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ID:12555876
大小:27.27 KB
页数:11页
时间:2018-07-17
《中小企业融资-毕业论文外文文献翻译》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、本科毕业论文(设计)外文翻译原文:FinancingofSMEsAbstractThemainsourcesoffinancingforsmallandmediumsizedenterprises(SMEs)areequity,tradecreditpaidontime,longandshorttermbankcredits,delayedpaymentontradecreditandotherdebt.Themarginalcostsofeachfinancinginstrumentaredri
2、venbyasymmetricinformationandtransactionscostsassociatedwithnonpayment.AccordingtothePeckingOrderTheory,firmswillchoosethecheapestsourceintermsofcost.Inthecaseofthestatictrade-offtheory,firmschoosefinancesothatthemarginalcostsacrossfinancingsourcesare
3、allequal,thusanadditionalEurooffinancingisobtainedfromallthesourceswhereasunderthePeckingOrderTheorythesourceisdeterminedbyhowfardownthePeckingOrderthefirmispresentlylocated.Inthispaper,wearguethatbothofthesetheoriesmissthepointthatthemarginalcostsare
4、dependentoftheuseofthefunds,andtheassetsideofthebalancesheetprimarilydeterminesthefinancingsourceforanadditionalEuro.AnempiricalanalysisonauniquedatasetofPortugueseSME’sconfirmsthatthecompositionoftheassetsideofthebalancesheethasanimpactofthetypeoffin
5、ancingusedandthePeckingOrderTheoryandthetraditionalStaticTrade-offtheoryarerejected.ForSME’sthemainsourcesoffinancingareequity(internallygeneratedcash),tradecredit,bankcreditandotherdebt.Thechoiceoffinancingisdrivenbythecostsofthesourceswhichisprimari
6、lydeterminedbycostsofsolvingtheasymmetricinformationproblemandtheexpectedcostsassociatedwithnon-paymentofdebt.Asymmetricinformationcostsarisefromcollectingandanalysinginformationtosupportthedecisionofextendingcredit,andthenon-paymentcostsarefromcollec
7、tingthecollateralandsellingittorecoverthedebt.SinceSMEs’managementandshareholdersareoftenthesameperson,equityandinternallygeneratedfundshavenoasymmetricinformationcostsandequityisthereforethecheapestsource.2.AssetsidetheoryofSMEfinancingInthepreviouss
8、ectionwehavesuggestedthatSME’sinPortugalarefinancedusinginternalgeneratedcash,cheaptradecredits,longandshort-termbankloansandexpensivetradecreditsandotherloans.Inthissectionthemotivesbehindthedifferenttypesoffinancingarediscussed.2.1.CheapTrad
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