中小企业融资【外文翻译】

中小企业融资【外文翻译】

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时间:2017-07-25

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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.Themarginalcostsofeachfinancinginstrumentaredrivenb

2、yasymmetricinformationandtransactionscostsassociatedwithnonpayment.AccordingtothePeckingOrderTheory,firmswillchoosethecheapestsourceintermsofcost.Inthecaseofthestatictrade-offtheory,firmschoosefinancesothatthemarginalcostsacrossfinancingsourcesareallequal

3、,thusanadditionalEurooffinancingisobtainedfromallthesourceswhereasunderthePeckingOrderTheorythesourceisdeterminedbyhowfardownthePeckingOrderthefirmispresentlylocated.Inthispaper,wearguethatbothofthesetheoriesmissthepointthatthemarginalcostsaredependentoft

4、heuseofthefunds,andtheassetsideofthebalancesheetprimarilydeterminesthefinancingsourceforanadditionalEuro.AnempiricalanalysisonauniquedatasetofPortugueseSME’sconfirmsthatthecompositionoftheassetsideofthebalancesheethasanimpactofthetypeoffinancingusedandthe

5、PeckingOrderTheoryandthetraditionalStaticTrade-offtheoryarerejected.ForSME’sthemainsourcesoffinancingareequity(internallygeneratedcash),tradecredit,bankcreditandotherdebt.Thechoiceoffinancingisdrivenbythecostsofthesourceswhichisprimarilydeterminedbycostso

6、fsolvingtheasymmetricinformationproblemandtheexpectedcostsassociatedwithnon-paymentofdebt.Asymmetricinformationcostsarisefromcollectingandanalysinginformationtosupportthedecisionofextendingcredit,andthenon-paymentcostsarefromcollectingthecollateralandsell

7、ingittorecoverthedebt.SinceSMEs’managementandshareholdersareoftenthesameperson,equityandinternallygeneratedfundshavenoasymmetricinformationcostsandequityisthereforethecheapestsource.2.AssetsidetheoryofSMEfinancingIntheprevioussectionwehavesuggestedthatSME

8、’sinPortugalarefinancedusinginternalgeneratedcash,cheaptradecredits,longandshort-termbankloansandexpensivetradecreditsandotherloans.Inthissectionthemotivesbehindthedifferenttypesoffinancingarediscussed.2.1.CheapTrad

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