譯文（字數 3570）：

中小企業融資

摘要

中小企業融資的主要來源有：股權融資、按時兌現的貿易信貸融資、中長期銀行信貸融資、延遲兌現的貿易信貸融資以及其他債務融資，每種融資方式的邊際成本取決于與其滯納金相關的信息不對稱成本和交易成本。根據啄食理論，企業在融資時，會優先選擇成本最低的融資方式；而根據靜態權衡理論，企業在進行融資時，各種資金來源的邊際成本都是相同的；再者，根據優序融資理論，企業進行融資時要結合企業自身具體情況，是考慮多重因素下的優序融資。在本文中，我們認為，以上這些理論都忽略了一點，那就是邊際成本的確定主要依賴于融資資金的使用，以及資產負債表中資產方作為融資來源的重要影響作用。一個來自葡萄牙中小企業的數據分析證實，企業資產負債表資產方對于融資方式的選擇有著重要的影響，而這是靜態權衡理論和優序融資理論所不能接受的。

中小企業的融資主要來源于股權（內部融資），商業信用，銀行信貸和其他債務。融資方式的選擇取決于資金成本，而資金成本又是由信息不對稱成本和基于無債務負擔情況下的預期成本決定的。信息不對稱成本主要是為了支持管理決策而收集和分析信息所產生的費用，無債預期成本主要產生于企業為收回債務而收集和出售抵押品時的費用。由于中小企業的管理層和股東往往是同一個人，股權和內部產生的資金沒有信息不對稱成本，因此股權融資是成本最低的融資渠道。

外文原文（字符數 10936）：

Source: Jan Bartholdy, Cesario Mateus, “Financing of SMEs”. London business. review. 2007(9).pp.43-45.

Financing of SMEs

Abstract

The main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.www.fuguangzhuzao.com