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

1、 80-101.原文Financing practices and preferences for micro and small rmsNikolaos DaskalakisSmall Enterprises Institute （IME-GSEVEE）, Athens, GreeceRobin JarvisACCA, London, UK and Brunel University, Middlesex, UK, and Emmanouil SchizasACCA, London, UKAbstractPurpose The aims of the paper are three-fold

2、: rst, to analyse how small and micro rms nance themselves; second, to investigate what their nancing preferences are; and third, to explore their opinions on how they evaluate the nancing sources and the various obstacles they face in accessing those sources.Design/methodology/approach The paper us

3、es a sample of Greek small and micro rms, which cover 99.6 per cent of the total number of rms operating in Greece. The data are derived from the answers in a structured questionnaire.Findings The main conclusions are as follows. Regarding equity nancing, rms rely heavily on their own funds and woul

4、d not raise new equity from sources outside the family; thus, there is a reluctance to use new outside equity （venture capital, business angels, etc.）. Regarding debt nancing, rms denoted that they would use more debt, specically long-term debt, than they currently do. Thus, there are limitations in

5、 accessing long-term debt nancing. Regarding grant nancing, micro and small rms should be better informed and encouraged more to participate in state grants and co-nanced programs; thus, there is an informational gap in grant nancing.Originality/value The paper uses a sample of Greek micro and small

6、 rms and a survey methodology to tackle the lack of quantitative published data for most small rms in Greece. It incorporates distinct sources of funds that are very important for small rms （family funds, grants provided by the state and micro-loans）. It investigates preferences, not just practices.

7、Keywords Capital structure, Micro and small rms, Survey, Greece, Small to medium-sized enterprisesPaper type Research paper1. IntroductionThe growing recognition of the importance of small and medium-sized enterprises （SMEs） to economies in the European Union （Commission of the European Communities,

8、 2008） and the acknowledgement that SMEs are relatively nancially constrained have resulted in a surge of interest in SME nancing prior to and during the current nancial turmoil.A major area of interest, from an academic and policy perspective, is analysis of the different types of nance that are us

9、ed by SMEs, and their preferences. This subject is conventionally captured under the term “capital structure theory”. The literature emphasises that the capital structure theory of large rms has very limited applicability to SMEs （Michaellas et al., 1999）. There is substantial evidence that small rm

10、s have less access to formal sources of external nance （e.g. Beck and Demirguc-Kunt, 2006, Kuntchev et al., 2012 for developing economies）. Beck et al. （2006） found that younger and smaller rms report higher nancing obstacles, and in a later paper Beck et al. （2008） concluded that small rms use less

11、 external nance, especially bank nance.In terms of SMEs it is very difcult to generalise about capital structure issues because of the differing size of SMEs, nature of the rm, the external environment and context diversity. In particular, smaller rms （i.e. “micro” and “small” according to the EU de

12、nition of SMEs1） are more numerous and make a signicant contribution to EU member state economies, but, as indicated above, are more constrained in raising external nance. The focus of this paper is on issues relating to the capital structure of micro and small rms in Greece, which has a higher prop

13、ortion of these rms in the EU categorisation of SMEs, and is the rst investigation of the nancial issues of smaller SMEs in this member state. The study makes an important contribution to the literature and provides an important insight to policy makers and other small rm stakeholders concerned with

14、 enhancing the number of start-ups, the survival rate and growth of small rms in Greece; to the best of the authors knowledge, there is no other survey-based research study regarding SMEs access to nance in Greece. Additionally, by studying smaller rms within the SME denition, the ndings should give

15、 a better understanding of the patterns of nancing in other countries that have a similar landscape of smaller enterprises.The paper simultaneously addresses two important factors for small rm nancing. Firstly, the literature to date relating to SME nancing tends to focus on the traditional main external sources of capital for large enterprises, namely equity and debt. Although several authors acknowledge that small businesses are not “scaled-down versions” of large businesses （Cressy and Olofs