中小企业融资外文翻译

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1、本科毕业论文（设计）外文翻译原文：FinancingofSMEsAbstractThemainsourcesoffinancingforsmallandmediumsizedenterprises(SMEs)areequity,tradecreditpaidontime,longandshorttermbankcredits,delayedpaymentontradecreditandotherdebt.Themarginalcostsofeachfinancinginstrumentaredrivenbyasymmetricinformation

2、andtransactionscostsassociatedwithnonpayment.AccordingtothePeckingOrderTheory,firmswillchoosethecheapestsourceintermsofcost.Inthecaseofthestatictrade-offtheory,firmschoosefinancesothatthemarginalcostsacrossfinancingsourcesareallequal,thusanadditionalEurooffinancingisobtainedfr

3、omallthesourceswhereasunderthePeckingOrderTheorythesourceisdeterminedbyhowfardownthePeckingOrderthefirmispresentlylocated.Inthispaper,wearguethatbothofthesetheoriesmissthepointthatthemarginalcostsaredependentoftheuseofthefunds,andtheassetsideofthebalancesheetprimarilydetermine

4、sthefinancingsourceforanadditionalEuro.AnempiricalanalysisonauniquedatasetofPortugueseSME’sconfirmsthatthecompositionoftheassetsideofthebalancesheethasanimpactofthetypeoffinancingusedandthePeckingOrderTheoryandthetraditionalStaticTrade-offtheoryarerejected.www.fuguangzhuzao.co

5、mForSME’sthemainsourcesoffinancingareequity(internallygeneratedcash),tradecredit,bankcreditandotherdebt.Thechoiceoffinancingisdrivenbythecostsofthesourceswhichisprimarilydeterminedbycostsofsolvingtheasymmetricinformationproblemandtheexpectedcostsassociatedwithnon-paymentofdebt

6、.Asymmetricinformationcostsarisefromcollectingandanalysinginformationtosupportthedecisionofextendingcredit,andthenon-paymentcostsarefromcollectingthecollateralandsellingittorecoverthedebt.SinceSMEs’managementandshareholdersareoftenthesameperson,equityandinternallygeneratedfund

7、shavenoasymmetricinformationcostsandequityisthereforethecheapestsource.2.AssetsidetheoryofSMEfinancingIntheprevioussectionwehavesuggestedthatSME’sinPortugalarefinancedusinginternalgeneratedcash,cheaptradecredits,longandshort-termbankloansandexpensivetradecreditsandotherloans.I

8、nthissectionthemotivesbehindthedifferenttypesoffinancingaredi