外文翻译--中小企业,技术与全球化
中小企业的融资问题外文翻译(可编辑)
中小企业的融资问题外文翻译外文翻译the Financing problems of Small and medium sized enterprisesMaterial Source: ////0>. Author: ModiglianiA thriving SME sector is crucial to spurring growth and reducing poverty in developing and transition economies. But financial institutions often avoid small and medium sized enterprises, sensing?understandably?that the transaction costs of financing them will be excessively high. What Small and medium sized enterprises need is not to be left without access to capital, but approached on a new model that combines early-stage equity investment and performance-enhancing technical assistance, writes Bert van deer Avert, CEO of Small Enterprise Assistance Funds SEAF. This US- and Dutch-based NGO manages a network of 14 commercially driven investment funds worldwide with total assets of $140 million, and has developed a unique “equity plus assistance” approach to Small and medium sized enterprises investing.Small and medium sized enterprises Sara widely credited with generating the highest rates of revenue and employment growth in virtually all economies. In transition and developing countries open to foreign direct investment, they also tend to pay disproportionately more in taxesand social security contributions than either their larger and smaller counterparts. Larger enterprises, especially multinationals, often find a way to reduce their tax obligations through transfer pricing, royalty payments, and negotiated tax holidays. Microenterprises, on the other hand, often fall in the informal sector, neither paying taxes nor making social security contributions.Yet if Small and medium sized enterprises constitute a critical dimension of growth and development and are often well positioned to achieve high revenue and profit growth, why have private and public financing institutions alike tended to avoid investing in them?The reasons are multiple and, for the most part, understandable. For private investors, the amount of work required to invest relatively small sums into several SMEs seems unattractive compared to the work needed to support fewer investments in larger companies. Moreover, investing in local Small and medium sized enterprises also often involves working with entrepreneurs who are less familiar with conventional financing relationships, business practices, and the English language than principals of larger firms. Accordingly, most private capital would much prefer to invest in a few large-asset There are broader issues to be considered as well, including the lack of transparency in local legal systems and governments that make investing in these countries difficult at best. enterprises in fields such as pharmaceuticals,telecommunications or privatized industry rather than in smaller companies with relatively few assets, low capitalization and a perceived greater vulnerability to market conditions. Public development institutions can also encounter high administrative costs in making small and medium sized enterprises investments. These can be coupled with perceptions that local Small and medium sized enterprises entrepreneurs may not be trustworthy, and that working with them might bring fewer visibly “developmental” benefits than targeting more poverty-focused fields such as microfinance Local commercial banks too are often biased in favor of large corporate borrowers with considerable assets. This has meant that even the lines of credit local banks receive from development institutions for on-lending to Small and medium sized enterprises are often under-utilized. Small and medium sized enterprises entrepreneurs’ lack of experience in accounting and other areas of financial documentation make it difficult for banks or other potential sources to assess their creditworthiness and cash flows, again hindering the provision of financing. Combined, these factors have largely left what should be the most dynamic sector of the economy in developing countries lacking the capital it needs to realize its potential.SEAF believes that the investment levels it takes, coupled with its focused efforts on increase value after investments, and allows it to invest at relatively attractive multiples. This offers an array ofpotential exit possibilities. By contrast, many conventional Emerging market private equity investors have had disappointing records in achieving exits over the last four years. SEAF’s approach to early-stage investing in SMEs thus may one day be seen as one of the more appropriate means of investing in developing countries. In the meantime, SEAF is achieving its developmental objectives by rapidly increasing the revenues, productivity, and employment growth of its investee Small and medium sized enterprises.The financial sector infrastructure will need to change to accommodate the substantial financing requirements of new activities and industries. Going forward, while financial institutions would need to transform to remain innovative and responsive to demands of their customers, efforts need to be directed to facilitate financing by non-banks for high-risk ventures. These include financing for knowledge-intensive and technology-intensive start-up enterprises where only ideas intangible collateral are principal assets. As such, these knowledge-intensive and technology-intensive enterprises will need alternative forms of financing to complement traditional financing sources. These alternative modes of financing include among others, venture capital and credit enhancements such as financial guarantee insurance and agriculture insurance.The financial infrastructure that supports Small and medium sizedenterprises in Serbia is undeveloped. Up to now, small and medium sized enterprises and entrepreneurs have financed their operations out of their own resources because financial markets in Serbia were isolated and lacked the support of international financial institutions. The local financial sector in the former Yugoslavia was designed to support large scale, socially owned enterprises ? otherwise known as the “Pillars of Development.” B anks, especially large-scale socially owned banks, had a redistributive function imposed on them by the state, and they dealt solely with large-scale, socially owned enterprises. In addition, the Fund for Development of the Republic of Serbia disbursed its funds to the same target group. Capacity to repay the banks or the Fund was not a criterion for credit approval.Economists have not always fully appreciated the importance of a healthy financial system for economic growth or the role of financial conditions in short-term economic dynamicsAs a matter of intellectual history, the reason is not difficult to understandDuring the first few decades after World War II, economic theorists emphasized the development of general equilibrium models of the economy with complete markets; that is, in their analyses, economists generally abstracted from market "frictions" such as imperfect information or transaction costsBut without such frictions, financial markets have little reason to existFor example, with complete markets and if we ignore taxes, we know that whether acorporation finances itself by debt or equity is irrelevant the Modigliani-Miller theorem.The former economic and political system did not support the development of financial instruments for Small and medium sized enterprises. Cooperation with SMEs focused on a few selected companies, while sole traders were almost completely excluded from credit transactions with the banking sector. SME owners and citizens completely lost their trust in the banks and channeled their savings into the grey economy, to banks abroad, or kept their savings at home. Only payments effected through the National Payment Bureau functioned properly for Small and medium sized enterprises.译文中小企业的融资问题资源来源:////. 作者:詹姆斯?沃尔芬森中小企业的蓬勃发展对促进经济增长,减少发展中国家的贫穷和经济转型具有重要意义。
中小企业融资渠道中英文对照外文翻译文献
中小企业融资渠道中英文对照外文翻译文献Title: Financing Channels for Small and Medium-sized Enterprises: A Comparative Analysis of Chinese and English LiteratureIntroduction:Small and medium-sized enterprises (SMEs) play a crucial role in driving economic growth, job creation, and innovation. However, they often face challenges in accessing finance due to limited assets, credit history, and information transparency. This article aims to provide a comprehensive analysis of financing channels for SMEs, comparing existing literature in both Chinese and English.1. Overview of SME Financing Channels:1.1 Bank Loans:Traditional bank loans are a common financing option for SMEs. They offer advantages such as long-term repayment periods, lower interest rates, and established banking relationships. However, obtaining bank loans may be challenging for SMEs with insufficient collateral or creditworthiness.1.2 Venture Capital and Private Equity:Venture capital (VC) and private equity (PE) attract external investments in exchange for equity stakes. These financing channels are particularly suitable for high-growth potential SMEs. VC/PE investors often provide not only financial resources but also expertise and networks to support SMEs' growth. However, SMEs may face challenges in meeting the stringent criteria required by VC/PE firms, limiting accessibility.1.3 Angel Investment:Angel investors are wealthy individuals who provide early-stage funding to SMEs. They are often interested in innovative and high-potential ventures. Angel investments can bridge the funding gap during a company's initial stages, but SMEs need to actively seek out and convince potential angel investors to secure funding.1.4 Government Grants and Subsidies:Governments offer grants and subsidies to support SMEs' business development and innovation. These resources play a pivotal role in ensuring SMEs' survival and growth. However, the application process can be cumbersome, and the competition for these funds is usually high.1.5 Crowdfunding:Crowdfunding platforms allow SMEs to raise capital from a large poolof individual investors. This channel provides opportunities for SMEs to showcase their products or services and engage directly with potential customers. However, the success of crowdfunding campaigns depends on effective marketing strategies and compelling narratives.2. Comparative Analysis:2.1 Chinese Literature on SME Financing Channels:In Chinese literature, research on SME financing channels focuses on the unique challenges faced by Chinese SMEs, such as information asymmetry, high collateral requirements, and insufficient financial transparency. Studiesemphasize the importance of government policies, bank loans, and alternative financing channels like venture capital and private equity.2.2 English Literature on SME Financing Channels:English literature encompasses a broader range of financing channels and their implications for SMEs worldwide. It highlights the significance of business angel investment, crowdfunding, trade credit, factoring, and peer-to-peer lending. The literature also emphasizes the role of financial technology (fintech) in expanding SMEs' access to finance.3. Recommendations for SMEs:3.1 Enhancing Financial Literacy:SMEs should invest in improving their financial literacy to understand different financing options and strategies. This knowledge will help them position themselves more effectively when seeking external funding.3.2 Diversifying Funding Sources:To mitigate financing risks, SMEs should explore multiple channels simultaneously. A diversified funding portfolio can help SMEs access different sources of capital while reducing dependence on a single channel.3.3 Building Relationships:Developing relationships with banks, investors, and relevant stakeholders is crucial for SMEs seeking financing. Strong networks and connections can provide valuable support and increase the likelihood of securing funding.Conclusion:Access to appropriate financing channels is crucial for the growth and development of SMEs. This analysis of financing channels for SMEs, comparing Chinese and English literature, highlights the diverse options available. By understanding the strengths and limitations of each channel, SMEs can make informed decisions and adopt strategies that align with their unique business requirements. Governments, financial institutions, and other stakeholders should continue to collaborate in creating an enabling environment that facilitates SMEs' access to finance.。
外文文献翻译---中小型企业财务管理中存在的问题及其对策
广东工业大学华立学院本科毕业设计(论文)外文参考文献译文及原文系部会计学系专业会计学年级 08级班级名称 2008级会计(7)班学号 14010807030学生姓名吴智聪2012年 2 月 9 日目录1. 外文译文 (1)2. 外文原文 (5)中小型企业财务管理中存在的问题及其对策中小型企业在中国经济发展中发挥着重要的作用。
统计数据表明,在工商行政管理局登记在册的企业中,中小型企业占了99%,产值和利润分别占总额的60%和40%。
此外,中小型企业所提供了75%的城镇就业机会。
可见其为中国的稳定和经济繁荣作出了重要贡献。
虽然中小型企业在国民经济中占有重要地位,对中国经济发展与社会稳定具有很重大的意义。
但是,中小型企业发展的主要障碍是缺乏有效的财务管理。
本文分析了当前中小型企业财务管理中存在的问题,并就改善中小型企业财务管理提出了相应对策。
1.1 中小型企业的财务管理现状自从21世纪以来,中国的中小型企业的蓬勃发展,在经济增长和社会发展中发挥着非常重要的作用。
据财政部统计数据,直到2005年底,中小型企业总数已超过1000万,占中国企业总数的99%。
中小型企业提供了75%的城镇就业机会,工业企业的总产值、销售收入、实现的利得税和出口额分别占总数的60%、57%、40%和60%,上缴的税收已经接近了国家税收总额的一半。
中小型企业承载着超过75%的技术革新和超过65%的专利发明,他们以其灵活的经营机制和积极创新活动,为经济发展提供了增长的最根本动力。
近年来,中国中小企业的消亡率将近70%,大约有30%的中小型企业存在赤字。
中小型企业应该如何建立现代企业制度,加强财务管理,并科学地进行资本运作以谋求自身的健康发展,是我们密切关注的一个问题。
1.2 中小型企业财务管理中存在的问题⑴财务管理理念滞后,而且方法保守中小型企业由于管理者自身知识水平的限制,使得企业的管理能力和管理质量较低。
他们的管理思想已经不适合现代企业,并且大多数企业领导人缺乏财务管理的理论和方法,忽视了企业资本运作的作用。
中小企业成本管理研究外文翻译中文文献
中小企业成本管理研究外文翻译中文文献Cost Management in Small and Medium-sized Enterprises: A Research on Foreign LiteratureAbstractAs the backbone of the economy, small and medium-sized enterprises (SMEs) play a crucial role in creating jobs, stimulating innovation, and driving economic growth. However, they often face challenges in managing costs effectively. This article examines and analyzes foreign literature on cost management in SMEs. It explores various cost management techniques, such as activity-based costing, budgeting, and cost control, and highlights the importance of cost management in enhancing the competitiveness and sustainability of SMEs. The findings provide valuable insights for SMEs to optimize their cost management practices and achieve long-term success in the competitive business environment.1. Introduction1.1 BackgroundCost management is an essential aspect of business operations, as it directly impacts the profitability and financial stability of a company. In SMEs, which typically have limited resources and face intense competition, effective cost management is even more crucial.1.2 ObjectivesThe primary objective of this research is to examine the foreign literature on cost management in SMEs and identify best practices and techniques thatcan be applied in the Chinese context. By understanding the experiences and strategies of SMEs in other countries, Chinese SMEs can learn from their successes and avoid potential pitfalls in cost management.2. Cost Management Techniques2.1 Activity-Based Costing (ABC)Activity-Based Costing is a cost allocation method that assigns costs to specific activities or cost objects based on their utilization of resources. This technique provides a more accurate understanding of the cost drivers in a company, enabling SMEs to allocate resources more effectively and identify areas for cost reduction.2.2 BudgetingBudgeting is a fundamental cost management tool that allows SMEs to plan and control their financial resources. By setting realistic and achievable budgets, SMEs can monitor their expenses, forecast future costs, and make informed decisions regarding resource allocation.2.3 Cost ControlCost control involves monitoring and regulating expenses to ensure that they remain within planned limits. SMEs can employ various cost control techniques, such as implementing cost-saving measures, negotiating favorable contracts with suppliers, and leveraging technology to streamline operations and reduce overhead costs.3. Importance of Cost Management in SMEs3.1 Enhanced CompetitivenessCost management enables SMEs to offer competitive prices without compromising on quality. By optimizing their cost structure, SMEs can improve their profit margins and gain a competitive edge in the market.3.2 Resource OptimizationEffective cost management allows SMEs to allocate their limited resources strategically. By identifying unnecessary costs and reallocating funds to key areas, SMEs can optimize their production processes and invest in critical areas such as research and development.3.3 Financial StabilityCost management helps SMEs maintain a stable financial position by minimizing the risk of running into cash flow problems or accumulating excessive debt. By controlling costs and ensuring efficient resource allocation, SMEs can safeguard their financial health and sustain long-term growth.4. ConclusionThis research on foreign literature emphasizes the significance of cost management in SMEs and provides valuable insights into proven techniques and strategies. By implementing effective cost management practices, SMEs can optimize their operational efficiency, enhance competitiveness, and achieve long-term success in an increasingly competitive business environment. This research serves as a guide for Chinese SMEs to improve their cost management practices and overcome challenges effectively. By integrating foreign experiences with localized strategies, SMEs can navigatethe complexities of cost management and position themselves for sustainable growth.。
中小企业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。
particularly for small and medium-sized enterprises (SMEs)。
SMEs face numerous financial risks。
including credit risk。
market risk。
liquidity risk。
and nal risk。
which can significantly impact their financial stability and growth prospects。
Therefore。
the effective management of financial risks is crucialfor SMEs to survive and thrive in today's competitive business environment.One of the primary challenges for SMEs in managing financial risks is their limited resources and expertise。
Unlike large ns。
SMEs often lack the financial resources and specialized staff to develop and implement comprehensive risk management strategies。
As a result。
中小企业营销创新和产品创新外文文献翻译中英文
中小企业营销创新和产品创新外文文献翻译中英文(节选重点翻译)英文How do innovation culture, marketing innovation and product innovation affect the market performance of small and medium-sized enterprises(SMEs)?Hasan AksoyIntroductionIt is known that innovation has a significant impact on the performance of firms. Most studies that focus on the relationship between innovation efficiency and firm size only sought to understand the findings in terms of the improvement of market performance and the exploitation of new market opportunities. This specific relationship was further established for small and medium-sized enterprises (SMEs), as well as large companies. Because of their number and the significant share of the workforce involved, SMEs play a crucial role in the economies. Thus, strengthening the innovative aspects and knowledge of SMEs brings major opportunities, as innovation is a key to long-term competitiveness and promises further gains regarding private sector performance and economic development.In this light, this paper aims to contribute to the literature by providing a better understanding of the links between the layers ofinnovation and market performance. Equally, the study empirically tests the resource-based view (RBV) and is extended from Terziovski's work. In contrast to numerous previous studies that indicate market performance as a dimension of the firm's performance, this study provides a clearer view upon the relationship between the constructs of innovation that drive market performance.The first objective implies highlighting the importance of market innovation and innovation culture on product innovation in SMEs. Thus, it should be mentioned that innovation is significant at all stages of competition and creates wealth in the business environment for companies. Some researchers argue that small firms invest more in product innovation than they do in process innovation. Therefore, this study approaches only the effect of product innovation on market performance. Companies need to apply innovation culture in their practices, such as to allow them to succeed in terms of innovative products and services. It is creativity, empowerment, and change of organizational culture that drives innovation. Empirical evidence suggests that it is important to build, maintain, and promote a culture of innovation, if companies want to remain successful and create new products. However, despite the attention towards the topic of marketing innovation and innovation culture in the literature, previous research did not sufficiently analyzed the contribution of innovation culture and theimpact of marketing innovation on product innovation.The second objective of the study is to address the importance of marketing innovation strategies and product innovation when considering superior market performance. The primary idea behind this research is that marketing innovation is a prerequisite when trying to improve market performance. Marketing and product innovation strategies are the key contributors to market performance. Competitiveness has become an indispensable element of survival in the marketplace, while innovation activities create superior value and benefits, such as allowing a company to differentiate itself from its' competitors. SMEs can effectively use market innovation to sell differentiated products and services in complex environments. The innovation literature suggests that product innovation affects performance. In the research, the focus was on the influence innovative activities have on market performance. This study contributes to the present literature by revealing the manner in which the development of a unique innovation culture and marketing innovation provides SMEs with product innovation success. It also sustains that the creation of innovative marketing strategies and product innovation capabilities maintain superior market performance on the part of SMEs.The researcher theoretically approaches the fact that an RBV plays a major role in explaining and answering the following questions in the model. Firstly, to what degree do marketing innovation and productinnovation efforts influence the market performance of SMEs? Secondly, how does innovation culture impact on both marketing and product innovation in SMEs? Thirdly, to what degree do marketing and product innovation interact with each other to affect the market performance of SMEs? In this light, the SPSS Amos from listed Turkish SMEs was used to test the hypothesis.The study begins by discussing the literature and theoretical background of the model, followed by the description of the methodology and the examined samples and measures. The final sections present the results, while highlighting a critical review and possible avenues for future research.Innovation cultureThe findings in the literature indicate a significant relationship between culture and innovation [79], [80], [81], [82], [83]. Innovation is a crucial precursor to competition and generates wealth in the business environment [13], [14], [15]. However, the application of innovation is not easy to embrace without having a culture that encourages the organization to innovate [84]. Innovation occurs when firms motivate their employees to share their skills with the rest of the organization [47]. As such, values, beliefs, and behaviors are shared by organizational members in a manner that builds an innovation culture [85], [86]. This empowers company development and the obtaining of new knowledgethat improves the innovation [87], [88].Marketing innovationMarketing adds value to the sales interface and to the innovation performance of the company [103]. Market innovation focuses on developing the mix of a target market, while determining how companies can serve the target markets best [37]. It is also described as a progress in marketing mix [53], [61]. Nevertheless, innovation and marketing must go hand in hand. Innovation reveals the buyer's needs beyond the product, while marketing innovation has to evaluate customer value perceptions and generate opportunities for unmet customer needs, based on which companies may provide new innovative products [40], [104].Product innovation is significant in the marketing context because it attracts new customers by promising superior value and by enlarging market segments and product lines [91], [105]. Many studies support the positive relationship between marketing innovation and product innovation. For example, some indicate that marketing innovation has a positive effect on product innovation [106], [107]. Additionally, marketing innovation empowers the offer of cheaper and better quality products [108]. Marketing innovations produce a higher diversification of products [109], which helps companies expand their offerings, while acting as one of the important sources of competitive advantage [110]. As such, firms should use new methods and innovative marketing ideas topromote their products that are not well-known in the market [111].The marketing capability and innovation performance of companies are strongly related [112]. Innovation is also a significant function of marketing, as it is linked to firm performance. Thus, the remarkable interest on the part of researchers towards the ability of marketing innovation to increase firm performance is reasoned . Equally, marketing innovation has a positive effect on firm performance [117], [118] and an ability to improve, strengthen, and maintain the firm's competitive advantage.Product innovationAs innovation can be applied in different forms, the study regards product innovation as one of the significant types of innovation. There are several studies in the literature discussing product innovation . Product innovation is defined as the development and radical change in the performance attributes of the supplied product or service . The concept dominated most discussions on innovation; since it has the strategic importance to satisfy the customer's needs and enter into new markets. The innovation literature suggests that product innovation affects company performance. Despite SMEs' flexibility and ability to rapidly respond to market needs, the tendency for product innovation is higher in larger firms than is the case in smaller enterprises . Equally, while analyzing the SMEs associated with the development of productinnovation and the relationship between product innovation and firms' performance, a study reveals that the product innovation has a positive relationship with a firm's performance [. In addition, the positive relationship between new product development and performance is also supported.Discussion of the findings and conclusionInnovation is a prerequisite for being successful in a competitive environment. In SMEs, innovation culture is an important construct that can sustain product innovation and foster marketing strategies. As such, understanding marketing innovation can help to encourage product innovation and SME market performance. Terziovski's model ensures a framework for considering SME performance and the impact of innovation constructs on it. While building on this model, the present study considers in an empirical context how distinct layers of innovation can support SME market performance. The tests reported here indicate that innovation constructs support SME market performance.Theoretical implicationsThe study extends a model suggested by literature. In Terziovski's model, SME performance depends on strategies, capabilities, culture, relationships, and structure. In this paper, SMEs market performance depends on more focused constructs, in the form of innovation culture, market innovation, and product innovation.Thus, the findings of this study seek to bring several contributions to the literature with regard to organizational practices. It contributes to the overall understanding of market performance by analyzing the innovative structure of SMEs. The theoretical model investigates the relationships among innovation culture, product innovation, marketing innovation, and the market performance of SMEs. The findings show that innovation culture is an effective source of both marketing innovation and product innovation (H1aand H1b). Furthermore, there are some reasonable statements about these results. Firstly, innovation culture is a prior condition for achieving organizational, marketing, and managerial success in competitive markets. Although previous research revealed the importance of innovation culture in an organization, various questions remain regarding the relationships between innovation culture and the innovative marketing strategies of SMEs.SMEs' innovation culture not only positively impacts on marketing strategies, but also positively strengthens product innovation performance. When a firm's innovation culture is strong, it has the ability to sustain marketing strategies and foster the generation of new ideas and services to satisfy customers. Also, the creation of an innovation culture may help to develop the process of product innovation and performance.The study reveals that a marketing innovation strategy has a significant and positive relationship with both product innovation andmarket performance (H2a and H2b). In the same light, previous studies noted the important role of marketing innovation on market performance, business performance, and SME performance. However, this study extends previous research studies by testing marketing innovation in an integrated model, focusing on SME and market performance. New products are successful when the associated development and marketing activities are well performed. Nevertheless, potential customers know little about a product when it is initially released on the market. Therefore, companies need new tools to introduce and promote it, which will ultimately lead to marketing innovation.Numerous studies argued that product innovation plays a critical role in the development of new products, process efficiency, and sustained competitive advantage, in terms of extending market share. The findings show that product innovation has a significant and positive relationship with market performance (H3). Moreover, unique new products have the effect of enhancing performance.The results of the model highlight that innovation culture and marketing innovation in SMEs have a positive direct relationship with product innovation. The results of the study offer a valuable perspective for researchers, implying that innovation culture stimulates the SMEs to differentiate their organizational culture and products from those of their competitors. As such, the present study contributes to the innovationliterature by improving the understanding of the relationship between innovation and the market performance of SMEs. Mainly, it extends the understanding of the relationships between innovation and market performance by analyzing the impact of marketing innovation and product innovation.Managerial implicationsThe findings of the study point out some implications for managers in terms of the importance of SME marketing innovation strategies and product innovation, with regard to increasing the market share. Firstly, SMEs should improve marketing innovation to achieve a competitive advantage, by building an innovative culture within the company and following the trends. Marketing innovation is crucial for SME managers when it comes to creating new and unique products, and for attaining superior market performance.Secondly, the findings of the study also propose that SMEs should balance their investment in terms of an innovational learning culture, marketing, and innovation processes, as part of the pursuit of improving market performance. These results help managers to achieve superior market performance. Thirdly, SMEs should improve their product innovation capability, by investing in promotion techniques, and introducing innovative marketing programs within the company. Furthermore, SMEs should be responsive to this type of innovationresulting from their organization environment and marketing related activities, as improving such capability in order to encourage innovation can the develop market performance.As one can observe, the model described in the study opens the door for a new approach on the part of managers regarding the manner in which SMEs make use of marketing and innovative skills, ensuring successful market performance. Additionally, embedding an innovation culture in the organizational structure can support a higher level of marketing and product innovation. Thus, managers can guide employee behavior, conduct, and integrate their new ideas in such a way as to achieve better market performance outcomes.中文创新文化,营销创新和产品创新如何影响中小企业的市场表现?引言众所周知,创新对公司的绩效有重大影响。
中小企业融资和企业家外文翻译(可编辑)
中小企业融资和企业家外文翻译(可编辑)中小企业融资和企业家外文翻译外文翻译原文Financing SMEs and EntrepreneursMaterial Source: ////0>.Author: ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENTIntroductionSmall and medium-sized enterprises SMEs are the backbone of all economies and are a key source of economic growth, dynamism andflexibility in advanced industrialised countries,as well as in emerging and developing economies。
SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country。
They are responsible for between 60-70% net job creation in OECD countries。
Small businesses are particularly important for bringing innovative products or techniques to the market。
Microsoft may be a software giant today, but it started off intypical SME fashion, as a dream developed by a young student with the help of family and friends.Only when Bill Gates and his colleagues had a saleable product were they able to take it to the marketplace and look for investment from more traditional sources.While not every small business turns into a multinational, they all face the same issue in their early days ? finding the money to enablethem to start and build up the business and test their product or service.Why is it harder for them to borrow money from banks or to find private investors than for larger firms?And why is it easier for small businesses to raise money in some countries than in others?These are important questions given the fact that small businesses, and particularly innovative SMEs, become increasingly vital to economic development and job creation as the knowledge-based economy develops.This Policy Brief looks at the extent of the SME “financing gap”, and what governments can do to make it easier for them to obtain the funding they need to start, grow and prosper, and thus contribute to creating jobs and economic growth.SMEs are vital for economic growth and development in both industrialised and developing countries, by playing a key role in creating new jobs.Financing is necessary to help them set up and expand their operations, develop new products, and invest in new staff or production facilities.Many small businesses start out as an idea from one or two people, who invest their own money and probably turn to family and friends for financial help in return for a share in the business.But if they are successful, there comes a time for all developing SMEs when they need newinvestment to expand or innovate further.That is where they often run into problems, because they find it much harder than largerbusinesses to obtain financing from banks, capital markets or other suppliers of credit.This “financing gap” is all the more important in a fast-changing knowledge-based economy because of the speed ofinnovation.Innovative SMEs with high growth potential, many of them in high-technology sectors, have played a pivotal role in raising productivity and maintaining competitiveness in recent years.But innovative products and services, however great their potential, need investment to flourish.If SMEs cannot find the financing they need, brilliant ideas may fall by the wayside and this represents a loss in potential growth for the economy.The “bagless” vacuum cleaner and the “wind-up” radio or flashlight whic h need nobatteries are now common household items, but nearly failed to see the light of day because their inventors could not find financial backing to transform their ideas into production.Already, differences are emerging between countries in terms of how easy it is for innovative SMEs to grow and develop.This sector has been very dynamic in the United States and a few other countries, but has lagged in many continental European countries and Japan, to the detriment of job creation and competitiveness.图 1Note: In many cases of debt in OECD countries, this problem is limited to a sub set of SMEs, mostly start-ups and very young firms. Data is based on the responses of 20 OECD and 10 non-OECD economies.Source: OECD SME and Entrepreneurship Financing Survey.While the SME financing gap is more pervasive in emerging markets, business financing overall is not a problem in OECD countries Figure 1, where banks are adopting strategies to cope with reducing the risk of lending to SMEs and where there are well-established systems for raising money through banks and capital markets.Many countries that do not report an overall financing gap for SMEs say that they do have a financing problem when it comes to innovative SMEs, precisely because they do not fit the mould applied in traditional SME financing.Since innovative SMEs tend to be newcomers to the market, or seeking financing for a new type of product or service, and usually havenegative cash flows and untried business models, they represent a higher risk to banks and cannot be assessed in the same manner as traditional SMEs or large firms.One fundamental problem in dealing with the SME financing gap islack of basic information about just how big such a gap may be.Often the only evidence is in the form of complaints from SMEs themselves and this is difficult to use in analysis or for comparison.Moreover, thedefinition of an SME varies between countries and financial institutions, some only compile figures by size of loan, not by size of the company borrowing, and some do not keep regular statistics of SME lending atall.And this is just in OECD countries ? outside the OECD area, information is even scarcer.The difficulties that SMEs encounter when trying to access financing can be due to an incomplete range of financial products and services, regulatory rigidities or gaps in the legal framework, lack of information on both the bank’s and the SME’s side.Banks may avoid providing financing to certain types of SMEs, in particular, start ups and very young firms that typically lack sufficient collateral, or firms whose activities offer the possibilities of high returns but at a substantial risk of loss.SMEs tend by their very nature to show a far more volatile patternof growth and earnings, with greater fluctuations, than larger companies.Their survival rate is lower than for larger companies ? one analyst found that manufacturing firms with fewer than 20 employees were five times more likely to fail in a given year than largerfirms.Thus, SMEs are at a particularly severe disadvantage when trying to obtain financing relative to larger and more established firms.It can also be difficult for potential creditors or investors to distinguish the financial situation of the company from that of its owners.The entrepreneur may have re-mortgaged his or her house to acquire the start-up funds for the company, for example.If there are two cars in the driveway, can one or both be considered part of the company’s assets? If the owner dies, is there someone to ta ke over the business, or will it die with him or her?In order to assess the success of such actions, governments need to be able to measure the size of the SME financing gap and evaluate theimpact of government actions.OECD and non-OECD governments have asked the OECD to take the lead in establishing international benchmarks to facilitate comparisons of the relative performance of markets in providing financing to SMEs and entrepreneurs and to shed light on outstanding financing gaps and issues.译文中小企业融资和企业家资料来源: ////. 作者:经济合作与发展组织在先进的工业化国家,中小企业不仅是所有经济的中坚力量,也是经济增长的关键,也是一种新兴经济体和发展中的经济。
中小企业的核心竞争力外文文献翻译中英文
外文文献翻译原文及译文(节选重点翻译)中小企业的核心竞争力外文文献翻译文献出处:Technological Forecasting and Social Change, Volume 78, Issue 7,September 2020, Pages:65-76译文字数:4000 多字英文The Core Competitiveness of Small and Medium EnterprisesJoseph OstroyAbstractSMTE faced severe competition in today’s market. In this paper, core competitiveness is describe as the source of persistent competitive advantage of enterprise, and yields generous profits in new business environment. The study aimed at develop enterprise strategies to promote core competitiveness, also referring to core competitiveness as both prerequisite and final target to develop enterprise strategies in today’s business environment.Keywords: Core Competitiveness, SMTE, Enterprise Strategies.1 IntroductionThe definition of SMTE in China is originated from "Innovation Fund Temporary Provisions for Mid- and Small-Scale Technology Enterprise" which enact by Science and technology Department & Ministry of Finance in 1995.The provision required SMET to meet the standards as follows: (1) “no more than500 employees, among which technicians qualified for a higher education than colleges and universities is no less than 30 percent”; (2) “should mainly engaged in the development, exploitation, production andservice of new and high-tech products”; (3) “enterprise leaders are relatively capable of innovation, market development and management”;(4) “the funds for R&D of new and high-tech products is no less than 3 percent of the sales every year, and technicians directly related to R&D are more than 10 percent of all employees”; (5) good management and achievement are required to enterprises which have leading products and will come to the stage of mass production, as well as those which have come to the stage of mass production.The SMTE develops rapidly due to the predominance of technology and innovation. However, the restrictions upon the SMTE and the entry into WTO put them into a cruelly fierce competition with big enterprises home and abroad which have accumulated rich market experiences. In such a case, if SMTE can’t find the position and make full use of their advantages, they may have problems to survive, to say nothing of development.The core competitiveness of an enterprise is the long-term formation of the enterprise, which is embedded in the internal quality of the enterprise and unique to the enterprise. It supports the past, present and future competitive advantages of the enterprise, and becomes the core ability that the enterprise can surpass to obtain the initiative in the competitive environment. Enterprise core competitiveness is the source of persistent competitive advantage of enterprise, and yields generous profits.Thus, to survive and develop, SMTE may promote core competitiveness which can be achieved by enterprise strategy. So, the important method which guides SMTE to survive and develop is to identify and estimate enterprise core competitiveness, to develop reasonable, scientific and feasible developmental strategies on the basis of identification of exterior and inner environment.As the "engine" to gain the advantages of enterprises, core competitiveness must have its own characteristics:•Value. The core competitiveness has unique value to the enterprise and customers, and has a special contribution to the enterprise to win and maintain its competitive advantage. The core competitiveness is conducive to the improvement of the efficiency of the enterprise, which can enable the enterprise to provide users with more use value than other companies in terms of value creation and cost reduction. It can enable enterprises to have higher labor efficiency and converted product costs than leading, thereby obtaining higher and long-term economic benefits and maximizing enterprise value.•Extensibility or overlap. Provide support for a variety of products or services. Once an enterprise has established its own core competitiveness, it can make related technical fields and new innovations a big win. Because in the production practice, enterprises can combine their core competitiveness into different innovations to accumulate newfoundations for creation and development, and then establish their own competitive advantages in certain fields, and constantly launch innovations.•Difficult to imitate or imitation. A company's core competitiveness should be unique to the company, that is, other companies do not have it (at least temporarily not participating), and it is not imitable and irreplaceable. This is the case of the company Porsche, as a German company. Small and medium-sized automobile companies, in a wide variety of automobile industries, Porsche only chooses sports cars as the main product, and is known for creating outstanding performance and noble quality. The circled customers are obsessed with "driving wisdom, galloping technology" The car family has formed a unique product positioning, unique customer positioning, unique price positioning and continuous innovation to meet the needs of customers. It is unique in the manufacturing industry and creates first-class economic benefits.•The core competitiveness is constantly evolving. If the external environment undergoes drastic changes or is poorly managed, the core competitiveness of an enterprise at a certain stage will depreciate into general capabilities or be lost. The core competitiveness also has a life cycle from birth, growth, growth to decline. After the reduction, the core competitiveness of the enterprise, especially the final product, core product, and core technology will shift the intensified market competitionand the development of science and technology, while gradually losing its competitive advantage or even being eliminated. Therefore, enterprises must constantly manage the development trend of the industry, the development trend of the enterprise and the storage status of the enterprise's own resources, and timely improve the core competitiveness of the enterprise. Core competitiveness needs timely protection and innovation.•Interrelatedness. Core competitiveness is a collection of skills and technologies, rather than scattered skills or technologies. The core competitiveness is generated by the interaction of many different units or individuals. Its carrier is the entire enterprise, not a certain department of the enterprise. The formation of the core competitiveness of an enterprise is bound to be the result of the overall optimization of the enterprise.2 Current ResearchIn order to study enterprise core competitiveness and developmental strategy which are interrelated with each other, current research focus on concrete enterprise, or general enterprise. Current research focus on three main headings: the significance of certain enterprise strategy used to promote enterprise core competitiveness; select enterprise strategy or the executive mode of certain strategy according to the source and level of advantages related to core competitiveness; select proper developmental strategy so as to promote enterprise core competitiveness.In this paper, study aimed at SMTE core competitiveness and developmental strategies is supposed to be developed, especially, put core competitiveness as both prerequisite and final target to develop enterprise strategies, is applied to SMTE for core competitiveness analysis.3 Theoretical ResearchWe may consider that, the structure and developmental level of enterprise core competitiveness advantages plays a critical role in inner environment of enterprise, and embodies the core strength, so it is an important base for enterprise to select and develop strategies. Meanwhile, to enterprise, core competitiveness is the source of development, is the goal of growth, and is the necessity of strategies. Furthermore, the structure of enterprise core competitiveness pointed out the direction how enterprises make a long-term existence and how they realize enterprise strategy. The most important is that, enterprise core competitiveness is dynamical and relative, so it is necessary to maintain and develop it persistently.This paper’s idea is, by enterprise core competitiveness theory, obtaining estimation system and method on the basis of analyzing the structure of SMTE core competitiveness concretely. Then, we obtain the analytical framework of inner and exterior environment related to SMTE, and try to give multistage developmental strategy of SMTE in its general sense. We have to point out two relations here: first, the goal of enterprisedevelopmental strategy is defined by the structure of SMTE core competitiveness; second, the structure and level of SMTE core competitiveness is most important content of enterprise inner environment, defines enterprise’s advantage source and advantage degree, so that it exercises an influence on the choice of enterprise strategies. So we may conclude that core competitiveness and level are target and condition of strategical choice.4 Analytical Model of SMTE Developmental Strategy Based on Core CompetitivenessThere are meanings about SMTE developmental strategy based on core competitiveness: first, the developmental strategy is aimed at maintaining and promoting SMTE core competitiveness; second, in order to establish the developmental strategy, we need to inspect inner and external environmental factors comprehensively, especially, the situation of enterprise core competitiveness, which includes the structure and level of core competitiveness. Third, the developmental strategy mainly focuses on every factors influencing core competitiveness level.4.1Analytical Model of SMTE External EnvironmentThe analysis of SMTE external environment refers to those factors which are external to the SMTE and have a potential impact on SMTE, and according to different influence circle, it is divided into macroscopic environment analysis and analysis of industry lifecycle and industrycompetition.(1)Analytical model of macroscopic environmentAnalysis of macroscopic environment includes PEST analysis and environmental uncertainty analysis, among which, PEST (Political, Economic, Social, and Technological) analysis is shown as Fig: Uncertainty analysis is the analysis of complexity and varying speed of four primary influential factors. Environmental uncertainty level is measured by two points: one is the simple complexity, which means quantity and diversity degree of external factors related to SMTE running, and the other is degree of stability, which means varying rate of external environment.(2) Analytical model of SMTE’s industrial life circle and industrial competition Generally speaking, industrial life circle is divided into formative period, growing period, mature period and declining period, so as to the industries SMTE reside in. Now, we study the influence of industry life circle to strategy, and give the analytical framework of industry life circle based on the indicator characteristics which include market development, market structure, production series, financial affairs and current situation of production and so on, and which are separately analyzed by four periods of the industrial circle that SMTE belong to.4.2 Analytical Model of SMTE Inner EnvironmentThe analysis of SMTE inner environment includes three aspects: analysis of resources hold by SMTE, capability analysis, and core competitiveness analysis.Resources refer to the production factors which enterprises use to provide customs value product and services, they are generally divided into three categories: material resources, intangible resources and human resources, and they are displayed in Table. The goal of analysis to SMTE capability and core competitiveness is to make varieties of the capabilities that enterprise use to create or maintain competitive advantage clear, is to understand enterprise’ core specialty, is to know enterprise’ competitive disadvantage. SMTE capability analysis means analyzing the capability that SMTE integrating resources so as to accomplish certain goal. The commonly used method is Baud’s value chain analysis.Two methods can be used to analyze SMTE core competitiveness: one is the qualitative method, in which six standards are used to judge whether a resource or capability is the core capability; the other is the quantitative method, that is to say, the method to establish and apply indicator system estimation mentioned before.4.3 SMTE Strategic Choice MethodSMTE strategic choice inspects the results of enterprise inner and external environment synthetically. So, for the purpose of developing reasonable strategy to guide enterprise development, we have to analyzethe factors revealing SMTE inner and external environment.This paper adopts strategic position and action assessment matrix (SPACE) to analyze SMTE inner and external environment concretely, and makes corresponding strategic choices by the analysis. Matrix SPACE uses four-dimensional system of coordinate. Generally, the horizontal axis represents two enterprise external factors: environmental stability (ES) and industrial stability (IS), and the vertical axis represent two enterprise inner factors: financial strength (FS) and competitive advantage (CA), as shown in Fig.5 ConclusionEnterprise developmental strategies are composed of three levels: corporation strategy, business strategy and functional strategy. Now, starting with the promotion of SMTE core competitiveness, we combine SMTE inner and external environment and give SMTE multiple developmental strategies.Growing strategy, that is to say, the expanding strategy is supposed to the first choice of SMTE corporation strategy.Among competitive strategies, cost excelling strategy makes no great sense to SMTE, but production diversity strategy and concentration strategy are good to SMTE. Production diversity strategy avoids the price war while satisfying certain consumptive groups, so it brings high profit. Concentration strategy avoids direct confliction with competitors in largescale, which brings growing production, lower cost, and bigger competitive advantage based on concentration of lesser resources.SMTE functional strategy assumes the responsibility of resource accumulation and core competitiveness promotion while thining enterprise overall strategy and competitive strategy.• Technology innovation strategy. First, enterprise should value technology innovation highly. Second, the training and development of enterprise technicians, especially the R&D technicians should be made much account of. Third, enterprise may increase the devotion on R&D to maintain the level of technology and production. Otherwise, enterprise could cooperate with colleges and universities which have technological advantage in related domain to speed up enterprise technology i nnovation.• Financing strategy. Lacking of capital has restricted SMTE from further development, including narrow financing channels, high financing cost, disordered financing proportion, single financial service, and so on. Seeking for capital support of government is an effective capital resource for survival and development of SMTE.• Human resources strategy. First, effective knowledge management and new structure fitting knowledge innovation is critical. Second, human resources training system is need to be established.• Enterprise culture strategy. Enterprise culture generally includes the values, brand, and inner image of the enterprise, among which valuesis the core by leading the development of whole enterprise. First, enterprise should build up the values of “innovation”, “learning”, “science”, and then set up brand sense, emphasize enterprise characteristics. Meanwhile, enterpriser factors are highly valued and enterprisers’ good qualities are brought up.译文中小企业的核心竞争力研究约瑟夫·奥斯特罗伊摘要中小企业在当今市场上正面临着激烈的竞争。
外文翻译--小企业成功出口绩效的关键因素
本科毕业论文外文翻译外文题目:Key Factors for Successful Export Performance for Small Firms出处:Journal of International Marketing作者:Lance Eliot Brouthers, George Nakos, John Hadjimarcou, and Keith D. Brouthers译文:(原文从P21-25)小企业成功出口绩效的关键因素介绍国际市场营销中研究最多的议题之一是国际化进程,特别是出口(Dhanaraj and Beamish 2003; Leonidou, Katsikeas, and Piercy 1998; Li and Cavusgil 1995; Nakata and Huang 2005)。
尽管有相当大量的出口研究专用于小企业和中小企业(SMEs; Leonidou, Katsikeas, and Piercy 1998),但是完全确定小企业出口活动的适当水平很少受到关注。
虽然中小企业的组合已经在以前的研究中探讨过,然而我们认为这是合理地提出质疑是否存在差异在一些雇佣了约35-50雇员的公司和典型的中小型企业最多有500名员工。
特别,对于目标是将企业进行国际化的小企业了解关键因素引导改善出口绩效是重要的。
多大的国际化对小企业来说是有益的?如果一个小企业决定出口,它的目标是多少个国家?虽然这些问题已经被其他类型的公司进行广泛地考查,比如跨国公司企业(MNEs)和中小企业,但是小企业对同样的问题却很少有专门的研究。
例如,大多数早期的中小企业研究(以及州和地方贸易促进组织)认为,任何类型的中小企业进行国际化都将是有益的(Aaby and Slater 1989; Bilkey 1978)。
这对小企业来说是否也是真的呢?我们认为这对这些小企业可能是不成立的。
小企业不仅仅是大公司的更小形式(Shuman and Seeger 1986)。
企业信息化建设外文翻译文献
企业信息化建设外文翻译文献企业信息化建设外文翻译文献企业信息化建设外文翻译文献【】:with the rapid development of information technology, thedomestic,small and medium-sized enterprise informatization construction has entered a new stage ofdeve1opment, small and medium-sized enterprise informatization has become the small and medium enterprises out of its own advantage, improve competitive, advantage to enhance competition ability and development ability is an important choice. This paper analyzes the important role of informatization in small and medium-sized enterprises, summarizes the main problems in information system construction, and puts forwardthe countermeasures to solve the problem.A l ong w ith the information technique change rapid l y deve l opme n t, eco n omic g lo ba l iz a ti o n a nd th e knowle dg e e co n o m y r ap id de vel opmen t, mar ket c o m pe titi o n b e co m ing i nc r easi n gly fi e rc e, man y s m all a nd m e d i um en t e rp ri se s q u i cke n th e informatiza t io n co n s tr uc t ion, ente rp rise i nformat i zation leve l direc tl y affects the com p e t itiveness o f ente rp rises. Enter p rise info r mat i zation i s t o show the en t erpr i se i s in p r o d uct i on, ci r c u lation and service and o th er busi n ess ac ti vities, th e use o f mo d ern information techno1ogy, t hrough adva n ced com p uter n etwork t echno l ogy to i n teg r ate the ex i sting p ro du ctio n, management, design, man uf ac tu ri n g a nd other secto r s, ente rp r i ses r eal i ze the automa t io n o f the p roduct i on p rocess, management o f the network, intell i ge n ce of d ecision-making a nd bu siness ope r at i o n o f the elec tr onic, so as t o improve th e econo m ic ef f ic i ency of e n ter p rises and th e co m pet i t i veness ofente rp r i ses i n the p r ocess.1.1 contribute to the technical progress of the enterpriseInformation tech n o l ogy promotes the sma ll and medium-sized enterprise technology innovation. Be helpful for technical innovation in enterprises of interstitial diffusio n.1.2 contributes to improve the adaptability of enterprisesWith the h elp of info r mation t ech n ology and network, the en t erpr i se can time l y access to ma rk e t i n forma t ion, t o ex p and th e sco p e of the ma rk e t, be he lp ful for fac t o r o f p r oduct i on opt i mize con fi gu r at i on, ma k e th e ente rp rise adap t t o vary fr om m i n u te to min u te market e n vironme nt, enhance th e e n ter pri se ag ilit y.1.3 to help improve the management efficiency of enterprisesIn f orma t ion management autom a tion, i nte ll igent ca n redu c e the cos t of po li cy, imp r ove th e ef fi ciency o f d e ci sio n ma ki ng.2.1 misunderstandingsAlthough many medium and small enterprises have different levels to carry out the informatization construction,but most are not on what is enterprise informatization, how to carry out informatization to have a thorough understanding.Many managers think that informatization construction is the enterprise business process" original copy", use the computer instead of manual operation, the traditiona1 habits and standard on the system and using the process of evaluation, and accordingly put forward to modify an opinion.2.2 insufficient capital investmentEnterprise informatization is a n eed fo r lo n g-te r m deve l opme nt of investme nt p r ojec t, n o t on l y in the i ni t i a l stage w i1l cos t a lo t o f money t o buy ha rd ware and m a t chi n g software reso ur ce, in the la tt er par t of t he t ra i n i ng of person n el t ec hni cal f o ll ow-up sys t em up g r a d e a n d mai nt e n ance aspec t is t o i n ves t e n or m ous ca pi tal.2.3 composite talent shortageSmall and medium-sized enterprises have already know IT technology and understand the business processes and complex business management backbone little talent which to a large extent restricts the small and medium-sized enterprise informatization construction quality and speed.2.4 Management supporting backwardEnterprise information to promote information technology plays its role in management must with the advanced management means and methods to combine, melting into the modern management idea and method.2.5 Problems in the external environment1) Government support is not enough, the lack of scientific guidance. Governmentsupport for small and medium sized enterprise informatization construction is not enough, insufficient guidance, mainly reflected in the following two aspects: first, large enterprises is present at all levels of Government Informatization Transformation of special funds focus on the funding, and the informatization construction of small and medium sized enterprises lack of attention; the, government departments themselves in the process of information did not take the lead, such as lack of the information-based degree of the industrial and commercial bureau, tax bureau, making every month the company but also to the Inland Revenue Department ranked team for a long time to make statements and so on, which in a certain extent, affected the enthusiasm of the informatization construction of small and medium sized enterprises.2) The relevant laws and regulations are not perfect. At present our country in theinformation construction of enterprises is still not unified planning and standards, the corresponding laws and regulations are not perfect, the informatization construction of the regional industry basically in a state of fragmentation. For the network economic crimes, China is also lack of effective technical means and legal sanctions basis, so the first use of information technology companies to pay the price is relatively large. So many small and medium enterprises in the face of dazzling computer hardware and software market and numerous information systems development failures phenomenon, many confused, indecisive.3) Services Limited, the environment is poor. Compared with foreign countries, thedevelopment of China's software industry is lagging behind. On the market a lot of enterprise information solutions are provided by foreign large software companies, such as SAP, the United States, the United States, and so on.However, these programs are very expensive, small and medium enterprises can not afford to buy. Although there are a lot of Domestic Company for small and medium enterprises to provide the so-called tailored management software products, the price is not expensive, but the software can not meet the actual needs of small and medium enterprises, service has not kept up with. In addition, the small and medium enterprises in the construction of information technology has expertise in consulting company, the construction of information technology is not enough, leading to the project quality can not be guaranteed. Electronic payment, information security, social credit system and other aspects of the existing problems that the enterprise believes that now is not the best time to carry out information.3.1 Enterprise1) Correct understanding of informationThe rapid development in information technology today economic globalization pace accelerate, make enterprise information construction becomes the trend of the times to be a trend which cannot be halted. Information process, which is to integratethe various resources within the enterprise through the computer network technology, optimize the management process, and then improve the process of economic efficiency and competitiveness of enterprises. Enterprise information is not equal to the simple computer, it is a complex process. Only business process reengineering, so that information technology into the enterprise's financial, sales, planning, production, procurement and other business processes, or else simply do not talk about what the enterprise information.2) Accelerate composite information talentsEnterprises should establish corresponding mechanism cultivate and maintain a technology to improve the team all staff and managers in the management of information technology knowledge and theory level. Talents are the most valuable resources for enterprises. In order to promote the development of information technology, small and medium enterprises must do a good job in both hands. On the one hand, enterprises must formulate human resource strategy, adopt various methods and means to recruit and introduce talents for enterprises, especially the advanced technology. On the other hand, enterprises should carry out more training activities within the enterprise, through technical exchanges and cooperation and other ways to cultivate a large number of professional knowledge, with practical ability of information technology personnel, improve the comprehensive ability of the enterprise to improve the normal operation of enterprise information.3) Take the key breakthrough of phased implementationEnterprise information is a step is not possible nor practical, should take steps to implement, key breakthrough system construction mode, can be divided into several different stages to implement it step by step. As small and medium-sized enterprises, by their own limitations, can input information construction funds will not too much.4) Plays by society and government supportOur country small and medium-sized enterprise information is still in its infancy, is inseparable from the government’s guidance and social S s m u o a r n t d.medium enterprise informationization is a revolution ,is a complex and arduous systemproject ,involving all aspects of the business small and medium-sized enterprise informatization level is directly related to the level of the whole national informatization level. Small and medium-sized enterprises want to survive and develop, infromatization construction to be imperative informatization construction of small and medium-sized enterprises to obtain the competitive advantage will become the inevitable choice.5) To make the overall planning of enterprise informationEnterprise information planning, also known as enterprise IT planning, it is the guidance of enterprise development strategy, diagnosis and analysis of enterprise management status, optimize the business process, and put forward the enterprise information system architecture, determine the logic relationship between each part of the information system. In the preparation of enterprise information construction, the research on the status quo and future development of enterprises should be made, including a series of complete planning including enterprise information network, technical route, the choice of software, implementation and consulting team, information realization steps and so on.3.2 government and social aspects1) To strengthen the policy support to the informatization construction of small andmedium sized enterprises.To give full play to the role of the national enterprise information work leading group and local business information work leading group, all levels of government information technology to reform the special funds also have a certain tilt, adhere to the policy of the government to promote, market guidance, business entities, industry breakthrough, regional expansion, and strengthen enterprise information engineering support, and provide more effective macro guidance, organization and policy support.2) To create a good legal environment. Governments at all levels should developinformation management regulations as soon as possible,Strengthen the management of information resources. In order to solve theproblem of security and electronic contract authentication of online transactions and settlement, online contract law should be introduced as soon as possible to enhance the security of online transactions. To strengthen the laws and regulations on the fight against Internet crimes and to strengthen the protection of intellectual property rights. At the same time, we should further improve the information security monitoring system, establish an effective mechanism for information security and emergency handling mechanism, in the focus on the protection of basic network and important system security based on comprehensive information security protection.3) To strengthen the information guidance, play the role of the third party resourcesand platform.Small and medium enterprise information is still in the enlightenment, need to actively cooperate with the full range of positive guidance. Government to play the role of policy guidance to play the role of enterprise information, the media should play an active role in promoting and promoting the role of. At the same time, we should give full play to the role of the third party resources and platform. If the enterprise from the construction of network platform, run the server group, support a team to start, really need a high input. But in fact, they can outsource these operations, the business can only focus on the core business process. The use of third party platform to establish supply management system, often can achieve the goal of low cost, high efficiency, dynamic, very worthy of small and medium enterprises for reference.In recent years, the Chinese government has strengthened the guidance and promotion of the small and medium-sized enterprise information, and has achieved some results. But from the level of development of information technology and Chinese enterprises to participate in the global competition point of view, is still a long way to go. The government should continue to increase support for small and medium-sized enterprises, accelerate the construction of information infrastructure and public information resources, accelerate the construction of small and medium enterprise information service team, and actively carry out e-government, so as to mobilize and encourage theimplementation of information technology in small and medium enterprises.企业信息化建设外文翻译文献:随着信息技术的飞速发展,国内、中小企业信息化建设进入了新的发展阶段,中小企业信息化已成为中小企业自身优势,提高竞争优势,增强竞争力和发展能力是一个重要的选择。
外文翻译--中小企业业主融资偏好
本科毕业论文(设计)外文翻译原文:SME owners’ financing preferencesAcademic studies investigating the financing of SMEs commonly examine the subject by conducting multivariate regression analysis employing panel data sets consisting of accounting and finance data (see Appendix B for a comprehensive review of this literature). Researchers adopting this approach seek to explain financing choice in terms of firm characteristics such as firm size, age, asset structure, profitability, growth opportunities, and legal organisation. This methodology, whilst beneficial in theory testing and preliminary benchmark studies, neglects one of the most important aspects of small business and entrepreneurship: the central role of the SME owner. Given the primary decision making role of the firm owner, this method excludes a fundamental element of the financing and finance provision in SMEs. The approach adopted in this chapter is to record SME owners’ views on financing their businesses, and the reasons why they choose one type of finance over another, or why they avoid some forms of financing entirely. Whilst this approach may appear self-evident or overly simplistic, it can reveal explanations for observed capital structures and how financial markets and institutions might better respond to the needs of the small business community.Respondents’ perceptions concerning issues related to funders and their lending practices are reported in Table 4.5. Almost 50% of respondents are of the perception that “banks understand their business,” with 20% disagreeing with this proposition. This result indicates that respondents generally do not perceive information asymmetries in debt markets. This finding may be explained with reference to the age profile of respondents, thus consistent with D iamond’s (1989) reputation theory, information asymmetries lessen as firms mature and become established. Even in theevent of bank switching, surviving firms have developed a credit history. A crosstabulation of the proposition “banks understand my business” with age of respondents presented in Table D.11 bears this out; those firms perceiving that banks do not understand their business are predominantly in the youngest age categories. These relationships are not statistically significant, however, as indicated by significance values for directional measures presented in Table D.12.Table 4.5 Respondents’ perception of funders and their requirementsResults explain preferences and patterns of financing reported in earlier sections. Respondents’ preference for debt when seeking external finance ex pressed in Tables4.1 and 4.2 may be partly explained by firms not perceiving information asymmetries in debt markets. Greater perception of information asymmetries among firms in the youngest age categories is exacerbated by the concentration of 50% of these firms in sectors typified by a high proportion of intangible assets. This finding may also explain the high use of external equity (37% of total financing) by this group reported in Table 2.2, and partly explains the provision of personal assets to secure debt by firm owners in the youngest age category.A sectoral cross tabulation of the proposition “banks understand my business” presented in Table D.13 reveals that almost 30% of respondents perceiving information asymmetries in debt markets are in th e “computer software development and services” sector. This may arise from a relatively young age profile, as over 60% of firms in this sector are under 10 years old. Another relevant factor is the technological nature of the sector, confirming the finding of Hogan and Hutson (2005), that firms in this sector do not perceive information asymmetries in venture capital markets to the same extent that they perceive asymmetries in the bank-client relationship. This may be due to the technical knowledge and specialist skills of venture capitalists in assessing technologically complicated investment projects, and the lack of specialised knowledge by loan assessors in banks.Almost 90% of respondents believe that “banks are willing to provide overdraft facilities”to their company, as shown in Table 4.5. This result is consistent with empirical evidence highlighting the reliance of SMEs on short-term bank debt (Chittenden et al. 1996), which is even greater in the Irish context (Ayadi 2008). The effect of responden ts’ perception may perpetuate this reliance, as firms are more likely to apply for additional short-term debt if they perceive their application will be successful. Respondents’ perception partly explains patterns of financing reported in Table 2.2, indicating that short-term debt was the second most important source of finance after retained profits, comprising an average 22% of capital structures. This result also supports the contention that financial institutions advance short-term debt facilities more readily, as they usually involve smaller amounts than long-term debt or mortgage finance, and can be recalled at short notice (Esperanca et al. 2003).Additionally, banks may seek to reduce their exposure by advancing debt with a shorter maturity. Responde nts’ perception may therefore result from a combination of demand-side and supply-side factors.Respondents’ perception of the proclivity of financial institutions to seek collateral as security for debt finance is evident from responses to propositions three and four presented in Table 4.5. Eighty five per cent of respondents perceive that “providers of debt insist on collateral,” and 81% perceive that banks lend to firms with tangible assets, such as cash and fixed assets. Respondents’ perceptions may be due to experiences in contracting with financial institutions (results from multivariate models presented in Table 3.10 indicate statistically significant positive relationships between use of short-term, long-term, and total debt, and provision of collateral). Additionally, results from SUR models presented in Table 3.19 indicate statistically significant positive relationships between use of debt and provision of firm assets as collateral for all models, apart from firms in the “other” sector. These resu lts confirm findings of previous studies emphasising the importance of lien-free collateralisable assets in securing debt finance (Heyman et al. 2008). Thus, consistent with Myers (1997), firms whose assets consist primarily of intangibles have most difficulty in accessing bank loans.Respondents’ perceptions highlight a number of issues for SME financing. Firstly, firms without access to adequate collateralisable assets may be discouraged from applying for debt capital on the basis that they believe it will be unsuccessful (Kon and Storey 2003), which may lead to underinvestment. Secondly, these perceptions may result in overreliance on short-term debt (Chittenden et al. 1996), rather than a more appropriate source, such as long-term debt. This may increase the cost of capital for the firm, as short-term debt is generally more expensive than the latter. Additionally, dependence on short-term debt exposes the firm to liquidity problems if the bank restricts or withdraws this facility at short notice. Furthermore, SMEs may be compelled to employ more expensive sources of financing, such as debt factoring, invoice discounting or use of trade credit.Respondents’ perceptions on propositions concerning venture capital funders arealso reported in Table 4.5. Venture capital comprises 5% of the capital structures of respondents (as shown in Table 2.2), and this is reflected in responses to questions on venture capital funding. Whilst 34% of respondents agreed with the proposition that “venture capitalists invest in companies with cash/fixed assets,” over 50% expressed no opinion and 15% disagreed. This result suggests that respondents are generally inexperienced with, or ambivalent about venture capital finance. Of those firms in disagreement with this statement, over 50% are in sectors typified by a lack of collateralisable assets, namely the “computer software development and services” and “other services” sectors. This finding suggests that respondents in these sectors are more acquainted or experienced in contracting with venture capitalists.Sixty five per cent of respondents agree with the statement “the availability of venture capital is susceptible to market fluctuations,” whilst 32% express no opinion. This result indicates that respondents are aware of fluctuations in venture capital investment activity. One third of those in agreement with this proposition comprise firms in sectors typified by a lack of collateralisable assets, namely the “computer software development and services” and “other services” sec tors. Once again, this result suggests that respondents in these sectors are more experienced in contracting with venture capitalists. Whilst respondents appear cognisant of the workings of venture capital markets in general, they do not have strong opinions about proposed statements. This may be explained by the relatively small percentage of respondents seeking venture capital. Respondents in the “computer software development and services” and “other services” sectors appear to have more definite opinion s on venture capitalists.In summary, respondents’ answers to propositions presented in Table 4.5 partially explain motivations behind observed capital structures and stated financing preferences. In general, respondents do not perceive information asymmetries in debt markets. This perception may be partly explained by the age profile of respondents, as reputation effects (Diamond 1989) overcome these asymmetries. Information asymmetries in debt markets may be higher in practice, however, because the views of non-surviving firms are not reported in this survey. The latter firms may haveperceived higher asymmetries in debt markets. Respondents perceive a requirement for collateral to secure debt finance, confirming evidence from previous studies detailing f inancial institutions’ proclivity for collateral to overcome potential agency problems of moral hazard (Coco 2000; Heyman et al. 2008). An implication of this perception is that firms lacking adequate collateralisable assets may be reluctant to apply for debt finance. Respondents report that financial institutions are willing to advance short-term debt facilities, which may partly explain reliance on this source as the second most important means of financing. Relatively few firms in the sample employ external equity, which is reflected in the ambivalence of respondents to questions on the requirements of venture capitalists.In this chapter, agency and pecking order theories of capital structure are further explored by consideration of evidence in the form of respondents’ replies to direct questions, and statements proposed in the form of Likert scales. A number of interrelated questions are asked in addressing two primary issues; “What are the financing preferences of respondents?,” and “Why do respondents maintain these preferences?” Replies to these questions facilitate examination of the relevance of theoretical propositions in explaining respondents’ capital structures, and stated financing preferences.Respondents’ preferred source of financing is ret ained profits. Almost 50% indicate a willingness to employ long-term debt finance when required. Eighty per cent of respondents indicate an aversion to raising additional external equity. These preferences are consistent with propositions of the pecking order theory (Myers 1984; Myers and Majluf 1984), although the expressed aversion to external equity suggests that the majority of respondents may adhere to a truncated pecking order. Investigation of the perceived greatest internal growth constraints and primary considerations when raising debt emphasise the importance of profitability in financing investment, and suggest that adherence to a preferred pecking order is contingent on the profitability of the firm.Explanations for stated financing preferences of respondents are threefold. The primary reason is desire to retain control of the firm and maintain managerialindependence, which is stronger in closely held private limited firms than in firms with wider ownership. Secondly, the main financial objectives of respondents are to maximise profits and sales, which reaffirms financing preferences and emphasises respondents’ primary goal of maintaining control of the firm. There are sectoral differences in pursuit of this objective; firms in the “computer sof tware development and services” sector are twice as willing to relinquish control as firms in all other sectors, and they consider maximisation of the value of the firm as their primary financial objective. Thirdly, respondents generally do not perceive information asymmetries in debt markets, and believe that financial institutions are willing to provide short-term debt facilities. This is not an unexpected finding given the age profile of respondents, suggesting that information asymmetries are alleviated by reputation effects (Diamond 1989). The majority of firms perceiving information asymmetries in debt markets are in the “computer software development and services” and “other services” sectors. This may be due to a combination of the age profile and technological characteristics of firms in this sector.Respondents highlighted a number of issues they consider most important when raising external finance that partly explain stated financing preferences and indicate the conditions under which they would consider raising additional finance. By taking these factors into account, funders can improve the efficiency of supply of funds to the sector. Respondents’ primary concern when raising debt is the cost of finance, highlighting the influence of supply-side factors in the financing decision. An implication of this belief is that firm owners may avoid raising debt in times of high interest rates, resulting in underinvestment. As respondents also express an aversion to external equity, firm growth will be limited to the return on investment of retained profits, leading to lower growth rates. Additionally, as respondents do not believe in accumulating financial slack they may encounter financing problems during an economic recession, particularly if there is a credit squeeze.Another belief held by respondents is the requirement for collateral to secure debt finance. Respondents in sectors in which asset structures are typified by a high proportion of tangible assets are more likely to apply for debt finance, and are moreconfident in securing the finance required than respondents in sectors with asset structures typified by a high proportion of intangible assets. The practice of financial institutions in providing debt finance based on collateral rather than profitability is inefficient, and may have a number of adverse consequences for SMEs. Firstly, perception of a lack of sufficient collateralisable assets may result in a reduction of applications for long-term debt finance, leading to underinvestment. Secondly, this belief may result in over-reliance on other sources of finance which are less appropriate and more costly, such as short-term debt, for example. Investigation of respondents’ views on signalling, debt tax shields, timing considerations, and the accumulation of financial slack indicate that these issues are not primary concerns when making the financing decision. Respondents appear more concerned with the issue of raising adequate capital to finance their firm than what they may consider ancillary issues.Source: Ciarán Mac an Bhaird,2010.“SME owners’ financing preferences”. Contributions to Management Science,vol.20,no.5,pp. 23-43.译文:中小企业业主融资偏好在调查研究中小型企业融资的学术研究中,通常通过多元回归分析来审查这个主题。
论文外文翻译译文题目:新兴市场跨国公司的通用国际化战略以中国公司为例
1 Introductionforeign direct investment (FDI) outflows and the remarkable rise of multinational enterprises (MNEs) from emerging economies. FDI outflows from emerging economies reached a record level of $553 billion in 2014, accounting for 39% of global FDI outflows compared with only 12% at the beginning of the 2000s . Emerging market multinational enterprises (EMNEs), as vehicles of FDI outflows from emerging economies, are expanding overseas at an increasingly large scale and at an ever-accelerating speed. In 2014 there were 123 MNEs from the BRIC countries (Brazil, Russia, India, and China) on the Fortune Global 500 list, as compared with about 20 companies from these countries a decade ago.The evolution of EMNEs has gained attention of scholars in international business (IB) and strategic management, prompting them to rethink and develop models and theories relating to the internationalization of firms. Although there was some interest in emerging market multinationals since the early 1980s , attention to this topic became an import research in international business in the 2000s, because emerging-market firms are quickly catching up and internationalizing in recent years. Scholars are starting to take stock of what is actually known about EMNEs and what is speculation .Particularly, the rise of emerging economies such as China and India has generated a number of EMNEs, providing an opportunity for scholars to review the theories of MNEs’ internationalization in contemporary context. For example, Paul and Mas examined the common factors that had contributed to the emergence of Chinese and Indian multinationals in the global market including their focus on exports, manufacturing growth, science and technology, etc. One of the evolving research entails adopting both strategic view and international business studies, a pilot study of which derived from case studies of Indian companies proposes the generic strategies for EMNEs as they embark on an international expansion.In this research, the major question is raised as what are the generic strategies of the internationalization of Chinese firms? What are the strategic directions including the targeted countries, value chain movement, branding, and mode of entry that Chinese firms are executing in their overseas expansion? How do the choices and combination of strategic directions ultimately lead to the distinct path of Chinese internationalization? What are the firm-specific factors that have influence on the generic strategies of Chinese internationalization?We consider these questions through examination of the strategies of Chinese EMNEs as they propel increasing FDI outflows world widely. We argue that the models explaining the generic strategies of Indian multinationals can be extended and modified to the study of Chinese multinationals. We begin by selecting and describing cases of Chinese EMNEs in typical manufacturing industries. We then examine the strategic directions for each of these Chinese EMNEs in its internationalization, which include a multinational’s targeted countries, value chain activities in host country, choice of original equipment manufacturer (OEM) versus own branded manufacturer (OBM), and themode of entry. On the basis of this analysis, we identify and discuss the generic internationalization strategy that can be illustrated from Chinese EMNEs. Further discussions on several firm-specific factors e.g. the industry a multinational is concerned of, the experience of its overseas operations, R&D intensity as indicator of firm-specific advantage are used to develop practical and theoretical insights from the internationalization of Chinese EMNEs. We conclude the paper by offering a few directions for future studies of the internationalization strategies of emerging-market multinationals. We believe this study will be helpful for deepening our understanding of the internationalization of EMNEs by bringing the analysis of multinational’s generic strategy into the focus.2.Literature ReviewInternational business studies are emerged from investigations of developed economies in North America and Europe. Consequently, mainstream IB theories on internationalization have been developed based on studies of developed-country multinational enterprises (DMNEs). Such theories, for example, monopolistic advantage theory , product life cycle theory , the eclectic or ownership-internalization-location (OLI) paradigm, and the internationalization process model , have provided a strong foundation for explaining the presence of MNEs. Some scholars thus argue that the emergence of EMNCs can also be explained with these theories. For example, Dunning et al. relies on OLI framework to explain the existence of EMNEs, which have become multinationals despite their limited firm-specific advantages. Rugman argues that EMNEs do not have firm-specific advantages, and their internationalization depends on the country-specific advantages in low-cost labor, finance, economies of scale, and natural resources.On the other side, a widely accepted taxonomy of strategies such as multi-domestic, transnational, and global strategies of DMNEs exists , few schemes have described the strategies of EMNEs in building up their global presence . Researchers suggest that the multinationals fromemerging markets have pursued distinctive approaches to internationalization and they enjoy different specific advantages than multinationals from developed countries. At this point, the resource-based view of firms originated from strategic management has enriched IB studies in explaining the behavior of EMNEs , since the traditional strategic management approach has not yet yielded substantive knowledge within research on internationalization as a strategic process adopted by MNEs . Mathews introduces the linkage, leverage, learning (LLL) framework, which is consistent with the extended resource-based perspective, to provide the explanations of the rapid appearance of EMNCs. Luo and Tung describe that EMNEs use international expansion as a springboard to obtain new resources and capabilities via the alliances or acquisition of firms to upgrade capabilities at home and catch up to DMNCs.The rise of new multinationals from emerging markets provides researchers an opportunity with extension and modification of the models and theories of internationalization [34]. Buckley et al. [35] find strong support for the argument that aspects of the special theory e.g. the institutional factors influencing outward direct investment help to explain the behavior of Chinese MNEs, since Chinese internationalization has both a conventional and an idiosyncratic dimension. Yiu et al. studies the international venture of Chinese companies and highlights the importance of incorporating the institutional component of a multinational including networking with domestic institutions and entrepreneurial organizational transformation into existing theories of the MNEs. Goldstein argues that as emerging market multinationals are embedded in their political, social, and ethnic networks, their internationalization of business offers valuable lessons for practical and theoretical implications. Guillen and Garcia-Canal note the decline of American model of the MNEs and to what extent we need a new theory to explain the growth of EMNEs, with analysis of the distinctive internationalization of EMNEs with regard to the competitive advantages, political capabilities, expansion paths, preference of entry mode, and organizational adaptability. The study of EMNEs can thus bring context more explicitly and comprehensively into theory and deepen our understanding of how firms internationalize.Ramamurti indicates that multinationals from emerging markets follow particular paths of international expansion, which modifies some of the predictions of existing theories of MNEs. EMNEs internationalize differently since the global environment facilitates speed-up internationalization, the industry characteristics lead to different patterns, the companies exploit differences rather than similarities in foreign expansion, and they have ownership advantages that are different from DMNEs. Consequen tly, he suggests the generic strategies for EMNEs’internationalization, each of these generic strategies, for example the vertical integrator, local optimizer, low-cost partner, global consolidator, and global first-mover have resulted in distinct internationalization paths of EMNEs . Each generic strategy leverages different country-specific advantages and firm-specific advantages and results in distinct internationalization path of emerging market multinationals. Ramamurti proposes a framework of generic internationalization strategy as a common platform for the analysis of EMNEs’ internationalization and explains how the research of EMNCs can help better understand the MNEs’ internationalization process, the contextual factors, and firm-specific and location-specific ownership advantages.However, the framework is developed from the case study of Indian multinationals, which requires more rigorous empirical studies aimed at gathering and analyzing large sample data at the firm level . Generic strategies are notunique to the internationalization of Indian EMNEs, they are also relevant to other EMNEs, with distinct aspects of each emerging economy resulting in some generic strategies being more viable than others . Williamson and Zeng , who analyzed four of the biggest Chinese multinationals, namely Hisense, Wanxiang, CIMC, and Huawei, and argued that several strategies of Indian multinationals could also be observed from the internationalization of Chinese firms. Further research on a number of Chinese firms is needed for developing alternative configurations of generic strategies that contribute more explanatory power regarding the internationalization of EMNEs.The core of the analysis of generic strategies of EMNEs’ internationalization is a company’s str ategic direction in its international expansion. In the incremental internationalization model, Johanson and Vahlne explain the selection among countries and regions in which to enter, which is also analyzed in Ramamurti’s framework of EMNEs. The incremen tal internationalization model also explains a firm’s selection of its operation in the host country e.g. production base, sales subsidiaries, procurement center, which in the generic strategy is described as the movement and relocation of value chain activities. Besides, in the linkage-leverage-learning model, Bonaglia et al. discuss the implications for OEM firms originated from emerging countries that aim to upgrade to OBM status to compete on the basis of global brand rather than just on their manufacturing capabilities. The choice of OEM versus OBM direction is probably one of the most challenges for Chinese companies while they are seeking foreign markets for international growth. Finally, the rapid expansion of Chinese companies in the 2000s through merges and acquisitions of brands and production operationsother than greenfield investment has been widely discussed in several research. All of these directions e.g. targeted country, value chain movement, OEM or OBM products, and the mode of entry are analyzed in this research in consideration about the generic internationalization strategies of Chinese EMNEs.3.Research MethodologyIn this research, we analyze the strategies of Chinese EMNEs’ internationalization through multiple case study method. Firstly, we defined the multinational enterprises (MNEs) operationally and screened out a number of multinational enterprises from typical Chinese manufacturing industries. We subsequently examine the strategic directions toward internationalization for each of these cases to find any results and make further discussions about the strategies of Chinese internationalization. Since the scope of this study is focused on the more surprising and interesting Chinese manufacturing firms, companies in service and resource sector are excluded. A number of typical Chinese manufacturers are included as telecommunication equipment manufacturers, computers and peripherals manufacturers, semiconductor manufacturers, home appliances manufacturers, consumer electronics manufacturers, automobiles and motorcycles manufacturers, and auto parts manufacturers. The Global Industry Classification Standard and Hang Seng Industry Classification System are followed here. The above industries can be categorized into high-tech industries, medium-tech industries, and medium-low-tech industries according to the OECD classification .4.Insights from Case Study: Strategic DirectionsTable 1 illustrates each of the strategic directions of Chinese EMNEs’ internationalization. The target countries are the locations of FDI activities conducted by an EMNE, which is classified into south–south or south–north paradigm in this study. South–south FDIs originate in emerging economies and flow into other emerging economies. By contrast, the destinations of south–north FDIs are developed countries. “North” is broadly defined as developed countries, including North America, Europe (excluding Eastern Europe), Australia, New Zealand, and Japan. “South” comprises emerging economies in South America, Eastern Eur ope, and Asia, and includes developing and transition economies, as defined by the United Nations Conference on Trade and Development (UNTCAD). At the firm level, south–south FDI occurs when an EMNE establishes its overseas subsidiaries in emerging economies, while south–north FDI occurs when an EMNE’s overseas subsidiaries are located in developed countries. Our analysis of each of the 50 Chinese manufacturing EMNEs showed that 5 firms are only engaged in south–south FDI, 25firms in south–north FDI, and 20 firms in both south–south and south–north FDI. There were more overseas subsidiaries of Chinese EMNEs located in developed countries than in emerging economies, which reflected that south-north FDI is the major path of Chinese internationalization. Among the developed countries, the United States and Western European countries such as Germany, France, and Netherlands were the primary FDI destinations of Chinese manufacturing EMNEs.5.Insights from Case Study: Generic Internationalization StrategiesBas ed on the above analysis of Chinese multinational’s strategic directions toward internationalization, we examined and identified the generic strategy for each of the companies (as summarized in Table 1). As in the following section, each of the generic strategy illustrated from Chinese cases targets south-south or south-north expansion, moves up or down the value chain activities, provide OEM or OBM products in international markets, enter foreign countries through greenfield investment or M&A. A multinatio nal’s preference in combination with these strategic directions thus results in distinct strategies for Chinese EMNEs including local optimizer, low-cost supplier, advanced-market seeker, and global consolidator. To be noted in the case study, few firms may pursue one strategy in pure form or do so to the exclusion of other strategies, however it is conceptually useful to specify each of the strategies and its properties. We illustrate each generic strategy with cases that have come closest to pursuing that strategy. Particularly, the identification of which generic strategy a firm had pursued was based on the analysis of its major business segment. In case of Chinese automobile and motorcycle manufacturers, it was found that a firm pursued an internationalization strategy in its small business segment is different from the strategy while internationalizing its major business.1介绍新兴经济体的外国直接投资(FDI)外流和跨国企业(MNEs)的显著增长。
企业文化中英文对照外文翻译文献
企业文化中英文对照外文翻译文献企业文化中英文对照外文翻译文献(文档含英文原文和中文翻译)The Corporate Culture Rebuilding of E-business With the development of large-scale e-business, The E-commerce culture comes into being. It is an enterprise that produces a new value. The new integration of internal resources of the enterprises, which reduces transaction costs and improves efficiency. And it can short the cycle of production, and get many other benefits. Also it challenges on the existing corporate culture. The rise of e-commerce is a means of rapid development of technology that leads business models change. The survival of traditional economic activities, the means of operation and the management mechanisms have changed completely. The traditional corporate culture also faces a big strike.First, the Contribution to the Enterprise Value of Corporate CultureCultural phenomenon is a symbol of civilized country and a major witness of the nation. Broader culture includes knowledge, belief, art, morals, law, customs and every person as a member of the social to obtain ability and habit, including the complex whole. The survival and development of the enterprise plays an important role as a "sub culture" of the corporate culture. Corporate culture is the product of a market economy and commodity economy, embodying the objective laws of market economy. It reflects the company's competitive practices, competitive spirit and overall image. The enterprise culture is the company's management philosophy, enterprises face in whichthe social and business environment in the long-term production of business activities. And it gets all employees accept and agree to honor, which fights for a set of informal rules of success. It shows a kind of management philosophy and business practice to achieve through what kind of target. It is an important part of economic management. Corporate culture means a company's value, and these values become a norm of behavior of employees’ activities.How to increase profits, reduce costs and expenses is the origin of the corporate culture. Its meaning is how to enable enterprises to effectively integrate resources in order to achieve external flexibility and realize sustainable development in the competition. Corporate culture for the enterprises to develop cultural managementindicates a clear direction. The foreign competition environment for building highly adaptable and responding quickly to change is the final purpose of enterprise culture, according to environmental behavior capacities, which in fact is the company, owned by the external competitive environment by the needs of internal resources the ability to integrate and use. Corporate culture should promote the formation of the capacity of the system and maintain a good system. Many Chinese companies, for example, Haier, Lenovo, and so on, the secret of enterprise success is to develop a set of corporate and business philosophy that forms its own unique corporate culture.1, the corporate culture reflects the company's image and spirit. Establishing a good corporate image needs support of Modern business, from leadership to staff quality, from product quality to management facilities, from the environment to the product development, infiltrating cultural factors, and allreflecting the corporate image. Good corporate image (the "goodwill") is an intangible wealth and assets to display the "brand effect", which wins the social and public support, in line with modern public relations and marketing theory. From the modern management theory, it reflects the spirit of enterprise groups and the ideal goal, showing the direction of development of enterprises and business purposes. It is on behalf of the company's future prospects; so that every member company can voluntarily contribute to the achievement of organizational goals, from the enterprises in the fierce competition in technology press "beautiful and fragrant flowers."2, the corporate culture as in the business as a new management theory to play an extremely rebuilding role.First, creating a environment for flexible coordination of business operations, the corporate social systems as a subsystem, continuously with the surrounding environment material, energy and information exchange, social environment is relatively more objective. And enterprises need to adapt to environmental changes, researching the laws and requirements of environmental change, a clear tendency of economic development compatible with the social needs and potential demand, which improve the enterprise's various weaknesses and adjust to business strategy, creating a new corporate culture, and environment interaction to achieve dynamic balance that creates a cycle of market environment, promoting the restructuring of joint-stock company into the future state of healthy function.Second, it is conducive to the formation of the values of their all operation. The development of corporate culture as the underlying motivation, its values is the core of corporate culture.And it is a business organization and the basic concepts and beliefs. For enterprises, the core task is how the market to survive and provide consumers with appropriate products and services. The core mission of business does not automatically guarantee a corporate member with a common objective. Values established by the company code of conduct for employees defined in an extremely successful and the objective pursuit.Third, it helps to improve the all quality and foster corporation. The composition of the corporate culture includes ideology, culture, technology, culture, management culture, quality culture and entertainment culture. On the one hand, the culture of integration promotes the improvement of the quality of the entire staff. Because the influence of a common culture, the formation of a common awareness and behavior-oriented preserves and maintains the unity, cooperation, the harmony between employee relations, the objective to strengthen the unity, the overall development of the performance.3, the business culture is a kind of meaning. It is different from the surrounding environment of the enterprise as a system. Its internal mechanisms of the coordinated operation of the corporate culture can not be separated. On the one hand, a direct effect on corporate culture, employee code of conduct, professional ethics and clip point, nurture and develop the corporate culture, which improves the cohesion and solidarity, increasing employee’s satisfaction, sense of identity and belonging. On the other hand, the corporate culture of the major decisions of business, the company's long-term goals and strategies as well as the implementation of rules and regulations have not be underestimated.Second, the Building of Corporate Culture, the Need forChangeIn the 21st century, the enterprise culture of Chinese business faces multiple challenges: the arrival of knowledge economy, the corporate culture, the question ofhow to enhance the value of knowledge, knowledge workers how to deal with new issues; market-oriented reform, making the planned economy era the formation of corporate culture and old ways, old routines often fail; and the rise of network technology, but also for the birth of a new corporate culture provides a weapon. Sentence: mechanism changed, times have changed, technology has changed, so many companies are faced with reshaping corporate culture. Gerstner saved Big Blue, the first is to explicitly change the corporate culture of IBM's basic values, the creation of IBM's culture, which is "strive to win (Win)" "fast execution (Execute)" and "team spirit (Team) ". Gerstner said, " as IBM's leaders, of course you need to lead the planning and specific projects, but your responsibilities also include leading the staff, the establishment of work teams, and the creation of high-performance corporate culture." GE Jack Welch, former CEO also said: "Our vitality curve is able to function effectively, because we spent a decade in our enterprise to establish a performance culture."From our point of view of corporate culture development status, can only say that the end is still in a relatively level, the "corporate culture strategy" did not receive due attention, the cultivation of corporate culture, lack of guidance systems theory, corporate culture, most of the traditional culture in the enterprise the epitome of such enterprises often lack vitality, dead, suffering from a lack of excellent sense, may be severe centrifugal serious. Overall there are more defects in our corporate culturephenomenon with error, our corporate culture common errors are:1, the phenomenon of cultural obscurantism. Such phenomenon is common in those autocratic leaders or operational problems of the enterprise. Performance of the leaders of the extreme stress on certain cultural values, education and means to promote radical. It is because the causes of most of the leaders hope to achieve within the enterprise.2, no cultural phenomenon. Usually presents companies have a very strict system and the various rules and regulations. The system provides for employees to do and not do, but there is no clear cultural ideas and values advocate, neglect of education and training of employees. Such phenomena generate up to industrial manufacturingcompanies, most of the causes of quality is not high because the leaders themselves, or lack of understanding of corporate culture. Or want to cover up some kind of cult of the individual facts. Such enterprises are usually easy to produce leaders of the blind worship or silent on the situation.3, the ideal culture phenomenon. It is common in those with young people as the main force of the emerging entrepreneurial companies. Manifestations of these companies will make some unrealistic ambitions and cultural ideals, its advocacy of the concept will be a kind of beyond the enterprise to transform the world's sense of mission. "Great and empty," the slogan of the people beyond the reach; grand, lofty goals often lack a unified real objective basis. Most of the causes of such phenomena is that leaders have too lofty ideals and the lack of work basket for fruits of the spirit. Performance of the majority of such employees are passionate emotion, but may have overlooked the immediatesituation and today what to do evil.In addition, many corporate culture inhibits the human personality, in the enterprise is only concerned about people's "collective", denied the people's imagination and creativity, produced under the concept of small-scale production of "collectivism", it is difficult to form business cohesion.Now the competition is intense, and survival of the fittest as the new rules of the game, our company's corporate culture than the United States, Japan has lagged behind many, if not catch up now, defeat in the competition will be inevitable. Therefore, the new corporate culture and change the shape of a project is China's enterprises not wait for new topics.Third, the age of electronic commerce to shape and change our corporate culture, the idea of1, analysis of internal and external factors, refined culture and a culture of innovation speedIn the era of e-commerce business to choose what kind of a core value is to create the most important issue of corporate culture. Information economy is the "speed economy", the speed has become a tool to improve competitiveness. The emergence of the Internet makes the world changes faster and faster, can be described by leapsand bounds. Internet-based e-commerce can thus quickly understand market information, quickly and easily collect customer needs, extensive product information, complete the online transactions in real-time settlement, a large number of business activities can be instantaneous, the production efficiency has been greatly to improve. In short, information technology and network technology makes extensive use of e-commerce enterprises to enter the market, the threshold can begreatly reduced. Now the world is talking about innovation, because in today's economic environment, the only constant rule is everything is changing. In this regard, any organization or business if you do not always change and innovation, it is impossible to maintain their competitive advantage. "No innovation, on the death", innovation has become a corporate existence and development of important, and that only through its own innovation and certainty in order to deal with the uncertainty of rapid change. In the information context, the role of innovation has been an unprecedented strengthening, and sublimated into a social theme. In the age of electronic commerce, innovation has become the source of the vitality of enterprises, the traditional production scale, cost advantages and other factors will not decide the future, companies only through continuous innovation to survival and development. Conservative and conservative, is simply not in the fierce market competition based on the enterprise in the future in order to have a place in the global competition, we must break through the traditional idea of imprisonment and mindset, bold innovation, firmly grasp the ever-changing business opportunities.2, new ideas, to shape employee behavior.Shaping the behavior of employees is a corporate culture an important part. For those who play the leading role in e-commerce companies, the most is neither a shortage of raw materials, nor money; neither the technology nor the emerging markets, but lack of talent. The twinkling of an eye and talent for the future to plug the wings of imagination. ? McKinsey & Company, president of the United States Ed Michaels said: "is not difficult to raise funds, a smart business strategy can be imitated.Technology half-life has been shortened for many of today's companies, talent is the primary competitive advantage factor. " Today, managers realize that in today'seconomic globalization, e-commerce and network speed of the global market, ownership of talent from the established elite business decisions quickly is critical. E-commerce businesses depend on employees' ingenuity and initiative to make closer to consumers, the decision to market faster response.E-commerce, focusing on service, but electronic means. E-commerce can also be said of electronic services, the Internet to the service of humanity, the core service is not technology, but the corporate culture, quality of the staff; Internet economy is the service economy, rather than the technical and economic, the network platform for consumer transactions, environment is not a merchandise display; manufacturers not simply suppliers or vendors, but service providers, who have better service than anyone else, who earn more money.In the new e-commerce environment, the most successful companies in the past only to give new employees to enjoy the respect of customers: their equality through the creation of an elite management system to meet the employees engaged in meaningful work and the desire to create wealth. They generously reward employees for good performance, not just cash, but also allow them to have ownership of enterprises, 3, the leader personally, keep valuesIn decision-making behavior in e-commerce businesses, innovation is very important. First, the organizational structure to be from the original pyramid, top-down, hierarchical control structure of the network to the new organizational structure transformation. Second, the management focus from capitalmanagement to knowledge management. Knowledge management is the use of collective wisdom to improve responsiveness and innovation. Third, the new management ideas and methods are emerging. In the information age and network conditions, the new economy and created many new management ideas and management methods, such as flexible manufacturing, distributed manufacturing, agile manufacturing, business process reengineering, learning organizations, manufacturing resource planning and other new ideas and new methods .The founder of e-business and business operations will encounter variousunexpected difficulties and frustrations: such as financial risk, trading risk, and increasingly competitive market, if subjected to any eventuality, no toughness will completely collapse. Therefore, entrepreneurs should be afraid of failure, afraid of setbacks and indomitable courage, devotion to the cause should be, afraid of risk, risk-taking spirit.电子商务企业文化重建随着网络时代电子商务大规模发展,电子商务企业文化随之产生,它在一个企业产生一种新的价值观,使企业内部资源得到从新整合,在为企业降低交易成本,提高效率,缩短生产周期等诸多好处的同时,也对已有的企业文化发起了挑战。
中小企业内部控制-外文参考文献
Private Enterprises of the intenal control issuesPulin ChangEconomic Review。
2008,(5)Third,the promotion of private SMEs in the internal control system strategy(A) change management and business owners the concept of development。
The majority of private small and medium enterprises in the family business,the success of these enterprises depends largely on internal control or entrepreneur leadership attention and level of implementation. Over the years,by traditional Chinese culture, business owners believe in Sincerity,fraternal loyalty permeate many aspects of enterprise management,strengthen internal controls that will affect the organization the members of distrust, resulting in internal control. Many private business owners that rely on business to do business benefits out of, rather than out of the internal financial management control;that the market is the most important internal control will be bound himself and staff development。
外文2
ABSTRACT:Small and medium sized enterprises (SMEs) are playing an increasingly important role in the Chinese socialist market economy.摘要:中小型规模企业(中小企业)正发挥着越来越重要的作用,在中国社会主义市场经济。
Despite their importance to the Chinese economy, little is known about Chinese SMEs activities in internationalization markets.尽管它对于中国经济十分重要的,但中国中小企业在国际化市场活动却很少被知道。
Why and how do they internationalize? Do they behave in similar ways with SMEs from developed western economies?怎么样才能使得他们国际化?他们的行为方式与西方发达国家中小企业是否存在同样的方式?Or are they unique type of firm with different approach to internationalization?又或者是有独特类型的公司对于国际化有不同的做法吗?This thesis aims to study why and how Chinese SMEs go international and assess whether they conform to extant theories of internationalization.本文目的是研究中国中小企业为什么以及如何去国际评估它们是否符合国际化的现存理论。
It begins with an overview of the extant research in the discipline and is followed by a theoretical review of firm internationalization.它首先概述了现有的学科研究,其次是企业国际化理论述评。
介绍中国企业英文作文
文章标题:Showcasing the Vibrancy of Chinese EnterprisesIn the global economic landscape, Chinese enterprises have emerged as formidable players, displaying remarkable resilience and innovation. These companies, spanning diverse industries from technology to manufacturing, have not only transformed the domestic economy but also left an indelible mark on the international stage.One of the most notable aspects of Chinese enterprises is their remarkable growth rate. Fueled by the country's robust economic policies and a talent pool that is second to none, these companies have scaled new heights in terms of revenue, market share, and technological advancements. Many have gone from being local startups to global conglomerates, competing head-to-head with established international brands.The technology sector, particularly, has witnessed a surge in Chinese enterprises that are now household names worldwide. These companies, led by visionary leaders, have capitalized on the digital revolution and emerged asleaders in areas such as artificial intelligence, 5G technology, and e-commerce. Their products and services are now ubiquitous, shaping the way millions of people live and work.Moreover, Chinese enterprises have also demonstrated a keen sense of social responsibility. Many of these companies have invested heavily in sustainable development projects, aiming to reduce their carbon footprint and contribute to a more eco-friendly future. This commitmentto sustainability not only enhances their brand image but also aligns with the global trend of promoting green growth. In addition to technological advancements and sustainability efforts, Chinese enterprises have also excelled in terms of global expansion. Many have set up operations in various countries, leveraging their expertise and resources to create win-win situations for both thehost country and themselves. This global footprint has not only diversified their revenue streams but also allowedthem to tap into new markets and consumer bases.However, the success of Chinese enterprises is not without challenges. They face stiff competition frominternational players, regulatory hurdles, and ever-changing market dynamics. Nevertheless, their adaptability and resilience have enabled them to overcome these obstacles and continue to thrive.In conclusion, Chinese enterprises have emerged as powerful players in the global economy, driving growth, innovation, and sustainability. Their remarkable achievements are a testament to the country's economic prowess and the resilience of its enterprises. As they continue to expand their operations and explore new opportunities, they are poised to make even greater contributions to the global economy in the future.**文章标题**:展现中国企业活力在全球经济格局中,中国企业已经崭露头角,成为不容小觑的力量。
企业市场营销外文文献——中文译文
Science and technology enterprises Marketing StrategyABSTRACTWith the coming of knowledge-based economy,higll&new-tech enterprises play an increasingly strategic role in national economy,and also make great contribute to providing advanced products and services,promoting technical progress,enlarging employment and developing the national economic competitive power.But while they make a SUCCESS upon advanced technology and hi-tech products,they usually put too much emphasis oll technology advantages,accordingly neglect the research and applications of marketing strategy and management,and then caused the Marketing Myopia resulting in passiveness evefl defeat to the management.So how to exercise modem marketing theories,research and constitute marketing strategy and policy of lIigh&new-tech enterprises,and provide necessary theory base and suppoaing to the marketing problems of hiigh&new—tech enterprises,has some reality significance and generalize application value to promote continuance,healthy and rapidly development ofhigh&new-tech enterprises.KEYWORDS:high&new—tech enterprise,marketing strategy,technical marketing,innovation ofmarketing theoriesFirst, the science and technology enterprise marketing strategyMarketing strategy is the enterprise under the guidance of the marketing concept , the application of modern management methods , for a period of time ,the development of the overall business marketing ideas and planning. Marketing strategy consists of three different levels of content : target market, market positioning and marketing mix 。
中小型企业的全球化和国际化(5篇可选)
中小型企业的全球化和国际化(5篇可选)第一篇:中小型企业的全球化和国际化摘要:本文在仔细研究小型企业在全球市场中作用后,试着对公司进行透彻的分析。
研究了各种与中小型企业过关的国际化理论和实践方法。
这些能够帮助理解中小型企业国际化这一概念,同时能够对中小型企业在全球市场越来越大的作用和在在国际市场上的贡献引起关注。
该文阐述了中小企业国际化的发展历程,即从国内市场走向到国际市场。
一、介绍全球化使贸易和发展的障碍逐渐消失,全球化的增加进而导致贸易和投资显著增加。
强大有力的国际化生产和销售在世界各地发展日益蓬勃,企业已经意识到全球竞争不再是可选择的,而是发展经济的必要。
这种趋势似乎为发展中国家创造了非凡的竞争环境,但是他们似乎没有准备好面对当前出现的全球化的挑战和机遇。
全球化大大影响了企业创业,由于国际环境在财务、人力资源、科技、政治、经济和社会条件的变化,因此,在全球基础上应以更快的步伐的为企业创业创造机会来扩大其国际业务。
来自国家经济基础底层的企业家和中小企业日益重视企业家进军国际舞台使全球竞争力强盛不衰,渐而提升全国整体经济水平。
随着合资企业进军国际舞台,中小型企业的建设在全国乃至全球的经济发挥着重要作用。
公司的国际化以及全球化进程的发展,在过去数十年间已成为一个关键词,在不久将来它将继续是公司管理和政策执行的一个重要问题。
二、中小型企业的全球化和国际化中小型企业准备参与国际市场可以解释为对确定外国目标市场和选择进入方式的信息功能。
中小型企业在促进国家经济发展中发挥着关键作用。
潜在贸易赤字的趋势会导致失业问题的加剧和工资的下降。
经济全球化的加速给世界经济带来了重大变化:贸易和投资显著增加;信息与交通科技化地快速变化;外汇管制宽松,逐渐开展外国投资和参与金融市场的趋势;许多公司迎来更多机遇。
同时,在工业化世界,中小型企业将面对更多新的竞争对手。
进出口出口历来被视为进入国际市场的第一步。
尤其适用于中小企业国际化,因为中小企业频繁缺乏资源,如财务或其他类似的。
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外文文献翻译(2013届)译文一:中小企业,技术与全球化1译文二:中小企业,技术与全球化2学生姓名学号院系Small and Medium-Sized Enterprises, Technology, and Globalization:Introduction to a Special Issueon Small and Medium-SizedZoltan J. AcsEnterprises in the Global EconomyLee PrestonAbstract. This paper is an introduction to the special issue on Small and Medium-Sized Enterprises in the Global Economy. The paper gives a broad outline of globalization, the role of technology, and examines the role that small and medium-sized enterprises play in the global economy. We focus on foreign direct investment of small technology based firms and how their innovations diffuse into the global economyThere is little question that economic activity of all types is moving in the direction of globalization. As we approach the 21st century, a worldwide system of production and distribution is evolving, in much the same way as national markets evolved from local and regional networksduring the 19th century (Chandler, 1990). In nearly every economically active country of the world, the importance of international trade and foreign direct investment (FDI) have risen significantly over the last decade. The growth of FDI has been particularly dramatic, increasing more rapidly than either world production or world trade. As a result, both inbound and outbound FDI stocks have increased relative to total investment and gross domestic product in nearly every country (Dunning, 1995).Globalization refers to the web of linkages and interconnections between states, societies, and organizations that make up the present world economic system. Globalization creates new structures and new relationships, with the result that business decisions and actions in one part of the world have significant consequences in other places. Underlying and reinforcing these globalization trends is the rapidly changing technological environment, particularly in biotechnology, information processing, and telecommunications. Changes in telecommunications and data processing capabilities make it possible to coordinate research, marketing and production operation around the world. Almost instantaneous communications makes it possible to trade financial instruments twenty-four hours a day: and thus more return-sensitive are location of resources within firms, industries and countries.The growth of global markets stimulates competition and forces governments to adopt market-oriented policies, both domestically and internationally. Modern technologies have greatlyreduced the cost of information and the capabilities to participate in the global economy (Dunning,1993). Countries must join the club. Policies that aim to exclude global participation via trade and investment barriers can be easily circumvented, and they keep no hostages but deprive the countries of global prosperity.Along with the globalization trend, contemporary technical advances are demanding a much closer synthesis and more integrative learning between innovative and production activities.The pressures of global competition force producers to continually innovate, and to upgrade the quality of existing products. Yet, at the same time, many firms can no longer acquire or afford all the technological and human resources that they need. Increasingly, they form interdependent and flexible relationships with other firms –including suppliers and competing firms –to fully capitalize on their core competencies (GomesCasseres,1996). Interdependence calls for a capacity on the part of firms, individuals, and governments to interact with speed, flexibility and creativity to the actions of other agents (de la Mothe and Paquet,1996) In this new environment knowledge and intellectual labor are being mobilized on a more collaborative basis. Firms must develop human resource strategies based on synthesis with educational institutions. They must locate design and production facilities in metropolitan areas that allow partnerships with suppliers and educational institutions, and in places served by governments committed to business-friendly policies. The main form of economic organization in intermediary product markets is increasingly a network of inter firm cooperative arrangements, rather than the large hierarchical firm (Reich, 1992).Advancement in technologies and management skills have blurred firm boundaries. Before 1980 most FDI was of the “stand alone” variety. Each Multinational Enterprise (MNE) would exploit its own home-based competitive advantages and coordinate related intra-firm activities across national boundaries through internal mechanisms. More recently, however, MNEs are expanding their territorial and functional horizons by acquiring, or gaining access to, new resources and capabilities. The critical feature of strategic asset-seeking FDI, as opposed to market-seeking FDI, is that participating firms recognize that their stand-alone resources and capabilities are insufficient to sustain their international competitiveness, and that they need to draw upon resources and capabilities of others to achieve this goal. While there are may reasons why firms form alliances with other firms, the great majority of those concluded over the past decade have been to gain access to new product or process, technologies and organizational competencies, especially those perceived necessary to advance their core competenciesGlobalization challenges management and students of business economics. According to conventional wisdom, most transnational business activities, particularly those involving FDI or cross-border alliances, are traditionally carried out by large firms. In addition, some people have believed that technological change requires increasingly large scale total operations, along with increasing size of research and development resources. These views would lead one to expect that small enterprises would decline in importance as they become overwhelmed by global firms exploiting economies of scale.As the readers of this Journal well know, there is considerable evidence that these commonly held views are no longer correct. Depending upon the measure of business size examined, the long-term trend toward increasing firm size either decelerated, ceased, or reversed itself sometime between the late 1960s and the late 1970s (Acs, 1996). This leads to an interesting question: “Is the apparent resurgence of smaller firms due to the emergence of a dynamic, vital innovative entrepreneurial sector, or is it due to the inability of large incumbent MNEs to prevail in a technologically dynamic global environment?”Harrison (1994) has argued that the role ofSMEs has been overestimated, and that MNEs have been able to prosper in the new global environment by combining four basic building blocks: returning to their core competencies; using new information technologies; forming strategic alliances; and eliciting more activecollaboration from their workers. However, this view overlooks the synergy between large and small firms, the strong attachment of small firms to their local economies, the role of small firms in technological change, and the role they play in the growth and evolution of industries (Acs, 1995). In fact,there is ample evidence that small and medium sized enterprise (SMEs) have not only flourished in domestic economies, but that their international presence has grown as well (UNCTAD, 1993; Masataka, 1995a and 1995b; Admiraal, 1996; and Buckley et al., in press). However, very little isknown about the processes by which SMEs participate in the global economy. 10 For this reason, the Center for International Business Education and Research (CIBER) at the University of Maryland organized a conference of experts on “Small and Medium Sized Enterprises and the Global Economy”, held on October 20, 1995. The conference was organized by Zoltan J. Acs,then Associate Director of CIBER. The primary focus of the conference was on the role that technology and network organizations play in the global activities of SMEs. Participants in thisconference examined the role of SMEs in the identification of technological opportunity, technological diversity and geographical localization, technology transfer, R&D spillovers, strategic alliances, and the international diffusion of innovations. The papers appearing in this special issue of Small Business Economics are revised versions of those presented on that occasion.An overview of SME participation in the global economy reveals at least three lines of activity: trade, technology, and investment. The most commonly discussed topic in SMEs international literature is their role as exporters from their domestic jurisdictions to foreign customers. The opportunities and challenges facing SMEs in this role are well known. The conference papers do not address these topics in any detail. Instead, they see that export activity as linked to the other activities that are given greater emphasis here. The second most prominent issue in the literature is SMEs and technology, and particularly SME supplier connections with larger MNEs in local markets. In their simplest form, these connections involve “intra-national exports,” that is, domestic sales to foreign firms, who happen to be operating within the home country of the supplier. The importance of these connections is stressed by Porter (1993), in his discussion of the role of “related and supporting industries”, and Dunning (1993) under the heading of “linkages and spillover effects” of MNEs. These connections came up for explicit attention at the conference primarily in connection with technological opportunity, technologic diversity, technology transfer, and R&D spillovers. The emphasis was mostly ontransfer of technology from MNEs to their SME suppliers and costumers, although it was also acknowledged the MNEs might also acquire the appropriate technology from local SMEs, and possibly eventually acquire the SME firms them- selves as well.The final issue is the SME role in investment, the connection between SMEs and FDI. SMEs may evolve as multinationals either through their own investments or as a result of the formation of alliances. The questions of why SMEs go abroad, how they do it, and what are the consequences of this activity are examined carefully in the papers in this volume. We start by examining the technological basis of SMEs. Though in aggregate SMEs spend less on R&D than large firms, they produce almost twice as many innovations on a per employee basis (Acs and Audretsch, 1990). In 1993 U.S., SMEs receive 3.8 percent of federal R&D dollars and performed 14.5 percent of company funded industrial R&D (U.S. National Science Foundation, 1996). In1991 SMEs received 40 percent of all domestic utility patents granted in the UnitedStates (U.S Patent and Trademark Office, 1996). Recently Cohen and Klepper (1996) have suggested that while small firms may be superior in the generation of new knowledge, larger firms are superior in their ability to appropriate returns from these innovations, either by buying property rights, acquiring the firms or benefiting through spillovers. This raised two important questions: (1) Why are SMEs superior innovators in the first place? and (2) How do we explain the superior innovative performance of SMEs if they spend less on R&D than large firms? Why SMEs are superior innovators is examined in the first paper by Acs, Morck, Shaver and Yeung. The critical role of property rights in capitalist economies is becoming increasingly evident. Societies must protect innovators’ property rights to the gains from their innovations. An additional angle in the paper is that it also emphasizes an innovator’s property rights within an organization. An innovator in a large companyonly has very limited property rights protection. The new product, process, etc. generally belongs to the firm, not the employee who invented it. This reduces creative employees’incentives to innovate for the company. The lack of clear property rights in large corporations creates perverse incentives for both employees and managers. Both can benefit from “free riding” on other people’s innovative efforts and results.翻译:文摘。