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ID:9894976
大小:50.50 KB
页数:11页
时间:2018-05-14
《高成长型企业寻求融资中对优序融资和负债能力的考虑【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:Peckingorderanddebtcapacityconsiderationsforhigh-growthcompaniesseekingfinancingThispaperexaminesincrementalfinancingdecisionswithinhigh-growthbusinesses.Alargelongitudinaldataset,freeofsurvivorshipbias,tocoverfinancingeventsofhigh-growthbusinessesforupto8ye
2、arsisanalyzed.Theempiricalevidenceshowsthatprofitablebusinessesprefertofinanceinvestmentswithretainedearnings,eveniftheyhaveunuseddebtcapacity.Externalequityisparticularlyimportantforunprofitablebusinesseswithhighdebtlevels,limitedcashflows,highriskoffailureorsignificantinve
3、stmentsinintangibleassets.Thesefindingsareconsistentwiththeextendedpeckingordertheorycontrollingforconstraintsimposedbydebtcapacity.Itsuggeststhatnewequityissuesareparticularlyimportanttoallowhigh-growthbusinessestogrowbeyondtheirdebtcapacity.Althoughfewinnumber,high-growthb
4、usinessescontributedisproportionatelytoemploymentandwealthcreationinaneconomy(Storey1994).Thismakesorganizationalgrowthacentralareaofresearchinentrepreneurshipandamajorpolicyconcern.Properfinancialmanagement,includingraisingsuitablefinancing,isoneofthekeyfactorsshapinghigh-g
5、rowthcompanies(Nicholls-Nixon2005).Thepurposeofthispaperistoofferaninsightintothediscretefinancingdecisionstakenwithinhigh-growthbusinesses.Informationasymmetriesarethoughttobeparticularlysevereinthissetting(FrankandGoyal2003),causingasubstantialwedgebetweenthecostsofinterna
6、landexternal(debtandequity)financing(CarpenterandPetersen2002a).Wethereforefocusonthepeckingordertheorytoexplainthefinancingchoicesofhigh-growthcompanies.Thepeckingordertheorypredictstheexistenceofafinancinghierarchy,wherebusinessmanagersavoidthecostofexternalfinancingifposs
7、ible.Asaresult,theywillfirstprefertouseinternalfunds,thendebtandfinallyoutsideequityasalastresorttofinanceinvestments(Myers1984;MyersandMajluf1984).Theimpactofcompanycharacteristicsonfinancialdecision-makingmayvaryaccordingtotheresearchsetting(HarrisandRaviv1991).Itistherefo
8、reimportanttotestfinancialtheoriesinsettingswhereourknowledgeislimitedtodet
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