中小企业融资外文文献翻译.docx
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文献信息:
文献标题:
FinancingofSMEs(中小企业融资)国外作者:
JanBartholdy,CesarioMateus
文献出处:
Londonbusinessreview,2007(9),pp43-45字数统计:
英文2124单词,10802字符;中文3529汉字
外文文献:
Abstract
FinancingofSMEs
Themainsourcesoffinancingforsmallandmediumsizedenterprises(SMEs)areequity,tradecreditpaidontime,longandshorttermbankcredits,delayedpaymentontradecreditandotherdebt.Themarginalcostsofeachfinancinginstrumentaredrivenbyasymmetricinformationandtransactionscostsassociatedwithnonpayment.AccordingtothePeckingOrderTheory,firmswillchoosethecheapestsourceintermsofcost.Inthecaseofthestatictrade-offtheory,firmschoosefinancesothatthemarginalcostsacrossfinancingsourcesareallequal,thusanadditionalEurooffinancingisobtainedfromallthesourceswhereasunderthePeckingOrderTheorythesourceisdeterminedbyhowfardownthePeckingOrderthefirmispresentlylocated.Inthispaper,wearguethatbothofthesetheoriesmissthepointthatthemarginalcostsaredependentoftheuseofthefunds,andtheassetsideofthebalancesheetprimarilydeterminesthefinancingsourceforanadditionalEuro.AnempiricalanalysisonauniquedatasetofPortugueseSME’sconfirmsthatthecompositionoftheassetsideofthebalancesheethasanimpactofthetypeoffinancingusedandthePeckingOrderTheoryandthetraditionalStaticTrade-offtheoryarerejected.
ForSME’sthemainsourcesoffinancingareequity(internallygeneratedcash),
tradecredit,bankcreditandotherdebt.Thechoiceoffinancingisdrivenbythecosts
ofthesourceswhichisprimarilydeterminedbycostsofsolvingtheasymmetricinformationproblemandtheexpectedcostsassociatedwithnon-paymentofdebt.Asymmetricinformationcostsarisefromcollectingandanalysinginformationtosupportthedecisionofextendingcredit,andthenon-paymentcostsarefromcollectingthecollateralandsellingittorecoverthedebt.SinceSMEs’managementandshareholdersareoftenthesameperson,equityandinternallygeneratedfundshavenoasymmetricinformationcostsandequityisthereforethecheapestsource.
2.AssetsidetheoryofSMEfinancing
IntheprevioussectionwehavesuggestedthatSME’sinPortugalarefinancedusinginternalgeneratedcash,cheaptradecredits,longandshort-termbankloansandexpensivetradecreditsandotherloans.Inthissectionthemotivesbehindthedifferenttypesoffinancingarediscussed.
2.1.CheapTradecredits
Thefirstexternalfinancingsourcewewilldiscussistrade-credits.Tradecreditsareinterestingsincetheyrepresentfinancialservicesprovidedbynon-financialfirmsincompetitionwithfinancialintermediaries.Theearlyresearchwithinthisareafocusedontheroleoftradecreditsinrelationtothecreditchannelorthesocalled“Meltzer”effectandinrelationtotheefficiencyofmonetarypolicy.Thebasicideaisthatfirmswithdirectaccesstofinancialmarkets,ingenerallargewellknownfirms,issuetradecreditstosmallfinanciallyconstrainedfirms.Themorerecentresearchbreakstheroleoftradecreditsintoastrategicmotiveandfinancialmotiveforissuingandusingthesecredits.
Strategicmotives
Thefirsttheorycentersonasymmetricinformationregardingthefirm’sproducts.
Tradecreditsareofferedtothebuyerssothatthebuyercanverifythequantityandqualitybeforesubmittingpayments.Byofferingtradefinancethesuppliersignalstothebuyersthattheyofferproductsofgoodquality.Sincesmallfirms,ingeneral,havenoreputationthenthesefirmsareforcedtousetradecreditstosignalthequalityoftheirproducts.Theuseoftradecreditsisthereforedrivenbyasymmetricinformationoftheproductsandisthereforemorelikelytobeusedbysmallfirms,ifthebuyerhas
littleinformationaboutthesupplier,ortheproductsarecomplicatedanditisdifficulttoassestheirquality.
Thesecondstrategicmotiveispricing.Offeringtradefinanceonfavorabletermsisthesameasapricereductionforthegoods.Thusfirmscanusetradecreditstopromotesaleswithoutofficiallyreducingpricesorusethemasatoolforpricediscriminationbetweendifferentbuyers.Tradecreditsaremostadvantageoustoriskyborrowerssincetheircostsofalternativefinancingarehigherthanforborrowerswithgoodcreditratings.Thustradecreditscanbeusedastoolfordirectpricediscriminationbutalsoasanindirecttool(ifallbuyersareofferedthesameterms)infavorofborrowerswithalowcreditstanding.
Tradecreditsarealsousedtodeveloplongtermrelationshipsbetweenthesupplierandthebuyers.Thisoftenmanifestsitselfbythesupplierextendingthecreditperiodincasethebuyerhastemporaryfinancialdifficulties.Comparedtofinancialinstitutionssuppliershavebetterknowledgeoftheindustryandaretherefo