中小企業(yè)融資【外文+翻譯】【最新版本】

1、蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆

2、蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀

3、莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄

4、薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)?/p>

5、莁螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃

6、蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇

7、蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄

8、莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈

9、薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃

10、莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇

11、蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁

12、蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅

13、羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀

14、薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇

15、莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁

16、蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅

17、蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿

18、艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄

19、薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈

20、莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞

21、薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿

22、蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃

23、艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈

24、薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂

25、莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆

26、薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃

27、葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇

28、芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)

29、蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆

30、蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿蒈蠆裊膂莄蚈羇莇芀蚇聿膀蕿螆蝿莆蒅螆?jiān)惹`螅羄莄莇螄膆芇蚆螃袆肀薂螂羈芅蒈螁肀肈莃螀螀芃艿袀袂肆薈衿羅節(jié)蒄袈肇肅蒀袇袆莀莆袆罿膃蚅裊肁莈薁襖膃膁蕆襖袃莇莃薀羅腿艿蕿肈蒞薇薈螇膈薃薈羀蒃葿薇肂芆蒞薆膄聿蚄薅襖芄薀薄羆肇蒆蚃聿芃莂螞螈肅羋螞袁芁蚆蟻肅肄薂蝕膅荿 本科畢業(yè)論文（設(shè)計(jì)）外

31、 文 + 翻 譯原文：financing of smesabstractthe 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 asymm

32、etric 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

33、 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

34、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 smes confirms that the composition of the asset side of the balance sheet has an impact of the type of financing

35、used and the pecking order theory and the traditional static trade-off theory are for smes the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. the choice of financing is driven by the costs of the sources which is primarily determined by co

36、sts of solving the asymmetric information problem and the expected costs associated with non-payment of debt. asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and sel

37、ling it to recover the debt. since smes management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. asset side theory of sme financingin the previous section we have suggested that sm

38、es in portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. in this section the motives behind the different types of financing are discussed.2.1. cheap trade creditsthe first external financing source we

39、 will discuss is trade-credits. trade credits are interesting since they represent financial services provided by non-financial firms in competition with financial intermediaries. the early research within this area focused on the role of trade credits in relation to the credit channel or the so cal

40、led “meltzer” effect and in relation to the efficiency of monetary policy. the basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . the more recent research breaks the role of trade credits i

41、nto a strategic motive and financial motive for issuing and using these credits.strategic motivesthe first theory centers on asymmetric information regarding the firms products. trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments.

42、by offering trade finance the supplier signals to the buyers that they offer products of good quality. since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. the use of trade credits is therefore driven by asymmetri

43、c information of the products and is therefore more likely to be used by small firms, if the buyer has little information about the supplier, or the products are complicated and it is difficult to asses their quality.the second strategic motive is pricing. offering trade finance on favorable terms i

44、s the same as a price reduction for the goods. thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers. trade credits are most advantageous to risky borrowers since their costs of alternative financi

45、ng are higher than for borrowers with good credit ratings. thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing. trade credits are also used to develop long term

46、 relationships between the supplier and the buyers. this often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judg

47、e whether the firm has temporary problems or the problems are of a more permanent nature.the last motive in not strictly a strategic motive but is based on transactions costs. trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and paym

48、ent. in basic terms the truck driver delivering the goods does not have to run around to find the person responsible for paying the bills. the buyer also saves transactions costs by reducing the amount of cash required on“hand” .financing motivesthe basis for this view is that firms compete with fin

49、ancial institutions in offering credit to other firms. the traditional view of financial institutions is that they extend credit to firms where asymmetric information is a major problem. financial institutions have advantages in collecting and analyzing information from, in particular, smaller and m

50、edium sized firms that suffer from problems of asymmetric information. the key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. the financial institution is able to monitor the cash inflow and outflows of the firm by m

51、onitoring the accounts of the firm.but with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. how can non-financial institutions compete in this market? petersen and rajan 1997 briefly discusses several ways that suppliers may

52、 have advantages over financial institutions. the supplier has a close working association with the borrower and more frequently visits the premises than a financial institution does. the size and timing of the lenders orders with the supplier provides information about the conditions of the borrowe

53、rs business. notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. the use of early payment discounts provides the supplier with an indication of problems

54、 with creditworthiness in the firm. again the supplier obtains the information before the financial institution does. thus the supplier may be able to obtain information about the creditworthiness faster and cheaper than the financial institution.the supplier may also have advantages in collecting p

55、ayments. if the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. this is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. in case of defaults the

56、supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. these advantages, of course,

57、 depend on the durability of the goods and how much the borrower has transformed them.if asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks.

58、 the banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm. that trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm canno

59、t use trade credits to finance the entire operations of the firm.in summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuers general knowledge of the firm and the industry. in the empirical work below the variables explaining the use of trade credit are credit risk factors and cost of goods sold. since these trade credits are secured by the materials delivered to the firm, firms ca