企业管理企业融资中英文对照外文翻译文献Word格式.docx
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企业管理企业融资中英文对照外文翻译文献Word格式.docx
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cheapest
source
in
terms
cost.
In
case
static
trade-off
theory,
finance
so
that
across
all
equal,
thus
an
additional
Euro
is
obtained
from
whereas
under
Theory
determined
how
far
down
firm
presently
located.
this
paper,
we
argue
both
these
theories
miss
point
dependent
use
funds,
asset
side
balance
sheet
primarily
determines
Euro.
An
empirical
analysis
a
unique
dataset
Portuguese
SMEs
confirms
composition
has
impact
type
used
traditional
Static
Trade-off
theory
rejected.
For
SME
equity
(internally
generated
cash),
credit,
choice
which
solving
problem
expected
non-payment
Asymmetric
arise
collecting
analysing
support
decision
extending
collateral
selling
it
recover
Since
SMEs’
management
shareholders
often
same
person,
internally
funds
have
no
therefore
source.
1
Asset
previous
section
suggested
SME’s
Portugal
financed
using
internal
cash,
cheap
short-term
loans
expensive
credits
loans.
motives
behind
different
types
discussed.
1.1
Cheap
Trade
first
external
discuss
trade-credits.
interesting
since
they
represent
financial
services
provided
non-financial
competition
intermediaries.
early
research
within
area
focused
role
relation
channel
or
called
“Meltzer”
effect
efficiency
monetary
policy.
basic
idea
direct
access
markets,
general
large
well
known
firms,
issue
financially
constrained
.
more
recent
breaks
into
strategic
motive
issuing
credits.
Strategic
centers
regarding
firm’s
products.
offered
buyers
buyer
can
verify
quantity
quality
before
submitting
payments.
By
offering
supplier
signals
offer
products
good
quality.
general,
reputation
then
forced
signal
their
likely
be
if
little
about
supplier,
complicated
difficult
asses
second
pricing.
Offering
favorable
as
price
reduction
goods.
Thus
promote
sales
without
officially
reducing
prices
them
tool
discrimination
between
buyers.
most
advantageous
risky
borrowers
alternative
higher
than
ratings.
but
also
indirect
(if
terms)
favor
low
standing.
develop
relationships
This
manifests
itself
period
temporary
difficulties.
Compared
institutions
suppliers
better
knowledge
industry
able
judge
whether
problems
permanent
nature.
last
not
strictly
based
costs.
efficient
way
performing
possible
separate
delivery
payment.
truck
driver
delivering
goods
does
run
around
find
person
responsible
paying
bills.
saves
amount
cash
required
on“hand”
.
Financing
basis
view
compete
firms.
extend
where
major
problem.
Financial
advantages
analyzing
from,
particular,
smaller
suffer
information.
key
advantage
over
markets
lies
close
relationship
function.
institution
monitor
inflow
outflows
monitoring
accounts
firm.
But
competing
credit.
How
market?
Petersen
Rajan
[1997]
briefly
discusses
several
ways
may
institutions.
working
association
borrower
frequently
visits
premises
does.
size
timing
lenders
orders
provides
conditions
business.
Notice
available
wait
flow
orders.
discounts
indication
creditworthiness
Again
obtains
obtain
faster
cheaper
institution.
If
at
least
local
monopoly
ability
withhold
future
deliveries
powerful
incentive
pay.
particular
threat
only
fraction
defaults
seize
intermediary
sizing
Through
its
network
sell
reclaimed
what
intermediary.
These
advantages,
course,
depend
durability
much
transformed
them.
asymmetric
one
driving
forces
explanation
fact
issued
order
banks.
banks
aware
worthiness
That
secured
delivered
puts
limit
obtain,
cannot
entire
operations
summary
prediction
level
isrelatively
providers
due
issuer’s
industry.
work
below
variables
explaining
risk
factors
Cost
Goods
Sold.
materials
firm,
“borrow”
value
services.
1.2
Bank
Banks
less
gathering
Providers
themselves
delivered,
number
such
buildings,
machinery
etc.
prefer
tangible
assets
collateral,
information,
opaque
high
growth
willing
lend
collateral.
explain
long-term
loa
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