[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)融資與財務績效研究（節(jié)選）

1、字數(shù)：英文 字數(shù)：英文 2793 2793 單詞， 單詞，15064 15064 字符；中文 字符；中文 4590 4590 漢字 漢字出處： 出處：Njagi Njagi I K,Kimani K,Kimani M E,Kariuki E,Kariuki S N.Equity N.Equity financing financing and and financial financial performance performance

2、 of of small small and and medium medium enterprises enterprises in in Embu Embu Town, Town, Kenya[J] Kenya[J] International International Academic Academic Journal Journal of of Economics Economics and and Finance

3、. Finance. 2017,2(3):74-91 2017,2(3):74-91外文文獻： 外文文獻： Equity Financing and Financial Performance of Small and Medium Enterprises in Embu Town, KenyaAbstract Capital structure comprise of a mix of debt and equity. Manag

4、ers used various combinations of debt and equity that increases the net worth of business at the same time reduces the cost of obtaining finance. Financial decisions affected the financial performance of SMEs but vary fr

5、om one firm to another. This is due to the limited access to finances and ability of the manager to fully utilize the resources available. SMEs are of significance to the economic development of any state regardless of t

6、he development status. Despite their importance SMEs are characterized with slow growth rate and three out of five SMEs fail in their first three years of operation. The continued poor performances have led to decline in

7、 growth and eventually death of the SMEs. The growth of the SMEs highly depended on the investment decisions made by the entrepreneurs and lack of access to finances has created financial gaps that have fueled the challe

8、nges that SMEs face. The study therefore analyzed the effect of equity financing on financial performance of SMEs in Kenya. The study revealed that SMEs had greater preference for contribution from friends and ploughing

9、back profit as a source of equity finance. Angel investors as a form of equity financing has not gained acceptance as a source of finance. From the study it was evident that equity finance had a positive relationship to

10、financial performance of the SMEs. level at a refinancing moment to compensate for less frequent rebalancing. This argument explains why smaller firms, if they have some debt, are more levered than larger firms. In addit

11、ion, as the time period between restructurings is longer for small firms, on average, they have lower leverage ratios (Chepkemoi, 2013).Capital structure represents the proportionate relationship between the different fo

12、rms of long term financing (Varaiya, Kerin & Weeks, 2007). Making appropriate decision on the financing option may look simple, but sometimes it require time. Management is often faced with dilemma on whether to obta

13、in funds from internal sources (retained earnings) or external sources which include loans from financial institutions, trade credit, and issuance of equity shares. The creation of a capital structure in any organization

14、 influences the governance structure of a firm which, in turn, has direct impact on strategic decisions made by the managers (Mwangi, Makau & Kosimbei, 2014).Management has numerous capital structure choices that the

15、y may adopt at their discretion. The choice of the type of capital structure to be adopted may not mean value maximization but may be for the protection of the management self-interest, especially in businesses where the

16、 decisions are dictated by the managers and the voting power of the shares they own (Dimitris & Psillaki, 2008). Funds used for firms operations may be generated internally or externally. When raising funds externall

17、y, firms choose between equity and debt. Most of the effort of financial decision making process is centered on the determination of the optimal capital structure of a firm (Narayanan, 2008). Capital structure decisions

18、affect all businesses, but they vary from one business to another based on financial requirement for the business success primarily depends on the ability of the finance manager to effectively manage firm’s financial res