中小企业业主融资偏好【外文翻译】.doc

1、本科毕业论文（设计）外文翻译原文SMEOWNERSFINANCINGPREFERENCESACADEMICSTUDIESINVESTIGATINGTHEFINANCINGOFSMESCOMMONLYEXAMINETHESUBJECTBYCONDUCTINGMULTIVARIATEREGRESSIONANALYSISEMPLOYINGPANELDATASETSCONSISTINGOFACCOUNTINGANDFINANCEDATASEEAPPENDIXBFORACOMPREHENSIVEREVIEWOFTHISLITERATURERESEARCHERSADOPTINGTHISAPPROACHSE

2、EKTOEXPLAINFINANCINGCHOICEINTERMSOFFIRMCHARACTERISTICSSUCHASFIRMSIZE,AGE,ASSETSTRUCTURE,PROFITABILITY,GROWTHOPPORTUNITIES,ANDLEGALORGANISATIONTHISMETHODOLOGY,WHILSTBENEFICIALINTHEORYTESTINGANDPRELIMINARYBENCHMARKSTUDIES,NEGLECTSONEOFTHEMOSTIMPORTANTASPECTSOFSMALLBUSINESSANDENTREPRENEURSHIPTHECENTRAL

3、ROLEOFTHESMEOWNERGIVENTHEPRIMARYDECISIONMAKINGROLEOFTHEFIRMOWNER,THISMETHODEXCLUDESAFUNDAMENTALELEMENTOFTHEFINANCINGANDFINANCEPROVISIONINSMESTHEAPPROACHADOPTEDINTHISCHAPTERISTORECORDSMEOWNERSVIEWSONFINANCINGTHEIRBUSINESSES,ANDTHEREASONSWHYTHEYCHOOSEONETYPEOFFINANCEOVERANOTHER,ORWHYTHEYAVOIDSOMEFORMS

4、OFFINANCINGENTIRELYWHILSTTHISAPPROACHMAYAPPEARSELFEVIDENTOROVERLYSIMPLISTIC,ITCANREVEALEXPLANATIONSFOROBSERVEDCAPITALSTRUCTURESANDHOWFINANCIALMARKETSANDINSTITUTIONSMIGHTBETTERRESPONDTOTHENEEDSOFTHESMALLBUSINESSCOMMUNITYRESPONDENTSPERCEPTIONSCONCERNINGISSUESRELATEDTOFUNDERSANDTHEIRLENDINGPRACTICESARE

5、REPORTEDINTABLE45ALMOST50OFRESPONDENTSAREOFTHEPERCEPTIONTHAT“BANKSUNDERSTANDTHEIRBUSINESS,”WITH20DISAGREEINGWITHTHISPROPOSITIONTHISRESULTINDICATESTHATRESPONDENTSGENERALLYDONOTPERCEIVEINFORMATIONASYMMETRIESINDEBTMARKETSTHISFINDINGMAYBEEXPLAINEDWITHREFERENCETOTHEAGEPROFILEOFRESPONDENTS,THUSCONSISTENTW

6、ITHDIAMONDS1989REPUTATIONTHEORY,INFORMATIONASYMMETRIESLESSENASFIRMSMATUREANDBECOMEESTABLISHEDEVENINTHEEVENTOFBANKSWITCHING,SURVIVINGFIRMSHAVEDEVELOPEDACREDITHISTORYACROSSTABULATIONOFTHEPROPOSITION“BANKSUNDERSTANDMYBUSINESS”WITHAGEOFRESPONDENTSPRESENTEDINTABLED11BEARSTHISOUTTHOSEFIRMSPERCEIVINGTHATBA

7、NKSDONOTUNDERSTANDTHEIRBUSINESSAREPREDOMINANTLYINTHEYOUNGESTAGECATEGORIESTHESERELATIONSHIPSARENOTSTATISTICALLYSIGNIFICANT,HOWEVER,ASINDICATEDBYSIGNIFICANCEVALUESFORDIRECTIONALMEASURESPRESENTEDINTABLED12TABLE45RESPONDENTSPERCEPTIONOFFUNDERSANDTHEIRREQUIREMENTSSTRONGLYAGREEORAGREEMEANSCOREBANKSUNDERST

8、ANDMYBUSINESSN29147127BANKSAREWILLINGTOPROVIDEOVERDRAFTFACILITIESTOMYCOMPANYN29486419PROVIDERSOFDEBTINSISTONCOLLATERALN28483818BANKSLENDTOCOMPANIESWITHCASH/FIXEDASSETSN291812VENTURECAPITALISTSINVESTINCOMPANIESWITHCASH/FIXEDASSETSN2833428THEAVAILABILITYOFVENTURECAPITALISSUSCEPTIBLETOMARKETFLUCTUATION

9、SN2826522RESULTSEXPLAINPREFERENCESANDPATTERNSOFFINANCINGREPORTEDINEARLIERSECTIONSRESPONDENTSPREFERENCEFORDEBTWHENSEEKINGEXTERNALFINANCEEXPRESSEDINTABLES41AND42MAYBEPARTLYEXPLAINEDBYFIRMSNOTPERCEIVINGINFORMATIONASYMMETRIESINDEBTMARKETSGREATERPERCEPTIONOFINFORMATIONASYMMETRIESAMONGFIRMSINTHEYOUNGESTAG

10、ECATEGORIESISEXACERBATEDBYTHECONCENTRATIONOF50OFTHESEFIRMSINSECTORSTYPIFIEDBYAHIGHPROPORTIONOFINTANGIBLEASSETSTHISFINDINGMAYALSOEXPLAINTHEHIGHUSEOFEXTERNALEQUITY37OFTOTALFINANCINGBYTHISGROUPREPORTEDINTABLE22,ANDPARTLYEXPLAINSTHEPROVISIONOFPERSONALASSETSTOSECUREDEBTBYFIRMOWNERSINTHEYOUNGESTAGECATEGOR

11、YASECTORALCROSSTABULATIONOFTHEPROPOSITION“BANKSUNDERSTANDMYBUSINESS”PRESENTEDINTABLED13REVEALSTHATALMOST30OFRESPONDENTSPERCEIVINGINFORMATIONASYMMETRIESINDEBTMARKETSAREINTHE“COMPUTERSOFTWAREDEVELOPMENTANDSERVICES”SECTORTHISMAYARISEFROMARELATIVELYYOUNGAGEPROFILE,ASOVER60OFFIRMSINTHISSECTORAREUNDER10YE

12、ARSOLDANOTHERRELEVANTFACTORISTHETECHNOLOGICALNATUREOFTHESECTOR,CONFIRMINGTHEFINDINGOFHOGANANDHUTSON2005,THATFIRMSINTHISSECTORDONOTPERCEIVEINFORMATIONASYMMETRIESINVENTURECAPITALMARKETSTOTHESAMEEXTENTTHATTHEYPERCEIVEASYMMETRIESINTHEBANKCLIENTRELATIONSHIPTHISMAYBEDUETOTHETECHNICALKNOWLEDGEANDSPECIALIST

13、SKILLSOFVENTURECAPITALISTSINASSESSINGTECHNOLOGICALLYCOMPLICATEDINVESTMENTPROJECTS,ANDTHELACKOFSPECIALISEDKNOWLEDGEBYLOANASSESSORSINBANKSALMOST90OFRESPONDENTSBELIEVETHAT“BANKSAREWILLINGTOPROVIDEOVERDRAFTFACILITIES”TOTHEIRCOMPANY,ASSHOWNINTABLE45THISRESULTISCONSISTENTWITHEMPIRICALEVIDENCEHIGHLIGHTINGT

14、HERELIANCEOFSMESONSHORTTERMBANKDEBTCHITTENDENETAL1996,WHICHISEVENGREATERINTHEIRISHCONTEXTAYADI2008THEEFFECTOFRESPONDENTSPERCEPTIONMAYPERPETUATETHISRELIANCE,ASFIRMSAREMORELIKELYTOAPPLYFORADDITIONALSHORTTERMDEBTIFTHEYPERCEIVETHEIRAPPLICATIONWILLBESUCCESSFULRESPONDENTSPERCEPTIONPARTLYEXPLAINSPATTERNSOF

15、FINANCINGREPORTEDINTABLE22,INDICATINGTHATSHORTTERMDEBTWASTHESECONDMOSTIMPORTANTSOURCEOFFINANCEAFTERRETAINEDPROFITS,COMPRISINGANAVERAGE22OFCAPITALSTRUCTURESTHISRESULTALSOSUPPORTSTHECONTENTIONTHATFINANCIALINSTITUTIONSADVANCESHORTTERMDEBTFACILITIESMOREREADILY,ASTHEYUSUALLYINVOLVESMALLERAMOUNTSTHANLONGT

16、ERMDEBTORMORTGAGEFINANCE,ANDCANBERECALLEDATSHORTNOTICEESPERANCAETAL2003ADDITIONALLY,BANKSMAYSEEKTOREDUCETHEIREXPOSUREBYADVANCINGDEBTWITHASHORTERMATURITYRESPONDENTSPERCEPTIONMAYTHEREFORERESULTFROMACOMBINATIONOFDEMANDSIDEANDSUPPLYSIDEFACTORSRESPONDENTSPERCEPTIONOFTHEPROCLIVITYOFFINANCIALINSTITUTIONSTO

17、SEEKCOLLATERALASSECURITYFORDEBTFINANCEISEVIDENTFROMRESPONSESTOPROPOSITIONSTHREEANDFOURPRESENTEDINTABLE45EIGHTYFIVEPERCENTOFRESPONDENTSPERCEIVETHAT“PROVIDERSOFDEBTINSISTONCOLLATERAL,”AND81PERCEIVETHATBANKSLENDTOFIRMSWITHTANGIBLEASSETS,SUCHASCASHANDFIXEDASSETSRESPONDENTSPERCEPTIONSMAYBEDUETOEXPERIENCE

18、SINCONTRACTINGWITHFINANCIALINSTITUTIONSRESULTSFROMMULTIVARIATEMODELSPRESENTEDINTABLE310INDICATESTATISTICALLYSIGNIFICANTPOSITIVERELATIONSHIPSBETWEENUSEOFSHORTTERM,LONGTERM,ANDTOTALDEBT,ANDPROVISIONOFCOLLATERALADDITIONALLY,RESULTSFROMSURMODELSPRESENTEDINTABLE319INDICATESTATISTICALLYSIGNIFICANTPOSITIVE

19、RELATIONSHIPSBETWEENUSEOFDEBTANDPROVISIONOFFIRMASSETSASCOLLATERALFORALLMODELS,APARTFROMFIRMSINTHE“OTHER”SECTORTHESERESULTSCONFIRMFINDINGSOFPREVIOUSSTUDIESEMPHASISINGTHEIMPORTANCEOFLIENFREECOLLATERALISABLEASSETSINSECURINGDEBTFINANCEHEYMANETAL2008THUS,CONSISTENTWITHMYERS1997,FIRMSWHOSEASSETSCONSISTPRI

20、MARILYOFINTANGIBLESHAVEMOSTDIFFICULTYINACCESSINGBANKLOANSRESPONDENTSPERCEPTIONSHIGHLIGHTANUMBEROFISSUESFORSMEFINANCINGFIRSTLY,FIRMSWITHOUTACCESSTOADEQUATECOLLATERALISABLEASSETSMAYBEDISCOURAGEDFROMAPPLYINGFORDEBTCAPITALONTHEBASISTHATTHEYBELIEVEITWILLBEUNSUCCESSFULKONANDSTOREY2003,WHICHMAYLEADTOUNDERI

21、NVESTMENTSECONDLY,THESEPERCEPTIONSMAYRESULTINOVERRELIANCEONSHORTTERMDEBTCHITTENDENETAL1996,RATHERTHANAMOREAPPROPRIATESOURCE,SUCHASLONGTERMDEBTTHISMAYINCREASETHECOSTOFCAPITALFORTHEFIRM,ASSHORTTERMDEBTISGENERALLYMOREEXPENSIVETHANTHELATTERADDITIONALLY,DEPENDENCEONSHORTTERMDEBTEXPOSESTHEFIRMTOLIQUIDITYP

22、ROBLEMSIFTHEBANKRESTRICTSORWITHDRAWSTHISFACILITYATSHORTNOTICEFURTHERMORE,SMESMAYBECOMPELLEDTOEMPLOYMOREEXPENSIVESOURCESOFFINANCING,SUCHASDEBTFACTORING,INVOICEDISCOUNTINGORUSEOFTRADECREDITRESPONDENTSPERCEPTIONSONPROPOSITIONSCONCERNINGVENTURECAPITALFUNDERSAREALSOREPORTEDINTABLE45VENTURECAPITALCOMPRISE

23、S5OFTHECAPITALSTRUCTURESOFRESPONDENTSASSHOWNINTABLE22,ANDTHISISREFLECTEDINRESPONSESTOQUESTIONSONVENTURECAPITALFUNDINGWHILST34OFRESPONDENTSAGREEDWITHTHEPROPOSITIONTHAT“VENTURECAPITALISTSINVESTINCOMPANIESWITHCASH/FIXEDASSETS,”OVER50EXPRESSEDNOOPINIONAND15DISAGREEDTHISRESULTSUGGESTSTHATRESPONDENTSAREGE

24、NERALLYINEXPERIENCEDWITH,ORAMBIVALENTABOUTVENTURECAPITALFINANCEOFTHOSEFIRMSINDISAGREEMENTWITHTHISSTATEMENT,OVER50AREINSECTORSTYPIFIEDBYALACKOFCOLLATERALISABLEASSETS,NAMELYTHE“COMPUTERSOFTWAREDEVELOPMENTANDSERVICES”AND“OTHERSERVICES”SECTORSTHISFINDINGSUGGESTSTHATRESPONDENTSINTHESESECTORSAREMOREACQUAI

25、NTEDOREXPERIENCEDINCONTRACTINGWITHVENTURECAPITALISTSSIXTYFIVEPERCENTOFRESPONDENTSAGREEWITHTHESTATEMENT“THEAVAILABILITYOFVENTURECAPITALISSUSCEPTIBLETOMARKETFLUCTUATIONS,”WHILST32EXPRESSNOOPINIONTHISRESULTINDICATESTHATRESPONDENTSAREAWAREOFFLUCTUATIONSINVENTURECAPITALINVESTMENTACTIVITYONETHIRDOFTHOSEIN

26、AGREEMENTWITHTHISPROPOSITIONCOMPRISEFIRMSINSECTORSTYPIFIEDBYALACKOFCOLLATERALISABLEASSETS,NAMELYTHE“COMPUTERSOFTWAREDEVELOPMENTANDSERVICES”AND“OTHERSERVICES”SECTORSONCEAGAIN,THISRESULTSUGGESTSTHATRESPONDENTSINTHESESECTORSAREMOREEXPERIENCEDINCONTRACTINGWITHVENTURECAPITALISTSWHILSTRESPONDENTSAPPEARCOG

27、NISANTOFTHEWORKINGSOFVENTURECAPITALMARKETSINGENERAL,THEYDONOTHAVESTRONGOPINIONSABOUTPROPOSEDSTATEMENTSTHISMAYBEEXPLAINEDBYTHERELATIVELYSMALLPERCENTAGEOFRESPONDENTSSEEKINGVENTURECAPITALRESPONDENTSINTHE“COMPUTERSOFTWAREDEVELOPMENTANDSERVICES”AND“OTHERSERVICES”SECTORSAPPEARTOHAVEMOREDEFINITEOPINIONSONV

28、ENTURECAPITALISTSINSUMMARY,RESPONDENTSANSWERSTOPROPOSITIONSPRESENTEDINTABLE45PARTIALLYEXPLAINMOTIVATIONSBEHINDOBSERVEDCAPITALSTRUCTURESANDSTATEDFINANCINGPREFERENCESINGENERAL,RESPONDENTSDONOTPERCEIVEINFORMATIONASYMMETRIESINDEBTMARKETSTHISPERCEPTIONMAYBEPARTLYEXPLAINEDBYTHEAGEPROFILEOFRESPONDENTS,ASRE

29、PUTATIONEFFECTSDIAMOND1989OVERCOMETHESEASYMMETRIESINFORMATIONASYMMETRIESINDEBTMARKETSMAYBEHIGHERINPRACTICE,HOWEVER,BECAUSETHEVIEWSOFNONSURVIVINGFIRMSARENOTREPORTEDINTHISSURVEYTHELATTERFIRMSMAYHAVEPERCEIVEDHIGHERASYMMETRIESINDEBTMARKETSRESPONDENTSPERCEIVEAREQUIREMENTFORCOLLATERALTOSECUREDEBTFINANCE,C

30、ONFIRMINGEVIDENCEFROMPREVIOUSSTUDIESDETAILINGFINANCIALINSTITUTIONSPROCLIVITYFORCOLLATERALTOOVERCOMEPOTENTIALAGENCYPROBLEMSOFMORALHAZARDCOCO2000HEYMANETAL2008ANIMPLICATIONOFTHISPERCEPTIONISTHATFIRMSLACKINGADEQUATECOLLATERALISABLEASSETSMAYBERELUCTANTTOAPPLYFORDEBTFINANCERESPONDENTSREPORTTHATFINANCIALI

31、NSTITUTIONSAREWILLINGTOADVANCESHORTTERMDEBTFACILITIES,WHICHMAYPARTLYEXPLAINRELIANCEONTHISSOURCEASTHESECONDMOSTIMPORTANTMEANSOFFINANCINGRELATIVELYFEWFIRMSINTHESAMPLEEMPLOYEXTERNALEQUITY,WHICHISREFLECTEDINTHEAMBIVALENCEOFRESPONDENTSTOQUESTIONSONTHEREQUIREMENTSOFVENTURECAPITALISTSINTHISCHAPTER,AGENCYAN

32、DPECKINGORDERTHEORIESOFCAPITALSTRUCTUREAREFURTHEREXPLOREDBYCONSIDERATIONOFEVIDENCEINTHEFORMOFRESPONDENTSREPLIESTODIRECTQUESTIONS,ANDSTATEMENTSPROPOSEDINTHEFORMOFLIKERTSCALESANUMBEROFINTERRELATEDQUESTIONSAREASKEDINADDRESSINGTWOPRIMARYISSUES“WHATARETHEFINANCINGPREFERENCESOFRESPONDENTS,”AND“WHYDORESPON

33、DENTSMAINTAINTHESEPREFERENCES”REPLIESTOTHESEQUESTIONSFACILITATEEXAMINATIONOFTHERELEVANCEOFTHEORETICALPROPOSITIONSINEXPLAININGRESPONDENTSCAPITALSTRUCTURES,ANDSTATEDFINANCINGPREFERENCESRESPONDENTSPREFERREDSOURCEOFFINANCINGISRETAINEDPROFITSALMOST50INDICATEAWILLINGNESSTOEMPLOYLONGTERMDEBTFINANCEWHENREQU

34、IREDEIGHTYPERCENTOFRESPONDENTSINDICATEANAVERSIONTORAISINGADDITIONALEXTERNALEQUITYTHESEPREFERENCESARECONSISTENTWITHPROPOSITIONSOFTHEPECKINGORDERTHEORYMYERS1984MYERSANDMAJLUF1984,ALTHOUGHTHEEXPRESSEDAVERSIONTOEXTERNALEQUITYSUGGESTSTHATTHEMAJORITYOFRESPONDENTSMAYADHERETOATRUNCATEDPECKINGORDERINVESTIGAT

35、IONOFTHEPERCEIVEDGREATESTINTERNALGROWTHCONSTRAINTSANDPRIMARYCONSIDERATIONSWHENRAISINGDEBTEMPHASISETHEIMPORTANCEOFPROFITABILITYINFINANCINGINVESTMENT,ANDSUGGESTTHATADHERENCETOAPREFERREDPECKINGORDERISCONTINGENTONTHEPROFITABILITYOFTHEFIRMEXPLANATIONSFORSTATEDFINANCINGPREFERENCESOFRESPONDENTSARETHREEFOLD

36、THEPRIMARYREASONISDESIRETORETAINCONTROLOFTHEFIRMANDMAINTAINMANAGERIALINDEPENDENCE,WHICHISSTRONGERINCLOSELYHELDPRIVATELIMITEDFIRMSTHANINFIRMSWITHWIDEROWNERSHIPSECONDLY,THEMAINFINANCIALOBJECTIVESOFRESPONDENTSARETOMAXIMISEPROFITSANDSALES,WHICHREAFFIRMSFINANCINGPREFERENCESANDEMPHASISESRESPONDENTSPRIMARY

37、GOALOFMAINTAININGCONTROLOFTHEFIRMTHEREARESECTORALDIFFERENCESINPURSUITOFTHISOBJECTIVEFIRMSINTHE“COMPUTERSOFTWAREDEVELOPMENTANDSERVICES”SECTORARETWICEASWILLINGTORELINQUISHCONTROLASFIRMSINALLOTHERSECTORS,ANDTHEYCONSIDERMAXIMISATIONOFTHEVALUEOFTHEFIRMASTHEIRPRIMARYFINANCIALOBJECTIVETHIRDLY,RESPONDENTSGE

38、NERALLYDONOTPERCEIVEINFORMATIONASYMMETRIESINDEBTMARKETS,ANDBELIEVETHATFINANCIALINSTITUTIONSAREWILLINGTOPROVIDESHORTTERMDEBTFACILITIESTHISISNOTANUNEXPECTEDFINDINGGIVENTHEAGEPROFILEOFRESPONDENTS,SUGGESTINGTHATINFORMATIONASYMMETRIESAREALLEVIATEDBYREPUTATIONEFFECTSDIAMOND1989THEMAJORITYOFFIRMSPERCEIVING

39、INFORMATIONASYMMETRIESINDEBTMARKETSAREINTHE“COMPUTERSOFTWAREDEVELOPMENTANDSERVICES”AND“OTHERSERVICES”SECTORSTHISMAYBEDUETOACOMBINATIONOFTHEAGEPROFILEANDTECHNOLOGICALCHARACTERISTICSOFFIRMSINTHISSECTORRESPONDENTSHIGHLIGHTEDANUMBEROFISSUESTHEYCONSIDERMOSTIMPORTANTWHENRAISINGEXTERNALFINANCETHATPARTLYEXP

40、LAINSTATEDFINANCINGPREFERENCESANDINDICATETHECONDITIONSUNDERWHICHTHEYWOULDCONSIDERRAISINGADDITIONALFINANCEBYTAKINGTHESEFACTORSINTOACCOUNT,FUNDERSCANIMPROVETHEEFFICIENCYOFSUPPLYOFFUNDSTOTHESECTORRESPONDENTSPRIMARYCONCERNWHENRAISINGDEBTISTHECOSTOFFINANCE,HIGHLIGHTINGTHEINFLUENCEOFSUPPLYSIDEFACTORSINTHE

41、FINANCINGDECISIONANIMPLICATIONOFTHISBELIEFISTHATFIRMOWNERSMAYAVOIDRAISINGDEBTINTIMESOFHIGHINTERESTRATES,RESULTINGINUNDERINVESTMENTASRESPONDENTSALSOEXPRESSANAVERSIONTOEXTERNALEQUITY,FIRMGROWTHWILLBELIMITEDTOTHERETURNONINVESTMENTOFRETAINEDPROFITS,LEADINGTOLOWERGROWTHRATESADDITIONALLY,ASRESPONDENTSDONO

42、TBELIEVEINACCUMULATINGFINANCIALSLACKTHEYMAYENCOUNTERFINANCINGPROBLEMSDURINGANECONOMICRECESSION,PARTICULARLYIFTHEREISACREDITSQUEEZEANOTHERBELIEFHELDBYRESPONDENTSISTHEREQUIREMENTFORCOLLATERALTOSECUREDEBTFINANCERESPONDENTSINSECTORSINWHICHASSETSTRUCTURESARETYPIFIEDBYAHIGHPROPORTIONOFTANGIBLEASSETSAREMOR

43、ELIKELYTOAPPLYFORDEBTFINANCE,ANDAREMORECONFIDENTINSECURINGTHEFINANCEREQUIREDTHANRESPONDENTSINSECTORSWITHASSETSTRUCTURESTYPIFIEDBYAHIGHPROPORTIONOFINTANGIBLEASSETSTHEPRACTICEOFFINANCIALINSTITUTIONSINPROVIDINGDEBTFINANCEBASEDONCOLLATERALRATHERTHANPROFITABILITYISINEFFICIENT,ANDMAYHAVEANUMBEROFADVERSECO

44、NSEQUENCESFORSMESFIRSTLY,PERCEPTIONOFALACKOFSUFFICIENTCOLLATERALISABLEASSETSMAYRESULTINAREDUCTIONOFAPPLICATIONSFORLONGTERMDEBTFINANCE,LEADINGTOUNDERINVESTMENTSECONDLY,THISBELIEFMAYRESULTINOVERRELIANCEONOTHERSOURCESOFFINANCEWHICHARELESSAPPROPRIATEANDMORECOSTLY,SUCHASSHORTTERMDEBT,FOREXAMPLEINVESTIGAT

45、IONOFRESPONDENTSVIEWSONSIGNALLING,DEBTTAXSHIELDS,TIMINGCONSIDERATIONS,ANDTHEACCUMULATIONOFFINANCIALSLACKINDICATETHATTHESEISSUESARENOTPRIMARYCONCERNSWHENMAKINGTHEFINANCINGDECISIONRESPONDENTSAPPEARMORECONCERNEDWITHTHEISSUEOFRAISINGADEQUATECAPITALTOFINANCETHEIRFIRMTHANWHATTHEYMAYCONSIDERANCILLARYISSUES

46、SOURCECIARNMACANBHAIRD,2010“SMEOWNERSFINANCINGPREFERENCES”CONTRIBUTIONSTOMANAGEMENTSCIENCE,VOL20,NO5,PP2343译文中小企业业主融资偏好在调查研究中小型企业融资的学术研究中，通常通过多元回归分析来审查这个主题。这一分析利用由会计和财务资料组成的面板数据集（参见本文献的全面回顾附录B）。研究人员利用这种方法，设法据公司特征来解释融资选择。例如，公司规模，企业年龄，资产结构，盈利能力，发展机会和法定组织。这种方法虽然有益于理论检验和初步基准研究，却忽略了小企业和创业中一个最重要的方面。那就是中小型

47、企业业主的核心作用。鉴于企业所有者的主要决策作用，这种方法排除了在中小型企业融资和资金供给的基本要素。本章采用这个方法，是为了记录中小型企业业主对融资的看法，以及他们完全避开有些形式的融资而只选择选择其中一种融资的理由。这种方法可能不证自明地或过于简单地出现，并揭示关于实测资本结构的解释。也可以对金融市场和机构怎样更好的回应小企业的需求做出做更好的解释。表45是受访者对投资者和他们借贷行为的看法。几乎50的受访者认为“银行了解他们的业务”，而还有20不同意这一主张。这一结果表明，受访者并没有察觉到债务市场的信息不对称。这一发现可以根据受访者的年龄分布做解释。与黛蒙德（1989）的名誉理论一致，

48、信息不对称性将会随着公司的成熟和成立逐渐降低。即便是在银行转换的情况下，幸存的公司已开发出一种信用记录。表D11是关于“银行了解我们的业务”的观点和受访者年龄的交叉表。那些认为银行不了解他们业务的公司，是以最年轻的年龄组为主。这个表证实了这一点。如表D12所示的方向性实施意义上，这些关系在统计上并怎么不重要。表45投资者中受访者的看法和他们的要求非常同意或同意（）平均得分银行了解我的业务（291例）47127银行愿意为我公司提供透支（294例）86419坚持债务抵押的供应商（284例）83818银行贷款给拥有现金/固812定资产的公司（291例）风险投资家投资拥有现金/固定资产的公司（283例

49、）3428风险投资的有效性易受市场波动的影响（282例）6522这些结果可以解释在前章节提到的融资偏好和形式。我们在表41和42可以看到，受访者为债务寻求外部资金时的优先权。这可以解释在债务市场上没有感知到信息不对称的公司部分解释。将拥有高比例无形资产的领域的50公司集中了起来。最年轻的年龄组公司之间的信息不对称感知力，因这些公司的集中而更加加重。正如在表22看到的那样，这一发现解释了此集团对外部股权（融资总额的37）的使用高。也部分解释个人资产由公司提供，以确保业主在最年轻年龄组的债务。在表D13看到的一样，一个跨领域的“银行了解我们的业务”命题制表显示，几乎30的受访者察觉到债务市场的信息不对称在“计算机软件开发和服务”的领域。这可能由企业创立史相对比较年轻的状况引起。因为在这个领域，60以上的公司创立历史都在10年以下。霍根和赫特森（2005年）发现，在这个领域的公司没有察觉到风险资本市场的信息不对称。不像他们察觉银行和顾客关系的不对称那样。另一个相关要素是该领域的技术性质，这实例证实了他们的这一发现。这可能跟风险投资家在评估技术复杂的投资项目时使用的技术知识和专业技能有关，也可能是银行贷款评审们缺乏专业知识所导致的。如表45所示，将近90的受访者认为，“银行愿意为他们的公司提供透支”。这一结果与强调中小型企业对短