Question

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 “conventional wisdom” argues that the inadequate financing of SMEs is to a significant extent rooted in “supply-side” features. That is, the way in which financial institutions operate is biased against offering financing to SMEs; as a consequence, many banks and other financial institutions become uninterested in being involved with SMEs. The conventional view highlights a number of factors that might constrain financial institutions. To start, financing SMEs is difficult because they are opaque.Opaqueness means that it is difficult to ascertain if firms have the capacity to pay (they have viable projects) and/or the willingness to pay (due to moral hazard). This opaqueness particularly undermines lending from institutions that want to engage in the more impersonal or arms-length financing that requires hard, objective, and transparent information.

Second, relative to large firms, SMEs are more likely to be informal, particularly
in developing countries. This not only makes opaqueness worse, but it also poses
additional obstacles and risks to SME lending.8 For example, banks cannot lend to SMEs as much as would be warranted if firms do not report reliably their full financial activity on their financial statements.9 Furthermore, informality implies that the firm has unrecorded, contingent senior liabilities to the government and its own employees. Faced with the risk that tax and/or labor authorities could cause such liabilities to materialize, banks would lend less to SMEs or charge a higher risk premium.
请勿用翻译软件翻译！非常感谢

Answer 1

传统的智慧认为不足的中小企业融资是植根于"供方"功能很大程度上。 就是金融机构的运作的方式对提供中小企融资偏见 ； 作为结果很多银行及其它财务机构成为中涉及与中小型企业不感兴趣。 传统视图中突出显示多个因素，可能会限制金融机构。 若要开始，因为它们很难确定公司是否有能力 （既有可行的项目） 的薪酬和/或 （由于向道德风险） 支付意愿的 opaque.Opaqueness 意味着中小企融资难。 此 opaqueness 特别是削弱贷款从想从事更非人格化的机构或手臂长度融资的需要努力，目标和透明的信息。 第二，相对于大的公司中小企是更容易不拘特别在发展中国家。 这不仅使 opaqueness 糟糕的却也带来了更多的障碍和风险中小企业 lending.8，例如，银行不能借给中小型企业，更会保证公司不会报告可靠地他们全面金融活动对其财务 statements.9 再说，如果 informality 表示该公司有 unrecorded 或有高级负债政府和自己的员工。 面对这种风险： 税和/或劳动部门可能会导致这类责任具体化，银行会借少为中小型企业或收取更高的风险溢价。

(不好意思，有些词不会翻译。- -~~）