會(huì)計(jì)專業(yè)畢業(yè)論文外文翻譯---戰(zhàn)略財(cái)務(wù)管理在中小企業(yè)（英文）

1、Vol. 5, No. 2 International Journal of Business and Management 132 Strategic Financial Management in Small and Medium-Sized Enterprises Zongsheng Liu School of Accounting, Shando

2、ng Economic University, Jinan 250014, China E-mail: sdjnlzs@yahoo.com.cn Abstract Along with the development of social economy and the progress of science and technology, Chinese enterprises are being in a stage fille

3、d with opportunities and dangers. This paper introduces the connotation and significance of strategic financial management, elaborates the problems in the financial strategies conducted by small and medium-sized enterp

4、rises together with the causes and proposes some countermeasures finally. Keywords: Small and medium-sized enterprises, Strategic financial management, Problems, Countermeasures The uncertainty of an enterprise’s financi

5、al environment fills its financial activities with risks. In addition to opportunities, quite a lot of dangers arise from time to time in its financial management. Therefore, it has become the key to the success of an

6、enterprise’s financial management whether it can keep track of the trends of changes and absorbe what is useful while rejecting what is harmful. Strategic management ideas are significant in enterprises’ financial mana

7、gement since we must make efforts to analyze and grasp the general environment and development tendency of an enterprise and therefore to improve the adaptability, changeability and applicability of financial managemen

8、t to uncertain environment. Currently, over 10,000,000 small and medium-sized enterprises have passed the industrial and commercial registration, taking up 90% of the total enterprises in China. Accordingly, their strat

9、egic financial management is of particular importance, which is also the topic of this paper. 1. Connotation and Main Contents of Strategic Financial Management Strategic financial management refers to financial manage

10、ment theories according to which financing should be conducted in the most proper way, the collected capital should be utilized and managed in the most effective way in enterprises and decisions on the reinvestment and

11、 distribution of profits should be made most reasonably. According to its connotation, we can sum up the three main contents of strategic financial management, including financing strategy, investment strategy and prof

12、it-distribution strategy. Details are as follows: Financing strategy Highly developed modern enterprises are characterized by sharp growth in sales. When faced up with such a situation, enterprises tend to have great de

13、mands for capital since stocks and receivables are increased as well. The greater the tension of sales growth is, the greater capital demands will be. Therefore, financing strategy is of significance in strategic finan

14、cial management. The functions of financing strategy lie in clarifying the guidelines for financing, laying down financing objectives, establishing the overall scale, channels and methods of financing, arranging strateg

15、ic schemes of capital structure optimization, laying down relevant countermeasures in order to achieve the financing objectives, and finally predicting and collecting the amount of capital the enterprise needs. Invest

16、ment strategy As the core of strategic financial management, this strategy determines whether an enterprise can allocate its capital and resources in a reasonable and effective way or not. Investment strategy involves t

17、he confirmation of the investment direction of fixed assets, corporate scale and capital scale, the investment choices related to external expansion or internal expansion, the reform of old products or the development

18、of new ones, independent or joint operation, investment with self-capital or with loans and decisions on the percentage between fixed assets and current assets, investment strategies with risks and those during inflati

19、on. Profit-distribution strategy This strategy, including the management of capital gains and the establishment of stock bonus distribution, mainly deals with the proportion an enterprise puts aside in a long run for r

20、eproduction on an expanded scale, improvement of employees’ welfare and their living standards. Profit-distribution strategy is intended to satisfy the demands for equity capital in the development and improvement of e

21、nterprises’ core competitiveness based on relevant investment strategy and financing strategy. Meanwhile, when carrying out this strategy, enterprises are expected to establish talent-oriented distribution policies by

22、exploring effective methods to apply those important elements such as knowledge, technique, Vol. 5, No. 2 International Journal of Business and Management 134 too much emphasis i

23、s put on money instead of properties, causing serious waste of assets. Actually, quite a few small and medium enterprises are lacking in effective management of their raw materials, semi-manufactured goods, fixed asset

24、s and so on, as a result of which asset wastes are quite serious. 3. Causes of the Problems in Strategic Financial Management of Small and Medium-Sized Chinese Enterprises 3.1 Rigid Management Pattern, Laggard Manageme

25、nt Idea and Managers’ Poor Quality At present, most small and medium enterprises especially those private ones employ highly unification of ownership and management rights in which the investor is the manager whose powe

26、r can not be restricted in any case. Having no clear division of duties and strict regulations, these managers don’t embody financial management into an effective corporate management system, not to mention regarding f

27、inancial strategies as a significant part of the enterprise’s overall strategies, hence lessening their significance and function. These managers don’t believe in strategy but good luck, not system but ties of blood, n

28、ot procedures but tackling key points, not management but technology and market. Especially for those enterprises venturing out of niches, unfavorable environment is the chief offender. In addition, managers’ poor qual

29、ity is also an important cause for the failure of financial strategies. It is well known that most managers in small and medium Chinese enterprises have poor comprehensive quality, insufficient management experiences a

30、nd low efficiency because they haven’t gone through any systematic learning of management theories and special professional training. Therefore, they are not able to have reasonable predictions, decisions, budgets, cont

31、rol, analysis and evaluation based on their own characteristics and the market, to have analysis on financial environment and lay down applicable and feasible strategies for financing, investment as well as profit dist

32、ribution or to fully realize the importance of financial budgeting and therefore to have effective control over its implementation in order to serve the overall goals of their enterprises’ development strategies in a b

33、etter way. 3.2 Lacking Independent Financing System with Diversified Channels With changeable market, operation risks are greater, so are financial ones caused by a large amount of debt and high financing cost, hence

34、resulting in enterprises’ low credit. Besides, their credit is also affected by their non-transparent operation process, non-standardized financial reports as well as asymmetrical information, hence leading to the diff

35、iculty in achieving financing goals. Seen from the perspective of financing system, these enterprises’ lack of independent financing system with diversified channels has greatly restricted their financing strategies. F

36、irst, there is no national institution or preferential policies to assist small and medium enterprises with their management, causing their unfavorable financing situation. Second, due to these enterprises’ private nat

37、ure, some banks set rigid requirements for loans because of some traditional ideas and administrative interferences. Third, there are no enough financial agencies and loan guarantee institutions specially serving for s

38、mall and medium enterprises. Fourth, most small and medium enterprises have no direct financing rights and cannot issue stocks or bonds. The main board market is inaccessible and the second board one is to risky. 3.3 P

39、oor Investment Ability and Lacking Feasibility Researches Small and medium enterprises suffer from insufficient registered capital, limited operation capital, hence poor investment ability. Focusing on short-term goals

40、to recover investment, they have to rely on simple reproduction instead of expanded one. In addition, without any special institution for market analysis, their investment activities tend to be based on their perceptio

41、n and therefore blindness. These decision makers usually fail to have an overall grasp of the characteristics or principles of market economy or to pursue reasonable economic profits with their proper operation at the

42、capital market. Their poor abilities are also reflected in the shortage of some feasibility researches on their shrink and expansion strategies, how to choose financing channels and structures, how to establish new inve

43、stment directions and so on. All these greatly affect the establishment and implementation of an enterprise’s strategic financial goals. 3.4 Incomplete Internal Control System Leading to Ineffective Control Incomplete

44、 internal control system commonly exist in small and medium enterprises, which is profoundly manifested in having no or just incomplete internal control system, hence failing to effectively restrain their own economic b

45、ehavior institutionally. A lot of enterprises have no department for internal audit to guarantee the strict implementation of their financial system. Even if some establish such a department, its lack of independence m

46、ay lead to ineffective internal control. As a result, financial management as well as financial strategies will be greatly affected. 4. Countermeasures for Small and Medium-Sized Enterprises in China Seen from the abov

47、e, the problems in present small and medium Chinese enterprises are mainly attributed to their internal causes and external environment. Therefore, some effective countermeasures should be taken from the following aspe