小微型企业的融资行为及偏好外文文献翻译Word格式文档下载.docx

小微型企业的融资行为及偏好外文文献翻译Word格式文档下载.docx

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原文

Financingpracticesandpreferencesformicroandsmallfirms

NikolaosDaskalakis

SmallEnterprisesInstitute（IME-GSEVEE）,Athens,Greece

RobinJarvis

ACCA,London,UKandBrunelUniversity,Middlesex,UK,and

EmmanouilSchizas

ACCA,London,UK

Abstract

Purpose–Theaimsofthepaperarethree-fold:

first,toanalysehowsmallandmicrofirmsfinancethemselves;

second,toinvestigatewhattheirfinancingpreferencesare;

andthird,toexploretheiropinionsonhowtheyevaluatethefinancingsourcesandthevariousobstaclestheyfaceinaccessingthosesources.

Design/methodology/approach–ThepaperusesasampleofGreeksmallandmicrofirms,whichcover99.6percentofthetotalnumberoffirmsoperatinginGreece.Thedataarederivedfromtheanswersinastructuredquestionnaire.

Findings–Themainconclusionsareasfollows.Regardingequityfinancing,firmsrelyheavilyontheirownfundsandwouldnotraisenewequityfromsourcesoutsidethefamily;

thus,thereisareluctancetousenewoutsideequity（venturecapital,businessangels,etc.）.Regardingdebtfinancing,firmsdenotedthattheywouldusemoredebt,specificallylong-termdebt,thantheycurrentlydo.Thus,therearelimitationsinaccessinglong-termdebtfinancing.Regardinggrantfinancing,microandsmallfirmsshouldbebetterinformedandencouragedmoretoparticipateinstategrantsandco-financedprograms;

thus,thereisaninformationalgapingrantfinancing.

Originality/value–ThepaperusesasampleofGreekmicroandsmallfirmsandasurveymethodologytotacklethelackofquantitativepublisheddataformostsmallfirmsinGreece.Itincorporatesdistinctsourcesoffundsthatareveryimportantforsmallfirms（familyfunds,grantsprovidedbythestateandmicro-loans）.Itinvestigatespreferences,notjustpractices.

KeywordsCapitalstructure,Microandsmallfirms,Survey,Greece,Smalltomedium-sizedenterprises

PapertypeResearchpaper

1.Introduction

Thegrowingrecognitionoftheimportanceofsmallandmedium-sizedenterprises（SMEs）toeconomiesintheEuropeanUnion（CommissionoftheEuropeanCommunities,2008）andtheacknowledgementthatSMEsarerelativelyfinanciallyconstrainedhaveresultedinasurgeofinterestinSMEfinancingpriortoandduringthecurrentfinancialturmoil.

Amajorareaofinterest,fromanacademicandpolicyperspective,isanalysisofthedifferenttypesoffinancethatareusedbySMEs,andtheirpreferences.Thissubjectisconventionallycapturedundertheterm“capitalstructuretheory”.TheliteratureemphasisesthatthecapitalstructuretheoryoflargefirmshasverylimitedapplicabilitytoSMEs（Michaellasetal.,1999）.Thereissubstantialevidencethatsmallfirmshavelessaccesstoformalsourcesofexternalfinance（e.g.BeckandDemirgu¨

c¸

-Kunt,2006,Kuntchevetal.,2012fordevelopingeconomies）.Becketal.（2006）foundthatyoungerandsmallerfirmsreporthigherfinancingobstacles,andinalaterpaperBecketal.（2008）concludedthatsmallfirmsuselessexternalfinance,especiallybankfinance.

IntermsofSMEsitisverydifficulttogeneraliseaboutcapitalstructureissuesbecauseofthedifferingsizeofSMEs,natureofthefirm,theexternalenvironmentandcontextdiversity.Inparticular,smallerfirms（i.e.“micro”and“small”accordingtotheEUdefinitionofSMEs[1]）aremorenumerousandmakeasignificantcontributiontoEUmemberstateeconomies,but,asindicatedabove,aremoreconstrainedinraisingexternalfinance.ThefocusofthispaperisonissuesrelatingtothecapitalstructureofmicroandsmallfirmsinGreece,whichhasahigherproportionofthesefirmsintheEUcategorisationofSMEs,andisthefirstinvestigationofthefinancialissuesofsmallerSMEsinthismemberstate.Thestudymakesanimportantcontributiontotheliteratureandprovidesanimportantinsighttopolicymakersandothersmallfirmstakeholdersconcernedwithenhancingthenumberofstart-ups,thesurvivalrateandgrowthofsmallfirmsinGreece;

tothebestoftheauthors’knowledge,thereisnoothersurvey-basedresearchstudyregardingSMEs’accesstofinanceinGreece.Additionally,bystudyingsmallerfirmswithintheSMEdefinition,thefindingsshouldgiveabetterunderstandingofthepatternsoffinancinginothercountriesthathaveasimilarlandscapeofsmallerenterprises.

Thepapersimultaneouslyaddressestwoimportantfactorsforsmallfirmfinancing.Firstly,theliteraturetodaterelatingtoSMEfinancingtendstofocusonthetraditionalmainexternalsourcesofcapitalforlargeenterprises,namelyequityanddebt.Althoughseveralauthorsacknowledgethatsmallbusinessesarenot“scaled-downversions”oflargebusinesses（CressyandOlofs