[雙語翻譯]外文翻譯--捷克共和國中小企業(yè)財務(wù)風(fēng)險管理的影響因素研究（英文）

1、 Zuzana Virglerová, Ludmila Kozubíková, Sergej Vojtovi? / Montenegrin Journal of Economics, Vol. 12, No. 1 (2016), 21-33 21 ‘ ‘ Influence of selected factors on financial risk management in SMEs in th

2、e Czech Republic Influence of selected factors on financial risk management in SMEs in the Czech Republic Zuzana Virglerová 1, Ludmila Kozubíková 2, and Sergej Vojtovi? 3 1 Ing., Tomas Bata University in

3、 Zlín, Faculty of Management and Economics, Department of Enterprise Economics e-mail: virglerova@fame.utb.cz 2 Ing., Tomas Bata University in Zlín, Faculty of Management and Economics, Department of Enterprise

4、 Economics e-mail: kozubikova@fame.utb.cz 3 Assoc. Professor, Alexander Dubcek University of Trencin, Faculty of Social and Economic Relations, Department of Management and Human Resources Development, e-mail: sergej.

5、vojtovic@tnuni.sk ARTICLE INFO ABSTRACT Received October 11, 2015 Received in revised form Feb. 08, 2016 Accepted February 21, 2016 Available online Feb. 25, 2016 JEL classification JEL classification: G32, L26, M12

6、DOI: DOI: 10.14254/1800-5845.2016/12-1/1 Keywords Keywords: Financial risks, small and medium-sized enterprises, financial crisis The aim of this article is to analyze risk management and the influ- ence of select

7、ed factors on approaches to financial risk manage- ment in the small and medium-sized enterprises in Czech Republic. For this analysis there were used the results of the research con- ducted at Tomas Bata University in

8、Zlin in 2015. As part of the re- search there were addressed entrepreneurs of SMEs in individual regions of the Czech Republic by a form of a questionnaire survey. Research covered a survey of the business environment

9、in the Czech Republic, where for this article there were used questions regarding the perception of financial risks’ influence, their impor- tance, the ability to manage financial risks and the use of instru- ments for

10、 their elimination. As part of the survey a total of 1,141 respondents from all regions of the Czech Republic have answered our questions. It was found out that more than 75% of the surveyed entrepreneurs perceive the

11、 effect of financial risks in the business environment, but only 28.5% of businessmen believe that entrepre- neurs have the ability to manage these risks. With the use of crea- tion of reserves as a tool to eliminate th

12、e negative impact of finan- cial risks has agreed only 45% of the interviewed entrepreneurs. It was also found that opinions on the ability to manage financial risks and the increasing importance of financial risk in t

13、imes of crisis vary according to the age of the entrepreneur and the age of his com- pany. 1. 1. INTRODUCTION INTRODUCTION Small and Medium-sized enterprises (SMEs) are the pillar of all economies. These enter- prises a

14、re of great importance for the world economy because they support the competitive dynamics of economic systems and, directly or indirectly have influence on large enterprises, especially in the area of increasing effic

15、iency and innovation. (Pavelková et al., 2009) Montenegrin Journal of Economics Vol. 12, No. 1 (2016), 21-36 Zuzana Virglerová, Ludmila Kozubíková, Sergej Vojtovi? / Montenegrin Journal of Economics,

16、 Vol. 12, No. 1 (2016), 21-33 23 Business risk has a complex form, because it includes multiple partial risks that are inter- connected. Fetisovová et al. (2012) divides business risks on: strategic risks, operatio

17、nal risks, the financial risks, socio-political risks, and the risk of loss of the reputation. Business activities are determined by the business environment of the company which forces it to use a specific method of b

18、ehavior and to choose specific business aims and ways how to achieve them. The social, legal and political environment, which are created by state, play an important role. The positive perception could stimulate financ

19、ial performance of the companies and can accelarate the positive influence of them on society. (Belás et al., 2015) Economic and financial risks in risk management are a term that includes the risks affect- ing the

20、 economic performance of the company. This kind risk is among the most important. These are the risks associated with the economy and economic governance in the company, with errors in other areas of the company and fa

21、ctors outside the company. Inside the company it may be the risks associated with improper financial management, including the conse- quences associated with it (the loss, indebtedness, liquidity problems etc.), setting

22、 up the sys- tem of internal management and improper management of other business areas, especially production efficiency. Outside the company then it is all about business conditions - political, legislative, trade, m

23、arket and economic. In the economic and financial risks, it is important to address their prevention. (Business encyclopedia, 2014) According to Hudáková (2015) the biggest barriers that prevent enterprises in

24、 Slovakia to effectively manage financial risks relate to problems with the availability of information, whether internal or external data necessary to evaluation and management of risks, or integration into the decis

25、ion-making process. According to Fetisovová et al. (2012), the financial risks are related to the development of financial markets and the use of various financial instruments. They have a complex character and ca

26、n be classified into the following groups: funding risk, credit risk, liquidity risk, the risk of changes in interest rates, foreign exchange risk, inflation risk and counterparty risk. Financial risk always exists an

27、d it exists everywhere. It can’t be transferred by man’s will. Human are unable to avoid and eliminate it. But they can reduce loss and cope with the risk through various technical means and developing preventive measu

28、res. Financial risk occurs only at a certain period or stage and men are unable to determine the period and stage. Thus illustrates the financial risk is uncertain also, which requires from the enterprise managers to

29、constantly strengthen the consciousness of risk, improve financial management so that they can reduce the possibility of the occurrence of the risk. Financial risk exists in all aspects of the enterprise financial mana

30、gement work including the raise, use and distribution of capital. This requires managers to fully focus on all aspects of the change, find risk timely, and take effective measures to control the spread of the risk. (Sh

31、uying and Mei, 2014). All the business risks have an impact on the financial performance of a company and could lead to a default. Eurobarometer (European Commission, 2012) focused on doing business in the European Un

32、ion territory and out of it pointed out that a default risk prevents almost a half of the respondents from founding their own company. The negative impact of various risks is multiplied in the crisis periods. Financial

33、 crises are times of simultaneous increases in risk and great losses in portfolio values (Christensen et al., 2015). The crisis also effects efficiency as well as the productivity and income growth of coun- tries and i

34、ndividual firms. The last financial crisis has significantly changed the European SME managers’ view on the risk management. Various studies have revealed certain mistakes that had been done during the crisis, such as

35、poor cash flow management or insufficient financial risks management (i.e. missing early warning of a financial manager). If managers had pre- vented these mistakes they could have reduced or completely avoided the nega