1、2350 单词 中文 4500 字 本科毕业论文（设计） 外 文 翻 译 原文 ： SME owners financing preferences Academic studies investigating the financing of SMEs commonly examine the subject by conducting multivariate regression analysis employing panel data sets consisting of accounting and finance data (see Appendix B for a compre
2、hensive review of this literature). Researchers adopting this approach seek to explain financing choice in terms of firm characteristics such as firm size, age, asset structure, profitability, growth opportunities, and legal organisation. This methodology, whilst beneficial in theory testing and pre
3、liminary benchmark studies, neglects one of the most important aspects of small business and entrepreneurship: the central role of the SME owner. Given the primary decision making role of the firm owner, this method excludes a fundamental element of the financing and finance provision in SMEs. The a
4、pproach adopted in this chapter is to record SME owners views on financing their businesses, and the reasons why they choose one type of finance over another, or why they avoid some forms of financing entirely. Whilst this approach may appear self-evident or overly simplistic, it can reveal explanat
5、ions for observed capital structures and how financial markets and institutions might better respond to the needs of the small business community. Respondents perceptions concerning issues related to funders and their lending practices are reported in Table 4.5. Almost 50% of respondents are of the
6、perception that “banks understand their business,” with 20% disagreeing with this proposition. This result indicates that respondents generally do not perceive information asymmetries in debt markets. This finding may be explained with reference to the age profile of respondents, thus consistent wit
7、h Diamonds (1989) reputation theory, information asymmetries lessen as firms mature and become established. Even in the event of bank switching, surviving firms have developed a credit history. A crosstabulation of the proposition “banks understand my business” with age of respondents presented in T
8、able D.11 bears this out； those firms perceiving that banks do not understand their business are predominantly in the youngest age categories. These relationships are not statistically significant, however, as indicated by significance values for directional measures presented in Table D.12. Table 4
9、.5 Respondents perception of funders and their requirements Strongly agree or agree (%) Mean score Banks understand my business (n = 291) 47.1 2.7 Banks are willing to provide overdraft facilities to my company (n = 294) 86.4 1.9 Providers of debt insist on collateral (n = 284) 83.8 1.8 Banks lend t
10、o companies with cash/fixed assets (n = 291) 81 2 Venture capitalists invest in companies with cash/fixed assets (n = 283) 34 2.8 The availability of venture capital is susceptible to market fluctuations (n = 282) 65 2.2 Results explain preferences and patterns of financing reported in earlier secti
11、ons. Respondents preference for debt when seeking external finance expressed in Tables 4.1 and 4.2 may be partly explained by firms not perceiving information asymmetries in debt markets. Greater perception of information asymmetries among firms in the youngest age categories is exacerbated by the c
12、oncentration of 50% of these firms in sectors typified by a high proportion of intangible assets. This finding may also explain the high use of external equity (37% of total financing) by this group reported in Table 2.2, and partly explains the provision of personal assets to secure debt by firm ow
13、ners in the youngest age category. A sectoral cross tabulation of the proposition “banks understand my business” presented in Table D.13 reveals that almost 30% of respondents perceiving information asymmetries in debt markets are in the “computer software development and services” sector. This may
14、arise from a relatively young age profile, as over 60% of firms in this sector are under 10 years old. Another relevant factor is the technological nature of the sector, confirming the finding of Hogan and Hutson (2005), that firms in this sector do not perceive information asymmetries in venture ca
15、pital markets to the same extent that they perceive asymmetries in the bank-client relationship. This may be due to the technical knowledge and specialist skills of venture capitalists in assessing technologically complicated investment projects, and the lack of specialised knowledge by loan assesso
16、rs in banks. Almost 90% of respondents believe that “banks are willing to provide overdraft facilities” to their company, as shown in Table 4.5. This result is consistent with empirical evidence highlighting the reliance of SMEs on short-term bank debt (Chittenden et al. 1996), which is even greater
17、 in the Irish context (Ayadi 2008). The effect of respondents perception may perpetuate this reliance, as firms are more likely to apply for additional short-term debt if they perceive their application will be successful. Respondents perception partly explains patterns of financing reported in Table 2.2, indicating that short-term debt was the second most important source of finance after retained profits, comprising an average 22% of capital structures. This
