英语翻译Sample and VariablesEmpirical analysis is based on a sam

英语翻译
Sample and Variables
Empirical analysis is based on a sample of 105 SMEs,drawn from databases of
firms from the Association of Ghanaian Industries and the National Board for
Small-Scale Industries.The sample selection was based on the criteria set by the
Regional Project on Enterprise Development for SMEs in Ghana,meaning that
firms with less than 100 employees were included in the study sample.The data were derived from the financial statements of the firms during a six-year period,
1998 to 2003.This study focused on SMEs that had bank loans in their balance
sheets during that period.The dependent variable used to measure bank financing
is the bank-debt ratio,or the proportion of the total debt obtained from banks,and
is defined as the ratio of bank debt to total debt.This measures the role of bank
financing in the SME sector.
Firm age is included in the model to proxy reputation.It is believed that as a firm
stays in business,it establishes itself as a continuing business and therefore increases
its capacity to take on more debt; hence,age is positively related to debt.Before
granting a loan,banks tend to evaluate the creditworthiness of entrepreneurs,who
are generally believed to pin high hopes on very risky projects that promise high
profitability rates.To overcome problems in evaluating creditworthiness,Diamond
(1989) suggests using firm reputation—the good name a firm has built up over
the years that is understood by the market,which has observed the firm’s ability
to meet its obligations in a timely manner.Rajan (1992) and Petersen and Rajan
(1994),among others,argue that a long lending or banking relationship reduces
the severity of informational asymmetries for banks by informing them about the
borrower’s credit history and account movements,as well as the personal behavior
of the firm’s manager.Timmons (1994) observes that capital requirements are different
at different stages of firm growth.Young firms may be able to draw capital
from internal sources,such as earnings,and informal sources,such as family and
friends.As a successful firm grows,however,more capital is required to finance
growth,and at some point,the firm must turn to external sources,such as banks.
Consequently,the expected sign is positive.

样本和变量的实证分析是基于一个样本105中小型企业,从数据库的公司从该协会的加纳行业和国家局为小规模产业.样本的选择是根据所设定的标准区域项目对企业发展的中小型企业在加纳,即聘用少于100名雇员被包括在研究的样本.数据来自财务报表的公司在一项为期6年的牙周