控制规避和搜索瑞典中小企业的外部融资文献翻译Word文件下载.docx
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控制规避和搜索瑞典中小企业的外部融资文献翻译Word文件下载.docx
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Technologicaldevelopment
Thedevelopmentoftechnologyandtheimpactofnewproductionmethodsshapemanyindustries(Murray,1997).Inturbulentenvironments,businessfirmsneedtomaintainareadinesstoinvestinemergingtechnologiesiftheyaretosurviveandprosper(seeOakey,1984).Businessfirmsoperatinginhigh-techenvironmentsareperhapsthemostobviousexamplesoffirmsneedingtoconstantlyreinvestinmachineryandequipment,as,bydefinition,theymustbeonthecuttingedgeoftechnologydevelopment(Roberts,1991).
Theimpactofahigherreinvestmentrateisnottheonlyreasonwhythesefirmsneedanopenattitudetowardsexternalfinanciers.Thereisalsoacontributoryfactorassociatedwiththeuncertaintyofthecapabilitiesandpropertiesofinvestedmachineryandequipmentwhichplaysarole(Lindströ
mandOlofsson,1998).Astheinherentheterogeneityforcesfirmstorefocusandtotryoutnewresourcecombinations,includingnewcombinationsoftechnologyandrawmaterial,italsobecomesimperativetoacquireadequatefinancialbackingtosupportinvestmentsentailinghigherrisks.
H1:
Thegreaterafirm’sneedistoinvestinnewmachineryandtechnology,themorefavourablewillitperceivetheuseofexternalfinanciers.
Financialweakness
Severalstudies(seeReid,1996;
WinborgandLandströ
m,1997)haveshownthatmostentrepreneursarenotactuallyinterestedinobtainingexternalfinance,especiallyanythatwouldentailanychangeofownership.Themainreasonforthisreluctancetoallowexternalfinanciersaccessseemstobecontrolaversion(Cressy,1995).Theinternallygeneratedfundsineffectbecomesaspendinglimitforcontrolaversefirms.Simplyput,firmswillnotallowthemselvestoinvest,unlessitisabsolutelycertainthatallcapitalneededcanbegeneratedwithoutcompromisingtheexistingbalancebetweeninternallyversusexternallyoriginatedfunds.
Asdecisionsregardingwhethertoacceptexternallygeneratedfundsaregenerallystrategicinnature,becauseittakestimetoattractexternalfinanciers,theequitytodebtratioisofprimaryimportanceinmeasuringfinancialdistress.Theequitytodebtratioisessentiallyameasureofafirm’scapacitytocopewithlossesoveralongperiodoftime,asitisameasureofthefundamentalcapitalstructureinabusinessfirm.Inagreementwiththis,astudybyLandströ
mandWinborg(1995)concludesthatattitudestowardsexternalfinanciersareinfactpartlydependentonthefinancialstatusofthefirm.Whenthefirmexperiencesfinancialdifficulties,theattitudetowardsexternalfinancierschangesandtendstobemorepositive.
H2:
Thepoorerafirm’sfinancialstatus,themorefavourablewillitperceivetheuseofexternalfinanciers.
Growthpressure
Recentresearchaboutsmallandmediumsizedfirmshastoalargeextentfocusedongrowth(seeDavidssonandWiklund,2000;
Donckels,2000).Storey(1997)identifiesseveralfactorsthatexplainwhysomesmallfirmsgrow,whilstothersdonot.Theanalysisshowsthatyoungerfirmsindynamicsectorstendstogrowfaster.Hall(1989)hasprovidedevidencethattheambitiontogrowiscorrelatedtothefinancialsearchactivity.Onegroupoffirms,whatCressy(1995)wouldcallmovers,seemstodisplayastrongambitiontogrow,whichinturnleadstoagreaterneedforcapital.Thesefirmsaremoreactiveinsearchingfornewfinancierswhentheinternallygeneratedfundsareinadequate(Olofsson,1994).Fastgrowingfirmsthereforetendtodisplaylesscontrolaversion.Itcanbequestionedifthisattitudeis“voluntary”oriftheneedtogrowisconnectedtotheactualsurvivalofthefirm.
H3:
Thegreatertheimportanceafirmplacesinthegrowthinthenumberofemployees,themorefavourablewillitperceivetheuseofexternalfinanciers.
Size
Whenfirmsgrow,theygraduallyattainagreaterabilityinresourcegeneration,buttheyalsoencounternewdifficultiesintermsoffinancialleverageandalsointheformofnewexpectationsandrequirements(Storey,1997).Asafirmgrows,theindividualentrepreneurisforcedtorelinquishcontrolofdailyoperationsintothehandsofsubordinates(Wiklund,1998).Increasingly,theentrepreneuralsobecomesdependentonskillspossessedbyindividualsoutsidethefirm,suchasbankers,lawyersandauditors.Regardlessofwhethercontrolisdispersedwithinoroutsidetheconfinesofthefirm,theoriginalownerwillhavetobecomeprofessionalinthehandlingoffinancialmatters.Thisusuallyleadstomoreelaboraterelationshipswithfinancialinstitutions,whichinturnleadstoanincreasingawarenessofthepossibilitiesinherentinbankfinancing.Notsurprisingly,earlierresearch(seeCressyandOlofsson,1996)hasindicatedthatlargerfirmshaveamorefavourableperceptionofexternalfinancing.
H4:
Thelargerthefirm,themorefavourablewillitperceivetheuseofexternalfinanciers.
Controlaversionandbankloanapplications
Donaldson’sresearchfromthe1960sindicatesthatmanagersdonotalwayspreferthesourceoffinancethathasthelowestinterestrate(Donaldson,1961,1969).Laterresearch(Donaldson,1984;
Myers,1984)hasshownthatfirmsseemtohaveastableorderofpreferencefordifferentsourcesoffinance:
Internallygeneratedfundsarepreferredtobankloans,whichinturnarepreferredtonewequity.Thisstablepreferenceordertowardsfinancialsourcesisreferredtoasthe“pecking-order”byMyers(1984)BothDonaldsonandMyersstudiedlargelistedAmericanenterprises,whichcertainlyoperateunderdifferentcircumstancestoSMEs.Nevertheless,severalstudieshaveshownthatthepecking-orderframeworkisafruitfulapproachforthestudyoffinancialdecision-makinginsmallfirms(Reid,1996).Theresultsfrom(CressyandOlofsson,1996)suggeststhattheSMEsinSwedenhaveafinancialpecking-order:
Theinternallygeneratedfundsaremostimportant,followedbybankloansandnewequityfromexternalpartners.Thisalsoleadstotheconclusionthatifsmallandmediumsizedenterpriseschoosetoseekexternalfinancingtheywilltrytofollowthepecking-ordertheory.
H5:
Themorefavourableafirmperceivesexternalfinancingtobe,themorelikelyitisthatthefirmwillactuallyseekfinancingfromabank.
Methodology
Sampleandresponserate
Theempiricalevidenceconsistsoftheresultsofasurveysentto545CEOsinSwedishSMEs.Inthisstudywedefinetheterm“SME”toincludefirmswithlessthan200employees.ThisdefinitionisoriginallyderivedfromtheBoltonReport,andthisnumberhascometobeacceptedinSwedishstudiesasthenormduetothescarcityoflargefirms(Bolton,1971;
forSweden,seeDavidsson,1989).DuetoqualityproblemsinthedatafromStatisticsSweden,itwasdecidedtoexcludefirmswithlessthanfiveemployees.Inaddition,firmswereexcludediftheybelongedtogroupsofcompanieswithmorethan200employees.Allfirmsinthisstudyareincorporated,becauseoftherequirementsfortheavailabilityofaccountsdata.AllSwedishmanufacturingsectorsareincludedinthedefinitionofmanufacturing,withtheexceptionofnewspapersandpublishinghouses.Businessservicessectorsincludecomputerconsultancyandsoftwareandothertechnicalservices;
consultancyservicesinthecorporateorganisation/rationalisation;
andcorporatesecurityservices.Therearethreedifferentsizegroups,5–19employees,20–49employeesand50–199employeeswithinthetwobusinesssectors.ThesampleextractionwasmadeatStatisticsSwedeninlateOctober1997.Thetotalsampleconsistedof600firms.Afterexclusionoffirmsoutsidethetargetgroup,thesampleconsistedof545firms.Ofthe545firms281responded,whichresultedinaresponserateof51.6percent.Inthedifferentstratatheresponseratesweresimilar,between48and52%.
Thetableshowsthatmanufacturingfirmsonaveragearefifteenyearsolderthanbusinessservicesfirmswhenevaluatedatthemedian.Oneofthereasonsbehindthisisthefactthatyoungerfirmshaveahigherdeathratiothanolderfirms.Anotherexplanationisthelowerentryandexitbarrierswithinthebusinessservicesectorincomparisonwiththemanufacturingsector.FromTableIitcanalsobederivedthatthegrowthrateamongthebusinessservicefirmsarehigherthanamongthemanufacturingfirms.Thisistrueforbothturnoverandnumberofemployees.
Non-respondents
Oneproblemwithsurveystudieshastodowithnon-respondents.Iftheratioofnon-respondentstorespondentsislarge,thereisriskofdistortion,whichlimitsthepossibilitytomakegeneralisa-
TABLEI
Age,numberofemployeesandturnoverbyindustrysectorIndustrysectorMeanMedian
ManufacturingBusinessservicesManufacturingBusinessservices
Age33172510
No.ofemployees
199648362520
199851512833
Turnover,MSEKa
199668432420
199880613230
aMSEK=MillionSwedishKrona.tionsfromthestudy.Toreducetheriskofdistortion,wehavemadeasimpletesttoseewhetherthenon-respondentsdifferedfromrespondentsintermsofindustryandsize,sincethesevariableshavebeenshowntohaveanimpactonfinancialsearchbehaviour(CressyandOlofsson,1996).Theanalysisindicatedthattherewerenosignificantdifferencesbetweenrespondentsandnonrespondentsasfarasthevariablesmainbusiness,secondbusiness,geographicallocation,numberofbranchesandsizewereconcerned.Thep-valuesvariedbetween0.29–0.95.
Accordingtosomeresearchers,therearesimilaritiesbetweenlaterespondentsandnon-respondents(ArmstrongandOverton,1977).Wedividedthesampleintwohalves,onewithea
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