周丹译文.docx
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周丹译文.docx
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周丹译文
毕业设计(论文)译文
经济管理系会计学专业
学生姓名:
周丹
学号:
5329214414153004
起讫日期:
2016.3-2016.6
设计地点:
东南大学
指导教师:
赵志远
二O一六年五月十六日
目录
英文文献2
Abstract:
2
Introduction………………………………………………………………………………………………..2
Motivation,RelatedLiterature,andHypotheses…………………………………………………………..3
中文译文………………………………………………………………………………………………………..7
摘要………………………………………………………………………………………………………..7
绪论………………………………………………………………………………………………………..7
动机,相关文件,并假设………………………………………………………………………………..7
英文文献
StrategicFinancialManagementinSmallandMedium-SizedEnterprises
ZongshengLiu
February2010
Abstract:
Alongwiththedevelopmentofsocialeconomyandtheprogressofscienceandtechnology,Chineseenterprisesarebeinginastagefilledwithopportunitiesanddangers.Thispaperintroducestheconnotationandsignificanceofstrategicfinancialmanagement,elaboratestheproblemsinthefinancialstrategiesconductedbysmallandmedium-sizedenterprisestogetherwiththecausesandproposessomecountermeasuresfinally..
Keywords:
Smallandmedium-sizedenterprises,Strategicfinancialmanagement,Problems,Countermeasures
1Introduction
Strategicfinancialmanagementreferstofinancialmanagementtheoriesaccordingtowhichfinancingshouldbeconductedinthemostproperway,thecollectedcapitalshouldbeutilizedandmanagedinthemosteffectivewayinenterprisesanddecisionsonthereinvestmentanddistributionofprofitsshouldbemademostreasonably.Accordingtoitsconnotation,wecansumupthethreemaincontentsofstrategicfinancialmanagement,includingfinancingstrategy,investmentstrategyandprofit-distributionstrategy.Detailsareasfollows:
Financingstrategy:
Highlydevelopedmodernenterprisesarecharacterizedbysharpgrowthinsales.Whenfacedupwithsuchasituation,enterprisestendtohavegreatdemandsforcapitalsincestocksandreceivablesareincreasedaswell.Thegreaterthetensionofsalesgrowthis,thegreatercapitaldemandswillbe.Therefore,financingstrategyisofsignificanceinstrategicfinancialmanagement.Thefunctionsoffinancingstrategylieinclarifyingtheguidelinesforfinancing,layingdownfinancingobjectives,establishingtheoverallscale,channelsandmethodsoffinancing,arrangingstrategicschemesofcapitalstructureoptimization,layingdownrelevantcountermeasuresinordertoachievethefinancingobjectives,andfinallypredictingandcollectingtheamountofcapitaltheenterpriseneeds.
Investmentstrategy:
Asthecoreofstrategicfinancialmanagement,thisstrategydetermineswhetheranenterprisecanallocateitscapitalandresourcesinareasonableandeffectivewayornot.Investmentstrategyinvolvestheconfirmationoftheinvestmentdirectionoffixedassets,corporatescaleandcapitalscale,theinvestmentchoicesrelatedtoexternalexpansionorinternalexpansion,thereformofoldproductsorthedevelopmentofnewones,independentorjointoperation,investmentwithself-capitalorwithloansanddecisionsonthepercentagebetweenfixedassetsandcurrentassets,investmentstrategieswithrisksandthoseduringinflation.
Profit-distributionstrategy:
Thisstrategy,includingthemanagementofcapitalgainsandtheestablishmentofstockbonusdistribution,mainlydealswiththeproportionanenterpriseputsasideinalongrunforreproductiononanexpandedscale,improvementofemployees’welfareandtheirlivingstandards.Profit-distributionstrategyisintendedtosatisfythedemandsforequitycapitalinthedevelopmentandimprovementofenterprises’corecompetitivenessbasedonrelevantinvestmentstrategyandfinancingstrategy.Meanwhile,whencarryingoutthisstrategy,enterprisesareexpectedtoestablishtalent-orienteddistributionpoliciesbyexploringeffectivemethodstoapplythoseimportantelementssuchasknowledge,technique,patentandmanagementtotheprofit-distributioncourse.
2Motivation,RelatedLiterature,andHypotheses
2.1CausesoftheProblemsinStrategicFinancialManagementofSmallandMedium-SizedChineseEnterprises:
RigidManagementPattern,LaggardManagementIdeaandManagers’PoorQuality:
Atpresent,mostsmallandmediumenterprisesespeciallythoseprivateonesemployhighlyunificationofownershipandmanagementrightsinwhichtheinvestoristhemanagerwhosepowercannotberestrictedinanycase.Havingnocleardivisionofdutiesandstrictregulations,thesemanagersdon’tembodyfinancialmanagementintoaneffectivecorporatemanagementsystem,nottomentionregardingfinancialstrategiesasasignificantpartoftheenterprise’soverallstrategies,hencelesseningtheirsignificanceandfunction.Thesemanagersdon’tbelieveinstrategybutgoodluck,notsystembuttiesofblood,notproceduresbuttacklingkeypoints,notmanagementbuttechnologyandmarket.Especiallyforthoseenterprisesventuringoutofniches,unfavorableenvironmentisthechiefoffender.Inaddition,managers’poorqualityisalsoanimportantcauseforthefailureoffinancialstrategies.ItiswellknownthatmostmanagersinsmallandmediumChineseenterpriseshavepoorcomprehensivequality,insufficientmanagementexperiencesandlowefficiencybecausetheyhaven’tgonethroughanysystematiclearningofmanagementtheoriesandspecialprofessionaltraining.Therefore,theyarenotabletohavereasonablepredictions,decisions,budgets,control,analysisandevaluationbasedontheirowncharacteristicsandthemarket,tohaveanalysisonfinancialenvironmentandlaydownapplicableandfeasiblestrategiesforfinancing,investmentaswellasprofitdistributionortofullyrealizetheimportanceoffinancialbudgetingandthereforetohaveeffectivecontroloveritsimplementationinordertoservetheoverallgoalsoftheirenterprises’developmentstrategiesinabetterway.
LackingIndependentFinancingSystemwithDiversifiedChannels:
Withchangeablemarket,operationrisksaregreater,soarefinancialonescausedbyalargeamountofdebtandhighfinancingcost,henceresultinginenterprises’lowcredit.Besides,theircreditisalsoaffectedbytheirnon-transparentoperationprocess,non-standardizedfinancialreportsaswellasasymmetricalinformation,henceleadingtothedifficultyinachievingfinancinggoals.Seenfromtheperspectiveoffinancingsystem,theseenterprises’lackofindependentfinancingsystemwithdiversifiedchannelshasgreatlyrestrictedtheirfinancingstrategies.First,thereisnonationalinstitutionorpreferentialpoliciestoassistsmallandmediumenterpriseswiththeirmanagement,causingtheirunfavorablefinancingsituation.Second,duetotheseenterprises’privatenature,somebankssetrigidrequirementsforloansbecauseofsometraditionalideasandadministrativeinterferences.Third,therearenoenoughfinancialagenciesandloanguaranteeinstitutionsspeciallyservingforsmallandmediumenterprises.Fourth,mostsmallandmediumenterpriseshavenodirectfinancingrightsandcannotissuestocksorbonds.Themainboardmarketisinaccessibleandthesecondboardoneistorisky.
PoorInvestmentAbilityandLackingFeasibilityResearches:
Smallandmediumenterprisessufferfrominsufficientregisteredcapital,limitedoperationcapital,hencepoorinvestmentability.Focusingonshort-termgoalstorecoverinvestment,theyhavetorelyonsimplereproductioninsteadofexpandedone.Inaddition,withoutanyspecialinstitutionformarketanalysis,theirinvestmentactivitiestendtobebasedontheirperceptionandthereforeblindness.Thesedecisionmakersusuallyfailtohaveanoverallgraspofthecharacteristicsorprinciplesofmarketeconomyortopursuereasonableeconomicprofitswiththeirproperoperationatthecapitalmarket.Theirpoorabilitiesarealsoreflectedintheshortageofsomefeasibilityresearchesontheirshrinkandexpansionstrategies,howtochoosefinancingchannelsandstructures,howtoestablishnewinvestmentdirectionsandsoon.Allthesegreatlyaffecttheestablishmentandimplementationofanenterprise’sstrategicfinancialgoals.
IncompleteInternalControlSystemLeadingtoIneffectiveControl:
Incompleteinternalcontrolsystemcommonlyexistinsmallandmediumenterprises,whichisprofoundlymanifestedinhavingnoorjustincompleteinternalcontrolsystem,hencefailingtoeffectivelyrestraintheirowneconomicbehaviorinstitutionally.Alotofenterpriseshavenodepartmentforinternalaudittoguaranteethestrictimplementationoftheirfinancialsystem.Evenifsomeestablishsuchadepartment,itslackofindependencemayleadtoineffectiveinternalcontrol.Asaresult,financialmanagementaswellasfinancialstrategieswillbegreatlyaffected.
2.2EstablishingRightFinancialGoalsandFirmStrategicSense:
Anenterprise’sfinancialgoalsarenotonlythedirectionofitseffortsbutaneffectivestandardtomeasurewhetheritsfinancialdecisionsarerightorwrong.Propergoalsarebeneficialforanenterprise’soverallstrategicgoals.Withsurvival,profitanddevelopmentasanyenterprise’sbasicgoals,maximizedcorporatevalueshouldberegardedasthefinancialgoal.Guidedwiththisgoal,enterprisesareexpectedtoestablishthecentralstatusoffinancialmanagementintheoverallcorporatemanagementfirstofall,toputemphasisonthemanagementoffinancing,investmentandprofitearning,totaketheirabilitiesofdebtpaying,operation,profitearninganddevelopmentandguidealltheaspectsoftheirproductionandcapitaloperationbycontrollingtheircapital,cost,profitandsoon.Itisrequiredbystrategicmanagementthatenterprisesmustfollowtheaimofcompetitiveedgesandcenteronstrategicmanagementtodealwiththerelationshipbetweenenterprises’benefitsandsocialbenefits,betweene
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