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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：FinancefSMEs:AU.K.PerspectiveThepurposeofthispaperistwofold.FirsttodrawoutsomeofthecentralfindingsoftheESRCSmallBusinessResearchProgrammeonthefinancingofSmallerBusinesses.Secondtodiscusstheirimplicati

2、onsfpolicy.Idonotattempttoprovideageneralsurveyofallrecentrelevantwkonthisissue.TheideathatproblemsinthefinancingofsmallerfirmshavesignificantlyhinderedtheroletheyplayintheoverallperfmanceoftheU.K.economyisdeeplyrooted.S

3、uccessiveCommitteesofInquiryintoSmallFirmsintotheFunctioningofFinancialInstitutionsidentifiedproblemsfsmallmediumsizedindependentownercontrolledfirmsemployinglessthan200500employees(SMEs).TheWilsonCommitteeinitsreptonSME

4、financingarguedfinstancethatSMEswererelativelyrisky.Theycouldtherefeexpecttofacehigherinterestgesmeseveresecurityconditionsthanlargerfirms.TheyconcludedneverthelessthatexcessivebankcautionledtosmallerespeciallynewerSMEsb

5、eingrationedinthemarketfloansbankfinance.Theyalsopointedtoashtageofstartupcapitalofequitydevelopmentcapitalffullygearedestablishedbusinesseswishingtoexp.Thesereptsledovertheyearstotheintroductionofavarietyofpolicymeasure

6、sdesignedtotackle‘marketfailures’inthesupplyoffinancetoSMEsparticularsubgroupsofthemsuchashitechfirmswithaspecificrequirementfriskcapital.Finstanceinthe1980stheLoanGuaranteeScheme(LGS)wasintroducedalongsidetheBusinessExp

7、ansionScheme(BES).TheseweredesignedtotacklerespectivelythedebtequitysidesoftheSMEfinancingproblem.IntheniiestheLoanGuaranteeSchemehasbeenaugmentedalthoughtheBESwaswounddownother(verydifferent)schemessuchasSMARTSPURwerein

8、troducedtosupptinvestmentinhitechinnovativebusinessesalongwithdebateoversmallbusinessfinance.OneofthesewasthegrowthofethnicbusinessesinparticularthoseownedrunbymembersoftheAsiancommunity.Herethedebatefocusedontheirpartic

9、ularstrengthsweaknessesinraisingfinanceinthefaceofculturalstereotypinglackofestablishedtrackrecdsracialdiscriminationontheonehstronginfmalfinancialwksontheother(Deakinetal.(1992)Ward(1991).Atthesametimetheunprecedentedra

10、teofcompanyfmationinthe1980’swasassociatedwithadebateabouttherelativelyhighcostofcompliancewithcompanyauditdisclosurerequirementsfsmallfirmscomparedwiththeirlargercounterpartsthewidespreadusebythefmerofthedispensationtos

11、ubmitbrief‘modifiedaccounts’grantedundertheCompaniesActof1981.Italsoledtoadebateaboutwhetherthebenefitsoflimitedliabilitywerewththecostsincurredfsmallercompaniesinawldinwhichthepursuitofcollateralbybankseffectivelyunderm

12、ineditinwhichthesupposedbenefitofcompanystatusingainingaccesstocapitalcouldrarelybetakenadvantageofbecauseoftheequitycapitalmarketfailuresnotedabove.TheESRCSmallBusinessResearchProgrammehassomethingtosayoneachoftheseissu

13、es.Smallfirmsareheavilyreliantonretentionstofundinvestmentflows.Therelativelylowlevelofprofitabilitywhichwefindfthesmallfirmsectiscoupledwithanabsenceofdividendpaymentbythemhenceapolicyofmaximumretentionfgrowthreplacemen

14、tinvestment.ThusthemediancompanyintheCambridgepanelwithtotalassetsoflessthan￡2.5millionpaidnodividendsatallintheperiod1977–79.Wecangainafurtherinsightintofundingpatternsbyswitchingfromananalysisofcompanyaccountstotheresu

15、ltsoftheCambridgeSMESurveysSixtyfivepercentofthe1991Cambridgesurveysampleofover2000firmshadsoughtexternalfinanceinthethreeyears1987–90.TheproptionintheBoltonsamplewas26%butinthatsurveythequestionrelatedtotheprevioustwoye

16、ars.HoweverifweadjusttheBoltonfigureto39%indertomakeitcomparabletothelaterfindingwecanseeamarkedincreaseintheproptionseekingexternalfinance.Itisnotpossibleonthebasisofourstudytosaywhetherthisisatrendcyclicaldifference.Me

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