2017年-ECB欧洲央行_Survey_on_the_Access_to_Finance_of_Enterprises_in_the_euro_area_−_April_to_September_2017_41页_662kb

Summary of the Survey on the Access to Finance of Enterprises in the Euro Area (April to September 2017)

Core Content

This summary outlines the key findings from the 17th round of the Survey on the Access to Finance of Enterprises (SAFE) conducted in the euro area between April and September 2017. The survey highlights the continued improvement in the financial situation of enterprises, particularly SMEs, and examines the trends in their financing needs, availability, and obstacles.

Main Findings

1. Overall Financial Situation of SMEs

• The financial situation of SMEs in the euro area continued to improve, reflecting ongoing economic expansion and better financing conditions.
• Turnover: A net 27% of SMEs reported increased turnover, up from 19% in the previous survey round. This was consistent across all firm sizes.
• Profits: For the first time since the survey began, SMEs reported a net increase in profits (5%, from 0%), with stronger gains among small firms.
• Deleveraging: SMEs continued to reduce their debt-to-asset ratio, with a net decline of -10% (from -8%).
• Labour Costs: Labour costs increased for all SMEs, with a net 49% of firms reporting higher costs, though micro firms were less affected than larger ones.
• Other Costs: A net 48% of SMEs reported increased other costs, with some variation by country.

2. Access to Finance as a Concern

• Access to finance remained the least important concern for SMEs, with only 8% citing it as their primary issue (down from 9%).
• Greece: SMEs in Greece were still disproportionately affected by poor access to finance, with 23% identifying it as their biggest problem.
• Customer Acquisition: Finding customers remained the top concern for SMEs at 24%, slightly down from 26% in the previous survey.
• Skilled Labour: The availability of skilled labour became a close second concern, with 23% of SMEs citing it as their main issue (up from 19%).

3. External Financing Sources and Needs

• Banks: Banks remained the most relevant source of finance, with 53% of SMEs considering bank overdrafts and 52% for bank loans.
• Leasing/Hire-purchase: 46% of SMEs considered leasing or hire-purchase relevant.
• Demand Trends:
  • Bank loans demand stagnated (3%, from 3%).
  • Bank overdrafts demand increased (4%, from 6%).
  • Trade credit demand rose (9%, from 8%).
  • Leasing/hire-purchase demand increased (11%, from 10%).
• Large Firms: Large firms showed a greater increase in external financing needs compared to SMEs, particularly in bank loans and overdrafts.

4. Availability of External Financing

• The availability of external financing improved across the euro area.
• Bank Loans: A net 12% of SMEs reported improved availability of bank loans.
• Bank Overdrafts: A net 12% of SMEs indicated improved availability of bank overdrafts.
• Greece: Despite improvements, Greece still reported a net deterioration in loan availability (-23%, from -3).
• Financing Obstacles: The overall financing obstacles indicator decreased to 8% (from 10%), with the rejection rate of loans declining slightly (5%, from 6%).

5. Expectations for Future Financing

• Enterprises remained optimistic about the future availability of most financing sources.
• Interest Rates: Interest rates for SMEs declined by -5%, though less sharply than in the previous survey (-9%).
• Non-Interest Charges: Banks offset lower interest rates with higher non-interest charges, with 30% of SMEs reporting increased financing costs due to fees and commissions.

Key Information

• Total Sample: 11,202 enterprises, with 91% being SMEs (fewer than 250 employees).
• Financing Gap: The external financing gap remained negative at the euro area level, indicating that the increase in demand was less than the improvement in access.
• Country Variations:
  • Germany: Strongest improvements in turnover and profits.
  • Greece: Continued challenges in access to finance, but with the largest improvement in the financing gap.
  • France and Italy: Positive net effects on profits and leverage, marking a shift from previous negative trends.
• Monetary Policy Impact: The monetary policy measures introduced in June 2014 continued to support SMEs' access to credit.

Conclusion

The survey indicates that SMEs in the euro area have experienced continued improvement in their financial situation and access to external financing. While access to finance is still a concern, it is no longer the primary issue for most SMEs. The availability of bank loans and overdrafts has improved, and the demand for external financing has increased moderately. These trends are supported by the ongoing economic expansion and the easing of bank credit standards. However, Greece remains an exception, with persistent challenges in accessing finance. Overall, the results suggest a positive outlook for the future of enterprise financing in the euro area.