外文翻譯—從財務(wù)管理視角看馬來西亞中小企業(yè)的優(yōu)勢和劣勢

1、<p>　　字?jǐn)?shù)：英文1918單詞，10677字符；中文3291漢字</p><p>　　出處：Norasikin Salikin,Norailis Ab Wahab,Izlawanie Muhammad.Strengths and Weaknesses among Malaysian SMEs: Financial Management Perspectives[J]Procedia - Social

2、 and Behavioral Sciences.2014, 129:334-340</p><p><b>　　外文文獻：　</b></p><p>　　Strengths and Weaknesses among Malaysian SMEs: Financial Management Perspectives</p><p>　　Abst

3、ract In Malaysia, 97.3% of business establishments are comprised of small and medium enterprises (SMEs) which account for about 52.7% of total employment that is generated in the country. Malaysian government through th

4、e Ministry of International Trade and Industry (MITI) and its agencies works hard on assisting SMEs through various activities to promote exposures on prudent financial management. This paper aims to identify the financi

5、al strengths and weaknesses face by SMEs in helping thos</p><p>　　Keywords: Small Medium Enterprises; SMEs; Financial Management</p><p>　　1.Introduction</p><p>　　Small and medium en

6、terprises (SMEs) play important roles in Malaysian economy. Report of Malaysia Economic Census 2011 showed that there were 645,136 SMEs operating in Malaysia, representing 97.3 per cent of total business establishments.

7、Furthermore, SMEs employed about 3.7 million out of a total of 7.0 million workers amounting 52.7 per cent of total employment in the country. With a total share of gross output reached 28.5 per cent in year 2011 as comp

8、ared to only 22.2 per cent in year 2000 i</p><p>　　A considerable amount of literature has been published on the management issues of SMEs. On the other hand only few studies were focusing on the financial m

9、anagement, especially in developing countries although it has been known that, financial management plays crucial function in business management. Report on case study conducted by Bank Negara Malaysia (2003) on SMEs, su

10、ggested that one of the key elements SMEs should adopt to survive for a long term, in a global environment is prudent financ</p><p>　　The aim of this paper is to identify the strengths and weaknesses face by

11、 Malaysian SMEs in term of financial management.</p><p>　　2.SMEs Definition in Malaysia</p><p>　　There is no solid meaning of SMEs as different countries are using different definition due to se

12、veral demographic factors and characteristics including size, location, structure, age, number of employees, sales volume, ownership through innovation and technology (Zeinalnezhad et. al, 2011). Based on employees numbe

13、r and total turnover, Malaysia adopts slightly similar definition as being use by United Kingdom, United States of America, Japan, China and Korea (Norailis, 2013).</p><p>　　Previously Malaysian SMEs were de

14、fined as firms with sales turnover not exceeding RM25 million or employment not exceeding 150 workers for manufacturing and sales turnover not exceeding RM5 million or employment not exceeding 50 workers for services and

15、 other sectors. As the economy has change and the business trends are moving abroad. On 11th July 2013, Malaysian Prime Minister Datuk Seri Najib Tun Razak announced the new criteria of SMEs which will be effective on 1s

16、t January 2014. Table 1 sho</p><p>　　The new definition is more comprehensive, covering all sectors of the economy including construction, as well as mining and quarrying sectors. It is expected to result in

17、 more firms being classified as SMEs to 98.5 per cent (currently: 97.3 per cent), particularly from the services sector to facilitate the country’s transformation to a high income nation through the initiatives under the

18、 SME Masterplan. In year 2013, a total of 155 programmes have been planned for the implementation with a finan</p><p>　　With all the facilities provided by the government, SMEs should grab these opportunitie

19、s to expand the businesses. However, the managers need to be equipped with latest knowledge and management skills to successfully manage their businesses in current business environment and stiff competition (Mohd. Amy A

20、zhar, Harizal, & Hoe, 2010). In view of the fact that many entrepreneurs in Malaysia manage their business themselves without formal education background it lead to various management problems </p><p>　　

21、3.Financial Management of SMEs</p><p>　　Financial management is concerning with the creation and maintenance of economic value or wealth (Titman et.al, 2011). It involves decisions to accumulate and preserve

22、 wealth of the business. Generally it covers the decision making process in several areas such as determining the source of finance and dividend policy, investment decisions and working capital management. There is no bi

23、g different between managing financial functions of big businesses or small businesses except that SMEs only deal</p><p>　　Comparative review on previous studies by Mohd Amy Azhar et al. (2010) suggested tha

24、t financial management consist of six components; financial planning and control, financial accounting, financial analysis, management accounting, capital budgeting and working capital management. The study also highligh

25、ted that the adoption of financial management tools among Malaysian SMEs were very low. Seeing that most SMEs practicing proper financial planning and control, financial accounting and working cap</p><p>　　A

26、 small scale study by Agyei-Mensah (2011) concluded that the influence of fund providers and external accountants are the most dominant factors stimulate SMEs to adopt reasonable financial management. On the other hand,

27、due to lack of internal accounting staff and high cost to hire qualified accountant, SMEs face difficulties to understand accounting record and practice sound financial management.</p><p>　　4.Methodology<

28、/p><p>　　Semi-structured interviews were conducted among thirty five SMEs that were willing to participate in this study. The process of data collection took almost two months, due to the process of getting res

29、ponses from the SMEs that were willing to participate in the study. The interview sessions were divided into two main sections. Section A was on demographic profile of the interviewees made up of various types of industr

30、ies. This part asked for background information, which includes type of ownersh</p><p>　　5.Results and Discussions</p><p>　　There were thirty five SMEs that participated in the study and their p

31、rofile as presented can be categorized as sole proprietorship, partnership and company which consisted several type of businesses as viewed in Table 2.</p><p>　　As for age of SMEs, more than half of the part

32、icipated SMEs were between 0 to 3 years (19.5%) and followed by 4 to 6 years (24.1%), 7 to 9 years (13.8%) and finally more than forty percent of the SMEs aged 10 years and above. A total of 74% were bootstrapped from th

33、eir own savings or borrowing from friends and relatives for initial capital. From the total, 25.88% dared to bootstrapped for the amount less than RM5,000; RM20,001 and above (43.5%). However, merely seven per cent had t

34、heir initial c</p><p>　　It is important to know the educational background of the business owners because it showed the extent of their willingness in accepting new knowledge through training, seminars and w

35、orkshops. These events were managed mostly by agencies under Ministry of International Trade and Industry (MITI) such as Pocket Talks by SME Corp., Domestic Investment activities by Malaysian Investment Development Autho

36、rity (MIDA) and Innovative and Creative Circle (ICC) Convention by Malaysia Productivity Corporat</p><p>　　5.1.Financial Strengths of SMEs</p><p>　　The overall response on the financial strength

37、s of the business can be classified into several main aspects. The detail of the classification is summarise in Table 3. Of the thirty five respondents, only 28 per cent of the participants pinpointed their financial str

38、engths. Perhaps the other 72 per cent of the participants did not have any financial strengths or unable to identify their financial strengths due to lack of knowledge or education background.</p><p>　　The r

39、esult showed 26 per cent of the responses indicated that running the business using their own capital as their main financial strength. However SMEs need to bear in mind that in order to expand their business in the futu

40、re, more capital is needed. Therefore it is advisable for them to use financing facilities provided by the financial institutions or government entities in helping them to have stronger financial capabilities to run the

41、business in more competitive world. Another 17 per cent</p><p>　　5.2.Financial Weaknesses of SMEs</p><p>　　In response to the financial weakness, more participants (33%) were able to identify th

42、eir weakness, compared to their financial strengths (28%). 40 per cent of the responses stressed that the main aspect of financial weaknesses in running their businesses is capital insufficiency and followed by incomplet

43、e accounting record (16%). Deterioration in financial performance is listed as the third aspects, with the response rate of 13 per cent and the difficulties in obtaining loan from financial ins</p><p>　　6.Co

44、nclusion</p><p>　　This study outlines the financial strengths and weaknesses of Malaysian SMEs. One of the most significant findings to emerge from this study is that, capital is the most critical financial

45、component among SMEs. Running a business without any external capital (financing) shows the business is in a good financial condition. External financing may increase the risk of bankruptcy due to inability to settle the

46、 debt within agreed period. However, as the business keep growing, it is advisable for the </p><p><b>　　中文譯文：</b></p><p>　　從財務(wù)管理視角看馬來西亞中小企業(yè)的優(yōu)勢和劣勢</p><p>　　摘要 在馬來西亞，97.3

47、％的商業(yè)機構(gòu)由中小型企業(yè)（SMEs）組成，占全國總就業(yè)人數(shù)的52.7%左右。馬來西亞政府通過國際貿(mào)易和工業(yè)部（MITI）及其機構(gòu)努力通過各種活動幫助中小企業(yè)，以促進審慎的財務(wù)管理風(fēng)險。本文旨在確定中小企業(yè)在幫助這些實體計劃適當(dāng)?shù)呢攧?wù)管理計劃方面面臨的財務(wù)優(yōu)勢和劣勢。在愿意自愿參與的三十五家中小企業(yè)中進行半結(jié)構(gòu)化訪談。這項研究發(fā)現(xiàn)，資本是中小企業(yè)優(yōu)勢和劣勢的關(guān)鍵因素。經(jīng)營無需任何外部資本（貸款）的業(yè)務(wù)，可以降低企業(yè)的財務(wù)風(fēng)險。如果沒有資金

48、提供者的限制，管理者在沒有任何限制的條件下做出商業(yè)決策將更容易。這項研究還發(fā)現(xiàn)，資本不足是中小企業(yè)的關(guān)鍵問題，這可能是由于難以獲得外部資金。雖然結(jié)果應(yīng)謹(jǐn)慎，但財務(wù)管理至關(guān)重要，以面對新的業(yè)務(wù)挑戰(zhàn)以及未來業(yè)務(wù)的生存。</p><p>　　關(guān)鍵詞：中小企業(yè)；SMEs；財務(wù)管理</p><p><b>　　1.引言</b></p><p>　　中小企

49、業(yè) (SMEs)在馬來西亞的經(jīng)濟中扮演著重要的角色。2011年馬來西亞經(jīng)濟普查報告顯示，在馬來西亞，大約有645136家中小企業(yè)，占馬來西亞總企業(yè)數(shù)的97.3%。此外，中小企業(yè)解決了馬來西亞大概總數(shù)700萬工人中的將近370萬的就業(yè)人口，大約占就業(yè)人口的52.7%。中小企業(yè)的總產(chǎn)出也由2000年的22.2%提高到28.5%，這表明中小企業(yè)正在變得越來越重要。</p><p>　　大量的研究文獻也在關(guān)注中小企業(yè)的管

50、理問題。另一方面，只有少數(shù)的研究側(cè)重于財務(wù)管理方面的研究，尤其在發(fā)展中國家。眾所周知，財務(wù)管理在企業(yè)管理中扮演著越來越重要的作用。由馬來西亞國家銀行對中小企業(yè)進行的案例研究報告(2003)顯示 ：在全球環(huán)境中，中小企業(yè)為了保證基業(yè)長青，關(guān)鍵因素之一是采取審慎的財務(wù)管理。它將確保所有可用的業(yè)務(wù)資源被高效和有效地使用，以提供最佳回報（馬來西亞中小企業(yè)股份有限公司，2011）。</p><p>　　本文的目的是探討馬來

51、西亞中小企業(yè)在財務(wù)管理方面的的優(yōu)勢和劣勢。</p><p>　　2.馬來西亞關(guān)于中小企業(yè)的定義</p><p>　　由于一些人口因素和特征，包括規(guī)模、地點、結(jié)構(gòu)、年齡、員工人數(shù)、銷售量，以及通過創(chuàng)新和技術(shù)的所有權(quán)，中小企業(yè)沒有固定的意義，不同國家有不同的定義（zeinalnezhad等人，2011）?；趩T工人數(shù)和總營業(yè)額，馬來西亞采用了類似于英國、美國、日本、中國和韓國對于中小企業(yè)的定義

52、(Norailis, 2013)。</p><p>　　此前，馬來西亞中小企業(yè)被定義為銷售額不超過2億5千萬令吉和就業(yè)人數(shù)不超過150人，或生產(chǎn)和銷售不超過百萬令吉和就業(yè)人數(shù)不超過50人的從事服務(wù)業(yè)或其他領(lǐng)域的企業(yè)。隨著經(jīng)濟的發(fā)展和業(yè)務(wù)不斷的向海外擴展，2013年的7月11號，馬來西亞總理納吉布宣布實行新的中小企業(yè)標(biāo)準(zhǔn)。表1顯示了中小企業(yè)的新分類。</p><p>　　新定義更全面，涵蓋了

53、經(jīng)濟的所有部門，包括建筑業(yè)，以及采礦和采石業(yè)。預(yù)計將導(dǎo)致更多的企業(yè)被歸類為中小企業(yè)，達到98.5％（目前：97.3％），特別是來自服務(wù)部門，通過中小企業(yè)總體規(guī)劃的倡議，促進該國轉(zhuǎn)型為高收入國家。在2013年，共有155個項目被規(guī)劃到一個18.4億的財政承諾額的實施中，預(yù)計將惠及467,838個中小企業(yè)。</p><p>　　通過政府提供的所有設(shè)施，中小企業(yè)應(yīng)抓住這些機會擴大業(yè)務(wù)。然而，管理者需要具備最新的知識和管

54、理技能，以便在當(dāng)前的商業(yè)環(huán)境和激烈的競爭中成功地管理他們的業(yè)務(wù)（Mohd.Amy Azhar，Harizal和Hoe，2010）。鑒于馬來西亞的許多企業(yè)家在沒有正規(guī)教育背景的情況下管理自己的企業(yè)，導(dǎo)致出現(xiàn)各種管理問題（Mohd Amy Azhar等人。，2010）。中小企業(yè)面臨的最常見的問題之一是財務(wù)管理問題（Hashim和Wafa，2002）。</p><p>　　3.中小企業(yè)財務(wù)管理</p>&

55、lt;p>　　財務(wù)管理是關(guān)于經(jīng)濟價值或財富的創(chuàng)造和管理（蒂特曼等人，2011）。它涉及到?jīng)Q策的積累和財富管理的業(yè)務(wù)。它通常包括決策過程中的幾個方面，如確定資金來源和股利政策，投資決策和營運資本管理。鑒于中小企業(yè)不支付股息，除了解決資本預(yù)算和營運資本決策之外，管理大企業(yè)和小企業(yè)之間的財務(wù)功能沒有很大的區(qū)別(Agyei- Mensah, 2011)。</p><p>　　末艾米愛資哈爾等人（2010）在前人研究

56、的基礎(chǔ)上，比較研究提出，財務(wù)管理由六部分組成：財務(wù)規(guī)劃和控制、財務(wù)會計、管理會計、財務(wù)分析、資金預(yù)算和資金管理工作。該研究還強調(diào)，馬來西亞中小企業(yè)采用的財務(wù)管理工具非常少。鑒于大多數(shù)中小企業(yè)實施適當(dāng)?shù)呢攧?wù)規(guī)劃和控制、財務(wù)會計和資金管理工作，這些組成部分被標(biāo)記為財務(wù)管理的核心組成部分。然而，被忽略的其他三個組成部分被稱為財務(wù)管理的補充組成部分。然而，其他三個組件，大都被忽視了。</p><p>　　Agyei-Me

57、nsah（2011）的一項小規(guī)模研究得出結(jié)論，資金提供者和外部會計的影響是最主要的因素，促進中小企業(yè)采取合理的財務(wù)管理。另一方面，由于缺乏內(nèi)部會計人員和雇用合格會計人員的高成本，在理解會計記錄和財務(wù)管理實踐中，中小企業(yè)面臨不少的困境。</p><p><b>　　4.方法</b></p><p>　　在本次研究中，對于愿意參加本次調(diào)查的35家中小企業(yè)進行了半結(jié)構(gòu)化訪談

58、。由于獲取了愿意參與研究的中小企業(yè)的反饋過程，數(shù)據(jù)收集過程花了將近兩個月?？疾煨问街饕譃閮蓚€部分，第一個部分是由不同類型的行業(yè)的受訪者的人口統(tǒng)計資料，這部分要求提供背景信息，包括所有權(quán)類型、業(yè)務(wù)年限、初始資本、資本來源、管理業(yè)務(wù)所花費的時間、雇員人數(shù)和業(yè)主的教育背景。中小企業(yè)跨越了企業(yè)規(guī)模的范圍，地理位置在馬來西亞境內(nèi)。與此同時，第二部分側(cè)重于財務(wù)管理活動和相關(guān)問題上的實鑒。起初，為了了解受訪者的行為，首先使用適當(dāng)?shù)谋砀駚砻枋鰯?shù)據(jù)。然

59、后，根據(jù)參與的中小企業(yè)的優(yōu)勢和劣勢的回應(yīng)分類和量化結(jié)果作進一步的分析。</p><p><b>　　5.結(jié)果與討論</b></p><p>　　參與研究的中小企業(yè)有35家，他們的資料簡介可以分為獨資，合伙和公司，包括幾種類型的企業(yè)，如表2所示。</p><p>　　就中小企業(yè)的商業(yè)年齡來說，參與研究的中小企業(yè)有一半以上是在0至3年（19.5％）

60、，其次是4至6年（24.1％），7至9年（13.8％），最后超過40%的中小企業(yè)能達到10年以上?？偣?4％是從自己的儲蓄或從朋友和親戚借來的初始資本。從總數(shù)來看，25.88％的中小企業(yè)敢自負(fù)盈虧少5000令吉；20001令吉及以上（43.5％）。然而，只有7％的初始資本來自商業(yè)銀行和政府補助金，金額超過5萬令吉。令人驚訝的是，近一半（49.5％）的業(yè)主每天花費9到12小時的時間來管理他們的業(yè)務(wù)。</p><p>

61、;　　與此同時，了解企業(yè)主的教育背景也很重要，因為它表明他們愿意通過培訓(xùn)、研討會和講習(xí)班接受新知識的程度。這些活動主要由國際貿(mào)易和工業(yè)部（MITI）下屬的機構(gòu)管理，例如由中小企業(yè)機構(gòu)促成會談，由馬來西亞投資發(fā)展局牽頭國內(nèi)投資活動(MIDA)、由馬來西亞生產(chǎn)力公司會議（MPC）組成創(chuàng)新和創(chuàng)意圈（ICC）。政府鼓勵中小企業(yè)利用從這些活動中獲得的知識和技能，使得他們采取審慎的財務(wù)管理。</p><p>　　5.1.中小

62、企業(yè)的財務(wù)優(yōu)勢</p><p>　　對企業(yè)財務(wù)優(yōu)勢的整體反應(yīng)可以分為幾個主要方面。分類的細節(jié)總結(jié)在表3中。在35個受訪者中，只有28％的參與者指出了他們的財務(wù)優(yōu)勢。也許其他72％的參與者由于缺乏知識或教育背景，沒有任何財務(wù)優(yōu)勢或無法確定其財務(wù)優(yōu)勢。</p><p>　　結(jié)果顯示，26％的答復(fù)表明，以自己的資本作為主要的財務(wù)實力開展業(yè)務(wù)。然而，中小企業(yè)需要牢記，為了在未來擴大業(yè)務(wù)，需要更多的

63、資本。因此，建議他們使用金融機構(gòu)或政府實體提供的融資設(shè)施，以幫助他們擁有更強的財務(wù)能力，在競爭激烈的世界中經(jīng)營業(yè)務(wù)。另外17％的答復(fù)表明，金融穩(wěn)定是其企業(yè)的財務(wù)優(yōu)勢，其次是政府實體的支持（11％），以現(xiàn)金為基礎(chǔ)的業(yè)務(wù)（11％）和如表所示的其他方面。</p><p>　　5.2.中小企業(yè)的財務(wù)劣勢</p><p>　　為了應(yīng)對財務(wù)劣勢，與其財務(wù)優(yōu)勢（28％）相比，更多的參與者（33％）能夠識

64、別自己的劣勢。 40％的答復(fù)強調(diào)，經(jīng)營業(yè)務(wù)的財務(wù)劣勢的主要方面是資本不足，其次是不完整的會計記錄（16％）。財務(wù)業(yè)績惡化被列為第三方面，答復(fù)率為13％，而從金融機構(gòu)和政府機構(gòu)獲得貸款的困難位列其下，答復(fù)率為11％。對此可能的解釋是，由于財務(wù)業(yè)績的問題加上不完整的財務(wù)記錄，中小型企業(yè)可能很難從任何實體獲得貸款，導(dǎo)致他們面臨資本不足的問題，難以有效地經(jīng)營業(yè)務(wù)。在研究中發(fā)現(xiàn)的其他反應(yīng)，表4詳細描述的是高運營成本和征收問題。</p>

65、<p><b>　　6.結(jié)論</b></p><p>　　本研究概述了馬來西亞中小企業(yè)的財務(wù)優(yōu)勢和劣勢。從這項研究中得出的最重要的發(fā)現(xiàn)之一是，資本是中小企業(yè)中最關(guān)鍵的財務(wù)部分。經(jīng)營沒有任何外部資本（融資）的業(yè)務(wù)表明該業(yè)務(wù)處于良好的財務(wù)狀況。外部融資可能會增加由于無法在約定期限內(nèi)償還債務(wù)而導(dǎo)致的破產(chǎn)風(fēng)險。然而，隨著企業(yè)的不斷發(fā)展，中小企業(yè)可以注入更多的資本來應(yīng)對這種擴張。雇用適當(dāng)