中小企業(yè)業(yè)主融資偏好【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：SMEowners’financingpreferencesAcademicstudiesinvestigatingthefinancingofSMEscommonlyexaminethesubjectbyconductingmultivariateregressionanalysisemployingpaneldatasetsconsistingofaccountingfinancedata(s

2、eeAppendixBfacomprehensivereviewofthisliterature).Researchersadoptingthisapproachseektoexplainfinancingchoiceintermsoffirmacteristicssuchasfirmsizeageassetstructureprofitabilitygrowthopptunitieslegalganisation.Thismethod

3、ologywhilstbeneficialintheytestingpreliminarybenchmarkstudiesneglectsoneofthemostimptantaspectsofsmallbusinessentrepreneurship:thecentralroleoftheSMEowner.Giventheprimarydecisionmakingroleofthefirmownerthismethodexcludes

4、afundamentalelementofthefinancingfinanceprovisioninSMEs.TheapproachadoptedinthischapteristorecdSMEowners’viewsonfinancingtheirbusinessesthereasonswhytheychooseonetypeoffinanceoveranotherwhytheyavoidsomefmsoffinancingenti

5、rely.Whilstthisapproachmayappearselfevidentoverlysimplisticitcanrevealexplanationsfobservedcapitalstructureshowfinancialmarketsinstitutionsmightbetterrespondtotheneedsofthesmallbusinesscommunity.Respondents’perceptionsco

6、ncerningissuesrelatedtofunderstheirlendingpracticesarereptedinTable4.5.Almost50%ofrespondentsareoftheperceptionthat“banksundersttheirbusiness”with20%disagreeingwiththisproposition.Thisresultindicatesthatrespondentsgenera

7、llydonotperceiveinfmationasymmetriesindebtmarkets.ThisfindingmaybeexplainedwithreferencetotheageprofileofrespondentsthusconsistentwithDiamond’s(1989)reputationtheyinfmationasymmetrieslessenasfirmsmaturebecomeestablished.

8、Eveninthe4.14.2maybepartlyexplainedbyfirmsnotperceivinginfmationasymmetriesindebtmarkets.Greaterperceptionofinfmationasymmetriesamongfirmsintheyoungestagecategiesisexacerbatedbytheconcentrationof50%ofthesefirmsinsectstyp

9、ifiedbyahighproptionofintangibleassets.Thisfindingmayalsoexplainthehighuseofexternalequity(37%oftotalfinancing)bythisgroupreptedinTable2.2partlyexplainstheprovisionofpersonalassetstosecuredebtbyfirmownersintheyoungestage

10、categy.Asectalcrosstabulationoftheproposition“banksunderstmybusiness”presentedinTableD.13revealsthatalmost30%ofrespondentsperceivinginfmationasymmetriesindebtmarketsareinthe“computersoftwaredevelopmentservices”sect.Thism

11、ayarisefromarelativelyyoungageprofileasover60%offirmsinthissectareunder10yearsold.AnotherrelevantfactisthetechnologicalnatureofthesectconfirmingthefindingofHoganHutson(2005)thatfirmsinthissectdonotperceiveinfmationasymme

12、triesinventurecapitalmarketstothesameextentthattheyperceiveasymmetriesinthebankclientrelationship.Thismaybeduetothetechnicalknowledgespecialistskillsofventurecapitalistsinassessingtechnologicallycomplicatedinvestmentproj

13、ectsthelackofspecialisedknowledgebyloanassesssinbanks.Almost90%ofrespondentsbelievethat“banksarewillingtoprovideoverdraftfacilities”totheircompanyasshowninTable4.5.Thisresultisconsistentwithempiricalevidencehighlightingt

14、herelianceofSMEsonshttermbankdebt(Chittendenetal.1996)whichisevengreaterintheIrishcontext(Ayadi2008).Theeffectofrespondents’perceptionmayperpetuatethisrelianceasfirmsaremelikelytoapplyfadditionalshttermdebtiftheyperceive

15、theirapplicationwillbesuccessful.Respondents’perceptionpartlyexplainspatternsoffinancingreptedinTable2.2indicatingthatshttermdebtwasthesecondmostimptantsourceoffinanceafterretainedprofitscomprisinganaverage22%ofcapitalst

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