中小企业融资【外文翻译】

本科论文(设计)外文翻译原始：Financing of SMEsAbstractthe main sources of financing for small and medium sized enterprises(SMEs)are equity，trade credit paid on time，long and shorttermthe marginal Costs of each financialing instrument are driven by asymmetric information and transactions Costs associated with non payment。according to the Peking 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 anin 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 sidean empirical analysis on a unique dataset of Portuguese SME s confirms that the composition of the asset side of the balance sheet has an impact of the balance sheetfor SME s the main sources of financing are equity(internally generated cash)，trade credit，Bank credit and other de Bt。the choice of financing is driven by the costs of the sources which is primarly determined by costs of solving the asymme Tric information problem and the sourcesasymmetric information costs arise from collecting And analysing I N formation to support the decision of extending credit，And the non-paymentsince SMEs management and sharee holders are often the Same person，equity and internally generated funds have no asymmetric information2.asset side theory of SME financingin the previous section we have suggested that SME s in Portugal are financed using internal generated cash，cheap trade credits，Long anang2.1 .Cheap Trade creditsthe first external financing source web will discuss is trade-credits . trade credits are interesting since they represent financial servicesthe early research within this area foused on the role of trade credits in relation To the credit channel or the so called meltzer effect andthe basic idea is that firms with direct Access to financial markets，in general large well known firms，Issue trade credits to small financitsthe more recent research breaks the role of trade credits into a strategic motive and fin Cial motive for issuing and using these credits。Strategic motivesThe first theory centers on asymmetric information regarding The firm s products . trade credits are offered to The buyers so that The buyer can verversSince small firms，in general，Have no reputation these firms are forced to use trade credits to signal the quality of their products。the use of trade credits is therefore dri Ven by asymmetric information of the products and is therefore more likey to be used by small firms，If thethe second strategic motive is pricing . offering trade finance on favorbable terms is the same as a price reduction for the goods .thus firms can use tr Ade Credits to promote sales without officely reducing prices or use them as a tool for price discrimina tion between different buustrade credits are also used to develop long term relationships between the supplier and the buyers .this often manifests itself by the supplier extendi Ng the credit period in case the buyer has temporary financial pared to financiiesthe last motive in not strictly a strategic motive but is based on transactions costs . trade credits are an efficient way of performing the transactionin basic terms the truck driver delivering the goods not have to run around to fi Nd the person responsible for paying the bills .the buyer also saves transactions costs by reducing the amount of cash required on hand 。Financing motivesthe basis for this view is that firms competet with financial institutions in offerring credit to other firms。the traditional view of financial Institut Ons is that they extend credit to firms where asymmetric information is a major problem .financial institutions have advantages in collecting and anal Yz ing information from，in partictular，S