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Sharifi,Omid.InternationalJournalofInformation,BusinessandManagement

6.2（May201X）:

82-94.

201X年，最新文献翻译，译文3000多字

原文

FinancialRiskManagementforSmallandMediumSized

Enterprises（SMES）

OmidSharifi

MBA,DepartmentofCommerceandBusinessManagement,

KakatiyaUniversity,HouseNo.2-1-664,Sarawathinegar,

Gopalpur,Hanamakonda,A.P.,India

E-Mail:

Omidsharifi7@,Phone:

0091-8808173339

RESEARCHQUESTION

Riskandeconomicactivityareinseparable.Everybusinessdecisionandentrepreneurialactisconnectedwithrisk.Thisappliesalsotobusinessofsmallandmediumsizedenterprisesastheyarealsofacingseveralandoftenthesamerisksasbiggercompanies.Inarealbusinessenvironmentwithmarketimperfectionstheyneedtomanagethoserisksinordertosecuretheirbusinesscontinuityandaddadditionalvaluebyavoidingorreducingtransactioncostsandcostoffinancialdistressorbankruptcy.However,riskmanagementisachallengeformostSME.Incontrasttolargercompaniestheyoftenlackthenecessaryresources,withregardtomanpower,databasesandspecialtyofknowledgetoperformastandardizedandstructuredriskmanagement.Theresultisthatmanysmallercompaniesdonotperformsufficientanalysistoidentifytheirrisk.ThisaspectisexacerbatedduetoalackinliteratureaboutmethodsforriskmanagementinSME,asstatedbyHenschel:

ThetwochallengingaspectswithregardtoriskmanagementinSMEaretherefore:

1.SMEdifferfromlargecorporationsinmanycharacteristics

2.TheexistingresearchlacksafocusonriskmanagementinSME

Thefollowingresearchquestionwillbecentraltothiswork:

1.howcanSMEmanagetheirinternalfinancialrisk?

2.Whichaspects,basedontheircharacteristics,havetobetakenintoaccountforthis?

3.WhichmeanfulfilstherequirementsandcanbeappliedtoSME?

LITERATUREREVIEW

Incontrasttolargercorporations,inSMEoneoftheownersisoftenpartofthemanagementteam.Hisintuitionandexperienceareimportantformanagingthecompany.Therefore,insmallcompanies,the（owner-）managerisoftenresponsibleformanydifferenttasksandimportantdecisions.MostSMEdonothavethenecessaryresourcestoemployspecialistsoneverypositioninthecompany.Theyfocusontheircorebusinessandhavegeneralistsfortheadministrativefunctions.BehrandGuttlerfindthatSMEonaveragehaveequityratioslowerthan20%.Thedifferentcharacteristicsofmanagement,positiononprocurementandcapitalmarketsandthelegalframeworkneedtobetakenintoaccountwhenapplyingmanagementinstrumentslikeriskmanagement.ThereforetheriskmanagementtechniquesoflargercorporationscannoteasilybeappliedtoSME.InpracticeitcanthereforebeobservedthatalthoughSMEarenotfacinglessrisksanduncertaintiesthanlargecompanies,theirriskmanagementdiffersfromthepracticesinlargercompanies.Thelatterhavetheresourcestoemployariskmanagerandaprofessional,structuredandstandardizedriskmanagementsystem.Incontrasttothat,riskmanagementinSMEdiffersinthedegreeofimplementationandthetechniquesapplied.Jonen&

Simgen-WeberWithregardtofirmsizeandtheuseofriskmanagement.Beyer,Hachmeister&

Lampeniusobserveinastudyfrom201XthatincreasingfirmsizeamongSMEenhancestheuseofriskmanagement.Thisobservationmatcheswiththeopinionofnearly10%ofSME,whichareoftheopinion,thatriskmanagementisonlyreasonableinlargercorporations.Beyer,

Hachmeister&

LampeniusfindthatmostofthesurveyedSMEidentifyriskswithhelpofstatistics,checklists,creativityandscenarioanalyses.revealssimilarfindingsandstatethatmostcompaniesrelyonkeyfiguresystemsforidentifyingandevaluatingtheurgencyofbusinessrisks.Thatsmallfirmsfacehighercostsofhedgingthanlargercorporations.Thisfactisreducingthebenefitsfromhedgingandthereforeheadvisestoevaluatetheusageofhedgingforeachfirmindividually.ThelackingexpertisetodecideabouthedgesinSMEisalsoidentifiedbyEckbo,Accordingto

hisfindings,smallercompaniesoftenlacktheunderstandingandmanagementcapacitiesneededtousethoseinstruments.

METHODOLOGY

USEOFFINANCIALANALYSISINSMERISKMANAGEMENT

HowfinancialanalysiscanbeusedinSMEriskmanagement?

DevelopmentoffinancialriskoverviewforSME

Thefollowingsectionsshowthedevelopmentofthefinancialriskoverview.Afterpresentingtheframework,thedifferentratioswillbediscussedtofinallypresentaselectionofsuitableratiosandchooseappropriatecomparisondata.Frameworkforfinancialriskoverview

Theideaistouseasetofratiosinanoverviewasthebasisforthefinancialriskmanagement.

Thisprovidesevenmoreinformationthantheanalysisofhistoricaldataandallowsreactingfastoncriticaldevelopmentsandmanagingtheidentifiedrisks.Howevernotonlytheinternaldatacanbeusedfortheriskmanagement.Inadditiontothatalsotheinformationavailableinthepaperscanbeused.

Someofthemstateaveragevaluesforthedefaultedorbankruptcompaniesoneyearpriorbankruptcy-andfewpapersalsoforalongertimehorizon.Thosevaluescanbeusedasacomparisonvaluetoevaluatetherisksituationofthecompany.Forthisanappropriatesetofratioshastobechosen.

Theratios,whichwillbeincludedintheoverviewandanalysissheet,shouldfulfilltwomainrequirements.Firstofalltheyshouldmatchthemainfinancialrisksofthecompanyinordertodeliversignificantinformationandnotmissanimportant

riskfactor.Secondlytheratiosneedtoberelevantintwodifferentways.Ontheonehandtheyshouldbeapplicableindependentlyofotherratios.Thismeansthattheyalsodeliverusefulinformationwhennotusedinaregression,asitisappliedinmanyofthepapers.Ontheotherhandtobeappropriatetousethem,theratiosneedtoshowadifferentdevelopmentforhealthycompaniesthanforthoseunderfinancialdistress.Thedifferencebetweenthevaluesofthetwogroupsshouldbelargeenoughtoseeintowhichtheobservedcompanybelongs.

Evaluationofratiosforfinancialriskoverview

Whenchoosingratiosfromthedifferentcategories,itneedstobeevaluatedwhichonesarethemostappropriateones.Forthissomecomparisonvaluesareneededinordertoseewhethertheratiosshowdifferentvaluesanddevelopmentsforthetwogroupsofcompanies.Themostconvenientsourceforthecomparisonvaluesaretheresearchpapersastheirvaluesarebasedonlargesamplesofannualreportsandbyprovidingaveragevaluesoutweighoutliersinthedata.Altmanshowsatablewiththevaluesfor8differentratiosforthefiveyearspriorbankruptcyofwhichheuses5,whilePorporato&

Sandinuse13ratiosintheirmodelandOhlsonbaseshisevaluationon9figuresandratios[10].Khong,Ong&

YapandCerovac&

Ivicicalsoshowthedifferenceinratiosbetweenthetwogroups,howeveronlydirectlybeforebankruptcyandnotasadevelopmentovertime[9].Thereforethisinformationisnotasvaluableastheothers（[4][15]）.

Insummary,themaininternalfinancialrisksinaSMEshouldbecoveredbyfinancialstructure,liquidityandprofitabilityratios,whicharethemaincategoriesofratiosappliedintheresearchpapers.

Financialstructure

Aratiousedinmanyofthepapersisthetotaldebttototalassetsratio,analyzingthefinancialstructureofthecompany.NexttothepapersofAltman,OhlsonandPorporato&

SandinalsoKhong,Ong&

Ivicicshowcomparisonvaluesforthisratio.Thosedemonstrateahugedifferenceinsizebetweenthebankruptandnon-bankruptgroups.

Figure1:

Developmentoftotaldebt/totalassetsratio

Datasource:

Altman（1968）,Porporato&

Sandin（201X）andOhlson（1980）,author’sillustration

Thereforetheinformationoftotaldebt/totalassetsismorereliableandshouldratherbeusedfortheoverview.Theotherratiosanalyzingthefinancialstructureareonlyusedinoneofthepapersandexceptforonethereferencedataonlycoversthelastyearbeforebankruptcy.Thereforeatimetrendcannotbedetectedandtheirrelevancecannotbeapproved.

Costofdebt

Thecostsofdebtareanotheraspectofthefinancingrisk.Porporato&

Sandinusethevariableinterestpayments/EBITformeasuringthedebtcosts.Thevariableshowshowmuchoftheincomebeforetaxandinterestisspendtofinancethedebt.Thisvariablealsoshowsacleartrendwhenfirmsapproachbankruptcy.

Liquidity

Theratiousedinallfivepaperstomeasureliquidityisthecurrentratio,showingtherelationbetweencurrentliabilitiesandcurrentassets（withslightdifferencesinthedefinition）.Insteadofthecurrentratio,aliquidityratiosettingthedifferencebetweencurrentassetsandcurrentliabilities,alsodefinedasworkingcapital,intorelationwithtotalassetscouldbeused.

篇二：

民营企业财务风险文献综述及外文文献资料

本份文档包含：

关于该选题的外文文献、文献综述

一、外文文献

EvaluatingEnterpriseRiskManagement（ERM）;

BahrainFinancialSectorsasaCase

Study

Abstract

EnterpriseRiskManagement（ERM）isaprocessusedbyfirmstomanagerisksandseizeopportunitiesrelatedtotheachievementoftheirobjectives.ERMprovidesaproactiveframeworkforriskmanagement,whichtypicallyinvolvesidentifyingparticulareventsrelevanttotheorganization'

sobjectives,assessingthemandmagnitudeofimpact,determiningaresponsestrategy,andmonitoringprogress.ThisresearchmeasurestheawarenessofBahrainfinancialsectorofERMandifcompaniesmaintainaneffectiveERMframework.Theresultsshowsuccesssinceallcompaniesareawareof