中小企业财务管理外文翻译文献

1、 中小企业财务管理外文翻译文献文献信息：文献标题：Strengths and Weaknesses among Malaysian SMEs: FinancialManagement Perspectives（ 马来西亚中小企业的优势和劣势：财务管理视角）国外作者：Norasikin Salikin，Norailis Ab Wahab，Izlawanie Muhammad文 献 出 处 ： Procedia - Social and Behavioral Sciences ,2014,129:334-340字数统计：英文 1918 单词，10677 字符；中文 3291 汉字外文文献：Stre

2、ngths and Weaknesses among Malaysian SMEs:Financial Management PerspectivesAbstract In Malaysia, 97.3% of business establishments are comprised ofsmall and medium enterprises (SMEs) which account for about 52.7% of totalemployment that is generated in the country. Malaysian government through theMin

3、istry of International Trade and Industry (MITI) and its agencies works hard onassisting SMEs through various activities to promote exposures on prudent financialmanagement. This paper aims to identify the financial strengths and weaknesses faceby SMEs in helping those entities to plan appropriate f

4、inancial managementprogramme. Semi- structured interviews were conducted among thirty five SMEs thatare willing to participate voluntarily. This study found that capital is the key elementsin both strengths and weakness among SMEs. Running the business without anyexternal capital (loan) reducing the

5、 financial risk of the business. It will be easier forthe managers to make business decisions without any constraint as there is nolimitation set by fund provider. The study also revealed capital insufficiency is thecrucial problems among SMEs which might due to the difficulties to obtain externalfu

6、nd. Although the results should be taken with caution, nevertheless financial 中小企业财务管理外文翻译文献management is vital in order to face new business challenges as well as for thesurvival of the business in the future.Keywords: Small Medium Enterprises; SMEs; Financial Management1.IntroductionSmall and medi

7、um enterprises (SMEs) play important roles in Malaysianeconomy. Report of Malaysia Economic Census 2011 showed that there were 645,136SMEs operating in Malaysia, representing 97.3 per cent of total businessestablishments. Furthermore, SMEs employed about 3.7 million out of a total of 7.0million work

8、ers amounting 52.7 per cent of total employment in the country. With atotal share of gross output reached 28.5 per cent in year 2011 as compared to only22.2 per cent in year 2000 it shows that the roles are getting significant.A considerable amount of literature has been published on the managementi

9、ssues of SMEs. On the other hand only few studies were focusing on the financialmanagement, especially in developing countries although it has been known that,financial management plays crucial function in business management. Report on casestudy conducted by Bank Negara Malaysia (2003) on SMEs, sug

10、gested that one of thekey elements SMEs should adopt to survive for a long term, in a global environmentis prudent financial management. It will ensure that all the available businessresources are used efficiently and effectively to provide optimum return (SMECorporation Malaysia, 2011).The aim of t

11、his paper is to identify the strengths and weaknesses face byMalaysian SMEs in term of financial management.2.SMEs Definition in MalaysiaThere is no solid meaning of SMEs as different countries are using differentdefinition due to several demographic factors and characteristics including size,locati

12、on, structure, age, number of employees, sales volume, ownership throughinnovation and technology (Zeinalnezhad et. al, 2011). Based on employees numberand total turnover, Malaysia adopts slightly similar definition as being use by United 中小企业财务管理外文翻译文献Kingdom, United States of America, Japan, China

13、 and Korea (Norailis, 2013).Previously Malaysian SMEs were defined as firms with sales turnover notexceeding RM25 million or employment not exceeding 150 workers formanufacturing and sales turnover not exceeding RM5 million or employment notexceeding 50 workers for services and other sectors. As the

14、 economy has change andthe business trends are moving abroad. On 11th July 2013, Malaysian Prime MinisterDatuk Seri Najib Tun Razak announced the new criteria of SMEs which will beeffective on 1st January 2014. Table 1 shows the new classification of SMEs.The new definition is more comprehensive, co

15、vering all sectors of the economyincluding construction, as well as mining and quarrying sectors. It is expected toresult in more firms being classified as SMEs to 98.5 per cent (currently: 97.3 percent), particularly from the services sector to facilitate the countrys transformation toa high income

16、 nation through the initiatives under the SME Masterplan. In year 2013,a total of 155 programmes have been planned for the implementation with a financialcommitment of RM18.4 billion, expecting to benefit 467,838 SMEs.With all the facilities provided by the government, SMEs should grab theseopportun

17、ities to expand the businesses. However, the managers need to be equippedwith latest knowledge and management skills to successfully manage their businessesin current business environment and stiff competition (Mohd. Amy Azhar, Harizal, &Hoe, 2010). In view of the fact that many entrepreneurs in Mal

18、aysia manage theirbusiness themselves without formal education background it lead to variousmanagement problems (Mohd Amy Azhar et al., 2010). One of the most commonproblems face by SMEs is financial management problem (Hashim & Wafa, 2002). 中小企业财务管理外文翻译文献3.Financial Management of SMEsFinancial mana

19、gement is concerning with the creation and maintenance ofeconomic value or wealth (Titman et.al, 2011). It involves decisions to accumulateand preserve wealth of the business. Generally it covers the decision making processin several areas such as determining the source of finance and dividend polic

20、y,investment decisions and working capital management. There is no big differentbetween managing financial functions of big businesses or small businesses exceptthat SMEs only deal with capital budgeting and working capital decision, given thatSMEs are not paying dividends (Agyei- Mensah, 2011).Comp

21、arative review on previous studies by Mohd Amy Azhar et al. (2010)suggested that financial management consist of six components; financial planningand control, financial accounting, financial analysis, management accounting, capitalbudgeting and working capital management. The study also highlighted

22、 that theadoption of financial management tools among Malaysian SMEs were very low.Seeing that most SMEs practicing proper financial planning and control, financialaccounting and working capital management, these components were labeled as corecomponents of financial management. Yet the other three

23、components which weremostly neglected were labeled as supplement components of financial management.A small scale study by Agyei-Mensah (2011) concluded that the influence offund providers and external accountants are the most dominant factors stimulateSMEs to adopt reasonable financial management.

24、On the other hand, due to lack ofinternal accounting staff and high cost to hire qualified accountant, SMEs facedifficulties to understand accounting record and practice sound financial management.4.MethodologySemi-structured interviews were conducted among thirty five SMEs that werewilling to parti

25、cipate in this study. The process of data collection took almost twomonths, due to the process of getting responses from the SMEs that were willing toparticipate in the study. The interview sessions were divided into two main sections.Section A was on demographic profile of the interviewees made up

26、of various types of 中小企业财务管理外文翻译文献industries. This part asked for background information, which includes type ofownership, age of business, initial capital, source of capital, time spent to managebusiness, number of employees and owners education background. The SMEscrossed the range of firm size, g

27、eographic location within Malaysia. Meanwhile,Section B focused on the financial management activities and related questions on thepractices. Initially, to understand the behaviour of respondents, the data are firstdescribed using appropriate tables. Further analysis is conducted by categorizing the

28、responses regarding strengths and weaknesses among participated SMEs andquantifying the results.5.Results and DiscussionsThere were thirty five SMEs that participated in the study and their profile aspresented can be categorized as sole proprietorship, partnership and company whichconsisted several

29、type of businesses as viewed in Table 2.As for age of SMEs, more than half of the participated SMEs were between 0 to3 years (19.5%) and followed by 4 to 6 years (24.1%), 7 to 9 years (13.8%) andfinally more than forty percent of the SMEs aged 10 years and above. A total of 74%were bootstrapped from

30、 their own savings or borrowing from friends and relatives forinitial capital. From the total, 25.88% dared to bootstrapped for the amount less than 中小企业财务管理外文翻译文献RM5,000; RM20,001 and above (43.5%). However, merely seven per cent had theirinitial capital from commercial banks and government grants

31、where the amount wasmore than RM50,000. Surprisingly, nearly half (49.5%) of the business owners spenttheir time between 9 to 12 hours every day to manage their businesses.It is important to know the educational background of the business ownersbecause it showed the extent of their willingness in ac

32、cepting new knowledge throughtraining, seminars and workshops. These events were managed mostly by agenciesunder Ministry of International Trade and Industry (MITI) such as Pocket Talks bySME Corp., Domestic Investment activities by Malaysian Investment DevelopmentAuthority (MIDA) and Innovative and

33、 Creative Circle (ICC) Convention by MalaysiaProductivity Corporation (MPC). The government urges the SMEs to utilize the skillsand knowledge gained from these events so that they could adopt prudent financialmanagement.5.1.Financial Strengths of SMEsThe overall response on the financial strengths o

34、f the business can be classifiedinto several main aspects. The detail of the classification is summarise in Table 3. Ofthe thirty five respondents, only 28 per cent of the participants pinpointed theirfinancial strengths. Perhaps the other 72 per cent of the participants did not have anyfinancial st

35、rengths or unable to identify their financial strengths due to lack ofknowledge or education background. 中小企业财务管理外文翻译文献The result showed 26 per cent of the responses indicated that running thebusiness using their own capital as their main financial strength. However SMEs needto bear in mind that in

36、order to expand their business in the future, more capital isneeded. Therefore it is advisable for them to use financing facilities provided by thefinancial institutions or government entities in helping them to have stronger financialcapabilities to run the business in more competitive world. Anoth

37、er 17 per cent of theresponses indicate that financial stability as the financial strengths of their businesses,followed by support from government entities (11%), doing business on cash basis(11%) and other aspects as shown in.5.2.Financial Weaknesses of SMEsIn response to the financial weakness, m

38、ore participants (33%) were able toidentify their weakness, compared to their financial strengths (28%). 40 per cent ofthe responses stressed that the main aspect of financial weaknesses in running theirbusinesses is capital insufficiency and followed by incomplete accounting record(16%). Deteriorat

39、ion in financial performance is listed as the third aspects, with theresponse rate of 13 per cent and the difficulties in obtaining loan from financialinstitutions and government agencies listed as the following aspects with 11 per centresponse rate. A possible explanation for this might be that due

40、 to the problem infinancial performance plus incomplete financial record, it might be difficult for theSMEs to obtain loan from any entities, causing them to face a problem of capital 中小企业财务管理外文翻译文献insufficiency to run their business efficiently. Among other responses revealed in thestudy as detaile

41、d in Table 4 are high operating costs and collection problems.6.ConclusionThis study outlines the financial strengths and weaknesses of Malaysian SMEs.One of the most significant findings to emerge from this study is that, capital is themost critical financial component among SMEs. Running a busines

42、s without anyexternal capital (financing) shows the business is in a good financial condition.External financing may increase the risk of bankruptcy due to inability to settle thedebt within agreed period. However, as the business keep growing, it is advisable forthe SMEs to inject more capital to a

43、ccommodate the expansion. Hiring appropriatestaff may help SMEs in overcoming the constraints in applying for external financingthrough the preparation of proper accounting record and practicing prudent financialmanagement. 中小企业财务管理外文翻译文献中文译文：马来西亚中小企业的优势和劣势：财务管理视角摘要 在马来西亚，97.3的商业机构由中小型企业（SMEs）组成，占全国

44、总就业人数的 52.7%左右。马来西亚政府通过国际贸易和工业部（MITI）及其机构努力通过各种活动帮助中小企业，以促进审慎的财务管理风险。本文旨在确定中小企业在帮助这些实体计划适当的财务管理计划方面面临的财务优势和劣势。在愿意自愿参与的三十五家中小企业中进行半结构化访谈。这项研究发现，资本是中小企业优势和劣势的关键因素。经营无需任何外部资本（贷款）的业务，可以降低企业的财务风险。如果没有资金提供者的限制，管理者在没有任何限制的条件下做出商业决策将更容易。这项研究还发现，资本不足是中小企业的关键问题，这可能是由于难以获得外部资金。虽然结果应谨慎，但财务管理至关重要，以面对新的业务挑战以及未来业务

45、的生存。关键词：中小企业；SMEs；财务管理1.引言中小企业 (SMEs)在马来西亚的经济中扮演着重要的角色。2011 年马来西亚经济普查报告显示，在马来西亚，大约有 645136 家中小企业，占马来西亚总企业数的 97.3%。此外，中小企业解决了马来西亚大概总数 700 万工人中的将近 370万的就业人口，大约占就业人口的 52.7%。中小企业的总产出也由 2000 年的 22.2%提高到 28.5%，这表明中小企业正在变得越来越重要。大量的研究文献也在关注中小企业的管理问题。另一方面，只有少数的研究侧重于财务管理方面的研究，尤其在发展中国家。众所周知，财务管理在企业管理中扮演着越来越重要的

46、作用。由马来西亚国家银行对中小企业进行的案例研究报告(2003)显示 ：在全球环境中，中小企业为了保证基业长青，关键因素之一是采取审慎的财务管理。它将确保所有可用的业务资源被高效和有效地使用，以提供最佳回报（马来西亚中小企业股份有限公司，2011）。本文的目的是探讨马来西亚中小企业在财务管理方面的的优势和劣势。 中小企业财务管理外文翻译文献2.马来西亚关于中小企业的定义由于一些人口因素和特征，包括规模、地点、结构、年龄、员工人数、销售量，以及通过创新和技术的所有权，中小企业没有固定的意义，不同国家有不同的定义（zeinalnezhad 等人，2011）。基于员工人数和总营业额，马来西亚采用了类

47、似于英国、美国、日本、中国和韩国对于中小企业的定义(Norailis, 2013)。此前，马来西亚中小企业被定义为销售额不超过 2 亿 5 千万令吉和就业人数不超过 150 人，或生产和销售不超过百万令吉和就业人数不超过 50 人的从事服务业或其他领域的企业。随着经济的发展和业务不断的向海外扩展，2013 年的 7月 11 号，马来西亚总理纳吉布宣布实行新的中小企业标准。表 1 显示了中小企业的新分类。新定义更全面，涵盖了经济的所有部门，包括建筑业，以及采矿和采石业。预计将导致更多的企业被归类为中小企业，达到 98.5（目前：97.3），特别是来自服务部门，通过中小企业总体规划的倡议，促进该国

48、转型为高收入国家。在 2013 年，共有 155 个项目被规划到一个 18.4 亿的财政承诺额的实施中，预计将惠及 467,838 个中小企业。通过政府提供的所有设施，中小企业应抓住这些机会扩大业务。然而，管理者需要具备最新的知识和管理技能，以便在当前的商业环境和激烈的竞争中成功地管理他们的业务（Mohd.Amy Azhar，Harizal 和 Hoe，2010）。鉴于马来西亚的许多企业家在没有正规教育背景的情况下管理自己的企业，导致出现各种管理问题（Mohd Amy Azhar 等人。，2010）。中小企业面临的最常见的问题之一是财务管理问题（Hashim 和 Wafa，2002）。3.中小

49、企业财务管理 中小企业财务管理外文翻译文献财务管理是关于经济价值或财富的创造和管理（蒂特曼等人， 2011）。它涉及到决策的积累和财富管理的业务。它通常包括决策过程中的几个方面，如确定资金来源和股利政策，投资决策和营运资本管理。鉴于中小企业不支付股息，除了解决资本预算和营运资本决策之外，管理大企业和小企业之间的财务功能没有很大的区别(Agyei- Mensah, 2011)。末艾米爱资哈尔等人（2010）在前人研究的基础上，比较研究提出，财务管理由六部分组成：财务规划和控制、财务会计、管理会计、财务分析、资金预算和资金管理工作。该研究还强调，马来西亚中小企业采用的财务管理工具非常少。鉴于大多数中小企业实施适当的财务规划和控制、财务会计和资金管理工作，这些组成部分被标记为财务管理的核心组成部分。然而，被忽略的其他三个组成部分被称为财务管理的补充组成部分。然而，其他三个组件，大都被忽视了。Agyei-Mensah（2011）的一项小规模研究得出结论，资金提供者和外部会计的影响是最主要的因素，促进中小企业采取合理的财务管理。另一方面，由于缺乏内部会计人员和雇用合格会计人