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1、外文文献翻译一、外文原文原文：ControlAversionandtheSearchforExternalFinancinginSwedishSMEsTechnologicaldevelopmentThedevelopmentoftechnologyandtheimpactofnewproductionmethodsshapemanyindustries(Murray,1997).Inturbulentenvironments,businessfirmsneedtomaintainareadinesst
2、oinvestinemergingtechnologiesiftheyaretosurviveandprosper(seeOakey,1984).Businessfirmsoperatinginhigh-techenvironmentsareperhapsthemostobviousexamplesoffirmsneedingtoconstantlyreinvestinmachineryandequipment,as,bydefinition,theymustbeonthecuttingedgeofte
3、chnologydevelopment(Roberts,1991).Theimpactofahigherreinvestmentrateisnottheonlyreasonwhythesefirmsneedanopenattitudetowardsexternalfinanciers.Thereisalsoacontributoryfactorassociatedwiththeuncertaintyofthecapabilitiesandpropertiesofinvestedmachineryande
4、quipmentwhichplaysarole(LindströmandOlofsson,1998).Astheinherentheterogeneityforcesfirmstorefocusandtotryoutnewresourcecombinations,includingnewcombinationsoftechnologyandrawmaterial,italsobecomesimperativetoacquireadequatefinancialbackingtosupportinvest
5、mentsentailinghigherrisks.H1:Thegreaterafirm’sneedistoinvestinnewmachineryandtechnology,themorefavourablewillitperceivetheuseofexternalfinanciers.FinancialweaknessSeveralstudies(seeReid,1996;WinborgandLandström,1997)haveshownthatmostentrepreneursarenotac
6、tuallyinterestedinobtainingexternalfinance,especiallyanythatwouldentailanychangeofownership.Themainreasonforthisreluctancetoallowexternalfinanciersaccessseemstobecontrolaversion(Cressy,1995).Theinternallygeneratedfundsineffectbecomesaspendinglimitforcont
7、rolaversefirms.Simplyput,firmswillnotallowthemselvestoinvest,unlessitisabsolutelycertainthatallcapitalneededcanbegeneratedwithoutcompromisingtheexistingbalancebetweeninternallyversusexternallyoriginatedfunds.Asdecisionsregardingwhethertoacceptexternallyg
8、eneratedfundsaregenerallystrategicinnature,becauseittakestimetoattractexternalfinanciers,theequitytodebtratioisofprimaryimportanceinmeasuringfinancialdistress.Theequitytodebtratioisessentiallyameasureofafirm’scapacitytocop
