外文翻譯---小企業(yè)金融經(jīng)濟學(xué)：在財政增長周期私人股票和債券市場的角色-金融財政-文庫吧
2025-04-17 09:54 本頁面
【正文】 結(jié)構(gòu)選擇的所有者和管理者之間的代理沖突。然而， 業(yè)主管理可能引進到小公司，如在規(guī)避風(fēng)險的所有者 /經(jīng)理的水平，或他 /她的激勵，以問題的外債，而不是外部股權(quán)保持所有權(quán)和該公司的控制權(quán)，資本結(jié)構(gòu)決定的其他因素。 雖然大量的研究已經(jīng)開始對小企業(yè)融資的話題，更有待完成。我們的金融成長周期和小企業(yè)融資的相互聯(lián)系的分析表明，為今后的研究中最令人興奮的領(lǐng)域，一些可能涉及調(diào)查小企業(yè)融資的來源可能會改變整個商業(yè)周期，政府政策變化的反應(yīng)，在在私人或公共市場的危難時期，信息處理技術(shù)的不斷提高。此外，重要的是要確定的可用性和形成新的企業(yè)的小企業(yè)融資成本的影響，他們有能力從事高風(fēng)險 或不透明的活動，并在就業(yè)，實際產(chǎn)出和經(jīng)濟增長的影響。在追求這些和其他小企業(yè)融資研究議程，應(yīng)該證明是非常有用的描述和這里的新的數(shù)據(jù)資源的可用性。 引自： .小企業(yè)金融經(jīng)濟學(xué)：私人股票和債券市場在財政增長周期中的作用 [J]。銀行和金融 ,1998,22:613 673。 原文： The Economics of Small Business Finance:The Roles of Private Equity and Debt Markets in the Financial Growth Cycle The role of the entrepreneurial enterprise as an engine of economic growth has garnered considerable public attention in the 1990s. Much of this focus stems from the belief that innovation particularly in the high tech, information, and biotechnology areas is vitally dependent on a flourishing entrepreneurial sector. The spectacular success stories of panies such as Microsoft, Genentech, and Federal Express embody the sense that new venture creation is the sine qua non of future productivity gains. Other recent “phenomena have further focused public concern and awareness on small business, including the central role of entrepreneurship to the emergence of Eastern Europe, financial crises that have threatened credit availability to small business in Asia and elsewhere, and the growing use of the entrepreneurial alternative for those who have been displaced by corporate restructuring in the . Acpanying this heightened popular interest in the general area of small business has been an increased interest by policy makers, regulators, and academics in the nature and behavior of the financial markets that fund small businesses. At the core of this issue are questions about the type of financing growing panies need and receive at various stages of their growth, the nature of the private equity and debt contracts associated with this financing, and the connections and substitutability among these alternative sources of finance. Beyond this interest in the microfoundations of small business finance is a growing interest in the macroeconomic implications of small business finance. For example, the impact of the .“ credit crunch” of the early 1990s and the effect of the consolidation of the banking industry on the availability of credit to small business have also been the subject of much research over the past several
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