2017年股权融资外文翻译—肯尼亚恩布镇中小企业股权融资与财务绩效研究（节选）

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1、字数：英文 2793 单词， 15064 字符；中文 4590 汉字 出处： Njagi I K,Kimani M E,Kariuki S N.Equity financing and financial performance of small and medium enterprises in Embu Town, KenyaJ International Academic Journal of Economics and Finance. 2017,2(3):74-91 外文文献： Equity Financing and Financial Performance of Small a

2、nd Medium Enterprises in Embu Town, Kenya Abstract Capital structure comprise of a mix of debt and equity. Managers used various combinations of debt and equity that increases the net worth of business at the same time reduces the cost of obtaining finance. Financial decisions affected the financial

3、 performance of SMEs but vary from one firm to another. This is due to the limited access to finances and ability of the manager to fully utilize the resources available. SMEs are of significance to the economic development of any state regardless of the development status. Despite their importance

4、SMEs are characterized with slow growth rate and three out of five SMEs fail in their first three years of operation. The continued poor performances have led to decline in growth and eventually death of the SMEs. The growth of the SMEs highly depended on the investment decisions made by the entrepr

5、eneurs and lack of access to finances has created financial gaps that have fueled the challenges that SMEs face. The study therefore analyzed the effect of equity financing on financial performance of SMEs in Kenya. The study revealed that SMEs had greater preference for contribution from friends an

6、d ploughing back profit as a source of equity finance. Angel investors as a form of equity financing has not gained acceptance as a source of finance. From the study it was evident that equity finance had a positive relationship to financial performance of the SMEs. Key Words: capital structure, equity, financial performance INTRODUCTION The significance of Small and Medium Enterprises in Kenya was first acknowledged in the International Labor Organization report on Employment, Incom