2014年---外文翻譯--馬來西亞中小企業(yè)的優(yōu)勢(shì)和劣勢(shì)財(cái)務(wù)管理的視角

1、<p>　　2200單詞，12500英文字符，3600漢字</p><p>　　出處：Salikin N, Wahab N A, Muhammad I. Strengths and Weaknesses among Malaysian SMEs: Financial Management Perspectives ☆[J]. Procedia - Social and Behavioral Scienc

2、es, 2014, 129:334-340.</p><p>　　Strengths and Weaknesses among Malaysian SMEs: Financial Management Perspectives</p><p>　　Norasikin Salikin, Norailis Ab Wahab, Izlawanie Muhammad</p><

3、p><b>　　Abstract</b></p><p>　　In Malaysia, 97.3% of business establishments are comprised of small and medium enterprises (SMEs) which account for about 52.7% of total employment that is genera

4、ted in the country. Malaysian government through the Ministry of International Trade and Industry (MITI) and its agencies works hard on assisting SMEs through various activities to promote exposures on prudent financial

5、management. This paper aims to identify the financial strengths and weaknesses face by SMEs in helping those entities</p><p>　　Introduction</p><p>　　Small and medium enterprises (SMEs) play impo

6、rtant roles in Malaysian economy. Report of Malaysia Economic Census 2011 showed that there were 645,136 SMEs operating in Malaysia, representing 97.3 per cent of total business establishments. Furthermore, SMEs employed

7、 about 3.7 million out of a total of 7.0 million workers amounting 52.7 per cent of total employment in the country. With a total share of gross output reached 28.5 per cent in year 2011 as compared to only 22.2 per cent

8、 in year 2000 i</p><p>　　A considerable amount of literature has been published on the management issues of SMEs. On the other hand only few studies were focusing on the financial management, especially

9、in developing countries although it has been known that, financial management plays crucial function in business management. Report on case study conducted by Bank Negara Malaysia (2003) on SMEs, suggested that one of th

10、e key elements SMEs should adopt to survive for a long term, in a global environment is prudent fi</p><p>　　The aim of this paper is to identify the strengths and weaknesses face by Malaysian SMEs in term of

11、 financial management.</p><p>　　SMEs Definition in Malaysia</p><p>　　There is no solid meaning of SMEs as different countries are using different definition due to several demographic factors an

12、d characteristics including size, location, structure, age, number of employees, sales volume, ownership through innovation and technology (Zeinalnezhad et. al, 2011). Based on employees number and total turnover, Malays

13、ia adopts slightly similar definition as being use by United Kingdom, United States of America, Japan, China and Korea (Norailis, 2013).</p><p>　　Previously Malaysian SMEs were defined as firms with sales tu

14、rnover not exceeding RM25 million or employment not exceeding 150 workers for manufacturing and sales turnover not exceeding RM5 million or employment not exceeding 50 workers for services and other sectors. As the econo

15、my has change and the business trends are moving abroad. On 11th July 2013, Malaysian Prime Minister Datuk Seri Najib Tun Razak announced the new criteria of SMEs which will be effective on 1st January 2014. Table 1 sho&

16、lt;/p><p>　　Table 1. New classification of SMEs</p><p>　　SMEs CategoryMicroSmallMedium</p><p>　　Manufacturing</p><p>　　Services and other sectors</p><p>　　

17、Sales turnover of less than RM300,000 OR</p><p>　　employees of less than 5</p><p>　　Sales turnover of less than RM300,000 OR</p><p>　　employees of less than 5</p><p>　　

18、Sales turnover from RM300,000 to less than RM15mil OR employees from 5 to less than 75</p><p>　　Sales turnover from RM300,000 to less than RM3mil OR employees from 5 to less than 30</p><p>　　Sal

19、es turnover from RM15 mil not exceeding 50 mil OR employees from 75 to not exceeding 200 than 5</p><p>　　Sales turnover from RM3mil not exceeding 20 mil OR employees from 30 to not exceeding 5</p><

20、;p>　　The new definition is more comprehensive, covering all sectors of the economy including construction, as well as mining and quarrying sectors. It is expected to result in more firms being classified as SMEs to 98

21、.5 per cent (currently: 97.3 per cent), particularly from the services sector to</p><p>　　facilitate the country’s transformation to a high income nation through the initiatives under the SME Masterplan. In

22、year 2013, a total of 155 programmes have been planned for the implementation with a financial commitment of RM18.4 billion, expecting to benefit 467,838 SMEs.</p><p>　　With all the facilities provided by th

23、e government, SMEs should grab these opportunities to expand the businesses. However, the managers need to be equipped with latest knowledge and management skills to successfully manage their businesses in current busine

24、ss environment and stiff competition (Mohd. Amy Azhar, Harizal, & Hoe, 2010). In view of the fact that many entrepreneurs in Malaysia manage their business themselves without formal education background it lead to va

25、rious management problems </p><p>　　Financial Management of SMEs</p><p>　　Financial management is concerning with the creation and maintenance of economic value or wealth (Titman et.al, 2011).

26、It involves decisions to accumulate and preserve wealth of the business. Generally it covers the decision making process in several areas such as determining the source of finance and dividend policy, investment decisi

27、ons and working capital management. There is no big different between managing financial functions of big businesses or small businesses except that SMEs only </p><p>　　Comparative review on previous studie

28、s by Mohd Amy Azhar et al. (2010) suggested that financial management consist of six components; financial planning and control, financial accounting, financial analysis, management accounting, capital budgeting and work

29、ing capital management. The study also highlighted that the adoption of financial management tools among Malaysian SMEs were very low. Seeing that most SMEs practicing proper financial planning and control, financial ac

30、counting and working c</p><p>　　A small scale study by Agyei-Mensah (2011) concluded that the influence of fund providers and external accountants are the most dominant factors stimulate SMEs to adopt reaso

31、nable financial management. On the other hand, due to lack of internal accounting staff and high cost to hire qualified accountant, SMEs face difficulties to understand accounting record and practice sound financial mana

32、gement.</p><p>　　Methodology</p><p>　　Semi-structured interviews were conducted among thirty five SMEs that were willing to participate in this study. The process of data collection took almost

33、two months, due to the process of getting responses from the SMEs that were willing to participate in the study. The interview sessions were divided into two main sections. Section A was on demographic profile of the int

34、erviewees made up of various types of industries. This part asked for background information, which includes type of ownersh</p><p>　　Results and Discussions</p><p>　　There were thirty five SMEs

35、 that participated in the study and their profile as presented can be categorized as sole proprietorship, partnership and company which consisted several type of businesses as viewed in Table 2</p><p>　　Tabl

36、e 2. Profile of participated SMEs</p><p>　　As for age of SMEs, more than half of the participated SMEs were between 0 to 3 years (19.5%) and followed by 4 to 6 years (24.1%), 7 to 9 years (13.8%) and finally

37、 more than forty percent of the SMEs aged 10 years and above. A total of 74% were bootstrapped from their own savings or borrowing from friends and relatives for initial capital. From the total, 25.88% dared to bootstrap

38、ped for the amount less than RM5,000; RM20,001 and above (43.5%). However, merely seven per cent had their initial c</p><p>　　It is important to know the educational background of the business owners because

39、 it showed the extent of their willingness in accepting new knowledge through training, seminars and workshops. These events were managed mostly by agencies under Ministry of International Trade and Industry (MITI) such

40、as Pocket Talks by SME Corp., Domestic Investment activities by Malaysian Investment Development Authority (MIDA) and Innovative and Creative Circle (ICC) Convention by Malaysia Productivity Corporat</p><p>

41、　　Financial Strengths of SMEs</p><p>　　The overall response on the financial strengths of the business can be classified into several main aspects. The detail of the classification is summarise inTable 3. Of

42、 the thirty five respondents, only 28 per cent of the participants pinpointed their financial strengths. Perhaps the other 72 per cent of the participants did not have any financial strengths or unable to identify their

43、financial strengths due to lack of knowledge or education background.</p><p>　　Table 3. Responses on the financial strengths</p><p>　　The result showed 26 per cent of the responses indicated tha

44、t running the business using their own capital as their main financial strength. However SMEs need to bear in mind that in order to expand their business in the future, more capital is needed. Therefore it is advisable f

45、or them to use financing facilities provided by the financial institutions or government entities in helping them to have stronger financial capabilities to run the business in more competitive world. Another 17 per cent

46、</p><p>　　Financial Weaknesses of SMEs</p><p>　　Table 4.Responses on the financial weaknesses</p><p>　　In response to the financial weakness, more participants (33%) were able to id

47、entify their weakness, compared to their financial strengths (28%). 40 per cent of the responses stressed that the main aspect of financial weaknesses in running their businesses is capital insufficiency and followed by

48、incomplete accounting record (16%). Deterioration in financial performance is listed as the third aspects, with the response rate of 13 per cent and the difficulties in obtaining loan from financial ins</p><p&

49、gt;　　Conclusion</p><p>　　This study outlines the financial strengths and weaknesses of Malaysian SMEs. One of the most significant findings to emerge from this study is that, capital is the most critical fin

50、ancial component among SMEs. Running a business without any external capital (financing) shows the business is in a good financial condition. External financing may increase the risk of bankruptcy due to inability to se

51、ttle</p><p>　　the debt within agreed period. However, as the business keep growing, it is advisable for the SMEs to inject more capital to accommodate the expansion. Hiring appropriate staff may help SMEs in

52、 overcoming the constraints in applying for external financing through the preparation of proper accounting record and practicing prudent financial management.</p><p>　　Acknowledgements</p><p>　

53、　In particular, the author would like to thank Universiti Sains Islam Malaysia and SME Corporation Malaysia for opportunities given as well as for those who participated in this study.</p><p>　　馬來西亞中小企業(yè)的優(yōu)勢(shì)和劣

54、勢(shì)：財(cái)務(wù)管理的視角</p><p>　　諾瑟客琳.莎莉肯，諾瑞莉.瓦哈，愛羅涅.穆罕穆德</p><p><b>　　摘要</b></p><p>　　在馬來西亞，97.3%的企業(yè)機(jī)構(gòu)是中小企業(yè)（SME），這些中小企業(yè)占了整個(gè)國家就業(yè)人數(shù)的大概52.7%。馬來西亞政府通過國際貿(mào)易與工業(yè)部（MITI）和其下屬機(jī)構(gòu)通過各種活動(dòng)，努力幫助中小企業(yè)在謹(jǐn)

55、慎的財(cái)務(wù)管理上提高曝光率。本文想要明確SMEs面臨的財(cái)務(wù)優(yōu)勢(shì)和劣勢(shì)，從而幫助這些企業(yè)制定合適的財(cái)務(wù)管理計(jì)劃。對(duì)35個(gè)自愿參加的中小企業(yè)進(jìn)行了半結(jié)構(gòu)化訪談。研究發(fā)現(xiàn)，資金是中小企業(yè)優(yōu)勢(shì)和劣勢(shì)的關(guān)鍵因素。沒有任何外部的資金負(fù)擔(dān)能夠減少運(yùn)營的財(cái)務(wù)分先。對(duì)于管理者來說，也更容易沒有任何束縛的作出運(yùn)營決定，因?yàn)橘Y金提供者不會(huì)設(shè)置任何限制。研究也結(jié)識(shí)了資金不足時(shí)中小企業(yè)的至關(guān)重要的問題，這可能是因?yàn)楂@得外部資金存在困難。盡管我們應(yīng)該謹(jǐn)慎看待結(jié)果，但

56、是要想面對(duì)新的新商業(yè)挑戰(zhàn)和為了企業(yè)未來的生存考慮，財(cái)務(wù)管理就是至關(guān)重要的。</p><p><b>　　簡介</b></p><p>　　中小企業(yè)在馬來西亞經(jīng)濟(jì)中發(fā)揮著重要的作用。2011馬來西亞經(jīng)濟(jì)報(bào)告指出，馬來西亞有645136家中小企業(yè)，占企業(yè)總數(shù)的97.3%。而且，中小企業(yè)雇傭了700萬勞動(dòng)力中的370萬名，占國家所有勞動(dòng)力的52.7%。2011年總共占總產(chǎn)出

57、的28.5%，2000年只有22.2%，這也看出中小企業(yè)的作用越來越大。</p><p>　　關(guān)于中小企業(yè)管理問題的文獻(xiàn)已經(jīng)有很多了。但是另一方面，幾乎沒有文獻(xiàn)研究財(cái)務(wù)管理，特別是發(fā)展中國家的，盡管很多人知道財(cái)務(wù)管理在企業(yè)管理中發(fā)揮著重要的作用。馬來西亞中央銀行關(guān)于中小企業(yè)的研究報(bào)告（2003）指出，中小企業(yè)的關(guān)鍵因素之一是應(yīng)該在長期發(fā)展中生存下來，在全球財(cái)務(wù)緊縮的環(huán)境下。這將確保所有可用的商業(yè)資源能夠有效地使用

58、來提供最佳回報(bào)。</p><p>　　本文的目的是明確馬來西亞中小企業(yè)在財(cái)務(wù)管理方面面臨的優(yōu)勢(shì)和劣勢(shì)。</p><p>　　馬來西亞中小企業(yè)的定義</p><p>　　中小企業(yè)沒有固定的含義，因?yàn)椴煌膰叶x是不同的，由于包括規(guī)模、地點(diǎn)、結(jié)構(gòu)、年限、雇員數(shù)量、銷售規(guī)模、創(chuàng)新和技術(shù)產(chǎn)權(quán)等人口因素和特點(diǎn)。馬來西亞以雇員數(shù)量和總營業(yè)額為標(biāo)準(zhǔn)，采取了和英國、美國、日本、中

59、國和韓國類似的定義。</p><p>　　最初，馬來西亞中小企業(yè)是指總營業(yè)額不超過2.5億馬幣或是生產(chǎn)和銷售雇員數(shù)量不超過150個(gè)的、總營業(yè)額不超過5百萬馬幣或是服務(wù)和其他部門雇員數(shù)量不超過50個(gè)的企業(yè)。隨著經(jīng)濟(jì)形勢(shì)和改變和商業(yè)趨勢(shì)的全球化，2013年7月11日，馬來西亞總理Datuk Seri Najib Tun Razak宣布，新的中小企業(yè)標(biāo)準(zhǔn)將在2014年1月1日生效。</p><p&g

60、t;　　表1 是中小企業(yè)的新分類</p><p>　　新的定義更加的綜合化，涉及到了包括建筑業(yè)在內(nèi)的所有經(jīng)濟(jì)部門，也包括采礦和挖掘業(yè)。人們希望這可以使得更多的公司能夠被劃分為中小企業(yè)，使得比例達(dá)到98.5%，特別是從服務(wù)業(yè)到促使國家向高收入國家轉(zhuǎn)型，通過中小企業(yè)總體規(guī)劃的驅(qū)動(dòng)。2013年，實(shí)施了155個(gè)項(xiàng)目，財(cái)務(wù)貢獻(xiàn)達(dá)到了184億馬幣，惠及467838家中小企業(yè)。</p><p>　　隨著

61、政府提供的各種利好政策，中小企業(yè)應(yīng)該抓住這些機(jī)會(huì)來進(jìn)行擴(kuò)張。然而，管理者需要學(xué)習(xí)最新的知識(shí)和管理技能，以便能夠在當(dāng)前商業(yè)環(huán)境和激烈的競(jìng)爭(zhēng)中成功地管理自己的公司。許多馬來西亞公司都是自己管理，沒有具有專業(yè)背景的人才，基于這一事實(shí)，可能導(dǎo)致各種管理問題。最常見的問題就是財(cái)務(wù)管理問題。</p><p><b>　　中小企業(yè)的財(cái)務(wù)管理</b></p><p>　　財(cái)務(wù)管理是經(jīng)

62、濟(jì)或財(cái)富價(jià)值的創(chuàng)造和維護(hù)。涉及到增加和維持商業(yè)財(cái)產(chǎn)的決定。總的來說，涉及一些領(lǐng)域管理流程中的決定，像是決定財(cái)務(wù)的來源、股息分配方針、投資決定和動(dòng)態(tài)資金管理。在財(cái)務(wù)管理方面，大公司和小企業(yè)之間沒有很大的區(qū)別，除了中小企業(yè)只能決定資金預(yù)算和運(yùn)營資本，因?yàn)橹行∑髽I(yè)部支付股息。</p><p>　　Mohd Amy Azhar等人對(duì)于原來研究的比較觀察表明，財(cái)務(wù)管理包括六個(gè)方面：財(cái)務(wù)計(jì)劃和控制、財(cái)務(wù)會(huì)計(jì)、財(cái)務(wù)分析、管理會(huì)

63、計(jì)、資本預(yù)算和運(yùn)營資本。研究也強(qiáng)調(diào)，馬來西亞中小企業(yè)財(cái)務(wù)管理工具的使用率是很低的。表明，大多數(shù)中小企業(yè)在進(jìn)行合適的財(cái)務(wù)計(jì)劃和控制、財(cái)務(wù)會(huì)計(jì)和運(yùn)營資本管理，這些組成部分被看成是財(cái)務(wù)管理的核心要素。然而，另外三個(gè)要素被忽視了，被看成是財(cái)務(wù)管理的補(bǔ)充要素。</p><p>　　Agyei-Mensah實(shí)施的一個(gè)小規(guī)模研究表明，資金提供者和外部賬戶的影響是促使中小企業(yè)采取合適的財(cái)務(wù)管理的最重要的因素。另一方面，由于缺乏內(nèi)

64、部會(huì)計(jì)人員和資金去雇傭高質(zhì)量的會(huì)計(jì)，中小企業(yè)面臨理解會(huì)計(jì)賬戶和實(shí)施合適的財(cái)務(wù)管理的困難。</p><p><b>　　方法</b></p><p>　　半結(jié)構(gòu)性訪談在35個(gè)自愿參加的中小企業(yè)中實(shí)施。數(shù)據(jù)收集的過程花費(fèi)了兩個(gè)月，因?yàn)閺淖栽竻⒓拥闹行∑髽I(yè)中收集回復(fù)的過程。訪談被分為兩個(gè)主要部分。A部分是各行各業(yè)訪談人員的人口統(tǒng)計(jì)因素概況。這一部分是進(jìn)行背景信息訪談，包括雇

65、主類型、企業(yè)年限、創(chuàng)辦資本、資本來源、管理時(shí)間、雇員數(shù)量和老板的教育背景。中小企業(yè)涵蓋了各種企業(yè)大小和地理位置。 </p><p>　　同時(shí)，B部分主要關(guān)注財(cái)務(wù)管理活動(dòng)和相關(guān)實(shí)踐的問題。最初，為了理解回答者的行為，使用適用表來描述數(shù)據(jù)。然后，進(jìn)行更進(jìn)一步的分析：將參與的中小企業(yè)的關(guān)于優(yōu)勢(shì)和劣勢(shì)的回答進(jìn)行分類，量化結(jié)果。</p><p><b>　　結(jié)果和討論</b>

66、;</p><p>　　35個(gè)中小企業(yè)參加了研究，根據(jù)概況可以將它們分為獨(dú)資經(jīng)營和包含集中類型企業(yè)的合伙經(jīng)營，見表2.</p><p><b>　　表2.中小企業(yè)資料</b></p><p>　　從中小企業(yè)的經(jīng)營年限來看，一半以上參與公司是0-3年（19.5%），接下來是4-6年（24.1%），7-9年（13.8%），超過40%的企業(yè)是10年或

67、10年以上。74%的公司最初的資金來源是自己的存款，或是從親戚朋友借來的。25.88%少于5000馬幣，43.5%的為20001及以上馬幣。然而，不到7%的創(chuàng)業(yè)資金是來自商業(yè)銀行和政府支持，這種途徑的資金一半超過50000馬幣。令人驚訝的是，幾乎一半（49.5%）的創(chuàng)始人每天花9-12小時(shí)來管理公司。</p><p>　　了解創(chuàng)始人的教育背景也是很重要的，因?yàn)檫@顯示了他們?cè)敢馔ㄟ^培訓(xùn)、研討班獲得新知識(shí)的程度。這些

68、項(xiàng)目大多由貿(mào)易與工業(yè)部下面的機(jī)構(gòu)進(jìn)行管理，像是中小企業(yè)集團(tuán)口袋計(jì)劃，馬來西亞投資發(fā)展部門的國內(nèi)投資活動(dòng)，馬來西亞生產(chǎn)力公司的創(chuàng)意創(chuàng)新圈公約，政府鼓勵(lì)中小企業(yè)使用這些項(xiàng)目中獲得的技能和知識(shí)，使得它們能夠采用緊縮的財(cái)務(wù)管理。</p><p><b>　　中小企業(yè)的財(cái)務(wù)優(yōu)勢(shì)</b></p><p>　　企業(yè)的財(cái)務(wù)優(yōu)勢(shì)可以分為幾個(gè)方面。分類的細(xì)節(jié)詳見表3。在35個(gè)回答者中，只

69、有28%d的參與者能夠準(zhǔn)確指出他們的財(cái)務(wù)優(yōu)勢(shì)?；蛟S其他72%的參與者沒有財(cái)務(wù)優(yōu)勢(shì)或不能準(zhǔn)確定義他們的財(cái)務(wù)優(yōu)勢(shì)，因?yàn)槿鄙僦R(shí)或教育背景。</p><p><b>　　表3.金融優(yōu)勢(shì)分類</b></p><p>　　結(jié)果顯示26%的回答者指出，他們是使用他們自有資本作為主要的財(cái)務(wù)優(yōu)勢(shì)來經(jīng)營企業(yè)。然而，中小企業(yè)需要記住，為了將來擴(kuò)大生意，需要更多的資本。因此，我們建議，使用

70、金融機(jī)構(gòu)或政府企業(yè)提供的財(cái)務(wù)設(shè)施來幫助他們擁有更強(qiáng)大的財(cái)務(wù)能力，在更具有競(jìng)爭(zhēng)性的世界中經(jīng)營企業(yè)。另外17%的受訪者將財(cái)務(wù)穩(wěn)定性作為他們的財(cái)務(wù)優(yōu)勢(shì)，政府企業(yè)的支持、以現(xiàn)金制做生意和其他方面詳見5.1中小企業(yè)的財(cái)務(wù)劣勢(shì)</p><p>　　關(guān)于財(cái)務(wù)劣勢(shì)的回答，更多的參與則（33%）能夠確定他們的財(cái)務(wù)劣勢(shì)，和財(cái)務(wù)優(yōu)勢(shì)（28%）相比。40%的受訪者強(qiáng)調(diào)，財(cái)務(wù)劣勢(shì)的主要方面是資本短缺，隨后是不完整的會(huì)計(jì)記錄（16%）。財(cái)務(wù)

71、表現(xiàn)的惡化是第三個(gè)方面，有13%的受訪者，從金融機(jī)構(gòu)和政府機(jī)構(gòu)獲得貸款是第四個(gè)方面（11%）。對(duì)此的可能解釋是由于財(cái)務(wù)表現(xiàn)的問題和不完善的會(huì)計(jì)記錄，中小企業(yè)從任何機(jī)構(gòu)獲得貸款是困難的，這使得它們面臨有效運(yùn)營企業(yè)的資本短缺問題。表4中揭示的回答是高昂的運(yùn)營成本和收集問題。</p><p>　　表4 金融弱勢(shì)的表現(xiàn)</p><p><b>　　6、結(jié)論</b></p

72、><p>　　本文概述了馬來西亞中小企業(yè)的財(cái)務(wù)優(yōu)勢(shì)和劣勢(shì)。最重要的發(fā)現(xiàn)之一是，資本是中小企業(yè)最重要的財(cái)務(wù)問題。沒有任何外部資本來運(yùn)營一個(gè)企業(yè)表明企業(yè)處于良好的財(cái)務(wù)狀況。外部財(cái)務(wù)問題可能增加破產(chǎn)的危險(xiǎn)因?yàn)椴荒茉诩s定的期限內(nèi)償還債務(wù)。然而，隨著企業(yè)的持續(xù)發(fā)展，中小企業(yè)獲取更多的資本來適應(yīng)擴(kuò)張也是明智的。雇傭合適數(shù)量的雇員可能幫助中小企業(yè)戰(zhàn)勝束縛，這種束縛來自通過準(zhǔn)備合適的賬戶記錄申請(qǐng)外部資金以及采取緊縮的財(cái)務(wù)管理措施。&

73、lt;/p><p><b>　　答謝</b></p><p>　　我特別要感謝馬來西亞伊斯蘭理工大學(xué)和馬來西亞中小企業(yè)協(xié)會(huì)給我這個(gè)機(jī)會(huì)，也感謝參與此項(xiàng)研究的各位。</p><p>　　出處：諾瑟客琳.莎莉肯，諾瑞莉.瓦哈，愛羅涅.穆罕穆德. 馬來西亞中小企業(yè)的優(yōu)勢(shì)和劣勢(shì)：財(cái)務(wù)管理的視角[J].社會(huì)科學(xué)與行為科學(xué),2014,(129):334 - 3