财务管理类外文文献

China Problems andCountermeasuresAbstract：due to their own national policies and corporate aspects of Financial Management of SMEs in the main fund-raising channels exist narrow and seriously underfunded, the operator awareness of weak financial management, corporate Financial Accounting system is not perfectand so on. In order to better play the role of SMEs, the author recommends that the state has adopted relevant policies, expand financing channels, strict financial management, strengthening of external supervision, the introduction of the ranks of professional managers and other measures to improve the management level of SMEs.Keywords: small and medium enterprises; financial management; problems; countermeasureIn December 2005, the National Development and Reform Commission issued the "SMEGrowth Project" report on the work that small and medium enterprises in China now has 4 240 million, accounting for 99.6% of enterprises, SMEs accounted for sales of total sales of all enterprises 58.9%, the value of final goods and services accounted for 58% of the national GDP, tax revenue accounts for about 48% of patents account for 66% of patents, new productsaccounted for 82% of all new products to address the urban employment accounted for a netincrease of employment of 75%. However, the output of small-scale, lower capital and technology, as well as the traditional structure and composition of external macro-economics, the impact on SMEs, making the status of the Financial Management of SMEs in China is not optimistic. Strengthen the Financial Management of SMEs imminent.First, define the criteria for SMEsPromulgated in 2002, "SME Promotion Law of The People's Republic of China" (hereinafterreferred to as the "SME Promotion Law") that: small and medium enterprises is established by Law in the PRC, that are conducive to meet the social needs, increasing employment, in line with the national industrial policy, small and medium-scale production and operation of various ownership and various forms of business. SME definition of what is available from both theoretical and practical aspects to consider:(A) Theoretical standardTheory to define standards for SMEs should be based on competitive benchmark. Thecompetitiveness of enterprises can be divided into resources, ability to obtain, using three levels ofability and Development capabilities. Three levels of ability to contribute to the competitiveness ofthe weight should be in ascending order.(B) standards of practiceStandards of practice by policy-level criteria were divided into macro-policy and sectoralpolicy standards. The former is to define standards for small and medium enterprises, which is the classification criteria for SMEs. In practice, SMEs need to define the standard reference of choice, the choice of indicators and targets set three aspects of settlement; and sectoral policies in the formulation of sectoral policies should be characterized by pairs of small and medium enterprises to classify and selection, classification and Selection criteria is ultimately based on corporate status quo, policy objectives and requirements to determine.Second, the status quo of financial management for SMEsIn recent years, China has been rapid Development of SMEs. But there are a considerablenumber of SMEs in the pursuit of sales and market share alone, ignoring the central position of financial management, management, rigid thinking behind the enterprise financial managementand the role of risk control has not been fully utilized. Due to changes in the macroEconomic environment and institutional impact of SMEs in strengthening financial management of the obstacles encountered. For example, the policy "discrimination" so that SMEs and large enterprises can not be a fair competition; local government intervention in industry, management's goal of making short-term financial management of SMEs; financial management by the impact of the business is too large, and so.In addition, a number of small and medium enterprises in China's financial system is notperfect, the accounting bodies and positions set up confusion, accounting personnel undocumented induction; enterprises, accounts are confusing, property is not real, data distortion, etc. are common occurrences. Hazards of these issues early in the enterprise business is not yet clear, once the access to capital, large-scale operations, they are the influence will be gradually expanded and eventually would lead them towards a recession and declining.3, SME Analysis of the problems of financial management(A) lack of national policy supportNational policy support mainly refers to all levels of government policy support, national legal support, financial support. First, the lack of policy and legal support. Over the years, our government's policy regimes tend to large enterprises, especially state-owned enterprises or listed companies at the expense of the SME support policies. The legal provisions relating to small and medium enterprises are scattered throughout a number of legal norms, and is mainly focused onthe management of government business, and few pairs of small and medium enterprises toprotect the weak status of requirements. Second, financing, taxation, land use, preferential policies have also tended to large enterprises. The total number of SMEs and the country's total industrial output value is the corresponding total number of the vast majority, but the size of loans accounted for a small country in the proportion of the total credit. Small and medium enterprises more taxes, repeated charges and taxes of arbitrary large, some government departments to small and medium enterprises, as assessed various cost objects.(B) a serious shortage of fundsFund-raising channels narrow, lack of funds has always been a serious impediment to the development of SMEs in China. Production is small and difficult to create economies of scale; backward management, business risk, short-term behavior is prevalent; repayment credibility is low, credit risks. For these reasons a direct impact on corporate finance.(C ) weak financial management awarenessOn the one hand, a considerable number of the private nature of the small and mediumenterprises, investors set the ownership and management rights in a conducting financial activities and deal with a variety of Economic relations that with the wishes of the individual owner with a clear tendency to arbitrariness; the other hand, a certain Some operators tend to focus too technical, light management, and re-sale, light manage their money, that the enterprise benefits by the business development, not "tube" out of the neglect of the financial management of the production and operation activities of the guiding role. Enterprise managers a weak awareness of financial management has constrained the healthy development of SMEs.(D) The enterprise's financial system is not perfectEnterprise Financial Management environment, including the external environment andinternal environment for two aspects. Construction of the external environment mainly depends on the formulation of government policy and related institutional support, while the internal environment of the building depends mainly on the enterprise's own system of building. SMEs in building their financial system, the main issue for the accounting system is not perfect embodiment. Most SMEs lack of complete internal accounting system, not only in the original certificate records management, quota management, measurement management, and acceptance no system tospeak of, but also in the accounting department functions and powers, accountants of personal responsibility, accounts processing system, within the containment system, audit system, it is also chaotic.(5) Enterprise Asset Management chaotic1. Cash management chaos. Most SMEs do not prepare cash plan, often cash-strapped oridle phenomenon; low level of credit management, the lack of a strict credit policy of the immediate payment, deferred payments, extended payment there is no specific incentives and disincentives; the lack of strong collection of measures, resulting in more bad debts, affecting sales and profits increased, hindering the flow of funds rate.2. Accounts receivable inadequate control. As the supply fierce competition amongenterprises, commodity oversupply of small and medium enterprises in order to avoid their products have been eliminated to take delivery Loaning sales methods, resulting in high accounts receivable, thereby increasing the number of bad debts .3. Inventory control is weak, the phenomenon of the proliferation of financial slack. Most enterprises materials procurement and product sales of cash transactions; corporate finance staff free to withdraw cash for long periods of settlement; enterprise's cash income and expenses are not recorded and so on, resulting in sluggish capital.4. Fixed asset management chaos. Purchase of fixed assets are recorded or not registered intime for failing to obtain an invoice can not be accounted for; unclear because of the original records, the purchase of fixed assets can not be taken according to the existing accounting system, which requires classification depreciation; scrapped, destroyed fixed assets without the required clean-up, resulting in account a range of issues and reality.(6) Investment poorPoor Investment capacity of SMEs mainly as follows: 1. SMEs, lack of Investment fundsrequired. The main sources of finance for SMEs as banks and other financial institutions, but they are to attract financial institutions, investment or borrowing more difficult. Even if banks agreed tolend to SMEs, but also because of the high risk raising lending rates, thus increasing the cost of financing for SMEs. 2. The pursuit of short-term goals. Because of its small size, the proportion of loans to invest in higher than large enterprises are facing greater risk, so they focus on return on investment, but neglected the expansion of the scale of its own. 3. Investment there is blindness, it is difficult to grasp in the right direction. Reposted elsewhere in the paper for free download Fourth, the financial management of SMEs on the specific ways(A) strengthen the Government's introduction of relevant policiesCompared with large enterprises, SMEs, financial management clearly at a disadvantage,China's relevant government departments should strengthen the SMEs introduction of legislationand related policies, protect the healthy growth of small and medium enterprises, to play its due role. According to incomplete statistics, in the legal person in the country's industrial enterprises, small enterprises accounted for more than 95% of small businesses the value of final goods and services account for the proportion of gross domestic product, nearly 50%. Therefore, the recent years the government has also been concerned about the small and medium enterprises. For example, in 2002, the Government promulgated the "SME Promotion Law"; in April 2004, the Government promulgated "small business accounting system", and in January 1, 2005 in full swing. Although China has not yet issued comprehensive policies and regulations on accounting by SMEs, but with the role of SMEs increasingly clear that in order for the creation and development of small businesses to create a more healthy environment, I believe the Government in this regard will make a greater effort. Therefore, the majority of small and medium enterprises faced with a very good development opportunities.(Ii) strengthening the financing capacity ofFinancing channels for SMEs narrow a direct impact on the quality of financial management hasalso become a bottleneck restricting the development of SMEs. SME managers and small-scale,poor to withstand market risks should be based on the characteristics of their own as far as possible put the money into the recovery period is short, relatively low risk projects, improve the efficiency of using funds to effectively broaden the financing channels for enterprises.1. Properly diversify investment risks, optimize the capital structure, to improve theirfinancing ability. SMEs must be reasonable arrangements for the capital structure, increasing the premise of internal capital accumulation, moderate debt in order to meet the needs of business investment.2. Formulate a scientific and reasonable financial strategic decision to reduce investmentrisks, reduce the randomness and blindness in the decision-making and improve corporatefinancial management. When the firm's capital accumulation to a certain size could be considered after the moderate diversification, decentralization of funds to invest and reduce investment risks. In addition, the project investment process to grasp the normative, scientific forecasting investment projects, and to ensure that the time value of money and risk return balance.3. Banks may be small and medium enterprises inventory and receivables as collateral, or tosmall and medium sized Technology companies to enjoy patent rights as collateral security in support of SME financing, allowing qualified companies to issue bonds for the participation of SMEs in the bond market provide an opportunity. "SME Promotion Law," which made the relevant provisions. For example, the PBC should strengthen support for small and medium financial institutions, to encourage commercial banks to adjust their credit structure, increase credit support for small and medium enterprises.(C ) Strict financial controlWeaknesses in financial control for the enterprise problem, the majority of small and medium enterprises from the following aspects:1. Corporate functional departments should fully recognize the importance of funding, effortsto improve the efficiency of the use of funds. First of all, the efficiency with which the source of funds and used. Secondly, the accurate prediction of funds and pay back time. For example, the purchase of time and recovery time of accounts receivable effective combination. "SME Promotion Law" stipulates that: "the central budget should be set up SME subjects, arrange special funds to support the development of SMEs. Local governments should be based on actual conditions toprovide financial support for SMEs."2. Establish a sound internal control system. SMEs should increase the propertymanagement and property records, transparency, financial management, records, inspection,audit should be accountable. In this way, you can ensure that the constraints within the enterprise, enhance the security of enterprise information, promote the healthy development of enterprises. 3. Strengthening the inventory and accounts receivable management. Compressed as muchas possible obsolete inventory resources, to avoid financial slack to ensure that the best structure for stock funds. For example, Dell, Haier and other large companies have largely succeeded in zero inventory standards. Company shall promptly credit the customer's credit Research assessed regularly check the amount of accounts receivable, and strictly control aging. For bad debts, bad debts to obtain conclusive evidence, the proper accounting treatment.4. Regulate finance staff employed to improve the quality of financial personnel. Enterprises should be based on "Accounting Law", the accounting system and other regulatory requirements, employing accounting personnel with the qualifications to avoid the internal corporate managers who hire to ensure that the normal accounting. In addition, the professional training of finance staff should strengthen the spirit of financial officers, finance staff to enhance the legal awareness and monitoring of awareness, strengthening the accounting team building.(D) the strengthening of external supervision andAt present, the small and medium enterprises to standardize the accounting constraints ontheir own is unrealistic and should make more use of external supervision, to help SMEs to achieve standardization of accounting. China's accounting supervision of national supervision, social supervision and internal supervision of the trinity of the supervision system, in which the first two belong to external oversight. State supervision by the finance, taxation, banking, business, the securities regulatory departments under the supervision of the implementation of relevant laws and regulations; social supervision Zeyi fiscal intermediaries as the main, by its acceptance of others entrusted to the relevant units of the accounting audit, capital verification and so on. If thecourse of their practice, I found the process of SMEs, accounting does not comply with the relevant laws, regulations, and should be promptly reported to the financial, taxation and other authorities, for their strictly dealt with.(E) the introduction of the ranks of professional managersSMEs should abandon the "family" management philosophy, learn from advancedmanagement Experience of large enterprises, bold, and actively introducing professionalmanagers and other high-quality management talent, improve the quality of businessmanagement and improve operational management level. Join the WTO, China's financial markets, product markets have undergone significant changes, financial management, in many ways to addnew content, such as risk management, tax management, insurance and management. At thesame time, the diversification of financial services, international financial management also provides a large selection space. "SME Promotion Law" also stressed: "The state encourages the relevant agencies, universities and business management training for SMEs in areas such as production technology, enhancing SME marketing, management and technical level." Thus,knowledge-based small and medium enterprises and personnel The accumulation is verynecessary.【References】key[1] Xu Tao. SME financial management problems and countermeasures [J]. Accounting Research, 2007.[2] Fu Zhuo. China's SMEs financial management model [D]. Xiamen University, 2001, (09).[3] Wang Lei. For SMEs financial management thinking [J]. Commercial modernization, 2007, (06) (bottom).[4] Qin Shaoqing. To resolve the plight of SMEs to financial management thinking [J]. Accountancy Friends, 2007, (02) (middle).[5] Hui-ping. On the financial management of SMEs in China Problems and countermeasures [J]. Commercial modernization, 2007, (07) (bottom).[6] their lives hung. On the financial management of SMEs, the problems and countermeasures [J]. Strait of Science, 2007, (02).[7] Ministry of Finance. .2004 Small business accounting system.[8] National People's Congress Standing Committee. The People's Republic of China Small Enterprise Promotion Law of .2002.。