控制规避和搜索瑞典中小企业的外部融资[文献翻译].docVIP

外文文献翻译 一、外文原文 原文： Control Aversion and the Search for External Financing in Swedish SMEs Technological development The development of technology and the impact of new production methods shape many industries (Murray, 1997). In turbulent environments, business firms need to maintain a readiness to invest in emerging technologies if they are to survive and prosper (see Oakey, 1984). Business firms operating in high-tech environments are perhaps the most obvious examples of firms needing to constantly reinvest in machinery and equipment, as, by definition, they must be on the cutting edge of technology development (Roberts, 1991). The impact of a higher reinvestment rate is not the only reason why these firms need an open attitude towards external financiers. There is also a contributory factor associated with the uncertainty of the capabilities and properties of invested machinery and equipment which plays a role (Lindstr?m and Olofsson, 1998). As the inherent heterogeneity forces firms to refocus and to try out new resource combinations, including new combinations of technology and raw material, it also becomes imperative to acquire adequate financial backing to support investments entailing higher risks. H1: The greater a firm’s need is to invest in new machinery and technology, the more favourable will it perceive the use of external financiers. Financial weakness Several studies (see Reid, 1996; Winborg and Landstr?m, 1997) have shown that most entrepreneurs are not actually interested in obtaining external finance, especially any that would entail any change of ownership. The main reason for this reluctance to allow external financiers access seems to be control aversion (Cressy, 1995). The internally generated funds in effect becomes a spending limit for control averse firms. Simply put, firms will not allow themselves to invest, unless it is absolutely certain that all capital needed can be generated without compromising the existing balance between internally