中小型企业融资决策 外文翻译.doc

Facts for You Small and Medium Enterprises financing decision Robert C. Merton Abstract Business generation, survival and development are inseparable from the investment and financing activities. With Chinas accession to WTO organization, the market economy system, the gradual improvement of the financial markets, rapid development, investment and financing efficiency is increasingly becoming the key to the development of enterprises. For the small and medium enterprises, according to their own development needs should seriously consider how to select their own needs and suited to their stage of development financing, as well as a variety of financing the use of timing, conditions, costs and risks, determine the appropriate size of the financing and the development of the best financing periods. To solve these problems, small and medium enterprises need to develop appropriate financing strategies in order to make the most optimal financing decision. 1. an overview of corporate finance decision-making 1.1 an overview of corporate finance decision-making Corporate finance decision-making, is the enterprise value creation objectives in accordance with its needs, the use of a certain timing and channels to take cost-effective financing tool for companies to raise the funds needed for a market behavior. 它不仅改变了公司的资产负债结构，而且影响了企业内部管理 、经营业绩、可持续发展及价值增长。 It not only changed the structure of the companys assets and liabilities, but also affected the internal management, business performance, sustainable development and value growth. 典型的融资决策包括出售何种债务和股权（融资方式）、如何确定所要出售债务和股权的价值（融资成本）、何时出售些债务和股权（融资时机）等等。 A typical decision-making including the sale of what kind of financing of debt and equity (financing), how to determine which they want to sell the value of debt and equity (financing costs), when to sell more debt and equity (financing opportunities) and so on. 而其中最主要的包括融资规模的决策和融资方式的决策。 Which include the financing of the size of the most important decision-making and financing