高成長型企業(yè)尋求融資中對優(yōu)序融資和負(fù)債能力的考慮【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）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