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1、宁波大红鹰学院 毕业论文外文翻译所在学院： 经济与管理学院 专 业： 财务管理 班 级： 08财管7班 学 号： 姓 名： 指导教师： 2011 年 11 月 19 日译文：小企业金融经济学：在财政增长周期，私人股票和债券市场的角色 创业型企业作为经济增长的发动机的作用已经获得了相当大的公众的关注在20世纪90年代。这个重点，大部分源于创新 - 尤其是在高科技，信息和生物技术领域 - 从信仰是非常依赖一个蓬勃发展的企业部门。令人瞩目的成就，如微软，基因泰克和联邦快递公司的故事，体现的意义，创造新的合资公司是未来生产率的必要条件。其他最近的“现象有进一步集中公众的关注和对小企业的认识，包括创业中
2、心的作用，东欧，金融危机，在亚洲和其他地区的威胁小企业的信贷可用性，和使用越来越多的创业的出现，替代那些已经在美国企业重组流离失所。伴随着这个高度在一般地区的小企业的兴趣，已经在金融市场，小企业基金的性质和行为的决策者，监管机构和学者的兴趣增加。在这个问题的核心是对成长型企业融资的需要和接收在其成长的各个阶段，私人股本和债务融资与此相关的合同的性质类型的问题，这些资金的替代来源之间的连接和可替代性。除了这个小企业融资的微观基础的利益，是在小企业融资的宏观经济影响越来越大的兴趣。例如，20世纪90年代初的美国“信贷紧缩”和巩固银行业的影响，对小企业信贷的可用性的影响也已经在过去几年许多研究的主题
3、。同样，货币政策“信贷渠道” - 机制，通过货币政策的冲击可能对小企业的资金不成比例的巨大影响 - 产生了大量的分析和辩论。其他关键问题，如“首次公开发行之间的联系（IPO）的市场风险资本流动，创投机构投资的谨慎人规则，和小企业融资的金融体系结构中的作用，才刚刚开始吸引研究的关注。小企业融资的私人市场，特别有趣，因为他们是如此不同，从该基金的大型企业的公众街市。私人股权和债券市场提供了高度结构化的，复杂的合同，往往敏锐地信息不透明的小企业。这是公众的股票和债券市场基金相对信息透明的大型企业，往往比较通用的合同下。发挥金融中介机构可以评估通过筛选的活动小的业务素质和地址信息的问题作为信息生产者的
4、私人市场的关键作用，承包，和监控。中介人屏幕上的潜在客户进行尽职调查，包括收集有关的业务，在其运作的市场，任何可以质押的抵押品信息，以及企业家或创业团队。这可能涉及到从现有的关系，与企业，企业的所有者，或其他有关各方中介获取信息的使用。中介的小企业设置首创的合同条款的初始质量（价格，分数的所有权，抵押，限制性条款，成熟度等）使用此信息的合约设计和收益结构的基础上选择公司的财务特征和企业家以及公司的前景和相关信息的问题。高风险高成长型企业，其资产大多是无形的更频繁地获得外部股权的，而风险相对较低，低增长的公司，其资产大多是有形的探讨下面的原因，更经常收到外债。最后，以保持该公司从事剥削活动或策略
5、，中介显示器比的关系，以评估合规性和财务状况的过程中坚定的，并通过直接参与管理决策等手段施加控制风险资本家或重新谈判商业银行贷款契约的豁免。首先是要提供完整的图片中，小企业的资金，目前现有的研究和数据的基础上的私人股本和债务市场的性质可能。二是吸取各股的理论和实证文献，在过去侧重于小企业融资的具体方面，但往往还没有抓获的小企业融资和向这些企业提供的资金的替代来源的复杂性之间的连接。第三个目标是在相关的市场，合同，以及与小企业融资相关的机构，要突出相对较新的数据源，可用来解决这些问题的关键领域的研究建议扩展。公众的焦点对小企业的金融衍生无论是从最近的一些创业型企业的令人瞩目的成就，并从关注，正的
6、净现值项目的许多小企业可能无法获得足够的外部融资。关注的原因包括，除其他外，在亚洲和美国最近的信贷紧缩，缺乏发达的风险资本市场，在欧洲大陆和其他地方，金融机构合并的潜在影响，各地的小企业提供信贷。本文探讨了一些小企业融资方面，投资者和中介机构提供的，和私人股票和债券市场中，它们的功能。我们看到通过一个增长周期的范式，在不同的资本结构是在周期的不同点的最佳小企业融资的多，虽然我们强调的是，这一范式并不适合所有的小型企业。周围的小企业的资本结构的问题，一般都是比那些大型企业最重要的不同，往往涉及与该公司的财政状况的企业家和其他知情人的个人财务的相互交织。小企业与大企业不同的是，通常有其资金的大量业
7、内人士提供的 - 企业家，创业团队，家庭和朋友的其他成员。此外，小企业普遍接受私人“股权和债务市场的外部资金，而不是公众街市。部分小企业的资本结构决定是否和何时进入公共资本市场通过首次公开招股，虽然绝大多数的企业永远也达不到这一点，在金融成长周期。即使在小企业之间的内部融资和外部融资的区别并不总是彻底清除，因为业内人士往往对金融机构提供的外债提供个人担保或承诺个人抵押品。在私人市场的中介机构也评估内业主的个人财务状况 - 包括未在该公司投资资产 - ，使这些个人资产也有一个关系到公司的资本结构。最后，绝大多数是小企业所有者管理，减轻影响的大型企业的资本结构选择的所有者和管理者之间的代理冲突。然
8、而，业主管理可能引进到小公司，如在规避风险的所有者/经理的水平，或他/她的激励，以问题的外债，而不是外部股权保持所有权和该公司的控制权，资本结构决定的其他因素。虽然大量的研究已经开始对小企业融资的话题，更有待完成。我们的金融成长周期和小企业融资的相互联系的分析表明，为今后的研究中最令人兴奋的领域，一些可能涉及调查小企业融资的来源可能会改变整个商业周期，政府政策变化的反应，在在私人或公共市场的危难时期，信息处理技术的不断提高。此外，重要的是要确定的可用性和形成新的企业的小企业融资成本的影响，他们有能力从事高风险或不透明的活动，并在就业，实际产出和经济增长的影响。在追求这些和其他小企业融资研究议程
9、，应该证明是非常有用的描述和这里的新的数据资源的可用性。引自：.小企业金融经济学：私人股票和债券市场在财政增长周期中的作用J。银行和金融,1998,22:613- 673。原文：The Economics of Small Business Finance:The Roles of Private Equity and Debt Markets in the Financial Growth CycleThe role of the entrepreneurial enterprise as an engine of economic growth has garnered considera
10、ble public attention in the 1990s. Much of this focus stems from the belief that innovation - particularly in the high tech, information, and bio-technology areas - is vitally dependent on a flourishing entrepreneurial sector. The spectacular success stories of companies such as Microsoft, Genentech
11、, and Federal Express embody the sense that new venture creation is the sine qua non of future productivity gains. Other recent “phenomena have further focused public concern and awareness on small business, including the central role of entrepreneurship to the emergence of Eastern Europe, financial
12、 crises that have threatened credit availability to small business in Asia and elsewhere, and the growing use of the entrepreneurial alternative for those who have been displaced by corporate restructuring in the U.S.Accompanying this heightened popular interest in the general area of small business
13、 has been an increased interest by policy makers, regulators, and academics in the nature and behavior of the financial markets that fund small businesses. At the core of this issue are questions about the type of financing growing companies need and receive at various stages of their growth, the na
14、ture of the private equity and debt contracts associated with this financing, and the connections and substitutability among these alternative sources of finance. Beyond this interest in the micro-foundations of small business finance is a growing interest in the macroeconomic implications of small
15、business finance. For example, the impact of the U.S.“credit crunch” of the early 1990s and the effect of the consolidation of the banking industry on the availability of credit to small business have also been the subject of much research over the past several years. Similarly, the “credit channels
16、” of monetary policy - mechanisms through which monetary policy shocks may have disproportionately large effects on small business funding - has generated considerable analysis and debate. Other key issues, such as the link between the initial public offering (IPO) market and venture capital flows,
17、prudent man rules regarding institutional investing in venture capital, and the role of small firm finance in financial system architecture are just beginning to attract research attention.The private markets that finance small businesses are particularly interesting because they are so different fr
18、om the public markets that fund large businesses. The private equity and debt markets offer highly structured, complex contracts to small businesses that are often acutely informationally opaque. This is in contrast to the public stock and bond markets that fund relatively informationally transparen
19、t large businesses under contracts that are more often relatively generic.Financial intermediaries play a critical role in the private markets as information producers who can assess small business quality and address information problems through the activities of screening, contracting , and monito
20、ring. Intermediaries screen potential customers by conducting due diligence, including the collection of information about the business, the market in which it operates, any collateral that may be pledged, and the entrepreneur or start-up team. This may involve the use of information garnered from e
21、xisting relationships of the intermediary with the business, the business owner, or other involved parties. The intermediary then uses this information about the initial quality of the small business to set contract terms at origination (price, fraction of ownership, collateral, restrictive covenant
22、s, maturity, etc.).A contract design and payoff structure is chosen on the basis of the financial characteristics of the firm and the entrepreneur as well as the firms prospects and the associated information problems. High risk-high growth enterprises whose assets are mostly intangible more often o
23、btain external equity, whereas relatively low risk-low growth firms whose assets are mostly tangible more often receive external debt for reasons explored below. Finally, in order to keep the firm from engaging in exploitive activities or strategies, the intermediary monitors the firm over the cours
24、e of the relationship to assess compliance and financial condition, and exerts control through such means as directly participating in managerial decision making by venture capitalists or renegotiating waivers on loan covenants by commercial banks.This paper has several motivations. The first is to
25、provide as complete a picture as possible of the nature of the private equity and debt markets in which small businesses are financed based on currently available research and data. The second is to draw connections between various strands of the theoretical and empirical literature that have in the
26、 past focused on specific aspects of small firm finance but often have not captured the complexity of small business finance and the alternative sources of funding available to these firms. The third goal is to suggest extensions to the research in key areas related to the markets, contracts, and in
27、stitutions associated with small firm finance and to highlight the relatively new data sources available to address these issues.Public focus on small business finance derives both from the spectacular success of some recent entrepreneurial firms and from concern that many small businesses with posi
28、tive net present value projects may not be able to obtain sufficient external finance. Causes for concern include, among others, the recent credit crunches in Asia and the U. S., the lack of well-developed venture capital markets in continental Europe and elsewhere, and the potential impact of finan
29、cial institution consolidation on the availability of credit to small business everywhere. This paper explores a number of facets of small firm finance, the investors and intermediaries that provide it, and the private equity and debt markets in which they function. We see much of small business fin
30、ance through a growth cycle paradigm, in which different capital structures are optimal at different points in the cycle, although we emphasize that this paradigm does not fit all small businesses.The issues surrounding capital structure for small businesses are generally different than those that a
31、re most important for large corporations, and often involve the intertwining of the personal finances of the entrepreneur and other insiders with the finances of the firm. Unlike large firms, small firms typically have a substantial amount of their funding provided by insiders - the entrepreneur, ot
32、her members of the start-up team, family, and friends. In addition, small businesses generally receive their external funding in private “ equity and debt markets, rather than public markets. Part of the capital structure decision for small firms is whether and when to enter public capital markets v
33、ia an IPO, although the vast majority of firms never reach this point in the financial growth cycle. Even the distinction between insider finance and external finance in small business is not always completely clear, since insiders often give personal guarantees or pledge personal collateral against
34、 external debt provided by financial institutions. The intermediaries in private markets also evaluate the personal finances of the inside owners - including assets that are not invested in the firm - so these personal assets also have a bearing on the capital structure of the firm. Finally, the vas
35、t majority of small businesses are owner-managed, which alleviates agency conflicts between owners and managers that affect capital structure choices in large corporations. However, owner management may introduce other factors into capital structure decisions of small firms, such as the owner/manage
36、rs level of risk aversion, or his/her incentive to issue external debt rather than external equity in order to keep ownership and control of the firm.While much research has begun on the topic of small business finance, even more remains to be done. Our analysis of the financial growth cycle and the
37、 interconnectedness of small firm finance suggests that some of the most exciting areas for future research may involve investigating how sources of small firm finance may change over the business cycle, in reaction to changes in government policy, during times of distress in private or public marke
38、ts, and as information processing technology continues to improve. Moreover, it is important to determine the effects of the availability and cost of small business finance on the formation of new firms, their ability to engage in risky or opaque activities, and their effects on employment, real out
39、put, and economic growth. The availability of new data resources described and employed here should prove very useful in pursuing these and other research agendas on small business finance.引自： Berger A N，Udell G FThe Economics of Small Business Finance：the Role of Private Equity and Debt Markets in the Financial Growth CycleJJournal of Banking and Finance，1998，22：613673
