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1、英文原文FactsforYouSmallandMediumEnterprisesfinancingdecisionRobertC.MertonAbstractBusinessgeneration,survivalanddevelopmentareinseparablefromtheinvestmentandfinancingactivities.WithChina'saccessiontoWTOorganization,themarketeconomysystem,thegradualimprovemento
2、fthefinancialmarkets,rapiddevelopment,investmentandfinancingefficiencyisincreasinglybecomingthekeytothedevelopmentofenterprises.Forthesmallandmediumenterprises,accordingtotheirowndevelopmentneedsshouldseriouslyconsiderhowtoselecttheirownneedsandsuitedtothei
3、rstageofdevelopmentfinancing,aswellasavarietyoffinancingtheuseoftiming,conditions,costsandrisks,determinetheappropriatesizeofthefinancingandthedevelopmentofthebestfinancingperiods.Tosolvetheseproblems,smallandmediumenterprisesneedtodevelopappropriatefinanci
4、ngstrategiesinordertomakethemostoptimalfinancingdecision.1.anoverviewofcorporatefinancedecision-making1.1anoverviewofcorporatefinancedecision-makingCorporatefinancedecision-making,istheenterprisevaluecreationobjectivesinaccordancewithitsneeds,theuseofacerta
5、intimingandchannelstotakecost-effectivefinancingtoolforcompaniestoraisethefundsneededforamarketbehavior.它不仅改变了公司的资产负债结构，而且影响了企业内部管理、经营业绩、可持续发展及价值增长。Itnotonlychangedthestructureofthecompany'sassetsandliabilities,butalsoaffectedtheinternalmanagement,businessp
6、erformance,sustainabledevelopmentandvaluegrowth.典型的融资决策包括出售何种债务和股权（融资方式）、如何确定所要出售债务和股权的价值（融资成本）、何时出售些债务和股权（融资时机）等等。Atypicaldecision-makingincludingthesaleofwhatkindoffinancingofdebtandequity(financing),howtodeterminewhichtheywanttosellthevalueofdebtandequit
7、y(financingcosts),whentosellmoredebtandequity(financingopportunities)andsoon.而其中最主要的包括融资规模的决策和融资方式的决策。Whichincludethefinancingofthesizeofthemostimportantdecision-makingandfinancingdecisions.融资规模应为企业完成资金使用目的的最低需要量。Financingscaleenterprisesshouldbethepurposeo
8、f18英文原文completingtheminimumrequirementsfortheuseoffunds.而企业的融资方式则多种多样，常见的以下几种：Thefinancingofenterprisesarediverse,commonthefollowing:1.Fiscalfinancing.财政融资方式从融出的角度来讲，可分为：预算内拨款、财政贷款、通过授权机构的国有资产投资、政策性银行贷
