2012年-ECB欧洲央行_Survey_on_the_access_to_finance_of_small_and_medium-sized_enterprises_in_the_euro_area_–_April_to_September_2012_32页_934kb

Summary of the Survey on the Access to Finance of Small and Medium-Sized Enterprises in the Euro Area (April to September 2012)

Core Content

This report presents the results of the sixth round of the Survey on the Access to Finance of Small and Medium-Sized Enterprises (SAFE) in the euro area, conducted between 3 September and 11 October 2012. It provides insights into the financial situation, financing needs, access to external financing, and expectations of SMEs in the euro area, comparing them with large firms.

Main Results

Financial Situation of SMEs

• Turnover: A net 10% of SMEs reported a contraction in turnover, a further deterioration compared to the previous period (-2% in H2 2011).
• Profits: A net -34% of SMEs reported a deterioration in profits, compared to -27% in H2 2011.
• Costs: Increased labour and other costs were reported by 45% and 69% of SMEs, respectively.
• Leverage: SMEs' leverage decreased slightly (-3%), but the construction sector saw an increase (3%).
• Interest Expenses: Net interest expenses declined by 19%, compared to 24% in H2 2011.

External Financing Needs and Access

• Bank Loans: 33% of SMEs used bank loans, down from 35% in H2 2011.
• Bank Overdrafts/Credit Lines: 41% of SMEs used these, down from 42%.
• Trade Credit: Declined in usage.
• Financing Needs: Net need for bank loans and overdrafts decreased (5% and 12%, respectively), while the need for fixed investment increased (28%).
• Access to Finance: A net -22% of SMEs reported a deterioration in the availability of bank loans, compared to -20% in H2 2011.
• Rejection Rates: 15% of SMEs had their loan applications rejected, the highest since H2 2009. Micro firms had a higher rejection rate (24%).

Terms and Conditions of Loan Financing

• Interest Rates: A net 27% of SMEs reported an increase in interest rates, down from 42% in the previous survey.
• Other Costs: A net 52% of SMEs reported an increase in other financing costs.
• Collateral Requirements: Increased by 39%, compared to 36% in H2 2011.
• Loan Size: Declined by -8%, down from -1% in H2 2011.

Expectations for Future Access to Finance

• SMEs expect a further deterioration in access to bank loans and overdrafts (-15% and -13%, respectively).
• Expectations of internal fund deterioration increased (-10%, compared to -3%).
• The construction and trade sectors were the most pessimistic about internal funds (-20% and -11%, respectively).
• Younger SMEs were less pessimistic than older firms.

Key Information

Country-Specific Trends

• Turnover and Profits: Declined across most euro area countries, with the most severe in Greece (-77%), Spain (-64%), and Italy.
• Leverage: The deleveraging process slowed, with the Netherlands and Italy showing higher leverage.
• Access to Finance: The availability of bank loans deteriorated in most countries, with the exception of Germany. Greece and the Netherlands had the highest rejection rates.
• Expectations: Most countries expected a further deterioration in access to finance, with Greece showing the lowest expectations.

Comparison with Large Firms

• Large firms reported a more favorable financial situation, with a small decline in profits (-10%) and an increase in leverage (from -6% to 1%).
• For large firms, access to finance was less of a concern than for SMEs, with "Finding customers" and "Cost of production or labour" being more pressing issues.
• Large firms had higher success in loan applications (72%) and lower rejection rates (5%).

Main Viewpoints

• The financial situation of SMEs worsened in the second half of 2012, particularly in construction and trade sectors.
• Access to external financing became more difficult, with a notable decline in the availability of bank loans and overdrafts.
• The demand for external financing decreased, but internal funds remained a key constraint.
• Banks became more cautious, leading to stricter lending conditions and higher rejection rates.
• Expectations for the future remained negative, with SMEs anticipating further challenges in accessing finance.
• Country-specific data showed varying degrees of financial strain, with Southern European countries (Greece, Spain, Italy, Portugal) facing the most severe issues.