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1、NEWIDEASFROMTHEWORLDBANKOFSMALLANDMEDIUMENTERPRISESWorldBankGroupSMEDepartmentVol.2,No.1March2001AthrivingSMEsectoriscrucialtospurringgrowthandreducingpovertyindevelopingandtransitioneconomies.ButfinancialinstitutionsoftenavoidSMEs,sensing—understandably—thatthetransact
2、ioncostsoffinancingthemwillbeexcessivelyhigh.WhatSMEsneedisnottobeleftwithoutaccesstocapital,butapproachedonanewmodelthatcombinesearly-stageequityinvestmentandperformance-enhancingtechnicalassistance,writesBertvanderVaart,CEOofSmallEnterpriseAssistanceFunds(SEAF).ThisUS
3、-andDutch-basedNGOmanagesanetworkof14commerciallydriveninvestmentfundsworldwidewithtotalassetsof$140million,andhasdevelopedaunique“equityplusassistance”approachtoSMEinvesting. Smallandmediumsizedenterprises(SMEs)Sarewidelycreditedwithgeneratingthehighestratesofrevenuean
4、demploymentgrowthinvirtuallyalleconomies.Intransitionanddevelopingcountriesopentoforeigndirectinvestment,theyalsotendtopaydisproportionatelymoreintaxesandsocialsecuritycontributionsthaneithertheirlargerandsmallercounterparts.Largerenterprises,especiallymultinationals,of
5、tenfindawaytoreducetheirtaxobligationsthroughtransferpricing,royaltypayments,andnegotiatedtaxholidays.Microenterprises,ontheotherhand,oftenfallintheinformalsector,neitherpayingtaxesnormakingsocialsecuritycontributions.YetifSMEsconstituteacriticaldimensionofgrowthanddeve
6、lopmentandareoftenwellpositionedtoachievehighrevenueandprofitgrowth,whyhaveprivateandpublicfinancinginstitutionsaliketendedtoavoidinvestinginthem?Thereasonsaremultipleand,forthemostpart,understandable.Forprivateinvestors,theamountofworkrequiredtoinvestrelativelysmallsum
7、sintoseveralSMEsseemsunattractivecomparedtotheworkneededtosupportfewerinvestmentsinlargercompanies.Moreover,investinginlocalSMEsalsoofteninvolvesworkingwithentrepreneurswhoarelessfamiliarwithconventionalfinancingrelationships,businesspractices,andtheEnglishlanguagethanp
8、rincipalsoflargerfirms.Accordingly,mostprivatecapitalwouldmuchprefertoinvestinafewlarge-assetTherearebroaderis
