1、会计专业外文翻译战略财务管理在中小企业外文原文Strategic Financial Management in Small and Medium-Sized EnterprisesZongsheng LiuFebruary 2010该篇文章来源于Jel Numbers: G12, D21, L21Abstract: Along with the development of social economy and the progress of science and technology, Chinese enterprises are being in a stage filled wit
2、h 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 enterprises together with the causes and proposes some countermeasures finally.Keywords: Smal
3、l and medium-sized enterprises, Strategic financial management, Problems, Countermeasures The uncertainty of an enterprises financial 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. There
4、fore, it has become thkey to the success of an enterprises 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 management since we must make efforts to
5、analyze and grasp the general environment and development tendency of an enterprise and therefore to improve the adaptability, changeability and applicability of financial management to uncertain environment. Currently, over 10,000,000 small and medium-sized enterprises have passed the industrial an
6、d commercial registration, taking up 90% of the total enterprises in China. Accordingly, their strategic financial management is of particular importance, which is also the topic of this paper.1 IntroductionStrategic financial management refers to financial management theories according to which fin
7、ancing 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 distribution of profits should be made most reasonably. According to its connotation, we can sum up the three main co
8、ntents of strategic financial management, including financing strategy, investment strategy and profit-distribution strategy. Details are as follows: Financing strategyHighly developed modern enterprises are characterized by sharp growth in sales. When faced up with such a situation, enterprises ten
9、d to have great demands 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 financial management. The functions of financing strategy lie in clar
10、ifying the guidelines for financing, laying down financing objectives, establishing the overall scale, channels and methods of financing, arranging strategic schemes of capital structure optimization, laying down relevant countermeasures in order to achieve the financing objectives, and finally pred
11、icting and collecting the amount of capital the enterprise needs.Investment strategyAs 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 the confirma
12、tion 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 of new ones, independent or joint operation, investment with self-capital or with loans and d
13、ecisions on the percentage between fixed assets and current assets, investment strategies with risks and those during inflation.Profit-distribution strategyThis strategy, including the management of capital gains and the establishment of stock bonus distribution, mainly deals with the proportion an
14、enterprise puts aside in a long run for reproduction 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 enterprises core competitiveness based on r
15、elevant investment strategy and financing strategy. Meanwhile, when carrying out this strategy, enterprises are expected to establish talent-oriented distribution policies by exploring effective methods to apply those important elements such as knowledge, technique, patent and management to the prof
16、it-distribution course.2 Problems in Strategic Financial Management of Small and Medium-Sized Enterprises in ChinaCurrently, some common problems include:2.1 Lacking in Scientific and Standardized Financial StrategiesQuite a few enterprises are pursuing only a large scale, or purchasing a large amou
17、nt of land while neglecting asset structure allocation, or having no reasonable arrangement for its capital. They have no financial strategies at all, not to mention their implementation. As for some others, the effect of their strategic financial management is greatly affected due to their unscient
18、ific and irregular strategies, which are characterized by the following features: first, their strategic financial aims depart from their enterprises overall ones; second, financial strategies are regarded equal to financial plans, hence neglecting the comprehensiveness of financial strategies; thir
19、d, financial strategies are not made based on their enterprises long-term goals and therefore have great randomness.2.2 Neglecting Strategic Environment Analysis and Having Unreasonable Strategic Financial GoalsStrategic environment analysis is both the foundation of financial strategies and the gua
20、rantee for its implementation. It includes internal and external environment analysis with the former being the internal foundation and implementation basis for the establishment of financial strategies. At present, quite a lot of small and medium enterprises havent realized the importance of strate
21、gic environment for the establishment and implementation of financial strategies and accordingly failed to have proper analysis on their strategic financial environment especially its internal environment. As a result, their unpractical and unreasonable strategies have restricted the effective imple
22、mentation of their financial strategies.2.3 Lessening the Role of Budgeting in Strategic Financial ImplementationBudgeting mainly exerts its role in strategic financial implementation in two aspects. First, it further clarifies and specifies strategic financial ideas so as to be understood and condu
23、cted by all the staff. Budgeting can help to divide strategic goals into every section of an enterprise and even every employee. In addition, when implementing a task jointly, all sections an all employees will have better cooperation and communication with each other. Second, budgeting also provide
24、s a standard for an enterprises daily operation and performance. With a quantitative financial goal set in budget, the actual implementation can be compared with the budget to reveal the disparity between the goal and the reality and take effective countermeasures. Now, most small and medium enterpr
25、ises in China have no systematic and complete budget system made up of sales budget, production cost budget, general indirect cost budget, loss and expense budge and cash budget and so on. Even if some have such a system, its shortage of careful budgeting and strict implementation also lessens the r
26、ole of budgeting as well as the implementation of financial strategies.2.4 Problems in Enterprises Financial ManagementNow, some problems in small and medium enterprises financial management have also restricted the establishment and implementation of their financial strategies. Some main problems a
27、re as follows.Obsolete ideas, unclear duty division and disordered management. Enterprises have no idea of “corporatemanagement should be based on financial management and financial management should center on capital management; entrepreneurs and financial staffs lack of scientific and advanced fin
28、ancial ideas including time value, risk value, marginal cost, opportunity cost and insufficient knowledge about financial management theories and methods have resulted in unclear duty division, disordered management, ineffective monitor, false accounting information and so on.Extensive financial cal
29、culation, including simplifying accounting procedures at will, keeping additional accounts in addition to the authorized one, adopting irregular check of properties and cash, having no regular check of their bank deposits, claims and debts which cause their accounts inconsistent with items or funds,
30、 blindly promising bonuses and evading taxes by distributing bonuses before paying taxes.Difficult financing, mainly manifested in insufficient channels and scales of financing channels as well as disordered financing orders. Currently, most small and medium enterprises are faced with great difficul
31、ty in gaining short-term loans, not to mention long-term ones. 81% of all enterprises have no enough current funds for their operation. The longer the periods of loans are, the less money they can really utilize from their loans. As is shown in a survey, 60.5% enterprises have no access to long-term
32、 loans, among those who can really get such loans, 16% enterprises demands are fully fulfilled, 52.7% are partially fulfilled, 31.2% are not fulfilled. (Huang, 2008)Poor financial control. First, loose cash management tends to cause inactive or insufficient capital. For some enterprises, the more ca
33、sh, the better. Therefore, a large sum of cash is not allocated to operation, failing to exert its role; for some others, their cash is overspent on real properties, hence failing to tackle some emergent uses. Second, slow turnover of accounts receivable causes great difficulty in recovering capital or even bad debts. Third
