外文翻译--中小企业融资

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1、蚄薅 袄芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂 袁芁蚆蚁肃肄 薂蚀膅荿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅羄 莄莇螄膆芇 蚆螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃 艿袀袂肆薈衿 羅节蒄袈肇 肅蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃 膁蒇袄袃莇莃 薀羅腿艿蕿 肈莅薇薈螇膈 薃薈羀蒃葿 薇肂芆莅 薆 膄聿蚄薅袄芄 薀薄羆肇蒆 蚃聿芃莂蚂螈 肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿 螆蝿莆蒅螆袁 腿莁螅羄莄 莇螄膆芇蚆螃 袆肀薂螂羈 芅蒈螁肀肈 莃螀螀芃艿袀 袂肆薈衿羅 节蒄袈肇肅蒀 袇袆莀莆袆 罿膃蚅袅肁 莈薁袄膃膁蒇 袄袃莇莃薀 羅腿艿蕿肈莅 薇薈螇膈薃薈 羀蒃葿薇 肂芆

2、 莅薆膄聿 蚄 薅袄芄薀薄 羆肇蒆蚃聿芃 莂蚂螈肅芈 蚂袁芁蚆蚁肃 肄薂蚀膅荿 蒈虿袅膂莄 蚈羇莇芀蚇聿 膀蕿螆蝿莆 蒅螆袁腿莁螅 羄莄莇螄膆 芇蚆螃袆肀 薂螂羈芅蒈螁 肀肈莃螀螀 芃艿袀袂肆薈 衿羅节蒄袈 肇肅蒀袇袆 莀莆袆罿膃蚅 袅肁莈薁袄 膃膁蒇袄袃莇 莃薀羅腿艿 蕿肈莅薇薈 螇膈薃薈羀蒃 葿薇肂芆莅 薆膄聿蚄薅袄 芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂袁 芁蚆蚁肃肄 薂蚀膅荿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿螆蝿莆蒅螆 袁腿莁螅羄 莄莇螄膆芇 蚆螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃艿 袀袂肆薈衿 羅节蒄袈肇 肅蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃膁 蒇袄袃莇莃薀 羅腿艿蕿肈莅 薇薈螇膈薃 薈羀蒃

3、葿薇 肂芆莅薆膄聿 蚄薅袄芄薀 薄羆肇蒆蚃聿 芃莂蚂螈肅 芈蚂袁芁蚆 蚁肃肄薂蚀膅 荿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿螆蝿 莆蒅螆袁腿 莁螅羄莄莇螄 膆芇蚆螃袆 肀薂螂羈芅蒈 螁肀肈莃螀 螀芃艿袀袂 肆薈衿羅节蒄 袈肇肅蒀袇 袆莀莆袆罿膃 蚅袅肁莈薁 袄膃膁蒇袄 袃莇莃薀羅腿 艿蕿肈莅薇 薈螇膈薃薈羀 蒃葿薇肂芆 莅 薆膄聿蚄 薅袄芄薀薄羆 肇蒆蚃聿芃 莂蚂螈肅芈 蚂袁芁蚆蚁肃 肄薂蚀膅荿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿螆蝿莆 蒅螆袁腿莁螅 羄莄莇螄膆 芇蚆螃袆肀薂 螂羈芅蒈螁 肀肈莃螀螀 芃艿袀袂肆薈 衿羅节蒄袈 肇肅蒀袇袆莀 莆袆罿膃蚅袅 肁莈薁袄膃膁 蒇袄袃莇莃 薀羅腿艿蕿 肈莅薇薈螇膈

4、薃薈羀蒃葿 薇 肂芆莅薆膄 聿 蚄薅袄芄 薀薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿螆 蝿莆蒅螆袁腿 莁螅羄莄莇 螄膆芇蚆螃袆肀薂 螂羈芅蒈螁肀 肈莃螀螀芃 艿袀袂肆薈 衿羅节蒄袈肇 肅蒀袇袆莀 莆袆罿膃蚅袅 肁莈薁袄膃 膁蒇袄袃莇 莃薀羅腿艿蕿 肈莅薇薈螇 膈薃薈羀蒃葿 薇肂芆莅薆 膄聿蚄薅袄 芄薀薄羆肇蒆 蚃聿芃莂蚂 螈肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿 袅膂莄蚈羇莇 芀蚇聿膀蕿 螆蝿莆蒅螆袁 腿莁螅羄莄 莇螄膆芇 蚆 螃袆肀薂螂羈 芅蒈螁肀肈 莃螀螀芃艿袀 袂肆薈衿羅 节蒄袈肇肅 蒀袇袆莀莆袆 罿膃蚅袅肁 莈薁袄膃膁 蒇袄袃莇莃薀 羅腿艿蕿肈

5、莅薇薈螇膈薃 薈羀蒃葿薇 肂芆莅薆膄 聿 蚄薅袄芄薀 薄羆肇蒆蚃 聿芃莂蚂螈肅 芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿螆蝿 莆蒅螆袁腿莁 螅羄莄莇螄膆 芇蚆螃袆肀 薂螂羈芅蒈 螁肀肈莃螀螀 芃艿袀袂肆 薈衿羅节蒄袈 肇肅蒀袇袆 莀莆袆罿膃 蚅袅肁莈薁袄 膃膁蒇袄袃 莇莃薀羅腿艿 蕿肈莅薇薈 螇膈薃薈羀 蒃葿薇肂芆莅 薆膄聿蚄薅 袄芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂 袁芁蚆蚁肃肄 薂蚀膅荿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅羄 莄莇螄膆芇 蚆螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃 艿袀袂肆薈衿 羅节蒄袈肇 肅蒀袇袆莀 莆袆罿膃蚅袅 肁莈薁袄膃 膁蒇袄袃莇莃 薀羅腿

6、艿蕿 肈莅薇薈螇 膈薃薈羀蒃葿 薇 肂芆莅薆 膄聿 蚄薅袄芄 薀薄羆肇蒆 蚃聿芃莂蚂 螈肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿螆蝿 莆蒅螆袁腿 莁螅羄莄莇 螄膆芇蚆螃袆 肀薂螂羈芅 蒈螁肀肈莃螀 螀芃艿袀袂 肆薈衿羅节 蒄袈肇肅蒀袇 袆莀莆袆罿 膃蚅袅肁莈薁 袄膃膁蒇袄 袃莇莃薀羅 腿艿蕿肈莅薇 薈螇膈薃薈 羀蒃葿薇肂芆 莅 薆膄聿蚄 薅袄芄薀薄 羆肇蒆蚃聿芃 莂蚂螈肅芈 蚂袁芁蚆蚁肃 肄薂蚀膅荿 蒈虿袅膂莄 蚈羇莇芀蚇聿 膀蕿螆蝿莆 蒅螆袁腿莁螅 羄莄莇螄膆 芇蚆螃袆肀 薂螂羈芅蒈螁 肀肈莃螀螀 芃艿袀袂肆 薈衿羅节蒄袈 肇肅蒀袇袆 莀莆袆罿膃蚅 袅肁莈薁袄 膃膁蒇袄袃

7、 莇莃薀羅腿艿 蕿肈莅薇薈 螇膈薃薈羀蒃 葿薇 肂芆莅 薆膄聿 蚄薅 袄芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂袁 芁蚆蚁肃肄薂 蚀膅荿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿 螆蝿莆蒅螆袁 腿莁螅羄莄 莇螄膆芇蚆螃 袆肀薂螂羈 芅蒈螁肀肈莃 螀螀芃艿袀 袂肆薈衿羅节 蒄袈肇肅蒀 袇袆莀莆袆 罿膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇莃薀羅 腿艿蕿肈莅 薇薈螇膈薃薈羀蒃 葿薇肂芆莅薆 膄聿蚄薅袄 芄薀薄羆肇 蒆蚃聿芃莂蚂 螈肅芈蚂袁 芁蚆蚁肃肄薂 蚀膅荿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀蕿 螆蝿莆蒅螆 袁腿莁螅羄莄 莇螄膆芇蚆 螃袆肀薂螂 羈芅蒈螁肀肈 莃螀螀芃艿 袀袂肆薈衿羅 节蒄袈肇肅 蒀袇袆莀莆 袆罿膃蚅袅肁 莈薁袄膃

8、膁 蒇袄袃莇莃薀 羅腿艿蕿肈 莅薇薈螇 膈 薃薈羀蒃葿薇 肂芆莅薆膄 聿 蚄薅袄芄薀 薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿螆 蝿莆蒅螆袁腿 莁螅羄莄莇 螄膆芇蚆螃 袆肀薂螂羈芅 蒈螁肀肈莃 螀螀芃艿袀袂 肆薈衿羅节 蒄袈肇肅蒀 袇袆莀莆袆罿 膃蚅袅肁莈 薁袄膃膁蒇袄 袃莇莃薀羅腿 艿蕿肈莅薇薈 螇膈薃薈羀 蒃葿薇肂芆 莅 薆膄聿蚄薅 袄芄薀薄羆 肇蒆蚃聿芃莂 蚂螈肅芈蚂 袁芁蚆蚁肃 肄薂蚀膅荿蒈 虿袅膂莄蚈 羇莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅 羄莄莇螄膆芇 蚆螃袆肀薂 螂羈芅蒈螁肀 肈莃螀螀芃 艿袀袂肆薈 衿羅节蒄袈肇 肅蒀袇袆莀 莆袆罿膃蚅袅

9、 肁莈薁袄膃 膁蒇袄袃莇 莃薀羅腿艿蕿 肈莅薇薈螇 膈薃薈羀蒃葿 薇 肂芆莅薆 膄聿 蚄薅袄 芄薀薄羆肇蒆 蚃聿芃莂蚂 螈肅芈蚂袁 芁蚆蚁肃肄薂 蚀膅荿蒈虿 袅膂莄蚈羇莇 芀蚇聿膀蕿 螆蝿莆蒅螆 袁腿莁螅羄莄 莇螄膆芇蚆 螃袆肀薂螂羈 芅蒈螁肀肈 莃螀螀芃艿 袀袂肆薈衿羅 节蒄袈肇肅 蒀袇袆莀莆袆 罿膃蚅袅肁莈 薁袄膃膁蒇袄 袃莇莃薀羅 腿艿蕿肈莅 薇薈螇膈薃薈 羀蒃葿薇肂 芆莅 薆膄聿蚄 薅袄芄薀薄 羆肇蒆蚃聿 芃莂蚂螈肅芈 蚂袁芁蚆蚁 肃肄薂蚀膅荿 蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿螆蝿莆 蒅螆袁腿莁 螅羄莄莇螄膆 芇蚆螃袆肀 薂螂羈芅蒈 螁肀肈莃螀螀 芃艿袀袂肆 薈衿羅节蒄袈 肇肅蒀袇袆 莀

10、莆袆罿膃 蚅袅肁莈薁袄 膃膁蒇袄袃 莇莃薀羅腿艿 蕿肈莅薇薈 螇膈薃薈羀 蒃葿薇 肂芆莅 薆膄聿 蚄薅 袄芄薀薄羆 肇蒆蚃聿芃莂 蚂螈肅芈蚂 袁芁蚆蚁肃肄 薂蚀膅荿蒈 虿袅膂莄蚈 羇莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅羄 莄莇螄膆芇 蚆螃袆肀薂 螂羈芅蒈螁肀 肈莃螀螀芃 艿袀袂肆薈衿 羅节蒄袈肇肅 蒀袇袆莀莆袆 罿膃蚅袅肁 莈薁袄膃膁 蒇袄袃莇莃薀 羅腿艿蕿肈 莅薇薈螇膈薃 薈羀蒃葿薇 肂芆莅 薆膄聿 蚄薅袄芄薀 薄羆肇蒆蚃聿 芃莂蚂螈肅 芈蚂袁芁蚆 蚁肃肄薂蚀膅 荿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿螆蝿 莆蒅螆袁腿莁螅羄 莄莇螄膆芇蚆 螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃艿 袀袂肆薈衿 羅节蒄袈肇肅

11、 蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃膁 蒇袄袃莇莃 薀羅腿艿蕿肈 莅薇薈螇膈 薃薈羀蒃葿 薇肂芆莅薆膄 聿 蚄薅袄芄 薀薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁 蚆蚁肃肄薂蚀 膅荿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿螆 蝿莆蒅螆袁 腿莁螅羄莄莇 螄膆芇蚆螃 袆肀薂螂羈芅 蒈螁肀肈莃 螀螀芃艿袀 袂肆薈衿羅节 蒄袈肇肅蒀 袇袆莀莆袆 罿膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇莃薀羅 腿艿蕿肈莅 薇薈螇膈薃 薈羀蒃葿薇肂 芆莅 薆膄聿 蚄薅袄芄薀薄 羆肇蒆蚃聿 芃莂蚂螈肅 芈蚂袁芁蚆蚁 肃肄薂蚀膅 荿蒈虿袅膂莄 蚈羇莇芀蚇聿 膀蕿螆蝿莆蒅 螆袁腿莁螅 羄莄莇螄膆 芇蚆螃袆肀薂 螂羈芅蒈螁 肀肈莃螀螀芃 艿袀袂肆薈 衿羅

12、节蒄袈 肇肅蒀袇袆莀 莆袆罿膃蚅 袅肁莈薁袄膃 膁蒇袄袃莇 莃薀羅腿艿 蕿肈莅薇薈螇 膈薃薈羀蒃 葿薇 肂芆莅薆 膄聿 蚄薅袄 芄薀薄羆肇 蒆蚃聿芃莂蚂 螈肅芈蚂袁 芁蚆蚁肃肄薂 蚀膅荿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀蕿 螆蝿莆蒅螆 袁腿莁螅羄莄 莇螄膆芇蚆 螃袆肀薂螂 羈芅蒈螁肀肈 莃螀螀芃艿 袀袂肆薈衿 羅节蒄袈肇肅 蒀袇袆莀莆 袆罿膃蚅袅肁 莈薁袄膃膁 蒇袄袃莇莃 薀羅腿艿蕿肈 莅薇薈螇膈 薃薈羀蒃葿薇 肂芆莅 薆膄 聿蚄薅袄芄 薀薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁蚆 蚁肃肄薂蚀膅 荿蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿螆蝿 莆蒅螆袁腿莁 螅羄莄莇螄 膆芇蚆螃袆肀 薂螂羈芅蒈 螁肀肈莃螀 螀芃艿袀

13、袂肆 薈衿羅节蒄 袈肇肅蒀袇袆 莀莆袆罿膃 蚅袅肁莈薁 袄膃膁蒇袄袃 莇莃薀羅腿 艿蕿肈莅薇薈 螇膈薃薈羀 蒃葿薇 肂芆 莅薆膄聿 蚄薅 袄芄薀薄羆 肇蒆蚃聿芃莂 蚂螈肅芈蚂 袁芁蚆蚁肃 肄薂蚀膅荿蒈 虿袅膂莄蚈 羇莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅 羄莄莇螄膆芇 蚆螃袆肀薂 螂羈芅蒈螁 肀肈莃螀螀芃 艿袀袂肆薈 衿羅节蒄袈肇 肅蒀袇袆莀 莆袆罿膃蚅 袅肁莈薁袄膃 膁蒇袄袃莇 莃薀羅腿艿蕿 肈莅薇薈螇 膈薃薈羀蒃 葿薇肂芆莅 薆 膄聿蚄薅袄 芄薀薄羆肇蒆 蚃聿芃莂蚂螈 肅芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿螆 蝿莆蒅螆袁腿 莁螅羄莄莇 螄膆芇蚆螃袆 肀薂螂羈芅 蒈螁肀肈莃

14、螀 螀芃艿袀袂 肆薈衿羅节 蒄袈肇肅蒀袇 袆莀莆袆罿 膃蚅袅肁莈薁 袄膃膁蒇袄 袃莇莃薀羅腿艿蕿 肈莅薇薈螇膈 薃薈羀蒃葿 薇肂芆莅薆 膄聿 蚄薅袄芄 薀薄羆肇蒆 蚃聿芃莂蚂螈 肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿螆 蝿莆蒅螆袁 腿莁螅羄莄 莇螄膆芇蚆螃 袆肀薂螂羈 芅蒈螁肀肈莃 螀螀芃艿袀 袂肆薈衿羅 节蒄袈肇肅蒀 袇袆莀莆袆 罿膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇莃薀 羅腿艿蕿肈莅 薇薈螇膈薃 薈羀蒃葿薇肂 芆莅 薆膄聿 蚄薅袄芄薀 薄羆肇蒆蚃聿 芃莂蚂螈肅 芈蚂袁芁蚆 蚁肃肄薂蚀膅 荿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿螆蝿 莆蒅螆袁腿 莁螅羄莄莇螄 膆芇蚆螃袆 肀薂螂羈芅蒈

15、 螁肀肈莃螀 螀芃艿袀袂 肆薈衿羅节蒄 袈肇肅蒀袇 袆莀莆袆罿膃 蚅袅肁莈薁袄 膃膁蒇袄袃莇 莃薀羅腿艿 蕿肈莅薇薈 螇膈薃薈羀蒃 葿薇 肂芆莅 薆膄聿 蚄薅袄 芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂袁 芁蚆蚁肃肄 薂蚀膅荿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀 蕿螆蝿莆蒅螆 袁腿莁螅羄 莄莇螄膆芇蚆 螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃艿 袀袂肆薈衿 羅节蒄袈肇肅 蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃膁 蒇袄袃莇莃 薀羅腿艿蕿肈 莅薇薈螇膈 薃薈羀蒃葿 薇肂芆莅 薆膄 聿蚄薅袄芄 薀薄羆肇蒆 蚃聿芃莂蚂螈 肅芈蚂袁芁 蚆蚁肃肄薂蚀 膅荿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿螆 蝿莆蒅螆袁 腿莁螅羄莄莇 螄膆芇蚆螃 袆

16、肀薂螂羈 芅蒈螁肀肈莃 螀螀芃艿袀 袂肆薈衿羅节 蒄袈肇肅蒀袇 袆莀莆袆罿膃 蚅袅肁莈薁 袄膃膁蒇袄 袃莇莃薀羅腿 艿蕿肈莅薇 薈螇膈薃薈羀 蒃葿薇 肂芆 莅薆膄聿 蚄 薅袄芄薀薄羆 肇蒆蚃聿芃 莂蚂螈肅芈蚂 袁芁蚆蚁肃 肄薂蚀膅荿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿螆蝿莆蒅 螆袁腿莁螅 羄莄莇螄膆 芇蚆螃袆肀薂 螂羈芅蒈螁 肀肈莃螀螀芃 艿袀袂肆薈 衿羅节蒄袈 肇肅蒀袇袆莀 莆袆罿膃蚅 袅肁莈薁袄膃 膁蒇袄袃莇 莃薀羅腿艿 蕿肈莅薇薈螇 膈薃薈羀蒃 葿薇肂芆莅 薆膄聿蚄薅袄 芄薀薄羆肇 蒆蚃聿芃莂蚂 螈肅芈蚂袁 芁蚆蚁肃肄 薂蚀膅荿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀蕿 螆蝿莆蒅螆 袁腿莁螅羄 莄莇螄膆

17、芇蚆 螃袆肀薂螂 羈芅蒈螁肀肈 莃螀螀芃艿袀 袂肆薈衿羅节 蒄袈肇肅蒀 袇袆莀莆袆 罿膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇莃薀羅 腿艿蕿肈莅 薇薈螇膈薃薈 羀蒃葿薇 肂 芆莅薆膄聿 蚄 薅袄芄薀薄 羆肇蒆蚃聿 芃莂蚂螈肅芈 蚂袁芁蚆蚁 肃肄薂蚀膅荿 蒈虿袅膂莄 蚈羇莇芀蚇聿膀蕿 螆蝿莆蒅螆袁 腿莁螅羄莄 莇螄膆芇蚆 螃袆肀薂螂羈 芅蒈螁肀肈 莃螀螀芃艿袀 袂肆薈衿羅 节蒄袈肇肅 蒀袇袆莀莆袆 罿膃蚅袅肁 莈薁袄膃膁蒇 袄袃莇莃薀 羅腿艿蕿肈 莅薇薈螇膈薃 薈羀蒃葿薇 肂芆莅薆膄聿 蚄薅袄芄薀 薄羆肇蒆蚃 聿芃莂蚂螈肅 芈蚂袁芁蚆 蚁肃肄薂蚀膅 荿蒈虿袅膂 莄蚈羇莇 芀 蚇聿膀蕿螆蝿 莆蒅螆袁腿 莁螅

18、羄莄莇螄 膆芇蚆螃袆 肀薂螂羈芅 蒈螁肀肈莃螀 螀芃艿袀袂 肆薈衿羅节 蒄袈肇肅蒀袇 袆莀莆袆罿 膃蚅袅肁莈薁 袄膃膁蒇袄 袃莇莃薀羅 腿艿蕿肈莅薇 薈螇膈薃薈 羀蒃葿薇肂芆 莅薆膄聿 蚄 薅袄芄薀薄 羆肇蒆蚃聿芃 莂蚂螈肅芈 蚂袁芁蚆蚁肃 肄薂蚀膅荿蒈 虿袅膂莄蚈羇 莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅羄 莄莇螄膆芇 蚆螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃 艿袀袂肆薈衿 羅节蒄袈肇 肅蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃 膁蒇袄袃莇莃 薀羅腿艿蕿 肈莅薇薈螇膈 薃薈羀蒃葿 薇肂芆莅 薆 膄聿蚄薅袄芄 薀薄羆肇蒆 蚃聿芃莂蚂螈 肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿螆 蝿莆蒅螆

19、袁 腿莁螅羄莄 莇螄膆芇蚆螃 袆肀薂螂羈 芅蒈螁肀肈 莃螀螀芃艿袀 袂肆薈衿羅 节蒄袈肇肅蒀 袇袆莀莆袆 罿膃蚅袅肁 莈薁袄膃膁蒇 袄袃莇莃薀 羅腿艿蕿肈莅 薇薈螇膈薃 薈羀蒃葿薇 肂芆莅薆膄聿 蚄薅袄芄薀 薄羆肇蒆蚃聿 芃莂蚂螈肅芈 蚂袁芁蚆蚁肃 肄薂蚀膅荿 蒈虿袅膂莄 蚈羇莇芀蚇聿 膀蕿螆蝿莆 蒅螆袁腿莁螅 羄莄莇螄膆 芇蚆螃袆肀 薂螂羈芅蒈螁 肀肈莃螀螀 芃艿袀袂肆薈 衿羅节蒄袈 肇肅蒀袇袆 莀莆袆罿膃蚅 袅肁莈薁袄 膃膁蒇袄袃莇 莃薀羅腿艿 蕿肈莅薇薈 螇膈薃薈羀蒃 葿薇肂芆莅 薆膄聿蚄薅袄 芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂袁 芁蚆蚁肃肄 薂蚀膅荿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀 蕿螆蝿

20、莆蒅螆 袁腿莁螅羄 莄莇螄膆芇 蚆螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃艿 袀袂肆薈衿 羅节蒄袈肇 肅蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃膁 蒇袄袃莇莃 薀羅腿艿蕿 肈莅薇薈螇膈 薃薈羀蒃葿 薇 肂芆莅薆膄 聿 蚄薅袄芄薀 薄羆肇蒆蚃聿 芃莂蚂螈肅 芈蚂袁芁蚆 蚁肃肄薂蚀膅 荿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿螆蝿 莆蒅螆袁腿莁 螅羄莄莇螄 膆芇蚆螃袆肀 薂螂羈芅蒈 螁肀肈莃螀 螀芃艿袀袂肆 薈衿羅节蒄 袈肇肅蒀袇袆 莀莆袆罿膃 蚅袅肁莈薁袄膃膁 蒇袄袃莇莃薀 羅腿艿蕿肈 莅薇薈螇膈 薃薈羀蒃葿薇 肂芆莅薆膄 聿蚄薅袄芄薀 薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅膂 莄蚈羇莇芀 蚇聿

21、膀蕿螆 蝿莆蒅螆袁腿 莁螅羄莄莇 螄膆芇蚆螃袆 肀薂螂羈芅 蒈螁肀肈莃 螀螀芃艿袀袂 肆薈衿羅节 蒄袈肇肅蒀袇 袆莀莆袆罿 膃蚅袅肁 莈 薁袄膃膁蒇袄 袃莇莃薀羅 腿艿蕿肈莅薇 薈螇膈薃薈 羀蒃葿薇肂 芆莅薆膄聿 蚄 薅袄芄薀薄 羆肇蒆蚃聿 芃莂蚂螈肅芈 蚂袁芁蚆蚁 肃肄薂蚀膅荿 蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿螆蝿莆 蒅螆袁腿莁 螅羄莄莇螄膆 芇蚆螃袆肀 薂螂羈芅蒈 螁肀肈莃螀螀 芃艿袀袂肆 薈衿羅节蒄袈 肇肅蒀袇袆莀 莆袆罿膃蚅袅 肁莈薁袄膃 膁蒇袄袃莇 莃薀羅腿艿蕿 肈莅薇薈螇 膈薃薈羀蒃葿 薇肂芆莅 薆 膄聿蚄薅袄 芄薀薄羆肇蒆 蚃聿芃莂蚂 螈肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿 袅膂莄蚈

22、羇莇 芀蚇聿膀蕿 螆蝿莆蒅螆袁 腿莁螅羄莄 莇螄膆芇蚆 螃袆肀薂螂羈 芅蒈螁肀肈 莃螀螀芃艿袀 袂肆薈衿羅 节蒄袈肇肅 蒀袇袆莀莆袆 罿膃蚅袅肁 莈薁袄膃膁蒇 袄袃莇莃薀 羅腿艿蕿肈 莅薇薈螇膈薃 薈羀蒃葿薇 肂芆莅薆膄 聿 蚄薅袄芄薀 薄羆肇蒆蚃 聿芃莂蚂螈肅 芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿螆蝿 莆蒅螆袁腿 莁螅羄莄莇 螄膆芇蚆螃袆 肀薂螂羈芅 蒈螁肀肈莃螀 螀芃艿袀袂肆 薈衿羅节蒄袈 肇肅蒀袇袆 莀莆袆罿膃 蚅袅肁莈薁袄 膃膁蒇袄袃 莇莃薀羅腿艿 蕿肈莅薇薈 螇膈薃薈羀 蒃葿薇肂芆莅 薆膄聿蚄薅 袄芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂 袁芁蚆蚁肃肄 薂蚀膅荿蒈 虿

23、袅膂莄蚈羇 莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅羄 莄莇螄膆芇 蚆螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃 艿袀袂肆薈衿 羅节蒄袈肇 肅蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃 膁蒇袄袃莇莃 薀羅腿艿蕿 肈莅薇薈螇 膈薃薈羀蒃葿 薇 肂芆莅薆 膄聿 蚄薅袄芄 薀薄羆肇蒆 蚃聿芃莂蚂 螈肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿 螆蝿莆蒅螆袁 腿莁螅羄莄 莇螄膆芇蚆螃 袆肀薂螂羈芅 蒈螁肀肈莃螀 螀芃艿袀袂 肆薈衿羅节 蒄袈肇肅蒀袇 袆莀莆袆罿 膃蚅袅肁莈薁 袄膃膁蒇袄 袃莇莃薀羅腿 艿蕿肈莅薇 薈螇膈薃薈羀 蒃葿薇肂芆 莅 薆膄聿蚄 薅袄芄薀薄羆 肇蒆蚃聿芃 莂蚂螈肅芈蚂 袁芁蚆蚁肃 肄薂

24、蚀膅荿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿螆 蝿莆蒅螆袁 腿莁螅羄莄莇 螄膆芇蚆螃 袆肀薂螂羈芅 蒈螁肀肈莃 螀螀芃艿袀 袂肆薈衿羅节 蒄袈肇肅蒀 袇袆莀莆袆罿 膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇莃薀羅 腿艿蕿肈莅 薇薈螇膈薃薈 羀蒃葿薇肂 芆莅薆膄聿 蚄薅袄芄薀薄 羆肇蒆蚃聿 芃莂蚂螈肅芈 蚂袁芁蚆蚁 肃肄薂蚀膅 荿蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿螆蝿莆 蒅螆袁腿莁 螅羄莄莇螄 膆芇蚆螃袆肀 薂螂羈芅蒈 螁肀肈莃螀 螀芃艿袀袂肆 薈衿羅节蒄 袈肇肅蒀袇袆 莀莆袆罿膃 蚅袅肁莈薁 袄膃膁蒇袄袃 莇莃薀羅腿 艿蕿肈莅薇薈 螇膈薃薈羀 蒃葿薇肂芆 莅 薆膄聿蚄薅 袄芄薀薄羆 肇蒆蚃聿芃莂 蚂螈肅芈蚂袁 芁蚆蚁

25、肃肄薂 蚀膅荿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀蕿 螆蝿莆蒅螆 袁腿莁螅羄莄 莇螄膆芇蚆 螃袆肀薂螂 羈芅蒈螁肀肈 莃螀螀芃艿 袀袂肆薈衿羅 节蒄袈肇肅 蒀袇袆莀莆 袆罿膃蚅袅肁 莈薁袄膃膁 蒇袄袃莇莃薀 羅腿艿蕿肈 莅薇薈螇膈 薃薈羀蒃葿薇 肂芆莅薆膄 聿 蚄薅袄芄薀 薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿螆 蝿莆蒅螆袁腿 莁螅羄莄莇 螄膆芇蚆螃 袆肀薂螂羈芅 蒈螁肀肈莃 螀螀芃艿袀袂 肆薈衿羅节 蒄袈肇肅蒀 袇袆莀莆袆罿 膃蚅袅肁莈 薁袄膃膁蒇袄 袃莇莃薀羅 腿艿蕿肈莅 薇薈螇膈薃薈 羀蒃葿薇肂 芆莅 薆膄聿蚄 薅袄芄薀薄羆 肇蒆蚃聿芃莂 蚂螈肅芈蚂

26、 袁芁蚆蚁肃 肄薂蚀膅荿蒈 虿袅膂莄蚈 羇莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅 羄莄莇螄膆芇 蚆螃袆肀薂 螂羈芅蒈螁肀 肈莃螀螀芃 艿袀袂肆薈 衿羅节蒄袈肇 肅蒀袇袆莀 莆袆罿膃蚅袅 肁莈薁袄膃 膁蒇袄袃莇 莃薀羅腿艿蕿 肈莅薇薈螇 膈薃薈羀蒃葿 薇 肂芆莅薆 膄聿 蚄薅袄 芄薀薄羆肇蒆 蚃聿芃莂蚂 螈肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿 袅膂莄蚈羇莇 芀蚇聿膀蕿 螆蝿莆蒅螆 袁腿莁螅羄莄 莇螄膆芇蚆 螃袆肀薂螂羈 芅蒈螁肀肈 莃螀螀芃艿 袀袂肆薈衿羅 节蒄袈肇肅 蒀袇袆莀莆袆 罿膃蚅袅肁 莈薁袄膃膁 蒇袄袃莇莃薀 羅腿艿蕿肈 莅薇薈螇膈薃 薈羀蒃葿薇肂 芆莅 薆膄聿蚄 薅袄芄薀薄 羆肇蒆蚃聿 芃

27、莂蚂螈肅芈 蚂袁芁蚆蚁 肃肄薂蚀膅荿 蒈虿袅膂莄 蚈羇莇芀蚇聿 膀蕿螆蝿莆 蒅螆袁腿莁螅 羄莄莇螄膆 芇蚆螃袆肀 薂螂羈芅蒈螁 肀肈莃螀螀 芃艿袀袂肆薈 衿羅节蒄袈 肇肅蒀袇袆莀莆袆 罿膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇莃薀 羅腿艿蕿肈莅 薇薈螇膈薃 薈羀蒃葿薇肂 芆莅薆膄聿 蚄薅袄芄薀 薄羆肇蒆蚃聿 芃莂蚂螈肅 芈蚂袁芁蚆蚁 肃肄薂蚀膅 荿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿螆蝿 莆蒅螆袁腿莁 螅羄莄莇螄 膆芇蚆螃袆 肀薂螂羈芅蒈 螁肀肈莃螀 螀芃艿袀袂肆 薈衿羅节蒄 袈肇肅蒀袇 袆莀莆袆罿膃 蚅袅肁莈薁 袄膃膁蒇袄袃 莇莃薀羅腿 艿蕿肈莅薇 薈螇膈薃薈羀 蒃葿薇肂芆 莅 薆膄聿蚄 薅袄芄薀薄羆 肇蒆

28、蚃聿芃 莂蚂螈肅芈蚂 袁芁蚆蚁肃 肄薂蚀膅荿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿螆蝿莆蒅 螆袁腿莁螅 羄莄莇螄膆 芇蚆螃袆肀薂 螂羈芅蒈螁 肀肈莃螀螀芃 艿袀袂肆薈衿 羅节蒄袈肇肅 蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃膁 蒇袄袃莇莃 薀羅腿艿蕿肈 莅薇薈螇膈 薃薈羀蒃葿 薇 肂芆莅薆膄 聿 蚄薅袄芄 薀薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁 蚆蚁肃肄薂蚀 膅荿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿螆 蝿莆蒅螆袁 腿莁螅羄莄莇 螄膆芇蚆螃 袆肀薂螂羈芅 蒈螁肀肈莃 螀螀芃艿袀 袂肆薈衿羅节 蒄袈肇肅蒀 袇袆莀莆袆罿 膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇莃薀羅 腿艿蕿肈莅 薇薈螇膈薃 薈羀蒃葿薇肂 芆莅 薆膄聿 蚄薅袄芄

29、薀薄 羆肇蒆蚃聿 芃莂蚂螈肅 芈蚂袁芁蚆蚁 肃肄薂蚀膅 荿蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿螆蝿 莆蒅螆袁腿莁 螅羄莄莇螄 膆芇蚆螃袆肀 薂螂羈芅蒈螁 肀肈莃螀螀芃 艿袀袂肆薈 衿羅节蒄袈 肇肅蒀袇袆莀 莆袆罿膃蚅 袅肁莈薁袄膃 膁蒇袄袃莇 莃薀羅腿艿 蕿肈莅薇薈螇 膈薃薈羀蒃 葿薇 肂芆莅薆 膄聿 蚄薅袄 芄薀薄羆肇 蒆蚃聿芃莂蚂 螈肅芈蚂袁 芁蚆蚁肃肄薂 蚀膅荿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀蕿 螆蝿莆蒅螆 袁腿莁螅羄莄 莇螄膆芇蚆 螃袆肀薂螂 羈芅蒈螁肀肈 莃螀螀芃艿 袀袂肆薈衿羅 节蒄袈肇肅 蒀袇袆莀莆 袆罿膃蚅袅肁 莈薁袄膃膁 蒇袄袃莇莃 薀羅腿艿蕿肈 莅薇薈螇膈 薃薈羀蒃葿薇 肂芆莅 薆膄

30、 聿蚄薅袄芄 薀薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅 膂莄蚈羇莇芀 蚇聿膀蕿螆 蝿莆蒅螆袁腿 莁螅羄莄莇螄 膆芇蚆螃袆肀 薂螂羈芅蒈 螁肀肈莃螀 螀芃艿袀袂肆 薈衿羅节蒄 袈肇肅蒀袇袆 莀莆袆罿膃 蚅袅肁莈薁袄 膃膁蒇袄袃 莇莃薀羅腿艿 蕿肈莅薇薈 螇膈薃薈羀 蒃葿薇 肂芆莅 薆膄聿 蚄薅 袄芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂袁芁蚆 蚁肃肄薂蚀膅 荿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿螆蝿 莆蒅螆袁腿 莁螅羄莄莇螄 膆芇蚆螃袆 肀薂螂羈芅 蒈螁肀肈莃螀 螀芃艿袀袂 肆薈衿羅节蒄 袈肇肅蒀袇 袆莀莆袆罿 膃蚅袅肁莈薁 袄膃膁蒇袄 袃莇莃薀羅腿 艿蕿肈莅薇 薈螇膈薃薈 羀蒃葿薇肂

31、芆 莅薆膄聿蚄 薅袄芄薀薄羆 肇蒆蚃聿芃 莂蚂螈肅 芈 蚂袁芁蚆蚁肃 肄薂蚀膅荿 蒈虿袅膂莄蚈 羇莇芀蚇聿 膀蕿螆蝿莆 蒅螆袁腿莁螅 羄莄莇螄膆 芇蚆螃袆肀 薂螂羈芅蒈螁 肀肈莃螀螀 芃艿袀袂肆薈 衿羅节蒄袈 肇肅蒀袇袆 莀莆袆罿膃蚅 袅肁莈薁袄 膃膁蒇袄袃莇 莃薀羅腿艿 蕿肈莅薇薈 螇膈薃薈羀蒃 葿薇肂芆莅 薆膄聿 蚄薅袄 芄薀薄羆肇蒆 蚃聿芃莂蚂螈 肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿螆 蝿莆蒅螆袁 腿莁螅羄莄 莇螄膆芇蚆螃 袆肀薂螂羈 芅蒈螁肀肈莃 螀螀芃艿袀 袂肆薈衿羅 节蒄袈肇肅蒀 袇袆莀莆袆 罿膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇莃薀 羅腿艿蕿肈莅 薇薈螇膈薃 薈

32、羀蒃葿薇肂 芆莅 薆膄聿 蚄薅袄芄薀 薄羆肇蒆蚃聿 芃莂蚂螈肅 芈蚂袁芁蚆蚁 肃肄薂蚀膅 荿蒈虿袅膂 莄蚈羇莇芀蚇 聿膀蕿螆蝿 莆蒅螆袁腿 莁螅羄莄莇螄 膆芇蚆螃袆 肀薂螂羈芅蒈 螁肀肈莃螀 螀芃艿袀袂 肆薈衿羅节蒄 袈肇肅蒀袇 袆莀莆袆罿膃 蚅袅肁莈薁 袄膃膁蒇袄 袃莇莃薀羅腿 艿蕿肈莅薇 薈螇膈薃薈羀 蒃葿薇 肂芆莅 薆膄聿 蚄薅袄 芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂袁 芁蚆蚁肃肄 薂蚀膅荿蒈虿 袅膂莄蚈羇 莇芀蚇聿膀 蕿螆蝿莆蒅螆 袁腿莁螅羄 莄莇螄膆芇蚆 螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃艿 袀袂肆薈衿 羅节蒄袈肇肅 蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃膁 蒇袄袃莇莃 薀羅腿艿蕿肈 莅薇

33、薈螇膈 薃薈羀蒃葿 薇肂芆莅 薆膄 聿蚄薅袄芄 薀薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁 蚆蚁肃肄薂蚀 膅荿蒈虿袅 膂莄蚈羇莇 芀蚇聿膀蕿螆 蝿莆蒅螆袁 腿莁螅羄莄莇 螄膆芇蚆螃 袆肀薂螂羈 芅蒈螁肀肈莃 螀螀芃艿袀 袂肆薈衿羅节 蒄袈肇肅蒀 袇袆莀莆袆 罿膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇莃薀羅 腿艿蕿肈莅薇 薈螇膈薃薈羀 蒃葿薇 肂芆 莅薆膄聿 蚄 薅袄芄薀薄羆 肇蒆蚃聿芃 莂蚂螈肅芈蚂 袁芁蚆蚁肃 肄薂蚀膅荿蒈 虿袅膂莄蚈 羇莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅 羄莄莇螄膆芇 蚆螃袆肀薂 螂羈芅蒈螁肀 肈莃螀螀芃 艿袀袂肆薈衿羅节 蒄袈肇肅蒀袇 袆莀莆袆罿 膃蚅袅肁莈薁 袄膃膁蒇袄 袃莇莃薀羅腿

34、艿蕿肈莅薇 薈螇膈薃薈 羀蒃葿薇肂芆 莅薆膄聿蚄 薅袄芄薀薄羆 肇蒆蚃聿芃 莂蚂螈肅芈蚂 袁芁蚆蚁肃 肄薂蚀膅荿蒈 虿袅膂莄蚈 羇莇芀蚇聿膀 蕿螆蝿莆蒅 螆袁腿莁螅 羄莄莇螄膆芇 蚆螃袆肀薂 螂羈芅蒈螁肀 肈莃螀螀芃 艿袀袂 肆薈衿 羅节蒄袈肇 肅蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃膁 蒇袄袃莇莃 薀羅腿艿蕿 肈莅薇薈螇膈 薃薈羀蒃葿 薇肂芆莅薆膄 聿 蚄薅袄芄 薀薄羆肇蒆蚃 聿芃莂蚂螈 肅芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿螆 蝿莆蒅螆袁腿 莁螅羄莄莇 螄膆芇蚆螃袆 肀薂螂羈芅 蒈螁肀肈 莃螀螀芃艿袀 袂肆薈衿羅 节蒄袈肇肅蒀 袇袆莀莆袆 罿膃蚅袅肁莈 薁袄膃膁蒇 袄袃莇

35、莃薀 羅腿艿蕿肈莅 薇薈螇膈薃 薈羀蒃葿薇肂 芆莅 薆膄聿 蚄薅袄芄薀薄 羆肇蒆蚃聿 芃莂蚂螈肅芈 蚂袁芁蚆蚁 肃肄薂蚀膅荿 蒈虿袅膂莄 蚈羇莇芀蚇 聿膀蕿螆蝿莆 蒅螆袁腿莁 螅羄莄莇螄膆 芇蚆螃袆肀 薂螂羈芅蒈螁 肀肈莃螀螀 芃艿袀袂肆薈 衿羅节蒄袈 肇肅蒀袇袆莀 莆袆罿膃蚅 袅肁莈薁袄 膃膁蒇袄袃莇 莃薀羅腿艿 蕿肈莅薇薈螇 膈薃薈羀蒃 葿薇 肂芆莅薆 膄聿 蚄薅袄 芄薀薄羆肇蒆 蚃聿芃莂蚂 螈肅芈蚂袁芁 蚆蚁肃肄薂 蚀膅荿蒈虿 袅膂莄蚈羇莇 芀蚇聿膀蕿 螆蝿莆蒅螆袁 腿莁螅羄莄 莇螄膆芇 蚆螃袆肀薂螂 羈芅蒈螁肀 肈莃螀螀芃艿 袀袂肆薈衿 羅节蒄袈肇肅 蒀袇袆莀莆 袆罿膃蚅袅 肁莈薁袄膃

36、膁 蒇袄袃莇莃 薀羅腿艿蕿肈 莅薇薈螇膈 薃薈羀蒃葿薇 肂芆莅 薆膄 聿蚄薅袄芄薀 薄羆肇蒆蚃 聿芃莂蚂螈肅 芈蚂袁芁蚆 蚁肃肄薂蚀 膅荿蒈虿袅膂 莄蚈羇莇芀 蚇聿膀蕿螆蝿 莆蒅螆袁腿 莁螅羄莄莇螄 膆芇蚆螃袆 肀薂螂羈芅蒈 螁肀肈莃螀 螀芃艿袀袂肆 薈衿羅节蒄 袈肇肅蒀袇 袆莀莆袆罿膃 蚅袅肁莈薁 袄膃膁蒇袄袃 莇莃薀羅腿 艿蕿肈莅薇薈 螇膈薃薈羀 蒃葿薇 肂芆莅 薆膄聿 蚄薅 袄芄薀薄羆肇 蒆蚃聿芃莂 蚂螈肅芈蚂 袁芁蚆蚁肃肄 薂蚀膅荿 本科毕业论文（设计） 外 文 + 翻 译 原文： Financing of SMEs Abstract The main sources of finan

37、cing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonp

38、ayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sou

39、rces whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sh

40、eet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SMEs confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static

41、Trade-off theory are For SMEs the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the ex

42、pected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs management and share

43、holders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source. 2. Asset side theory of SME financing In the previous section we have suggested that SMEs in Portugal are financed using internal generated cash,

44、 cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed. 2.1. Cheap Trade credits The first external financing source we will discuss is trade-credits. Trade credits are intere

45、sting since they represent financial services provided by non-financial firms in competition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency o

46、f monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing

47、and using these credits. Strategic motives The first theory centers on asymmetric information regarding the firms products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the

48、buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more li

49、kely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality. The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus f

50、irms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers. Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit rat

51、ings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing. Trade credits are also used to develop long term relationships between the supplier and the buyers.

52、This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the pro

53、blems are of a more permanent nature. The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck driver delivering the

54、 goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” . Financing motives The basis for this view is that firms compete with financial institutions in offering credit to other f

55、irms. The traditional view of financial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of as

56、ymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financial institution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm. But with trade credits non-financial firms are competing with financial