中小企业的财务风险管理外文文献翻译2014年译文3000字
财务风险管理外文文献翻译
文献出处: Sharifi, Omid. International Journal of Information, Business and Management6.2 (May 2014): 82-94.原文Financial Risk Management for Small and Medium Sized Enterprises(SMES)Omid SharifiMBA, Department of Commerce and Business Management,Kakatiya University, House No. 2-1-664, Sarawathi negar,1．ABSTRACTmedium sized Enterprises (SME) do also face business risks, Similar to large companies, Small and Mwhich in worst case can cause financial distress and lead to bankruptcy. However, although SME are a major part of the India and also international - economy, research mainly focused on risk management in large corporations. Therefore the aim of this paper is to suggest a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. The data required for the study was collected from Annual report of the Intec Capital Limited. For the period of five years, from 2008 to 2012.the findings showed the data and the overview can be used in SME risk management.Keywords: Annual report, Small and Medium sized Enterprises, Financial Risks, Risk Management.2．INTRUDUCTIONSmall and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people,create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs.Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEs add considerable value to their business, various trade directories and trade portals help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic powerhouse.3. RESEARCH QUESTIONRisk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to business of small andmedium 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 characteristics2. The existing research lacks a focus on risk management in SMEThe 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?4. LITERATURE REVIEWIn 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 largecompanies, 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.5. METHODOLOGY5.1. USE OF FINANCIAL ANALYSIS IN SME RISK MANAGEMENTHow financial analysis can be used in SME risk management?5.1.1 Development of financial risk overview for SMEThe following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally presenta selection of suitable ratios and choose appropriate comparison data.5.1.2. Framework for financial risk overviewThe 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 additionto 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.5.1.3. Evaluation of ratios for financial risk overviewWhen 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 ofratios applied in the research papers.Financial structureA 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 ratioData source: Altman (1968), Porporato & Sandin (2007) and Ohlson (1980), author’s illustrationTherefore 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 debtThe 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.LiquidityThe ratio used in all five papers to measure liquidity is the current ratio, showingthe 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 ratioData source: Altman (1968) and Ohlson (1980); author’s illustratioBasically 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 wh en the liabilities exceed the assets, there is an insolvency risk.6. CRITICAL REVIEW AND CONCLUSIONWhen doing business, constantly decisions have to be made, whose outcome is not certain and thus connected with risk. In order to successfully cope with this uncertainty, corporate risk management is necessary in a business environment, which is influenced by market frictions. Different approaches and methods can be found for applying such a risk management. However, those mainly focus on large corporations, though they are the minority of all companies[13].Furthermore the approaches often require the use of statistical software and expert knowledge, which is most often not available in SME. They and their requirements for risk management have mainly been neglected [17][13].This also includes the internal financial risk management, which was in the focus of this paper. Due to the existing risks in SME and their differences to larger corporations as well as the lack of suitable risk management suggestions in theory, there is a need for a suggestion for a financial risk management in SME. Theaim was to find a possible mean for the risk identification, analysis and monitoring, which can be applied by SME to manage their internal financial risks. For this purpose the financial analysis, which has been used in research to identify indicators for firm bankruptcy, was chosen. Based on an examination and analysis of different papers, despite of their different models, many similarities in the applied ratios could be identified. In general the papers focus on three categories of risk, namely liquidity, profitability and solvency, which are in accordance to the main internal financial risks of SME. From the ratios the most appropriate ones with regard to their effectiveness in identifying risks.译文中小企业的财务风险管理奥米德沙利菲1、摘要中小型企业(SME)和大型企业一样，也面临着业务风险，在最糟糕的情况下，可能会导致金融危机，甚至破产。
财务风险【外文翻译】
外文翻译原文Financial RiskMaterialSource:EssentialofFinancialRiskManagement Author:KarenA.H o r c h e r : Althoughfinancialriskhasincreasedsignificantlyinrecentyears,riskandriskmanagementarenotcontemporary issues.Theresult ofincreasingly global marketsisthatriskmayoriginatewitheventsthousands of miles away that have nothing rmationisavailableinstantaneously,whichmeansthatchange,andsubsequ entmarketreactions,occurveryquickly.Theeconomicclimateandmarketscan beaffected very quickly by changes inexchangerates,interestrates,andcommodityprices.Asaresult,it is importanttoensurefinancial risksareidentifiedandmanagedappropriately. Preparationis a keycomponentoffinancial riskmanagement.Riskprovides thebasis for opportunity. The terms risk and exposure havesubtle differences in their meaning. Risk refers to the probability of loss, whileexposure is the possibility of loss, although they are often used interchangeably.Riskarisesasaresultofexposure.Exposure to financial markets affects most organizations, either directly orindirectly.Whenanorganizationhasfinancialmarketexposure,thereisa possibilityof l oss bu t a l so a n opp ortu n i ty for g a in orprofit.R i sk i s the l ik el i ho od o f l osse s re su l ti ng from e v ents su c h a s cha ng e s in m a rketprices.Eventswitha lowprobability ofoccurring,butthatmay resultina highloss,areparticularly troublesomebecausetheyareoftennotanticipated.Since it is not always possible or desirable to eliminate financial risk,understandingitis an important step in determining how to manage it.Identifyingexposuresandrisksformsthebasis for an appropriate financial risk managementstrategy.Financial risk arises through countless transactions of a financial nature,including sales and purchases, investments and loans, and various other businessactivities,Whenpriceschangedramatically,itcanincreasecosts,reducerevenues,orotherwise adversely impact the profitability of an organization. Financialfluctuationsmay make itmoredifficulttoplanandbudgetprice goodsandservices,andallocatecapital.Therearethreemainsourcesoffinancialrisk:first,financialrisks arisingfrom an organizati on’s exposuretochanges in marketprices,such as interestrates,exchange rates, and commodity prices, second, financial risk arising from theactions of , and transaction with, other organizations such as vendors,customers,andcounterpartiesinderivativestransactions,third,financialrisksresultingfrominter nalactions or failures of the organization, particularly people, processes, andsystems.Financialriskmanagementis aprocess to deal with theuncertaintiesresultingfrom financial markets. It involves assessing the financial risks facing anorganization and developing management strategies consistent with internalpriorities and policies. Addressing financial risks proactively may provide anorganization with a competitive advantage. It also ensures that management,operational staff, stakeholder, and the board of directorsare in agreementon keyissuesofrisk.Managing financial risk necessitates making organizational decisions aboutrisksthatareacceptable versus thosethatarenot.Thepassive strategy oftakingnoactionistheacceptanceofallrisksbydefault.Organizationsmanagefinancialriskusingavarietyofstrategies.Itisimportanttounderstandhowthesestrategiesworktoreduceriskwi thinthecontextof theorganiza tion’s risktoleranceandobjectives.The ability to estimate the likelihood ofa financial loss is highly desirable.However, standard theories of probability often fail in the analysis of financialmarkets.Risks usually do not exist in isolation, and the interactions of severalexposures may have to be considered in developing an understanding of howfinancialriskarises.Sometimes,theseinteractions are difficult to forecast, sincetheyultimately dependonhumanbehavior.Theprocessoffinancialriskmanagementis anongoingone.Strategiesneedtobeimplementedand refinedas the marketand requirements change. R efinementsmay reflect changing expectations about market rates, changes to the businessenvironment,orchanginginternationalpoliticalconditions,forexample.Ingeneral,theprocessca nbe summarizedasfollows: first,identify andprioritizekey financialrisks ,second,determinean appropriatelevel ofrisk tolerance, third,implementriskmanagementstrategyinaccordance with policy, last, measure, report,monitor,andrefineasneeded.Major market risks arise out of changes to financial market prices such asexchangerates,interestrates,andcommodityprices.Majormarketrisksareusuallythemostobvioustypeoffinancialriskthatanorganizationfaces.Majormar ketrisksincludeforeignexchangerisk,interestraterisk,commodity price risk, equity pricerisk. Other important related financial risks include credit risk, operational risk,liquidityrisk,systemicrisk.T he intera ctions of sev era l ri sk s ca n a l ter or m a g n i fy the potentia l i m pa ct to anorganization.Forexample,an organizationmayhavebothcommoditypriceriskandforeign exchange risk, If both markets become adversely, the organization maysuffersignificantlossesasaresult.Therearetwocomponentstoassessingfinancialrisk,Thefirstcomponentisanunderstandingofpotentiallossas a result ofa particular rate orprice change,Thesecondcomponentisanestimateofheprobability ofsuchan eventoccurring.Interestrateriskarisesfromseveralsources,includingchangesinthe levelofinterest rates(absolute interest rate risk), changes in the shape of the yieldcurve(yield curve risk), mismatches between and the risk management strategiesundertaken(basisrisk).Intere st ra te ri sk a ffe c ts m a ny org a ni za ti ons, both borrow e r s a nd inv e stors, anditparticularlyaffectscapital-intensiveindustriesandsectors.C ha ng e s a ffe ct borrow ers throu g h the c o st of fu nd s, F or e x a m pl e, a c orporateborrowerthatutilizesfloatinginterestratedebtisexposedtorisinginterestratesthatcouldincrease thecompany’s costoffunds,A portfolio offixed income securities has exposure tointerestrates through bothchanges inyieldandgainsorlosses ona ssets held.Absoluteinterestraterisk resultsfromthepossibilityofadirectional, orup ordown,changeininterestrates.Mostorganizationsmonitorabsoluteinterestrateriskintheirriskassessment s,duetobothitsvisibility and its potential for affectingprofita bility.From aborrower’s p erspective,risinginterestrates mightresult inhigherprojectcostsandchangestofinancingorstrategicplans.Fromaninvestororlenderperspective,a decline in interest rates results in lower interest income given thesameinvestment,oralternatively,inadequatereturnoninvestmentsheld.Themostcommonmethodofhedgingabsoluteinterestrateriskis tomatch theduration of assets and liabilities, or replace floating interest rate borrowing orinvestmentswithfixed interest rate debtor investments. Another alternative is tohedgetheinterestrateriskwithtoolssuchasforwardrate agreements,swaps andintere st ra te ca ps, fl oors, a nd c olla r s.Yield curve risk results from changes in the relationship between short-termandlong-terminterestrates. In a normal interest rate environment,the yield curvehasanupward-sloping shape to it. Longer-term interest rates are higher thanshorter-terminterestratesbecause of higher risk to the lender. The steepening offlatteningoftheyieldcurvechangestheinterestratedifferentialbetween maturities,whichcanimpactborrowingandinvestmentdecisionsandthereforeprofitability.Inaninvertedyieldcurveenvironment,demandforshort-termfundspushesshort-termrates above long-termrates.The yieldcurve may appear inverted or flatacrossmostmaturities,oralternativelyonlyincertainmaturitysegments.Insuchanenvironment, ratesoflongertermstomaturitymaybeimpactedlessthanshortertermstomaturity.Whenthereisamismatchbetweenanorg anization’s a ssetsand liabilities,yieldcurverisk should beassessedasacomponentoftheorganizatio n’s intere st ra te ri sk.Creditriskisoneofthemostprevalentrisksoffinanceandbusiness,Ingeneral,creditriskisaconcernwhe nanorganizationisowedmoney ormustrely onanotherorg a niza tion to m a k e a pa y m ent to i t or o n i ts be ha l f. T he fa i lu re of a c ou nte rpa rty i sle s s of a n i s su e w he n the o rg a ni za ti on i s not ow ed m one y on a n et ba si s, a l thou g h i tdependstoa certaindegreeonthelegalenvironmentandwhetherfundsareowedonanetoraggregate basis on individual contracts.The deteriorationofcreditquality,suchasthatofa securitiesissuer,isalsoa sourceofriskthroughthereduced marketvalueofsecuritiesthatanorganizationmightown.C re dit ri sk increa se s a s ti m e to ex piry, ti m e to settl e m e nt, or ti m e to m a tu rityincrease,Themoveby international regulatorstoshorten settlementtime forcertaintypesofsecuritiestradesisaneffortto reduce systemic risk, whichinturnisbasedontheriskofindividualmarketparticipants.Italsoincreasesinan environmentofrisinginterestratesorpooreconomicfundamentals.Organization are exposed to credit risk through all business and financialtransactionsthat depend on the payment or fulfillment of obligations of others,Creditrisk that arises from exposure to a counterparty, such as in a derivativestransaction,isoftenknownascounterpartyrisk.Foreignexchange risk arises through transaction, translation, and economicexposures.It mayalsoarise from commodity-basedtransactionswhere commoditypricesaredeterminedandtradedinanothercurrency.Itincludestransactionrisk,translationrisk andstrategic risk. Transaction riskimpactsan organizatio n’s profitability throughtheincome statement.Itarises from theordinary transactionsofan organization, including purchases from suppliers and vendors, contractualpaymentsinother currencies, royalties of license fees, and sales to customers anizationsthat buyorsell productsandservicesdenominatedina foreigncurrency typically havetransactionexposure.M a na g e m e nt of tra nsa ction ri sk ca n be a n i m porta nt de te rm ina ntofcompetitivenessinaglobaleconomy.Therearefewcorporationswhosebusinessisnotaffected,eitherdirectlyorindirectly,by transactionrisk.Translationrisktraditionallyreferredto fluctuationsresult fromtheaccountingtranslationoffinancialstatement,particularly assetsand liabilities on the balancesheet. Translation exposure results wherever assets, liabilities, or profits aretranslated fromthe operatingcurrency intoa reportingcurrency.From another perspective, translation exposure affects an organization byaffectingthevalue offoreigncurrency balancesheetitems suchasaccountspayableand receivable, foreign currency cash and deposits, and foreign currency debt.Longer-term assetsand liabilities, such as thoseassociatedwith foreign operations,arelikely tobeparticularly impacted.The location and activities of major competitors may be an importantdeterminantof foreignexchangeexposure.Strategicoreconomicexposureaffectsanorganization’s c ompetitive positionas a result ofchanges in exchange rates. Economicexposure,suchasdecliningsalesfrominternationalcustomers,do notshow u p o n the ba l a n c e shee t, thou g h their i m pa ct a ppea rs i n i ncom e s ta tements.For example, a firm whose domestic currency has appreciated dramaticallymayfinditsproductsaretooexpensiveininternational marketsdespiteitseffortstoreducecostofproductionandminimizeprices.Thepricesofgoodexportedbyth efirm’s c ompetitors,whoarecoincidentallylocatedina weak-currency environment,becomecheaperbycomparisonwithoutanyactionontheirpart.译文财务风险资料来源：财务风险管理的核心作者：凯伦 A 哈克尽管在近几年，财务风险问题表现得越来越显著，但风险与风险管理并不只是当前的话题。
财务战略管理外文翻译文献
外文文献原文及译文财务战略管理外文翻译文献(文档含中英文对照即英文原文和中文翻译)Small and medium-sized enterprise financial strategy choice indifferentFinancial strategic management of the significance of the development of small and medium-sized enterprises, this paper expounds the development of enterprise needs not only scientific, fine daily management, need more forward-looking strategic vision and strategic thinking;Through the analysis of the financial characteristics of small and medium-sized enterprises (smes) in different development period, discusses the enterprise should be how to choose matching financial strategy problems, for the enterprise bigger and stronger, sustainable development, provides a feasible way of thinking.With the establishment of the modern enterprise system and market economic system reform deepening, the business activities of enterprises both contain the great vitality, also lies the great crisis.Small and medium-sized enterprises how to adapt to the environment, and maintain competitive advantage not only need to strengthen the daily management of science, fine, more need to have a forward-looking strategic thought, especially the financial and strategic thinking.Enterprise financial strategy, need to consider the enterprise external environment and internal conditions, and many other factors.Due to the small and medium-sized enterprise its own characteristics, in financial strategy can't be consistent with the practice of large enterprise, it must has its own way.Seek financial strategy for the development of small and medium-sized enterprises, make the small and medium-sized enterprise to do strongly does, sustainable development, has important practical significance for the enterprise.First, the significance of small and medium-sized enterprise financial strategy managementModern enterprise financial faces a diverse, dynamic and complicated management environment, enterprise financial management is no longer a specific methods and means of financial management, but absorbs the principle and method of strategic management, from the perspective of to adapt to the environment, use conditions, pay attention to the long-term problem of financial and strategic issues.In the small and外文文献原文及译文medium-sized enterprises under the condition of relative lack of resources, to develop a suitable financial strategy, and at a reasonable allocation of scarce resources is particularly important.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.Second, the small and medium-sized enterprise financial characteristics analysisSuccessful financial strategy must be adapted to the enterprise financial characteristics, the development stage of conform to the enterprise overall strategy and the current and the benefits of stakeholders, the associated risks.Roughly divided into enterprise's development stage, initial, maturation and decline stages.Small and medium-sized enterprises in different stages of development presents the financial characteristics are different and should be based on the analysis of characteristics of its financial seek suitable for different development period of the small and medium-sized enterprise financial strategy.1)the initial financial characteristicsThe management risk of the enterprise life cycle of the initial stage is the highest, thisis because the products on the market soon, a single product structure, the scale of production limited, the product cost is higher, profitability is very poor, also need to invest a lot of money for the new product development and market development, and product market whether to expand the product should be enough space for the development of is uncertain and compensation costs, core competence has not yet formed.To small businesses from the impact of the financial management activities of enterprises cash flow, operating activities and investment activities belong to the state of outflows greater than inflows, shortage of funds, cash flows is negative, it is difficult to form internal capital accumulation, financing activities is the only source of cash.This is the initial financial characteristics of the enterprise.2)mature financial characteristicsIn the beginning of small business success across, they will enter a relatively stable mature stage.In the process of enterprise tend to mature, the enterprise growth and prospect than as well as the management risk will fall;Enterprises have the product of the stability of the relatively high market share and account back continuously, has the high efficiency of capital turnover;At the same time, due to the new project, cash flow, less business net cash flow is positive, the enterprise the management activities and investment activities generally characterized by net income.Financing scale than the initial decline, and at this stage is given priority to with retained earnings and debt financing policy, a lot of debt servicing period, along with the increase of debt financing, rise to financial risk and operational risk equivalent.Dividend proportion also have improved, high cash per share net profit ratio make the dividend payment rate and payments will improve, investors return at this time more is through the dividend distribution rather than the start-up phase of the capital gains to meet.3)the recession financial characteristicsFor recession enterprises, reduce business and product death is inevitable, and the opportunity for profitable investment is very small, the purpose of business is the turning point in order to continue to make a living.To small business financial management activities of enterprises from the impact of cash flow, because the enterprise product sales decline, slow cash flow, business activities have obvious negative cash flow.At the same time, as companies in recession more to take high dividend distribution policy, debt financing in the process of decline will increase, and外文文献原文及译文financing activities generate positive cash flow, financial leverage and financial risk increases.Three, different development period of the financial strategy choiceThe choice of financial strategy decision of small and medium-sized enterprise financial orientation and pattern of resource distribution, affects the behavior of enterprise financing activity and efficiency.From the perspective of life cycle theory, the development of small and medium-sized enterprises generally to undergo early stage, mature stage and decline stages.Small and medium-sized enterprise's financial strategy will vary at different stages of development, only select and match the different developmental stages of the enterprise's financial strategy, in order to promote the small and medium-sized enterprises bigger and stronger, sustainable development.1)leading the financial and strategic choiceFinancing strategy is an integral part of the corporate financial strategy, it is the enterprise to raise funds to solve the main goal, principle, direction, scale, structure, major issues such as channels and means, it is not a specific fund-raising plan, but in order to meet the future environment and the requirements of enterprise strategy, to the enterprise financing, and the idea of the system for a long time, enterprise strategy implementation and enhance the competitiveness of enterprise is dedicated to provide you with reliable cash flow support.In terms of external financing, small and medium-sized enterprises have difficulty in direct financing is a worldwide phenomenon.Objectively, to the extent of direct financing for smes, determined by the small and medium-sized enterprise its own problems.If it is difficult to find eligible collateral or guarantee units, commercial Banks to small and medium-sized enterprise is hard to track supervision and inspection.Most small and medium-sized enterprises small scale, the risk is big, once insolvency bankruptcy, commercial Banks and so on, the security of the creditor's rights will be these are the important factors that affect sme loans.Endogenous financing strategy refers to an enterprise that mainly from internal financing source of financing.Under the guidance of strategic thinking in the financing, the enterprise is not dependent on external funding, and raise the neededcapital, and in this unit interior longitudinal accumulation of capital through retained profits before it.The main source of funds will be retained earnings, amortization, etc without having to pay cash, capital takes up less, savings brought by the revolving speed and so on.Type endogenous financing strategy is especially suitable for the lack of external financing channels of small and medium-sized enterprises.From the perspective of tax analysis, debt financing can bring tax benefits for enterprises.But since most startups accounting only produce loss, debt financing can bring positive influence for the enterprise, and at present because our country small and medium-sized enterprises in the internal financing is relatively easy to some, lower the cost of financing, so should choose mainly endogenous financing, external financing is complementary financing strategy, provided by the owners and affiliated enterprise loan, at the same time to strengthen its own capital reserves, creating certain credit conditions, with their own assets as collateral, borrowing from financial institutions make the enterprise keep good capital structure.Enterprises should choose according to future solvency acceptable way of financing, prevent enterprises from the initial stage back heavy debt burden and was in financial crisis.Investment strategy is based on enterprise internal and external environment condition and its change trend, the enterprise has or the actual control of economic resources effectively put out, in order to obtain economic benefits and competitive advantage in the future.The content of investment strategy of investment direction, the determination of investment scale and proportion.Content must be combined with the specific investment enterprise overall strategy and investment environment, enterprise development stage to set.In the implementation of the investment strategy, managers should pay more attention to growth, leading technology and market share targets.At the start-up stage and growth stage of medium and small enterprises,They need a lot of money to develop new products, expand the market and expand business.Because it difficult to get loans from the outside, so the owners of the small and medium-sized enterprises (smes) are generally the after-tax profits retained in the enterprise, as far as possible use of cash dividend policy, keep more profits, to enrich the capital.2)mature small and medium-sized enterprise financial strategy choiceFor mature type of small and medium-sized enterprises, in order to obtain sufficient funds or stable sources of funds and excellent capital structure, usually adopt the combination of a variety of financing methods for financing.Financing strategy外文文献原文及译文combinations can achieve better effect, such as financing, revitalize the memory through the financial assets financing, financing and depreciation enterprise commercial credit financing, etc.Type financial financing strategy refers to the enterprises with financial institutions to establish close cooperation relations, use of these financial institutions long-term stable credit the funds to reach the purpose of financing the financing strategy.Financial funding sources including policy Banks, commercial Banks and non-bank financial institutions credit financing lease, leasing company.Its advantage is financing large-scale, flexible form, enterprises need to pay interest charge, does not involve the use of equity.Type financial financing both bring to enterprise financial leverage effect, and can prevent the dilution of return on net assets and earnings per share, so in the meantime, small and medium-sized enterprises should be in order to improve the effect of financial leverage as a starting point, take active financing strategies, appropriately increase the proportion of debt.The deficiency of this form of financing is financing conditions and high cost, applicable to the product markets mature, is developing rapidly and has substantial advantages, especially small and medium-sized enterprises with technical advantage, is the premise of its financing is expected to borrow funds capital profit margin is higher than interest rates.In addition to this, mature type of small and medium-sized enterprises should also be effective to the implementation of the internal financing strategy, optimize the enterprise internal stock fund adjustment, the enterprise stock assets.Mature enterprises already have depreciation financing conditions, should play the advantages of depreciation financing.Depreciation financing possesses the advantages of low cost, low risk, through the depreciation financing to optimize financing panies can also make full use of the commercial credit financing.Between enterprises credit financing, including accounts payable, notes payable, advance payment, etc.Credit financing for small and medium-sized enterprises limited liquidity is more special significance, it is the effective way to solve the enterprise capital especially the lack of liquidity.According to the characteristics of the small and medium-sized enterprises mature financial enterprises gradually rise in profits and stable at the same time, maintain production cost is reduced, which makes the enterprise capital at the beginning of the mature found some surplus.This stage of the small and medium-sized enterprises with profit maximization as the financial management goal, usually by taking scaleexpansion, development of diversification and find new ways to invest profit opportunities.Suitable for mature with the situation of small and medium-sized enterprises investment strategy includes scale expansion strategy and stable investment strategy.The expansion of scale expansion mainly refers to the core product sales.Expansion investment strategy is the mature period of small and medium-sized enterprises one of the most commonly used investment strategy, is small and medium-sized enterprises achieve high growth of the most direct, the most effective way.The main means to realize scale expansion of market penetration, development strategy and product development strategy.After entering the mature stage of small and medium-sized enterprises, can produce a stronger intention and the growth of their own lack of various conditions, and ability of its internal contradiction, therefore, should hold more prudent attitude in financial aspects, blind expansion of avoid by all means.Summary of small and medium-sized enterprises in the reasons for failure in the process of seeking development, finance unsound accounts for large proportion.When companies have some occupy the market of products, with the possible longer profitable accumulation, often not very attention to working capital turnover, but for the past business on success, a large amount of working capital will be used for investment in fixed assets, it will lead to new tensions on the turnover of working capital.There is in order to avoid a single product, is trying to spread risk through diversification and the diversification operation, however due to the small and medium-sized enterprises generally smaller overall capital, diversification is very easy to cause the original items of working capital turnover difficult, and the new investment projects and could not form a certain scale, management ability and management experience, combined with the lack of necessary beyond to establish competitive advantage, enhancing the management risk.Different enterprises in the investment operation of the project will have different requirements, the expansion of investment strategy and stable investment strategy selection, small and medium-sized enterprise must look at the business conditions and environment, to choose the appropriate investment strategy.Enterprises in the investment management aspects, therefore, should be to put money to be able to take advantage of the enterprise market of the products, and constantly update technical renovation, equipment, expand production scale, improve product yield and quality, to外文文献原文及译文increase economies of scale, improve market share.At this stage, the enterprise should be scientific, reasonable choice of the mode of investment, strengthen the investment project feasibility study and argument, to strengthen the evaluation of project investment and summarizes the work.3)recession type of small and medium-sized enterprise financial strategy choiceRecession type is an important feature of small and medium-sized enterprise financing structure is highly leveraged, the most important is the compression ratio of debt financing, to avoid the risk of financial leverage.In the case of high financial risk management, often adopt defensive deflating financial strategy.Defense deflating financial strategy is to prevent financial crisis and survive, and the new development for the purpose of a financial strategy.Defense deflating financial strategy, general will minimize cash outflows and as far as possible to increase cash inflows as a top priority.In financial financing decision, should be given priority to with the use of short-term funds, as far as possible avoid the use of long-term funds, take on endogenous financing including profit retained accumulation, owner, shareholder investment and borrowing to owner, partners and shareholders of endogenous debt financing is given priority to, an application for a patent for divestitures, relies on external financing of the financing way.When enterprise sales began to decline, high fixed costs can make the enterprise into serious losses, but by signing a short-term contract or completely based on the variable cost, thus reduce fixed costs ratio lower the total cost.When many factors shows that the enterprise is in decline, can choose to some non-critical product or technology transfer, to abandon the development investment in a particular field, reduce the money for the old products, the accumulation of capital, to find new investment opportunities.To sum up, small and medium-sized enterprises (smes) on the sustainable development road, must choose to match with different stages of development of financial strategy, it can make up for the congenital defects existing in the financial, improving the capacity of sustainable development, it is the key to the small and medium-sized enterprises bigger and stronger.The arrangement of the small and medium-sized enterprises in the financial strategy, we should pay attention to keep a good capital structure, attach importance to connotation development, sound financial management, avoid blind investment and diversification, should be saving money andtimely realize scale expa外文文献原文及译文译文：中小企业不同时期财务战略的选择财务战略管理对中小企业发展的意义入手，阐述了企业的发展不仅需要科学、精细的日常管理，更需要高瞻远瞩的战略眼光和战略思想；通过分析中小企业在不同发展时期的财务特征，探讨了企业应如何选择与之相匹配的财务战略问题，为企业做大做强，持续发展，提供了可行的思路。
中小企业代理记账外文文献翻译2014年译文3100字
中小企业代理记账外文文献翻译2014年译文3100字XXX in small and medium sized enterprises (SMEs)。
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《公司财务风险管理问题研究国内外文献综述3000字》
公司财务风险管理问题研究国内外文献综述1 国外文献综述西方国家对财务风险的分析与防范研究的比较早，其中“风险管理”一词就是被美国学者莫布雷在20世纪五十年代首次提出的。
Sohnke M. Bartram, Gregory W. Brown, and Murat Atamer发表了《How Important is Financial Risk》的文章，他采用对比分析法与文献资料法等方法，提出了要加强对财务风险分析的观点。
他认为：企业可以通过控制管理财务风险，从而让股东承担较低的经济风险。
对企业来讲财务风险非常重要，只是选择高负债承担水平或管理风险能力缺乏的不同罢了。
相比之下，典型的非金融类公司选择不采取这些风险。
财务总风险可能是重要的，但公司可以管理它。
与此相反，更加难以预防的是基本的经济和商业风险，因为他们可以代表机制，使企业赢得经济效益。
目前，英国、德国和法国等国对财务风险分析与防范的研究也非常重视。
在财务风险控制方面，James（2017年）认为企业财务风险管理的效果受到许多不同因素的影响，包括企业经营市场的外部环境、企业的负债能力和风险管理能力；Rileye（2016年）认为企业对财务风险进行管理时需要建立以行业环境为中心的新模型，拓展原有风险评估模型，从多个层次对企业资产的状况进行剖析，进一步完善现有的财务风险管理系统；YoshikawaH（2014年）认为财务风险的控制是以财务风险的量化作为基础，企业在经营活动中面临的各种各样财务风险可以通过科学的方法进行量化，并将评估的结果应用于企业的决策，这对于转移财务风险，降低决策失误可能性具有重要的意义；William （2015年）认为企业只有建立严密的内部控制制度并且优化资本结构才能够对企业可能面临的各种财务风险进行有效的管理；Sibt-ul-Hasnin Kazmi（2016年）提出财务风险是随同业务活动发展产生的，错误的业务解决策略会导致财务风险,利用套期保值工具可以有效降低金融相关的财务风险；Indranil（2016年）认为企业的财务风险管理与审计人员的判断力和企业构建行之有效的内部控制和风险防范框架存在着密切的联系；Andreea（2017年）认为企业对资产的管理存在不足是导致财务风险管理出现问题的重要原因，因此企业想要制定合理的风险评估体系，就需要结合生产经营活动的实际情况，并对财务风险进行科学评估，这样才能有效化解可能面临的各种风险。
中小企业的财务风险管理外文文献翻译2014年译文3000字
中小企业的财务风险管理外文文献翻译2014年译文3000字Financial Risk Management for Small and Medium-Sized Enterprises (SMEs)Financial risk management is an essential aspect of business management。
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外文文献翻译现代企业财务管理
现代企业财务控制外文文献翻译(含：英文原文及中文译文)文献出处：Ryan Davidson, Jenny Stewart, Pamela Kent. Discussion on the Modern Enterprise Financial Control [J]Business Inform, 2014(2):83-88.英文原文Discussion on the Modern Enterprise Financial ControlRyan Davidson, Jenny Stewart, Pamela KentThis paper discusses the modern enterprise is becoming China's economic development in the process of an important new force. However, with the modern enterprise investment on the scale of the expansion and extension of the growing investment levels, the modern enterprise financial control is becoming increasingly urgent. This is common in state-owned enterprise groups and private enterprise groups, a common predicament. At present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. Many of the modern enterprise by strengthening the financial control so that the Group significant increase efficiency, and even some loss-making by strengthening the financial control of the modernenterprise to enable companies to achieve profitability. In this paper, expounding China's modern enterprises the main problems of financial control, based on the choice of financial control method was summarized and analyzed the content of the modern enterprise financial controls, the final resolution of the financial control mode selected key factors for the modern enterprise the improvement of financial control to provide a degree of meaningful views.1 IntroductionWith China's accession to WTO, China's enterprise groups must be on the world stage to compete with TNCs from developed countries. At present the development of enterprise groups in China is not satisfactory, although there are national policies and institutional reasons, but more important is its financial management in particular, caused by inadequate financial controls. For a long time, China's enterprise group cohesion is not strong, their respective subsidiaries within the Group for the array, can not play the whole advantage; redundant construction and haphazard introduction of frequent, small investments, decentralized prominent problem: financial management is chaotic, resulting in frequent loss of control, a waste of money the phenomenon of serious; ineffective financial control, financial management loopholes. In recent years, enterprise group's financial control has been our country's financial circles. In short, the problem of exploration in our country has obviouspractical significance.Clearly, China's modern enterprise financial controls are the main problem is to solve the problem of financial control method based on the choice of financial control method is the key financial control of the modern enterprise content is content, while the financial control method of choice is the ultimate ownership of the main factors that point, This train of thought here on the modern enterprise's financial control method were analyzed.2. An overview of the modern enterprise financial controlInternal control over financial control is an important part, is a subsidiary of parent company control of an important part of its financial management system is the core of. The concept of modern enterprise financial controls in accordance with the traditional definition, financial control refers to the "Financial Officers (sector) through the financial regulations, financial systems, financial scale, financial planning goals of capital movement (or the daily financial activities, and cash flow) for guidance, organization, supervision and discipline, to ensure that the financial plan (goals) to achieve the management activities. Financial control is an important part of financial management or basic functions, and financial projections, financial decision-making, financial analysis and evaluation together with a financial management system or all the functions.The modern enterprise's financial control is in the investor's ownership and corporate property rights based on the generated surrounding the Group's overall objective, using a variety of financial means, the members of the enterprise's economic activities, regulation, guidance, control and supervision, so that it Management Group's development activities are consistent with the overall goal of maintaining the group as a whole. Financial control is a power to control one side of the side control, inevitably based on one or several powers. Financial control is essentially related to the interests of enterprises in the organization, the conduct of control, namely, by controlling the financial activities of the assets, personnel actions, to coordinate the objectives of the parties to ensure that business goals. The modern enterprise financial control includes two aspects: the owner funded financial control and corporate manager’s financial control. From the donor’s point of view, the essence of the modern enterprise is characterized by investor and corporate property rights of ownership and separation. Investors will invest its capital to the enterprise after their capital combined with debt capital, constitute the enterprise's capital, the formation of corporate business assets is funded by corporate property, then lost direct control over the funders in order to achieve its Capital maintenance and appreciation of the goal, only through control of its capital manipulation of corporate assets in order to achieve the maximum capital value donors.The control of capital controls is an important property is the prerequisite and foundation for financial control. From the perspective of internal management of enterprises and its financial control target is the legal property of its operations.3 China's modern enterprises the main problems of financial controlAt present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. China's modern enterprise financial controls are still in the stage to be further improved, to varying degrees, there are some urgent need to address the problem:Financial control set decentralized model of polarization, low efficiencyIn the financial control of the set of decentralized model, China's modern enterprise polarization. The current group of financial control either over-centralization of power, the members of the business has no legal status as a subsidiary factory or workshop, the group is seen as a big business management, leadership financial rights absolute; or excessive decentralization, a large number of decentralized financial control to a subsidiary, any of its free development.In addition, the modern enterprise financial control system suited the needs of a market economy, financial control and flexibility of principle there is no organic unity. If the subordinate enterprises, with few financial decision-making power, then the temporary financial problems occur at every level always reported to the Group's headquarters, and then from the headquarters down the implementation of the decision-making at every level, so it is easy to miss market opportunities. On the contrary, when the subsidiary of financial decision-making power is too large, they easily lead to financial decision-making blind and mistakes, not only for the Group's staff to participate in market competition, failed to exercise any decision-making role, but will also become a competitor to the market to provide a tool for competitive information, hinder the the further development of enterprises.One of the lack of financial controlFinancial control in accordance with the owner of intention, in accordance with relevant laws and regulations, systems and standards, through certain financial activities and financial relations, and financial activities to promote all aspects of the financial requirements in accordance with a code of conduct to conduct his activities. From China's current situation, the financial control of a modern enterprise mainly focused on ex post facto control, is often the lack of critical pre-budget and to control things. Many modern enterprises, after a decision is inadvance, for further financial control tended to focus on the annual profit plan, to meet on the development of a full-year sales revenue, cost, target profit, and several other overarching objectives, without further specific decision-making technology to compile for control and management, according to the month, quarterly, annual financial budget. Therefore, the interim budget and thus difficult to compare operating performance is a matter to control the empty words. As for the ex post facto control, although based on the year-end assessment of the needs and to get some attention, they can still profit in the annual plan, based on the relevant accounting information barely supported by whom, but the effects are pretty effective. Since the ex ante control may not be effective, so subordinate enterprises throughout the implementation process of decision-making are largely outside the core business of financial control, divorced from the core business of financial control.Modern enterprises themselves do not establish a parent-subsidiary link up the financial control mechanisms, financial control their own ways, the parent company of the modern enterprise can not come to the unified arrangement of a strategic investment and financing activities, the group blindly expand the scale of investment, poor investment structure, external borrowing out of control, financial structure is extremely weak, once the economic downturn or product sales are sluggish, there barriers to capital flows, the Group into trouble when they become addicted. Aninternal financial assessment indicators are too single, not fully examine the performance of subsidiaries. A considerable number of modern enterprise's internal assessment targets only the amount of the contract amount and profit .Regardless of the financial and accounting functions, institutional settings are not standardizedAt present, China's financial and accounting sector enterprises are usually joined together, such a body set up under the traditional planned economic system, still capable to meet the management needs, but the requirements of modern enterprise system, its shortcomings exposed. Manifested in: (1) financial services targeted at business owners, it is the specific operation and manipulation of objects is the enterprise's internal affairs, while the accounting of clients within the enterprise and external stakeholders, would provide open accounting information must reflect the "true and fair" principle. Will be different levels of clients and flexibility in a merger of two tasks, will inevitably lead to interference with the financial flexibility of the fairness of accounting. (2) The financial sector is committed to the financial planning, financial management, the arduous task, but flexible in its mandate, procedures and time requirements more flexible, but assume that the accounting information collection, processing, reporting and other accounting work, and flexibility in work assignments weak, procedures and time requirements more stringent andnorms. If the enterprises, especially in modern enterprises to financial management and accounting work are mixed together, is likely to cause more "rigid" in accounting work runs more "flexible" financial management is difficult to get rid of long-standing emphasis on accounting, financial management light situation.Irregularities in the operation of a modern enterprise fundsAt present, the modern enterprise fund operation of the following problems: First, a serious fragmentation of the modern enterprise funds. Some of the modern enterprise have not yet exceeded a certain link between the contractual relationship to conduct capital, operating, and its essence is still the executive order virtual enterprise jointly form of intra-group members are still strict division of spheres of influence, difficult to achieve centralized management of funds, unification deployment of large groups is difficult to play the role of big money. Second, the stock of capital make an inventory of modern enterprise poor results. Result of the planned economy under the "re-output, light efficiency, re-extension, light content, re-enter, light output" of inertia, making the enterprise carrying amount of funds available to make an inventory of large, but the actual make an inventory of room for small, thus affecting the to the effect of the stock of capital. Third, the modern enterprise funds accumulated a lot of precipitation.Internal audit exists in name onlyAt present, enterprises in the financial monitoring of internal audit work to become a mere formality process. The first formal audit management. Hyundai organized every year in different forms of audit, has become a fixed procedure, but because the internal audit staff and the audited entity at the same level, thus in the company's financial problems can not get to the bottom, just a form of and going through the motions. This audit not only failed to exercise any oversight role, to some extent encouraged the small number of staff violations of law. Second, nothing of audit responsibilities. Internal audit is a modern enterprise group commissioned by the audit staff members of Corporate Finance to conduct inspection and supervision process, and therefore the auditors have had an important mandate and responsibilities. But in reality, become a form of audit work, audit officers, whether seriously or not, are not required to bear the responsibility, thus making the audit is inadequate supervision. Third, the audit results and falsified. Audit results should be true and can be *, but in reality the different audit bodies of the same company during the same period of the audit, results are often different, and a far cry from, these are false true performance of the audit findings.中文译文论现代企业财务控制瑞安戴维森，珍妮斯图尔特，帕米拉肯特本文论述了现代企业正在成为中国经济发展过程中的重要生力军。
财务风险管理中英文对照外文翻译文献
中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce riskwithin the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio towhich it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might bepossible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in otherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
企业并购财务风险控制外文文献翻译2014年译文3100字
企业并购财务风险控制外文文献翻译2014年译文3100字Enterprise mergers and ns involve us financial risks。
such as liquidity risk。
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and nal risk。
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enterprises should conduct a comprehensive analysis of the target company's financial status。
including its financial statements。
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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。
财务风险管理文外文翻译)
财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。
意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。
经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。
因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。
准备是风险管理工作的一个关键组成部分。
什么是风险？风险给机会提供了基础。
风险和暴露的条款让它们在含义上有了细微的差别。
风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。
风险起因是由于暴露。
金融市场的暴露影响大多数机构，包括直接或间接的影响。
当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的机会。
金融市场的暴露可以提供战略性或竞争性的利益。
风险损失的可能性事件来自如市场价格的变化。
事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。
换句话说，可能就是变异的风险回报。
由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。
识别暴露和风险形式的基础需要相应的财务风险管理策略。
财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。
它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。
当金融的价格变化很大，它可以增加成本，降低财政收入，或影响其他有不利影响的盈利能力的组织。
金融波动可能使人们难以规划和预算商品和服务的价格，并分配资金。
有三种金融风险的主要来源：1、金融风险起因于组织所暴露出来的市场价格的变化，如利率、汇率、和大宗商品价格。
2、引起金融风险的行为有与其他组织的交易如供应商、客户，和对方在金融衍生产品中的交易。
【精品推荐】财务风险管理外文文献翻译原文+译文
【精品推荐】财务风险管理外文文献翻译原文+译文原文：Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularlytroublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature,including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systems What Is Financial Risk Management?Financial risk management is a process to deal with theuncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are tradedwidely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss ishighly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.。
财务战略管理外文翻译文献
财务战略管理外文翻译文献外文文献原文及译文财务战略管理外文翻译文献(文档含中英文对照即英文原文和中文翻译)Small and medium-sized enterprise financial strategy choice indifferentFinancial strategic management of the significance of the development of small and medium-sized enterprises, this paper expounds the development of enterprise needs not only scientific, fine daily management, need more forward-looking strategic vision and strategic thinking;Through the analysis of the financial characteristics of small and medium-sized enterprises (smes) in different development period, discusses the enterprise should be how to choose matching financial strategy problems, for the enterprise bigger and stronger, sustainable development, provides a feasible way of thinking.With the establishment of the modern enterprise system and market economic system reform deepening, the business activities of enterprises both contain the great vitality, also lies the great crisis.Small and medium-sized enterprises how to adapt to the environment, and maintain competitive advantage not only need to strengthen the daily management of science, fine, more need to have a forward-looking strategic thought, especially the financial and strategic thinking.Enterprise financial strategy, need to consider the enterprise external environment and internal conditions, and many other factors.Due to the small and medium-sized enterprise its own characteristics, in financial strategy can't be consistent with the practice of large enterprise,it must has its own way.Seek financial strategy for the development of small and medium-sized enterprises, make the small and medium-sized enterprise to do strongly does, sustainable development, has important practical significance for the enterprise.First, the significance of small and medium-sized enterprise financial strategy managementModern enterprise financial faces a diverse, dynamic and complicated management environment, enterprise financial management is no longer a specific methods and means of financial management, but absorbs the principle and method of strategic management, from the perspective of to adapt to the environment, use conditions, pay attention to the long-term problem of financial and strategic issues.In the small and 外文文献原文及译文medium-sized enterprises under the condition of relative lack of resources, to develop a suitable financial strategy, and at a reasonable allocation of scarce resources is particularly important.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 theenterprise 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.Second, the small and medium-sized enterprise financial characteristics analysisSuccessful financial strategy must be adapted to the enterprise financial characteristics, the development stage of conform to the enterprise overall strategy and the current and the benefits of stakeholders, the associated risks.Roughly divided into enterprise's development stage, initial, maturation and decline stages.Small and medium-sized enterprises in different stages of development presents the financial characteristics are different and should be based on the analysis of characteristics of its financial seek suitable for different development period of the small and medium-sized enterprise financial strategy.1)the initial financial characteristicsThe management risk of the enterprise life cycle of the initial stage is the highest, thisis because the products on the market soon, a single product structure, the scale of production limited, the product cost is higher, profitability is very poor, also need to invest a lot of money for the new product development and marketdevelopment, and product market whether to expand the product should be enough space for the development of is uncertain and compensation costs, core competence has not yet formed.To small businesses from the impact of the financial management activities of enterprises cash flow, operating activities and investment activities belong to the state of outflows greater than inflows, shortage of funds, cash flows is negative, it is difficult to form internal capital accumulation, financing activities is the only source of cash.This is the initial financial characteristics of the enterprise.2)mature financial characteristicsIn the beginning of small business success across, they will enter a relatively stable mature stage.In the process of enterprise tend to mature, the enterprise growth and prospect than as well as the management risk will fall;Enterprises have the product of the stability of the relatively high market share and account back continuously, has the high efficiency of capital turnover;At the same time, due to the new project, cash flow, less business net cash flow is positive, the enterprise the management activities and investment activities generally characterized by net income.Financing scale than the initial decline, and at this stage is given priority to with retained earnings and debt financing policy, a lot of debt servicing period, along with the increase of debt financing, rise to financial risk and operational risk equivalent.Dividend proportion also have improved, high cash per share net profit ratio make the dividend payment rate and payments will improve, investors return at this time more is through the dividend distribution rather than the start-up phase of the capital gains to meet.3)the recession financial characteristicsFor recession enterprises, reduce business and product death is inevitable, and the opportunity for profitable investment is very small, the purpose of business is the turning point in order to continue to make a living.To small business financial management activities of enterprises from the impact of cash flow, because the enterprise product sales decline, slow cash flow, business activities have obvious negative cash flow.At the same time, as companies in recession more to take high dividend distribution policy, debt financing in the process of decline will increase, and外文文献原文及译文financing activities generate positive cash flow, financial leverage and financial risk increases.Three, different development period of the financial strategy choiceThe choice of financial strategy decision of small and medium-sized enterprise financial orientation and pattern of resource distribution, affects the behavior of enterprise financing activity and efficiency.From the perspective of life cycle theory, the development of small and medium-sized enterprises generally to undergo early stage, mature stage and decline stages.Small and medium-sized enterprise's financial strategy will vary at different stages of development, only select and match the different developmental stages of the enterprise's financial strategy, in order to promote the small and medium-sized enterprises bigger and stronger, sustainable development.1)leading the financial and strategic choiceFinancing strategy is an integral part of the corporate financial strategy, it is the enterprise to raise funds to solve the main goal, principle, direction, scale, structure, major issues suchas channels and means, it is not a specific fund-raising plan, but in order to meet the future environment and the requirements of enterprise strategy, to the enterprise financing, and the idea of the system for a long time, enterprise strategy implementation and enhance the competitiveness of enterprise is dedicated to provide you with reliable cash flow support.In terms of external financing, small and medium-sized enterprises have difficulty in direct financing is a worldwide phenomenon.Objectively, to the extent of direct financing for smes, determined by the small and medium-sized enterprise its own problems.If it is difficult to find eligible collateral or guarantee units, commercial Banks to small and medium-sized enterprise is hard to track supervision and inspection.Most small and medium-sized enterprises small scale, the risk is big, once insolvency bankruptcy, commercial Banks and so on, the security of the creditor's rights will be these are the important factors that affect sme loans.Endogenous financing strategy refers to an enterprise that mainly from internal financing source of financing.Under the guidance of strategic thinking in the financing, the enterprise is not dependent on external funding, and raise the needed capital, and in this unit interior longitudinal accumulation of capital through retained profits before it.The main source of funds will be retained earnings, amortization, etc without having to pay cash, capital takes up less, savings brought by the revolving speed and so on.Type endogenous financing strategy is especially suitable for the lack of external financing channels of small and medium-sized enterprises.From the perspective of tax analysis, debt financing can bring tax benefits for enterprises.But since most startups accounting only produce loss, debt financingcan bring positive influence for the enterprise, and at present because our country small and medium-sized enterprises in the internal financing is relatively easy to some, lower the cost of financing, so should choose mainly endogenous financing, external financing is complementary financing strategy, provided by the owners and affiliated enterprise loan, at the same time to strengthen its own capital reserves, creating certain credit conditions, with their own assets as collateral, borrowing from financial institutions make the enterprise keep good capital structure.Enterprises should choose according to future solvency acceptable way of financing, prevent enterprises from the initial stage back heavy debt burden and was in financial crisis.Investment strategy is based on enterprise internal and external environment condition and its change trend, the enterprise has or the actual control of economic resources effectively put out, in order to obtain economic benefits and competitive advantage in the future.The content of investment strategy of investment direction, the determination of investment scale and proportion.Content must be combined with the specific investment enterprise overall strategy and investment environment, enterprise development stage to set.In the implementation of the investment strategy, managers should pay more attention to growth, leading technology and market share targets.At the start-up stage and growth stage of medium and small enterprises,They need a lot of money to develop new products, expand the market and expand business.Because it difficult to get loans from the outside, so the owners of the small and medium-sized enterprises (smes) are generally the after-tax profits retained in the enterprise, as far as possible use of cash dividend policy, keep more profits, to enrich the capital.2)mature small and medium-sized enterprise financial strategy choiceFor mature type of small and medium-sized enterprises, in order to obtain sufficient funds or stable sources of funds and excellent capital structure, usually adopt the combination of a variety of financing methods for financing.Financing strategy 外文文献原文及译文combinations can achieve better effect, such as financing, revitalize the memory through the financial assets financing, financing and depreciation enterprise commercial credit financing, etc.Type financial financing strategy refers to the enterprises with financial institutions to establish close cooperation relations, use of these financial institutions long-term stable credit the funds to reach the purpose of financing the financing strategy.Financial funding sources including policy Banks, commercial Banks and non-bank financial institutions credit financing lease, leasing company.Its advantage is financing large-scale, flexible form, enterprises need to pay interest charge, does not involve the use of equity.Type financial financing both bring to enterprise financial leverage effect, and can prevent the dilution of return on net assets and earnings per share, so in the meantime, small and medium-sized enterprises should be in order to improve the effect of financial leverage as a starting point, take active financing strategies, appropriately increase the proportion of debt.The deficiency of this form of financing is financing conditions and high cost, applicable to the product markets mature, is developing rapidly and has substantial advantages, especially small and medium-sized enterprises with technical advantage, is the premise of its financing is expected to borrow funds capital profit margin is higher than interest rates.In addition to this, mature type of small and medium-sized enterprises should also be effective to the implementation of the internal financing strategy, optimize the enterprise internal stock fund adjustment, the enterprise stock assets.Mature enterprises already have depreciation financing conditions, should play the advantages of depreciation financing.Depreciation financing possesses the advantages of low cost, low risk, through the depreciation financing to optimize financing /doc/f43449150.html,panies can also make full use of the commercial credit financing.Between enterprises credit financing, including accounts payable, notes payable, advance payment, etc.Credit financing for small and medium-sized enterprises limited liquidity is more special significance, it is the effective way to solve the enterprise capital especially the lack of liquidity.According to the characteristics of the small and medium-sized enterprises mature financial enterprises gradually rise in profits and stable at the same time, maintain production cost is reduced, which makes the enterprise capital at the beginning of the mature found some surplus.This stage of the small and medium-sized enterprises with profit maximization as the financial management goal, usually by taking scaleexpansion, development of diversification and find new ways to invest profit opportunities.Suitable for mature with the situation of small and medium-sized enterprises investment strategy includes scale expansion strategy and stable investment strategy.The expansion of scale expansion mainly refers to the core product sales.Expansion investment strategy is the mature period of small and medium-sized enterprises one of the most commonly used investment strategy, is small and medium-sizedenterprises achieve high growth of the most direct, the most effective way.The main means to realize scale expansion of market penetration, development strategy and product development strategy.After entering the mature stage of small and medium-sized enterprises, can produce a stronger intention and the growth of their own lack of various conditions, and ability of its internal contradiction, therefore, should hold more prudent attitude in financial aspects, blind expansion of avoid by all means.Summary of small and medium-sized enterprises in the reasons for failure in the process of seeking development, finance unsound accounts for large proportion.When companies have some occupy the market of products, with the possible longer profitable accumulation, often not very attention to working capital turnover, but for the past business on success, a large amount of working capital will be used for investment in fixed assets, it will lead to new tensions on the turnover of working capital.There is in order to avoid a single product, is trying to spread risk through diversification and the diversification operation, however due to the small and medium-sized enterprises generally smaller overall capital, diversification is very easy to cause the original items of working capital turnover difficult, and the new investment projects and could not form a certain scale, management ability and management experience, combined with the lack of necessary beyond to establish competitive advantage, enhancing the management risk.Different enterprises in the investment operation of the project will have different requirements, the expansion of investment strategy and stable investment strategy selection, small and medium-sized enterprise must look at the businessconditions and environment, to choose the appropriate investment strategy.Enterprises in the investment management aspects, therefore, should be to put money to be able to take advantage of the enterprise market of the products, and constantly update technical renovation, equipment, expand production scale, improve product yield and quality, to 外文文献原文及译文increase economies of scale, improve market share.At this stage, the enterprise should be scientific, reasonable choice of the mode of investment, strengthen the investment project feasibility study and argument, to strengthen the evaluation of project investment and summarizes the work.3)recession type of small and medium-sized enterprise financial strategy choiceRecession type is an important feature of small and medium-sized enterprise financing structure is highly leveraged, the most important is the compression ratio of debt financing, to avoid the risk of financial leverage.In the case of high financial risk management, often adopt defensive deflating financial strategy.Defense deflating financial strategy is to prevent financial crisis and survive, and the new development for the purpose of a financial strategy.Defense deflating financial strategy, general will minimize cash outflows and as far as possible to increase cash inflows as a top priority.In financial financing decision, should be given priority to with the use of short-term funds, as far as possible avoid the use of long-term funds, take on endogenous financing including profit retained accumulation, owner, shareholder investment and borrowing to owner, partners and shareholders of endogenous debt financing is given priority to, an application for a patent for divestitures,relies on external financing of the financing way.When enterprise sales began to decline, high fixed costs can make the enterprise into serious losses, but by signing a short-term contract or completely based on the variable cost, thus reduce fixed costs ratio lower the total cost.When many factors shows that the enterprise is in decline, can choose to some non-critical product or technology transfer, to abandon the development investment in a particular field, reduce the money for the old products, the accumulation of capital, to find new investment opportunities.To sum up, small and medium-sized enterprises (smes) on the sustainable development road, must choose to match with different stages of development of financial strategy, it can make up for the congenital defects existing in the financial, improving the capacity of sustainable development, it is the key to the small and medium-sized enterprises bigger and stronger.The arrangement of the small and medium-sized enterprises in the financial strategy, we should pay attention to keep a good capital structure, attach importance to connotation development, sound financial management, avoid blind investment and diversification, should be saving money andtimely realize scale expa。
中小型企业的战略财务管理 外文译文
中小型企业的战略财务管理Zongsheng liuEconomic theory and management摘要随着社会经济的发展和科学技术的进步，中国企业正处在一个充满机会和危险的阶段。
本文介绍的内容和财务管理战略的重要性，阐述在财务管理战略中的中小企业的共同问题及原因，并提出了相应的对策。
关键词：中小企业，战略财务管理，问题，对策前言一个企业的不确定性的金融环境其财务活动充满风险。
除了机会，有相当多的危险不时的出现在其财务管理中。
因此，它已成为关键，一个企业的财务管理是否能跟踪趋势和变化，同时又能分析什么是有用的，并拒绝有害的。
战略管理思想在企业的财务管理中是非常重要的，因为我们要努力分析和把握的整体环境，一个企业的发展趋势，因此，提高适应性、可变性和财务管理是否适用于不确定的环境。
目前，超过一千万中小型企业已通过了工商登记，占中国企业总数的90%。
因此，他们的战略财务管理是特别重要的，这也是本文的主题。
1战略财务管理的主要内容战略财务管理理论，是指根据这些资金应在最适当的方式进行，募集资金应当利用和企业的再投资和利润分配的决定和最有效的管理方式最合理。
根据它的内涵，我们可以归纳出三个主要内容的战略财务管理，包括融资策略，投资策略和利润分配策略。
详情如下：融资策略高度发达的现代企业具有的销售急剧增长的特点。
当面对这样一种局势，企业往往有很大的资金需求，以及由于存货及应收账款增加。
销售增长的张力越大，资本要求越大。
因此，战略财务管理在融资策略中具有十分重要的意义。
融资策略的功能在于明确的指导方针融资、铺设融资目标下，建立整体规模、融资渠道和方法，安排战略资本结构优化方案，从各方面对此作了相应的对策，以达到融资目标，最后预测和手机大量资金的企业需求。
投资策略作为战略财务管理的核心，这个战略决定企业是否可以在一个合理和有效的方式调配其资金和资源。
投资策略涉及确认固定资产，企业规模和资本规模，对外扩张或内部扩张，改革旧的产品或开发新的，独立或联合行动的相关投资选择的投资方向，投资与资金贷款，并决定对固定资产和流动资产，投资策略和风险与那些在通胀之间的比例。
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。
财务风险管理中英文对照外文翻译文献
财务风险管理中英文对照外文翻译文献译文：[美]卡伦〃A〃霍契.《什么是财务风险管理？》.《财务风险管理要点》.约翰.威立国际出版公司,2005:P1-22.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。
全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。
意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。
经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。
因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。
准备是风险管理工作的一个关键组成部分。
什么是风险？风险给机会提供了基础。
风险和暴露的条款让它们在含义上有了细微的差别。
风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。
风险起因是由于暴露。
金融市场的暴露影响大多数机构，包括直接或间接的影响。
当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的机会。
金融市场的暴露可以提供战略性或竞争性的利益。
风险损失的可能性事件来自如市场价格的变化。
事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。
换句话说，可能就是变异的风险回报。
由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。
识别暴露和风险形式的基础需要相应的财务风险管理策略。
财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。
它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。
当金融的价格变化很大，它可以增加成本，降低财政收入，或影响其他有不利影响的盈利能力的组织。
金融波动可能使人们难以规划和预算商品和服务的价格，并分配资金。
有三种金融风险的主要来源：1、金融风险起因于组织所暴露出来的市场价格的变化，如利率、汇率、和大宗商品价格。
企业风险管理中英文对照外文翻译文献
企业风险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：Risk ManagementThis chapter reviews and discusses the basic issues and principles of risk management, including: risk acceptability (tolerability); risk reduction and the ALARP principle; cautionary and precautionary principles. And presents a case study showing the importance of these issues and principles in a practical management context. Before we take a closer look, let us briefly address some basic features of risk management.The purpose of risk management is to ensure that adequate measures are taken to protect people, the environment, and assets from possible harmful consequences of the activities being undertaken, as well as to balance different concerns, in particular risks and costs. Risk management includes measures both to avoid the hazards and toreduce their potential harm. Traditionally, in industries such as nuclear, oil, and gas, risk management was based on a prescriptive regulating regime, in which detailed requirements were set with regard to the design and operation of the arrangements. This regime has gradually been replaced by a more goal-oriented regime, putting emphasis on what to achieve rather than on the means of achieving it.Risk management is an integral aspect of a goal-oriented regime. It is acknowledged that risk cannot be eliminated but must be managed. There is nowadays an enormous drive and enthusiasm in various industries and in society as a whole to implement risk management in organizations. There are high expectations that risk management is the proper framework through which to achieve high levels of performance.Risk management involves achieving an appropriate balance between realizing opportunities for gain and minimizing losses. It is an integral part of good management practice and an essential element of good corporate governance. It is an iterative process consisting of steps that, when undertaken in sequence, can lead to a continuous improvement in decision-making and facilitate a continuous improvement in performance.To support decision-making regarding design and operation, risk analyses are carried out. They include the identification of hazards and threats, cause analyses, consequence analyses, and risk descriptions. The results are then evaluated. The totality of the analyses and the evaluations are referred to as risk assessments. Risk assessment is followed by risk treatment, which is a process involving the development and implementation of measures to modify the risk, including measures designed to avoid, reduce (“optimize”), transfer, or retain the risk. Risk transfer means sharing with another party the benefit or loss associated with a risk. It is typically affected through insurance. Risk management covers all coordinated activities in the direction and control of an organization with regard to risk.In many enterprises, the risk management tasks are divided into three main categories: strategic risk, financial risk, and operational risk. Strategic risk includes aspects and factors that are important for the e nterprise’s long-term strategy and plans,for example mergers and acquisitions, technology, competition, political conditions, legislation and regulations, and labor market. Financial risk includes the enterprise’s financial situation, and includes: Market risk, associated with the costs of goods and services, foreign exchange rates and securities (shares, bonds, etc.). Credit risk, associated with a debtor’s failure to meet its obligations in accordance with agreed terms. Liquidity risk, reflecting lack of access to cash; the difficulty of selling an asset in a timely manner. Operational risk is related to conditions affecting the normal operating situation: Accidental events, including failures and defects, quality deviations, natural disasters. Intended acts; sabotage, disgruntled employees, etc. Loss of competence, key personnel. Legal circumstances, associated for instance, with defective contracts and liability insurance.For an enterprise to become successful in its implementation of risk management, top management needs to be involved, and activities must be put into effect on many levels. Some important points to ensure success are: the establishment of a strategy for risk management, i.e., the principles of how the enterprise defines and implements risk management. Should one simply follow the regulatory requirements (minimal requirements), or should one be the “best in the class”? The establishment of a risk management process for the enterprise, i.e. formal processes and routines that the enterprise is to follow. The establishment of management structures, with roles and responsibilities, such that the risk analysis process becomes integrated into the organization. The implementation of analyses and support systems, such as risk analysis tools, recording systems for occurrences of various types of events, etc. The communication, training, and development of a risk management culture, so that the competence, understanding, and motivation level within the organization is enhanced. Given the above fundamentals of risk management, the next step is to develop principles and a methodology that can be used in practical decision-making. This is not, however, straightforward. There are a number of challenges and here we address some of these: establishing an informative risk picture for the various decision alternatives, using this risk picture in a decision-making context. Establishing an informative risk picture means identifying appropriate risk indices and assessments ofuncertainties. Using the risk picture in a decision making context means the definition and application of risk acceptance criteria, cost benefit analyses and the ALARP principle, which states that risk should be reduced to a level which is as low as is reasonably practicable.It is common to define and describe risks in terms of probabilities and expected values. This has, however, been challenged, since the probabilities and expected values can camouflage uncertainties; the assigned probabilities are conditional on a number of assumptions and suppositions, and they depend on the background knowledge. Uncertainties are often hidden in this background knowledge, and restricting attention to the assigned probabilities can camouflage factors that could produce surprising outcomes. By jumping directly into probabilities, important uncertainty aspects are easily truncated, and potential surprises may be left unconsidered.Let us, as an example, consider the risks, seen through the eyes of a risk analyst in the 1970s, associated with future health problems for divers working on offshore petroleum projects. The analyst assigns a value to the probability that a diver would experience health problems (properly defined) during the coming 30 years due to the diving activities. Let us assume that a value of 1 % was assigned, a number based on the knowledge available at that time. There are no strong indications that the divers will experience health problems, but we know today that these probabilities led to poor predictions. Many divers have experienced severe health problems (Avon and Vine, 2007). By restricting risk to the probability assignments alone, important aspects of uncertainty and risk are hidden. There is a lack of understanding about the underlying phenomena, but the probability assignments alone are not able to fully describe this status.Several risk perspectives and definitions have been proposed in line with this realization. For example, Avon (2007a, 2008a) defines risk as the two-dimensional combination of events/consequences and associated uncertainties (will the events occur, what the consequences will be). A closely related perspective is suggested by Avon and Renan (2008a), who define risk associated with an activity as uncertaintyabout and severity of the consequences of the activity, where severity refers to intensity, size, extension, scope and other potential measures of magnitude with respect to something that humans value (lives, the environment, money, etc.). Losses and gains, expressed for example in monetary terms or as the number of fatalities, are ways of defining the severity of the consequences. See also Avon and Christensen (2005).In the case of large uncertainties, risk assessments can support decision-making, but other principles, measures, and instruments are also required, such as the cautionary/precautionary principles as well as robustness and resilience strategies. An informative decision basis is needed, but it should be far more nuanced than can be obtained by a probabilistic analysis alone. This has been stressed by many researchers, e.g. Apostolicism (1990) and Apostolicism and Lemon (2005): qualitative risk analysis (QRA) results are never the sole basis for decision-making. Safety- and security-related decision-making is risk-informed, not risk-based. This conclusion is not, however, justified merely by referring to the need for addressing uncertainties beyond probabilities and expected values. The main issue here is the fact that risks need to be balanced with other concerns.When various solutions and measures are to be compared and a decision is to be made, the analysis and assessments that have been conducted provide a basis for such a decision. In many cases, established design principles and standards provide clear guidance. Compliance with such principles and standards must be among the first reference points when assessing risks. It is common thinking that risk management processes, and especially ALARP processes, require formal guidelines or criteria (e.g., risk acceptance criteria and cost-effectiveness indices) to simplify the decision-making. Care must; however, be shown when using this type of formal decision-making criteria, as they easily result in a mechanization of the decision-making process. Such mechanization is unfortunate because: Decision-making criteria based on risk-related numbers alone (probabilities and expected values) do not capture all the aspects of risk, costs, and benefits, no method has a precision that justifies a mechanical decision based on whether the result is overor below a numerical criterion. It is a managerial responsibility to make decisions under uncertainty, and management should be aware of the relevant risks and uncertainties.Apostolicism and Lemon (2005) adopt a pragmatic approach to risk analysis and risk management, acknowledging the difficulties of determining the probabilities of an attack. Ideally, they would like to implement a risk-informed procedure, based on expected values. However, since such an approach would require the use of probabilities that have not b een “rigorously derived”, they see themselves forced to resort to a more pragmatic approach.This is one possible approach when facing problems of large uncertainties. The risk analyses simply do not provide a sufficiently solid basis for the decision-making process. We argue along the same lines. There is a need for a management review and judgment process. It is necessary to see beyond the computed risk picture in the form of the probabilities and expected values. Traditional quantitative risk analyses fail in this respect. We acknowledge the need for analyzing risk, but question the value added by performing traditional quantitative risk analyses in the case of large uncertainties. The arbitrariness in the numbers produced can be significant, due to the uncertainties in the estimates or as a result of the uncertainty assessments being strongly dependent on the analysts.It should be acknowledged that risk cannot be accurately expressed using probabilities and expected values. A quantitative risk analysis is in many cases better replaced by a more qualitative approach, as shown in the examples above; an approach which may be referred to as a semi-quantitative approach. Quantifying risk using risk indices such as the expected number of fatalities gives an impression that risk can be expressed in a very precise way. However, in most cases, the arbitrariness is large. In a semi-quantitative approach this is acknowledged by providing a more nuanced risk picture, which includes factors that can cause “surprises” r elative to the probabilities and the expected values. Quantification often requires strong simplifications and assumptions and, as a result, important factors could be ignored or given too little (or too much) weight. In a qualitative or semi-quantitative analysis, amore comprehensive risk picture can be established, taking into account underlying factors influencing risk. In contrast to the prevailing use of quantitative risk analyses, the precision level of the risk description is in line with the accuracy of the risk analysis tools. In addition, risk quantification is very resource demanding. One needs to ask whether the resources are used in the best way. We conclude that in many cases more is gained by opening up the way to a broader, more qualitative approach, which allows for considerations beyond the probabilities and expected values.The traditional quantitative risk assessments as seen for example in the nuclear and the oil & gas industries provide a rather narrow risk picture, through calculated probabilities and expected values, and we conclude that this approach should be used with care for problems with large uncertainties. Alternative approaches highlighting the qualitative aspects are more appropriate in such cases. A broad risk description is required. This is also the case in the normative ambiguity situations, as the risk characterizations provide a basis for the risk evaluation processes. The main concern is the value judgments, but they should be supported by solid scientific assessments, showing a broad risk picture. If one tries to demonstrate that it is rational to accept risk, on a scientific basis, too narrow an approach to risk has been adopted. Recognizing uncertainty as a main component of risk is essential to successfully implement risk management, for cases of large uncertainties and normative ambiguity.A risk description should cover computed probabilities and expected values, as well as: Sensitivities showing how the risk indices depend on the background knowledge (assumptions and suppositions); Uncertainty assessments; Description of the background knowledge, including models and data used.The uncertainty assessments should not be restricted to standard probabilistic analysis, as this analysis could hide important uncertainty factors. The search for quantitative, explicit approaches for expressing the uncertainties, even beyond the subjective probabilities, may seem to be a possible way forward. However, such an approach is not recommended. Trying to be precise and to accurately express what is extremely uncertain does not make sense. Instead we recommend a more openqualitative approach to reveal such uncertainties. Some might consider this to be less attractive from a methodological and scientific point of view. Perhaps it is, but it would be more suited for solving the problem at hand, which is about the analysis and management of risk and uncertainties.Source: Terje Aven. 2010. “Risk Management”. Risk in Technological Systems, Oct, p175-198.译文：风险管理本章回顾和讨论风险管理的基本问题和原则，包括：风险可接受性（耐受性）、风险削减和安全风险管理原则、警示和预防原则，并提出了一个研究案例，说明在实际管理环境中这些问题和原则的重要性。
财务风险外文翻译
财务风险外文翻译Research on Financial Risk of the EnterpriseShanshan LiSchool of economics and management,Henan Polytechnic University, P.R. china 454000E-mail:shanshanli@/doc/b50f5237ba1aa8114531 d913.htmlAbstract—With the intensification of market competition, the financial risk faced by enterprises increases day by day. This paper primarily probes into the definition, types, causes and potential harms of financial risk, and puts forward some detailed countermeasures to avoid it.Keywords Financial Risk; Risk Identification; Risk PreventionI.I NTRODUCTIONWith the strengthening of economic globalization and market mechanism, the competition between enterprises is also getting tougher. More enterprises are facing more severe financial risks. Financial risk focuses on the management of uncertainties in companies’financial operating effects. The underestimation of financial risks and ineffective management would cause tremendous economical loss, and some is close to going bankrupt even, close down. So the research in awareness, prevention and control of the financial risks has become an important subject. The study of the financial risk management is not only theoretically but practically significant.II. THE BASIC THEORY OF FINANCIAL RISKA.the Definition of Financial RiskFinancial risk, basically speaking, refers to a variety ofunpredictable and uncontrollable factors in the financial system existing objectively, which result in the fact that the financial benefits actually deviate from the expected financial benefit, causing the losses of the financial benefits. Financing risk is the existence of an objective economic phenomenon, a variety of financial risks in a concentrated expression, throughout the various segments of the financial activities. From the economics point of view, as a microeconomic risk, the modem corporate financial risk is the currency manifestation of all risks that companies faced, which is the concentrated on expression of all risks.B.the Types of Financial RiskIn the market economy conditions, the financial risk is an objective existence. For business, financial risk is closely related to the managements about the raising and assigning of fund, especially fund safety. It reflecting risks when enterprises are in financial activity and dealing with financial relationship. There are several different types of financial risk, including fundraising risk, investment risk and risk of income distribution.1)Fundraising risk Businesses cannot do without financing. However, financing will surely bring out risks. Fundraising risk means a variety of unpredictable, which is from changes in supply and demand of funds, the whole macroeconomic and market environment changes, and etc. Fundraising risk basically include interest rate risk, exchange rate risk, refinancing risk, the financial leverage and purchasing power risk. Interest rate risk means the cost of financing changes brought the fluctuation of price of finance assets; Exchange rate risk refers to the uncertainty in the foreign exchange business due to exchange-rate flexibility. Refinancing risk means the uncertainty for companiesrefinancing. The financial leverage is the enterprise use debt adjustment rights and interests capital income method. Enterprises can use the financial lever to bring the interests of the financial lever to enterprise shareholder or the enterprise owner rationally. As a result of financial leverage is influenced by many factors, in the interests of financial leverage was also accompanied by incalculable financial risks. Purchasing power risk refers to some effect on finance affected by currency fluctuations.2)Investment riskInvestment risk refers to risk due to the future of the enterprise income uncertainty, future income and practical; the deviation between the expected return. When developed areas where market development is not mature, and more likely to be a direct result of the increased level of investment risk factor. In China, investment has two forms, that is, direct investment and securities investment. Typically, direct investment involves the purchase of assets such as land, plant. Securities investments include investments in shares and in bonds. For many decades investments in shares and bonds are one of the most commonly used and popular kinds of investments. Investments in shares is a kind of profit mechanism of mutual benefits and risks. The biggest characteristic of bonds invest is stable income, higher safety factor, but also has strong liquidity. Whether investing in stocks or bonds, in the many uncertainties of the market environment, still have to grasp the sound principles of risk prevention.3)Risk of income distribution.Risk of income distribution, often called transaction exposure, means bad fund movement because of uncertainty in production,supply and sales, resulting in changes in value. The contents of this risk mainly include: purchase risk, production risk, inventory liquidation risk and accounts receivable realizable risk. Purchase risk means insufficient supply of material for changes what vendors made in raw materials, and the changes in actual payment period fordifferent credit conditions and payment. Production risk refers to changes in the production process for new information, changes in energy market prices and personnel changes and etc. Inventory liquidation risk refers to product sales blocked for the product market changes. Accounts receivable are relatively liquid assets, usually converting into cash within a period of 3 to 6 days. Account receivable is an important part of state expenditure of current assets, the strong or infirmness of liquidity has a direct affection on cash flow and working of performance of enterprise. So the corporations must pay attention to the risk on their accounts receivable, and learn to analyze the risk and control it.III.THE CAUSE OF FORMATION OF THE FINANCIAL RISKA.External FactorsEnterprise Financial Management of the external environment is changing the financial risk arising from the objective reasons. External factors mainly include: economic factors, market factors, tax laws and environmental factors, which will have a significant impact on financial administration of enterprise.1)Macro economic changesMacro economic changes to the enterprise, are difficult to accurately predicted and cannot be changed. It will bring adverse changes in financial risk. For example, the rise of oil price would make transportation enterprise increase operating costs, reducethe profits, therefore cannot achieve the financial revenue.2)Changes in tax lawsAny enterprise has the legal duty to pay taxes. Tax of the enterprise is a cost; which would increase cash outflow for enterprise, and has important influence on enterprise management. Enterprises will help reduce the tax burden to lower production costs and increase the profitability of enterprises in space and ability to resist risks. Therefore, enterprise hopes to reduce the tax burden in no violation of tax law. To reduce the corporate tax burden, only by careful arrangement, financing, investment and profit distribution or other financial decision-making. If the tax law changes make the enterprise's financial decisions emerge uncertainty ,these factors may cause the financial risk of the enterprise.3)Interest-rate changesWhen the enterprise raises fund, the interest rate is usually fixed. If the future interest rate declined, enterprise still pay higher interest rates according to the original contract, thus this must increase the financial risk of the enterprise. If the future market rates rised, the enterprise can pay low interest by the contract . But if we look at it in another light, with the higher interest rates, the currency appreciation pressure increases. Due to the revaluation, the corporate bonds may be redeemed by the principal stress, thus increasing enterprise the burden of the financial risks. If the enterprise finances using foreign currency, Changes in exchange rates also will make financial risk.In addition, industrial policy also has important influence on the enterprise's activities. Because the government's policy to industry would always be affected by the economic environment, the enterprise's financial decision-making is also changing. Theenterprise financial decision-making changes also can make the financial risk.B. Internal Reasons1)Administrators’ low awareness to the risksFinancial risk is objective existence. As long as financial activities do, financial risk will inevitably exists. In reality, many administrators are lack of knowledge and risk awareness in the financial management. In their opinions, as long as they make good use of funds, the financial risk will disappear. Obviously, administrators’ low aw areness to the risks is one of the important reasons the financial risk arising.2)Lack of seriousness for financial decision-making Financial decision-making error is another important reason for financial risks. Avoiding financial decision-making error should make financial decision-making more scientific. At present, experience decision-making and subjective decision are common phenomenons during our country enterprises’ financial decision-making, which lead to the decision-making errors occur frequently, resulting in financial risk arising. For example, in fixed asset investment decision-making process, due to lack of investment project feasibility study, together with incomplete information, investment decision-making errors occur frequently, making investment project cannot obtain the expected returns on investment, and bring the huge financial risk.3)Unreasonable capital structureBoth domestic and foreign cases concerned indicate that it is usually inexpedient capital mode that leads to the companies’ financial difficulties, which sometimes result in their bankruptcy. Enterprise should make sure of the best structure of capital through a suitable measurement, thus to minimize the cost ofcapital and maximize its business value. If the enterprise’s capital structure is unreasonable and lack of an effective financial warning mechanism, the enterprise financial burden is heavy, resulting financial risk.4)Sales on account blindlySales on account has be used as the one of the important means that promotes products of business enterprise, and already more and more were adopted by large business enterprise. If there is no efficient way to control the account receivable aggradation, it will be more and more while the quantity of sales is bigger and bigger, and it will affect the normal produce. And bad debt risk is an objective existence, as long as there is likely to have bad credit. All this factors would affect the liquidity of enterprise assets and security, and add business expense, resulting financial risk.IV.COUNTERMEASURES OF FINANCIAL RISK PREVENTION A.Optimize Capital StructureThe choice of capital structure in enterprises is an important financial decision. The enterprise should optimize capital structure and improve returns on investment, effective risk management and control.1)Select the optimal financing planOperating with debt is a double-edged sword, it can bring greater revenue, but also may lead to the loss of fundraising risk. So the enterprise must do moderate debt management. How to dete rmine the appropriate liabilities “degree” is more complex and difficult. Theoretically, the theory of proper capital structure has already been stated in detail in the accounting of finance management. In practical work, “degrees” should adapt to enterpri ses’ specific conditions. For the enterprise that theproduction and management are going well, their debt ratio may be high. Otherwise, their debt ratio appropriate low.2)Reasonable refinancingRefinancing bring in money also brings a certain financial risk for enterprises. Therefore, When enterprise determines the refinancing plan, they should consider a range of factors, to reasonably arrange financing options. Refinancing scales should be controlled in view of total assets of enterprises. Special department should de arranged to be responsible for auditing the use of funds. These measures can effectively not only reduce the financial risk brought by refinancing, but also make the maximum possible use of the effective marketing tools.B.Supervise Investment Management Activitiescomprehensively1)Strengthen a feasibility study on investment plan Improving the efficient when enterprise works the funds is a key financial problem. Long-term investment can make uncertainty factors cancel out by various constitute investment, to reduce the risk and realize the stable income. Moreover, the enterprise should control the process of investment, strengthen performance appraisal and improve management information systems. As for short-term investments, the enterprise should strengthen the speed of inventory converted into cash , account receivable converted into cash as well. Thereby improving asset liquidity. In addition, selecting the appropriate proportion of Long-term investment and short-term investment is the effective method to prevent the investment risk.2)Discreet choice for merger acquisitionOver recent years, corporate merge and acquisition (M&A) are booming in China. Enterprises have strange preference formerger, because the M&A can not only bring huge economic benefits to the enterprise, but also can improve the financial statements for the company. On the other hand, because the M&A news for enterprise is generally good news, this can help enterprise promote the company and stock, to gain more help In the capital markets.In the course of corporate merge and acquisition, the evaluation of target corporate value is rather essential .Before mergers happen, enterprises should have an accurate estimate to merger object. The accuracy of valuation the merged enterprise owned depends on the Enterprises’ mastery of the information. Mergers are also more likely to success. If necessary, enterprises can employ investment bank to conducting a thorough job analysis aiming at the target enterprises’ industry en vironment, financial status and management ability. So enterprises can make reasonable expectations to the target enterprises’ future profitability, and make valuations more accurate, which favors the reduction of pricing risk. C.Strengthen Accounts Receivable and InventoryManagement1)Accounts receivable managementThe account receivable management is the key point of an enterprise financial control, which passes through the entire process of the enterprise financial control. The account receivable management level is restricting the enterprise whole management level promotion. The scientific management method of account receivable is not to reduce the income as far as possible, moreover, decrease the risk of account receivable to a minimum. Firstly, the key of receivables is management of enterprise credit risk. Enterprises should establish specializedcredit management institutions. Seccondly, enterprises should perfect collective policy. After the occurrence of receivables, enterprises should take various measures to make sure that all credit accounts are collected .When a business recognizes that a debt is unlikely to be repaid, the debt is written off as an expense in the profit and loss account. Thirdly,play the role of internal auditing.Internal audit develops the functions of supervision, evaluation and risk management in corporate governance.2)Inventory managementInventory management plays an important role in the management of enterprises. Stock circulation can help enterprises realize the stable and has strong cash flows. The enterprise should optimize inventory management skills and operation way of working. In the process of inventory management, enterprises must strictly comply with financial regulations, and inventories accurately, to achieve the account, the thing, the card is consistent. Inventory control method has ABC, economic order batch, quantitative order, time order and zero stock, etc.D.Play the Other Aspects of the Constrain Function1)Make full use of the public accounting firmsIn the financial risks of enterprise management, accounting firm, as the intermediary organization which direct audit enterprise financial statement of, can play an important role. In accordance with China's current law, before presenting to external users, the financial statements must be examined by the qualified public accounting firms. This can not only, to a certain extent, guard against mistakes and irregularities in the financial management of enterprises, but also help enterprises to make certain financial adjustment in the audit process. Somecompanies also hire an accounting firm for company's financial advisers. Therefore, the accounting firm plays a very important role on identifing and preventing financial risk.2)Strengthen the risk consciousnessFinancial risk management depend on enterprise's full participation. The enterprise will work to be more aware of risks, improve related systems, tighten debt management and fend off financial risks. Enterprises must make employees understand a truth, that is, the risk of enterprise financial affairs exists in every link of enterprise financial management, and risk prevention must be throughout the financial management all the time.V.CONCLUSIONThe existence of financial risk will undoubtedly have big impact on the production of business. Because the risk of enterprise financial affairs exists in every link of enterprise financial management, risk prevention can't just rely on the financial department. Every part should cooperate with each other, in this way, can risk prevention be more and more perfect. Enterprises should attach importance to financial risk management, and take effective research on financial risk control and management, to raise the economic benefits of the enterprise.R EFERENCES[1]Herbert Gintis,The financial structure of the enterprise,Journal ofEconomic Behavior&Organization,2005(5) ,pp31l-322(in Chinese)[2]Wei Xiong,The cause of the enterprise financial risks, China sForeign Trade ,2010(22), pp.176. (in Chinese)[3]LIU Ji-Wei, Problems and Countermeasures of Enterprise FinanceRisk Management in China, Journal of Jiyuan Vocational and Technical College,2009(03),pp52-54(in Chinese)。
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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 SizedEnterprises(SMES)Omid SharifiMBA, Department of Commerce and Business Management,Kakatiya University, House No. 2-1-664, Sarawathi negar,Gopalpur, Hanamakonda, A.P., IndiaE-Mail: **********************, Phone: 0091- 8808173339RESEARCH QUESTIONRisk 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 characteristics2. The existing research lacks a focus on risk management in SMEThe 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 REVIEWIn 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.METHODOLOGYUSE OF FINANCIAL ANALYSIS IN SME RISK MANAGEMENTHow financial analysis can be used in SME risk management?Development of financial risk overview for SMEThe 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 overviewThe 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 importantrisk 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 overviewWhen 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 structureA 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 ratioData source: Altman (1968), Porporato & Sandin (2007) and Ohlson (1980), author’s illustrationTherefore 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 debtThe 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.LiquidityThe 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 ratioData source: Altman (1968) and Ohlson (1980); author’s illustratioBasically 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.ProfitabilityFor 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 ratioData source: Altman (1968) and Porporato & Sandin (2007), author’s illustratioThe 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。