會計(jì)專業(yè)畢業(yè)論文外文翻譯

1、 附件1：外文翻譯譯文戰(zhàn)略財(cái)務(wù)管理在中小企業(yè) 劉鐘勝2010年2月該篇文章來源于jel分類代碼：g11號; g23號 摘要：隨著社會經(jīng)濟(jì)的發(fā)展和科學(xué)技術(shù)的進(jìn)步,中國的企業(yè)在一個(gè)充滿機(jī)會和危險(xiǎn)的階段。介紹了安全管理的含義和意義戰(zhàn)略財(cái)務(wù)管理中存在的問題,闡述了財(cái)務(wù)策略進(jìn)行小中型企業(yè)一起,最后提出了一些對策和原因。關(guān)鍵詞：中小企業(yè)的戰(zhàn)略財(cái)務(wù)管理、問題、對策 一個(gè)企業(yè)的不確定性的金融環(huán)境其財(cái)務(wù)活動充滿風(fēng)險(xiǎn)。除了機(jī)會,有許多的危險(xiǎn)從時(shí)間,以時(shí)間,其財(cái)務(wù)管理。因此,它已經(jīng)成為了成功的關(guān)鍵一個(gè)企業(yè)的財(cái)務(wù)管理是否能跟蹤的趨勢變化什么是有用的吸收。應(yīng)當(dāng)拒絕接受什么是有害的。戰(zhàn)略管理思想是非常重要的在企業(yè)的財(cái)務(wù)管

2、理,因?yàn)槲覀儽仨毰θシ治龊桶盐找话悱h(huán)境和發(fā)展一個(gè)企業(yè)的發(fā)展趨勢,從而提高適應(yīng)能力、可變性和適用性的金融中心管理不確定環(huán)境。目前,中小企業(yè)在100年通過了工商登記、以企業(yè)總數(shù)的90%。因此,其戰(zhàn)略財(cái)務(wù)管理是特別重要的,這也是本論文的主題。 1 簡介戰(zhàn)略性的財(cái)務(wù)管理是財(cái)務(wù)管理理論,根據(jù)該融資應(yīng)該的在最適當(dāng)?shù)姆绞竭M(jìn)行,采集到的資本必須利用和管理的最有效的方式雖然企業(yè)和決策和利潤分配應(yīng)該最合理。根據(jù)其內(nèi)涵,總結(jié)三個(gè)主要內(nèi)容的戰(zhàn)略財(cái)務(wù)管理,包括融資策略,投資戰(zhàn)略和利潤分配決策策略。 詳情如下:融資策略高度發(fā)達(dá)的現(xiàn)代企業(yè)具有的銷售急劇增長。當(dāng)面對這樣一種局勢,企業(yè)傾向于有很大的要求從股票和應(yīng)收賬款是資本

3、的提升。更大的為銷售增長的張力,但更大的資本要求。因此,在融資策略都具有十分重要的意義戰(zhàn)略管理財(cái)務(wù)。融資策略的功能在于明確的指導(dǎo)方針融資、鋪設(shè)融資目標(biāo)下,建立整體規(guī)模、融資渠道和方法,安排戰(zhàn)略資本結(jié)構(gòu)優(yōu)化方案,從各方面對此作了相應(yīng)的對策,以達(dá)到融資目標(biāo),最后預(yù)測和收集的大量資金的企業(yè)的需要。投資策略為核心的戰(zhàn)略財(cái)務(wù)管理,這種策略決定一個(gè)企業(yè)只能分配它的首都資源合理而有效的方法。投資策略包括確認(rèn)投資固定資產(chǎn)的方向、公司規(guī)模和資本規(guī)模、投資選擇相關(guān)的外部擴(kuò)張或我國中小企業(yè)戰(zhàn)略財(cái)務(wù)管理的問題目前,一些常見的問題包括：2.1 缺乏科學(xué)規(guī)范的財(cái)務(wù)策略不少企業(yè)在追求只有一個(gè)大的規(guī)模,或購買大量的土地而忽略

4、資產(chǎn)結(jié)構(gòu)配置,或沒有合理安排其資本。他們沒有財(cái)務(wù)策略,不要去提到實(shí)施。至于其他的影響,分析了其戰(zhàn)略財(cái)務(wù)管理是很大的影響由于他們的科學(xué)和不規(guī)則的策略,并具有以下特點(diǎn):第一,他們的戰(zhàn)略企業(yè)財(cái)務(wù)目標(biāo)的總體離開他們的財(cái)務(wù)策略;第二,被認(rèn)為相當(dāng)于金融計(jì)劃,因此忽視的綜合性金融策略;第三,金融方案不是根據(jù)他們的企業(yè)的長期目標(biāo),因此有很大的隨機(jī)性。2.2 忽視戰(zhàn)略環(huán)境分析,并有不合理的戰(zhàn)略性的財(cái)務(wù)目標(biāo)戰(zhàn)略環(huán)境分析既是財(cái)務(wù)策略的基礎(chǔ)和保障實(shí)施。它包括出資的角色戰(zhàn)略性的財(cái)務(wù)預(yù)算執(zhí)行預(yù)算中所起的作用主要對戰(zhàn)略性的財(cái)務(wù)執(zhí)行兩個(gè)方面。首先,它進(jìn)一步闡明指定的戰(zhàn)略財(cái)務(wù)觀念,被理解,而所有的人員進(jìn)行。預(yù)算可以幫助分戰(zhàn)略目

5、標(biāo)企業(yè)的每一個(gè)部分,甚至每一位員工。另外,當(dāng)執(zhí)行某項(xiàng)任務(wù)聯(lián)合所有部分一個(gè)所有的雇員將有更好的合作與交流,與對方。第二,預(yù)算還提供了一個(gè)標(biāo)準(zhǔn),一個(gè)企業(yè)的日常操作和性能。與定量金融在預(yù)算目標(biāo)確定、實(shí)際實(shí)現(xiàn)與預(yù)算,以揭示它們之間的目標(biāo)和現(xiàn)實(shí),采取有效的對策?，F(xiàn)在,大多數(shù)中小企業(yè)在中國沒有系統(tǒng)、完整的預(yù)算制度由銷售預(yù)算、生產(chǎn)成本預(yù)算,一般間接成本預(yù)算,損失和費(fèi)用預(yù)算及現(xiàn)金預(yù)算等等。即使一些有這樣的系統(tǒng),其缺乏小心預(yù)算行,嚴(yán)格執(zhí)行預(yù)算的作用以及財(cái)務(wù)策略的實(shí)施。2.4 企業(yè)的財(cái)務(wù)管理中存在的問題現(xiàn)在,一些問題,中小企業(yè)的財(cái)務(wù)管理也制約了建立和他們的財(cái)務(wù)策略的實(shí)施。存在的主要問題的建議如下。過時(shí)的想法,不清

6、楚職責(zé)分工和混亂的管理。企業(yè)不知道”的企業(yè)管理應(yīng)以財(cái)務(wù)管理為基礎(chǔ),并應(yīng)在財(cái)務(wù)管理中心資本管理;企業(yè)家和財(cái)務(wù)人員的缺乏科學(xué)的、先進(jìn)的財(cái)務(wù)觀念包括時(shí)間值、風(fēng)險(xiǎn)價(jià)值,邊際成本、機(jī)會成本和認(rèn)識不足有關(guān)經(jīng)濟(jì)管理的理論和方法導(dǎo)致職責(zé)分工不明,混亂的管理,無能的監(jiān)控、虛假會計(jì)信息等。 大量財(cái)務(wù)計(jì)算,包括簡化會計(jì)程序,保持重開帳戶除了授權(quán),采用不規(guī)則檢查性質(zhì)和現(xiàn)金,沒有定期檢查他們的銀行存款、債權(quán)債務(wù)導(dǎo)致他們的賬實(shí)不符和物品或資金,有前途的獎金和盲目逃稅發(fā)放獎金在納稅。融資困難,主要體現(xiàn)在渠道和規(guī)模不足融資渠道無序融資的命令。目前,大多數(shù)中小企業(yè)面臨極大的困難,獲得短期貸款,更不用說長遠(yuǎn)的問題。81%的企業(yè)沒

7、有足夠的流動資金等)。時(shí)間的貸款的時(shí)間越長,他們真的可以利用較少的錢從他們的貸款。一項(xiàng)調(diào)查顯示,60.5%的企業(yè)沒有得到長期的貸款,在那些能真正得到這樣的貸款,16%的企業(yè)的要求充分履行了,52.7%是部分完成時(shí),31.2%的人不滿意。(黃,2008)糟糕的財(cái)務(wù)控制。首先,松散的現(xiàn)金管理往往會造成無效或不足的資金。為一些企業(yè),更多的現(xiàn)金,越好。因此,一大筆鈔票不是分配到操作,未能發(fā)揮作用它的作用;對于一些人,他們的現(xiàn)金是對不動產(chǎn)超支,因此未能處理一些緊急用途。第二,應(yīng)收賬款周轉(zhuǎn)緩慢造成極大的困難,恢復(fù)資本甚至壞帳。第三,控制在股票很差。許多企業(yè)都有一個(gè)股票的周轉(zhuǎn)資金的兩倍多,導(dǎo)致失敗,在資金周

8、轉(zhuǎn)。第四,太多的注意力被放在錢而不是性質(zhì),造成嚴(yán)重浪費(fèi)的資產(chǎn)。事實(shí)上,不少小中小企業(yè)缺乏有效的管理是他們的原料、半成品、固定資產(chǎn)等等, 資產(chǎn)浪費(fèi)結(jié)果是相當(dāng)嚴(yán)重的。 3 中小型的中國企業(yè)產(chǎn)生這些問題的原因在戰(zhàn)略財(cái)務(wù)管理3.1 僵硬的管理模式、管理理念落后、管理者的質(zhì)量較差目前,大多數(shù)中小企業(yè)特別是那些私立學(xué)校的高度統(tǒng)一使用所有權(quán)的文件管理權(quán)利,投資者是經(jīng)理,他的權(quán)力不能只局限于任何情況。沒有職責(zé)分工明確和嚴(yán)格的規(guī)定,這些管理者不體現(xiàn)成一個(gè)有效的財(cái)務(wù)管理公司管理體系,更不用說財(cái)務(wù)策略對于企業(yè)的一個(gè)重要組成部分總體策略,從而減輕其意義和功能。這些管理者不相信戰(zhàn)略但是很好運(yùn)氣,而血脈不系統(tǒng),解決關(guān)鍵的

9、手續(xù),但是,管理,技術(shù)和市場。特別是那些企業(yè)開創(chuàng)市場商機(jī),不宜環(huán)境是主要侵犯者。此外,管理者的質(zhì)量差也是一個(gè)重要的失敗原因的財(cái)務(wù)策略。眾所周知,大多數(shù)經(jīng)營者在中小型中國企業(yè)綜合素質(zhì)差、不足的管理經(jīng)驗(yàn)和效率較低,因?yàn)樗麄儧]有經(jīng)歷過的任何系統(tǒng)學(xué)習(xí)管理理論與特殊的專業(yè)培訓(xùn)。因此,他們不能夠有合理的預(yù)測、決策、預(yù)算、控制,分析和評價(jià)相結(jié)合自身特點(diǎn)和市場,金融環(huán)境的分析放下適用、可行的融資策略、投資以及利潤分配或完全實(shí)現(xiàn)財(cái)政預(yù)算的重要性,所以實(shí)施有效控制以服務(wù)他們的總體目標(biāo)企業(yè)的發(fā)展戰(zhàn)略以一種更好的方式。3.2 缺乏自主融資多元化渠道系統(tǒng)多變的市場、經(jīng)營風(fēng)險(xiǎn)較大,所以財(cái)務(wù)指標(biāo)造成大量的債務(wù)和高融資成本,

10、因此導(dǎo)致企業(yè)的較低的信用。此外,他們的信用也受到他們的選操作過程、非財(cái)務(wù)報(bào)告,以及信息不對稱,從而使實(shí)現(xiàn)融資困難的目標(biāo)。體系的角度,這些企業(yè)投融資體制缺乏應(yīng)有的獨(dú)立和多樣化嚴(yán)重地制約其融資渠道策略。首先,沒有全國性的機(jī)構(gòu)或優(yōu)惠的政策協(xié)助中小型企業(yè)的管理,導(dǎo)致它們的融資形勢不利。第二,由于這些企業(yè)的私人性質(zhì),一些銀行貸款的剛性要求設(shè)置由于一些傳統(tǒng)觀念行政交叉干擾。第三,沒有足夠的金融機(jī)構(gòu)貸款擔(dān)保機(jī)構(gòu)和特別為中小企業(yè)服務(wù)。第四,大多數(shù)中小企業(yè)沒有直接融資的權(quán)利而不能發(fā)行股票或債券。主板市場是不可進(jìn)入的,二板市場一個(gè)是危險(xiǎn)的。3.3 投入不足、缺乏可行性研究能力中小企業(yè)注冊資本遭受不足,有限的經(jīng)營資

11、本,于是窮人投資的能力。關(guān)注短期目標(biāo)收回投資,他們不得不依靠簡單再生產(chǎn)來代替擴(kuò)張的一個(gè)。此外,無任何特殊機(jī)構(gòu)市場分析、投資活動的人根據(jù)他們的觀念,因此失明。這些決策者通常不能有一個(gè)總體的把握市場經(jīng)濟(jì)的特點(diǎn)、原則或繼續(xù)合理的經(jīng)濟(jì)利益與他們的正常工作資本市場。他們可憐的能力也反映在短缺的一些可行性研究他們的收縮和擴(kuò)展戰(zhàn)略,如何選擇融資渠道及結(jié)構(gòu),如何建立一個(gè)新的投資方向等等。所有這些極大地影響的制定和實(shí)施企業(yè)戰(zhàn)略的財(cái)務(wù)目標(biāo)。3.4 不完整的我國中小企業(yè)對策見上述問題,在當(dāng)前中小型中國企業(yè)的主要原因是他們的正確的理財(cái)目標(biāo),并建立了牢固的戰(zhàn)略意義一個(gè)企業(yè)的財(cái)務(wù)目標(biāo)不僅是它的努力的方向,但有效的標(biāo)準(zhǔn)衡量

12、其財(cái)務(wù)決策是對還是錯(cuò)。適當(dāng)?shù)哪繕?biāo)是非常有益的一個(gè)企業(yè)的總體戰(zhàn)略目標(biāo)的實(shí)現(xiàn)。生存、盈利和發(fā)展的基本目標(biāo)是任何企業(yè),企業(yè)價(jià)值最大化應(yīng)被看作是財(cái)務(wù)目標(biāo)。引導(dǎo)實(shí)現(xiàn)這個(gè)目標(biāo),將建立企業(yè)財(cái)務(wù)管理的中心地位,在整個(gè)企業(yè)管理首先,強(qiáng)調(diào)管理的融資、投資和利潤賺,把他們的償債能力、經(jīng)營、利潤收益和發(fā)展和指導(dǎo)等方面的生產(chǎn)和資本運(yùn)營控制他們的資本、成本、利潤等。要求企業(yè)必須遵循戰(zhàn)略管理的目標(biāo)和中心競爭優(yōu)勢戰(zhàn)略管理的關(guān)系處理企業(yè)的利益和社會利益的關(guān)系、企業(yè)與企業(yè)之間的總體效益和部門的人以及長遠(yuǎn)利益和短期之間的重要性,完全實(shí)現(xiàn)了戰(zhàn)略管理在企業(yè)的發(fā)展和重要作用進(jìn)行財(cái)務(wù)策略。因此,它是前提的實(shí)施財(cái)務(wù)策略,建立了牢固的戰(zhàn)略意義

13、。此外,一些現(xiàn)代管理理念,必須制定相關(guān)等風(fēng)險(xiǎn),時(shí)間價(jià)值、現(xiàn)金流量、知識效益與人才的價(jià)值。4.2 采用預(yù)算控制,保證財(cái)務(wù)策略的有效實(shí)施預(yù)算管理是保障和關(guān)鍵財(cái)務(wù)目標(biāo)轉(zhuǎn)換成特定的行動計(jì)劃和實(shí)施。首先,各式各樣的財(cái)政預(yù)算,包括銷售、生產(chǎn)成本、一般間接費(fèi)用、資本費(fèi)用、損失及現(xiàn)金,要編制一個(gè)科學(xué)、合理的基于財(cái)務(wù)策略和財(cái)務(wù)預(yù)測。編制預(yù)算時(shí),應(yīng)根據(jù)銷售預(yù)測過程可能在未來銷售銷售期,然后編預(yù)算和一般間接費(fèi)用的生產(chǎn)成本,創(chuàng)造損失后,根據(jù)有關(guān)銷售預(yù)算預(yù)算和成本預(yù)算以及現(xiàn)金預(yù)算按照預(yù)算資本費(fèi)用和損失。其次,預(yù)算指標(biāo)可以瓦解列入每個(gè)部門或個(gè)人,他們的責(zé)任感和熱情可以鼓舞,澄清的責(zé)任和義務(wù)。第三,預(yù)算應(yīng)遵循嚴(yán)格的財(cái)務(wù)策略

14、的實(shí)施也不例外。最后,一些調(diào)整應(yīng)該是根據(jù)戰(zhàn)略環(huán)境的變化和新要求的發(fā)展戰(zhàn)略。4.3 創(chuàng)造良好的戰(zhàn)略環(huán)境,強(qiáng)調(diào)環(huán)境分析為中小企業(yè)的戰(zhàn)略環(huán)境不僅影響其融資但堅(jiān)固和實(shí)施他們的財(cái)政策略。因此,它是很重要的營造良好的戰(zhàn)略環(huán)境和強(qiáng)調(diào)環(huán)境的分析。盡管是一個(gè)系列的國家政策鼓勵(lì)、引導(dǎo)和扶持發(fā)展中小企業(yè)在華的外部和建立財(cái)務(wù)危機(jī)預(yù)警系統(tǒng)有效地控制財(cái)務(wù)風(fēng)險(xiǎn)融危機(jī)預(yù)警系統(tǒng)是一個(gè)非常重要的手段去控制財(cái)務(wù)風(fēng)險(xiǎn),實(shí)現(xiàn)戰(zhàn)略財(cái)務(wù)目標(biāo)為中小企業(yè)。通過收集一些信息在相關(guān)的產(chǎn)業(yè)政策和市場競爭,設(shè)置,觀察一些敏感性指標(biāo)和用人預(yù)警模型,這樣的系統(tǒng)會為企業(yè)提供信號來幫助他們采取有效的干預(yù)措施,以避免金融危機(jī)。關(guān)鍵是要解決預(yù)警指標(biāo)和限制在建立預(yù)

15、警系統(tǒng)。這些指標(biāo)預(yù)先警報(bào)的主要涉及現(xiàn)金,流動比率、債務(wù)、操作、信用、營業(yè)額、投資、成本、收益和環(huán)境等等。主要有兩個(gè)模式:函數(shù)和多元模式。企業(yè)應(yīng)該建立自己的預(yù)警系統(tǒng),根據(jù)其不同模式的現(xiàn)實(shí)。 5 結(jié)論綜上所述,多種因素與企業(yè)的外部條件和內(nèi)部條件時(shí),要充分考慮他們建立自己的財(cái)務(wù)策略。由于他們的不同特點(diǎn),中小企業(yè)必須建立自己的財(cái)務(wù)管理策略與其模仿的大型企業(yè)。 附件2：外文原文strategic financial management in small and medium-sizedenterprises zongsheng liufebruary 2010該篇文章來源于jel numbers: g

16、12, d21, l21abstract: along with the development of social economy and the progress of science and technology, chinese enterprises are being in a stage filled with opportunities and dangers. this paper introduces the connotation and significance of strategic financial management, elaborates the prob

17、lems in the financial strategies conducted by small and medium-sized enterprises together with the causes and proposes some countermeasures finally.keywords: small and medium-sized enterprises, strategic financial management, problems, countermeasures the uncertainty of an enterprises financial envi

18、ronment 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 thkey to the success of an enterprises financial management whether it can keep track of the trends of changes and abs

19、orbe what is useful while rejecting what is harmful. strategic management ideas are significant in enterprises financial management since we must make efforts to analyze and grasp the general environment and development tendency of an enterprise and therefore to improve the adaptability, changeabili

20、ty and applicability of financial management 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 strategic financial management is of partic

21、ular importance, which is also the topic of this paper. 1 introductionstrategic financial management refers to financial management 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 ente

22、rprises 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 contents of strategic financial management, including financing strategy, investment strategy and profit-distribution strategy. detailsare

23、as follows:financing strategyhighly developed modern enterprises are characterized by sharp growth in sales. when faced up with such a situation, enterprises tend to have great demands for capital since stocks and receivables are increased as well. the greater the tension of sales growth is, the gre

24、ater capital demands will be. therefore, financing strategy is of significance in strategic financial 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, a

25、rranging strategic 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.investment strategyas the core of strategic financial management, this str

26、ategy determines whether an enterprise can allocate its capital and resources in a reasonable and effective way or not. investment strategy involves the confirmation of the investment direction of fixed assets, corporate scale and capital scale, the investment choices related to external expansion o

27、r 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 decisions on the percentage between fixed assets and current assets, investment strategies with risks and those during inflation.profit-dist

28、ribution strategythis 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 reproduction on an expanded scale, improvement of employees welfare and their living standards. pro

29、fit-distribution strategy is intended to satisfy the demands for equity capital in the development and improvement of enterprises core competitiveness based on relevant investment strategy and financing strategy. meanwhile, when carrying out this strategy, enterprises are expected to establish talen

30、t-oriented distribution policies by exploring effective methods to apply those important elements such as knowledge,technique, patent and management to the profit-distribution course.2 problems in strategic financial management of small and medium-sized enterprises in chinacurrently, some common pro

31、blems include:2.1 lacking in scientific and standardized financial strategiesquite a few enterprises are pursuing only a large scale, or purchasing a large amount of land while neglecting asset structure allocation, or having no reasonable arrangement for its capital. they have no financial strategi

32、es at all, not to mention their implementation. as for some others, the effect of their strategic financial management is greatly affected due to their unscientific and irregular strategies, which are characterized by the following features: first, their strategic financial aims depart from their en

33、terprises overall ones; second, financial strategies are regarded equal to financial plans, hence neglecting the comprehensiveness of financial strategies; third, financial strategies are not made based on their enterprises long-term goals and therefore have great randomness.2.2 neglecting strategic

34、 environment analysis and having unreasonable strategic financial goalsstrategic environment analysis is both the foundation of financial strategies and the guarantee for its implementation. it includes internal and external environment analysis with the former being the internal foundation and impl

35、ementation basis for the establishment of financial strategies. at present, quite a lot of small and medium enterprises havent realized the importance of strategic environment for the establishment and implementation of financial strategies and accordingly failed to have proper analysis on their str

36、ategic financial environment especially its internal environment. as a result, their unpractical and unreasonable strategies have restricted the effective implementation of their financial strategies.2.3 lessening the role of budgeting in strategic financial implementationbudgeting mainly exerts its

37、 role in strategic financial implementation in two aspects. first, it further clarifies and specifies strategic financial ideas so as to be understood and conducted by all the staff. budgeting can help to divide strategic goals into every sectionof an enterprise and even every employee. in addition,

38、 when implementing a task jointly, all sections an all employees will have better cooperation and communication with each other. second, budgeting also provides a standard for an enterprises daily operation and performance. with a quantitative financial goal set in budget, the actual implementation

39、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 enterprises in china have no systematic and complete budget system made up of sales budget, production cost budget, general indirect cost budget, lo

40、ss 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 role of budgeting as well as the implementation of financial strategies.2.4 problems in enterprises financial managementnow, some problems in

41、small and medium enterprises financial management have also restricted the establishment and implementation of their financial strategies. some main problems are as follows.obsolete ideas, unclear duty division and disordered management. enterprises have no idea of “corporatemanagement should be bas

42、ed on financial management and financial management should center on capital management; entrepreneurs and financial staffs lack of scientific and advanced financial ideas including time value, risk value, marginal cost, opportunity cost and insufficient knowledge about financial management theories

43、 and methods have resulted in unclear duty division, disordered management, ineffective monitor, false accounting information and so on.extensive financial calculation, including simplifying accounting procedures at will, keeping additional accounts in addition to the authorized one, adopting irregu

44、lar 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, blindly promising bonuses and evading taxes by distributing bonuses before paying taxes.difficult financing, mainly manifested in insufficie

45、nt channels and scales of financing channels as well as disordered financing orders. currently, most small and medium enterprises are faced with great difficulty in gaining short-term loans, not tomention long-term ones. 81% of all enterprises have no enough current funds for their operation. the lo

46、nger 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 loans, among those who can really get such loans, 16% enterprises demands are fully fulfilled, 52.7% are partially fulfilled, 31.2% are not f

47、ulfilled. (huang, 2008)poor financial control. first, loose cash management tends to cause inactive or insufficient capital. for some enterprises, the more cash, the better. therefore, a large sum of cash is not allocated to operation, failing to exert its role; for some others, their cash is oversp

48、ent 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, the control over stock is poor. many enterprises have a stock over twice its turnover, leading to failures in capit

49、al turnover. fourth, too much emphasis is 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 assets and so on, as a result of which asset wa

50、stes are quite serious.3 causes of the problems in strategic financial management of small and medium-sized chinese enterprises3.1 rigid management pattern, laggard management idea and managers poor qualityat present, most small and medium enterprises especially those private ones employ highly unif

51、ication of ownership and management rights in which the investor is the manager whose power can not be restricted in any case. having no clear division of duties and strict regulations, these managers dont embody financial management into an effective corporate management system, not to mention rega

52、rding financial strategies as a significant part of the enterprises overall strategies, hence lessening their significance and function. these managers dont believe in strategy but good luck, not system but ties of blood, not procedures but tackling key points, not management but technology and mark

53、et. especially for those enterprises venturing out of niches, unfavorable environmentis the chief offender.in addition, managers poor quality 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 comp

54、rehensive quality, insufficient management experiences and low efficiency because they havent gone through any systematic learning of management theories and special professional training. therefore, they are not able to have reasonable predictions, decisions, budgets, control, analysis and evaluati

55、on 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 distribution or to fully realize the importance of financial budgeting and therefore to have effective control o

56、ver its implementation in order to serve the overall goals of their enterprises development strategies in a better way.3.2 lacking independent financing system with diversified channelswith changeable market, operation risks are greater, so are financial ones caused by a large amount of debt and hig

57、h financing cost, hence 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 difficulty in achieving financing goals.seen from the perspecti

58、ve of financing system, these enterprises lack of independent financing system with diversified channels has greatly restricted their financing strategies. first, there is no national institution or preferential policies to assist small and medium enterprises with their management, causing their unf

59、avorable financing situation. second, due to these enterprises private nature, 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 small and medium enterprises. fourth, most small