外文翻译--德国中小型企业融资VIP免费

外文文献翻译一、外文原文原文：Financing the German Mittelstand In general, a long-term shift in the structure of demand for external finance has taken place. The degree to which the largest non-financial firms have relied upon internal finance has increased significantly since the beginning of the 1970s.After examining the sources and uses of funds by German industrial firms between 1970 and 1989, Edwards and Fischer (1994) conclude that retained earnings financed 62 percent of firms investments. In fact, when only the purchase of physical assets is considered, only 11 percent of the funding was financed by German banks. Financial institutions While considerable attention has been placed on the role that the Grossbanken play in terms of financing the largest manufacturing corporations of Germany,8 substantially less emphasis has been placed on the other institutions comprising the German financial system. Vitols (1994) points out that, in fact, the Big Three banks only account for slightly less than one-tenth of all banking assets. The bulk of credit from the Big Three private banks is channelled into the largest firms. According to Vitols (1994, p. 7), “These banks have traditionally confined their industrial lending activities to larger corporate accounts.”The largest financial institutions are the Sparkassen, which are essentially public savings banks, and the Genossenschaftsbanken, which essentially are co-operative banks. While the Sparkassen account for around forty percent of all banking assets, the Genossenschaftsbanken account for about 15 percent of total banking assets (Deeg, 1992). These financial institutions are generally oriented towards financing the German Mittelstand. Vitols (1994) points out that...