外文翻譯---小企業(yè)金融經(jīng)濟學：在財政增長周期，私人股票和債券市場的角色-金融財政-免費閱讀
【正文】 在追求這些和其他小企業(yè)融資研究議程，應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。部分小企業(yè)的資本結(jié)構(gòu)決定是否和何時進入公共資本市場通過首次公開招股，雖然絕大多數(shù)的企業(yè)永遠也達不到這一點，在金融成長周期。第三個目標是在相關(guān)的市場，合同，以及與小企業(yè)融資相關(guān)的機構(gòu)，要突出相對較新的數(shù)據(jù)源，可用來解決這些問題的關(guān)鍵領(lǐng)域的研究建議擴展。 發(fā)揮金融中介機構(gòu)可以評估通過篩選的活動小的業(yè)務素質(zhì)和地址信息的問題作為信息生產(chǎn)者的私人市場的關(guān)鍵作用，承包，和監(jiān)控。在這個問題的核心是對成長型企業(yè)融資的需要和接收在其成長的各個階段，私人股本和債務融資與此相關(guān)的合同的性質(zhì)類型的問題，這些資金的替代來源之間的連接和可替代性。令人矚目的成就，如微軟，基因泰克和聯(lián)邦快遞公司的故事，體現(xiàn)的意義，創(chuàng)造新的合資公司是未來生產(chǎn)率的必要條件。 小企業(yè)融資的私人市場，特別有趣，因為他們是如此不同，從該基金的大型企業(yè)的公眾街市。最后，以保持該公司從事剝削活動或策略，中介顯示器比的關(guān)系，以評估合規(guī)性和財務狀況的過程中堅定的，并通過直接參與管理決策等手段施加控制風險資本家或重新談判商業(yè)銀行貸款契約的豁免。 周圍的小企業(yè)的資本結(jié)構(gòu)的問題，一般都是比那些大型企業(yè)最重要的不同，往往涉及與該公司的財政狀況的企業(yè)家和其他知情人的個人財務的相互交織。 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。 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
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