关于的中小企业融资【外文翻译】

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1、关于的中小企业融资【外文翻译】关于的中小企业融资【外文翻译】导读：中小企业融资【外文翻译】FinancingofSMEsJanBartholdy,CesarioMateusOriginallyPublishedin“FinancingofSMEs”.Londonbusinessrevieainsourcesoffinancingforsmallandmediumsizedenterprises(SMEs)areequity,tradecreditpaidontime,longandshorttermbankcredits,delayedpaymentontradecreditan

2、dotherdebt.Themarginalcostsofeachfinancinginstrumentaredrivenbyasymmetricinformationandtransactionscostsassociatedent.AccordingtothePeckingOrderTheory,firmssofcost.Inthecaseofthestatictrade-offtheory,firmschoosefinancesothatthemarginalcostsacrossfinancingsourcesareallequal,thusanadditionalEur

3、ooffinancingisobtainedfromallthesourcesinedbyhoispresentlylocated.Inthispaper,issthepointthatthemarginalcostsaredependentoftheuseofthefunds,andtheassetsideofthebalancesheetprimarilydeterminesthefinancingsourceforanadditionalEuro.AnempiricalanalysisonauniquedatasetofPortugueseSME’s345678910关于的

4、中小企业融资【外文翻译】导读：中小企业融资【外文翻译】confirmsthatthepositionoftheassetsideofthebalancesheethasanimpactofthetypeoffinancingusedandthePeckingOrderTheoryandthetraditionalStaticTrade-offtheoryarerejected..fuguangzhuzao.ForSME’sthemainsourcesoffinancingareequity(internallygeneratedcash),tradecredit,bankcred

5、itandotherdebt.Thechoiceoffinancingisdrivenbythecostsofthesourcesarilydeterminedbycostsofsolvingtheasymmetricinformationproblemandtheexpectedcostsassociatedentofdebt.Asymmetricinformationcostsarisefromcollectingandanalysinginformationtosupportthedecisionofextendingcredit,andthenon-paymentcost

6、sarefromcollectingthecollateralandsellingittorecoverthedebt.SinceSMEs’managementandshareholdersareoftenthesameperson,equityandinternallygeneratedfundshavenoasymmetricinformationcostsandequityisthereforethecheapestsource.2.AssetsidetheoryofSMEfinancingIntheprevioussectionbankloansandexpensivet

7、radecreditsandotherloans.Inthiss345678910关于的中小企业融资【外文翻译】导读：中小企业融资【外文翻译】ectionthemotivesbehindthedifferenttypesoffinancingarediscussed.2.1.CheapTradecreditsThefirstexternalfinancingsourcesinpetitionediaries.Theearlyresearchoarypolicy.Thebasici