问题描述：
求英文翻译,我自己试过了,被老师刷了,求助,必追加!
In a global economy with global markets, such as ours , that is driven by continuous technological innovation and an ever increasing number of competitors, innovation, investment and internationalization are of outmost importance for all the firms and cannot be just the preserve of medium and large enterprises, as we have broadly seen so far. Small firms have to be in a position to take a full part in these crucial activities. This is not possible without a determined effort by Governments to channel an increasing flow of private savings toward SMEs, since they represent a large portion of any country’s production capacity and employment.
Guarantees can prove to be a highly effective policy instrument to achieve these goals, provided that they are more focused on those enterprises that are more financially constrained in pursuing these objectives. Innovation, research, internationalization are all risky areas that financial markets and institutions are generally reluctant to finance. They are even more reluctant in the case of SMEs because of the more unfavourable trade-off between risk and return. Guarantees can help Governments in overcoming this hurdle, as they can help in pursuing other valuable economic objectives, such as the development of some regions or sectors.
In any case, as there is a need to sharpen the focus of a public guarantee system, so there is a need to better tailor their conditions in terms of coverage ratio and costs for the borrowing firm. According to the Fund’s experience, coverage ratios that are far below 80 per cent of the loan can narrow the room for moral hazard. Nevertheless, coverage ratios can also be instrumental in discriminating among firms with different financial needs and across different business projects. Accordingly, they should be an increasing function of the project priority and a decreasing one of the size of the loan.
In a global economy with global markets, such as ours , that is driven by continuous technological innovation and an ever increasing number of competitors, innovation, investment and internationalization are of outmost importance for all the firms and cannot be just the preserve of medium and large enterprises, as we have broadly seen so far. Small firms have to be in a position to take a full part in these crucial activities. This is not possible without a determined effort by Governments to channel an increasing flow of private savings toward SMEs, since they represent a large portion of any country’s production capacity and employment.
Guarantees can prove to be a highly effective policy instrument to achieve these goals, provided that they are more focused on those enterprises that are more financially constrained in pursuing these objectives. Innovation, research, internationalization are all risky areas that financial markets and institutions are generally reluctant to finance. They are even more reluctant in the case of SMEs because of the more unfavourable trade-off between risk and return. Guarantees can help Governments in overcoming this hurdle, as they can help in pursuing other valuable economic objectives, such as the development of some regions or sectors.
In any case, as there is a need to sharpen the focus of a public guarantee system, so there is a need to better tailor their conditions in terms of coverage ratio and costs for the borrowing firm. According to the Fund’s experience, coverage ratios that are far below 80 per cent of the loan can narrow the room for moral hazard. Nevertheless, coverage ratios can also be instrumental in discriminating among firms with different financial needs and across different business projects. Accordingly, they should be an increasing function of the project priority and a decreasing one of the size of the loan.
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