[雙語翻譯]股權(quán)融資外文翻譯—肯尼亞恩布鎮(zhèn)中小企業(yè)股權(quán)融資與財務(wù)績效研究（原文）

1、International Academic Journal of Economics and Finance | Volume 2, Issue 3, pp. 74-91 74 | P a g e EQUITY FINANCING AND FINANCIAL PERFORMANCE OF SMALL AND MEDIUM ENTERPRISES IN EMBU TOWN, KENYA Irene Kageni Njagi Mast

2、er of Business Administration Student, University of Embu, Kenya Kimani E. Maina Lecturer, Department of Business and Economics, University of Embu, Kenya Samuel Kariuki Lecturer, Department of Business and Economics,

3、University of Embu, Kenya ©2017 International Academic Journal of Economics and Finance (IAJEF) | ISSN 2518-2366 Received: 30th April 2017 Accepted: 8th May 2017 Full Length Research Available Online at: http://www

4、.iajournals.org/articles/iajef_v2_i3_74_91.pdf Citation: Njagi, I. K., Kimani, E. M. Howorth, 2001; Mac & Lucey, 2010). The existence of fixed costs due to external financing, smaller firms choose to refinance les

5、s frequently than larger firms because they are more affected by these fixed costs in relative terms. Hence, small firms choose to operate at a higher leverage level at a refinancing moment to compensate for less frequen

6、t rebalancing. This argument explains why smaller firms, if they have some debt, are more levered than larger firms. In addition, as the time period between restructurings is longer for small firms, on average, they have

7、 lower leverage ratios (Chepkemoi, 2013). Capital structure represents the proportionate relationship between the different forms of long term financing (Varaiya, Kerin & Weeks, 2007). Making appropriate decision

8、on the financing option may look simple, but sometimes it require time. Management is often faced with dilemma on whether to obtain funds from internal sources (retained earnings) or external sources which include loans

9、from financial institutions, trade credit, and issuance of equity shares. The creation of a capital structure in any organization influences the governance structure of a firm which, in turn, has direct impact on strateg

10、ic decisions made by the managers (Mwangi, Makau & Kosimbei, 2014). Management has numerous capital structure choices that they may adopt at their discretion. The choice of the type of capital structure to be adopted

11、 may not mean value maximization but may be for the protection of the management self-interest, especially in businesses where the decisions are dictated by the managers and the voting power of the shares they own (Dimit

12、ris & Psillaki, 2008). Funds used for firms operations may be generated internally or externally. When raising funds externally, firms choose between equity and debt. Most of the effort of financial decision making p