Strategic Financial Management in Small and MediumSized Enterprises 战略财务管理的中小型企业 外文翻译VIP

1、strategic financial management in small and medium-sized enterpriseszongsheng liueconomic theory and management.abstractalong 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

2、introduces the connotation 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 finally. keywords: small and medium-sized enterprises, strateg

3、ic financial management, problems, countermeasures introductionthe uncertainty of an enterprises 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

4、 to the success of an enterprises 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 financial management since we must make efforts to analyze and grasp the gen

5、eral environment and development tendency of an enterprise and therefore to improve the adaptability, changeability and applicability of financial management to uncertain environment. currently, over 10,000,000 small and medium-sized enterprises have passed the industrial and commercial registration

6、, taking up 90% of the total enterprises in china. accordingly, their strategic financial management is of particular importance, which is also the topic of this paper. 1. connotation and main contents of strategic financial management strategic financial management refers to financial management th

7、eories according 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 profits should be made most reasonably. according to its connotation, we

8、 can sum up the three main contents of strategic financial management, including financing strategy, investment strategy and profit-distribution strategy. details are as follows: financing strategy highly developed modern enterprises are characterized by sharp growth in sales. when faced up with suc

9、h a situation, enterprises tend to have great demands for capital 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 functions of

10、financing strategy lie in clarifying the guidelines for financing, laying down financing objectives, establishing the overall scale, channels and methods of financing, arranging strategic schemes of capital structure optimization, laying down relevant countermeasures in order to achieve the financin

11、g objectives, and finally predicting and collecting the amount of capital the enterprise needs. 2. problems in strategic financial management of small and medium-sized enterprises in china currently, some common problems include: 2.1 lacking in scientific and standardized financial strategies quite

12、a few enterprises are pursuing only 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 implementation. as for some others, the effect of t

13、heir strategic financial management is greatly affected due to their unscientific and irregular strategies, which are characterized by the following features: first, their strategic financial aims depart from their enterprises overall ones; second, financial strategies are regarded equal to financia

14、l plans, hence neglecting the comprehensiveness of financial strategies; third, financial strategies are not made based on their enterprises long-term goals and therefore have great randomness. 2.2 neglecting strategic environment analysis and having unreasonable strategic financial goals strategic

15、environment analysis is both the foundation of 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 financial strategies. at present, quite

16、 a lot of small and medium enterprises havent realized the importance of strategic environment for the establishment and implementation of financial strategies and accordingly failed to have proper analysis on their strategic financial environment especially its internal environment. as a result, th

17、eir unpractical and unreasonable strategies have restricted the effective implementation of their financial strategies. 2.3 lessening the role of budgeting in strategic financial implementation budgeting mainly exerts its role in strategic financial implementation in two aspects. first, it further c

18、larifies and specifies strategic financial ideas so 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 an all employees will have bet

19、ter cooperation and communication with each other. second, budgeting also provides a standard for an enterprises daily operation and performance. with a quantitative financial goal set in budget, the actual implementation can be compared with the budget to reveal the disparity between the goal and t

20、he reality and take effective countermeasures. now, most small and medium enterprises in china have no systematic and complete budget system made up of sales budget, production cost budget, general indirect cost budget, loss and expense budge and cash budget and so on. even if some have such a syste

21、m, its shortage of careful budgeting and strict implementation also lessens the role of budgeting as well as the implementation of financial strategies. 2.4 problems in enterprises financial management now, some problems in small and medium enterprises financial management have also restricted the e

22、stablishment and implementation of their financial strategies. some main problems are as follows. obsolete 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 capit

23、al management; entrepreneurs and financial staffs lack of scientific and advanced financial ideas including time value, risk value, marginal cost, opportunity cost and insufficient knowledge about financial management theories and methods have resulted in unclear duty division, disordered management

24、, ineffective monitor, false accounting information and so on. difficult financing, mainly manifested in insufficient channels and scales of financing channels as well as disordered financing orders. currently, most small and medium enterprises are faced with great difficulty in gaining short-term l

25、oans, not to mention long-term ones. 81% of all enterprises have no enough current funds for their operation. 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 ca

26、n really get such loans, 16% enterprises demands are fully fulfilled, 52.7% are partially fulfilled 31.2% are not fulfilled. (huang, 2008) 3. causes of the problems in strategic financial management of small and medium-sized chinese enterprises at present, most small and medium enterprises especiall

27、y those private ones employ highly unification of ownership and management rights in which the investor is the manager whose power can not be restricted in any case. having no clear division of duties and strict regulations, these managers dont embody financial management into an effective corporate

28、 management system, not to mention regarding financial strategies as a significant part of the enterprises overall strategies, hence lessening their significance and function. these managers dont believe in strategy but good luck, not system but ties of blood, not procedures but tackling key points,

29、 not management but technology and market. especially for those enterprises venturing out of niches, unfavorable environment is the chief offender. 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

30、medium chinese enterprises have poor comprehensive quality, insufficient management experiences and low efficiency because they havent gone through any systematic learning of management theories and special professional training. therefore, they are not able to have reasonable predictions, decisions

31、, budgets, control, analysis and evaluation based on their own characteristics and the market, to have analysis on financial environment and lay down applicable and feasible strategies for financing, investment as well as profit distribution or to fully realize the importance of financial budgeting

32、and therefore to have effective control over its implementation in order to serve the overall goals of their enterprises development strategies in a better way. 4 creating favorable strategic environment and emphasizing environmental analysis for small and medium enterprises, their strategic environ

33、ment has impact on not only their financing but the establishment and implementation of their financial strategies. therefore, it is of great importance to create favorable strategic environment and emphasize environmental analysis. in spite of a series of national policies encouraging, guiding and

34、supporting the development of small and medium enterprises in china, the internal and external environment for their development needs to be improved greatly. accordingly, china should make more efforts to develop its local banks and financial agents with small or medium scale, to establish a financ

35、ial system beneficial for these enterprises development, to establish or perfect effective loans guarantee system to help these enterprises, to offer opportunities for them to issue their stocks or bonds, to expand direct financing channels and encourage the development of risk investment, to promot

36、e the development of enterprises specialized in high and new technology by perfecting institutions and organization construction, strengthening the support for these enterprises by financial agents and to establish funds to support their development. for enterprises themselves, they should try to im

37、prove their qualities, strengthen their sense of credit and improve their credit as well to create favorable credit environment. 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 addit

38、ion, these enterprises should be fully aware 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 environmental analysis and improve their decisio

39、n-making abilities. conclusionto sum up, a variety of elements related to enterprises external and internal conditions should be taken into consideration when they establish their financial strategies. due to their different characteristics, small and medium-sized enterprises have to establish their

40、 own financial management strategies instead of copying those of the large enterprises. 战略财务管理的中小型企业zongsheng liu. economic theory and management摘要随着社会经济的发展和科学技术的进步，中国企业正在与一个充满机会和危险的阶段。本文介绍的内涵和战略财务管理的重要性，阐述金融战略进行小型和中小型企业的共同问题及原因，并提出了相应的对策终于。 关键词：小型和中小型企业，战略财务管理，问题，对策;前言一个企业的金融环境的不确定性充满风险的金融活动。除了机会，相

41、当多的危险地段不时出现在其财务管理时间。因此，它已成为关键，一个企业的财务管理的成功是否可以保留的变化和趋势，同时又拒绝什么是有害的。战略管理思想在企业财务管理的重要，因为我们要努力分析和把握的整体环境，一个企业的发展趋势，因此，提高适应性，可变性和财务管理是否适用于不确定的环境。目前，超过10,000,000小型和中小型企业已通过了工商登记，占90，中国的企业总数。因此，他们的战略财务管理是特别重要，这也是本文的主题。战略财务管理的中小型企业1、战略财务管理的主要内容战略财务管理财务管理理论，是指根据这些资金应在最适当的方式进行，募集资金应当利用和企业的再投资和利润分配的决定和最有效的方式管

42、理应最合理。根据它的内涵，我们可以归纳出三个主要内容的战略财务管理，包括融资策略，投资策略和利润分配的策略。详情如下：融资策略高度发达的现代企业是在销售大幅增长的特点。当面对这样的形势，企业往往有很高的要求，因为资本股票和应收账款有所增加。更大的销售增长张力越大，资金需求将。因此，融资战略是在战略财务管理的重要性。融资战略的功能在于进一步明确了筹措经费的准则，奠定了融资目标，建立了整体规模，渠道和融资方式，优化资本结构安排的战略计划，制订相应的对策，以实现融资目标，并最后预测和收集企业需要的资金数额。2、小中存在的问题和战略大中型企业财务管理的中国目前，一些常见的问题包括：2.1缺乏科学和规范

43、化的财政对策不少企业只追求规模大，或购买大量土地，而忽视了资产结构分配，或有没有为资本的合理安排。他们没有财务策略可言，更不用提其执行情况。至于一些人，他们的战略财务管理的效果有很大的影响，由于其不科学的，不规则的战略，这是由以下特点：第一，他们的财务目标，从战略的企业整体的离开;第二，金融战略把等于财务计划，从而忽略了金融战略的全面性;第三，金融战略是基于他们没有取得企业的长远目标，因此有很大的随机性。2.2忽视战略环境分析及战略有不合理的财务目标战略环境分析是财务战略的基础和保证其实施。它包括内部和外部与前者的内部基础和建立金融战略实施的基础环境分析。目前，不少中小型企业很多没有认识到建立

44、和金融战略的实施战略环境的重要性，因此无法对他们的战略金融环境，特别是其内部环境的正确分析。 因此，他们的不切实际和不合理的战略，限制了其金融战略的有效实施。2.3减少在战略执行情况的财政预算中的作用预算主要在两个方面发挥其在金融方面的战略实施中的作用。首先，它进一步明确，并指定财务战略思想，以理解和所有工作人员进行。预算可以帮助战略目标划分到每一个企业的部分乃至每一位员工。此外，当实现一个共同的任务，所有版面的全体员工将有更好的合作与相互沟通。第二，预算还提供了一个企业的日常运行和性能标准。随着定量财务预算设定的目标，可实际执行与预算比较，揭示之间的目标与现实的差距，并采取有效的对策。现在，大部分中小型企业在中国没有系统和完整的预算体系由销售预算，生产预算，成本，