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1、本科畢業(yè)論文(設(shè)計(jì))外文翻譯原文:原文:PeckingderdebtcapacityconsiderationsfhighgrowthcompaniesseekingfinancingThispaperexaminesincrementalfinancingdecisionswithinhighgrowthbusinesses.Alargelongitudinaldatasetfreeofsurvivshipbiastocoverfin
2、ancingeventsofhighgrowthbusinessesfupto8yearsisanalyzed.Theempiricalevidenceshowsthatprofitablebusinessesprefertofinanceinvestmentswithretainedearningseveniftheyhaveunuseddebtcapacity.Externalequityisparticularlyimptantf
3、unprofitablebusinesseswithhighdebtlevelslimitedcashflowshighriskoffailuresignificantinvestmentsinintangibleassets.Thesefindingsareconsistentwiththeextendedpeckingdertheycontrollingfconstraintsimposedbydebtcapacity.Itsugg
4、eststhatnewequityissuesareparticularlyimptanttoallowhighgrowthbusinessestogrowbeyondtheirdebtcapacity.Althoughfewinnumberhighgrowthbusinessescontributedisproptionatelytoemploymentwealthcreationinaneconomy(Stey1994).Thism
5、akesganizationalgrowthacentralareaofresearchinentrepreneurshipamajpolicyconcern.Properfinancialmanagementincludingraisingsuitablefinancingisoneofthekeyfactsshapinghighgrowthcompanies(NichollsNixon2005).Thepurposeofthispa
6、peristoofferaninsightintothediscretefinancingdecisionstakenwithinhighgrowthbusinesses.Infmationasymmetriesarethoughttobeparticularlysevereinthissetting(FrankGoyal2003)causingasubstantialwedgebetweenthecostsofinternalexte
7、rnal(debtequity)financing(CarpenterPetersen2002a).Wetherefefocusonthepeckingdertheytoexplainthefinancingchoicesofhighgrowthcompanies.Thepeckingdertheypredictstheexistenceofafinancinghierarchywherebusinessmanagersavoidthe
8、costofexternalfinancing.Howeverthisdistinctionmaybeparticularlyimptantinoursettingacterizedbyhighinfmationalasymmetry(deHaanHinloopen2003).Fexampleaninfmationallyopaquecompanywithsufficientinternalfundsshouldbemelikelyto
9、financeinvestmentsinternallyhenceshouldbelesslikelytoattractadditionalexternalequityfinance.Secondacompany’scapitalstructureistheaggregateofitspastfinancingdecisions.Therefecapitalstructureresearchgenerallymasksinfmation
10、onthetimingofthefinancingacquired.Theacteristicsofabusinesschangeasitgrowswhichaffectstheavailabilitysuitabilityofdifferentfinancingoptions(BergerUdell1998Gompers1995).Fexampleasacompanygrowsitmayinvestmeintangibleassets
11、whichcanserveascollateralmakemeheaperbankfinancingavailable.Itcanalsobecomemeprofitablemakinginternallygeneratedfundsavailable.Itistherefeimptanttotakeintoaccountthedynamicnatureofcompanyacterisicsfinancingchoices.Furthe
12、rwhilemoststudiesresearchfinancingchoicesofquotedcompanies(FamaFrench2005FrankGoyal2003deHaanHinloopen2003ShyamSunderMyers1999HelwegeLiang1996)wefocusonfinancingchoicesofpredominantlyunquotedcompanies.Quotedcompanieshave
13、howevermefinancingoptionsduetolowerinfmationasymmetries(BergerUdell1998HarrisRaviv1991).Thismayleadtodifferentfinancingstrategiesfquotedunquotedcompanies.Fromamethodologicalperspectivethelackoflongitudinalstudiesinentrep
14、reneurshipresearchhasbeendescribedasamajweakness(DavidssonWiklund1999).Ourstudyanalysestheincrementalfinancingdecisionsofcompaniesoveraperiodofupto8yearsduringwhichallcompaniesinoursamplehavegrownextensively.Weincludesta
15、rtupsfailedmergedcompaniesiftheyhavegrownconsiderablyafterstartupbefedisappearingasindependententities.Thisimpliesthatourstudydoesnotsufferfromsurvivshipbias.Inperfectfinancialmarketsbusinesseswillalwaysfindsufficientsui
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