英语翻译The cost of the guarantee to the firm can also be used a

英语翻译
The cost of the guarantee to the firm can also be used as an element to be more selective in granting a public subsidy.In the Fund’s experience both,flat exemptions and flat fees can give rise to unwarranted and undesirable degrees of subsidization,inasmuch as firms with different risk profiles and different positions in the Government sectoral priority list are treated equally.A wider differentiation of fees is,instead,a means to make the guarantee instrument more selective and less inconsistent with its financial sustainability.
At any rate,it is essential to maintain fees at such a level as to avoid both,discouraging small firms from resorting to the guarantee and creating a mechanism that is so financially unsustainable to lead to its demise.In this perspective,there is no doubt that a country-wide publicly supported guarantee scheme is necessary,since it can compensate guarantee risks across the full spectrum of risk categories,regardless whether they are linked to specific regions,or economic sectors,or types of firms.This is precisely what the Fund has accomplished:its default rates and operating costs kept guarantee risk low by exploiting the risk balancing effect and economies of scale.It is through such a system that the fee level required to achieve financial sustainability can be kept below a market-based fee level.

保证公司的成本也可以用来作为一个元素,更有选择性地授予公共补贴.在基金的经验,平坦的豁免和固定费用可以引起不必要的和不受欢迎的程度的补贴,因为在政府部门优先事项清单具有不同风险,不同岗位的公司都一视同仁.的费用是一个更广泛的分化,而是一种手段,使更多的选择性和金融sustainability.At率不一致保证仪器,它必须保持在这样的水平,同时避免费用,劝阻小企业,诉诸以保障和创造一种机制,是财政上也难以为继,导致其死亡.从这个角度来看,毫无疑问,一个国家范围内的公开支持担保计划是必要的,因为它可以在整个频谱的风险类别的担保风险补偿,而不管他们是否连接到特定地区,或经济部门,或某些类型的公司.这正是基金已经完成了：它的默认价格和经营成本不断利用的风险平衡的作用和规模经济的担保风险低.正是通过这样的系统需要实现财政可持续性的收费水平可以保持在一个以市场为基础的收费水平.