外文翻譯---小企業(yè)金融經(jīng)濟(jì)學(xué)：在財(cái)政增長(zhǎng)周期私人股票和債券市場(chǎng)的角色-金融財(cái)政-全文預(yù)覽
【正文】 credit crunches in Asia and the U. S., the lack of welldeveloped venture capital markets in continental Europe and elsewhere, and the potential impact of financial institution consolidation on the availability of credit to small business everywhere. This paper explores a number of facets of small firm finance, the investors and intermediaries that provide it, and the private equity and debt markets in which they function. We see much of small business finance through a growth cycle paradigm, in which different capital structures are optimal at different points in the cycle, although we emphasize that this paradigm does not fit all small businesses. The issues surrounding capital structure for small businesses are generally different than those that are most important for large corporations, and often involve the intertwining of the personal finances of the entrepreneur and other insiders with the finances of the firm. Unlike large firms, small firms typically have a substantial amount of their funding provided by insiders the entrepreneur, other members of the startup team, family, and friends. In addition, small businesses generally receive their external funding in private “ equity and debt markets, rather than public markets. Part of the capital structure decision for small firms is whether and when to enter public capital markets via an IPO, although the vast majority of firms never reach this point in the financial growth cycle. Even the distinction between insider finance and external finance in small business is not always pletely clear, since insiders often give personal guarantees or pledge personal collateral against external debt provided by financial institutions. The intermediaries in private markets also evaluate the personal finances of the inside owners including assets that are not invested in the firm so these personal assets also have a bearing on the capital structure of the firm. Finally, the vast majority of small businesses are ownermanaged, which alleviates agency conflicts between owners and managers that affect capital structure choices in large corporations. However, owner management may introduce other factors into capital structure decisions of small firms, such as the owner/manager’s level of risk aversion, or his/her incentive to issue external debt rather than external equity in order to keep ownership and control of the firm. While much research has begun on the t
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