中小企业的财务风险管理外文文献翻译2014年译文3000字

文献出处：Sharifi, Omid. International Journal of Information, Business and Management 6.2 (May 2014): 82-94.
2014年，最新文献翻译，译文3000多字
原文
Financial Risk Management for Small and Medium Sized
Enterprises(SMES)
Omid Sharifi
MBA, Department of Commerce and Business Management,
Kakatiya University, House No. 2-1-664, Sarawathi negar,
Gopalpur, Hanamakonda, A.P., India
E-Mail: **********************, Phone: 0091- 8808173339
RESEARCH QUESTION
Risk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to business of small and medium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real business environment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many smaller companies do not perform sufficient analysis to identify their risk. This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging aspects with regard to risk management in SME are therefore:
1. SME differ from large corporations in many characteristics
2. The existing research lacks a focus on risk management in SME
The following research question will be central to this work:
1.how can SME manage their internal financial risk?
2.Which aspects, based on their characteristics, have to be taken into account for this?
3.Which mean fulfils the requirements and can be applied to SME? LITERATURE REVIEW
In contrast to larger corporations, in SME one of the owners is often part of the management team. His intuition and experience are important for managing the company.Therefore, in small companies, the (owner-) manager is often responsible for many different tasks and important decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore the risk management techniques of larger corporations cannot easily be applied to SME.In practice it can therefore be observed that although SME are not facing less risks and uncertainties than large companies, their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional, structured and standardized risk management system. In contrast to that, risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use of risk management. This observation matches with the opinion of nearly 10% of SME, which are of the opinion, that risk management is only reasonable in larger corporations. Beyer,
Hachmeister & Lampenius find that most of the surveyed SME identify risks with help of statistics, checklists, creativity and scenario analyses. reveals similar findings and state that most companies rely on key figure systems for identifying and evaluating the urgency of business risks. That small firms face higher costs of hedging than larger corporations. This fact is reducing the benefits from hedging and therefore he advises to evaluate the usage of hedging for each firm individually. The lacking expertise to decide about hedges in SME is also identified by Eckbo, According to his findings, smaller companies often lack the understanding and management capacities needed to use those instruments.
METHODOLOGY
USE OF FINANCIAL ANALYSIS IN SME RISK MANAGEMENT
How financial analysis can be used in SME risk management?
Development of financial risk overview for SME
The following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally present a selection of suitable ratios and choose appropriate comparison data. Framework for financial risk overview
The idea is to use a set of ratios in an overview as the basis for the financial risk management.
This provides even more information than the analysis of historical data and allows reacting fast on critical developments and managing the identified risks. However not only the internal data can be used for the risk management. In addition to that also the information available in the papers can be used.
Some of them state average values for the defaulted or bankrupt companies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be chosen.
The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order to deliver significant information and not miss an important
risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means that they also deliver useful information when not used in a regression, as it is applied in many of the papers. On the other hand to be appropriate to use them, the ratios need to show a different development for healthy companies than for those under financial distress. The difference between the values of the two groups should be large enough to see into which the observed company belongs.
Evaluation of ratios for financial risk overview
When choosing ratios from the different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed in order to see whether the ratios show different values and developments for the two groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data. Altman shows a table with the values for 8 different ratios for the five years prior bankruptcy of which he uses 5, while Porporato & Sandin use 13 ratios in their model and Ohlson bases his evaluation on 9 figures and ratios [10]. Khong, Ong & Yap and Cerovac & Ivicic also show the difference in ratios between the two groups, however only directly before bankruptcy and not as a development over time [9]. Therefore this information is not as valuable as the others ([4][15]).
In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories of ratios applied in the research papers.
Financial structure
A ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Yap and Cerovac & Ivicic show comparison values for this ratio. Those demonstrate a huge difference in size between the bankrupt and non-bankrupt groups.
Figure 1: Development of total debt/ total assets ratio
Data source: Altman (1968), Porporato & Sandin (2007) and Ohlson (1980), author’s illustration
Therefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.
Cost of debt
The costs of debt are another aspect of the financing risk. Porporato & Sandin use the variable interest payments/EBIT for measuring the debt costs. The variable shows how much of the income before tax and interest is spend to finance the debt. This variable also shows a clear trend when firms approach bankruptcy.
Liquidity
The ratio used in all five papers to measure liquidity is the current ratio, showing the relation between current liabilities and current assets (with slight differences in the definition). Instead of the current ratio, a liquidity ratio setting the difference between current assets and current liabilities, also defined as working capital, into relation with total assets could be used.
Figure 2: Development of working capital / total assets ratio
Data source: Altman (1968) and Ohlson (1980); author’s illustratio
Basically the ratio says whether the firm would be able to pay back all its’ current liabilities by using its’ current assets. In case it is not able to, which is when the liabilities exceed the assets, there is an insolvency risk.
Profitability
For measuring the firms’ profitability or productivity a wide range of ratios is used in the different papers. The ratio sales /total assets is used as well by as also Porporato & Sandin (they use total assets / sales, which can easily be transformed to be comparable) and therefore available as a time series.
Figure 3: Development of sales / total assets ratio
Data source: Altman (1968) and Porporato & Sandin (2007), author’s illustratio
The remaining ratios measuring the last period’s profitability are net income / equity, EBIT /debt and net income or EBIT / total assets.
The last groups of profitability ratios, which can be found in the literature, are those focusing on retained earnings of the firms. These measures show the cumulated profitability of the firm over time.
Retained earnings ratios measure the buffer of funds the company was able to earn over time and which can be used in times of crisis to balance losses.
译文
中小企业的财务风险管理
Omid Sharifi
研究问题
风险与经济活动是密不可分的。

每一个经营决策和创业行为都面临着风险。

这也同样适用于中小企业，因为他们也经常面临着一些和和大公司一样的风险。

在市场不完善的真实的商业环境中，他们需要管理好这些风险以确保他们的业务持续开展，同时，要避免并减少交易成本、金融危机与破产成本成本来增加附加价值。

然而，对于大多数中小企业来说，风险管理都是一个巨大的挑战。

相对于大公司来讲，他们往往缺乏必要的资源，而在人力方面，往往缺乏数据库和专业知识对其进行标准化和结构化的风险管理。

其结果是，许多规模较小的公司没有进行有效分析以识别他们存在的风险。

由于中小企业缺乏对风险管理方法的分析，如Henschel所述：在中小企业中，风险管理面临的挑战主要表现在以下两个方面：
1、中小企业不与大型企业的特性有所不同
2、中小企业对风险管理的研究有所缺乏
本文的核心研究问题如下：
1、中小企业如何管理他们的内部财务风险？
2、依据自身特点，哪些方面是必须要考虑的？
3、这意味着履行职责可以被应用于中小企业？
文献综述
与大企业相比，在中小企业中，其中的一个所有者往往就是管理团队的一部分。

他的直觉和经验对管理公司来说很重要。

因此，在小公司，（所有者）经理通常负责许多不同的任务，并做着重要的决策。

大多数中小企业没有必备的资源来雇佣不同的专家。

他们专注于他们的核心业务，在管理上他们是多面手。

Behr 和Guttler发现中小企业平均拥有的股权比率低于20%。

当应用管风险管理等工具时，需要考虑不同的管理特点、采购与资本市场的立场以及法律框架。

所以，大公司的风险管理技术很难适用于中小企业。

实际上也能观察到，相对于大公司来讲，尽管中小企业面临的风险与不确定性并不少，他们的风险管理企业实践与大公司存在很大差别。

后者有足够的的资源来雇佣一个风险管理经理职业人，来使其风险管理系统变得结构化和标准化。

相反，风险管理在中小企业中的技术实现程度有限。

Jonen和Simgen-Weber对公司规模和风险管理的实现程度作出了分析。

Beyer, Hachmeister和Lampenius在2010年的一项研究认为，扩大公司规模能在一定程度上提高中小企业风险管理的能力。

这个调查与近10%的中小企业的意见一致，他们认为，风险管理只有在大公司才具有合理性。

Beyer, Hachmeister 与Lampenius发现，大多数被调查的中小企业通过统计数据、核对清单、创造力和场景分析来识别企业风险。

结果同样显示，大多数公司依靠关键数据系统识别和评估业务风险。

小公司比大公司面临更高的套期保值成本。

这一事实即减少套期保值的收益，因此，他建议评估每个公司单独使用的套期保值。

Eckbo同样认为，中小企业缺乏专业知识来对套期保值作出决定，根据他的发现，中小企业往往缺乏使用这些工具的理解和管理能力。

研究方法
在中小企业风险管理中使用财务分析
如何在中小企业风险管理中使用财务分析？
中小企业的财务风险概述
以下部分将对企业发展的财务风险进行概述。

接下来是本文的结构框架，通
过分析不同的财务比率来选择合适的比率与对比数据。

金融风险框架概述
在概述中，我们应用一组财务比率作为金融风险管理的基础。

相对于历史数据的分析来说，这提供了更多的信息，使所有者在企业发展的关键时期反应迅速，能有效地管理确定性的风险。

然而，不仅仅是内部数据可以用于风险管理。

此外，一些文件中的信息同样可以得到充分应用。

违约或破产公司破产前一年，其中一些人就陈述了平均值，一些文件的时间范围更长。

这些数值可以用来作为比较价值，评估公司的风险情况。

为此，必须选择一组合适的比率。

这组比率，应当包括概述和分析表，并满足两个主要条件。

首先，他们应与公司的主要金融风险相匹配，为公司提供重要的信息，并不能放过一个重要的危险因子。

其次，这组比率应与两种不同的方式有关。

一方面，他们应该独立于其他适用比率。

这意味着，当进行回归分析时，他们还应提供有用的信息使其应用于数据中。

另一方面，要想使其得到合理应用，这组比率需要展示财政健康公司的发展，而不是在金融危机中运营的公司。

两组值之间的差异应引起人们的重视。

评估财务风险的比率
当从不同类别中选择比率时，需要评估哪些是最合适的。

这些比较值是必要的，为了分辨这些比率是否显示不同的值，反映两组公司的发展情况。

比较值的最便捷的来源即论文研究结论，其中的数值是基于大样本的年度报告，并且通过提供的平均值比离群值的数据更有意义。

奥尔特曼以表的形式将8个不同比率的值应用于五年前破产的公司中，Porporato与Sandin使用13个比率的模型，Ohlson 的评估是基于9个数据和比率。

Khong，Ong & Yap和Cerovac & Ivicic也展示出两组之间的比率差异，然而，只有关于破产之前的分析，而没有随着时间的推移发展。

因此，这些信息并不像其他人的研究那样有价值。

总之，中小企业主要的内部财务风险应通过财务结构、流动性和盈利能力比率来分析。

金融结构
许多论文中使用的比率是总债务与总资产比率，用以分析公司的财务结构。

奥尔特曼的论文中，奥尔森、桑丁、孔、叶翁等人展示了一比率的比较值。

这些
证实了破产公司与良性运行公司的巨大差异。

因此，总负债/总资产的信息更可靠，应当重点加以概述。

分析财务结构的另一个比率只在一篇论文中得到阐述，并且只有破产之前的一个参考数据。

因此，项趋势为能被攻破，相关性也未能得到批准。

债务成本
债务融资的另一个方面的成本风险。

桑丁使用变量利息/息税前利润衡量债务成本。

变量显示在金融债税金与利润投入之前收入的多少。

这个变量还显示当公司临近破产时的一个明确趋势。

流动资金
在五篇论文中，使用比率来衡量流动性即流动负债，他表示流动资产和流动负债之间的关系（定义上有着细微的差别）。

除了当前的比率、流动资产和流动负债之间流动比率设置的区别，也可以定义为营运资金，与总资产结合起来一样能被使用。

比率从根本上讲可以是，公司是否能够偿还其所有使用其流动负债的流动资产。

如果不能，当负债超过资产的时候，他将面临破产的风险。

利益率
关于衡量公司盈利能力或生产率的使用比率的研究在不同的论文中有所不同。

销售/总资产比率的使用（他们使用总资产/销售，这可以很容易地转化为可比），因此可以作为时间序列。

剩下的比率测量最后时期的盈利能力是净收益/股本，息税前利润/债务和净收入，息税前利润/总资产。

最后一组的盈利能力比率，在之前的著作中得到了很好的分析，他们关注企业的留存收益。

这些措施表明，随着时间的推移，公司获得了一定的盈利能力。

留存收益比率衡量公司的缓冲基金，收益也能随之增加，这就能使公司在危机时期减少相应的资产损失。