文档介绍：本科毕业论文(设计)
外文翻译
原文:
SME owners’ financing preferences
Academic studies investigating the financing of monly examine the subject by conducting multivariate regression analysis employing panel data sets consisting of accounting and finance data (see Appendix B for prehensive review of this literature). Researchers adopting this approach seek to explain financing choice in terms of firm characteristics such as firm size, age, asset structure, profitability, growth opportunities, and anisation. This methodology, whilst beneficial in theory testing and preliminary benchmark studies, neglects one of the most important aspects of small business and entrepreneurship: the central role of the SME owner. Given the primary decision making role of the firm owner, this method excludes a fundamental element of the financing and finance provision in SMEs. The approach adopted in this chapter is to record SME owners’ views on financing their businesses, and the reasons why they choose one type of finance over another, or why they avoid some forms of financing entirely. Whilst this approach may appear self-evident or overly simplistic, it can reveal explanations for observed capital structures and how financial markets and institutions might better respond to the needs of the small munity.
Respondents’ perceptions concerning issues related to funders and their lending practices are reported in Table . Almost 50% of respondents are of the perception that “banks understand their business,” with 20% disagreeing with this proposition. This result indicates that respondents generally do not perceive information asymmetries in debt markets. This finding may be explained with reference to the age profile of respondents, thus consistent with Diamond’s (1989) reputation theory, information asymmetries lessen as firms mature and e established. Even in the event of bank switching, surviving firms have developed a credit history. A crosstabulation of the proposition “banks understand my