中小企業(yè)融資【外文翻譯】

1、本科畢業(yè)論文（設計）外文翻譯原文：原文：FinancingofSMEsAbstractThemainsourcesoffinancingfsmallmediumsizedenterprises(SMEs)areequitytradecreditpaidontimelongshttermbankcreditsdelayedpaymentontradecreditotherdebt.Themarginalcostsofeachfinanci

2、nginstrumentaredrivenbyasymmetricinfmationtransactionscostsassociatedwithnonpayment.AccdingtothePeckingderTheyfirmswillchoosethecheapestsourceintermsofcost.Inthecaseofthestatictradeofftheyfirmschoosefinancesothatthemargi

3、nalcostsacrossfinancingsourcesareallequalthusanadditionalEurooffinancingisobtainedfromallthesourceswhereasunderthePeckingderTheythesourceisdeterminedbyhowfardownthePeckingderthefirmispresentlylocated.Inthispaperweargueth

4、atbothofthesetheiesmissthepointthatthemarginalcostsaredependentoftheuseofthefundstheassetsideofthebalancesheetprimarilydeterminesthefinancingsourcefanadditionalEuro.AnempiricalanalysisonauniquedatasetofPtugueseSME’sconfi

5、rmsthatthecompositionoftheassetsideofthebalancesheethasanimpactofthetypeoffinancingusedthePeckingderTheythetraditionalStaticTradeofftheyarerejected.FSME’sthemainsourcesoffinancingareequity(internallygeneratedcash)tradecr

6、editbankcreditotherdebt.Thechoiceoffinancingisdrivenbythecostsofthesourceswhichisprimarilydeterminedbycostsofsolvingtheasymmetricinfmationproblemtheexpectedcostsassociatedwithnonpaymentofdebt.Asymmetricinfmationcostsaris

7、efromcollectinganalysinginfmationtosupptthedecisionofextendingcreditthenonpaymentcostsarefrompromotesaleswithoutofficiallyreducingpricesusethemasatoolfpricediscriminationbetweendifferentbuyers.Tradecreditsaremostadvantag

8、eoustoriskybrowerssincetheircostsofalternativefinancingarehigherthanfbrowerswithgoodcreditratings.Thustradecreditscanbeusedastoolfdirectpricediscriminationbutalsoasanindirecttool(ifallbuyersareofferedthesameterms)infavof

9、browerswithalowcreditsting.Tradecreditsarealsousedtodeveloplongtermrelationshipsbetweenthesupplierthebuyers.Thisoftenmanifestsitselfbythesupplierextendingthecreditperiodincasethebuyerhastemparyfinancialdifficulties.Compa

10、redtofinancialinstitutionssuppliershavebetterknowledgeoftheindustryaretherefebetterabletojudgewhetherthefirmhastemparyproblemstheproblemsareofamepermanentnature.Thelastmotiveinnotstrictlyastrategicmotivebutisbasedontrans

11、actionscosts.Tradecreditsareanefficientwayofperfmingthetransactionssinceitispossibletoseparatebetweendeliverypayment.Inbasictermsthetruckdriverdeliveringthegoodsdoesnothavetorunaroundtofindthepersonresponsiblefpayingtheb

12、ills.Thebuyeralsosavestransactionscostsbyreducingtheamountofcashrequiredon“h”.FinancingmotivesThebasisfthisviewisthatfirmscompetewithfinancialinstitutionsinofferingcredittootherfirms.Thetraditionalviewoffinancialinstitut

13、ionsisthattheyextendcredittofirmswhereasymmetricinfmationisamajproblem.Financialinstitutionshaveadvantagesincollectinganalyzinginfmationfrominparticularsmallermediumsizedfirmsthatsufferfromproblemsofasymmetricinfmation.T

14、hekeytothisadvantageoverfinancialmarketsliesinthecloserelationshipbetweenthebankthefirminthepaymentfunction.Thefinancialinstitutionisabletomonitthecashinflowoutflowsofthefirmbymonitingtheaccountsofthefirm.Butwithtradecre