2010年-ECB欧洲央行_Survey_on_the_access_to_finance_of_SMEs_in_the_euro_area_–_March_to_September_2010_23页_287kb

Summary of the Survey on the Access to Finance of SMEs in the Euro Area (March to September 2010)

Core Content

This report presents the findings of the third wave of the "Access to Finance of Small and Medium-Sized Enterprises" survey conducted between 30 August and 21 September 2010. It provides an overview of the financial situation, financing needs, access to finance, and expectations of SMEs in the euro area, comparing them with large firms, over the preceding six months (March to September 2010).

Main Findings

1. Financial Situation of SMEs

• Overall Improvement: The financial situation of euro area SMEs improved compared to previous surveys, with a near-zero net balance in turnover changes.
• Profit Deterioration: Despite the improvement in turnover, profits for SMEs continued to decline, with 21% reporting reduced profits.
• Debt-to-Asset Ratio: The debt-to-asset ratio decreased further, indicating some deleveraging by SMEs.
• Large Firms: Large firms fared better, with 36% reporting increased turnover and net increases in profits resuming in the first half of 2010.
• Sectoral Differences: Only industrial SMEs showed clear positive improvements, while services and construction sectors lagged.

2. Financing Structure and External Financing Needs

• Increased External Financing Use: SMEs used more external financing than in previous surveys, particularly overdrafts, credit lines, and credit card overdrafts, which became the most used form of external finance.
• Financing Needs: External financing needs increased mildly, with 40% of SMEs using bank loans, and a net 3% increase in need for bank loans.
• Trade Credit: Use of trade credit also increased, showing a revival of inter-company financing.
• Large Firms: Large firms showed a noticeable increase in financing needs, especially for inventory and working capital and mergers and acquisitions.

3. Access to Finance

• Availability of Bank Loans: Availability of bank loans worsened for SMEs, with 24% reporting further deterioration and 12% improvement. This was less severe than in 2009.
• Rejection Rates: Bank loan rejection rates decreased significantly for SMEs, from 18% in the second half of 2009 to 11% in mid-2010.
• Successful Applications: The percentage of SMEs receiving full loan amounts increased from 56% to 63%.
• Terms and Conditions: Most SMEs reported worsening terms for bank loans, including higher interest rates and collateral requirements.
• Expectations: SMEs expected no major change in access to finance over the next six months, while large firms were more optimistic, expecting improvements.

4. Country-Level Analysis

• Germany: Showed the most positive income indicators, with a net 14% increase in turnover and less profit deterioration.
• France: SMEs reported a net increase in turnover but continued decline in profits, with a reduced deterioration in bank loan availability.
• Spain: Continued to experience the most difficult income situation, with a high rejection rate for bank loans (14% in the first half of 2010), but a significant improvement in loan success compared to 2009.
• Smaller Euro Area Countries: Experienced a sharp decline in financing needs and deterioration in loan availability.

5. Sectoral Analysis

• Industry: Led the revival in business activity, with a net 14% increase in turnover and less profit deterioration.
• Trade and Other Services: Turnover remained negative, and profit improvements were mild.
• Construction: Still lagged behind, showing fewer signs of recovery.
• Expectations: Industrial SMEs were more optimistic about future access to finance, while construction SMEs expected further deterioration.

Key Information

• Sample Size: 5,312 firms in total, of which 4,906 were SMEs.
• Survey Methodology: Conducted by IPSOS MORI, with stratified sampling by firm size, country, and economic activity.
• Changes in Survey: Introduced a new category of financing sources: bank overdrafts, credit lines, and credit card overdrafts.
• Internal Funds: A significant proportion of SMEs (nearly half) had sufficient internal funds and did not apply for external financing.
• Fears of Rejection: 6% of SMEs did not apply for loans due to fear of rejection, a stable figure over time.

Conclusion

The survey indicates a modest recovery in the financial situation of euro area SMEs, particularly in industrial sectors, with a reduced reliance on external financing and improved access to bank loans. However, profitability and access to finance remain challenging, especially in services and construction. While SMEs expect no major change in access to finance, large firms are more positive about future prospects. The availability of bank loans has improved compared to 2009, but still shows a downward trend. The use of short-term financial instruments like overdrafts and credit lines has increased, suggesting their importance in SMEs' financial strategies.