英语翻译Profitable firms have low bankruptcy risk and therefore

英语翻译
Profitable firms have low bankruptcy risk and therefore can attract more bank
loans (Storey 1994).Profitability is measured as earnings before interest and taxes,
divided by total assets.According to Ooi (1999),profitable firms that are more attractive
to financial institutions as lending prospects are likely to attract more external
debt capital.The higher a firm’s profitability,the lower the probability of default,
and the higher the probability of successfully obtaining a bank loan.This suggests
that highly profitable SMEs can easily access more bank finance.We therefore
expect a positive relation between profitability and the bank-debt ratio.
Growth is measured by diversification through exports.SMEs involved in export
are seen to be more diversified,and as such,can accommodate greater debt capital
(Abor 2004).A firm’s export performance may convey valuable information to a
bank:First,it reveals the degree of competitiveness in usually aggressive markets,
and second,it indicates productive diversification against domestic shocks.The
probability of default is likely to be lower for export-oriented firms,provided the
bank trusts or confirms the firm’s expectations.It is measured through a dummy
variable,taking the value 1 if the firm exports and 0 otherwise.A positive relation
is expected.
The macroeconomic variables—the inflation and interest rates—are expected
to have negative relations with bank finance,as SMEs are discouraged from taking
out loans from banks at higher interest rates.During inflationary periods,banks
increase their lending rates to cover their costs.Also,banks prefer investing their
resources in government securities rather than lending to risky SMEs.

盈利的公司有破产的风险低,因此可以吸引更多的银行贷款（多层1994 ） .盈利能力是衡量前收入和税收,除以总资产.据ooi （ 1999年） ,有利可图的公司是吸引更多的金融机构作为贷款的前景很可能会吸引更多的外部债务资本.较高的一家公司的盈利能力,较低的概率默认情况下,和更高的概率,成功地获得银行