中小企业资本结构中英文对照外文翻译文献

企业资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)An Analysis of Working Capital Management Results Across IndustriesAbstractFirms are able to reduce financing costs and/or increase the fund s available for expansion by minimizing the amount of funds tied upin current assets. We provide insights into the performance of surv eyed firms across key components of working capital management by usi ng the CFO magazine’s annual Working CapitalManagement Survey. We discover that significant differences exist b etween industries in working capital measures across time.In addition.w e discover that these measures for working capital change significantl y within industries across time.IntroductionThe importance of efficient working capital management is indisputa ble. Working capital is the difference between resources in cash or readily convertible into cash (Current Assets) and organizational commi tments for which cash will soon be required (Current Liabilities). Th e objective of working capital management is to maintain the optimum balance of each of the working capital components. Business viabilit y relies on the ability to effectively manage receivables. inventory.a nd payables. Firms are able to reduce financing costs and/or increase the funds available for expansion by minimizing the amount of funds tied up in current assets. Much managerial effort is expended in b ringing non-optimal levels of current assets and liabilities back towa rd optimal levels. An optimal level would be one in which a balance is achieved between risk and efficiency.A recent example of business attempting to maximize working capita l management is the recurrent attention being given to the applicatio n of Six Sigma®methodology. Six S igma®methodologies help companies measure and ensure quality in all areas of the enterprise. When used to identify and rectify discrepancies.inefficiencies and erroneous tra nsactions in the financial supply chain. Six Sigma®reduces Days Sale s Outstanding (DSO).accelerates the payment cycle.improves customer sati sfaction and reduces the necessary amount and cost of working capital needs. There appear to be many success stories including Jennifertwon’s(2002) report of a 15percent decrease in days that sales are outstanding.resulting in an increased cash flow of approximately $2 million at Thibodaux Regional Medical Cenrer.Furthermore bad debts declined from 3.4millin to $6000000.However.Waxer’s(2003)study of multiple firms employing Six Sig ma®finds that it is really a “get rich slow”technique with a r ate of return hovering in the 1.2 – 4.5 percent range.Even in a business using Six Sigma®methodology. an “optimal”level of working capital management needs to be identified. Industry factors may impa ct firm credit policy.inventory management.and bill-paying activities. S ome firms may be better suited to minimize receivables and inventory. while others maximize payables. Another aspect of “optimal”is the extent to which poor financial results can be tied to sub-optimal pe rformance.Fortunately.these issues are testable with data published by CFO magazine. which claims to be the source of “tools and informati on for the financial executive.”and are the subject of this resear ch.In addition to providing mean and variance values for the working capital measures and the overall metric.two issues will be addressed in this research. One research question is. “are firms within a p articular industry clustered together at consistent levels of working capital measures?For instance.are firms in one industry able to quickl y transfer sales into cash.while firms from another industry tend to have high sales levels for the particular level of inventory . The other research question is. “does working capital management perform ance for firms within a given industry change from year-to-year?”The following section presents a brief literature review.Next.the r esearch method is described.including some information about the annual Working Capital Management Survey published by CFO magazine. Findings are then presented and conclusions are drawn.Related LiteratureThe importance of working capital management is not new to the f inance literature. Over twenty years ago. Largay and Stickney (1980) reported that the then-recent bankruptcy of W.T. Grant. a nationwide chain of department stores.should have been anticipated because the co rporation had been running a deficit cash flow from operations for e ight of the last ten years of its corporate life.As part of a stud y of the Fortune 500s financial management practices. Gilbert and Rei chert (1995) find that accounts receivable management models are used in 59 percent of these firms to improve working capital projects.wh ile inventory management models were used in 60 percent of the compa nies.More recently. Farragher. Kleiman and Sahu (1999) find that 55 p ercent of firms in the S&P Industrial index complete some form of a cash flow assessment. but did not present insights regarding account s receivable and inventory management. or the variations of any curre nt asset accounts or liability accounts across industries.Thus.mixed ev idence exists concerning the use of working capital management techniq ues.Theoretical determination of optimal trade credit limits are the s ubject of many articles over the years (e.g. Schwartz 1974; Scherr 1 996).with scant attention paid to actual accounts receivable management.Across a limited sample. Weinraub and Visscher (1998) observe a tend ency of firms with low levels of current ratios to also have low l evels of current liabilities. Simultaneously investigating accounts rece ivable and payable issues.Hill. Sartoris.and Ferguson (1984) find diffe rences in the way payment dates are defined. Payees define the date of payment as the date payment is received.while payors view paymen t as the postmark date.Additional WCM insight across firms.industries.a nd time can add to this body of research.Maness and Zietlow (2002. 51. 496) presents two models of value creation that incorporate effective short-term financial management acti vities.However.these models are generic models and do not consider uni que firm or industry influences. Maness and Zietlow discuss industry influences in a short paragraph that includes the observation that. “An industry a company is located in may have more influence on th at company’s fortunes than overall GNP”(2002. 507).In fact. a car eful review of this 627-page textbook finds only sporadic information on actual firm levels of WCM dimensions.virtually nothing on industr y factors except for some boxed items with titles such as. “Should a Retailer Offer an In-House Credit Card”(128) and nothing on WC M stability over time. This research will attempt to fill this void by investigating patterns related to working capital measures within industries and illustrate differences between industries across time.An extensive survey of library and Internet resources provided ver y few recent reports about working capital management. The most relev ant set of articles was Weisel and Bradley’s (2003) article on cash flow management and one of inventory control as a result of effect ive supply chain management by Hadley (2004).Research Method The CFO RankingsThe first annual CFO Working Capital Survey. a joint project with REL Consultancy Group.was published in the June 1997 issue of CFO (Mintz and Lezere 1997). REL is a London. England-based management co nsulting firm specializing in working capital issues for its global l ist of clients. The original survey reports several working capital b enchmarks for public companies using data for 1996. Each company is ranked against its peers and also against the entire field of 1.000 companies. REL continues to update the original information on an a nnual basis.REL uses the “cash flow from operations”value located on firm cash flow statements to estimate cash conversion efficiency (CCE). T his value indicates how well a company transforms revenues into cash flow. A “days of working capital”(DWC) value is based on the d ollar amount in each of the aggregate.equally-weighted receivables.inven tory.and payables accounts. The “days of working capital”(DNC) repr esents the time period between purchase of inventory on acccount fromvendor until the sale to the customer.the collection of the receiva bles. and payment receipt.Thus.it reflects the companys ability to fin ance its core operations with vendor credit. A detailed investigation of WCM is possible because CFO also provides firm and industry val ues for days sales outstanding (A/R).inventory turnover.and days payabl es outstanding (A/P).Research FindingsAverage and Annual Working Capital Management Performance Working capital management component definitions and average values for the entire 1996 –2000 period .Across the nearly 1.000 firms in the survey.cash flow from operations. defined as cash flow from operations divided by sales and referred to as “cash conversion ef ficiency”(CCE).averages 9.0 percent.Incorporating a 95 percent confide nce interval. CCE ranges from 5.6 percent to 12.4 percent. The days working capital (DWC). defined as the sum of receivables and invent ories less payables divided by daily sales.averages 51.8 days and is very similar to the days that sales are outstanding (50.6).because the inventory turnover rate (once every 32.0 days) is similar to the number of days that payables are outstanding (32.4 days).In all ins tances.the standard deviation is relatively small.suggesting that these working capital management variables are consistent across CFO report s.Industry Rankings on Overall Working Capital Management Perfo rmanceCFO magazine provides an overall working capital ranking for firms in its ing the following equation:Industry-based differences in overall working capital management are presented for the twenty-s ix industries that had at least eight companies included in the rank ings each year.In the typical year. CFO magazine ranks 970 companies during this period. Industries are listed in order of the mean ove rall CFO ranking of working capital performance. Since the best avera ge ranking possible for an eight-company industry is 4.5 (this assume s that the eight companies are ranked one through eight for the ent ire survey). it is quite obvious that all firms in the petroleum in dustry must have been receiving very high overall working capital man agement rankings.In fact.the petroleum industry is ranked first in CCE and third in DWC (as illustrated in Table 5 and discussed later i n this paper).Furthermore.the petroleum industry had the lowest standar d deviation of working capital rankings and range of working capital rankings. The only other industry with a mean overall ranking less than 100 was the Electric & Gas Utility industry.which ranked secon d in CCE and fourth in DWC. The two industries with the worst work ing capital rankings were Textiles and Apparel. Textiles rank twenty-s econd in CCE and twenty-sixth in DWC. The apparel industry ranks twenty-third and twenty-fourth in the two working capital measures ConclusionsThe research presented here is based on the annual ratings of wo rking capital management published in CFO magazine. Our findings indic ate a consistency in how industries “stack up”against each other over time with respect to the working capital measures.However.the wor king capital measures themselves are not static (i.e.. averages of wo rking capital measures across all firms change annually); our results indicate significant movements across our entire sample over time. O ur findings are important because they provide insight to working cap ital performance across time. and on working capital management across industries. These changes may be in explained in part by macroecono mic factors Changes in interest rates.rate of innovation.and competitio n are likely to impact working capital management. As interest rates rise.there would be less desire to make payments early.which would stretch accounts payable.accounts receivable.and cash accounts. The ra mifications of this study include the finding of distinct levels of WCM measures for different industries.which tend to be stable over ti me. Many factors help to explain this discovery. The improving econom y during the period of the study may have resulted in improved turn over in some industries.while slowing turnover may have been a signal of troubles ahead. Our results should be interpreted cautiously. Our study takes places over a short time frame during a generally impr oving market. In addition. the survey suffers from survivorship bias –only the top firms within each industry are ranked each year and the composition of those firms within the industry can change annua lly.Further research may take one of two lines.First.there could bea study of whether stock prices respond to CFO magazine’s publication of working capital management rating.Second,there could be a study of which if any of the working capital management components relate to share price performance.Given our results,there studies need to take industry membership into consideration when estimating stock price reaction to working capital management performance.对整个行业中营运资金管理的研究格雷格Filbeck.Schweser学习计划托马斯M克鲁格.威斯康星大学拉克罗斯摘要:企业能够降低融资成本或者尽量减少绑定在流动资产上的成立基金数额来用于扩大现有的资金。

研究中小企业融资要参考的英文文献在研究中小企业融资问题时，寻找相关的英文文献是获取国际经验和最佳实践的重要途径。

以下是一些值得参考的英文文献，涵盖了中小企业融资的理论背景、现状分析、政策建议以及案例研究等方面。

“Financing Small and Medium-Sized Enterprises: A Global Perspective”, by P.K. Agarwal, A.K. Dixit, and J.C. Garmaise. This book provides an comprehensive overview of the issues and challenges related to financing small and medium-sized enterprises (SMEs) around the world. It presents an analytical framework for understanding the different dimensions of SME financing and outlines best practices and policy recommendations for improving access to finance for these businesses.“The Financing of SMEs: A Review of the Literature and Empirical Evidence”, by R. E. Cull, L. P. Ciccantelli, and J. Valentin. This paper provides a comprehensive literature review on the financing challenges faced by SMEs, exploring the various factors that influence their access to finance,including information asymmetries, lack of collateral, and limited access to formal financial markets. The paper also presents empirical evidence on the impact of different financing strategies on SME performance and outlines policy recommendations for addressing these challenges.“The Role of Microfinance in SME Finance: A Review of the Literature”, by S. Hossain, M.A. Iftekhar, and N. Choudhury. This paper focuses on the role of microfinance in financing SMEs and explores the advantages and disadvantages of microfinance as a financing option for SMEs. It also outlines the potential for microfinance to play a greater role in supporting SME development in emerging markets and provides policy recommendations for achieving this objective.“The Political Economy of SME Finance: Evidence fromCross-Country Data”, by D.J. Mullen and J.R. Roberts. This paper examines the political economy of SME finance, exploring the relationship between government policies, market institutions, and SME financing constraints. Usingcross-country data, the paper finds evidence that government policies can have a significant impact on SME access to finance and that countries with better market institutions are more successful in supporting SME development. The paper provides policy recommendations for improving SME financing in different political and institutional settings.“Financing SMEs in Developing Countries: A Case Study of India”, by S. Bhattacharya, S. Ghosh, and R. Panda. This case study explores the financing challenges faced by SMEs in India and identifies the factors that limit their access to finance, including government policies, market institutions, and cultural traditions. It also presents an in-depth analysis of the various financing options available to SMEs in India, such as informal credit markets, microfinance institutions, and banks, and outlines policy recommendations for enhancing access to finance for these businesses.这些文献提供了对中小企业融资问题的多维度理解，并提供了实用的政策建议和案例研究，有助于更好地解决中小企业的融资需求。

题目：家族式中小企业融资存在的问题及对策第一部分外文翻译原文Family SME financing problems and countermeasures1、The status of family SMEsFamily-owned SMEs in the development of our country experienced a small to large, from weak to strong in the process, along with the family business in China today the deepening of economic reform and development and growth, has gone through four stages: the first stage, From 1978 to 1987, after the December 1978 Third Plenary Session of the Party, the private sector began to sprout exploration; the second stage, from 1988 to 1991, in 1988 the state promulgated the "Provisional Regulations on private Enterprises", the private sector has been Legislative protection; the third stage, from 1992 to 1996, the spring of 1992, Comrade Deng Xiaoping's southern tour speech, encourage private sector development; the fourth stage, the 15th Party Congress in 1997 affirmed the non-public economy is an important component of the socialist market economy private enterprises to enter the stage of stable development.At present, China's family-owned SMEs in general to take the family system management mode, although this management model, although in favor of corporate governance, reducing the commission Enterprises - the agency costs, but this also increases the external transactions arising from the establishment of corporate identity costs. On the one hand our economy is in a transition period, various policies and regulations are not perfect, the community has not formed a unified identity for the family of SMEs, which makes family-owned SMEs in the market development, customer acquisition financing and other aspects in particular more difficult. On the other hand due to the absolute control of the family by the family-owned small and medium enterprises, the decision arbitrary and authoritarian strong, the error rate is large, resulting in enterprise development to a certain stage on the lack of power, it is difficult to continue to develop.2、The main problem of family exist in the process of SME financing2.1 Family ownership structure and governance structure of SMEs unreasonableOur family ownership structure of SMEs in general showing unity, closed characteristics. According to statistics, the founder of the family business enterprise investment accounted for 75% of total share capital, its holding ratio as high as 70%, while the proportion of shares held by the founder's family also accounted for 10% ofthe company's total share capital, both in the family business of Holdings the proportion of 80%, the enterprise has absolute control. This single ownership structure and the closure of many family-owned SMEs generally do not pay attention to external financing, business development and capital accumulation is still relying on its own within the family obtain financing, which limits the expansion of enterprises.2.2 The family behind SME management modeCurrently, many executives are from family-owned small and medium enterprises within the family, but also because of the family's absolute control of the enterprise, many business owners arbitrariness in decision-making, so that companies will bring tremendous business risk to the enterprise zone to instability, which will undoubtedly increase the risk of funding provided. Meanwhile, in the internal distribution ofprofits, there is no established concept of sustainable development can play, often only taking into account the short-term interests, net of corporate profits spectroscopic eat, rarely from the perspective of enterprise development, consider using retained funds to supplement operating funds, and their accumulation of weak sense.2.3 The family-owned SME financial system is not perfectAs noted in the survey, more than 50 percent of family-owned SMEs in the financial system is not perfect, and many family-owned small and medium business managers lack professional financial management knowledge, lack of major financial decision analysis to develop a reasonable and legitimate, and even prepare several sets of accounts to check payable regulatory authorities. Because most investors to corporate lending main consideration is return on investment, and ROI analysis depends mainly on the view the company's financial statements, due to the corporate financial system defects, it is difficult to provide accurate accounting information, investors are unable to find out the enterprise the true face, nature does not give business loans.3、The Solution of family financing of SMEs3.1 Family fade colors, introducing diversification of investorsFirst of all to clarify property rights, according to the contribution principle, the principle of efficiency, fairness rationalize the relationship between members of the family property, clear the nature of the enterprise, the definition of enterprise property rights, reform of property rights. Forward to the public on the basis of clear property rights on the inside, diversify their ownership by absorbing social capital, the equity isfully owned by the family into a controlling stake, the investor capital, human capital and social capital is allocated in equal shares, to increase transparency and social trust.3.2 Change management model to promote institutional innovationMany of our family-owned small and medium enterprises in the employment context nepotism, meritocratic closer. This management model is not conducive to family-owned small and medium enterprises to introduce outstanding management personnel, resulting in a lack of family-owned small and medium business decision rationality, increasing the risk offamily-owned small and medium business, reducing the level of family credit for SMEs, resulting in banks and investors unwilling to its loans and investments. In view of this, family-owned SMEs should abandon the family management, the introduction of professional managerial system, the implementation of corporate restructuring in accordance with the requirements of modern enterprise system, the introduction of outstanding management talent, improve operational efficiency and reduce operational risks. So as to raise the level of credit to enhance financing capacity. At present, the rapid development of China's many family businesses employ people outside the family as a decision-making executives, such as the United States and other countries.3.3 Cegulate corporate financial system, improve financial managementAccording to the relevant regulations of the state, the establishment of financial and accounting system sound enterprises, not cooking the books, establish and improve financial reporting system to improve the credibility and transparency of the financial situation of the financial statements. These include: 1, raise funds, and the effectiveuse of funds, supervision and funding normal operation, maintenance, financial security, boost profits. 2, establish a sound financial management system, financial revenues and expenditures do a good job planning, control, accounting, analysis and assessment work. 3, to strengthen the management of financial accounting, in order to improve the timeliness and accuracy of accounting information.In short, to be truly effective in solving the difficult problem of family SME financing, companies need to go through joint efforts of financial institutions, to create a family-owned diversified financing channels for SMEs, social credit sound socio-economic environment for the family-owned SMEs the development provides a relaxed environment for raising capital.第二部位论文译文题目：家族式中小企业融资存在的问题及对策一、家族式中小企业的现状家族式中小企业在我国的发展经历了一个由小到大、由弱变强的过程，当今中国的家族企业随着经济体制改革的不断深化而发展壮大，经历了四个阶段:第一阶段，1978～1987年，1978年12月党的十一届三中全会以后，私营企业开始萌芽探索;第二阶段，1988～1991年，1988年国家颁布了《私营企业暂行条例》，私营企业得到了立法保护;第三阶段，1992～1996年，1992年春邓小平同志南巡讲话，鼓励私营企业发展;第四阶段，1997年党的十五大肯定了非公经济是社会主义市场经济的重要组成部分，私营企业进入稳步发展阶段。

资本结构外文文献翻译外文资料翻译—英文原文How Important is Financial Risk?IntroductionThe financial crisis of 2008 has brought significant attention tothe effects of financial leverage. There is no doubt that the highlevels of debt financing by financial institutions and households significantly contributed to the crisis. Indeed, evidence indicates that excessive leverage orchestrated by major global banks (e.g., through the mortgage lending and collateralized debt obligations) and the so-called “shadowbanking system” may be the underlying cause of the recent economic and financialdislocation. Less obvious is the role of financial leverage among nonfinancial firms. To date, problems in the U.S. non-financial sector have been minor compared to the distress in the financial sector despite the seizing of capital markets during the crisis. For example, non-financial bankruptcies have been limited given that the economic decline is the largest since the great depression of the 1930s. In fact, bankruptcy filings of non-financial firms have occurred mostly in U.S. industries (e.g., automotive manufacturing, newspapers, and real estate) that faced fundamental economic pressures prior to the financial crisis.This surprising fact begs the question, “How important is financialrisk for non-financial firms?” At the heart of this issue is the uncertainty about the determinants of total firm risk as well as components of firm risk.StudyRecent academic research in both asset pricing and corporate finance has rekindled an interest in analyzing equity price risk. A current strand of the asset pricing literature examines the finding of Campbell et al. (2001) that firm-specific (idiosyncratic) risk has tended to increase over the last 40 years. Other work suggests that idiosyncratic risk may be a priced risk factor (see Goyal and Santa-Clara, 2003, among others). Also related to these studies is work by Pástor and Veronesi (2003) showing how investor uncertainty about firm profitability is an important determinant of idiosyncratic risk and firm value. Other research has examined the role of equity volatility in bond pricing (e.g., Dichev, 1998, Campbell, Hilscher, and Szilagyi, 2008).However, much of the empirical work examining equity price risktakes the risk of assets as given or tries to explain the trend in idiosyncratic risk. In contrast, this外文资料翻译—英文原文paper takes a different tack in the investigation of equity price risk. First, we seek to understand the determinants of equity price risk at the firm level by considering total risk as the product of risks inherent in the firms operations (i.e., economic or business risks) andrisks associated with financing the firms operations (i.e., financial risks). Second, we attempt to assess the relative importance of economic and financial risks and the implications for financial policy.Early research by Modigliani and Miller (1958) suggests thatfinancial policy may be largely irrelevant for firm value because investors can replicate many financial decisions by the firm at a low cost (i.e., via homemade leverage) and well-functioningcapital markets should be able to distinguish between financial and economic distress. Nonetheless, financial policies, such as adding debt to the capital structure, can magnify the risk of equity. In contrast, recent research on corporate risk management suggests that firms mayalso be able to reduce risks and increase value with financial policies such as hedging with financial derivatives. However, this research is often motivated by substantial deadweight costs associated withfinancial distress or other market imperfections associated withfinancial leverage. Empirical research provides conflicting accounts of how costly financial distress can be for a typical publicly traded firm.We attempt to directly address the roles of economic and financialrisk by examining determinants of total firm risk. In our analysis we utilize a large sample of non-financial firms in the United States. Our goal of identifying the most important determinants of equity price risk (volatility) relies on viewing financial policy as transforming asset volatility into equity volatility via financial leverage. Thus, throughout the paper, we consider financial leverage as the wedgebetween asset volatility and equity volatility. For example, in a static setting, debt provides financial leverage that magnifies operating cash flow volatility. Because financial policy is determined by owners (and managers), we are careful to examine the effects of firms? asset and operating characteristics on financial policy. Specifically, we examine a variety of characteristics suggested by previous research and, as clearly as possible, distinguish between those associated with the operations of the company (i.e. factors determining economic risk) and those associated with financing the firm (i.e. factors determining financial risk). We then allow economic risk to be a determinant of financial policy in the structural framework of Leland and Toft (1996), or alternatively,外文资料翻译—英文原文in a reduced form model of financial leverage. An advantage of the structural model approach is that we are able to account for both the possibility of financial and operating implications of some factors (e.g., dividends), as well as the endogenous nature of the bankruptcy decision and financial policy in general.Our proxy for firm risk is the volatility of common stock returns derived from calculating the standard deviation of daily equity returns. Our proxies for economic risk are designed to capture the essential characteristics of the firms? operations andassets that determine the cash flow generating process for the firm. For example, firm size and age provide measures of line of- businessmaturity; tangible assets (plant, property, and equipment) serve as ap roxy for the …hardness? of a firm?s assets;capital expenditures measure capital intensity as well as growth potential. Operating profitability and operating profit volatility serve as measures of the timeliness and riskiness of cash flows. To understand how financial factors affect firm risk, we examine total debt, debt maturity, dividend payouts, and holdings of cash and short-term investments.The primary result of our analysis is surprising: factorsdetermining economic risk for a typical company explain the vastmajority of the variation in equity volatility.Correspondingly, measures of implied financial leverage are much lower than observed debt ratios. Specifically, in our sample covering 1964-2008 average actual net financial (market) leverage is about 1.50 compared to our estimates of between 1.03 and 1.11 (depending on model specification and estimation technique). This suggests that firms may undertake other financial policies to manage financial risk and thus lower effective leverage to nearly negligible levels. These policies might include dynamically adjusting financial variables such as debt levels, debt maturity, or cash holdings (see, for example, Acharya, Almeida, and Campello, 2007). In addition, many firms also utilize explicit financial risk management techniques such as the use of financial derivatives, contractual arrangements with investors (e.g. lines of credit, call provisions in debt contracts, or contingencies insupplier contracts), special purpose vehicles (SPVs), or other alternative risk transfer techniques.The effects of our economic risk factors on equity volatility are generally highly statistically significant, with predicted signs. In addition, the magnitudes of the effects are substantial. We find that volatility of equity decreases with the size and age of the firm. Thisis intuitive since large and mature firms typically have more stable lines of英文原文外文资料翻译—business, which should be reflected in the volatility of equity returns. Equity volatility tends to decrease with capital expenditures though the effect is weak. Consistent with the predictions of Pástor and Veronesi (2003), we find that firms with higher profitability and lower profit volatility have lower equity volatility. This suggests that companies with higher and more stable operating cash flows are less likely to go bankrupt, and therefore are potentially less risky. Among economic risk variables, the effects of firm size, profit volatility, and dividend policy on equity volatility stand out. Unlike some previous studies, our careful treatment of the endogeneity of financial policy confirms that leverage increases total firm risk. Otherwise, financial risk factors are not reliably related to total risk.Given the large literature on financial policy, it is no surprise that financial variables are,at least in part, determined by the economic risks firms take. However, some of the specific findings areunexpected. For example, in a simple model of capital structure, dividend payouts should increase financial leverage since they represent an outflow of cash from the firm (i.e., increase net debt). We find that dividends are associated with lower risk. This suggests that paying dividends is not as much a product of financial policy as a characteristic of a firm?s operations (e.g., a maturecompany with limited growth opportunities). We also estimate how sensitivities to different risk factors have changed over time. Our results indicate that most relations are fairly stable. One exception is firm age which prior to 1983 tends to be positively related to risk and has since been consistently negatively related to risk. This is related to findings by Brown and Kapadia (2007) that recent trends in idiosyncratic risk are related to stock listings by younger and riskier firms.Perhaps the most interesting result from our analysis is that our measures of implied financial leverage have declined over the last 30 years at the same time that measures of equity price risk (such as idiosyncratic risk) appear to have been increasing. In fact, measures of implied financial leverage from our structural model settle near 1.0 (i.e., no leverage) by the end of our sample. There are several possible reasons for this. First, total debt ratios for non-financial firms have declined steadily over the last 30 years, so our measure of implied leverage should also decline. Second, firms have significantly increased cash holdings, so measures of net debt (debtminus cash and short-term investments) have also declined. Third, the composition of publicly traded firms has changed with more risky (especially technology-oriented)英文原文外文资料翻译—firms becoming publicly listed. These firms tend to have less debtin their capital structure. Fourth, as mentioned above, firms can undertake a variety of financial risk management activities. To the extent that these activities have increased over the last few decades, firms will have become less exposed to financial risk factors.We conduct some additional tests to provide a reality check of our results. First, we repeat our analysis with a reduced form model that imposes minimum structural rigidity on our estimation and find very similar results. This indicates that our results are unlikely to be driven by model misspecification. We also compare our results with trends in aggregate debt levels for all U.S. non-financial firms andfind evidence consistent with our conclusions. Finally, we look at characteristics of publicly traded non-financial firms that file for bankruptcy around the last three recessions and find evidence suggesting that these firms are increasingly being affected by economic distress as opposed to financial distress.ConclusionIn short, our results suggest that, as a practical matter, residual financial risk is now relatively unimportant for the typical U.S. firm. This raises questions about the level of expected financial distresscosts since the probability of financial distress is likely to be lower than commonly thought for most companies. For example, our results suggest that estimates of the level of systematic risk in bond pricing may be biased if they do not take into account the trend in implied financial leverage (e.g., Dichev, 1998). Our results also bring into question the appropriateness of financial models used to estimatedefault probabilities, since financial policies that may be difficult to observe appear to significantly reduce risk. Lastly, our results imply that the fundamental risks born by shareholders are primarily related to underlying economic risks which should lead to a relatively efficient allocation of capital.Some readers may be tempted to interpret our results as indicating that financial risk does not matter. This is not the proper interpretation. Instead, our results suggest that firms are able to manage financial risk so that the resulting exposure to shareholders is low compared to economic risks. Of course, financial risk is important to firms that choose to take on such risks either through high debt levels or a lack of risk management. In contrast, our study suggeststhat the typical non-financial firm chooses not to take these risks. In short, gross financial risk may be important, but firms can manage it. This contrasts with fundamental economic and business risks that 外文资料翻译—英文原文are more difficult (or undesirable) to hedge because they represent the mechanism by which the firm earns economic profits.References[1]Shyam,Sunder.Theory Accounting and Control[J].An Innternational Theory on PublishingComPany.2005[2]Ogryezak,W,Ruszeznski,A. Rom Stomchastic Dominance to Mean-Risk Models:Semide-Viations as Risk Measures[J].European Journal of Operational Research.[3] Borowski, D.M., and P.J. Elmer. An Expert System Approach to Financial Analysis: the Case of S&L Bankruptcy [J].Financial Management, Autumn.2004;[4] Casey, C.and N. Bartczak. Using Operating Cash Flow Data to Predict Financial Distress: Some Extensions[J]. Journal of Accounting Research,Spring.2005;[5] John M.Mulvey,HafizeGErkan.Applying CVaR for decentralized risk management of financialcompanies[J].Journal of Banking&Finanee.2006;[6] Altman. Credit Rating:Methodologies,Rationale and DefaultRisk[M](RiskBooks,London.译文:财务风险的重要性引言2008年的金融危机对金融杠杆的作用产生重大影响。

中小企业融资渠道中英文对照外文翻译文献Title: Financing Channels for Small and Medium-sized Enterprises: A Comparative Analysis of Chinese and English LiteratureIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, they often face challenges in accessing finance due to limited assets, credit history, and information transparency. This article aims to provide a comprehensive analysis of financing channels for SMEs, comparing existing literature in both Chinese and English.1. Overview of SME Financing Channels:1.1 Bank Loans:Traditional bank loans are a common financing option for SMEs. They offer advantages such as long-term repayment periods, lower interest rates, and established banking relationships. However, obtaining bank loans may be challenging for SMEs with insufficient collateral or creditworthiness.1.2 Venture Capital and Private Equity:Venture capital (VC) and private equity (PE) attract external investments in exchange for equity stakes. These financing channels are particularly suitable for high-growth potential SMEs. VC/PE investors often provide not only financial resources but also expertise and networks to support SMEs' growth. However, SMEs may face challenges in meeting the stringent criteria required by VC/PE firms, limiting accessibility.1.3 Angel Investment:Angel investors are wealthy individuals who provide early-stage funding to SMEs. They are often interested in innovative and high-potential ventures. Angel investments can bridge the funding gap during a company's initial stages, but SMEs need to actively seek out and convince potential angel investors to secure funding.1.4 Government Grants and Subsidies:Governments offer grants and subsidies to support SMEs' business development and innovation. These resources play a pivotal role in ensuring SMEs' survival and growth. However, the application process can be cumbersome, and the competition for these funds is usually high.1.5 Crowdfunding:Crowdfunding platforms allow SMEs to raise capital from a large poolof individual investors. This channel provides opportunities for SMEs to showcase their products or services and engage directly with potential customers. However, the success of crowdfunding campaigns depends on effective marketing strategies and compelling narratives.2. Comparative Analysis:2.1 Chinese Literature on SME Financing Channels:In Chinese literature, research on SME financing channels focuses on the unique challenges faced by Chinese SMEs, such as information asymmetry, high collateral requirements, and insufficient financial transparency. Studiesemphasize the importance of government policies, bank loans, and alternative financing channels like venture capital and private equity.2.2 English Literature on SME Financing Channels:English literature encompasses a broader range of financing channels and their implications for SMEs worldwide. It highlights the significance of business angel investment, crowdfunding, trade credit, factoring, and peer-to-peer lending. The literature also emphasizes the role of financial technology (fintech) in expanding SMEs' access to finance.3. Recommendations for SMEs:3.1 Enhancing Financial Literacy:SMEs should invest in improving their financial literacy to understand different financing options and strategies. This knowledge will help them position themselves more effectively when seeking external funding.3.2 Diversifying Funding Sources:To mitigate financing risks, SMEs should explore multiple channels simultaneously. A diversified funding portfolio can help SMEs access different sources of capital while reducing dependence on a single channel.3.3 Building Relationships:Developing relationships with banks, investors, and relevant stakeholders is crucial for SMEs seeking financing. Strong networks and connections can provide valuable support and increase the likelihood of securing funding.Conclusion:Access to appropriate financing channels is crucial for the growth and development of SMEs. This analysis of financing channels for SMEs, comparing Chinese and English literature, highlights the diverse options available. By understanding the strengths and limitations of each channel, SMEs can make informed decisions and adopt strategies that align with their unique business requirements. Governments, financial institutions, and other stakeholders should continue to collaborate in creating an enabling environment that facilitates SMEs' access to finance.。

Evaluating A Company's Capital StructureFor stock investors that favor companies with good fundamentals, a "strong" balance sheet is an important consideration for investing in a company's stock. The strength of a company' balance sheet can be evaluated by three broad categories of investment-quality measurements: working capital adequacy, asset performance and capital structure. In this article, we'll look at evaluating balance sheet strength based on the composition of a company's capital structure..A company's capitalization (not to be confused with market capitalization) describes the composition of a company's permanent or long-term capital, which consists of a combination of debt and equity. A healthy proportion of equity capital, as opposed to debt capital, in a company's capital structure is an indication of financial fitness.Clarifying Capital Structure Related TerminologyThe equity part of the debt-equity relationship is the easiest to define. In a company's capital structure, equity consists of a company's common and preferred stock plus retained earnings, which are summed up in the shareholders' equity account on a balance sheet. This invested capital and debt, generally of the long-term variety, comprises a company's capitalization, i.e. a permanent type of funding to support a company's growth and related assets.A discussion of debt is less straightforward. Investment literature often equates a company's debt with its liabilities. Investors should understand that there is a difference between operational and debt liabilities - it is the latter that forms the debt component of a company's capitalization - but that's not the end of the debt story.Among financial analysts and investment research services, there is no universal agreement as to what constitutes a debt liability. For many analysts, the debt component in a company's capitalization is simply a balance sheet's long-term debt. This definition is too simplistic. Investors should stick to a stricter interpretation of debt where the debt component of a company's capitalization should consist of the following: short-term borrowings (notes payable), the current portion of long-termdebt, long-term debt, two-thirds (rule of thumb) of the principal amount of operating leases and redeemable preferred stock. Using a comprehensive total debt figure is a prudent analytical tool for stock investors.It's worth noting here that both international and U.S. financial accounting standards boards are proposing rule changes that would treat operating leases and pension "projected-benefits" as balance sheet liabilities. The new proposed rules certainly alert investors to the true nature of these off-balance sheet obligations that have all the earmarks of debt. (To read more on liabilities, see Off-Balance-Sheet Entities: The Good, The Bad And The Ugly and Uncovering Hidden Debt.) Is there an optimal debt-equity relationship?In financial terms, debt is a good example of the proverbial two-edged sword. Astute use of leverage (debt) increases the amount of financial resources available to a company for growth and expansion. The assumption is that management can earn more on borrowed funds than it pays in interest expense and fees on these funds. However, as successful as this formula may seem, it does require that a company maintain a solid record of complying with its various borrowing commitments. (For more stories on company debt loads, see When Companies Borrow Money, Spotting Disaster and Don't Get Burned by the Burn Rate.)A company considered too highly leveraged (too much debt versus equity) may find its freedom of action restricted by its creditors and/or may have its profitability hurt as a result of paying high interest costs. Of course, the worst-case scenario would be having trouble meeting operating and debt liabilities during periods of adverse economic conditions. Lastly, a company in a highly competitive business, if hobbled by high debt, may find its competitors taking advantage of its problems to grab more market share.Unfortunately, there is no magic proportion of debt that a company can take on. The debt-equity relationship varies according to industries involved, a company's line of business and its stage of development. However, because investors are better off putting their money into companies with strong balance sheets, common sense tells us that these companies should have, generally speaking, lower debt and higher equitylevels.Capital Ratios and IndicatorsIn general, analysts use three different ratios to assess the financial strength of a company's capitalization structure. The first two, the so-called debt and debt/equity ratios, are popular measurements; however, it's the capitalization ratio that delivers the key insights to evaluating a company's capital position.The debt ratio compares total liabilities to total assets. Obviously, more of the former means less equity and, therefore, indicates a more leveraged position. The problem with this measurement is that it is too broad in scope, which, as a consequence, gives equal weight to operational and debt liabilities. The same criticism can be applied to the debt/equity ratio, which compares total liabilities to total shareholders' equity. Current and non-current operational liabilities, particularly the latter, represent obligations that will be with the company forever. Also, unlike debt, there are no fixed payments of principal or interest attached to operational liabilities.The capitalization ratio (total debt/total capitalization) compares the debt component of a company's capital structure (the sum of obligations categorized as debt + total shareholders' equity) to the equity component. Expressed as a percentage, a low number is indicative of a healthy equity cushion, which is always more desirable than a high percentage of debt. (To continue reading about ratios, see Debt Reckoning.)Additional Evaluative Debt-Equity ConsiderationsCompanies in an aggressive acquisition mode can rack up a large amount of purchased goodwill in their balance sheets. Investors need to be alert to the impact of intangibles on the equity component of a company's capitalization. A material amount of intangible assets need to be considered carefully for its potential negative effect as a deduction (or impairment) of equity, which, as a consequence, will adversely affect the capitalization ratio. (For more insight, read Can You Count On Goodwill? and The Hidden Value Of Intangibles.)Funded debt is the technical term applied to the portion of a company's long-termdebt that is made up of bonds and other similar long-term, fixed-maturity types of borrowings. No matter how problematic a company's financial condition may be, the holders of these obligations cannot demand payment as long the company pays the interest on its funded debt. In contrast, bank debt is usually subject to acceleration clauses and/or covenants that allow the lender to call its loan. From the investor's perspective, the greater the percentage of funded debt to total debt disclosed in the debt note in the notes to financial statements, the better. Funded debt gives a company more wiggle room. (To read more on financial statement footnotes, see Footnotes: Start Reading The Fine Print.)Lastly, credit ratings are formal risk evaluations by credit-rating agencies - Moody's, Standard & Poor's, Duff & Phelps and Fitch –of a company's ability to repay principal and interest on debt obligations, principally bonds and commercial paper. Here again, this information should appear in the footnotes. Obviously, investors should be glad to see high-quality rankings on the debt of companies they are considering as investment opportunities and be wary of the reverse.ConclusionA company's reasonable, proportional use of debt and equity to support its assets is a key indicator of balance sheet strength. A healthy capital structure that reflects a low level of debt and a corresponding high level of equity is a very positive sign of investment quality.To continue learning about financial statements, read What You Need To Know About Financial Statements and Advanced Financial Statement Analysis.。

中小企业成本管理研究外文翻译中文文献Cost Management in Small and Medium-sized Enterprises: A Research on Foreign LiteratureAbstractAs the backbone of the economy, small and medium-sized enterprises (SMEs) play a crucial role in creating jobs, stimulating innovation, and driving economic growth. However, they often face challenges in managing costs effectively. This article examines and analyzes foreign literature on cost management in SMEs. It explores various cost management techniques, such as activity-based costing, budgeting, and cost control, and highlights the importance of cost management in enhancing the competitiveness and sustainability of SMEs. The findings provide valuable insights for SMEs to optimize their cost management practices and achieve long-term success in the competitive business environment.1. Introduction1.1 BackgroundCost management is an essential aspect of business operations, as it directly impacts the profitability and financial stability of a company. In SMEs, which typically have limited resources and face intense competition, effective cost management is even more crucial.1.2 ObjectivesThe primary objective of this research is to examine the foreign literature on cost management in SMEs and identify best practices and techniques thatcan be applied in the Chinese context. By understanding the experiences and strategies of SMEs in other countries, Chinese SMEs can learn from their successes and avoid potential pitfalls in cost management.2. Cost Management Techniques2.1 Activity-Based Costing (ABC)Activity-Based Costing is a cost allocation method that assigns costs to specific activities or cost objects based on their utilization of resources. This technique provides a more accurate understanding of the cost drivers in a company, enabling SMEs to allocate resources more effectively and identify areas for cost reduction.2.2 BudgetingBudgeting is a fundamental cost management tool that allows SMEs to plan and control their financial resources. By setting realistic and achievable budgets, SMEs can monitor their expenses, forecast future costs, and make informed decisions regarding resource allocation.2.3 Cost ControlCost control involves monitoring and regulating expenses to ensure that they remain within planned limits. SMEs can employ various cost control techniques, such as implementing cost-saving measures, negotiating favorable contracts with suppliers, and leveraging technology to streamline operations and reduce overhead costs.3. Importance of Cost Management in SMEs3.1 Enhanced CompetitivenessCost management enables SMEs to offer competitive prices without compromising on quality. By optimizing their cost structure, SMEs can improve their profit margins and gain a competitive edge in the market.3.2 Resource OptimizationEffective cost management allows SMEs to allocate their limited resources strategically. By identifying unnecessary costs and reallocating funds to key areas, SMEs can optimize their production processes and invest in critical areas such as research and development.3.3 Financial StabilityCost management helps SMEs maintain a stable financial position by minimizing the risk of running into cash flow problems or accumulating excessive debt. By controlling costs and ensuring efficient resource allocation, SMEs can safeguard their financial health and sustain long-term growth.4. ConclusionThis research on foreign literature emphasizes the significance of cost management in SMEs and provides valuable insights into proven techniques and strategies. By implementing effective cost management practices, SMEs can optimize their operational efficiency, enhance competitiveness, and achieve long-term success in an increasingly competitive business environment. This research serves as a guide for Chinese SMEs to improve their cost management practices and overcome challenges effectively. By integrating foreign experiences with localized strategies, SMEs can navigatethe complexities of cost management and position themselves for sustainable growth.。

本科毕业设计（论文）中英文对照翻译(此文档为word格式,下载后您可任意修改编辑!)文献出处:Ashkanasy N M. The study on capital structure theory and the optimization of enterprise capital [J]. Journal of Management, 2016, 5(3): 235-254.原文The study on capital structure theory and the optimization ofenterprise capital structureAshkanasy N MAbstractIn this paper, corporate finance is an important content of modern enterprise management decision. Around the existence of optimal capitalstructure has been a lot of controversy. Given investment decisions, whether an enterprise to change its value by changing the capital structure and the cost of capital, namely whether there is a market make the enterprise value maximization, or make the enterprise capital structure of minimizing the cost of capital? To this problem has different answers in different stages of development, has formed many theory of capital structure.Key words: Capital structure; financial structure; Optimization; Financial leverage1 IntroductionIn financial theory, capital structure due to the different understanding of "capital" in the broad sense and narrow sense two explanations: one explanation is that the "capital" as all funding sources, the structure of the generalized capital structure refers to the entire capital, the relationship between the contrast of their own capital and debt capital, as the American scholar Alan c. Shapiro points out that "the company's capital structure - all the debt and equity financing; an alternative explanation is that if the" capital "is defined as a long-term funding sources, capital structure refers to the narrow sense of their own capital and long-term debt capital, and the tension and the short-term debt capital as the business capital management. Whether it is a broad concept ornarrow understanding of the capital structure is to discuss the proportion of equity capital and debt capital relations. 2 The capital structure theory Capital structure theory has experienced a process of gradually forming, developing and perfecting. First proposed the theory of American economist David Durand (David Durand) thinks that enterprise's capital structure is in accordance with the method of net income, net operating income method and traditional method, in 1958 di Gayle Anne (Franco Modigliani and Miller (Mertor Miller) and put forward the famous MM theory, created the modern capital structure theory, on this basis, the later generations and further put forward many new theory: 2.1 Net Income Theory (Net Income going) Net income theory on the premise of two assumptions --, investors with a fixed proportion of investment valuation or enterprise's net income. Enterprises to raise debt funds needed for a fixed rate. Therefore, the theory is that: the enterprise use of debt financing is always beneficial, can reduce the comprehensive cost of capital of enterprise. This is because the debt financing in the whole capital of enterprise, the bigger the share, the comprehensive cost of capital is more c lose to the cost of debt, and because the cost of debt is generally low, so, the higher the debt level, comprehensive capital cost is lower, the greater the enterprise value. When the debt ratio reached 100%, the firm will achieve maximum value.2.2 Theory of Net Operating Income (Net Operating Income going) Netoperating income theory is that, regardless of financial leverage, debt interest rates are fixed. If enterprises increase the lower cost of debt capital, but even if the cost of debt remains unchanged, but due to the increased the enterprise risk, can also lead to the rising cost of equity capital, it a liter of a fall, just offset, the enterprise cost of capital remain unchanged. Is derived as a result, the theory "" does not exist an optimal capital structure of the conclusion.2.3 Traditional Theory (Traditional going) Traditional theory is that the net income and net operating income method of compromise. It thinks, the enterprise use of financial leverage although will lead to rising cost of equity, but within limits does not completely offset the benefits of using the low cost of debt, so can make comprehensive capital cost reduction, increase enterprise value. But once exceed this limit, rights and interests of the rising cost of no longer can be offset by the low cost of debt, the comprehensive cost of capital will rise again. Since then, the cost of debt will rise, leading to a comprehensive capital costs rise more rapidly. Comprehensive cost of capital from falling into a turning point, is the lowest, at this point, to achieve the optimal capital structure. The above three kinds of capital structure theory is referred to as "early capital structure theory", their common features are: three theories are in corporate and personal income tax rate is zero under the condition of the proposed. Three theories and considering the capital structure of the dual effects of the cost of capital and enterprise value.Three theories are prior to 1958. Many scholars believe that the theory is not based on thorough analysis.3 Related theories3.1 Balance TheoryIt centered on the MM theory of modern capital structure theory development to peak after tradeoff theory. Trade-off theory is based on corporate MM model and miller, revised to reflect the financial pinch cost (also known as the financial crisis cost) and a model of agent cost.(1) the cost of financial constraints. Many enterprises always experience of financial constraints, some of them will be forced to go bankrupt. When the financial constraints but also not bankruptcy occurs, may appear the following situation: disputes between owners and creditors often leads to inventory and fixed assets on the material damaged or obsolete. Attorney fees, court fees and administrative costs to devour enterprise wealth, material loss and plus the legal and administrative expenses referred to as the "direct costs" of bankruptcy. Financial pinch will only occur in business with debt, no liability companies won't get into the mud. So with more debt, the fixed interest rate, and the greater the profitability of the probability of large leading to financial constraints and the cost of the higher the probability of occurrence. Financial pinch probability high will reduce the present value of the enterprise, to improve the cost ofcapital.(2) the agency cost. Because shareholders exists the possibility of using a variety of ways from the bondholders who benefit, bonds must have a number of protective constraint clauses. These terms and conditions in a certain extent constrained the legal management of the enterprise. Also must supervise the enterprise to ensure compliance with these terms and conditions, the cost of supervision and also upon the shareholders with higher debt costs. Supervise cost that agency cost is will raise the cost of debt to reduce debt interest. When the tax benefits and liabilities of financial constraints and agency costs when balance each other, namely the costs and benefits offset each other, determine the optimal capital structure. Equilibrium theory emphasizes the liabilities increase will cause the risk of bankruptcy and rising costs, so as to restrict the enterprise infinite pursuit of the behavior of tax preferential policies. In this sense, the enterprise the best capital structure is the balance of tax revenue and financial constraints caused by all kinds of costs as a result, when the marginal debt tax shield benefit is equal to the marginal cost of financial constraints, the enterprise value maximum, to achieve the optimal capital structure.3.2 Asymmetric Information TheoryAsymmetric Information and found)Due to the trade-off theory has long been limited to bankruptcy cost and tax benefit both conceptual framework, to the late 1970 s, the theory is centered on asymmetricinformation theory of new capital structure theory. So-called asymmetric information is in the information management and investors are not equal, managers than investors have more and more accurate information, and managers try to existing shareholders rather than new seeks the best interests of shareholders, so if business prospect is good, the manager will not issue new shares, but if the prospects, will make the cost of issuing new shares to raise too much, this factor must be considered in the capital structure decision. The significance of these findings to the enterprise's financial policy lies in: first it prompted enterprise reserve a certain debt capacity so as to internal lack of funding for new investment projects in the future debt financing. In addition, in order to avoid falling stock prices, managers often don't have to equity financing, and prefer to use external funding. The central idea is: internal financing preference, if you need external finance, preferences of creditor's rights financing. Can in order to save the ability to issue new debt at any time, the number of managers to borrow is usually less than the number of enterprises can take, in order to keep some reserves. Ross (s. Ross) first systematically introduce the theory of asymmetric information from general economics enterprise capital structure analysis, then, tal (e. Talmon), haeckel (Heikel) development from various aspects, such as the theory. After the 1980 s, thanks to the new institutional economics, and gradually formed a financial contract theory, corporate governance structure theory of capitalstructure theory, both of which emphasize enterprise contractual and incomplete contract, financial contract theory focuses on the design of optimal financial contract, and the arrangement of enterprise governance structure theory focuses on the right, focuses on the analysis of the relationship between capital structure and corporate governance.4 the capital structure theory of adaptability analysis On the one hand, capital structure theory especially the theory of modern capital structure is the important contribution is not only put forward "the existence of the optimal capital structure" this financial proposition, and that the optimal combination of the capital structure, objectively and make us on capital structure and its influence on the enterprise value have a clear understanding. The essence of these theories has direct influence and infiltrate into our country financial theory, and gives us enlightenment in many aspects: Because of various financing way, channel in financing costs, risks, benefits, constraints, as well as differences, seeking suitable capital structure is the enterprise financial management, especially the important content of financing management, must cause our country attaches great importance to the financial theory and financial practice. Capital structure decision despite the enterprise internal and external relationships and factor of restriction and influence, but its decision-making is the enterprise, the enterprise to the factors related to capital structure and the relationship between the quantitativeand qualitative analysis, discusses some principles and methods of enterprise capital structure optimization decision. Any enterprise capital structure in the design, all should leave room, maintain appropriate maneuver ability of financing, the financing environment in order to cope with the volatility and deal with unexpected events occur at any time. In general, businesses leverage ratio is high, has an adverse effect on the whole social and economic development, easily led to the decrease of the enterprise itself the economic benefits and losses and bankruptcies, deepen the entire social and economic development is not stable, increase the financial burden, cause inflation, not conducive to the transformation of industrial structure, and lower investment efficiency. Therefore, the enterprise capital structure should be in accordance with the business owners, creditors, and the public can bear the risk of the society in different aspects.译文资本结构理论与企业资本结构优化Ashkanasy N M摘要企业融资是现代企业经营决策的一项重要内容。

中⼩企业资本结构论⽂中英⽂对照资料外⽂翻译⽂献中英⽂对照资料外⽂翻译⽂献表1报告的是解释变量的描述性统计。

在本报告所述期间，在越南中⼩型企业的平均资产负债率约为43.91％。

然⽽，在样品的资产负债率变化很⼤，从最⼤负债⽐率为97.25％，最低4.95％。

随着债务到期，我们发现，⼤部分的中⼩型企业相⽐长期债务雇⽤更多的短期负债，以资助其运作。

平均短期负债⽐率约为41.98％，⽽长期债务⽐率仅为1.93％。

短期负债的中⼩企业多种多样，如商业银⾏贷款，贸易信贷从供应商，客户的预付款，借款的朋友或亲戚，以及⼀些其他来源的。

其他短期负债⽐率，代表⼤多来⾃⽹络，账户融资的总资产的⽐例相对较⾼（24.62％）。

显然，对中⼩型企业的资本结构，资⾦来源从原⽂：Capital Structure in Small andMedium-sized EnterprisesThe Case of VietnamTran Dinh Khoi Nguyen and Neelakantan RamachandranAbstract:The objective of this article is to identify the determinants influencing the capital structure of small and medium-sized enterprises (SMEs) in Vietnam. Empirical results show that SMEs employ mostly short-term liabilities to finance their operations. A firm’s ownership also affects the way a SME finances its operations. The capital structure of SMEs in Vietnamis positively related to growth, business risk, firm size, networking, and relationships with banks; but negatively related to tangibility. Profitability seems to have no significant impact ton the capital structure of Vietnamese SMEs. The strong impact of such determinants as firm ownership, firm size, relationships with banks, and networking reflects the asymmetric features of the fund mobilization process in a transitional economy like that of Vietnam.Key words: SMEs, capital structure, leverage, banking relationships1 IntroductionVietnam has been changing to a market-oriented economy over the past eighteen years, and there is growing recognition of SMEs’ importance in the transitional economy. Consequently, the Government has introduced numerous policies in order to support this important business sector. According to recent statistics, 96 per cent of registered firms are classified as small and medium-sized firms, of which private SMEs account for nearly 82 per cent. The small business sector in Vietnam also generates 25 per cent of annual GDP. However, SMEs still face the difficult issue of access to capital for future development (Doanh and Pentley 1999). This raises a question as to what factors influence the capital structure of Vietnamese SMEs —an important concern in improving financial policies to support the small business sector. There are only a limited number of studies on factors influencing capital structure among Vietnamese firms.As for similar studies in other countries, most empirical evidence on capital structure tends to focus on large firms in developed countries Only in recent years have a few studies examinedthese issues either in developing countries or among small firms A review of empirical studies on the capital structure of SMEs helped us to identify some key issues. Not all determinants are consistent with those predictions advanced by theories of finance. Indeed, there are some contrary results on the relationship between some determinants and capital structure among firms in some countries In addition, the firm characteristics are often at the centre in most empirical studies, while the effects of managers’ behaviour have seldom been examined. In a qualitative piece of research, Michaelas, Chittenden, and Pitziouris (1998) argued that owners’ behaviour, in conjunction with internal and external factors, will determine capital structure decisions. This requires further quantitative studies to examine what factors influence capital structure in the small business sector in developing countries. Based on such gaps in the existing literature, this paper attempts to study features of the capital structure of Vietnamese SMEs, over the period 1998–2001, and examine the influence of specific determinants on SMEs’ capital structure. This study has combined data from financial statements and questionnaires given to SMEs’ financial managers to explore how Vietnamese SMEs finance their operations. The study examines such determinants as growth, tangibility, business risk, profitability, size, ownership, relationship with banks, and networking on three measures of capital structure.2 Literature Review and HypothesesCapital structure is defined as the relative amount of debt and equity used to finance a firm. Theories explaining capital structure and the variation of debt ratios across firms range from the irrelevance of capital structure, proposed by Modigliani and Miller (1958), to a host of relevance theories. If leverage can increase a firm’s value in the MM tax model (Modigliani and Miller 1963; Miller 1977), firms have to trade off between the costs of financial distress, agency costs (Jensen and Meckling 1976) and tax benefits, so as to have an optimal capital structure. However, asymmetric information and the pecking order theory (Myers and Majluf 1984; Myers 1984) state that there is no well defined target debt ratio. The latter model suggests that there tends to be a hierarchy in firms’preferences for financing: first using internally available funds, followed by debt, and finally external equity. These theories identify a large number of attributes influencing a firm’s capital structure.Although the theories have not considered firm size, this section will attempt to apply the theories of capital structure in the small business sector, anddevelop testable hypotheses that examine the determinants of capital structure in Vietnamese SMEs.2.1 Firm GrowthWe think that this proposition is more relevant in the context of the small business sector in Vietnam, where there was a scarcity of long-term credits in the period 1998–2001 (ADB 2002). In addition, as most SMEs in Vietnam operate in the trading and service sectors, demand for new investment in fixed assets are relatively low. Doanh and Pentley (1999) also argued that Vietnamese SMEs often look for short-term bank loans or other resources from relatives, friends or suppliers to finance their operations. Taking percentage change in total assets as a measure of firm’s growth, we hypothesize that:A firm’s growth will be positively related to debt ratios.2.2 Business RiskAccording to the theory of financial distress, higher business risk increases the probability of financial distress, so firms have to trade off between tax benefits and bankruptcy costs. Thus, it predicts a negative relationship between business risk and leverage. In the context of the small business sector, Queen and Roll (1987) argue that SMEs are likely to have a higher level of business risk, relative to large firms. Therefore, we propose the hypothesis:Business risk will be negatively related to debtratios.2. 3 Firm OwnershipThe role of state ownership is still a controversial topic in Vietnam’s reform process. As noted above, the Vietnamese financial system is characterized by a bank-based system where SOCBs1 dominate and provide the bulk of loans in the economy (ADB 2002). Soo (1999) also pointed out that most SOCB credits are channeled to SOEs. It can be validly argued that state-owned SMEs have their own advantages over private SMEs in accessing credit from SOCBs. The plausible explanation for this argument is that state-owned SMEs have long-lasting ties with commercial banks from the pre-reform era. Because they are state-owned, SOCBs’ policies favour the state business sector, as compared to the private business sector, notably in terms of interest rates, banking procedures, and collateral requirements. Therefore, it could be expected that state-owned SMEs have more opportunities to access bank loans. Based on this argument, we hypothesize that: State-owned SMEs will employ more debt than private SMEs.。

文献出处：Kadri Cemil Akyüz, İlker Akyüz, Hasan Serіn, et al. The financing preferences and capital structure of micro, small and medium sized firm owners in forest products industry in Turkey[J]. Forest Policy & Economics, 2016, 8(3):301-311.第一部分为译文，第二部分为原文。

默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。

土耳其林业行业微型以及中小企业的融资偏好和资本结构Kadri Cemil Akyqz, I˙lker Akyqz, Hasan SerJn, Hicabi Cindik卡德里杰米尔，拉克·阿基茨，哈桑·塞尔文，黑卡比克里迪克摘要：资本结构的大多数理论和实证研究都集中于大型企业。

对微型，中小型企业进行了数量有限的资本结构研究，在对影响家族企业主的资金决策的因素的调查是非常少的。

本研究探索MSMS公司所有者的资本结构和融资偏好，并更加侧重于林业产品行业中MSMS 公司的初始和持续融资中披露的债务与股本偏好。

在本研究中，土耳其黑海地区18个城市对林业产品行业的MSMS企业所有者的财务偏好进行了调查。

根据对851家企业的抽样调查，确定了这些部门的一些财务特征和资本结构。

从研究中得出的初步结果表明，MSMS 公司的所有者倾向于内部财务来源，反映在初始和持续的企业设施中，外部市场的成本资本过高。

关键词：土耳其小公司林业产品行业金融偏好财务结构小企业的一般特点五十年代和六十年代，垂直整合的大型企业集团框架内组建的大型生产单位几乎被普遍认为是经济社会发展总体模式中最重要的要素之一。

然而，随着1973年石油和能源价格冲击之后出现的动荡，出现了一些惨烈的案例，大型企业遇到经济困难，为了生存而被迫脱离劳动力（Henrekson和Johanson，1999 ）。