外文翻譯---戰略財務管理的中小型企業

1、<p>　　Strategic Financial Management in Small and Medium-Sized Enterprises</p><p>　　Zongsheng Liu</p><p>　　Economic Theory and Management.</p><p><b>　　Abstract</b>&

2、lt;/p><p>　　Along with the development of social economy and the progress of science and technology, Chinese enterprises are being in a stage filled with opportunities and dangers. This paper introduces the con

3、notation and significance of strategic financial management, elaborates the problems in the financial strategies conducted by small and medium-sized enterprises together with the causes and proposes some countermeasures

4、finally. </p><p>　　Keywords: Small and medium-sized enterprises, Strategic financial management, Problems, Countermeasures </p><p>　　Introduction</p><p>　　The uncertainty of an ente

5、rprise’s financial environment fills its financial activities with risks. In addition to opportunities, quite a lot of dangers arise from time to time in its financial management. Therefore, it has become the key to the

6、success of an enterprise’s financial management whether it can keep track of the trends of changes and absorbe what is useful while rejecting what is harmful. Strategic management ideas are significant in enterprises’ f

7、inancial management since we must </p><p>　　1. Connotation and Main Contents of Strategic Financial Management </p><p>　　Strategic financial management refers to financial management theories ac

8、cording to which financing should be conducted in the most proper way, the collected capital should be utilized and managed in the most effective way in enterprises and decisions on the reinvestment and distribution of p

9、rofits should be made most reasonably. According to its connotation, we can sum up the three main contents of strategic financial management, including financing strategy, investment strategy and profit-dist</p>&

10、lt;p>　　Financing strategy </p><p>　　Highly developed modern enterprises are characterized by sharp growth in sales. When faced up with such a situation, enterprises tend to have great demands for capital

11、since stocks and receivables are increased as well. The greater the tension of sales growth is, the greater capital demands will be. Therefore, financing strategy is of significance in strategic financial management. The

12、 functions of financing strategy lie in clarifying the guidelines for financing, laying down financing objective</p><p>　　2. Problems in Strategic Financial Management of Small and Medium-Sized Enterprises i

13、n China </p><p>　　Currently, some common problems include: </p><p>　　2.1 Lacking in Scientific and Standardized Financial Strategies </p><p>　　Quite a few enterprises are pursuing o

14、nly a large scale, or purchasing a large amount of land while neglecting asset structure allocation, or having no reasonable arrangement for its capital. They have no financial strategies at all, not to mention their imp

15、lementation. As for some others, the effect of their strategic financial management is greatly affected due to their unscientific and irregular strategies, which are characterized by the following features: first, their

16、strategic financial ai</p><p>　　2.2 Neglecting Strategic Environment Analysis and Having Unreasonable Strategic Financial Goals </p><p>　　Strategic environment analysis is both the foundation o

17、f financial strategies and the guarantee for its implementation. It includes internal and external environment analysis with the former being the internal foundation and implementation basis for the establishment of fina

18、ncial strategies. At present, quite a lot of small and medium enterprises haven’t realized the importance of strategic environment for the establishment and implementation of financial strategies and accordingly failed t

19、o hav</p><p>　　As a result, their unpractical and unreasonable strategies have restricted the effective implementation of their financial strategies. </p><p>　　2.3 Lessening the Role of Budgeti

20、ng in Strategic Financial Implementation </p><p>　　Budgeting mainly exerts its role in strategic financial implementation in two aspects. First, it further clarifies and specifies strategic financial ideas s

21、o as to be understood and conducted by all the staff. Budgeting can help to divide strategic goals into every section of an enterprise and even every employee. In addition, when implementing a task jointly, all sections

22、 an all employees will have better cooperation and communication with each other. Second, budgeting also provides a standa</p><p>　　2.4 Problems in Enterprises’ Financial Management </p><p>　　

23、Now, some problems in small and medium enterprises’ financial management have also restricted the establishment and implementation of their financial strategies. Some main problems are as follows. </p><p>　

24、?、貽bsolete ideas, unclear duty division and disordered management. Enterprises have no idea of “corporate management should be based on financial management and financial management should center on capital management; e

25、ntrepreneurs and financial staff’s lack of scientific and advanced financial ideas including time value, risk value, marginal cost, opportunity cost and insufficient knowledge about financial management theories and met

26、hods have resulted in unclear duty division, disordered manag</p><p>　?、?Difficult financing, mainly manifested in insufficient channels and scales of financing channels as well as disordered financing orde

27、rs. Currently, most small and medium enterprises are faced with great difficulty in gaining short-term loans, not to mention long-term ones. 81% of all enterprises have no enough current funds for their operation. </p

28、><p>　　The longer the periods of loans are, the less money they can really utilize from their loans. As is shown in a survey, 60.5% enterprises have no access to long-term loans, among those who can really get

29、such loans, 16% enterprises’ demands are fully fulfilled, 52.7% are partially fulfilled 31.2% are not fulfilled. (Huang, 2008) </p><p>　　3. Causes of the Problems in Strategic Financial Management of Small

30、and Medium-Sized Chinese Enterprises </p><p>　　At present, most small and medium enterprises especially those private ones employ highly unification of ownership and management rights in which the investor

31、is the manager whose power can not be restricted in any case. Having no clear division of duties and strict regulations, these managers don’t embody financial management into an effective corporate management system, not

32、 to mention regarding financial strategies as a significant part of the enterprise’s overall strategies, hence lessening </p><p>　　Especially for those enterprises venturing out of niches, unfavorable enviro

33、nment is the chief offender. </p><p>　　In addition, managers’ poor quality is also an important cause for the failure of financial strategies. It is well known that most managers in small and medium Chinese

34、 enterprises have poor comprehensive quality, insufficient management experiences and low efficiency because they haven’t gone through any systematic learning of management theories and special professional training. The

35、refore, they are not able to have reasonable predictions, decisions, budgets, control, analysis and evaluation b</p><p>　　4 Creating Favorable Strategic Environment and Emphasizing Environmental Analysis &l

36、t;/p><p>　　For small and medium enterprises, their strategic environment has impact on not only their financing but the establishment and implementation of their financial strategies. Therefore, it is of great

37、importance to create favorable strategic environment and emphasize environmental analysis. </p><p>　　In spite of a series of national policies encouraging, guiding and supporting the development of small an

38、d medium enterprises in China, the internal and external environment for their development needs to be improved greatly. </p><p>　　Accordingly, China should make more efforts to develop its local banks and f

39、inancial agents with small or medium scale, to establish a financial system beneficial for these enterprises’ development, to establish or perfect effective loans guarantee system to help these enterprises, to offer oppo

40、rtunities for them to issue their stocks or bonds, to expand direct financing channels and encourage the development of risk investment, to promote the development of enterprises specialized in high and n</p><

41、p>　　In a word, government, society and enterprises’ joint efforts should be relied on to create favorable financial environment for these small and medium enterprises. In addition, these enterprises should be fully aw

42、are of the importance of environment for their financial strategies and try to establish scientific, reasonable and feasible strategic goals and guarantee their effective implementation by further strengthening environme

43、ntal analysis and improve their decision-making abilities. </p><p>　　Conclusion</p><p>　　To sum up, a variety of elements related to enterprises’ external and internal conditions should be take

44、n into consideration when they establish their financial strategies. Due to their different characteristics, small and medium-sized enterprises have to establish their own financial management strategies instead of copyi

45、ng those of the large enterprises. </p><p>　　戰略財務管理的中小型企業</p><p>　　Zongsheng Liu.</p><p>　　Economic Theory and Management</p><p><b>　　摘要</b></p><

46、;p>　　隨著社會經濟的發展和科學技術的進步，中國企業正在與一個充滿機會和危險的階段。本文介紹的內涵和戰略財務管理的重要性，闡述金融戰略進行小型和中小型企業的共同問題及原因，并提出了相應的對策終于。</p><p>　　關鍵詞：小型和中小型企業，戰略財務管理，問題，對策;</p><p><b>　　前言</b></p><p>　　一個

47、企業的金融環境的不確定性充滿風險的金融活動。除了機會，相當多的危險地段不時出現在其財務管理時間。因此，它已成為關鍵，一個企業的財務管理的成功是否可以保留的變化和趨勢，同時又拒絕什么是有害的。戰略管理思想在企業財務管理的重要，因為我們要努力分析和把握的整體環境，一個企業的發展趨勢，因此，提高適應性，可變性和財務管理是否適用于不確定的環境。目前，超過10,000,000小型和中小型企業已通過了工商登記，占90％，中國的企業總數。因此，他們的

48、戰略財務管理是特別重要，這也是本文的主題。</p><p>　　戰略財務管理的中小型企業</p><p>　　1、戰略財務管理的主要內容</p><p>　　戰略財務管理財務管理理論，是指根據這些資金應在最適當的方式進行，募集資金應當利用和企業的再投資和利潤分配的決定和最有效的方式管理應最合理。根據它的內涵，我們可以歸納出三個主要內容的戰略財務管理，包括融資策略，投

49、資策略和利潤分配的策略。詳情如下：</p><p>　　融資策略高度發達的現代企業是在銷售大幅增長的特點。當面對這樣的形勢，企業往往有很高的要求，因為資本股票和應收賬款有所增加。更大的銷售增長張力越大，資金需求將。因此，融資戰略是在戰略財務管理的重要性。融資戰略的功能在于進一步明確了籌措經費的準則，奠定了融資目標，建立了整體規模，渠道和融資方式，優化資本結構安排的戰略計劃，制訂相應的對策，以實現融資目標，并最后預

50、測和收集企業需要的資金數額。</p><p>　　2、小中存在的問題和戰略大中型企業財務管理的中國目前，一些常見的問題包括：</p><p>　　2.1缺乏科學和規范化的財政對策</p><p>　　不少企業只追求規模大，或購買大量土地，而忽視了資產結構分配，或有沒有為資本的合理安排。他們沒有財務策略可言，更不用提其執行情況。至于一些人，他們的戰略財務管理的效果有

51、很大的影響，由于其不科學的，不規則的戰略，這是由以下特點：第一，他們的財務目標，從戰略的企業整體的離開;第二，金融戰略把等于財務計劃，從而忽略了金融戰略的全面性;第三，金融戰略是基于他們沒有取得企業的長遠目標，因此有很大的隨機性。</p><p>　　2.2忽視戰略環境分析及戰略有不合理的財務目標</p><p>　　戰略環境分析是財務戰略的基礎和保證其實施。它包括內部和外部與前者的內部基

52、礎和建立金融戰略實施的基礎環境分析。目前，不少中小型企業很多沒有認識到建立和金融戰略的實施戰略環境的重要性，因此無法對他們的戰略金融環境，特別是其內部環境的正確分析。</p><p>　　因此，他們的不切實際和不合理的戰略，限制了其金融戰略的有效實施。</p><p>　　2.3減少在戰略執行情況的財政預算中的作用</p><p>　　預算主要在兩個方面發揮其在金融

53、方面的戰略實施中的作用。首先，它進一步明確，并指定財務戰略思想，以理解和所有工作人員進行。預算可以幫助戰略目標劃分到每一個企業的部分乃至每一位員工。此外，當實現一個共同的任務，所有版面的全體員工將有更好的合作與相互溝通。第二，預算還提供了一個企業的日常運行和性能標準。隨著定量財務預算設定的目標，可實際執行與預算比較，揭示之間的目標與現實的差距，并采取有效的對策?，F在，大部分中小型企業在中國沒有系統和完整的預算體系由銷售預算，生產預算，成

54、本，一般間接費用預算，損失和費用，讓步和現金預算等。即使一些有這樣的系統，其認真和嚴格執行預算短缺也降低了預算編制的作用以及對金融戰略的實施。</p><p>　　2.4在企業財務管理存在的問題</p><p>　　如今，在中小型企業財務管理中的一些問題也限制了其財政的建立和戰略的實施一些主要問題如下。</p><p>　?、倥f思想，明確職責分工和管理混亂。企業有沒

55、有“企業管理應以財務管理和財務管理理念應該圍繞資本管理，企業家和財務人員的科學和先進的金融理念缺乏，包括時間價值，風險價值，邊際成本，機會成本和知識不足有關財務管理理論和方法，職責分工不清導致，管理混亂，監管不力，虛假會計信息等。</p><p>　?、谌谫Y難，主要是在不足渠道和融資渠道，規模以及無序融資訂單體現。目前，大部分中小型企業都面臨著在獲得短期貸款，更不要說長期的巨大的困難。所有企業的81％的人沒有足夠

56、的電流為他們的經營資金。時間越長，貸款期限是，少錢，他們能真正發揮他們的貸款。由于是在一項調查顯示，60.5％的企業沒有在那些長期貸款，訪問誰真的可以得到這樣的貸款，16％企業的需求得到充分滿足，52.7％是部分實現31.2％是沒有得到履行。 </p><p>　　3.該問題的原因在中小企業戰略中小型中國企業財務管理</p><p>　　目前，大部分中小型企業，特

57、別是那些私人聘請的高度統一，所有權和經營權，其中投資者是管理者的權力不能在任何情況下受到限制。由于沒有嚴格規定的職責和分工明確，這些管理者沒有體現到一個有效的企業管理系統的財務管理，更何況對于作為企業的整體戰略的重要組成部分的財政策略，從而減少其意義和作用。這些經理不相信的策略，但好運氣，而不是制度，而是血緣關系，而不是程序，但解決的關鍵要點，而不是管理，但技術和市場。特別是對于那些風險投資企業的利基出來，不利的環境是主要的罪犯。此外，

58、經營者質量差也是金融戰略失敗的重要原因。眾所周知，在中小型企業中大多數管理者的綜合素質差，管理經驗不足和低效率，因為他們沒有經過任何特殊的管理理論和系統的學習了專業培訓。因此，它們不能夠有合理的預測，決策，預算，控制，分析和評價自己的特色和市場基礎，以對金融環境分析，制定適用的，可行的戰略融資，投資以及利潤分銷，或充分認識到財政預算的重要性，因此已對其實施有效的控制，以更好地服務于他們的企業發展戰略的總體目標。</p>&

59、lt;p>　　4.創建有利的戰略環境，注重環境分析</p><p>　　對于中小型企業，其戰略環境，不僅有融資，但其建立和金融戰略實施的影響。因此，它是非常重要的戰略創造良好的環境，強調環境分析。在一個國家政策的鼓勵，引導和支持在中國中小型企業發展的一系列盡管如此，其發展的內部和外部環境需要大大提高。</p><p>　　因此，中國應該更加努力地發展同小或中等規模的本地銀行及財務代

60、理，建立一個金融系統，這些企業的發展有利，建立或完善有效的貸款擔保制度，以幫助這些企業，提供機會，讓他們發行的股票或債券，擴大直接融資渠道，鼓勵風險投資的發展，以促進在高，新技術的專門機構和組織通過完善施工企業的發展，加強對這些企業的支持和財務代理建立基金，以支持其發展。對于企業自身，他們應該努力提高勞動者素質，增強信用意識，提高他們的信用，以及創造良好的信用環境。</p><p>　　總之，政府，社會和企業的共

61、同努力下，應依靠營造良好的中小型企業的金融環境。此外，這些企業應該充分意識到環境的重要性提供的財政策略，努力建立科學，合理，可行的戰略目標和保證，進一步加強環境分析，它們的有效實施，提高其決策能力。</p><p><b>　　結論</b></p><p>　　綜上所述，多種元素與企業外部和內部條件，應考慮到當他們建立自己的金融戰略。由于其不同的特點，小型和中小型企業