lose their funding in a downturn.

如果说在金融领域还有某处被公认为需要更多创新,那么它应该是小企业融资。对政策制定者来说,他们用尽全力来让这一经济增长的关键发动机得到更多信贷。从银行的角度看,它们认为小企业融资难的问题在于没有多少需求,但这还不是唯一的问题。相比于大企业,中小企业的信用风险更难度量,因此流向它们的信贷往往会要求一个更高的回报,而且当经济处于下行阶段时,流向这类企业的资金往往最容易损失。

A host of new firms have sprung up with solutions. Some are seeking to fill the gap left by the banks, rather than overhaul the way that lending is done. Shawbrook is a new, specialised lender to small firms in Britain, where the dominance of a handful of big banks makes the choice for SMEs particularly limited. Owen Woodley, Shawbrook’s boss, says that it can get its credit analysis done faster than the established institutions.

最近,大量旨在解决中小企业融资难题的新企业开始出现。其中一些希望能够填补银行业务所不能覆盖的空白区域,从而避免在信贷资金充裕的领域与银行展开过度竞争。来自英国的Shawbrook公司就是这样一个专门向小企业融资的机构,在英国,占主导地位的大银行很少将中小企业作为业务对象。Shawbrook的老总Owen Woodley则说,它们公司做信贷风险评估的速度比那些大机构还快。

Other firms are trying to reinvent small-business financing by providing virtual marketplaces where investors and SMEs can come together. In the world of equity capital the pacesetter is a British firm called Crowdcube, which uses the idea of “crowdfunding” to enable lots of investors to buy up small stakes in start-up firms.

另外一些企业则试图改造小企业融资模式,致力于为投资者和中小企业提供虚拟的交易平台,以便于二者进行沟通。在股权融资领域,此类企业的先行者是来自英国的一家名为Crowdcube的公司,该公司用密集融资的方式来让投资者购买初创期公司的小部分股权。

Picking winners among entrepreneurs is notoriously difficult. Venture capitalists’ answer is intensive screening by a small team of dedicated investors, followed by hands-on involvement in the business. The Crowdcube model, which is due to come to America if crowdfunding legislation passes, depends on the ability of thousands of members to ferret out the best ideas. The general public cannot match the expertise and commitment of dedicated “angel” investors if a firm gets funded, admits Darren Westlake, Crowdcube’s founder. But it helps to have lots of investors acting as advocates for a start-up firm.

一直以来,人们很难从大量企业家中找到将来会成功的那几位。对此,风险投资家的解决之道是用一个专业投资者组成的团队进行大量调查,进而参与到企业经营中去。如果Crowdcube公司的密集融资能够得到法律认可,那么该运营模式可以很快推广到美洲,这一模式依赖于从成千上万的数据中找到最佳人选的能力。Crowdcube公司的创始人Darren Westlake承认,公众不可能有资深天使投资人那样的专业知识和专注程度。不过,如果大量投资者都看好某个初创期企业,那么这就可以帮助人们找到将会成功的企业家。

The same peer-to-peer model lies behind Funding Circle, another British start-up which launched in 2010 to facilitate lending to small businesses for periods of one to three years. Businesses go through an underwriting process before they get on to the company’s website, where lenders, predominantly individuals, can bid on the rate at which they are prepared to lend. The average loan is £40,000 ($63,000), the rates are competitive and firms get hold of the money within about two weeks. Samir Desai, a co-founder, dismisses the argument that lending to small firms requires bankers to make personal credit assessments: “SMEs want low costs, a quick process and a transparent fee structure, not a relationship.” Lenders are encouraged to spread their risk among at least 20 borrowers.

在2010年刚创立的另外一家英国企业Funding Circle也为小企业提供1-3年期的授信服务,该企业同样使用类似的点对点融资模式。在这家公司,贷款人和具有优势地位的个人可以就贷款款利率进行谈判,谈妥后该公司负责对该项债务融资进行具体的承销。公司提供的平均贷款额为四万英镑(约六万三千美元),而提供的贷款利率则极具竞争性,当借款人和贷款人达成融资协议后,该公司可以将该笔贷款款项持有两周。Funding Circle公司的联合创始人Samir Desai不认为向小企业融资需要银行家去做个人的信用评估,他认为:“中小企业希望获得的是低成本、快捷、费用结构透明的融资渠道,而不是一种需要经常维系的关系”。对融资者而言,该公司则往往鼓励这些人将资金分散借给至少20个人,以此来降低风险。

There is another way of speeding up the underwriting process: taking a bet not on an SME itself but on its debtors. The Receivables Exchange, launched in New Orleans in 2007, enables investors to buy up invoices, or fractions of them, owed to small businesses. The idea is similar to factoring, whereby firms sell off all their invoices at a discount to improve their cashflow. But the idea behind The Receivables Exchange—and MarketInvoice, a British equivalent—is to break receivables down into small, tradable units so that buyers can make judgments on individual debtors and diversify their holdings. “We provide electron-level transparency,” says Nic Perkin, a co-founder of The Receivables Exchange. Transactions are somewhat less minuscule, approaching a rate of $1 billion a year.

还有另一种方式可加速这一债务发行过程:将所承担的风险放在债权人身上,而不是放在债务人身上。在2007年于奥尔良建立的Receivables Exchange公司就能让投资者购买一种票据,此类票据标志着小企业的欠款。这个想法与上面提到的分散化借款的想法很一致,企业在一定折扣的基础上卖出票据,以此获得现金来改善自己的经营状况。不过,与Receivables Exchange持有相同想法,并经营相同业务的英国公司MarketInvoice则将应收账款分解为小额、交易的单位,以便于购买人辨识债务人的状况以及做出分散化持有的决策。Receivables Exchange 公司的联合创立人Nic Perkin 说:“我们在交易中提供的透明度可以达到电子化交易的水平”。交易额其实也不是很小,预计一年可以达到十亿美元。

 

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