英语翻译H3:The greater the importance a firm places in the growt

英语翻译
H3:The greater the importance a firm places in the growth in the number of employees,
the more favourable will it perceive the use of external financiers.
Size
When firms grow,they gradually attain a greater ability in resource generation,but they also
encounter new difficulties in terms of financial leverage and also in the form of new expectations
and requirements (Storey,1997).As a firm grows,the individual entrepreneur is forced to relinquish control of daily operations into the hands of subordinates (Wiklund,1998).Increasingly,the entrepreneur also becomes dependent on skills possessed by individuals outside the firm,such as bankers,lawyers and auditors.Regardless of whether control is dispersed within or outside the
confines of the firm,the original owner will have to become professional in the handling of financial matters.This usually leads to more elaborate relationships with financial institutions,which in turn leads to an increasing awareness of the possibilities inherent in bank financing.Not
surprisingly,earlier research (see Cressy and Olofsson,1996) has indicated that larger firms
have a more favourable perception of external financing
H4:The larger the firm,the more favourable will it perceive the use of external financiers.
Control aversion and bank loan applications
Donaldson’s research from the 1960s indicates that managers do not always prefer the source
of finance that has the lowest interest rate (Donaldson,1961,1969).Later research
(Donaldson,1984; Myers,1984) has shown that firms seem to have a stable order of preference
for different sources of finance:Internally generated funds are preferred to bank loans,which in
turn are preferred to new equity.This stable preference order towards financial sources is
referred to as the “pecking-order” by Myers (1984) Both Donaldson and Myers studied large
listed American enterprises,which certainly operate under different circumstances to SMEs.
Nevertheless,several studies have shown that the pecking-order framework is a fruitful approach for the study of financial decision-making in small firms (Reid,1996).The results from (Cressy and Olofsson,1996) suggests that the SMEs in Sweden have a financial pecking-order:The internally generated funds are most important,followed by bank loans and new equity from external partners.This also leads to the conclusion that if small and medium sized enterprises choose to seek external financing they will try to follow the pecking-order theory.
H5:The more favourable a firm perceives external financing to be,the more likely
it is that the firm will actually seek financing from a bank.

重要性,在雇员人数增长的公司的地方,
较为有利的将是感知外部融资的使用.
 大小
当企业成长,他们逐步实现了资源的产生更大的能力,但他们也
遇到财务杠杆而言,也是在新的期望,形成新的困难
和要求（层,1997年）.作为一个坚定的增长,个人创业者被迫放弃到下属手中（Wiklund,1998年）的日常业务的控制权.越来越多的企业家也成为依赖于区外的企业,如银行家,律师和审计师的个人拥有的技能.无论是控制在境内或境外分散
该公司原来的所有者范围将吨