中小企业融资【外文翻译】

《中小企业融资【外文翻译】》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.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