外文翻譯---小企業(yè)金融經(jīng)濟(jì)學(xué)：在財(cái)政增長周期，私人股票和債券市場的角色-金融財(cái)政(編輯修改稿)
2025-06-26 09:54 本頁面
【文章內(nèi)容簡介】 years. Similarly, the “credit channels” of moary policy mechanisms through which moary policy shocks may have disproportionately large effects on small business funding has generated considerable analysis and debate. Other key issues, such as the link between the initial public offering (IPO) market and venture capital flows, prudent man rules regarding institutional investing in venture capital, and the role of small firm finance in financial system architecture are just beginning to attract research attention. The private markets that finance small businesses are particularly interesting because they are so different from the public markets that fund large businesses. The private equity and debt markets offer highly structured, plex contracts to small businesses that are often acutely informationally opaque. This is in contrast to the public stock and bond markets that fund relatively informationally transparent large businesses under contracts that are more often relatively generic. Financial intermediaries play a critical role in the private markets as information producers who can assess small business quality and address information problems through the activities of screening, contracting , and monitoring. Intermediaries screen potential customers by conducting due diligence, including the collection of information about the business, the market in which it operates, any collateral that may be pledged, and the entrepreneur or startup team. This may involve the use of information garnered from existing relationships of the intermediary with the business, the business owner, or other involved parties. The intermediary then uses this information about the initial quality of the small business to set contract terms at origination (price, fraction of ownership, collateral, restrictive covenants, maturity, etc.).A contract design and payoff structure is chosen on the basis of the financial characteristics of the firm and the entrepreneur as well as the firm’s prospects and the associated information problems. High riskhigh growth enterprises whose assets are mostly intangible more often obtain external equity, whereas relatively low risklow growth firms whose assets are mostly tangible more often receive external debt for reasons explored below. Finally, in order to keep the firm from engaging in exploitive activities or strategies, the intermediary monitors the firm over the course of the relationship
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