中小企业融资Financing of SMEs

中小企业融资Financing of SMEs(中文3500字,英文2100字)
摘要
中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。根据啄食理论，企业在融资时，会优先选择成本最低的融资方式；而根据静态权衡理论，企业在进行融资时，各种资金来源的边际成本都是相同的；再者，根据优序融资理论，企业进行融资时要结合企业自身具体情况，是考虑多重因素下的优序融资。在本文中，我们认为，以上这些理论都忽略了一点，那就是边际成本的确定主要依赖于融资资金的使用，以及资产负债表中资产方作为融资来源的重要影响作用。一个来自葡萄牙中小企业的数据分析证实，企业资产负债表资产方对于融资方式的选择有着重要的影响，而这是静态权衡理论和优序融资理论所不能接受的。

原文：
Financing of SMEs
Abstract
The main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking 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 an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In 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 side of the balance sheet primarily determines the