中小企业财务管理外文翻译文献.docx

中小企业财务管理外文翻译文献.docx

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中小企业财务管理外文翻译文献

文献信息：

文献标题：

StrengthsandWeaknessesamongMalaysianSMEs:

FinancialManagementPerspectives（马来西亚中小企业的优势和劣势：

财务管理视角）

国外作者：

NorasikinSalikin，NorailisAbWahab，IzlawanieMuhammad

文献出处：

《Procedia-SocialandBehavioralSciences》,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：

StrengthsandWeaknessesamongMalaysianSMEs:

FinancialManagementPerspectives

AbstractInMalaysia,97.3%ofbusinessestablishmentsarecomprisedofsmallandmediumenterprises（SMEs）whichaccountforabout52.7%oftotalemploymentthatisgeneratedinthecountry.MalaysiangovernmentthroughtheMinistryofInternationalTradeandIndustry（MITI）anditsagenciesworkshardonassistingSMEsthroughvariousactivitiestopromoteexposuresonprudentfinancialmanagement.ThispaperaimstoidentifythefinancialstrengthsandweaknessesfacebySMEsinhelpingthoseentitiestoplanappropriatefinancialmanagementprogramme.Semi-structuredinterviewswereconductedamongthirtyfiveSMEsthatarewillingtoparticipatevoluntarily.ThisstudyfoundthatcapitalisthekeyelementsinbothstrengthsandweaknessamongSMEs.Runningthebusinesswithoutanyexternalcapital（loan）reducingthefinancialriskofthebusiness.Itwillbeeasierforthemanagerstomakebusinessdecisionswithoutanyconstraintasthereisnolimitationsetbyfundprovider.ThestudyalsorevealedcapitalinsufficiencyisthecrucialproblemsamongSMEswhichmightduetothedifficultiestoobtainexternalfund.Althoughtheresultsshouldbetakenwithcaution,neverthelessfinancialmanagementisvitalinordertofacenewbusinesschallengesaswellasforthesurvivalofthebusinessinthefuture.

Keywords:

SmallMediumEnterprises;SMEs;FinancialManagement

1.Introduction

Smallandmediumenterprises（SMEs）playimportantrolesinMalaysianeconomy.ReportofMalaysiaEconomicCensus2011showedthattherewere645,136SMEsoperatinginMalaysia,representing97.3percentoftotalbusinessestablishments.Furthermore,SMEsemployedabout3.7millionoutofatotalof7.0millionworkersamounting52.7percentoftotalemploymentinthecountry.Withatotalshareofgrossoutputreached28.5percentinyear2011ascomparedtoonly22.2percentinyear2000itshowsthattherolesaregettingsignificant.

AconsiderableamountofliteraturehasbeenpublishedonthemanagementissuesofSMEs.Ontheotherhandonlyfewstudieswerefocusingonthefinancialmanagement,especiallyindevelopingcountriesalthoughithasbeenknownthat,financialmanagementplayscrucialfunctioninbusinessmanagement.ReportoncasestudyconductedbyBankNegaraMalaysia（2003）onSMEs,suggestedthatoneofthekeyelementsSMEsshouldadopttosurviveforalongterm,inaglobalenvironmentisprudentfinancialmanagement.Itwillensurethatalltheavailablebusinessresourcesareusedefficientlyandeffectivelytoprovideoptimumreturn（SMECorporationMalaysia,2011）.

TheaimofthispaperistoidentifythestrengthsandweaknessesfacebyMalaysianSMEsintermoffinancialmanagement.

2.SMEsDefinitioninMalaysia

ThereisnosolidmeaningofSMEsasdifferentcountriesareusingdifferentdefinitionduetoseveraldemographicfactorsandcharacteristicsincludingsize,location,structure,age,numberofemployees,salesvolume,ownershipthroughinnovationandtechnology（Zeinalnezhadet.al,2011）.Basedonemployeesnumberandtotalturnover,MalaysiaadoptsslightlysimilardefinitionasbeingusebyUnitedKingdom,UnitedStatesofAmerica,Japan,ChinaandKorea（Norailis,2013）.

PreviouslyMalaysianSMEsweredefinedasfirmswithsalesturnovernotexceedingRM25millionoremploymentnotexceeding150workersformanufacturingandsalesturnovernotexceedingRM5millionoremploymentnotexceeding50workersforservicesandothersectors.Astheeconomyhaschangeandthebusinesstrendsaremovingabroad.On11thJuly2013,MalaysianPrimeMinisterDatukSeriNajibTunRazakannouncedthenewcriteriaofSMEswhichwillbeeffectiveon1stJanuary2014.Table1showsthenewclassificationofSMEs.

Thenewdefinitionismorecomprehensive,coveringallsectorsoftheeconomyincludingconstruction,aswellasminingandquarryingsectors.ItisexpectedtoresultinmorefirmsbeingclassifiedasSMEsto98.5percent（currently:

97.3percent）,particularlyfromtheservicessectortofacilitatethecountry’stransformationtoahighincomenationthroughtheinitiativesundertheSMEMasterplan.Inyear2013,atotalof155programmeshavebeenplannedfortheimplementationwithafinancialcommitmentofRM18.4billion,expectingtobenefit467,838SMEs.

Withallthefacilitiesprovidedbythegovernment,SMEsshouldgrabtheseopportunitiestoexpandthebusinesses.However,themanagersneedtobeequippedwithlatestknowledgeandmanagementskillstosuccessfullymanagetheirbusinessesincurrentbusinessenvironmentandstiffcompetition（Mohd.AmyAzhar,Harizal,&Hoe,2010）.InviewofthefactthatmanyentrepreneursinMalaysiamanagetheirbusinessthemselveswithoutformaleducationbackgrounditleadtovariousmanagementproblems（MohdAmyAzharetal.,2010）.OneofthemostcommonproblemsfacebySMEsisfinancialmanagementproblem（Hashim&Wafa,2002）.

3.FinancialManagementofSMEs

Financialmanagementisconcerningwiththecreationandmaintenanceofeconomicvalueorwealth（Titmanet.al,2011）.Itinvolvesdecisionstoaccumulateandpreservewealthofthebusiness.Generallyitcoversthedecisionmakingprocessinseveralareassuchasdeterminingthesourceoffinanceanddividendpolicy,investmentdecisionsandworkingcapitalmanagement.ThereisnobigdifferentbetweenmanagingfinancialfunctionsofbigbusinessesorsmallbusinessesexceptthatSMEsonlydealwithcapitalbudgetingandworkingcapitaldecision,giventhatSMEsarenotpayingdividends（Agyei-Mensah,2011）.

ComparativereviewonpreviousstudiesbyMohdAmyAzharetal.（2010）suggestedthatfinancialmanagementconsistofsixcomponents;financialplanningandcontrol,financialaccounting,financialanalysis,managementaccounting,capitalbudgetingandworkingcapitalmanagement.ThestudyalsohighlightedthattheadoptionoffinancialmanagementtoolsamongMalaysianSMEswereverylow.SeeingthatmostSMEspracticingproperfinancialplanningandcontrol,financialaccountingandworkingcapitalmanagement,thesecomponentswerelabeledascorecomponentsoffinancialmanagement.Yettheotherthreecomponentswhichweremostlyneglectedwerelabeledassupplementcomponentsoffinancialmanagement.

AsmallscalestudybyAgyei-Mensah（2011）concludedthattheinfluenceoffundprovidersandexternalaccountantsarethemostdominantfactorsstimulateSMEstoadoptreasonablefinancialmanagement.Ontheotherhand,duetolackofinternalaccountingstaffandhighcosttohirequalifiedaccountant,SMEsfacedifficultiestounderstandaccountingrecordandpracticesoundfinancialmanagement.

4.Methodology

Semi-structuredinterviewswereconductedamongthirtyfiveSMEsthatwerewillingtoparticipateinthisstudy.Theprocessofdatacollectiontookalmosttwomonths,duetotheprocessofgettingresponsesfromtheSMEsthatwerewillingtoparticipateinthestudy.Theinterviewsessionsweredividedintotwomainsections.SectionAwasondemographicprofileoftheintervieweesmadeupofvarioustypesofindustries.Thispartaskedforbackgroundinformation,whichincludestypeofownership,ageofbusiness,initialcapital,sourceofcapital,timespenttomanagebusiness,numberofemployeesandowners’educationbackground.TheSMEscrossedtherangeoffirmsize,geographiclocationwithinMalaysia.Meanwhile,SectionBfocusedonthefinancialmanagementactivitiesandrelatedquestionsonthepractices.Initially,tounderstandthebehaviourofrespondents,thedataarefirstdescribedusingappropriatetables.FurtheranalysisisconductedbycategorizingtheresponsesregardingstrengthsandweaknessesamongparticipatedSMEsandquantifyingtheresults.

5.ResultsandDiscussions

TherewerethirtyfiveSMEsthatparticipatedinthestudyandtheirprofileaspresentedcanbecategorizedassoleproprietorship,partnershipandcompanywhichconsistedseveraltypeofbusinessesasviewedinTable2.

AsforageofSMEs,morethanhalfoftheparticipatedSMEswerebetween0to3years（19.5%）andfollowedby4to6years（24.1%）,7to9years（13.8%）andfinallymorethanfortypercentoftheSMEsaged10yearsandabove.Atotalof74%werebootstrappedfromtheirownsavingsorborrowingfromfriendsandrelativesforinitialcapital.Fromthetotal,25.88%daredtobootstrappedfortheamountlessthanRM5,000;RM20,001andabove（43.5%）.However,merelysevenpercenthadtheirinitialcapitalfromcommercialbanksandgovernmentgrantswheretheamountwasmorethanRM50,000.Surprisingly,nearlyhalf（49.5%）ofthebusinessownersspenttheirtimebetween9to12hourseverydaytomanagetheirbusinesses.

Itisimportanttoknowtheeducationalbackgroundofthebusinessownersbecauseitshowedtheextentoftheirwillingnessinacceptingnewknowledgethroughtraining,seminarsandworkshops.TheseeventsweremanagedmostlybyagenciesunderMinistryofInternationalTradeandIndustry（MITI）suchasPocketTalksbySMECorp.,DomesticInvestmentactivitiesbyMalaysianInvestmentDevelopmentAuthority（MIDA）andInnovativeandCreativeCircle（ICC）ConventionbyMalaysiaProductivityCorporation（MPC）.ThegovernmenturgestheSMEstoutilizetheskillsandknowledgegainedfromtheseeventssothattheycouldadoptprudentfinancialmanagement.

5.1.FinancialStrengthsofSMEs

Theoverallresponseonthefinancialstrengthsoftheb