2015年-ECB欧洲央行_Survey_on_the_Access_to_Finance_of_Enterprises_in_the_euro_area_–_April_to_September_2015_39页_522kb

Summary of the Survey on the Access to Finance of Enterprises in the Euro Area (April to September 2015)

Core Content

The 13th round of the Survey on the Access to Finance of Enterprises (SAFE) in the euro area, conducted between September 21 and October 26, 2015, collected data from 11,226 enterprises, with 91% being SMEs (fewer than 250 employees). The report focuses on changes in the financial situation, financing needs, and access to external financing of SMEs and compares them with large enterprises. It also highlights country-specific developments.

Main Findings

1. Financial Situation of SMEs

• Turnover: SMEs reported a net increase in turnover (17%), with the exception of Greece, where it declined (-29%).
• Labour and Other Costs: Labour costs increased for SMEs (41%), but at a slower rate than before. Other costs also increased (34%), though less than in the previous survey.
• Profits: A net 1% of SMEs reported an increase in profits, down from 10% in the previous period.
• Debt-to-Assets Ratio: SMEs reported a net decline in their debt-to-total assets ratio (-6%), with Greek SMEs showing the largest increase (9%).
• Interest Expenses: A net 1% of SMEs reported a decrease in interest expenses, compared to 2% in the previous survey. Large enterprises saw a larger decline (25%).

2. Access to Finance

• Concerns: "Finding customers" remained the most important concern for SMEs (25%), followed by "Availability of skilled labour" (17%), "Competitive pressures" (14%), "Cost of production" (14%), and "Regulation" (13%). "Access to finance" was the least important (11%).
• Country Differences: In Greece, 30% of SMEs named access to finance as their main problem, while in Ireland and the Netherlands, it was 13%, and in Austria, Finland, and Germany, it was around 7%.
• Financing Gap: The overall financing gap for SMEs became negative for the first time since 2009, indicating an improvement in access to finance.
• Loan Applications: 30% of SMEs applied for loans, with 66% successful and 9% rejected. The overall financing obstacles indicator dropped slightly to 12%.

3. External Financing and Needs

• Sources of Finance: Bank loans and overdrafts were the most relevant sources, with 54% and 55% of SMEs considering them relevant. Grants and subsidised loans were relevant for 37%, leasing for 45%, and trade credit for 34%.
• Financing Needs: Net needs for bank loans and overdrafts increased, but at a slower pace than before. A net 1% of SMEs reported increased needs for bank loans and 5% for overdrafts.
• Country-Specific Trends: In Greece, net needs for bank loans increased by 35%, while in Germany, they decreased. In Spain and Italy, needs for trade credit remained high.

4. Terms and Conditions of Bank Loans

• Improvements: On balance, SMEs reported improved terms and conditions for bank loans, including lower interest rates and increased loan size and maturity.
• Collateral Requirements: A positive net percentage of SMEs still indicated tightening collateral and other requirements, though this trend was declining.

5. Large Enterprises

• Financial Situation: Large enterprises had a better financial situation than SMEs, with increases in both turnover and profits.
• Access to Finance: Large enterprises had a higher success rate in loan applications (83%) and a lower rejection rate (1%) compared to SMEs (66% and 9%).
• Interest Rates: Large enterprises paid interest rates approximately 180 basis points lower than SMEs.

Key Information

• Survey Period: April to September 2015.
• Sample Size: 11,226 enterprises, with 10,238 being SMEs.
• Financing Gap: The financing gap for SMEs became negative at the euro area level for the first time since 2009.
• Country Variations:
  • Greece: Highest net worsening in turnover and financing gap.
  • Ireland, Portugal, Slovakia, Spain: Largest improvements in availability of bank loans.
  • Austria, Finland, Germany: Lowest percentages of SMEs reporting access to finance as a main problem.
• Financing Purposes: Fixed investment and inventory and working capital were the two most important purposes for SMEs, with importance increasing with firm size.

Main Viewpoints

• Improvement in Access to Finance: The overall access to finance improved, with the financing gap turning negative.
• Divergence Across Countries: There was significant variation in the perception of access to finance and other financial challenges among euro area countries.
• SMEs' Challenges: While access to finance became less of a concern, SMEs still faced issues with finding customers, skilled labour, and rising costs.
• Large Enterprises' Advantage: Large enterprises had better financial performance and more favorable access to external financing compared to SMEs.

Conclusion

The SAFE survey highlights a gradual improvement in the financial situation of SMEs in the euro area, with increased turnover and reduced financing obstacles. However, significant country-specific variations persist, particularly in Greece, where access to finance and turnover remained major challenges. The availability of bank financing improved, and SMEs increasingly used it for fixed investment and working capital. Despite these improvements, collateral requirements and other financing conditions still posed some challenges.