management in small and mediumsized enterprises 战略财务管理的中小型企业 外文翻译学士学位论文.docx

management in small and mediumsized enterprises 战略财务管理的中小型企业 外文翻译学士学位论文.docx

《management in small and mediumsized enterprises 战略财务管理的中小型企业 外文翻译学士学位论文.docx》由会员分享，可在线阅读，更多相关《management in small and mediumsized enterprises 战略财务管理的中小型企业 外文翻译学士学位论文.docx（10页珍藏版）》请在冰豆网上搜索。

managementinsmallandmediumsizedenterprises战略财务管理的中小型企业外文翻译学士学位论文

StrategicFinancialManagementinSmallandMedium-SizedEnterprises

ZongshengLiu

EconomicTheoryandManagement.

Abstract

Alongwiththedevelopmentofsocialeconomyandtheprogressofscienceandtechnology,Chineseenterprisesarebeinginastagefilledwithopportunitiesanddangers.Thispaperintroducestheconnotationandsignificanceofstrategicfinancialmanagement,elaboratestheproblemsinthefinancialstrategiesconductedbysmallandmedium-sizedenterprisestogetherwiththecausesandproposessomecountermeasuresfinally.

Keywords:

Smallandmedium-sizedenterprises,Strategicfinancialmanagement,Problems,Countermeasures

Introduction

Theuncertaintyofanenterprise’sfinancialenvironmentfillsitsfinancialactivitieswithrisks.Inadditiontoopportunities,quitealotofdangersarisefromtimetotimeinitsfinancialmanagement.Therefore,ithasbecomethekeytothesuccessofanenterprise’sfinancialmanagementwhetheritcankeeptrackofthetrendsofchangesandabsorbewhatisusefulwhilerejectingwhatisharmful.Strategicmanagementideasaresignificantinenterprises’financialmanagementsincewemustmakeeffortstoanalyzeandgraspthegeneralenvironmentanddevelopmenttendencyofanenterpriseandthereforetoimprovetheadaptability,changeabilityandapplicabilityoffinancialmanagementtouncertainenvironment.Currently,over10,000,000smallandmedium-sizedenterpriseshavepassedtheindustrialandcommercialregistration,takingup90%ofthetotalenterprisesinChina.Accordingly,theirstrategicfinancialmanagementisofparticularimportance,whichisalsothetopicofthispaper.

1.ConnotationandMainContentsofStrategicFinancialManagement

Strategicfinancialmanagementreferstofinancialmanagementtheoriesaccordingtowhichfinancingshouldbeconductedinthemostproperway,thecollectedcapitalshouldbeutilizedandmanagedinthemosteffectivewayinenterprisesanddecisionsonthereinvestmentanddistributionofprofitsshouldbemademostreasonably.Accordingtoitsconnotation,wecansumupthethreemaincontentsofstrategicfinancialmanagement,includingfinancingstrategy,investmentstrategyandprofit-distributionstrategy.Detailsareasfollows:

Financingstrategy

Highlydevelopedmodernenterprisesarecharacterizedbysharpgrowthinsales.Whenfacedupwithsuchasituation,enterprisestendtohavegreatdemandsforcapitalsincestocksandreceivablesareincreasedaswell.Thegreaterthetensionofsalesgrowthis,thegreatercapitaldemandswillbe.Therefore,financingstrategyisofsignificanceinstrategicfinancialmanagement.Thefunctionsoffinancingstrategylieinclarifyingtheguidelinesforfinancing,layingdownfinancingobjectives,establishingtheoverallscale,channelsandmethodsoffinancing,arrangingstrategicschemesofcapitalstructureoptimization,layingdownrelevantcountermeasuresinordertoachievethefinancingobjectives,andfinallypredictingandcollectingtheamountofcapitaltheenterpriseneeds.

2.ProblemsinStrategicFinancialManagementofSmallandMedium-SizedEnterprisesinChina

Currently,somecommonproblemsinclude:

2.1LackinginScientificandStandardizedFinancialStrategies

Quiteafewenterprisesarepursuingonlyalargescale,orpurchasingalargeamountoflandwhileneglectingassetstructureallocation,orhavingnoreasonablearrangementforitscapital.Theyhavenofinancialstrategiesatall,nottomentiontheirimplementation.Asforsomeothers,theeffectoftheirstrategicfinancialmanagementisgreatlyaffectedduetotheirunscientificandirregularstrategies,whicharecharacterizedbythefollowingfeatures:

first,theirstrategicfinancialaimsdepartfromtheirenterprises’overallones;second,financialstrategiesareregardedequaltofinancialplans,henceneglectingthecomprehensivenessoffinancialstrategies;third,financialstrategiesarenotmadebasedontheirenterprises’long-termgoalsandthereforehavegreatrandomness.

2.2NeglectingStrategicEnvironmentAnalysisandHavingUnreasonableStrategicFinancialGoals

Strategicenvironmentanalysisisboththefoundationoffinancialstrategiesandtheguaranteeforitsimplementation.Itincludesinternalandexternalenvironmentanalysiswiththeformerbeingtheinternalfoundationandimplementationbasisfortheestablishmentoffinancialstrategies.Atpresent,quitealotofsmallandmediumenterpriseshaven’trealizedtheimportanceofstrategicenvironmentfortheestablishmentandimplementationoffinancialstrategiesandaccordinglyfailedtohaveproperanalysisontheirstrategicfinancialenvironmentespeciallyitsinternalenvironment.

Asaresult,theirunpracticalandunreasonablestrategieshaverestrictedtheeffectiveimplementationoftheirfinancialstrategies.

2.3LesseningtheRoleofBudgetinginStrategicFinancialImplementation

Budgetingmainlyexertsitsroleinstrategicfinancialimplementationintwoaspects.First,itfurtherclarifiesandspecifiesstrategicfinancialideassoastobeunderstoodandconductedbyallthestaff.Budgetingcanhelptodividestrategicgoalsintoeverysectionofanenterpriseandeveneveryemployee.Inaddition,whenimplementingataskjointly,allsectionsanallemployeeswillhavebettercooperationandcommunicationwitheachother.Second,budgetingalsoprovidesastandardforanenterprise’sdailyoperationandperformance.Withaquantitativefinancialgoalsetinbudget,theactualimplementationcanbecomparedwiththebudgettorevealthedisparitybetweenthegoalandtherealityandtakeeffectivecountermeasures.Now,mostsmallandmediumenterprisesinChinahavenosystematicandcompletebudgetsystemmadeupofsalesbudget,productioncostbudget,generalindirectcostbudget,lossandexpensebudgeandcashbudgetandsoon.Evenifsomehavesuchasystem,itsshortageofcarefulbudgetingandstrictimplementationalsolessenstheroleofbudgetingaswellastheimplementationoffinancialstrategies.

2.4ProblemsinEnterprises’FinancialManagement

Now,someproblemsinsmallandmediumenterprises’financialmanagementhavealsorestrictedtheestablishmentandimplementationoftheirfinancialstrategies.Somemainproblemsareasfollows.

①Obsoleteideas,uncleardutydivisionanddisorderedmanagement.Enterpriseshavenoideaof“corporatemanagementshouldbebasedonfinancialmanagementandfinancialmanagementshouldcenteroncapitalmanagement;entrepreneursandfinancialstaff’slackofscientificandadvancedfinancialideasincludingtimevalue,riskvalue,marginalcost,opportunitycostandinsufficientknowledgeaboutfinancialmanagementtheoriesandmethodshaveresultedinuncleardutydivision,disorderedmanagement,ineffectivemonitor,falseaccountinginformationandsoon.

②Difficultfinancing,mainlymanifestedininsufficientchannelsandscalesoffinancingchannelsaswellasdisorderedfinancingorders.Currently,mostsmallandmediumenterprisesarefacedwithgreatdifficultyingainingshort-termloans,nottomentionlong-termones.81%ofallenterpriseshavenoenoughcurrentfundsfortheiroperation.

Thelongertheperiodsofloansare,thelessmoneytheycanreallyutilizefromtheirloans.Asisshowninasurvey,60.5%enterpriseshavenoaccesstolong-termloans,amongthosewhocanreallygetsuchloans,16%enterprises’demandsarefullyfulfilled,52.7%arepartiallyfulfilled31.2%arenotfulfilled.（Huang,2008）

3.CausesoftheProblemsinStrategicFinancialManagementofSmallandMedium-SizedChineseEnterprises

Atpresent,mostsmallandmediumenterprisesespeciallythoseprivateonesemployhighlyunificationofownershipandmanagementrightsinwhichtheinvestoristhemanagerwhosepowercannotberestrictedinanycase.Havingnocleardivisionofdutiesandstrictregulations,thesemanagersdon’tembodyfinancialmanagementintoaneffectivecorporatemanagementsystem,nottomentionregardingfinancialstrategiesasasignificantpartoftheenterprise’soverallstrategies,hencelesseningtheirsignificanceandfunction.Thesemanagersdon’tbelieveinstrategybutgoodluck,notsystembuttiesofblood,notproceduresbuttacklingkeypoints,notmanagementbuttechnologyandmarket.

Especiallyforthoseenterprisesventuringoutofniches,unfavorableenvironmentisthechiefoffender.

Inaddition,managers’poorqualityisalsoanimportantcauseforthefailureoffinancialstrategies.ItiswellknownthatmostmanagersinsmallandmediumChineseenterpriseshavepoorcomprehensivequality,insufficientmanagementexperiencesandlowefficiencybecausetheyhaven’tgonethroughanysystematiclearningofmanagementtheoriesandspecialprofessionaltraining.Therefore,theyarenotabletohavereasonablepredictions,decisions,budgets,control,analysisandevaluationbasedontheirowncharacteristicsandthemarket,tohaveanalysisonfinancialenvironmentandlaydownapplicableandfeasiblestrategiesforfinancing,investmentaswellasprofitdistributionortofullyrealizetheimportanceoffinancialbudgetingandthereforetohaveeffectivecontroloveritsimplementationinordertoservetheoverallgoalsoftheirenterprises’developmentstrategiesinabetterway.

4CreatingFavorableStrategicEnvironmentandEmphasizingEnvironmentalAnalysis

Forsmallandmediumenterprises,theirstrategicenvironmenthasimpactonnotonlytheirfinancingbuttheestablishmentandimplementationoftheirfinancialstrategies.Therefore,itisofgreatimportancetocreatefavorablestrategicenvironmentandemphasizeenvironmentalanalysis.