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1、本科毕业论文(设计)外文翻译原文:SMEowners’financingpreferencesAcademicstudiesinvestigatingthefinancingofSMEscommonlyexaminethesubjectbyconductingmultivariateregressionanalysisemployingpaneldatasetsconsistingofaccountingandfinancedata(seeAppendixBforacomprehensivereviewofthislitera
2、ture).Researchersadoptingthisapproachseektoexplainfinancingchoiceintermsoffirmcharacteristicssuchasfirmsize,age,assetstructure,profitability,growthopportunities,andlegalorganisation.Thismethodology,whilstbeneficialintheorytestingandpreliminarybenchmarkstudies,neglec
3、tsoneofthemostimportantaspectsofsmallbusinessandentrepreneurship:thecentralroleoftheSMEowner.Giventheprimarydecisionmakingroleofthefirmowner,thismethodexcludesafundamentalelementofthefinancingandfinanceprovisioninSMEs.TheapproachadoptedinthischapteristorecordSMEowne
4、rs’viewsonfinancingtheirbusinesses,andthereasonswhytheychooseonetypeoffinanceoveranother,orwhytheyavoidsomeformsoffinancingentirely.Whilstthisapproachmayappearself-evidentoroverlysimplistic,itcanrevealexplanationsforobservedcapitalstructuresandhowfinancialmarketsand
5、institutionsmightbetterrespondtotheneedsofthesmallbusinesscommunity.Respondents’perceptionsconcerningissuesrelatedtofundersandtheirlendingpracticesarereportedinTable4.5.Almost50%ofrespondentsareoftheperceptionthat“banksunderstandtheirbusiness,”with20%disagreeingwith
6、thisproposition.Thisresultindicatesthatrespondentsgenerallydonotperceiveinformationasymmetriesindebtmarkets.Thisfindingmaybeexplainedwithreferencetotheageprofileofrespondents,thusconsistentwithDiamond’s(1989)reputationtheory,informationasymmetrieslessenasfirmsmature
7、andbecomeestablished.Evenintheeventofbankswitching,survivingfirmshavedevelopedacredithistory.Acrosstabulationoftheproposition“banksunderstandmybusiness”withageofrespondentspresentedinTableD.11bearsthisout;thosefirmsperceivingthatbanksdonotunderstandtheirbusinessarep
8、redominantlyintheyoungestagecategories.Theserelationshipsarenotstatisticallysignificant,however,asindicatedbysignificancevaluesfordirectio