求英文翻译,我自己试过了,被老师刷了,求助,必追加!In a global economy with global markets, such as ours , that is driven by continuous technological innovation and an ever increasing number of competitors, innovation, investment and

求英文翻译,我自己试过了,被老师刷了,求助,必追加!In a global economy with global markets, such as ours , that is driven by continuous technological innovation and an ever increasing number of competitors, innovation, investment and
求英文翻译,我自己试过了,被老师刷了,求助,必追加!
In a global economy with global markets, such as ours , that is driven by continuous technological innovation and an ever increasing number of competitors, innovation, investment and internationalization are of outmost importance for all the firms and cannot be just the preserve of medium and large enterprises, as we have broadly seen so far. Small firms have to be in a position to take a full part in these crucial activities. This is not possible without a determined effort by Governments to channel an increasing flow of private savings toward SMEs, since they represent a large portion of any country’s production capacity and employment.
Guarantees can prove to be a highly effective policy instrument to achieve these goals, provided that they are more focused on those enterprises that are more financially constrained in pursuing these objectives. Innovation, research, internationalization are all risky areas that financial markets and institutions are generally reluctant to finance. They are even more reluctant in the case of SMEs because of the more unfavourable trade-off between risk and return. Guarantees can help Governments in overcoming this hurdle, as they can help in pursuing other valuable economic objectives, such as the development of some regions or sectors.
In any case, as there is a need to sharpen the focus of a public guarantee system, so there is a need to better tailor their conditions in terms of coverage ratio and costs for the borrowing firm. According to the Fund’s experience, coverage ratios that are far below 80 per cent of the loan can narrow the room for moral hazard. Nevertheless, coverage ratios can also be instrumental in discriminating among firms with different financial needs and across different business projects. Accordingly, they should be an increasing function of the project priority and a decreasing one of the size of the loan.

求英文翻译,我自己试过了,被老师刷了,求助,必追加!In a global economy with global markets, such as ours , that is driven by continuous technological innovation and an ever increasing number of competitors, innovation, investment and
在全球经济和全球市场,如我们的,这是由连续的技术创新和越来越多的竞争对手、创新、投资和国际化的最远的重要性对所有的公司,不能只是保存的中型和大型企业,正如我们已经广泛到目前为止看到的.小公司都在一个位置采取充分参与到这些至关重要的活动.这是不可能没有一个坚定的努力,政府渠道越来越流动的私人储蓄向中小企业,因为他们代表了大部分的任何国家的生产能力和就业.保证能被证明是一个高度有效的政策工具来实现这些目标,但他们更关注那些企业更受财政约束的追求这些目标.创新、研究、国际化都是高风险地区,金融市场和机构通常都不愿融资.他们甚至更不情愿的情况下中小企业,因为更不利的风险和回报之间的权衡.保证可以帮助政府克服这个障碍,因为他们可以帮助在追求其他有价值的经济目标,比如一些地区或行业的发展.在任何情况下,有一个需要突出重点的一个公共保障体系,所以有必要更好地调整他们的条件在覆盖方面比和借款公司成本.根据该基金的经验,覆盖率,远低于80%的贷款可以狭窄的空间道德风险.然而,覆盖率也可以帮助辨别这些公司与不同的金融需求和跨不同的业务项目.因此,他们应该越来越功能的项目优先级和减少的贷款规模.