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研究中小企业融资要参考的英文文献

研究中小企业融资要参考的英文文献在研究中小企业融资问题时，寻找相关的英文文献是获取国际经验和最佳实践的重要途径。

以下是一些值得参考的英文文献，涵盖了中小企业融资的理论背景、现状分析、政策建议以及案例研究等方面。

“Financing Small and Medium-Sized Enterprises: A Global Perspective”, by P.K. Agarwal, A.K. Dixit, and J.C. Garmaise. This book provides an comprehensive overview of the issues and challenges related to financing small and medium-sized enterprises (SMEs) around the world. It presents an analytical framework for understanding the different dimensions of SME financing and outlines best practices and policy recommendations for improving access to finance for these businesses.“The Financing of SMEs: A Review of the Literature and Empirical Evidence”, by R. E. Cull, L. P. Ciccantelli, and J. Valentin. This paper provides a comprehensive literature review on the financing challenges faced by SMEs, exploring the various factors that influence their access to finance,including information asymmetries, lack of collateral, and limited access to formal financial markets. The paper also presents empirical evidence on the impact of different financing strategies on SME performance and outlines policy recommendations for addressing these challenges.“The Role of Microfinance in SME Finance: A Review of the Literature”, by S. Hossain, M.A. Iftekhar, and N. Choudhury. This paper focuses on the role of microfinance in financing SMEs and explores the advantages and disadvantages of microfinance as a financing option for SMEs. It also outlines the potential for microfinance to play a greater role in supporting SME development in emerging markets and provides policy recommendations for achieving this objective.“The Political Economy of SME Finance: Evidence fromCross-Country Data”, by D.J. Mullen and J.R. Roberts. This paper examines the political economy of SME finance, exploring the relationship between government policies, market institutions, and SME financing constraints. Usingcross-country data, the paper finds evidence that government policies can have a significant impact on SME access to finance and that countries with better market institutions are more successful in supporting SME development. The paper provides policy recommendations for improving SME financing in different political and institutional settings.“Financing SMEs in Developing Countries: A Case Study of India”, by S. Bhattacharya, S. Ghosh, and R. Panda. This case study explores the financing challenges faced by SMEs in India and identifies the factors that limit their access to finance, including government policies, market institutions, and cultural traditions. It also presents an in-depth analysis of the various financing options available to SMEs in India, such as informal credit markets, microfinance institutions, and banks, and outlines policy recommendations for enhancing access to finance for these businesses.这些文献提供了对中小企业融资问题的多维度理解，并提供了实用的政策建议和案例研究，有助于更好地解决中小企业的融资需求。

中小企业财务管理：以韩国为例外文文献翻译2014年译文哪3500字

中小企业财务管理：以韩国为例外文文献翻译2014年译文哪3500字This paper examines the financial management practices of small and medium-sized enterprises (SMEs) XXX 150 SMEs to investigate their financial management practices。

including financial planning。

financial control。

and financial n-making。

The results show that XXX in financial management。

including limited financial resources。

lack of financial expertise。

and difficulty in accessing external financing。

The study also findsthat SMEs with better financial management XXX and growth potential。

The findings XXX to the success of XXX.n:Small and medium-sized enterprises (SMEs) play a crucialrole in the economy of South Korea。

accounting for more than 99% of all businesses XXX for more than 88% of the workforce (KoreaSmall Business Institute。

2013)。

Despite their importance。

XXX in financial management。

中小企业融资渠道中英文对照外文翻译文献

中小企业融资渠道中英文对照外文翻译文献Title: Financing Channels for Small and Medium-sized Enterprises: A Comparative Analysis of Chinese and English LiteratureIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, they often face challenges in accessing finance due to limited assets, credit history, and information transparency. This article aims to provide a comprehensive analysis of financing channels for SMEs, comparing existing literature in both Chinese and English.1. Overview of SME Financing Channels:1.1 Bank Loans:Traditional bank loans are a common financing option for SMEs. They offer advantages such as long-term repayment periods, lower interest rates, and established banking relationships. However, obtaining bank loans may be challenging for SMEs with insufficient collateral or creditworthiness.1.2 Venture Capital and Private Equity:Venture capital (VC) and private equity (PE) attract external investments in exchange for equity stakes. These financing channels are particularly suitable for high-growth potential SMEs. VC/PE investors often provide not only financial resources but also expertise and networks to support SMEs' growth. However, SMEs may face challenges in meeting the stringent criteria required by VC/PE firms, limiting accessibility.1.3 Angel Investment:Angel investors are wealthy individuals who provide early-stage funding to SMEs. They are often interested in innovative and high-potential ventures. Angel investments can bridge the funding gap during a company's initial stages, but SMEs need to actively seek out and convince potential angel investors to secure funding.1.4 Government Grants and Subsidies:Governments offer grants and subsidies to support SMEs' business development and innovation. These resources play a pivotal role in ensuring SMEs' survival and growth. However, the application process can be cumbersome, and the competition for these funds is usually high.1.5 Crowdfunding:Crowdfunding platforms allow SMEs to raise capital from a large poolof individual investors. This channel provides opportunities for SMEs to showcase their products or services and engage directly with potential customers. However, the success of crowdfunding campaigns depends on effective marketing strategies and compelling narratives.2. Comparative Analysis:2.1 Chinese Literature on SME Financing Channels:In Chinese literature, research on SME financing channels focuses on the unique challenges faced by Chinese SMEs, such as information asymmetry, high collateral requirements, and insufficient financial transparency. Studiesemphasize the importance of government policies, bank loans, and alternative financing channels like venture capital and private equity.2.2 English Literature on SME Financing Channels:English literature encompasses a broader range of financing channels and their implications for SMEs worldwide. It highlights the significance of business angel investment, crowdfunding, trade credit, factoring, and peer-to-peer lending. The literature also emphasizes the role of financial technology (fintech) in expanding SMEs' access to finance.3. Recommendations for SMEs:3.1 Enhancing Financial Literacy:SMEs should invest in improving their financial literacy to understand different financing options and strategies. This knowledge will help them position themselves more effectively when seeking external funding.3.2 Diversifying Funding Sources:To mitigate financing risks, SMEs should explore multiple channels simultaneously. A diversified funding portfolio can help SMEs access different sources of capital while reducing dependence on a single channel.3.3 Building Relationships:Developing relationships with banks, investors, and relevant stakeholders is crucial for SMEs seeking financing. Strong networks and connections can provide valuable support and increase the likelihood of securing funding.Conclusion:Access to appropriate financing channels is crucial for the growth and development of SMEs. This analysis of financing channels for SMEs, comparing Chinese and English literature, highlights the diverse options available. By understanding the strengths and limitations of each channel, SMEs can make informed decisions and adopt strategies that align with their unique business requirements. Governments, financial institutions, and other stakeholders should continue to collaborate in creating an enabling environment that facilitates SMEs' access to finance.。

中小企业激励机制外文翻译文献

中小企业激励机制外文翻译文献(文档含中英文对照即英文原文和中文翻译)原文：The performance inspection and drive mechanism As everyone knows, the incentive system is a modern enterprise system, one of the core content, is to establish the enterprise's core competitiveness the cornerstone of enterprise management is an integral part of the essence. Inspired the term "Chi Hay" as "so excited heart", that is to stimulate people's motives, the acts of people induced to produce a built-in momentum towards the desired goal of the process. As the name suggests, the so-called negative incentives is a breach of individual organizational goals to punish non-expected behavior, so that it does not recur, so that individual initiative the goal of moving in the right direction of transfer, disciplinary action for specific performance, economic sanctions, reduction in rank, descending pay-out and so on. In the modern enterprise management attaches great importance to the entrepreneurs are inspired, and often neglected the role ofnegative incentives, therefore, this article talk about the negative incentives in the enterprise management application.Negative incentives in the role of corporate governance1 Negative incentives to control employee behavior is a hidden "stop line"Just as the boundaries of morality and the law as beyond the boundaries of ethics is bound to be punished by law, a negative incentive is the case, has day-to-day business of the general code of conduct, management systems and so on, beyond the guidelines, the system will be subject to certain sanctions . Of course, the negative incentive measures and means to exist in most of the corresponding enterprise management system. Negative incentives as a "stop line", perhaps as a few employees noted that the staff actually control behavior played an indispensable role in the nurture of day-to-day, the staff, consciously or unconsciously, have accepted this kinds of negative incentive regulation, the invisible to the management of behavior of a virtuous cycle of sustained effect. For example, in the system provides that "a deduction for being late to work 100", all the staff all know can not be late, or else they would be punished, under normal circumstances, employees naturally developed a habit to go to work on time, managers applied only bound by a negative incentive mechanism to manage the entire enterprise of labor discipline, we can see, the hidden "stop line" how important.2 Negative incentives can play the role of a warning to othersOn more than a negative incentive systems are often bound by the boundaries of employee behavior, but this does not mean that all employees will comply with the agreed rules, as not all have the law will be law-abiding citizens, the total staff will be guilty of some kinds of errors Otherwise, the legal system and the enterprise system of negative incentives no longer necessary, which means, when the number of employees bound to overcome these consequences will be punished accordingly, and the nature of this punishment is mandatory and the threat of nature, the deterrent effect, often played the role of set an example and really make it impossible for workers to accept the psychological behavior of enterprise management respect, thereby enhancing self-management behavior. For example, suppose acompany in the month, a 3 million to go to work late, this month 3 business deduction 100 Yuan each, and to notice, it will make employees aware that such a negative incentive is not a means of display, but very good to maintain labor discipline of enterprises.3 Negative psychological motivations of employees is greater than the impact of recurrent excitationIs the so-called incentives are in line with the organizational goals of individual acts of reward expectations in order to make more of such acts appeared to raise the enthusiasm of individuals, mainly for employees, such as reward and recognition. However, employees are inspired to gradually dilute the psychological impact, especially for high-paying white-collar class, a survey showed that in China, a monthly salary of 5,000 Yuan higher than the class, for the reward in 10% of the amount of incentives, the overwhelming majority of staff "No feel" because of higher relative to their total remuneration for this award is insignificant, it is hardly surprising that they do not care, and often will fall into the hands of recognition used to "inertia" of the trap. And the psychological impact of negative incentive is huge and has a dual nature, from the physical point of view, under normal circumstances would have been able to get was not punishment, is a double loss and, more importantly, the spirit by combat, psychological fluctuations can be imagined, business incentives is the way through the negative psychological impact from the impact of their actions to achieve the purpose. As in the previous case, a late white-collar workers was 100 Yuan and deduction notice is very worried about this white-collar employees to change his awareness of his psychological impact was not able to be measured by money.4 The positive effect of negative incentivesSimply understood literally, it is often thought to play a negative incentive effect is negative, on the contrary, we in the enterprise management process is to play a positive effect of negative incentives. The above mentioned "stop line" or a warning to others, or all of the negative incentives or means to regulate employee behavior are, in order to conduct business management services. A few days ago, a research report that the current personnel management "can not post, the salary can be increased can not be reduced, the annualassessment is only good, competent, there is no or a very small number of incompetent," and many other phenomena have stemmed from not negative incentive system, which eventually led to a lack of passion and the entire collective vitality, creativity and enthusiasm is not high. Cases from the above analysis, the parties may be a punishment is negative, the negative side, but should be noted that if there are no such negative incentive measures, the wrongful act of a laissez-faire attitude of staff, we can imagine the fate of an enterprise will be How would, in fact, this is only a small number of people on the punishment, the effect is to enable enterprises to comply with the majority of "rules of the game", the positive effect is much larger than the negative effect; for the parties, the negative impact is only temporary, and only he recognized that errors and corrections, the final result is positive.5 The implementation of incentives can not be a negative biasIn the Constitution provides that "everyone is equal before the law," The same is true of negative incentives in the conduct of corporate management to achieve "equality before the negative incentives", which is the implementation of the incentive to be more accurate and appropriate degree of difficulty than Great. Negative incentives in the implementation is often different from the incentives, incentives are often biased in favor of the "icing on the cake," a little more less, less staff than accounting; and negative incentives are different, once the bias, employees will be over, will lead to enterprise management the authority of those who suffer, and even lead to ineffective corporate governance system. For example, an employee for being late, because employees can not be said that he was on his way traffic, there is no subjective error and give up their punishment, or the next because of "traffic" will be late, more and more managers because it is impossible to implement really traffic, managers can also be understood: As it is known that the peak period of work may be traffic congestion, why can not this early point of departure? Should not vary from person to person, such as a wife or relatives leadership to give up their punishment for being late, then all the systems will be a mere formality, corporate governance, sink into a chaotic state.6 In the face of negative incentives to managers to lead by exampleLeadership as a business, managers should be willing to "loss" itself, it is necessary to accompany staff to accept the burden of responsibility should be to enable the staff will not be convincing. In the power industry for many years of day-to-day management of the "monthly economic assessment methods accountability" and "Points management regulations" are two well-established management practices, these two approaches to the conduct of employees as defined in detail, the vast majority the majority of negative incentive measures, a smallnumber of positive incentives, which is a good part of punishment for the next level of employees, higher level managers to be a certain percentage of the associated penalties, since the theory is wrong on the lower level employees at least bear management responsibility, the penalties associated with negative incentive measures to implement greater interoperability, the higher level can say. There is also a subordinate enterprises, the establishment of the "three German banks" management approach, that is, professional ethics, social ethics and family virtues, and management areas within the eight-hour extension from the outside to eight hours to count each and every member of the "three ethics" of the gold, as a punishment "Three Morals" of loan interest, deposit interest rates as a reward, but the leadership of more severe joint and several liability, "Three Morals" of points is the average of employees, by employees of the system greatly recognition.1. One of the principles: incentives to vary from person to personBecause of the different needs of different staff, therefore, the same incentive effects of policy incentives will play a different. Even with a staff, at different times or circumstances, will have different needs. Because of incentives depending on the internal and the subjective feelings of the staff is, therefore, incentive to vary from person to person.In the formulation and implementation of incentive policies, we must first investigate each employee clearly what is really required. Required to organize, classify, and then to formulate appropriate policies to help motivate employees to meet these needs.2. Two principles: appropriate incentivesAppropriate incentives and penalties will not affect the incentive effect, while increasing the cost of incentives. Award overweight employees would have to meet the mood of prideand lost the desire to further enhance their own; reward incentives too light will not achieve the effect, or so employees do not have a sense of attention. Heavy penalties are unfair to make employees, or loss of the company's identity, or even slow down or damage arising from the emotions; leniency error will underestimate the seriousness of the staff, which will probably make the same mistake.3. The principle of three: fairnessThe fairness of the management staff are a very important principle, employees are any unfair treatment will affect his mood and work efficiency, and effectiveness of the impact of incentives. Employees to obtain the same score, we must receive the same level of incentives; the same token, employees committed the same error, but also should be subject to the same level of punishment. If you can not do this, managers would prefer not to reward or punishment.Managers deal with employees at issue, must have a fair mind, should not have any prejudices and preferences. Although some staff may allow you to enjoy, some you do not enjoy, but at work, must be treated equally and should not have any of the words and acts of injustice.1. Stimulate the transfer of staff from the results of equal to equal opportunities and strive to create a level playing field.For example, Wu Shimon at IBM from a clean start with the people, step by step to the sales clerk to the district person in charge, General Manager of China, what are the reasons for this? In addition to individual efforts, but also said that IBM should be a good corporate culture to a stage of development, that is, everyone has unlimited opportunities for development, as long as there is capacity there will be space for the development of self-implementation, which is to do a lot of companies are not, this system will undoubtedly inspire a great role of the staff.2. Inspire the best time to grasp.- Takes aim at pre-order incentive the mission to advance incentives.- Have Difficulties employees; desire to have strong demand, to give the care and timely encouragement.3. Want a fair and accurate incentive, reward- Sound, perfect performance appraisal system to ensure appropriate assessment scale, fair and reasonable.- Have to overcome there is thinning of the human pro-wind.- In reference salary, promotions, awards, etc. involve the vital interests of employees on hot issues in order to be fair.4. The implementation of Employee Stock Ownership Plan.Workers and employees in order to double the capacity of investors more concerned about the outcome of business operations and improve the initiative.Modern human resources management experience and research shows that employees are involved in modern management requirements and aspirations, and create and provide opportunities for all employees is to mobilize them to participate in the management of an effective way to enthusiasm. There is no doubt that very few people participated in the discussions of the act and its own without incentives. Therefore, to allow trade unions to participate in the management of properly, can motivate workers, but also the success of the enterprise to obtain valuable knowledge. Through participation, the formation of trade unions on the enterprise a sense of belonging, identity, self-esteem and can further meet the needs of self-realization.Set up and improve employee participation in management, the rationalization of the proposed system and the Employee Stock Ownership and strengthening leadership at all levels and the exchange of communication and enhance the awareness of staff to participate in ownership.5. Honor incentiveStaff attitude and contribution of labor to honor rewards, such as recognition of the meeting, issued certificate, honor roll, in the company's internal and external publicity on themedia reports, home visits condolences, visit sightseeing, convalescence, training out of training, access to recommend honor society, selected stars model, such as class.6. Concerned about the incentivesThe staff concerned about work and life, such as the staff set up the birthday table, birthday cards, general manager of the issue of staff, care staff or difficult and presented a small gift sympathy.7. CompetitiveThe promotion of enterprise among employees, departments compete on an equal footing between the orderly and the survival of the fittest.8. The material incentivesIncrease their wages, welfare, insurance, bonuses, incentive houses, daily necessities, wages promotion.9. Information incentivesEnterprises to communicate often, information among employees, the idea of communication, information such as conferences, field release, and enterprises reported that the reporting system, the association manager to receive the system date.译文：绩效考核与员工激励众所周知，激励制度是现代企业制度的核心内容之一，是确立企业核心竞争力的基石，是企业管理中的精髓组成部分。

中小企业成本管理研究外文翻译中文文献

中小企业成本管理研究外文翻译中文文献Cost Management in Small and Medium-sized Enterprises: A Research on Foreign LiteratureAbstractAs the backbone of the economy, small and medium-sized enterprises (SMEs) play a crucial role in creating jobs, stimulating innovation, and driving economic growth. However, they often face challenges in managing costs effectively. This article examines and analyzes foreign literature on cost management in SMEs. It explores various cost management techniques, such as activity-based costing, budgeting, and cost control, and highlights the importance of cost management in enhancing the competitiveness and sustainability of SMEs. The findings provide valuable insights for SMEs to optimize their cost management practices and achieve long-term success in the competitive business environment.1. Introduction1.1 BackgroundCost management is an essential aspect of business operations, as it directly impacts the profitability and financial stability of a company. In SMEs, which typically have limited resources and face intense competition, effective cost management is even more crucial.1.2 ObjectivesThe primary objective of this research is to examine the foreign literature on cost management in SMEs and identify best practices and techniques thatcan be applied in the Chinese context. By understanding the experiences and strategies of SMEs in other countries, Chinese SMEs can learn from their successes and avoid potential pitfalls in cost management.2. Cost Management Techniques2.1 Activity-Based Costing (ABC)Activity-Based Costing is a cost allocation method that assigns costs to specific activities or cost objects based on their utilization of resources. This technique provides a more accurate understanding of the cost drivers in a company, enabling SMEs to allocate resources more effectively and identify areas for cost reduction.2.2 BudgetingBudgeting is a fundamental cost management tool that allows SMEs to plan and control their financial resources. By setting realistic and achievable budgets, SMEs can monitor their expenses, forecast future costs, and make informed decisions regarding resource allocation.2.3 Cost ControlCost control involves monitoring and regulating expenses to ensure that they remain within planned limits. SMEs can employ various cost control techniques, such as implementing cost-saving measures, negotiating favorable contracts with suppliers, and leveraging technology to streamline operations and reduce overhead costs.3. Importance of Cost Management in SMEs3.1 Enhanced CompetitivenessCost management enables SMEs to offer competitive prices without compromising on quality. By optimizing their cost structure, SMEs can improve their profit margins and gain a competitive edge in the market.3.2 Resource OptimizationEffective cost management allows SMEs to allocate their limited resources strategically. By identifying unnecessary costs and reallocating funds to key areas, SMEs can optimize their production processes and invest in critical areas such as research and development.3.3 Financial StabilityCost management helps SMEs maintain a stable financial position by minimizing the risk of running into cash flow problems or accumulating excessive debt. By controlling costs and ensuring efficient resource allocation, SMEs can safeguard their financial health and sustain long-term growth.4. ConclusionThis research on foreign literature emphasizes the significance of cost management in SMEs and provides valuable insights into proven techniques and strategies. By implementing effective cost management practices, SMEs can optimize their operational efficiency, enhance competitiveness, and achieve long-term success in an increasingly competitive business environment. This research serves as a guide for Chinese SMEs to improve their cost management practices and overcome challenges effectively. By integrating foreign experiences with localized strategies, SMEs can navigatethe complexities of cost management and position themselves for sustainable growth.。

中小企业融资外文文献翻译

文献信息：文献标题：Financing of SMEs（中小企业融资）国外作者：Jan Bartholdy, Cesario Mateus文献出处：London business review,2007(9),pp43-45字数统计：英文2124单词，10802字符；中文3529汉字外文文献：Financing of SMEsAbstractThe main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are rejected.For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costsof the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from collecting the collateral and selling it to recover the debt. Since SMEs’ management and shareholders are often the same person, equity and internally generated funds have no asymmetric information costs and equity is therefore the cheapest source.2. Asset side theory of SME financingIn the previous section we have suggested that SME’s in Portugal are financed using internal generated cash, cheap trade credits, long and short-term bank loans and expensive trade credits and other loans. In this section the motives behind the different types of financing are discussed.2.1. Cheap Trade creditsThe first external financing source we will discuss is trade-credits. Trade credits are interesting since they represent financial services provided by non-financial firms in competition with financial intermediaries. The early research within this area focused on the role of trade credits in relation to the credit channel or the so called “Meltzer” effect and in relation to the efficiency of monetary policy. The basic idea is that firms with direct access to financial markets, in general large well known firms, issue trade credits to small financially constrained firms . The more recent research breaks the role of trade credits into a strategic motive and financial motive for issuing and using these credits.Strategic motivesThe first theory centers on asymmetric information regarding th e firm’s products. Trade credits are offered to the buyers so that the buyer can verify the quantity and quality before submitting payments. By offering trade finance the supplier signals to the buyers that they offer products of good quality. Since small firms, in general, have no reputation then these firms are forced to use trade credits to signal the quality of their products. The use of trade credits is therefore driven by asymmetric information of the products and is therefore more likely to be used by small firms, if the buyer haslittle information about the supplier, or the products are complicated and it is difficult to asses their quality.The second strategic motive is pricing. Offering trade finance on favorable terms is the same as a price reduction for the goods. Thus firms can use trade credits to promote sales without officially reducing prices or use them as a tool for price discrimination between different buyers. Trade credits are most advantageous to risky borrowers since their costs of alternative financing are higher than for borrowers with good credit ratings. Thus trade credits can be used as tool for direct price discrimination but also as an indirect tool (if all buyers are offered the same terms) in favor of borrowers with a low credit standing.Trade credits are also used to develop long term relationships between the supplier and the buyers. This often manifests itself by the supplier extending the credit period in case the buyer has temporary financial difficulties. Compared to financial institutions suppliers have better knowledge of the industry and are therefore better able to judge whether the firm has temporary problems or the problems are of a more permanent nature.The last motive in not strictly a strategic motive but is based on transactions costs. Trade credits are an efficient way of performing the transactions since it is possible to separate between delivery and payment. In basic terms the truck drive r delivering the goods does not have to run around to find the person responsible for paying the bills. The buyer also saves transactions costs by reducing the amount of cash required on“hand” .Financing motivesThe basis for this view is that firms compete with financial institutions in offering credit to other firms. The traditional view of financial institutions is that they extend credit to firms where asymmetric information is a major problem. Financial institutions have advantages in collecting and analyzing information from, in particular, smaller and medium sized firms that suffer from problems of asymmetric information. The key to this advantage over financial markets lies in the close relationship between the bank and the firm and in the payment function. The financialinstitution is able to monitor the cash inflow and outflows of the firm by monitoring the accounts of the firm.But with trade credits non-financial firms are competing with financial institutions in solving these problems and extending credit. How can non-financial institutions compete in this market? Petersen and Rajan [1997] briefly discusses several ways that suppliers may have advantages over financial institutions. The supplier has a close working association with the borrower and more frequently visit s the premises than a financial institution does. The size and timing of the lenders orders with the supplier provides information about the conditions of the borrowers business. Notice that this information is available to the supplier before it is available to the financial institution since the financial institution has to wait for the cash flow associated with the orders. The use of early payment discounts provides the supplier with an indication of problems with creditworthiness in the firm. Again the supplier obtains the information before the financial institution does. Thus the supplier may be able to obtain information about the creditworthiness faster and cheaper than the financial institution.The supplier may also have advantages in collecting payments. If the supplier has at least a local monopoly for the goods then the ability to withhold future deliveries is a powerful incentive for the firm to pay. This is a particular powerful threat if the borrower only accounts for a small fraction of the suppliers business. In case of defaults the supplier can seize the goods and in general has a better use for them than a financial intermediary sizing the same goods. Through its sales network the supplier can sell the reclaimed goods faster and at a higher price than what is available to a financial intermediary. These advantages, of course, depend on the durability of the goods and how much the borrower has transformed them.If asymmetric information is one of the driving forces the explanation of trade credits then firms can use the fact that their suppliers have issued them credits in order to obtain additional credit from the banks. The banks are aware that the supplier has better information thus the bank can use trade credits as signal of the credit worthiness of the firm.That trade credits are in general secured by the goods delivered also puts a limit on the amount of trade credits the firm can obtain, thus the firm cannot use trade credits to finance the entire operations of the firm.In summary the prediction is that the level of asymmetric information is relatively low between the providers of trade credit and the borrowers due to the issuer’s general knowledge of the firm and the industry. In the empirical work below the variables explaining the use of trade credit are credit risk factors and Cost of Goods Sold. Since these trade credits are secured by the materials delivered to the firm, firms cannot “borrow” for more than the delivery value of the goods and services.2.2 Bank loansBanks have less information than providers of trade credit and the costs of gathering information are also higher for banks than for providers of trade credit. Providers of trade credits also have an advantage over banks in selling the collateral they have themselves delivered, but due to their size and number of transactions banks have an advantage in selling general collateral such as buildings, machinery etc. Banks therefore prefer to issue loans using tangible assets as collateral, also due to asymmetric information, they are less likely to issue loans to more opaque firms such as small and high growth firms. Banks are therefore willing to lend long term provided that tangible assets are available for collateral. In the empirical work below tangible assets and credit risk variables are expected to explain the use of long-term bank loans and the amount of long-term bank loans are limited by the value of tangible assets.The basis for issuing Short Term Bank Loans is the comparative advantages banks have in evaluating and collecting on accounts receivables, i.e. Debtors. It is also possible to use Cash and Cash equivalents as collateral but banks do not have any comparative advantages over other providers of credit in terms of evaluating and collecting these since they consist of cash and marketable securities. In terms of inventories, again banks do not have any comparative advantages in evaluating these. Thus, we expect the amounts of debtors to be the key variable in explaining thebehaviour of Short Term Bank Loans.2.3. Expensive trade credit and other loansAfter other sources of finance have been exhausted firms can delay payment on their trade credits. However, this is expensive since it involves giving up the discount and maybe incurs penalty payments. Also the use of this type of credit can have reputational costs and it may be difficult to obtain trade credit in the future. The nature of the costs, of course, depends on the number of suppliers, if there is only one supplier then these costs can be rather high whereas if the firm can obtain the same goods and services from other suppliers then these costs are not particularly high.Other debt is composed of credit card debt, car loans etc. that are dearer than bank loans. Again, the variables determining this type of debt are financial health and performance. Below, however, we do not have any good information regarding these types of loans and what they consists of thus we pay little attention to them in the empirical work.ConclusionsCurrently there exist two theories of capital structure The Pecking Order Theory where firms first exhaust all funding of the cheapest source first, then the second cheapest source and so on. The differences in funding costs are due to adverse selection costs from asymmetric information. The second theory is the Tradeoff Theory where firms increase the amount of debt as long as the benefits are greater than the costs from doing so. The benefits of debt are tax-shields and “positive agency costs” and the costs of debt are the expected bankruptcy costs and the “negative agency costs”. In both of these theories, the composition of the asset side of the balance sheet is not important and in this paper, that proposition is strongly rejected. So the main conclusion is that the composition of the asset side of the balance sheet influences the composition of the liability side of the balance sheet in terms of the different types of debt used to finance the firm, or that the use of the funds is important in deciding the type of financing available.We further argue that it is asymmetric information and collateral that determines the relationship between the asset side and liability side of the balance sheet. Thetheory works reasonable well for Cheap Trade Credits and Long Term Bank Loans but the tests for Short Term Bank Loans are disappointing.中文译文：中小企业融资摘要中小企业融资的主要来源有：股权融资、按时兑现的贸易信贷融资、中长期银行信贷融资、延迟兑现的贸易信贷融资以及其他债务融资，每种融资方式的边际成本取决于与其滞纳金相关的信息不对称成本和交易成本。

中小企业财务战略选择研究外文文献及翻译

Enterprise financial strategic focus is the development direction of the future financial activities, goals, as well as a basic approach to achieve the goal and strategy, this is a financial strategy is different from other features of various kinds of strategy.Enterprise financial strategy is the overall goal of assemble, configuration, and use resources rationally, to seek balanced and effective flow of enterprise funds, build enterprise core competitive power, finally realizes the enterprise value maximization.The several aspects of the goal is connected with each other.In the long term performance for, seek the sustainable growth of enterprise financial resources and ability, to realize the enterprise capital appreciation, and make the enterprise financial ability sustainable, rapid and healthy growth, maintain and develop the enterprise the competitive advantage.Strategic management in building enterprise core competitive power, need the support of enterprise financial management.Enterprise capital management as the important content of financial management must reflect the requirements of enterprise strategy, ensure the implementation of the strategy of its.Implement the strategy of enterprise financial management value is that it can maintain a healthy enterprise financial situation, to effectively control the financial risk of the enterprise.

中小企业内部控制-外文参考文献

Private Enterprises of the intenal control issuesPulin ChangEconomic Review. 2008, （5）Third, the promotion of private SMEs in the internal control system strategy（A）change management and business owners the concept of development. The majority of private small and medium enterprises in the family business，the success of these enterprises depends largely on internal control or entrepreneur leadership attention and level of implementation。

Over the years，by traditional Chinese culture，business owners believe in Sincerity, fraternal loyalty permeate many aspects of enterprise management, strengthen internal controls that will affect the organization the members of distrust, resulting in internal control. Many private business owners that rely on business to do business benefits out of，rather than out of the internal financial management control；that the market is the most important internal control will be bound himself and staff development。

中小企业融资渠道中英文对照外文翻译文献

中小企业融资渠道中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：The areas of SME financing channels: an overview 1.IntroductionIn all countries, SMEs are an important source of economic growth and create jobs. In addition, these companies through their dynamism and flexibility, the power of innovation and development.The research method is to start from the literature to highlight the importance of the theme of our research. This paper analyzes the data and statistics based on mainly by the World Bank survey, small and medium-sized private enterprises in Romania by some empirical research. According to the method used, and pointed out the importance of financing of SMEs and enhance the public bodies concerned about, especially the measures taken to improve financial development.2.the literature on SMEs financing channelsA popular academic literature on the financing channels of SMEs, has witnessed a lot of research to solve this problem.Countless research studies have indicated that financing channels is a critical obstacle in the growth and development process, especially in small and medium enterprises.Through Baker Dumont reggae - Ke Lute, Ivan, and Marca Smokin Popovich (2004) research, reflecting the fundamental factors of 10 000 enterprises from 80 countries mainly depend on the financing of enterprises. Therefore, the relationship between the study highlights the corporate finance and its characteristics such as age, size and structure of property rights. From this perspective, the authors found that the small size of the young company, and face greater obstacles when they seek financial resources.The iResearch Dick Mei Leke and Salta (2011) analysis of macroeconomic and institutional factors affecting SME financing loans through the statistical data found. In other similar studies, the authors found a positive correlation between the overall economic development (a measure of per capita income) and financial development (measured by private lending ratio of gross domestic product), on the other hand, the level of SME financing is the opposite. In addition, the authors show that the level of financing for SMEs depends on the legal structure and overall business environment.3.in the process of SME financing in the general obstaclesIn general, access to financial products or financial services or financial inclusion assumes that there is no trade barriers to the use of financial products or services, regardless of whether these barriers or non-related pricing (Dumont reggae - Ke Lute, Baker, and Honorine root 2008:2). Therefore, to improve this means of access means increasing the degree of financial products or financial services at a fair price toeveryone.Enterprise does not use financial products or services can be divided into several categories, their identification is necessary, in order to take the necessary measures to improve their financing channels. Therefore, on the one hand, enterprises obtain financing, the financial products and services, but do not use them because they do not have a viable investment projects. On the other hand, it can distinguish between non-voluntary refuse corporate Although these business needs, but not have access to financial services. The status of independent corporate finance or financial services in some companies do not earn enough money or safeguards required by financing institutions and therefore have higher credit risk. At the same time, when some companies in need of funding, financial and banking institutions involved too costly and can not agree to financing. Finally, in the context of the enterprise refused to appear over-priced financial products or services and financial products or services that meet their requirements.Financing channels for enterprise development and the efficient allocation of funds essential. However, compared with large enterprises, SMEs seeking finance is facing many difficulties, because of several reasons, including: the judicial and legislative structure of the instability and imperfect, it does not support the enterprises in need of financing and funding the relationship between; part of the funding and corporate information is incomplete or even lack of information, which hinders the normal and efficient development of relations between enterprises and providers of finance; especially in the young company, the lack of credit history and guarantees the creditors, and sometimes limits the range of financial products that can be used.The number of surveys, especially the World Bank stressed that the financing is one of the biggest obstacle to good development and growth of the SME. For example, the World Bank in the 2006-2009 survey foundthat 31% of the worldwide study of corporate finance is a major obstacle to the current implementation, and even higher proportion of young company in the 40% of cases up to three years of experience (Chavez, kt Boer and Ireland 2010:1). In addition, a series of global surveys, including the information provided by the World Business Environment Survey show that SME financing transaction costs is the main obstacle to enterprise development.4.SME bank financing difficulties and support measuresIn most countries, especially in countries with bank-oriented financial system, the main source of external financing for SMEs by bank loans. Therefore, this type of loan is crucial to the development of SMEs. However, the survey showed, compared to the SMEs and large enterprises are using the new investment in the small extent of bank financing.As we mentioned, the use of financial products is determined by supply and demand. It is therefore important to understand why the SMEs use bank financing to a small extent only. In this regard, some studies (Banerjee and Duflo: 2004) has shown that the main reason for the supply, because every time when SMEs are able to obtain loans, they use it to increase production. This behavior is more proof of financing is an important factor in the development of enterprises. In addition, in the context of the current global financial crisis, the declining availability of bank loans and limited financing opportunities for SMEs. Therefore, it is the main problem facing small and medium enterprises.October 29, 2010, this survey of SMEs in Romania highlights the main problems faced by SMEs and banks. Therefore, 82% of the interviewed entrepreneurs obtain bank financing is very difficult, mainly because of excessive bureaucracy, unreasonable high demand, high interest rates, rigid bank credit indicators, as well as many types of commission and expenses. In addition, more than 61% of SMEentrepreneurs and managers reporting banks lack of transparency (hidden costs, lack of communication channels, etc.), there is no real consultation (using the standard contract, the bank refused to modify or complete the credit contract, etc.) and banks do not legitimate or misuse of the terms of the contract (for example, perform the unauthorized transaction accounts or bank fraud). Understanding this knowledge to take measures to support and promote SME financing.Improve SME financing is still cause for concern, but also national, European and international facing a challenge. For example, in the EU, through the implementation of the new measures established by the Small Business Administration for Europe to improve the financing channels for SMEs, by reducing the return of the structural funds requirements to promote the access of small and medium enterprises, the establishment of the Credit Ombudsman to promote small and medium-sized enterprises and dialogue between the credit institutions, to avoid the double taxation of the tax legislation, which will hinder the international venture capital plays an important role.In particular, empirical research, emphasizing the impact of the degree of financial development of a country is essential that the level of development of the SME financing. Therefore, a series of measures to support SMEs to obtain financing, to ensure the efficient development of the country's financial, which will ensure greater availability of corporate finance. Specifically, the authorities should take measures commonly used to measure the degree of financial development in the seven pillars, namely, the institutional environment, business environment, financial stability, banking and financial services, non-bank financial services, financial markets and access to finance.5 .ConclusionEffective financing for SMEs to create new business is of great significance, and existing growth and development of enterprises, whilepromoting the country's economic and social development. In addition, in the case of the economic crisis, SMEs contribute to restoring the national economy, so it is particularly important to support SME financing. However, most of the survey report stressed, always the financing channels of SMEs is one of the most important factor to affect its operation and development.SMEs trying to get the necessary financial resources to face difficulties related to the entrepreneurs and the economic environment of each country, as well as existing legal and institutional structure. To alleviate these difficulties, the measures taken by public authorities should focus on improving the financial development and to ensure that the corporate finance and economic growth, greater effectiveness.In various countries, including Romania, the decline on the availability of SME financing, or even the lack of statistical data, we believe that policy makers need to focus on and monitor a series of important indicators, depending on the size of the SMEs, experience and industry events share of its loans, which will benefit the public authorities, creditors and investors.原文来自罗马·安吉拉中小企业的融资渠道的领域:概述（奥拉迪亚大学：经济科学，2011年第一卷第一期，431-437）摘要通过中小企业在创造附加值和新的就业岗位中的贡献,使它在国家的经济和社会发展中拥有一个显著的角色。

中小企业营运资金管理中英文对照外文翻译文献

中小企业营运资金管理中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Effects of working capital management on SME profitability AbstractThe objective of the research presented here is to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. With this in mind, we collected a panel of 8,872 SMEs covering the period 1996-2002. The results, which are robust to the presence of endogeneity, demonstrate that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Equally, shortening the cash conversion cycle also improves the firm’s profitability.IntroductionThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with matu rities of under one year, represent the main share of items on a firm’s balance sheet.In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reduces supply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, grant ing trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner, 1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that theservices contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus, the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conversion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability. Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently, Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case ofsmall and medium-sized compan ies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets (Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson, 1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002.This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs.We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence of endogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.From this point, the work is structured as follows: in Section 2, we describe the sample and variables used; in the third section, we present the analyses carried out and our findings; finally, we end by discussing our main conclusions.Data and Variablesi. DataWe obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3rd April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.ii. VariablesIn or der to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers.The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 ×[accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle (CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longer the cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage (DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets. However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered when we include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.iii. Description of sampleTable II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with me an assets of more than €6 million; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13 percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Table IIDescriptive StatisticsROA measure return on assets, AR number of days accounts receivable, INV number of days of inventory, AP number of days accounts payable, CCC cash conversion cycle, ASSETS value of assets in thousand euros, SGROW sales growth, DEBT financial debt level, and GDPGR annual GDP growth. Variable Obs. Mean SD Median 10th Perc. 90th Perc.ROA 38464 0.0792 0.0834 0.0678 0.0041 0.1768 AR 38464 96.8299 55.7682 96.2962 22.0945 165.2533 INV 38452 77.2140 70.0499 59.3042 6.8692 166.6171 AP 38371 97.8090 57.3568 93.8075 24.5344 174.9668 CCC 38371 76.3117 90.6413 64.7704 -19.6907 190.2017 ASSETS 38464 6955.1090 4461.3940 13308 2718.5 5541 SGROW 32674 0.1299 0.3105 0.0862 -0.0928 0.3492 DEBT 35237 0.2474 0.1839 0.2306 0.0098 0.5021 GDPGR 38464 0.0366 0.0075 0.0420 0.0240 0.0430ConclusionsWorking capital management is particularly important in the case of small and medium-sized companies. Most of these companies’ asset s are in the form of current assets. Also, current liabilities are one of their main sources of external finance. In this context, the objective of the current research has been to provide empirical evidence about the effects of working capital management on the profitability of a sample of small and medium-sized Spanish firms. For this purpose, we collected apanel consisting of 8,872 SMEs covering the period 1996-2002.According to previous studies focus on large firms (Shin and Soenen, 1998; Deloof, 2003), the analyses carried out confirm the important role of working capital management in value generation in small and medium-sized firms. We find a significant negative relation between an SME’s profitability and the number of days accounts receivable and days of inventory. We cannot, however, confirm that the number of days accounts payable affects an SME’s return on assets, as this relation loses significance when we control for possible endogeneity problems.Finally, SMEs have to be concerned with working capital management because they can also create value by reducing their cash conversion cycle to a minimum, as far as that is reasonable.So urce: Pedro J. García, Pedro Martínez,2007. “Effects of Working Capital Management on SME Profitability ” . Inter national Journal of Managerial Finance. Vol. 3, No. 2.pp. 164-177.译文：营运资金管理对中小企业盈利能力的影响摘要这里提供的研究的目的是提供有关营运资金管理对示例的中小型西班牙公司盈利能力的影响的实证证据。

中小企业融资问题英文参考文献(精选122个最新)

近年来，随着中小企业的飞速发展，中小企业融资问题，已经成为一些中小企业进一步发展所面临的“瓶颈”。

在我国经济体制转型和经济结构调整的特殊历史时期,中小企业融资问题不仅表现得较为突出,也更为复杂。

下面是搜索整理的中小企业融资问题英文参考文献，欢迎借鉴参考。

中小企业融资问题英文参考文献一：[1]XUE-FENG JI. Analysis on Financing Problems of SME in Internet Finance Mode[P]. 2nd International Conference on Advanced Education and Management Engineering (AEME 2017),2017.[2]Xiao-juan GUO. Difficulties and Countermeasures on the Financing of SMEs[P]. 4th International Conference on Economics and Management (ICEM 2017),2017.[3]Jing Zhang,J. Ke. The Financing Efficiency of Enterprises Listed on SMEs Board[P]. 3rd International Conference on Society Science and Economics Development (ICSSED 2018),2018.[4]Wan-rong ZHANG. A Study on Financing Difficulties of SMEs in China[P]. 4th International Conference on Economics and Management (ICEM 2017),2017.[5]Zhao-Hui CHEN,Zhi-Juan ZHOU. Problems and Suggestions on the Mode of Intellectual Property Financing of Small and Medium-sized Technological Enterprises[P]. 4th International Conference on Social Science (ICSS 2017),2017.[6]YU SHI. Research on Problems and Countermeasures of Small and Medium Sized Enterprises Financing[P]. 2nd International Conference on Advanced Education and Management Engineering (AEME 2017),2017.[7]Yuping Wei. Empirical Analysis on Financing Constraints of SMEs of China — Proofs from Pre-IPO three Years’ Panel Data of China’s Listed Companies Listed in 2015[P]. DEStech Transactions on Materials Science and Engineering,2016.[8]Ru-Xin WANG. Financing Management of SMEs Under Internet[P]. DEStech Transactions on Economics, Business and Management,2018.[9]Yi-ning SUN. The Impact of Supply Chain Finance on SME Financing[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[10]Wen-bo MA,Meng-wei TANG. Financing SMEs and Innovation[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[11]A-Tai ZHENG. Influence of Internet Finance on SME Financing — A Case Study of P2P Model[P]. DEStech Transactions on Social Science, Education and HumanScience,2018.[12]ZHEN-HONG XIAO,MEI-GUI TAN. Research on SMEs’ Credit Risk Evaluation of Supply Chain Finance Based on the Third-party B2B Platform[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[13]Shu-yuan XIAO,Mei-gui TAN. The Evaluation of SMEs Credit Risk Supply Chain Finance Based on the Third-party B2B E-commerce Platform[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[14]Zheng-cheng WU. On SME Financing in China from Perspective of Supply Chain Finance[P]. DEStech Transactions on Social Science, Education and Human Science,2018.[15]Nittamachi Naoto. Problems of Small Business Finance : from the White Paper on Small and Medium Enterprises in Japan[J]. Journal of Household Economics,2014,39(0).[16]Annalisa Ferrando,Alexander Popov,Gregory F. Udell. Sovereign stress and SMEs’ access to finance: Evidence from the ECB's SAFE survey[J]. 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Analysis of Management Model and Financing Demand of Shanghai Technology-based SMEs[P]. Proceedings of the 2018 8th International Conference on Education and Management (ICEM 2018),2019.[64]Wei Deng. Discussion on Financing Strategy Management of Mature SMEs[P]. Proceedings of the 2016 4th International Education, Economics, Social Science, Arts, Sports and Management Engineering Conference (IEESASM 2016),2016.[65]Bo Sun,Haotian Liu. Financing Mode Analysis of Small and Medium-sized Enterprises based on Supply Chain Finance[P]. Proceedings of the 2017 International Conference on Innovations in Economic Management and Social Science (IEMSS 2017),2017.[66]Jianing Li,Yinghua Li,Fengmei Kou. The Empirical Study on Financing Constraints of Small and Medium-sized Enterprises in China[P]. Proceedings of the 2017 International Conference on Humanities Science, Management and Education Technology (HSMET 2017),2017.[67]Jianghai Qi,Jinmian Han. 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Advanced System of SME Financing in Market Economy[J]. Zagreb International Review of Economics &,2019.[72]Kolakovi?, Marko,Turuk, Mladen,Tur?i?, Ivan. Access to Finance –Experiences of SMEs in Croatia[J]. Zagreb International Review of Economics &,2019.[73]Miaobing Liu. A Study of the Market Failure in the Financing of High-Tech SMEs and the Governmental Intervention[J]. Open Journal of Social Sciences,2016,04(03).[74]Yan Xing,Zhangzhi Ge,Wei Song. Research on Innovation of Science and Technology Investment and Financing of SMEs in Intellectual Property[J]. Technology and Investment,2016,07(02).[75]Ruohuan He. The Study on the Problem of the Relationship between the “Heterogeneity” of the Neighbor Enterprise and the Financing Efficiency of SMEsin China—Empirical Data from China Industrial Enterprises Database[J]. Open Journal of Applied Sciences,2017,07(04).[76]Jianjun Zhang,Qianqian Sun. Research on Financing Cost of Small and Medium-Sized Enterprises by Internet Finance[J]. 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中小企业激励机制外文翻译文献

中小企业激励机制外文翻译文献Title: Incentive Mechanisms for Small and Medium-sized Enterprises: A Review of Foreign LiteratureIntroduction:Small and Medium-sized Enterprises (SMEs) play a crucial role in the growth and development of economies worldwide. In order to boost their performance and ensure long-term success, it is essential to establish effective incentive mechanisms. This article presents a review of foreign literature on incentive mechanisms for SMEs, exploring various strategies and approaches in motivating employees, encouraging innovation, and enhancing overall organizational performance.1. Motivating Employees in SMEs:Motivated employees are key to the success of any organization. Foreign literature suggests that SMEs can adopt several strategies to incentivize their employees effectively. One approach is to implement performance-based incentives, such as bonuses or profit-sharing programs. This not only encourages higher productivity but also fosters a sense of ownership and loyalty among employees.Furthermore, foreign studies emphasize the importance of providing career development opportunities. SMEs can introduce training programs, mentorship initiatives, and performance evaluations to help employees enhance their skills and progress within the organization. Such efforts not only contribute to employee satisfaction but also improve the capability and competitiveness of the SME.2. Encouraging Innovation:Innovation is an essential driver of growth and competitiveness for SMEs. Foreign literature highlights the significance of creating an innovative culture within these enterprises. Incentive mechanisms that promote and reward creative thinking and problem-solving are key to fostering innovation.One effective approach is to establish an innovation reward system, where employees are encouraged to contribute ideas and suggestions. This can be done through idea contests, recognition programs, and financial rewards for successful innovations. Additionally, foreign studies suggest that SMEs can promote collaboration and knowledge-sharing among employees, creating an environment that stimulates innovation and creativity.3. Enhancing Organizational Performance:SMEs face challenges in improving their overall organizational performance due to limited resources and competition. However, foreign literature provides insights into various incentive mechanisms that can address these challenges effectively.Strategic goal-setting is one such mechanism. Setting clear and measurable goals, both for the organization as a whole and individual employees, can enhance performance and increase motivation. Foreign studies suggest linking these goals to performance-based incentives to further enhance productivity and drive success.Additionally, creating a positive work environment is crucial. Recognizing and rewarding employees' efforts and achievements boostsmorale, job satisfaction, and overall organizational performance. SMEs can establish employee appreciation programs, regular feedback mechanisms, and team-building activities to create a supportive and engaging workplace.Conclusion:Incentive mechanisms play a vital role in enhancing the performance and success of SMEs. Based on the review of foreign literature, it is evident that motivating employees, encouraging innovation, and enhancing organizational performance are key focus areas. Adopting performance-based incentives, providing career development opportunities, fostering an innovative culture, and setting clear goals can contribute significantly to the growth and sustainability of SMEs. By implementing effective incentive mechanisms, SMEs can create a productive and motivated workforce, driving their overall success and contributing to economic growth.。

国外中小型企业的概述文献

国外中小型企业的概述文献中小型企业：特点和性能美国国际贸易委员会调查编号 332-510美国国际贸易委员会第4189号出版物2010 年 11 月微型、小型和中型企业及其在国家经济发展中的作用2021年2月《商业与管理研究》 10 (1) : 33-44DOl: 10.5430/bmr.v10n1p33 作者：豪尔赫·莫拉莱斯·佩德拉萨莫拉莱斯项目咨询中小企业在业务增长中面临的挑战A. K. M. Hedaitul 伊斯兰教，雷汉·萨克博士《运营与战略规划杂》2020年第 4 卷第 1 期非洲中小企业的贡献、挑战和解决方案《ResearchGate》2017 年3月作者:塞缪尔·穆里蒂启明星大学影响南非中小企业财务可持续性的因素《非洲跨/多学科研究杂志》2021年，第 3 卷，第 1 期作者：塔比索·塞姆比索·姆索米Odunayo Magret Olarewaju印度背景下的概述中小型企业的全面质量管理《质量管理杂志》拉利特·托克（Lalit K. Toke）希亚姆库马尔·卡尔潘德（Shyamkumar D.Kalpande）页码 159-175 | 收稿日期： 2019-11-21津巴布韦的中小企业发展《国际管理与社会科学杂志》2019年10月6 (2) : 11-20，作者：吉贝特·马盖萨塔纳茨瓦咨询公司洛夫莫尔·马蒂皮拉纳米比亚科技大学文献综述在小企业和创业研究中的重要性萨沙·克劳斯ORCID 图标，Raj V. MahtoORCID图标和史蒂文·沃尔什页码 1095-1106出版日期： 2021-08-20小企业与创业研究文献综述《小企业管理杂志》卷 61， 2023 - 第 3 期：页码 1095-1106萨沙·克劳斯ORCID Raj V. MahtoORCID史蒂文·沃尔什中小型企业的全面质量管理：印度背景下的概述拉利特·托克（Lalit K.Toke） &希亚姆库马尔·卡尔潘德页码 159-175《质量管理杂志》卷 27， 2020 - Issue 3中小企业的国际化：对20年研究的系统回顾《国际创业杂志》出版日期：2020年2月29日第 19 卷，第 164–195 页，（2021 年)薇薇安·皮克（Vivian Peuker） Sardon Steinhäuser,法比奥·德·奥利维拉·保拉中小企业的组建和尼日利亚的经济增长《经济学和政治学评论》奥卢耶米·西奥菲勒斯·阿德奥松，阿约德尔·易卜拉欣·希图（Ayodele Ibrahim Shittu）国际标准刊号（ISSN）： 2631-3561发行日期：2022 年 10 月 5 日中小企业的开放式创新：概述《国际小企业杂志：研究创业》Pooran Wynarczyk，Panagiotis Piperopoulos，Maura McAdam2013 年第 31 卷第 3 期中小企业社会责任研究《管理评论》季刊出版日期：2021年3月26日第 72 卷，第 857–909 页，（2022 年)莱昂·吉伦,阿夫查·塞尔吉奥 & 朱曼努埃尔。

中小企业融资研究文献综述及外文文献资料

本文档包括改专题的：外文文献、文献综述一、外文文献The Role of Banks in Small and Medium Enterprises Financing: A Case Studyfrom KosovoAbstractIn this study we investigate the impact of firm and entrepreneurship characteristics in small and medium enterprises (SME-s) investment finance through debt (bank loan). Data are gathered from interviews based on a self-organized questionnaire with 150 SME-s in Kosovo. Based on the econometric model of linear regression, key factors are identified which influence the investment growth financed by debt. The results indicate that there is mutual correlation among the firm's age, size, business plan, sector, number of owners, sources of financing and the investment growth financed from banks in Kosovo. Therefore, findings in this work suggest that the access to external sources of financing through bank loan is an important factor that influences the investment growth. The paper provides some important conclusions and implications for policymakers and entrepreneurs.Keywords: SME, entrepreneurship, financing through debt, investment, Kosovo1. IntroductionIt is explicitly accepted that SME-s present a pivotal element in the economic activity in both, developed and developing countries (Acs & Audretsch, 1990; Johnson & Loweman, 1995). Numerous authors from academic and professional world designate SME-s as generators of both, economic growth and overall social development (Audretsch & Klepper, 2000; World Bank Group, 2005; McMillan & Woodruff, 2002).The discussion of the relevant literature related to the access of SME-s to finance, as well as to investment finance is of particular importance (Krasniqi, 2007). According to Beck et al. (2007), the SME-s access to, and cost of, finances is quite often characterized as a major difficulty, up to the extent of 35 percent. It should alsobe stressed that the small firms come with more difficulty to loans, since they encounter higher transaction costs and higher premium risks, for they are more fragile and they offer lower collaterals (Beck et al., 2006). Audretsch and Elston (2006) also stress that small firms confronted higher financial difficulties than large ones. Similar conclusions can be found among other authors who have worked in this direction (Beck et al., 2006; Oliveira & Fortunato, 2006).Brinckmann et al. (2011) finds that small firms have higher limitations to access external sources of financing than bigger firms, and, thus, they become more dependent on internal funds for financing their investment needs. A major obstacle in financial markets to the access on finances by SME-s is also the asymmetry of information. Thus, based on Zhao et al. (2006), one from the major difficulties for accessing finance is the asymmetry of information among lenders and debtors; for instance, borrowers have private information on the firm that lenders do not possess. Because of their small size, short history and inconsistent accounting data, the issue of asymmetric information for SME-s becomes more serious (Deakins et al., 2008; EBRD, 1999; Pissardies et al., 2003; Klapper et al., 2002).Difficulties of this kind are expressed also among SME-s of Kosovo, as one from the last countries in transition. In spite of the fact that the SME sector in Kosovo is relatively new, it constitutes 98% of all the firms, thus representing a huge potential for generation of new jobs and for economic development of the country. Based on data of the World Bank (2010), the major obstacle to the development of SME-s in Kosovo is access to bank loans. Only 10% of investments made by SME-s are financed through bank loans, and above 85% of investments are financed from private sources (World Bank, 2010).Objective of this work is to empirically investigate the role and importance of the firms and entrepreneurship characteristics that influence the investment growth through debt finance (loans) in Kosovo. Therefore, the research question in this study is: How does the investment growth impact the performance of SME-s, by discussing the firm and entrepreneurship characteristics of the investment growth of SME-s in Kosovo?The organization of the work is as following: Part one discusses the context of the research, part two the theoretical aspect and the summary of literature. In part three we provide the research methodology and model. Part four contains the results and empirical findings. And, part five deals with the conclusions.2. Theory and Literature ReviewUntil now, there is no single and unique theoretical model that explains the financing of SME-s, which influences the performance of investments, their growth and development. The theoretical principles underlying capital structure can generally be describes in terms of the static trade off theory by Modigliani and Miller (1958), the pecking order theory (Myers & Majluf, 1984), managerial theory of investments (Marris, 1963; Baumol, 1967), agency theory by Jensen and Meckling (1976) and extended by Stiglitz and Weiss (1981).According to neoclassical theory of investments (M-M), which affirms the attitude on the irrelevance of the capital structure for the value of the firm, internal and external sources of financing are perfect substitutes. In the world of the perfect functioning of the market, the choice between financing through capital or debt is irrelevant. Therefore, the cost of capital and the market value of the firm are independent from the value of the firm (Modigliani & Miller, 1958). The theory of M-M is based on the following premises: there are no taxes, there are no transaction costs, there are no bankruptcy costs, the equal cost of debt for companies and for investors, symmetrical information in the market, there is no influence of debt in the profit of the company before interest and taxation.Modigliani and Miller (1958) modify their theory by introducing the tax on profit. In this case, the value of the firm is positively related to debt. After introducing the tax on profit in their analysis, they ascertain that the financial leverage increases the value of the firm, since the interest decreases the tax base (it is deduced from the business profit), and, therefore, we have savings which have the value of the interest. From this ascertainment, the value of the firm grows bigger, as the financial leverage increases, which means that the highest value of the firm is achieved if the burden of debt becomes 100%. In this way the firm attains absolute advantage, given that it isdefended from taxes.Scott (1972) emphasizes that 100% tax shield does not exist in reality, because of distress costs. Debt leads to legal obligation to pay interest and principal. If a firm cannot meet its debt obligation, it is forced in to bankruptcy an incurs associated costs (Fatoki & Asah, 2011). This theory, in fact, does not take into the consideration all the other factors, such as: the costs of the bankruptcy of the firm, the costs of the agency, the impact of debt in profit, the asymmetry of information, and, therefore, this theory is challenged by other theories (Harris & Raviv, 1991).Thus, the static trade off theory, which is based on the M-M theory and is its complementary, except savings from the tax on profit, incorporates into the discussion also the cost of bankruptcy, such as: judicial taxes, attorney costs, administrative costs, and, also, the agency costs (the firms managers damage the interests of the creditors by working in the interest of shareholders), and this can reduce the value of the firm (Jensen and Meckling, 1976). This theory is, in fact, the dominant theory regarding the determination of the financial structure of the firm, and it is founded on the premise that it is the firm that chooses how much it will be financed from debt, and how much from the capital, by balancing the cost of profits. According to this theory, the optimal level of the structure of capital is the one which equates the profit and costs from debt.According to pecking order theory, the firm initially prefers internal sources of financing to external ones, and, regarding external sources, they prefer debt to capital (Donaldson, 1961). Thus, initially we have the use of accumulated profit, amortization, debt, and, finally, the equity capital. According to this theory, the firms finance their investment requirements based on a hierarchic order. This can direct also to existence of the asymmetry of information between managers (insiders) and investors (outsiders). As a result of this, managers have more information then investors (Myers & Majluf, 1984).Based on the agency theory, Stiglitz and Weiss (1981) present the problem that, as a consequence of asymmetrical information, occur between managers and shareholders, on one hand, and the problem among shareholders, managers andcreditors, on the other. They argue that only SME-s knows the real financial structure of their own, the real strength of their investment projects and the tendencies for settling up the debt, and, therefore, the firm possesses superior private information (Mazanai & Fatoki, 2012).3. Hypothesis3.1 Business PlanAccording to Guffey, the business plan is a necessary requirement at the beginning of business, and it is used as an important element to acquire financial support during application to banking institutions (Guffey, 2008). An increase in the level of skills of those who are looking for credits in the compilation of business plans, will increase their opportunities to have properly prepared documentation, and to have a clear idea on the course of their business. According to Maziku (2012), the asymmetric information between the debt-seeking SME-s and the bank, is reflected in the incapability of the majority of SME-s to provide consistent financial data and real business plans, which increases the operational cost during the decision making for permitting the loans by the a bank (Maziku, 2012). Thus, the business plan does not have an impact only in reduction of operational costs, but it is also a key instrument in the decision making regarding the use of banking loans by the firms (Zhang, 2008; Madura, 2007). This is valid particularly for start-up businesses.Therefore, the following hypothesis is generated:H1: SME-s which have business plans are more likely to use bank loans than SME-s without written business plans.3.2 The Growth of the FirmThe growth of SME-s depends on the level of investments. The growth of SME-s can be measured in different ways, including the growth of sales, profits, or number of employees (McPerson, 1996). We measure this variable through the growth of the number of employees.The ability of SME-s to grow depends on a large measure from their potential to invest in the restructuring and innovations. All these investments require capital, that is, they require access to finance (Mazanai & Fatoki, 2012). According to Ganbold(2008), in a research of the World Bank, one among the key difficulties in the growth of the firm is access to financial services, which reflects in economic growth, employment generation, and reduction of poverty in the developing countries (Ganbold, 2008). Based on the theory of firm growth (Jovanovic, 1982), new enterprises grow faster, which means that these have to invest more.Therefore, the following hypothesis is generated:H2: SME-s that grow faster invest more than those with low level of growth.3.3 GenderIn the professional literature there are contradictory opinions regarding the impact that gender of the owner of the firm has into the access to finance. While a group of thinkers assert that gender of the owner has an impact into the capital structure of the firm, the other group denies this, ascertaining that gender doesn't have any impact into the determination of the capital structure.On one hand, Abor (2008) argues that businesses owned by female owners use the debt (loans) less for different reasons, including discrimination and aversion to risk. Watson et al. (2009) emphasize that a key factor in determining the capital structure in businesses owned by female owners is their propensity towards not accepting risk from the desire to keep things under control. Female clients are more hesitant to seek loans, since they feel discriminated and discouraged (Kon & Storey, 2003).On the other hand, Coleman (2000) find that there ar no important differences in the use of debt (banking loan) between female and male owners, and that gender is not an important predictor of the financial leverage of the firm. Whereas, Irving and Scott (2008), analyzing 400 SME-s, and based on the questionare prepared by Barclays Bank, in the most surprising way ascertain that female have easier access to finance then male. Therefore, based on the findings reported above, the following hypothesis is generated:H3: The male owners of firms are more likely to use bank loans then the female owners of firms.3.4 Sources of FinancingThe larger participation of investment finance from internal sources of SME-s increases the probability for acquiring of bank loans, since the internal sources carry the opportunity cost of financing of the project. Thus, SME-s provide higher level of trust to banks, since, in the case of failure, the unexpected burden falls on SME-s themselves. In their research conducted in 16 countries of OECD, Japelli and Pagano (1994) ascertain that banks don't finance 100% of the property value in any of these countries, but they do that with a certain coeficient loan/property. This is not equal for all the countries, and it differs from country to country, starting from the minimum financing of 50% in Turkey and Greece, up to 95% in Denmark.Thus, authors Lee and Ratti (2008) and Ahn et al. (2006) reports negative relationship between debt and investments. This relationship is stronger among smaller firms. As the debt (loans) grows, the cash flow is increasingly used for settling up the loan and its interest. Consequently, firms fulfill their obligations to creditors with more difficulties, and, on the other hand, the possibility for new investments is reduced.Therefore the following hypothesis is generated:H4: The higher the internal sources of SME-s, the higher probability to acquire bank loans for investment finance.3.5 EducationEducation is one of the important factors that influence the growth of the firm. Therefore, the high level of human capital (education and experience) has a positive impact in the growth of the firm. The owners of the firm who are of young age and low level of education are more active in using the external sources of financing, in spite of the fact that higher education reduces the fear for refusing the loans. In the meantime the owners of more mature age and with higher education, the so called "wiser" ones, can be found as less interested for external sources of financing (V os et al., 2007). Therefore, the majorities of owners of SME-s prefer to keep the control and do not apply for external capital (Curran, 1986; Jarvis, 2000).Thus, the internal capital is the major source of financing the SME-s (Ou & Haynes, 2003). Rand (2007) finds also negative influence between education ofowners-managers and access to credit, arguing that owners-managers with higher education can understand easier that their requirements for credits can be refused. Therefore, these owners-managers are for this reason discouraged and hesitate to apply for loans. In their study on new firms, Hartarska and Gonzales Vega (2006) find that education does not have an important role in the decision-making of the banks for lending.Therefore, the following hypothesis is generated:H5: Owners/managers with high level of education use less bank loans for financing the investment requirements.4. Methodology4.1. Sources of DataThe organization of data gathering from the questionnaire was developed in the period March-July, 2012, and data processing based on the answers was conducted in November and December 2012. On this occasion, a database was developed, which includes characteristics of SME-s in general, and characteristics related to investments and their financing in particular. Data processing was conducted with the STATA software.The questionnaire is specially designed for this scientific research with 150 SME-s in Kosovo, and it includes years 2010 and 2011. The sample selection is made randomly, from database at the Agency for Businesses Registration in the Ministry of Industry and Trade of Kosovo, and it is stratified in three basic sectors, in order to reflect eventual changes among the production, trade and service firms. Interviews were conducted directly (face to face) with owners/managers, or financial managers of the firms.4.2 QuestionnaireThe questionnaire consisted of 4 major sections. The first section included data on the owner/manager of the firm, and general data about the firm (location, the year of establishment, type of activity, and qualification of owners/managers). Second section included the orientation regarding the development in the future as well as investments, and here are presented data regarding volume of investments, sources ofinvestment, the use of bank loans in realization of investments, conditions of financing, activities that are conducted during the realization of investments, and investment plans for the future. The third section covers information regarding business activities of the firms inside and outside of the country, that is, whether a certain firm imports or exports merchandise. The fourth section includes data regarding the business plans of the firms: possession of the business plan, its impact on the decisions of the banks. Information gathered from the questionnaire was important for determining the variables in the econometric model of linear regression.5. Survey ResultsBased on the results, we conclude that the regression linear model mentioned above is specified good, given that Adj R-squared 0.36, which shows that the variation in independent variables explains the variation in dependent variable for more than 36%. In addition, the statistical F-test, shows that all the independent variables, jointly, which are statistically significant, are different from zero.Also, the correlation analysis shows that the problem of correlation in independent variables is not present in our data, given that there no higher coefficients in our estimation. Also, the dependent variable has a normal distribution and does not represent a statistical problem that requires treatment.Based on the table 2, in which the results of the linear regression are presented, from nine independent variables, six are statistically significant with impact on the dependent variable, or on the investment growth.According to results, the variable business plan, is statistically significant and with positive sign. This means that the firms that have business plans, on average have investment growths that are bigger than those of the firms that do not have business plans. Similar ascertainments can be found among other authors who emphasize that the business plan serves as a mean for increasing financing from external sources (Zhang, 2008).The variable trade is statistically significant and with negative impact in the investment growth when compared with the firms that belong to the service sector. This has the meaning that services on average invest more than other sectors. Inaddition the variable production is also statistically significant and with negative impact on the increase of investments when compared with the firms that belong to the sector of services. This has the meaning that when compared with the services, the sector of production invests less than other sectors. Similar ascertainments for the case of Kosovo can be found in the work of the author Krasniqi (2010).The next variable no_own, which indicates the number of owners, is statistically significant and with positive impact, which means that the greater the number of owners, the greater will be the investments. We have also size_emp as a variable that shows the size of the firm expressed by the number of employees, and is statistically significant and with inverse impact on the growth of investments. This means that smaller firms have larger investment growths. This finding clearly reflects that as the number of employee's grows, the firms grow slowlier. This is in full accordance with findings of other authors (Audretsch & Klepper, 2000; Caves, 1998). These results are the same with other studies that oppose the Gibrat Law (Krasniqi, 2006; Harris & Trainor, 2005).The firm_age as an independent variable is statistically significant and with negative sign, which means that new firms grow faster than older firms. This ascertainment is in accordance with findings of many authors who ascertain that younger firms grow faster than the older ones, and, therefore, have higher investment growth (Woldie et al., 2008; Storey, 1994; Barkham et al., 1996).The gender of the owner of the firm in the presented model, as a variable is not statistically significant, which means that the owners of the businesses of both genders have the same probability to obtain bank loans for SME-s investments. These results are in accordance with the studies conducted by Kalleberg and Leicht (1991), who, in a study conducted with 300 firms in three sectors, ascertain that female owners were as successful as male owners. We find similar ascertainment in the study of 298 businesses in United Kingdom, which emphasizes that gender, is not a determinant for financing the business (Johnson & Storey, 1993). Coleman (2000) emphasizes that there are no important differences in the use of debt (bank loans) between males and females, and that gender is not an important predictor for financial leverage of thefirm.Finally, education represents a variable which is not statistically significant and has negative sign, which means that the level of education of the managers/owners doesn't impact external sources of financing (bank loans) for SME-s investments. This is explained by the fact that Kosovan SME-s suffer from permanent lack of capital, and on average the time frame of establishment is short and the means that are accumulated from the profits are insufficient for financing the investments. Therefore, the only alternative that remains to them is financing from banking credits, taking into the consideration that the capital market does not function in Kosovo, which causes that the possibility to use other forms of external financing is very difficult. Similar results can be found at Krasniqi (2010).6. ConclusionsIn this study we have investigated empirically the key factors of the firms and entrepreneurship which influence the increase of investment growth through bank loans. The data gathered by the self organized questionnaire with 150 SME-s in the entire territory of Kosovo for the years 2010 and 2011 are used to test the impact of certain factors in the increase of investments through the use of financial means from debt (bank loans). Based on the statistical analysis and the method of linear regression, key factors are identified as indicators that influence the growth of investments of SME-s in Kosovo.The findings of this work stress that the business plan is a factor with statistical importance which has positive influence in the access to the bank loans for financing the SME-s investment. This means that the firms that posses business plan and use it for seeking bank loans necessary for financing investments, on average have higher growth of investments than the firms who do not have a business plan.The variables trade and production are statistically significant, but they have negative influence in the growth of investments. This means that the firms that use bank loans for investment in the sector of trade and production, on average, have lower chance to grow, than firms in the service sector. This is an indicator that shows that the sector of services is more attractive in the aspect of investments of Kosovanfirms, than other sectors of the economy, and this results from faster returns of investments and, consequently, faster settling up of the bank loans.The next variable named as the number of owners also results positive and significant in the statistical aspect, which means that the larger the number of owners, the greater the investments. This is explained by the fact that in Kosovo firms have started to use other forms of organization that influence the growth of business and of firm, through larger number of owners who use investment as another opportunity for the growth and development of the firm.The size of the firm expressed by the number of employees results with inverse influence in the growth of investments, and is statistically significant. The meaning of this is that smaller firms have bigger growth of investment on average than other firms. This result is in accordance with other studies that oppose the Gibrat's Law for the case of Kosovo (Krasniqi, 2010). Similar results are attained regarding the variable the age of the firm, which is statistically significant and has a negative sign, which means that the younger firms invest more on average than older firms.Empirical evidence and findings in this work can be used as recommendations for a broad spectrum of users. The problems of asymmetric information between owners-managers and creditors (banks) are of particular importance. This represents a clear signal for policy makers to create conditions for favorable environment for stimulating the sources of external financing of SME-s in Kosovo, such as: the creation of the guarantee fund for SME-s, the increase of banking supply through licensing of new banks in the financial market, which will increase the competition between the existing banks, and which will, in turn, enable the improvement of the conditions of financing of SME-s, with the reduction of the interest, reduction of managerial costs, increase of the grace period, softening of the conditions for collateral, longer periods of use of financial means, particularly for SME-s that have longer investment plans. Also, in the institutional aspect, initiatives should be undertaken for the creation of conditions for development of entrepreneurial capabilities, and for other forms of cooperating networks of firms that will facilitate the growth of businesses in general, and investment growth in particular.二、文献综述中小企业融资研究文献综述摘要长时间以来，融资难问题都是制约中小企业长期稳定发展的最主要因素之一，各国学者对于中小企业的融资问题从本国范围和世界范围内进行了深入的研究,在此对国内外学者的研究成果进行了文献综述，主要内容包括：中小企业融资现状和制度环境分析；分别从内、外部原因以及信息不对称等原因分析中小企业融资难问题；第三部分是关于应对中小企业融资难问题的对策研究；最后给出关于中小企业融资难问题的建议。

中小企业 SMES 外文文献论文

WHEN THE DRAGON AWAKES: INTERNATIONALISATION OF SMES IN CHINA AND IMPLICATIONS FOR EUROPECHRIS HALLNapoleon is sometimes quoted as saying “When China awakes, the world will tremble” or, as a variant, “When the sleeping dragon awakes, it will shake the world”. China is well and truly awake, to the sound of the pattering feet of many little dragons: SMEs. Many of these SMEs are internationalized. This paper explores three converging and interrelated phenomena.First, WTO statistics suggest that by 2006 China had already overtaken the United States as the second largest exporter in the world in terms of export volume, and will overtake Germany in the next year or so to be the leading exporting country in the world (WTO 2007). China has achieved remarkable growth of exports and GDP in the last two decades. The internationalization of its economy is important to its growth and to the stability of the region and the world.Second, most of these exports come from SMEs. SMEs contribute 68 percent of China’s exports. This is a much higher proportion than in any other economy in the OECD or APEC. China’s export growth is about double its GDP growth. Chinese SME exporters are a major contributor to Chinese economic growth.Third, most of these SMEs were “born” in the last decade. China has created more SMEs in the last 20 years than the total number of SMEs in Europe and the United States combined. It was only with the opening of the private economy in China in the reforms of 1980s by Deng Xiaoping that private SMEs were recognized at all. Ten years later, in the1990s, officially at least, China had only about one million private sector SMEs, but it now officially recognizes about 40 million. It still falls short in that it should have about 60 million if it is to have a normal density of entrepreneurs.Together these three factors suggest that the world may well shake to the march of an army of Chinese SMEs, but in jubilation or in fear? This paper explores:•the rising importance of SMEs in China’s internationalization;•why Chinese SMEs have become such an international force;•whether the trends are likely to continue; And briefly,•the implications for Europe.The rising importance of SMEs i n China’s internationalizationThe number of SMEs in China has grown rapidly since the economic reforms of the early 1980s, which led to a more market-based economy. However, finding out how many SMEs there are in China is not an easy task. There are two issues. The first is how to define an SME and the second is whether it is privately owned or not.First, the definition of an SME in China is quite complex and can include relatively large firms. In OECD and APEC economies, the definition of an SME also varies, but most commonly is based on the number of employees. Usually an SME employs fewer than 100 employees, with a maximum of about 500. In reality, the vast bulk of SMEs, around 70 percent or so, employ fewer than five people or are self-employed people .The definition used for regulatory purposes (and thus for the collection of statistics on SME exports) in China depends on the industry category and is defined in terms of employees, sales and assets. For example, an industrial SME is defined as having up to 2,000 employees, while a small business has less than 300, and a medium-size business has between 301 and 2,000 employees. Consequently, what is regarded an SME in China may be quite large relative to an SME in Europe or the US. However, the labor intensity of production and the huge size of China still make these firms relatively small. Further, the definition of an SME in China has also been changed at least four times since the 1950s, which renders comparisons over time difficult.Second is the issue of private ownership. In western economies, SMEs are usually privately owned and run by the proprietor. In China, from the 1948 change of government until the Deng Xiaoping reforms, which commenced in the early 1980s, private sector firms did not officially exist. Most SMEs were usually Town and Village Enterprises (TVEs), which could be quite large. These were not state owned nor were they really private in a western sense; for example, they might be collectively owned, with the state still having some role.On the best information available, China had about 8.6 million non-agricultural SMEs in 1990, and this has actually declined as a result of reforms (Chen et al. 2000). In 1995 there were about 7 million SMEs of this type employing about 119 million of a total of 143 million employed by all industrial enterprises (China 1995). Most of these so-called SMEs were actually state owned enterprises; some of them were quite large and by their nature more bureaucratic than entrepreneurial.The private sector grew very rapidly over two decades from 1980, and much of this growth was in SMEs which were privately owned. Under China’s statistical collection methods it is not usually possible to get the breakdown by size and by ownership (for example, private sector versus state owned, by size of firm). According to the National Development and Reform Commission (NDRC) data, the number of private sector firms grew from zero in1980 to about 100,000 in 1990, to 3.65 million in 2004, or an average growth of about 30 percent per annum. However, the Chinese Bureau’s of Statistics (CBS) first Economic Census, completed in 2006 (China 2006), arrived at a figure of 39 million private sector SMEs in 2004 or more than ten times the NDRC estimate .The difference is explained by a different definition and collection methodology; for example, the CBS included firms with less than eight employees in its collection as well as non-employing firms, which the NRDC did not. The CBS figure is probably more representative of the real number of SMEs in China.Contrast this with a figure of about 19 million SMEs in Europe (European Commission 2003) which includes micro-firms and self-employed, and about 6 million in the US, or about 16 million if self-employed people are included. This means that the US and Europe combined account for about 35 million SMEs relative to about 40 million in China alone. However, almost all of the Chinese SMEs have been born in the last ten years. This explosion of entrepreneurial businesses is unprecedented in human history.What international contribution do these SMEs make to the Chinese economy? The official Chinese estimates of the contribution of SMEs to exports are set out in T able 1. These show that from 2002, the first year that SME exports were separately identified, SMEs contributed 62 percent of exports, growing to 68 percent in 2005. To put this in context, Chinese SME exports were USD 518 billion in 2005, or equivalent to about double the total GDP of Greece, and about one quarter of the total GDP of France.These exporting ChineseSMEs include some firmswhich are quite large relativeto the normal definition of anSME in Europe or the USand include firms which arenot just privately ownedfirms. However the same istrue in Europe or the US,and neither of thosecountries has accuratefigures on the level of SME exports at an international level either. What figures there are (and ignoring interstate trade) probably suggest that SME exports are less than 30 percent of all exports in the US and Europe. European figures are hard to compare, because they often contain a lot of intra-European trade, so comparable only to beer being shipped from Shandong to Yunnan, or bourbon from Kentucky to California. However, a rough gauge can be obtained from the European Commission (2002) which estimated that European SMEs derive only 13 percent of their turnover from exports. The US Department of Commerce estimated that about 30 percent of US exports come from SMEs (Hall 2003). In rough terms, Chinese SMEs are morethan twice asinternationalized as thoseUS counterparts, and morethan five times asinternationalized asEuropean SMEs.To further put this in context,Figure 1 shows that the levelof Chinese exports, of whichmost come from SMEs, wasgreater than that of the USin late 2006. Assuming thecontinued growth of Chineseexports at 28 percent perannum relative to the 10percent per annum growthof exports in the US and Europe, Chinese exports will exceed those of Europe, when intra-European trade is excluded, some time in 2009. China has also moved to having significant surpluses in its balanceof trade in the last year, both with the US and Europe.Why have Chinese SMEs become such an international force?In summary, Chinese SMEs have risen from almost nothing to become a significant international economic force in the last ten or fifteen years .Why has this occurred? There has been little serious research on this topic. The trend can be hypothesized to be a result of a complex constellation of factors.First, there is always a possibility that some of the phenomenal growth in Chinese SMEs and their exports is a mix of statistical manipulation or misunderstandings.Misunderstandings. In the past, Chinese statistics have tended to be part reality and part imaginary. Statistics tended to be reworked to meet the targets set by the Central Committee. Consequently, if a given level of growth was a government target, the statistics were massaged to show that the growth target had been achieved. In the case of the SME figures this is unlikely to be the case. China has always cited that SMEs make up about 60 percent of its total exports .A similar figure used to be quoted for Taiwan until the late 1990s, when it was more correctly assessed at 28 percent of exports coming from SMEs. The discrepancy arose because of the way the statistics were calculated (OECD 2004; Hall 2002). This may also be the case in the mainland Chinese statistics, but even if the estimates of the importance of SMEs in exports are halved, they still make a very big contribution. Further, that contribution by SMEs seems to be increasing, in both relative and absolute terms.Second, the reforms and the restructuring of state owned enterprises (SOEs) has meant that there are many entrepreneurial opportunities available to SMEs. As SOEs have closed down, the vacuum has allowed entrepreneurial SMEs to flourish. For example, Haier, one of the more successful Chinese white goods manufacturers, took over and turned a failing SOE around, and it has since become a leading global exporter.Third, up until the beginning of the 2000s, formal finance was not readily available to SMEs. Even official estimates of non-performing loans (NPL) in the banking sector were around 30 percent of assets. This situation arose because of loans being directed on non-commercial criteria (usually giving preferential treatment to inefficient SOEs), and then supported by a policy of continuing automatic roll-over of unpaid principal and interest, forgiving of non-performing loans, and the selective use of below-market interest rates. Lending rates to SMEs were set by the central bank (the People’s Bank of China – PBOC) and were set to be artificially low for political rather than economic reasons .This meant that the rates were not attractive enough to encourage banks to lend to SMEs, especially when the banks had high NPLs. In the last five years, changes to the financial regulation in China have meant that more finance is available for SMEs. This has mostly come through banks which lend against collateral provided by credit guarantees, which nominally relieves the bank of credit risk. Accession to WTO status has helped by encouraging international finance suppliers to set up in China and by encouraging entry of foreign investors.Fourth, the Chinese diaspora is large, often entrepreneurial and well educated .This entrepreneurialism is not always by choice in many countries (Indonesia is an example). Chinese have been prohibited from government jobs or restricted and discriminated against in their activities. In the last few decades many Chinese have sought education abroad. Attracted by the burgeoning opportunities, many of these (foreignresident and also) foreign educated Chinese have returned to China, and have set up international businesses. For example, Vimicro, which produces chips for cameras, was set up in 2004 by a small group of Chinese returning from the US and has rapidly become a successful international company.Fifth, the vast supply of low-cost labour, especially in the western provinces, and the regulation of the exchange rate has kept many Chinese SMEs extremely cost competitive. For example, the ILO database gives the monthly rate for manufacturing wages in China in 2004 as about 1,169 yuan per month. Compare this with a German wage in manufacturing of about EUR 15 per hour. Allowing for about 200 hours of work per month for a Chinese worker, the Chinese wage is about 4 percent of the German one.Sixth, Chinese SMEs need to pursue foreign markets. Chinese domestic consumption is relatively low, because domestic saving is high. China had a huge savings pool, approximately 7.8 trillion yuan (= USD 942 billion) as of February 2002, but at that time most of this was apparently lying idle in banks.Seventh, new technology has allowed many Chinese to enter international business directly, so they are less dependent on being part of large firm supply chains. Typically, many Chinese businesses do not have computers, but all have mobile phones, usually 3G phones, and those mobile phones can link through high quality wireless broadband. In effect, China’s SMEs have jumped over the copper infrastructure to allow a more flexible and adaptable approach to international opportunities.Are these trends likely to continue?In summary of the preceding, there are many factors which have contributed to the unprecedented growth and internationalization of Chinese SMEs. Will these trends continue apace? In short, it seems likely they will, but with possible interruptions.First, although officially China has 40 million SMEs, it should have about 60 million, so the number of SMEs is likely to further increase by about 50 percent. This is based on an approximate estimate of entrepreneurial density, observed in most developed economies, of about 5 percent of the total population being an owner-manager of an SME (Hall 2002).The ratio in China has risen from about 0.08 percent in 1990, to about 3.3 percent in 2004. It is likely to move to something around 5 percent in the next few years. Casual observation in China shows that the start-up rate of businesses is not decreasing. There is virtually no way that the Chinese government can now stop the dragons that have been unleashed.Second, there is, however, relatively little professional management experience or legal infrastructure available for these new SMEs. This absence will cause hiccups and may slow the expansion. The flying- geese model of Akamatsu (1961) suggests that the Chinese can develop faster than their predecessors’economies, because, like geese or bicycle racers, the Chinese can ride on the bow wave of the leaders. It took Europe about 800 years to go from a feudal agricultural economy to a post-industrial economy. It took North America a bit over 300 years to do the same; America had the benefit of the knowledge and mistakes learnt by Europe. It took Japan about 50 years to do the same, so each follower can take a shorter time. China is attempting to take the same journey in around 25 years, about the length of the career of an average manager. Many of the managers in China have never had any training in management. Few have ever experienced a serious downturn in the economy. The legal and socialinfrastructure has not developed as quickly as the entrepreneurs have .The growth has been a wave that has car-ried everyone along. If and when a major downturn does take place, many managers may simply not be able to deal with it. Nor is the financial system likely to be able to cope. Most of the credit guarantees are provided by private sector operations, and there is a real risk that in cases of major default, the guarantors will not be able to meet their liabilities. These guarantor organizations were established largely to get around central government and PBOC restrictions on interest rates, and can provide little real financial collateral.Third, China faces some major structural and demographic changes in the coming years and decades. For example, by 2025 about 35 percent of China’s 17 percent in 1995. The Chinese work environment, the amount of smoking and the pollution levels mean that many older Chinese have major health problems. More old people will be depending on a smaller working population to support them in their “golden years”, especially as a result of the one child policy. The working population, those in the age bracket from 20 to 49 years, will fall as a percentage of total population from about 48 percent in 1995 to about 40 percent in 2025. The absolute number of those of working age will peak at about 665 million in 2010, and then decline to 597 million in 2025. In 2000, just around 70 percent of China’s population was still living outside urban centres and only 30 percent were in towns and cities. In most developed economies, urbanization means a reversal of this ratio. In China this may mean bringing half a billion people into cities. These challenges will require infrastructure and funding. Many SMEs (and SOEs) in China treat paying taxes as optional. Many of the larger SMEs (and some SOEs) are incorporated in the Canary Islands, specifically for tax minimization purposes.Fourth, China faces significant international diplomatic and economic pressures in respect of its balance of payments surpluses. At present, China emphasizes exchange rates over interest rates as its primary monetary management tool. China has engaged in a form of banded float since 2006, and has allowed the slow appreciation of the yuan. The PBOC does not fully sterilize the exchange intervention used to slow the appreciation of the currency. Consequently there are artificial competitive cost advantages accruing to Chinese SMEs and additional financial funds in the economy to support growth. The appreciation of the yuan and the slow move to full currency convertibility on capital account has been recognized as inevitable in China for some time. The real dispute is about the rate of change. If the currency were to be corrected in a major way (such as a sudden appreciation of 30 percent or so in yuan to USD) in a short period, then it would cause some disruption to Chinese SMEs and their internationalization. However, it is really a matter of the rate of change, and how fast the SMEs can structurally adjust. It is unlikely to slow the rate of SME expansion much, but it may alter the pattern. This is already happening. For example, SMEs in the south of China (Shenzhen, Guangdong, Fujian, etc.) are already adjusting their international activity to be more competitive. They are doing this by shifting to cheaper locations in and out of China, including Africa and Eastern Europe, and in improving productivity and quality in the face of rising cost .This is just what Hong Kong did twenty years ago. SMEs are remarkably adaptable animals, a sort of chameleon dragon.The implications for EuropeNapoleon’s concern was that China was a sleeping dragon with a vast population, many of whom lived in poverty. China thus had huge potential military implications for the world. However, as it awakes much ofChina’s energy is economic and entrepreneurial, not military. The internationalization of Chinese SMEs is both an opportunity and a threat for Europe. The challenge is to create an economic and political environment which is not a zero-sum game, but which gives everyone opportunities to gain.The threats to Europe posed by the internationalization of Chinese SMEs are fairly obvious. The most common manifestation of the threat is in the disputes over textile exports from China to Europe, within the broader threat of the trade surplus that China holds against the US and Europe. Political concerns are understandable, especially, for example, for an employee or owner in a German SME with statutory protections and excellent working conditions. However, the threat will not go away, and it will not be solved by accusations of dumping or exchange rate complaints. These are just salves. The real issue is one of structural adjustment and the rate of structural change. Voters do not worry much about a business closure if they know another firm will be opening up, or expanding, just down the road. The more difficult issue is if one business is closing down in their area, but opening up in another area which is hard for them to move to, or if nothing else is opening up at all. This adjustment process is not a new phenomenon in Europe, as evidenced by empty villages in Greece, for example, as a result of the post-1940s migration to better jobs, or by the migration from Africa to Europe in search of jobs. It can be a painful experience, and there is understandable resistance to it. The clear implication is that Europe will have to continue to go through structural adjustments, many of which will be driven by Chinese SMEs.The opportunities are less apparent, because the structural changes are international and so are the opportunities. SMEs make up about half of any local or national economy (in employment and value added terms), but historically their contribution to the international economy has been much smaller. SMEs only make up about 30 percent of trade across borders, and about 10 percent of international investment (Hall 2002). SMEs contribute disproportionately to net job creation: SMEs contribute about 70 percent of net new jobs, while larger firms tend to be job destroyers. Politicians and bureaucrats have been slow to realize the real significance of this in a globalised economy. Many well ensconced businesses in the West prefer to look to politicians for protection, rather than seek opportunities abroad. Policies to assist SMEs to internationalize are often just disguised subsidies to exporters. Chinese SMEs have sketched out a new paradigm, where SMEs have the same important role internationally as they have domestically. This allows them to simultaneously provide an engine of job creation in China and abroad. It is through this process that SMEs in Europe could also add significantly to the total amount of value added or GDP.ReferencesAkamatsu, K. (1961), “A Theory of Unbalanced Growth in the World Economy”,Weltwirschaftl iches Archiv 86, 196–215.Chen, N. X. et al. (2000), The Development and Trend of China’s Small and Medium Enterprises – 1999, 1st Edition, Beijing: Democracy and Construction Publishing Company.China (1995), The 3rd National Industry Survey 1995, Beijing.China, (2006), 1st Economic Census,/ZGjjpc/cgfb/t20051206_402294807.htmHall, C. (2002), “Entrepreneurship Densit ies in APEC and Europe: How Many Entrepreneurs Should There Be in China and Other Developing Economies?” Small Enterprise Research 10, 3–14.Hall, C. (2003), “The Profile of SMEs and SME Issues in APEC1990–2000”, Journal of Enterprising Culture 11, 167–337.。

中小企业财务管理外文翻译文献

文献信息：文献标题：Strengths and Weaknesses among Malaysian SMEs: Financial Management Perspectives（马来西亚中小企业的优势和劣势：财务管理视角）国外作者：Norasikin Salikin，Norailis Ab Wahab，Izlawanie Muhammad 文献出处：《Procedia - Social and Behavioral Sciences》,2014, 129:334-340字数统计：英文1918单词，10677字符；中文3291汉字外文文献：Strengths and Weaknesses among Malaysian SMEs:Financial Management PerspectivesAbstract In Malaysia, 97.3% of business establishments are comprised of small and medium enterprises (SMEs) which account for about 52.7% of total employment that is generated in the country. Malaysian government through the Ministry of International Trade and Industry (MITI) and its agencies works hard on assisting SMEs through various activities to promote exposures on prudent financial management. This paper aims to identify the financial strengths and weaknesses face by SMEs in helping those entities to plan appropriate financial management programme. Semi- structured interviews were conducted among thirty five SMEs that are willing to participate voluntarily. This study found that capital is the key elements in both strengths and weakness among SMEs. Running the business without any external capital (loan) reducing the financial risk of the business. It will be easier for the managers to make business decisions without any constraint as there is no limitation set by fund provider. The study also revealed capital insufficiency is the crucial problems among SMEs which might due to the difficulties to obtain external fund. Although the results should be taken with caution, nevertheless financialmanagement is vital in order to face new business challenges as well as for the survival of the business in the future.Keywords: Small Medium Enterprises; SMEs; Financial Management1.IntroductionSmall and medium enterprises (SMEs) play important roles in Malaysian economy. Report of Malaysia Economic Census 2011 showed that there were 645,136 SMEs operating in Malaysia, representing 97.3 per cent of total business establishments. Furthermore, SMEs employed about 3.7 million out of a total of 7.0 million workers amounting 52.7 per cent of total employment in the country. With a total share of gross output reached 28.5 per cent in year 2011 as compared to only22.2 per cent in year 2000 it shows that the roles are getting significant.A considerable amount of literature has been published on the management issues of SMEs. On the other hand only few studies were focusing on the financial management, especially in developing countries although it has been known that, financial management plays crucial function in business management. Report on case study conducted by Bank Negara Malaysia (2003) on SMEs, suggested that one of the key elements SMEs should adopt to survive for a long term, in a global environment is prudent financial management. It will ensure that all the available business resources are used efficiently and effectively to provide optimum return (SME Corporation Malaysia, 2011).The aim of this paper is to identify the strengths and weaknesses face by Malaysian SMEs in term of financial management.2.SMEs Definition in MalaysiaThere is no solid meaning of SMEs as different countries are using different definition due to several demographic factors and characteristics including size, location, structure, age, number of employees, sales volume, ownership through innovation and technology (Zeinalnezhad et. al, 2011). Based on employees number and total turnover, Malaysia adopts slightly similar definition as being use by UnitedKingdom, United States of America, Japan, China and Korea (Norailis, 2013).Previously Malaysian SMEs were defined as firms with sales turnover not exceeding RM25 million or employment not exceeding 150 workers for manufacturing and sales turnover not exceeding RM5 million or employment not exceeding 50 workers for services and other sectors. As the economy has change and the business trends are moving abroad. On 11th July 2013, Malaysian Prime Minister Datuk Seri Najib Tun Razak announced the new criteria of SMEs which will be effective on 1st January 2014. Table 1 shows the new classification of SMEs.The new definition is more comprehensive, covering all sectors of the economy including construction, as well as mining and quarrying sectors. It is expected to result in more firms being classified as SMEs to 98.5 per cent (currently: 97.3 per cent), particularly from the services sector to facilitate the country’s transformation to a high income nation through the initiatives under the SME Masterplan. In year 2013, a total of 155 programmes have been planned for the implementation with a financial commitment of RM18.4 billion, expecting to benefit 467,838 SMEs.With all the facilities provided by the government, SMEs should grab these opportunities to expand the businesses. However, the managers need to be equipped with latest knowledge and management skills to successfully manage their businesses in current business environment and stiff competition (Mohd. Amy Azhar, Harizal, & Hoe, 2010). In view of the fact that many entrepreneurs in Malaysia manage their business themselves without formal education background it lead to various management problems (Mohd Amy Azhar et al., 2010). One of the most common problems face by SMEs is financial management problem (Hashim & Wafa, 2002).3.Financial Management of SMEsFinancial management is concerning with the creation and maintenance of economic value or wealth (Titman et.al, 2011). It involves decisions to accumulate and preserve wealth of the business. Generally it covers the decision making process in several areas such as determining the source of finance and dividend policy, investment decisions and working capital management. There is no big different between managing financial functions of big businesses or small businesses except that SMEs only deal with capital budgeting and working capital decision, given that SMEs are not paying dividends (Agyei- Mensah, 2011).Comparative review on previous studies by Mohd Amy Azhar et al. (2010) suggested that financial management consist of six components; financial planning and control, financial accounting, financial analysis, management accounting, capital budgeting and working capital management. The study also highlighted that the adoption of financial management tools among Malaysian SMEs were very low. Seeing that most SMEs practicing proper financial planning and control, financial accounting and working capital management, these components were labeled as core components of financial management. Yet the other three components which were mostly neglected were labeled as supplement components of financial management.A small scale study by Agyei-Mensah (2011) concluded that the influence of fund providers and external accountants are the most dominant factors stimulate SMEs to adopt reasonable financial management. On the other hand, due to lack of internal accounting staff and high cost to hire qualified accountant, SMEs face difficulties to understand accounting record and practice sound financial management.4.MethodologySemi-structured interviews were conducted among thirty five SMEs that were willing to participate in this study. The process of data collection took almost two months, due to the process of getting responses from the SMEs that were willing to participate in the study. The interview sessions were divided into two main sections. Section A was on demographic profile of the interviewees made up of various types ofindustries. This part asked for background information, which includes type of ownership, age of business, initial capital, source of capital, time spent to manage business, number of employees and owners’ education background. The SMEs crossed the range of firm size, geographic location within Malaysia. Meanwhile, Section B focused on the financial management activities and related questions on the practices. Initially, to understand the behaviour of respondents, the data are first described using appropriate tables. Further analysis is conducted by categorizing the responses regarding strengths and weaknesses among participated SMEs and quantifying the results.5.Results and DiscussionsThere were thirty five SMEs that participated in the study and their profile as presented can be categorized as sole proprietorship, partnership and company which consisted several type of businesses as viewed in Table 2.As for age of SMEs, more than half of the participated SMEs were between 0 to 3 years (19.5%) and followed by 4 to 6 years (24.1%), 7 to 9 years (13.8%) and finally more than forty percent of the SMEs aged 10 years and above. A total of 74% were bootstrapped from their own savings or borrowing from friends and relatives for initial capital. From the total, 25.88% dared to bootstrapped for the amount less thanRM5,000; RM20,001 and above (43.5%). However, merely seven per cent had their initial capital from commercial banks and government grants where the amount was more than RM50,000. Surprisingly, nearly half (49.5%) of the business owners spent their time between 9 to 12 hours every day to manage their businesses.It is important to know the educational background of the business owners because it showed the extent of their willingness in accepting new knowledge through training, seminars and workshops. These events were managed mostly by agencies under Ministry of International Trade and Industry (MITI) such as Pocket Talks by SME Corp., Domestic Investment activities by Malaysian Investment Development Authority (MIDA) and Innovative and Creative Circle (ICC) Convention by Malaysia Productivity Corporation (MPC). The government urges the SMEs to utilize the skills and knowledge gained from these events so that they could adopt prudent financial management.5.1.Financial Strengths of SMEsThe overall response on the financial strengths of the business can be classified into several main aspects. The detail of the classification is summarise in Table 3. Of the thirty five respondents, only 28 per cent of the participants pinpointed their financial strengths. Perhaps the other 72 per cent of the participants did not have any financial strengths or unable to identify their financial strengths due to lack of knowledge or education background.The result showed 26 per cent of the responses indicated that running the business using their own capital as their main financial strength. However SMEs need to bear in mind that in order to expand their business in the future, more capital is needed. Therefore it is advisable for them to use financing facilities provided by the financial institutions or government entities in helping them to have stronger financial capabilities to run the business in more competitive world. Another 17 per cent of the responses indicate that financial stability as the financial strengths of their businesses, followed by support from government entities (11%), doing business on cash basis (11%) and other aspects as shown in.5.2.Financial Weaknesses of SMEsIn response to the financial weakness, more participants (33%) were able to identify their weakness, compared to their financial strengths (28%). 40 per cent of the responses stressed that the main aspect of financial weaknesses in running their businesses is capital insufficiency and followed by incomplete accounting record (16%). Deterioration in financial performance is listed as the third aspects, with the response rate of 13 per cent and the difficulties in obtaining loan from financial institutions and government agencies listed as the following aspects with 11 per cent response rate. A possible explanation for this might be that due to the problem in financial performance plus incomplete financial record, it might be difficult for the SMEs to obtain loan from any entities, causing them to face a problem of capitalinsufficiency to run their business efficiently. Among other responses revealed in the study as detailed in Table 4 are high operating costs and collection problems.6.ConclusionThis study outlines the financial strengths and weaknesses of Malaysian SMEs. One of the most significant findings to emerge from this study is that, capital is the most critical financial component among SMEs. Running a business without any external capital (financing) shows the business is in a good financial condition. External financing may increase the risk of bankruptcy due to inability to settle the debt within agreed period. However, as the business keep growing, it is advisable for the SMEs to inject more capital to accommodate the expansion. Hiring appropriate staff may help SMEs in overcoming the constraints in applying for external financing through the preparation of proper accounting record and practicing prudent financial management.中文译文：马来西亚中小企业的优势和劣势：财务管理视角摘要在马来西亚，97.3％的商业机构由中小型企业（SMEs）组成，占全国总就业人数的52.7%左右。

中小企业会计准则的应用外文文献翻译中英文

中小企业会计准则的应用外文文献翻译(含：英文原文及中文译文)文献出处：Nerudova D, Bohusova H. The application of an accounting standard for SMEs[J]. International Journal of Liability & Scientific Enquiry, 2009, 2(2):233-246.英文原文The application of an accounting standard for SMEsDanuse Nerudova and Hana BohusovaAbstractSmall and medium-sized companies have a very important position in the European Union (EU) economy, mainly in the area of employment. Their activities in the internal market are limited by a great deal of obstacles. The most important obstacles are the different national accounting and tax systems. At present, it is obvious that a certain degree of accounting and tax harmonization has to take place. International Financial Reporting Standards (IFRS) for Small- and Medium-sized Enterprises (SMEs) is designed to apply to the general-purpose harmonized financial statements of all profit-oriented SMEs. General-purpose financial statements are directed toward the common information needs (an entity’s financial position, performance, cash flow) of a wide range of users (shareholders, creditors,employees). Determining taxable income requires special-purpose financial statements designed to comply with the tax laws and regulations in a particular jurisdiction. An entity taxable income is defined by the laws and regulations of the country or other jurisdictions in which it is domiciled. Tax authorities are also important external users of the financial statements of SMEs. Profit or loss recognized under IFRS for SMEs could be a starting point for determining taxable income. Keywords: small- and medium-sized enterprises; SMEs; taxable income; International Financial Reporting Standards; IFRS; cash flow; tax; accounting.1 IntroductionSmall- and Medium-sized Enterprises (SMEs) comprise a substantial part of thecompanies operating in the European Union (EU) member states. Based on the latest statistics, there are 25 million SMEsoperating in 27 member states, which represent 234 D. Nerudováand H. Bohušov á99% of all business. These companies create more than 100 million jobs in the EU (Eurostat, 2003). In some industry sectors, such as textiles or construction, they even create more than 75% of the jobs. SMEs are considered the key factor of economic growth and employment in the EU. Therefore, they have received a great deal of attention in the EU in the last ten years. The structure of the EU 25 businesseconomy by the number of persons employed is shown in Table.There are 988 787 SMEs (with less than 250 employees), which represent 99.81% of all the enterprises operating in the Czech market (Czech Statistical Office, 2003). SMEs employ 1 961 000 people, which represent a 62.21% share of the total employment in the Czech Republic. The share is even 80% higher than the other sectors of the national economy –agriculture 85% and restaurant services 89.34%. For this reason, SMEs also play a very important role in the Czech Republic not only in the area of employment, but also in the economy as a whole.The increase in the importance of SMEs in the EU economy has propelled the European Commission to commission several studies, such as COM (2001)582 final and COM (2005)532 final in this area. These studies have dealt with the SMEs’position in the internal market and have identified the obstacles which these types of enterprises face while operating in the internal market. The existence of obstacles mainly in the form of 25 different accounting and tax systems, which generate disproportionate high compliance costs for SMEs (in comparison with large enterprises), is the reason why SMEs are less involved in cross-border activities and operate less in the internal market in comparison with large enterprises. The studies have revealed that SMEs operate mainly in the domestic (national) markets. It seems that in today’s globalised world, a higher involvement of SMEs in cross-borderactivities and its higher operation on the internal market could bring an increase in their competitiveness and performance, which would remarkably influence the economy and growth of the EU as a whole.The aims of the paper are to evaluate the Exposure Draft (ED) of International Financial Reporting Standards (IFRS) for SMEs and design some modifications of SME financial reporting harmonization. The theoretical background of the paper presents the objectives of SME financial reporting harmonization and the efforts of the European Commission to harmonies the area of corporate taxation and introduce the recommended taxation models of EU companies. This paper contains a research on the implementation used in harmonising SME financial reporting. The full IFRS is transformed for SMEs by the simplification of some standards and by the omission of irrelevant standards. Finally, the paper summarises the results of the research and suggests alternative solutions.2 The characteristics of SMEsThe application of an accounting standard for SMEs 235 At present, various definitions which have been developed for application in different countries can be found. The criteria often used for classifying enterprises are turnover, the number of employees, capital base, profits, etc. Whether an enterprise appears to be large, medium or small differs widely across the countries and depends on their degree of development and the generalscale of economic activity.1 According to the Organization for Economic Cooperation and Development (OECD) (2005), the characteristics of SMEs reflect not only economic, but also the cultural and social dimensions of a country. The paper uses the definition of SMEs which has been introduced in the EU by the adoption of the Commission There is at present relatively little cross-country experience with generalised approaches to SMEs’taxation and accounting. On the other hand, there are available literature on the challenges faced in designing tax regimes for SMEs. Different accounting and tax systems which trigger high compliance costs represent the barrier for SMEs wishing to take part in cross-border activities in the EU.The efforts to unify the accounting systems of the EU member states are connected with the establishment of the European Economic Community (EEC) –the harmonisation of accounting and taxes is confirmed in the Treaty of Rome signed in 1957. The aim was to coordinate the protective rules of companies not only in the interest of shareholders and third parties (creditors, employees), but also in the interest of equal competitive conditions and equal business relations in the member states.The first harmonisation efforts in the area of accounting were accomplished by the adoption of directives (Fourth Directive No. 78/660/EEC, Seventh Directive No. 83/349/EEC and Eighth Directive No.84/253/EEC). They create the code of EU accounting legislation and represent the basic harmonisation tool of the European Commission. These directives comprise elements from the continental legal system typified by Germany or France, as well as the elements from the Anglo-Saxon system. Both approaches differ mainly in the area of financial statements’arrangements.The most important directive in the area of accounting is represented by the fourth directive, which concerns the financial statements of large and medium-sized capital companies. The directive reflects the compromises between the continental and Anglo-Saxon approaches –the structure and form of financial statements are variable and its final form is left to national competence.Since the 1970s, the International Accounting Standards Committee (IASC) has played a very important role in the area of accounting harmonisation. The IASC was followed in 2001 by the International Accounting Standards Board (IASB), which was asked to create unified International Accounting Standards (IAS) and later, the IFRS.The efforts to harmonise taxation systems for SMEs within the EU have started mainly in 2001, when the European Commission introduced the green paper which surveyed the tax obstacles for the companies in the internal market. Until that time, the European Commission was always trying to harmonise or coordinate the system of direct taxation in generalwithout any special emphasis on SMEs. After the publication of the abovementioned study in 2001, the European Commission suggested four possible models of corporate tax harmonisation.2 One of them –Home State Taxation (HST) –was aimed at SMEs. Under that system, the companies will use for the taxation of their European activities the rules which are valid in the country where the company has a seat or headquarters. HST is voluntary –companies could opt to use domestic taxation rules or not.The model does not represent harmonisation, for under this system, 27 different national taxation systems, would still exist. The application of the model could also increase tax competition in order to attract the companies that would tax their profits from the European activities in the country. The European Commission has prepared the pilot project, under which the model should be tested for five years in selected countries. However, no member state applied to participate; therefore, the Commission turned its attention to a second model –the Common Consolidated Corporate Tax Base (CCCTB). At present, the CCCTB represents the priority of the European Commission –the draft of the CCCTB directive should be finished by the end of 2008. The problem is that the model is mainly aimed at large companies and will probably not be reachable for SMEs (for details, see Nerudová, 2007).At present, the directives connected with accounting are undergoingthe revision. The aims are to adopt the directives to the requirements connected with the internalisation of the business environment and harmonise the directives with IFRS. In 2003, Directive No. 2003/51/EC was adopted, which enables the member states which do not apply IAS/IFRS on all companies to use the similar financial reporting systems.The situation in the area of accounting harmonisation is solved for large companies listed on the world stock markets. SMEs have a legal obligation to prepare financial statements in accordance with a set of accounting principles accepted in their country. Those statements are available to creditors, suppliers and the government in their country, but they could be difficult to understand for creditors, suppliers and those in other countries.The financial statements of SMEs that are comparable from one country to the next are needed for the following reasons. Firstly, financial institutions make loans across borders and operate on a multinational level. Secondly, vendors want to evaluate the financial health of buzzers in other countries before they sell goods or services on credit. Credit rating agencies try to develop ratings uniformly across borders. Furthermore, many SMEs have overseas suppliers and use a supplier’s financial statement to assess the prospects of a viable long-term business relationship. V enture capital firms also provide funding to SMEs across borders.Many SMEs have external investors who are not involved in the day-to-day management of the entity. Global accounting standards for general-purpose financial statements and the resulting comparability are especially important when those external investors are located in a different jurisdiction from the entity and when they have interests in other SMEs. Moreover, global standards also improve the consistency in audit quality and facilitate education and training. On the other hand, good accounting and more disclosures add to SMEs’burdens rather than reduce them; SMEs are also often concerned about the competitive harmfulness of greater transparency.The benefit of global financial reporting standards is not limited to enterprises whose securities are traded in public capital markets. SMEs –and those who use their financial statements –can benefit from a common set of accounting standards different from full IFRS. Users may have less interest in some information in general-purpose financial statements prepared in accordance with full IFRS than the users of financial statements of publicly traded entities (users of the financial statements of SMEs may have greater interest in short-term cash flows, liquidity, balance sheet strength and interest coverage or they may need some information that is not ordinarily presented in the financial statement of publicly traded companies).The differences between full IFRS and IFRS for SMEs must bedetermined on the basis of users’needs and cost-benefit analyses as quotes (Bohušová, 2007). There can be found different attitudes to the introduction of standards for SMEs in accounting theory. As stated by Březinová(2004), it is very important to consider who the users of financial statements are while making the decision about the application of accounting standards for SMEs. Also, V eerle (2005) and Street and Larson (2004) were in opposition to SMEs’accounting harmonisation based on full IFRS, which is applied in Malta, Cyprus or Croatia (mainly because of the different needs of users of the information from the financial statements). With quotes (Březinová, 2004), the basic problem is the approaches to the valuation methods used by IFRS for companies which are not the subjects of public interest. The philosophy of IFRS is primarily to provide the information for financial investors and supervising institutions while the standards for SMEs (which are not the subjects of public interest) should reflect the needs of different accounting information users (owners, managers, state, tax authorities, insurance companies, creditors, etc.). On the contrary, Haller (2002) asked whether the size of the enterprise is the reason for the application of different methodical approaches to financial statements. Furthermore, Oberreiter (2005) expressed doubt about the harmonisation of the standards for SMEs mainly because of its local character. According to the author, SMEs lack the ambition to become large or listed companies.He suggested different approaches to the individual SMEs.3 BackgroundSince 2004, the IASB has been working on a project to develop accounting standards suitable for enterprises that are not obliged to prepare financial statements in accordance with IAS/IFRS. In June 2004, the discussion paper Preliminary Views on Accounting Standards for SMEs was published. The responses (120 responses) to the discussion paper showed a clear demand for an IFRS for SMEs and the preference to adopt the IFRS for SMEs rather than locally or regionally developed standards. Based on the responses to the discussion paper, the enterprises which should prepare their financial statements in accordance with IFRS for SMEs were defined. They were defined by the IASB as enterprises that either do not have public accountability or publish general-purpose financial statements for external users.The IASB definition of SMEs does not include quantified size criteria for determining what a small or medium-sized entity is because those standards could be used in over 100 countries (from the reasons already mentioned). It is not feasible to develop a quantified test that would be applicable and long-lasting in all of those countries. In deciding which entities should be required or permitted to use the IFRS for SMEs, jurisdiction may prescribe the quantified size criteria in a particular country. Despite this fact, the IASB approach focuses on ‘the typicalSME’with about 50 employees. It is a quantified size test for defining SMEs, but rather, for helping it decide the kind of transactions, events and conditions that should be explicitly addressed in the IFRS for SMEs.中文译文中小企业会计准则的应用Danuse Nerudova和Hana Bohusova摘要中小企业在欧盟经济中占有非常重要的地位，主要集中在就业领域。

中小企业财务管理外文文献翻译

文献出处：Kilonzo JM, Ouma D. Financial Management Practices on growth of Small and Medium Enterprises: A case of Manufacturing Enterprises in Nairobi County, Kenya[J]. IOSR Journal of Business and Management, 2015, 17(8): 65-71第一部分为译文，第二部分为原文。

默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。

中小企业财务管理实践：肯尼亚内罗毕县制造业企业案例摘要：中小企业对国内经济社会发展做出了重要贡献。

本研究的目的是确定中小企业采用的财务管理做法及其对增长的影响程度。

本研究的具体目标是确定营运资金管理实践，投资实践，财务计划实践，会计信息系统，财务报告和分析实践对中小企业增长的影响。

内罗毕县记录显示，该县有五万多家小微企业。

肯尼亚制造业协会1999年的基线研究报告（KAM 2009）在肯尼亚记录了745家活跃的制造业中小企业，在内罗毕县有410人。

使用向中小型企业的业主/经理管理的问卷调查，从41家中小企业收集了主要数据。

使用简单的随机抽样技术来选择中小企业。

使用描述性和推论统计分析数据。

研究确定，75％的中小企业出售其产品现金，82％保持现金限额，92％有手动库存登记，35％的企业投资长期资产，45％的企业用内部资金进行商业融资。

55％没有正式的会计制度，74％的会计师没有合格的会计师准备财务报表。

在财务管理实践中，工业化部应引入中小企业能力建设方案。

关键词：中小企业（SME），财务管理实务，内罗毕县中小企业为任何国家的经济和社会发展做出重要贡献。

据国际劳工组织（2008年），日本约有80％的劳动力和德国的50％的工人在中小企业工作。

对于发展中国家，中小企业对乌干达（20％），肯尼亚（19.5％）和尼日利亚（24.5％）的国内生产总值做出了重大贡献。

外文文献

中英文对照关于中小企业融资问题与对策的外国文献中小企业是与所处行业的大企业相比人员规模、资产规模与经营规模都比较小的经济单位。

不同国家、不同经济发展的阶段、不同行业对其界定的标准不尽相同，且随着经济的发展而动态变化。

各国一般从质和量两个方面对中小企业进行定义，质的指标主要包括企业的组织形式、融资方式及所处行业地位等，量的指标则主要包括雇员人数、实收资本、资产总值等。

量的指标较质的指标更为直观，数据选取容易，大多数国家都以量的标准进行划分，如美国国会2001年出台的《美国小企业法》对中小企业的界定标准为雇员人数不超过500人，英国、欧盟等在采取量的指标的同时，也以质的指标作为辅助。

世界各国和地区中小企业划分标准：美国：雇员人数不超过500人英国：质的规定：市场份额较小；所有者亲自管理；企业独立经营。

量的指标：小制造业：从业人员在200人以下小建筑业、矿业：从业人员在25人以下小零售业：年销售收入在18.5万英镑以下小批发业：年销售收入在73万英镑以下欧盟：雇员人数在250人以下且年产值不超过4000万埃居、或者资占年度负债总额不超过2700万埃居、且不被一个或几个大企业持有25%以上的股权。

其中：雇员少于50人、年产值不超过700万埃居，或者资产年度负债总额不超过500万埃居，并且有独立法人地位的企业。

日本：制造业：从业人员300人以下或资本额3亿日元以下批发业：从业人员100人以下或资本额1亿日元以下零售业：从业人员50人以下或资本额5000万日元以下服务业：从业人员100人以下或资本额5000万日元以下我国目前对中小企业的划分标准为2003年国家经贸委、国家计委、财政部、国家统计局研究制订的《中小企业标准暂行规定》，国家统计部门据此制订大中小型企业的统计分类。

我国中小企业最新划分标准根据第九届全国人民代表大会常务委员会第二十八次会议于2002年6月29日通过的《中华人民共和国中小企业促进法》的精神，原国家家经济贸易委员会、原国家发展计划委员会、财政部、国家统计局于2003年2月19日发布了《关于印发中小企业标准暂行规定的通知》（国经贸中小企〔2003〕143号），对主要行业的中小企业的标准作出了明确的界定。

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A LITERATURE A ALYSIS O BUSI ESS PERFORMA CE FOR SMES –SUBJECTIVE OR OBJECTIVE MEASURES?Siti Nur ‘Atikah Zulkiffli a and Nelson Perera bThis paper has been double-blind peer reviewed by an international panel of SIBRAbstractThe study examines the basic research methodologies and approaches for assessingbusiness performance. It provides a critical literature analysis on how perception-based evaluation can be used to evaluate performance, specifically for SMEs. Theanalysis of the literature covers articles from major journals related to the topic. Themethodology followed during the conduct of this paper involves starting with thebroad case of articles in general business performance measurement, then focusingon the indicators used to study SMEs. Next, the review screens the list, focusing onthe differences between subjective and objective measures. The validity issuerelated to subjective measures is also discussed.Key words: business performance, subjective measures, objective measures, smalland medium enterprises.I.IntroductionMeasuring business performance in today’s economic environment is a critical issue for academic scholars and practising managers. In general, business performance is defined as “the operational ability to satisfy the desires of the company’s major shareholders” (Smith & Reece, 1999, p. 153), and it must be assessed to measure an organisation’s accomplishment. Many studies examine the relationship of organisational practice and processes to affect the “bottom line”, and vice versa (Wall et al., 2004). Attempts to examine the relationship between strategy and performance have been made for more than 20 years; many current studies also focus on this aspect. Scholars have examined the importance of performance evaluation and practices for an organisation (Dess & Robinson, 1984; Sapienza et al., 1988; McGrath et al., 1995; Song et al., 2005; Gruber et al., 2010). Much research also focuses on the performance of small firms and, more recently, medium firms as well (Pelham & Wilson, 1996; Jarvis et al., 2000; Alasadi & Abdelrahim, 2008; Thomas et al., 2008).Regular indicators used in measuring business performance are profit, return on investment (ROI), turnover or number of customers (Wood, 2006), design quality and product improvement (Laura et al., 1996). However, Mann and Kehoe (1994) and Franco-Santos et al. (2007) recommend measuring business performance through the business performance measurement (BPM) system, as it is an important tool within many research a Corresponding author. University of Wollongong, Australia and Universiti Malaysia Terengganu, Malaysia. email: snaz167@.au.b University of Wollongong, Australia. email: nperera@.auPage | 1areas, particularly in business and social science studies. This system analyses and investigates each quality that affects a firm’s business performance, categorising business performance into two broad areas: operational business performance (OBP) and strategic business performance (SBP).The major function of the system is to focus on investigating all an organisation’s functions at high and low levels of activity (Mann & Kehoe, 1994); it is appropriately applied to measuring the performance of small and medium enterprises (SMEs). This system is also appropriate for both quantitative (for example, questionnaires) and qualitative (for example, structured interview) research methods.SMEs are often very reluctant to publicly reveal their actual financial performance, and scholars have deliberated on the need for subjective measures (for example, the seven-point Likert scale in empirical research) in evaluating business performance. It is important to consider the aspects of differentiation that may be potentially confounded between subjective (also described as perceived/perception performance) and objective measures. Thus, this paper aims to analyse the related literature on how perception-based evaluation can be used to evaluate SMEs’ performance.The rest of this paper is organised as follows: Section 2 describes the review methodology, Section 3 discusses subjective and objective performance measures, Section 4 deliberates the validity of subjective performance measures and Section 5 concludes and suggests the future research directions.II.Review MethodologyThe literature examined for this paper consists of 22 articles from 13 journals, including six articles from the Strategic Management Journal and three articles from the International Journal of Operations & Production Management. Table 1 shows the distribution of these articles with respect to journals.Table 1: Distribution of the Articles with Respect to JournalsJournal Quantity American Journal of Small Business 1Education, Business and Society 1International Journal of Operations & Production Management 3International Journal of Quality & Reliability Management 1Journal of Business Venturing 1Journal of Operations Management 1Journal of Small Business and Entrepreneurship 1Journal of Small Business and Enterprise Development 2Journal of the Academy of Marketing Science 1Marketing Bulletin 1Personnel Psychology 2Strategic Management Journal 6Supply Chain Management: An International Journal 1Page | 2III.Subjective and Objective Performance MeasuresMany studies show a preference for subjective measures during the assessment of business performance due to difficulties in obtaining objective financial data. Managers often refuse to provide accurate, objective performance data to researchers. Even if objective data is made available, the data often do not fully represent firms’ actual performance, as managers may manipulate the data to avoid personal or corporate taxes (Dess & Robinson, 1984; Sapienza et al., 1988). Research on SMEs is particularly susceptible to these difficulties, although difficulties can also occur when the research examines business units of multi-industry and privately held firms (Dess & Robinson, 1984).Consequently, managers are often encouraged to evaluate business performance through general subjective measures that can reflect more-specific objective measures (Wall et al., 2004). Subjective measures can be an effective way to examine business performance, as they allow comparison across firms and contexts, such as industry type, time horizons, cultures or economic conditions (Song et al., 2005). When subjective measures are employed, managers can use the relative performance of their industry as a benchmark when providing a response (Dawes, 1999). Objective performance measures, in contrast, can vary based on industry and can obscure the relationship between independent variables and business performance (as a dependent variable) (Dawes, 1999).Moreover, the objective data available to the researcher may not be compatible with the intended level of analysis (Wall et al., 2004); in these cases, subjective data can be a good alternative if the measures focus on the firm’s current condition (for example, Kim, 2006a; Kim, 2006b).It is legal for small firms’ managers to manipulate some data, and to control such manipulation through subjectively adjusting measures (Sapienza et al., 1988). Moreover, many managers of small and private firms consider objective performance measures to be confidential, and guard them from public scrutiny (Sapienza et al., 1988; Gruber et al., 2010). Such managers tend to have a low level of awareness about the desirability of providing accurate and reliable data and feedback to researchers. Therefore, researchers are advised to develop subjective measures, as these provide more complete information (Covin & Slevin, 1989).Another issue in researching small firms is the difficulty of interpreting some objective performance data. For example, performance may be considered as “poor” if the data shows losses or low profit. Such misinterpretation can occur if, for example, firms have many commitments to research and development (R&D), including product and market development for future growth (Covin & Slevin, 1989). These misinterpretations may be due to variations in profitability data and may lead to the comparison of objective measures among small firms in different industries (Covin & Slevin, 1989; Dawes, 1999). To avoid these sorts of issues, researchers have used subjective measures and focused on firms within the same industry (for example, manufacturing) (Appendix A).Table 2 outlines some differences between subjective and objective performance measures.Page | 3Table 2: Differences between Subjective and Objective Measure in BusinessPerformanceDifferentiationAspectSubjective Measures Objective Measures Indicators •Focus on overall performance •Focus on actual financialindicatorsMeasurement standard •Key informants are asked torate performance relative totheir competitors (and/orindustry)•Key informants should provideabsolute financial data (forexample, AUD profit peremployee)Scale anchors •Scales range from “very poor”to “very good”, or “muchlower” to “much higher”, or“worst in industry” to “best inindustry” etc.•Scales are not usedIV.The Validity of Subjective Performance MeasuresSubjective measurements are strongly correlated with objective measurements in terms of absolute changes in return on assets and sales over the same time period; for example, the correlation (r) of objective and subjective measures to total sales gives a value for r of .80, and to return on assets gives a value of .79 (Dess & Robinson, 1984). These findings support the validity of performance evaluation through subjective measures.However, less attention has been given to evaluating the validity of subjective performance measurement. Such measurements, which are subject to potential measurement errors and bias, have been examined using several types of validity tests (Chandler & Hanks, 1993; Wall et al., 2004). Three validity tests – convergent, discriminant and construct – have been used to show that subjective measurement is significantly reliable as an alternative to objective measurement in business performance.Table 3 shows the result of validity tests related to subjective measurement in business performance.Table 3: Results of Different Validity Tests to Measure Business PerformanceValidity Type ResultsConvergent •Subjective performance measures are related to objectivemeasures.Discriminant •Relationships between subjective and objective measures aresystematically stronger than relationships between differentperformance constructs measured using the same method (eithersubjective or objective).Construct •Relationships between subjective and objective performancemeasures with a series of independent variables are equivalent.•Subjective performance measurement has a statistically significantcorrelation with objective measurement (p < .01).•Subjective measurement shows a 95% success rate as comparedwith objective measurement.Source: Adapted from Wall et al. (2004)Page | 4The findings of Wall et al. (2004) support the earlier studies that discuss the validation of performance measurement (Hoffman et al., 1991; Chandler & Hanks, 1993). Chandler and Hanks’s 1993 study – supported by Lee et al. (2001) – discussed the validation issues for another three measurement aspects: broadly defined categories, managers’ satisfaction with performance and firm performance relative to competitors. Results showed a high level of correlation between objective and subjective measures, as well as suggesting strong inter-rater reliability (Lee et al., 2001).Table 4 shows the results of comparison between performance measures that can be used in related studies.Table 4: Summary Comparison of Performance MeasuresBroadly Defined Categories PerformanceRelative toCompetitorsSatisfactionwith PerformanceGrowth BusinessVolumeRelevance Very Good Very Good Very Good UnknownAvailability Very Good Very Good Acceptable Very GoodInternal Consistency Good Very Good Very Good GoodInter-rater Reliability Good Very Good Marginal AcceptableExternal Validity Very Good Very Good Very Good Inadequate Source: Chandler and Hanks (1993)The table shows that broadly defined categories and performance relative to competitors are still useful. However, Chandler and Hanks (1993, p. 400) explain that, “... in reference to the ‘performance relative to competitors’ scale, several respondents who did not disclose performance relative to competitors’ information pencilled in that they had no basis for comparison because they did not know how their competitors were performing”. This suggests that examination of performance relative to competitors should be focused on the entire industry to assess “generalisability”, as some respondents may not know much about their competitors’ performance.V.Conclusions and Future Research DirectionsExamination of the literature on this topic offers guidance in how the various business performance measures in an SME can be organised, interfaced and managed. The literature suggests that subjective evaluations are appropriate alternatives to objective measurement.It is difficult for researchers to accurately estimate performance, particularly when using mailed questionnaires, as the data will be subject to measurement errors caused by the confidential nature of the data and variance in accounting procedures among participating firms (Dess & Robinson, 1984). Also, managers do prefer to provide such data subjectively to protect confidentiality (Song et al., 2005).The literature also shows that the evaluation of subjective perceptions is commonly and comprehensively used in social-science research (Pelham & Wilson, 1996; Kim, 2006b; Yong et al., 2007; Alasadi & Abdelrahim, 2008; Gruber et al., 2010); the use of such measures to evaluate performance is acceptable, as it shows high positive correlations with objective measures (Song et al., 2005). However, the equivalence assumptions between subjective and objective performance measures are still being debated.Future research should endeavour to develop new measurement and performance systems that focus on SMEs and the application of subjective measures. Additionally, futurePage | 5studies may also need to establish more precise frameworks and empirical testing for performance measures. The contribution of this study has been in examining and expanding the taxonomy of business performance and in shedding light on future research in any discipline that focuses on measuring performance.Page | 6Page | 7Appendix A:Example of a Research Questionnaire Measuring Business PerformanceMarket Performance E1 Market-share growth 1 2 3 4 5 6 7 E2 Sales turnover 1 2 3 4 5 6 7 Supplier Performance E3 Supplier product quality 1 2 3 4 5 6 7 E4 Suppler communication 1 2 3 4 5 6 7 E5 Supplier delivery performance 1 2 3 4 5 6 7 Process Performance E6 Work in process (WIP)* inventory 1 2 3 4 5 6 7 E7 Order-fulfilment lead time ** 1 2 3 4 5 6 7 E8 Product-quality development 1 2 3 4 5 6 7 People Performance E9 Performance-appraisal results 1 2 3 4 5 6 7 E10 Skill level of employees 1 2 3 4 5 6 7 E11 Departmental communication 1 2 3 4 5 6 7 Customer-Relationship Performance E12 Resolution of customer complaints 1 2 3 4 5 6 7 E13 Customer loyalty/retention 1 2 3 4 5 6 7 E14 Quality reputation and award achievement 1 2 3 4 5 6 7 E15 Product returns rate 1 2 3 4 5 6 7 E16 The speed of order handling and processing 1 2 3 4 5 6 7*Work-in-Process (WIP) relates to the products or components that are no longer raw material but have yet to become finished products.**Lead time is the time between placement and receipt of an order.Listed below are statements describing the business performance of a firm. These statements are divided into five sections: Market, Suppliers, Process, People and Customer Relationships measures. How would you rate your firm’s actual current conditions of business performance relative to the major industry competitors? Please remember that there are no right or wrong answers and the information you provide will be kept confidential .ScaleWorst in the Industry Worse in the Industry Bad in the Industry eutral Good in the Industry Better in the IndustryBest in the Industry 1 2 3 4 5 6 7ReferencesAlasadi, R. & Abdelrahim, A. (2008). Analysis of small business performance in Syria.Education, Business and Society: Contemporary Middle Eastern Issues, 1(1): 50-62.Chandler, G. N. & Hanks, S. H. (1993). Measuring the performance of emerging businesses:A validation study. Journal of Business Venturing, 8(5): 391-408.Covin, J. G. & Slevin, D. P. (1989). Strategic management of small firms in hostile and benign environments. Strategic Management Journal, 10(1): 75-87.Dawes, J. (1999). The relationship between subjective and objective company performance measures in market orientation research: Further empirical evidence. Marketing Bulletin, 10: 65-76.Dess, G. G. & Robinson, J. R. B. (1984). Measuring organizational performance in the absence of objective measures: The case of the privately-held firm and conglomerate business unit. Strategic Management Journal (pre-1986), 5(3): 265-273.Franco-Santos, M., Kennerley, M., Micheli, P., Martinez, V., Mason, S., Marr, B., Gray, D.& Neely, A. (2007). Towards a definition of a business performance measurement system. International Journal of Operations & Production Management, 27(8): 784-801.Gruber, M., Heinemann, F., Brettel, M. & Hungeling, S. (2010). Configurations of resources and capabilities and their performance implications: An exploratory study on technology ventures. Strategic Management Journal, 31(12): 1337-1356.Hoffman, C. C., Nathan, B. R. & Holden, L. M. (1991). A comparison of validation criteria: Objective versus subjective performance measures and self-versus-supervisor ratings.Personnel Psychology, 44(3): 601-619.Jarvis, R., Curran, J., Kitching, J. & Lightfoot, G. (2000). The use of quantitative and qualitative criteria in the measurement of performance in small firms. Journal of Small Business and Enterprise Development, 7(2): 123 - 134.Kim, S. W. (2006a). The effect of supply chain integration on the alignment between corporate competitive capability and supply chain operational capability.International Journal of Operations & Production Management, 26(10): 1084-1107.Kim, S. W. (2006b). Effects of supply chain management practices, integration and competition capability on performance. Supply Chain Management: An International Journal, 11(3): 241-248.Laura, B. F., Shawnee, K. V. & Cornelia, L. M. D. (1996). The contribution of quality to business performance. International Journal of Operations & Production Management, 16(8): 44-62.Page | 8Lee, C., Lee, K. & Pennings, J. M. (2001). Internal capabilities, external networks, and performance: A study on technology-based ventures. Strategic Management Journal, 22(6-7): 615-640.Mann, R. & Kehoe, D. (1994). An evaluation of the effects of quality improvement activities on business performance. International Journal of Quality & Reliability Management, 11(4): 29-44.McGrath, R. G., MacMillan, I. C. & Venkataraman, S. (1995). Defining and developing a competence: A strategic process paradigm. Strategic Management Journal,16(4): 251-275.Pelham, A. M. & Wilson, D. T. (1996). A longitudinal study of the impact of market structure, firm structure, strategy, and market orientation culture on dimensions of small-firm performance. Journal of the Academy of Marketing Science., 24(1): 27-43.Sapienza, H. J., Smith, K. G. & Gannon, M. J. (1988). Using subjective evaluations of organizational performance in small business research. American Journal of Small Business, 12(3): 45-53.Smith, T. M. & Reece, J. S. (1999). The relationship of strategy, fit, productivity, and business performance in a services setting. Journal of Operations Management, 17(2): 145-161.Song, M., Droge, C., Hanvanich, S. & Calantone, R. (2005). Marketing and technology resource complementarity: An analysis of their interaction effect in two environmental contexts. Strategic Management Journal, 26(3): 259-276.Thomas, W. Y. M., Theresa, L. & Ed, S. (2008). Entrepreneurial Competencies and the Performance of Small and Medium Enterprises: An Investigation through a Framework of Competitiveness. Journal of Small Business and Entrepreneurship, 21(3): 257.Wall, T. D., Michie, J., Patterson, M., Wood, S. J., Sheehan, M., Clegg, C. W. & West, M.(2004). On the validity of subjective measures of company performance. Personnel Psychology, 57(1): 95-118.Wood, E. H. (2006). The internal predictors of business performance in small firms. Journal of Small Business and Enterprise Development, 13(3): 441-452.Yong, T., Shi-hua, M. & Feng-mei, G. (2007). Empirical study on impact of logistics operations capability on supply chain performance. The 3rd International Conference on Wireless Communications, etworking, and Mobile Computing (WiCOM) 2007.Shanghai, P.R. China.Page | 9。

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