中小企業(yè)融資外文翻譯-企業(yè)融資(已修改)
2025-02-04 00:23 本頁(yè)面
【正文】 本科畢業(yè)論文（設(shè)計(jì)） 外 文 翻 譯 原文： Financing of SMEs Abstract The main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static tradeoff theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the position of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Tradeoff theory are For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with nonpayment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the nonpayment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source. 2. Asset side theory of SME financing In the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and shortterm bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed. . Cheap Trade credits The first external financing source we will discuss is tradecredits. Trade credits are interesting since they represent financial services provided by nonfinancial firms in petition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of moary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits. Strategic motives The first theory centers on asymmetric information regarding the firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the su
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