2009年-ECB欧洲央行_ECB_survey_on_access_to_finance_for_small_and_medium-sized_enterprises_in_the_euro_area_–_first_half_2009_31页_1mb

Summary of the Survey on the Access to Finance of Small and Medium-Sized Enterprises in the Euro Area (September 2009)

Core Content

This report presents the findings of the first wave of the survey on the access to finance of small and medium-sized enterprises (SMEs) in the euro area, conducted between 17 June and 23 July 2009. The survey, carried out on behalf of the European Central Bank (ECB) and the European Commission, covers 8,762 firms across the European Union, with 6,091 (70%) located in the euro area. It aims to provide insight into SMEs' financial situation, financing structure, access to finance, and their expectations regarding future financing and growth.

Main Points and Key Findings

1. SMEs' Financial Situation

• Turnover and Profit Decline: Around half (50%) of euro area SMEs reported a decrease in turnover over the previous six months, with a similar proportion (33%) of large firms. However, SMEs experienced a more pronounced decline.
• Cost Increases: A net 23% of SMEs reported an increase in labour costs, and 25% in other costs (e.g., material and energy). Large firms showed a net decrease in other costs (-5%).
• Profit Impact: A net 38% of SMEs reported a decrease in profit, while 33% of large firms did. SMEs were more negatively affected by the economic downturn.
• Leverage Trends: SMEs showed a net increase in leverage (3%), whereas large firms experienced a net decrease (-12%), likely due to reduced profit levels.

2. Financing Structure and Needs

• Main Financing Sources: Bank loans (32%) and bank overdrafts/credit lines (30%) were the most common sources of external financing for SMEs, followed by leasing, hire purchase, and factoring (27%), and trade credit (15%).
• Market-Based Financing: Very low use of market-based financing (1%), with only 0.9% issuing debt securities and 1.3% relying on equity or external equity investors. This was attributed to both structural factors and the financial crisis.
• Financing Needs: Almost half (49%) of SMEs reported no major change in their need for external financing, but 11% reported an increase, particularly in bank loans. Large firms had a lower net increase (5%).
• Drivers of Increased Needs: Fixed investment (8%), inventories and working capital (5%), and insufficient internal funds (3%) were the main factors contributing to increased financing needs for SMEs.

3. Access to Finance

• Availability Deterioration: 33% of SMEs reported a deterioration in the availability of external financing, with 43% of those who applied for bank loans experiencing a decline.
• Application Success: 77% of SMEs had successful applications for bank loans, either fully or partially, while 12% were rejected. Micro firms had a higher rejection rate.
• Loan Terms and Conditions: A net 33% of SMEs reported an increase in non-interest rate costs, and 32% in collateral requirements. Interest rates increased by only 5%.
• Trade Credit Availability: 20% of SMEs reported a deterioration in trade credit availability, with a similar trend observed for large firms.

4. Expectations and Growth Obstacles

• Expectations on Financing: Most SMEs (58%) expected the availability of internal financing to remain unchanged, and 57% expected the same for bank loans. However, a slightly larger proportion expected deterioration than improvement.
• Growth Outlook: SMEs generally had a more pessimistic outlook on future growth, with 10% expecting to grow more than 20% over the next two to three years, compared to their past growth of 18%.
• Growth Obstacles: The most common obstacle to growth was "access to finance" (17%), followed by "competition" (14%), and lack of skilled staff (9%).

Key Information

• Survey Methodology: This is the first wave of the survey, so results cannot be compared with previous waves. The financial crisis and economic downturn likely influenced responses.
• Country Perspective: The Gallup Organisation, which conducted the survey, also provided a country-specific analytical report in parallel with this ECB report.
• SME Size Differences: Micro firms were more affected by financing issues, including higher rejection rates and greater difficulty in accessing loans and trade credit.
• Lack of Equity Ambitions: Less than 1% of SMEs expressed a desire to list on the stock exchange, with 77% considering themselves too small for such an undertaking.

Conclusion

The survey indicates that SMEs in the euro area faced significant challenges in accessing finance during the first half of 2009, particularly due to the financial crisis and economic downturn. While most SMEs managed to secure financing, the terms and conditions became more restrictive, especially for smaller firms. The overall financial situation of SMEs was more negative than that of large firms, with a greater impact on turnover and profit. The primary obstacles to growth included access to finance, competition, and the lack of skilled staff, with SMEs expressing a more pessimistic outlook on future growth compared to their past performance.