Survey on the Access to Finance of Enterprises: lending conditions tightened
欧洲央行企业融资调查：银行贷款条件进一步收紧
- PRESS RELEASE
- 新闻稿
26 October 2026
2026年10月26日
- Firms reported a further net tightening of bank loan interest rates and other loan conditions related to price and non-price factors.
- Bank loan availability declined by more than financing needs, widening the financing gap.
- In this survey round the sample composition changed substantially, with first-time respondents accounting for the majority of the sample. This makes it more challenging to interpret the responses to the numerical questions – such as those on expectations for selling prices, input costs and inflation – at this stage.
- 企业报告称，与价格和非价格因素相关的银行贷款利率及其他贷款条件进一步净收紧。
- 银行贷款可得性下降幅度超过融资需求，融资缺口扩大。
- 本轮调查的样本构成发生显著变化，首次受访者占样本的多数。这使得现阶段对数值型问题的回答——例如关于销售价格、投入成本和通胀预期的回答——更难解读。
In the most recent round of the Survey on the Access to Finance of Enterprises (SAFE) in the euro area, covering the third quarter of 2026, euro area firms widely reported a further net increase in interest rates on bank loans (net 46%, compared with 42% in the previous quarter). Large firms reported increases more often (net 55%, up from 41%) than small and medium-sized enterprises (SMEs) (net 38%, down from 43%). At the same time, a net 27% of firms (down from 31% in the previous quarter) reported increases in other financing costs (i.e. charges, fees and commissions) and in collateral requirements (net 14%, up from 10%) (Chart 1).
在最新一轮欧元区企业融资渠道调查（SAFE）中，调查覆盖2026年第三季度，欧元区企业普遍报告银行贷款利率进一步净上升（净46%，上一季度为42%）。大型企业报告利率上升的比例更高（净55%，高于41%），高于中小企业（净38%，低于43%）。与此同时，净27%的企业（低于上一季度的31%）报告其他融资成本（即收费、费用和佣金）上升，净14%的企业报告抵押品要求上升（高于10%）（图1）。
In this survey round, firms reported that the availability of bank loans had declined by more than their needs. Firms reported a decrease in the availability of bank loans in the third quarter of 2026 (-5%, compared with a net -1% in the second quarter of 2026), with both SMEs (net -5%, compared with -4%) and large firms (net -6%, down from 4%) reporting lower availability. At the same time, a net 2% of firms reported a decrease in their bank loan needs, while a net 2% reported an increase in the previous quarter. Developments in needs differed by firm size: SMEs reported broadly unchanged needs (net 1%, compared with 2%), while large firms reported a decrease (net -6%, down from 3%). As a result, the bank loan financing gap indicator, which captures the difference between changes in the need for and the availability of bank loans, was positive (net 2%, compared with 3% in the previous quarter) (Chart 2). Looking ahead, more firms expect the availability of external financing to decrease over the next three months.
本轮调查中，企业报告银行贷款可得性下降幅度超过其需求。企业报告2026年第三季度银行贷款可得性下降（-5%，2026年第二季度为净-1%），其中中小企业（净-5%，此前为-4%）和大型企业（净-6%，此前为4%）均报告可得性下降。与此同时，净2%的企业报告银行贷款需求下降，而上一季度为净2%报告需求上升。需求变化因企业规模而异：中小企业报告需求基本持平（净1%，此前为2%），而大型企业报告需求下降（净-6%，此前为3%）。因此，银行贷款融资缺口指标——衡量贷款需求变化与可得性变化之间的差额——为正（净2%，上一季度为3%）（图2）。展望未来，更多企业预计未来三个月外部融资可得性将下降。
Firms continued to perceive the general economic outlook as the main factor constraining the availability of external financing (net 31%, compared with 29% in the previous survey round), with large firms now more pessimistic than SMEs (net 35% and 29%, respectively). In this survey round, a net 9% of firms indicated that their firm-specific outlook, in terms of sales and profits, had a negative impact on the availability of external financing (after 10% in the previous survey round), while the impact of their capital position and creditworthiness remained positive.
企业继续将总体经济前景视为制约外部融资可得性的主要因素（净31%，上一轮调查为29%），其中大型企业目前比中小企业更为悲观（分别为净35%和29%）。本轮调查中，净9%的企业表示，其自身在销售和利润方面的前景对外部融资可得性产生了负面影响（上一轮调查为10%），而其资本状况和信用状况的影响仍为正面。
The substantial change in the sample composition in this survey round, with first-time respondents accounting for the majority of the sample, makes it challenging to interpret the responses to the numerical questions at this stage. The increase in selling price expectations was contained among firms that took part in both this round and the previous one, whereas selling price expectations rose significantly in the full sample (Chart 3).
本轮调查样本构成发生重大变化，首次受访者占样本的多数，这使得现阶段难以解读对数值型问题的回答。在本轮和上一轮均参与调查的企业中，销售价格预期的上升幅度有限，而全样本的销售价格预期则显著上升（图3）。
Similarly, firms’ median inflation expectations remained broadly unchanged among firms that took part in both the current and previous survey rounds, whereas they rose significantly in the full sample (Chart 4). The risk assessment for firms’ five-year-ahead inflation outlook was broadly unchanged.
同样，在同时参与了本轮和上一轮调查的企业中，企业对通胀预期的中位数总体保持不变，而在全样本中则显著上升（图4）。企业对未来五年通胀前景的风险评估总体保持不变。
The report published today presents the main results of the 40th round of the SAFE for the euro area. The survey was conducted between 26 August and 2 October 2026. In this survey round, around half of the firms were asked about changes in the period between July and September 2026. The remainder were asked about changes in the period between April and September 2026. Additionally, firms reported their expectations for euro area inflation, selling prices and other costs. The sample comprised 12,822 enterprises in the euro area, of which 11,917 (93%) had fewer than 250 employees.
今日发布的报告介绍了欧元区企业融资渠道调查（SAFE）第40轮的主要结果。本次调查于2026年8月26日至10月2日进行。在本轮调查中，约半数企业被问及2026年7月至9月期间的变化，其余企业被问及2026年4月至9月期间的变化。此外，企业还报告了对欧元区通胀、销售价格及其他成本的预期。样本包括欧元区12,822家企业，其中11,917家（93%）的员工人数少于250人。
For media queries, please contact: William Lelieveldt, tel.: +49 170 227 9090.
媒体垂询请联系：William Lelieveldt，电话：+49 170 227 9090。
Notes
注释
- The report on this round of the SAFE, together with the questionnaire and methodological information, is available on the ECB’s website.
- Detailed data series for the individual euro area countries and aggregate euro area results are available in the ECB Data Portal.
Chart 1
图1
Changes in the terms and conditions of bank financing for euro area firms
欧元区企业银行融资条款和条件的变化
(net percentages of respondents)
Base: Firms that had applied for bank loans (including subsidised bank loans), credit lines, or bank or credit card overdrafts. The figures refer to rounds 33 to 40 of the survey (October-December 2024 to July-September 2026).
Notes: Net percentages are the difference between the percentage of firms that reported an increase for a given factor and the percentage that reported a decrease. The data included in the chart refer to Question 10 of the survey.
（受访者净百分比）
基数：曾申请银行贷款（包括补贴性银行贷款）、信贷额度或银行/信用卡透支的企业。数据涉及第33至第40轮调查（2024年10月至12月至2026年7月至9月）。
注：净百分比为报告某一因素上升的企业百分比与报告下降的企业百分比之差。图中数据涉及调查第10题。
Chart 2
图2
Changes in euro area firms’ financing needs and the availability of bank loans
欧元区企业融资需求及银行贷款可得性的变化
(net percentages of respondents)
Base: Firms for which the instrument in question is relevant (i.e. they have used it or have considered using it). Respondents who replied “not applicable” or “don’t know” were excluded. The figures refer to rounds 33 to 40 of the survey (October-December 2024 to July-September 2026).
Notes: The financing gap indicator combines both financing needs and the availability of bank loans at firm level. The indicator of the perceived change in the financing gap takes a value of 1 (-1) if the need increases (decreases) and availability decreases (increases). If firms perceive only a one-sided increase (decrease) in the financing gap, the variable is assigned a value of 0.5 (-0.5). A positive value for the indicator points to a widening of the financing gap. Values are multiplied by 100 to obtain weighted net balances in percentages. The data included in the chart refer to Question 5 and Question 9 of the survey.
Chart 3
图3
Expectations for selling prices, wages, input costs and employees one year ahead
对未来一年销售价格、工资、投入成本和员工人数的预期
(percentage changes over the next 12 months)
Base: All firms. The figures refer to rounds 30 to 40 (March 2024 to September 2026) of the survey, with firms’ replies collected in the last month of the respective survey waves.
Notes: Mean and median euro area firm expectations of changes in selling prices, wages of current employees, non-labour input costs and number of employees for the next 12 months, along with interquartile ranges, using survey weights. Yellow squares denote the mean expectations of firms interviewed in both the Q2 and Q3 waves of 2026. The statistics are computed after trimming the data at the country-specific 1st and 99th percentiles. The data included in the chart refer to Question 34 of the survey.
（未来12个月的百分比变化）
基数：所有企业。数据涉及第30至第40轮调查（2024年3月至2026年9月），企业回复在各调查轮次的最后一个月收集。
注：使用调查权重计算的欧元区企业对未来12个月销售价格变化、现有员工工资、非劳动力投入成本及员工人数变化的预期均值和中位数，以及四分位距。黄色方块表示在2026年第二季度和第三季度两轮调查中均接受访谈的企业的预期均值。统计数据在按各国特定的第1和第99百分位数对数据进行缩尾处理后计算得出。图表中的数据对应调查第34题。
Chart 4
图4
Firms’ median expectations for euro area inflation at different horizons
企业对欧元区不同期限通胀的中位数预期
(annual percentages)
Base: All firms. The figures refer to rounds 31 to 40 (June 2024 to September 2026) of the survey, with firms’ replies collected in the last month of the respective survey waves.
Notes: Survey-weighted median, mode and interquartile ranges of firms’ expectations for euro area inflation in one year, three years and five years. Quantiles are computed by linear interpolation of the mid-distribution function. Yellow diamonds denote the median expectations of firms interviewed in both the Q2 and Q3 waves of 2026. The statistics are computed after trimming the data at the country-specific 1st and 99th percentiles. The data included in the chart refer to Question 31 of the survey.
（年度百分比）
基数：所有企业。数据对应调查第31至第40轮（2024年6月至2026年9月），企业回复在各轮调查的最后一个月收集。
注：使用调查权重计算的企业对欧元区一年、三年和五年通胀预期的中位数、众数和四分位距。分位数通过对中位数分布函数进行线性插值计算得出。黄色菱形表示在2026年第二季度和第三季度两轮调查中均接受访谈的企业的中位数预期。统计数据在按各国特定的第1和第99百分位数对数据进行缩尾处理后计算得出。图表中的数据对应调查第31题。
CONTACT
联系方式
European Central Bank
欧洲中央银行
背景与资料来源
Firms reported higher loan rates and a wider financing gap; a changed sample complicates reading numerical answers.
企业报告贷款利率上升、融资缺口扩大；样本构成变化使数值回答更难解读。
Rates and other terms
A net 46% of firms reported higher bank loan rates, up from 42%. Large firms rose to 55%; SMEs fell to 38%. Collateral requirements rose to a net 14%.
利率与其他条件
净46%的企业报告银行贷款利率上升，高于此前的42%。大型企业升至55%，中小企业降至38%。抵押要求净比例升至14%。
Availability versus needs
Loan availability fell (net -5%) while needs eased (net -2%), leaving a positive financing gap of net 2%. More firms expect external financing availability to fall.
可得性与需求
贷款可得性下降（净-5%），需求减弱（净-2%），融资缺口指标为正，净2%。更多企业预计未来三个月外部融资可得性下降。
Sample shift clouds expectations
First-time respondents dominated the sample, the ECB says, complicating interpretation. Among firms in both rounds, selling-price expectations were contained and median inflation expectations broadly unchanged, unlike the full sample.
样本变化影响预期解读
欧洲央行称，首次受访者占多数，增加了解读难度。连续两轮受访的企业中，售价预期受控、通胀预期中值基本不变，与全样本不同。
尚待确认的信息
- 样本构成大幅变化后，全样本数值回答在多大程度上可比尚不清楚。
- 调查未说明首次受访者占比的具体数字。
英文摘句与资料来源
英文摘句附中文翻译；上方导读为归纳与解读，全文见来源链接。
- 报道来源 · 已读取公开正文 · 2026-10-26[1] Survey on the Access to Finance of Enterprises: lending conditions tightened ↗
Bank loan availability declined by more than financing needs, widening the financing gap.
银行贷款可得性的下降幅度超过融资需求，融资缺口因此扩大。
由 AI 根据列出的资料整理 · 更新于 2026-10-26
文章信息与目录
来源：European Central Bank · Press Releases · ecb.europa.eu