會計學(xué)外文翻譯--中小型企業(yè)的戰(zhàn)略財務(wù)管理

1、<p><b>　　畢業(yè)設(shè)計（論文）</b></p><p><b>　　外文翻譯</b></p><p>　　題 目 中小型企業(yè)的戰(zhàn)略財務(wù)</p><p>　　管理 </p><p>　　學(xué) 院 會計學(xué) </p>

2、<p>　　專 業(yè) 會計學(xué) </p><p>　　學(xué) 生 </p><p>　　學(xué) 號 </p><p>　　指導(dǎo)教師 </p><p><b>　　大學(xué)</b></p><p>&

3、lt;b>　　2013年</b></p><p>　　中小型企業(yè)的戰(zhàn)略財務(wù)管理</p><p><b>　　摘 要</b></p><p>　　隨著社會經(jīng)濟的發(fā)展和科學(xué)技術(shù)的進步,中國的企業(yè)處于一個充滿機會和危險的階段。本文介紹了中小型企業(yè)戰(zhàn)略財務(wù)管理的意義和存在的問題,并闡述了出現(xiàn)問題的原因,最后提出了一些對策。</

4、p><p>　　關(guān)鍵詞：中小企業(yè)，戰(zhàn)略財務(wù)管理，問題，對策</p><p>　　財務(wù)環(huán)境決定了一個企業(yè)的金融活動充滿不確定性風(fēng)險。財務(wù)管理除了帶來機會,還有許多的危險。因此,它已經(jīng)成為了成功的關(guān)鍵，一個企業(yè)的財務(wù)管理是否能跟隨趨勢的變化，分析什么是有用的，并應(yīng)拒絕接受什么是有害的。戰(zhàn)略管理思想在企業(yè)的財務(wù)管理中是非常重要的,因為我們必須努力去分析和把握一般環(huán)境和發(fā)展一個企業(yè)的發(fā)展趨勢,從而提高

5、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, 已有超過10,000,000中小型企業(yè)通過了工商業(yè)登記，占中國企業(yè)總數(shù)的90％。因此，他們的戰(zhàn)略財務(wù)管理是特別重要的，這也是本文的話題。</p><p><b>　　1 簡介 </b></p><p>　　戰(zhàn)略財務(wù)管理是指根據(jù)財務(wù)管理理論應(yīng)在最適當(dāng)?shù)姆绞竭M行融資，募集資金使用和管理應(yīng)作出最合理最有效的方式在企

6、業(yè)和再投資和利潤分配的決定。根據(jù)其內(nèi)涵，我們可以歸納出三個主要的戰(zhàn)略財務(wù)管理的內(nèi)容，包括融資戰(zhàn)略，投資策略及利潤分配策略。詳情如下：</p><p><b>　　融資策略</b></p><p>　　高度發(fā)達(dá)的現(xiàn)代企業(yè)具有的銷售急劇增長的特點。當(dāng)面對這樣一種局勢, 企業(yè)往往有很大的資金需求，以及由于存貨及應(yīng)收款項增加。銷售增長的張力越大,資本要求越大。因此, 戰(zhàn)略管理

7、財務(wù)在融資策略中具有十分重要的意義。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。</p><p><b>　　投資策略</b></p><p>　　作為戰(zhàn)略財務(wù)管理的核心，這個戰(zhàn)略決定企業(yè)是否可以在一個合理和有效的方式或不

8、調(diào)配其資金和資源。投資策略涉及確認(rèn)固定資產(chǎn)，企業(yè)規(guī)模和資本規(guī)模，對外擴張或內(nèi)部擴張，改革舊的產(chǎn)品或開發(fā)新的，獨立或聯(lián)合行動的相關(guān)投資選擇的投資方向，投資與自我資金或貸款，并決定對固定資產(chǎn)和流動資產(chǎn)，投資策略與風(fēng)險和那些在通脹之間的比例。</p><p><b>　　利潤分配決策策略</b></p><p>　　這個策略,包括管理資本收益和設(shè)立股份獎金分配制度, 主要涉

9、及企業(yè)放在一邊，從長遠(yuǎn)來看再現(xiàn)擴大規(guī)模的比例，改善員工的福利，他們的生活水平。利潤分配策略的目的是滿足需求的發(fā)展和提高企業(yè)核心競爭力的基礎(chǔ)上有關(guān)投資戰(zhàn)略和融資戰(zhàn)略中的股本。同時，實施這一戰(zhàn)略時，企業(yè)有望建立人才為本的分配政策，探索有效的方法來應(yīng)用這些重要的元素，如知識，技術(shù)，專利和管理利潤分配當(dāng)然。</p><p>　　2 我國中小企業(yè)戰(zhàn)略財務(wù)管理的問題</p><p>　　目前,一些常

10、見的問題包括：</p><p>　　2.1 缺乏科學(xué)規(guī)范的財務(wù)策略</p><p>　　不少企業(yè)只追求有一個大的規(guī)模,或購買大量的土地而忽略資產(chǎn)結(jié)構(gòu)配置,或沒有合理安排其資本。他們?nèi)狈ω攧?wù)策略,更別去提到實施。至于其他的影響,分析了其戰(zhàn)略財務(wù)管理，最大的影響是由于他們不科學(xué)和不規(guī)范的策略,具有以下特點:第一,他們的戰(zhàn)略企業(yè)財務(wù)目標(biāo)的總體離開他們的財務(wù)策略;第二,被認(rèn)為相當(dāng)于金融計劃,因此

11、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),因此有很大的隨機性。</p><p>　　2.2 忽視戰(zhàn)略環(huán)境分析,并有不合理的戰(zhàn)略性的財務(wù)目標(biāo)</p><p>　　戰(zhàn)略環(huán)境分析既是財務(wù)策略的基礎(chǔ),也是保障實施。它包括內(nèi)部和外部環(huán)境分析與前者的存在內(nèi)部基礎(chǔ)和實施依據(jù)建立的財務(wù)策略。目前,很多中小企業(yè)沒有實現(xiàn)戰(zhàn)略環(huán)境的重要性,建立和推行的金融戰(zhàn)略和因此未能有適當(dāng)?shù)姆治?特

12、別是其戰(zhàn)略金融環(huán)境的內(nèi)部環(huán)境。作為結(jié)果,它們不現(xiàn)實的和不合理的策略限制了他們的財政策略有效實施。</p><p>　　2.3 缺少戰(zhàn)略性的財務(wù)預(yù)算執(zhí)行</p><p>　　預(yù)算主要體現(xiàn)在兩個方面發(fā)揮其作用，在戰(zhàn)略財務(wù)執(zhí)行。首先，它進一步澄清，并指定金融戰(zhàn)略的想法，以便理解和全體員工進行。預(yù)算可以幫助將戰(zhàn)略目標(biāo)轉(zhuǎn)化為企業(yè)的每一個部分，甚至每一位員工。此外，共同執(zhí)行任務(wù)時，所有區(qū)域的所有員工

13、將有更好的合作和相互溝通。其次，預(yù)算也為企業(yè)的日常操作和性能提供了一個標(biāo)準(zhǔn)。一個定量的財務(wù)預(yù)算目標(biāo)，實際執(zhí)行可與預(yù)算揭示的目標(biāo)和現(xiàn)實之間的差距，并采取有效的對策?，F(xiàn)在，大多數(shù)中小型企業(yè)在中國有沒有系統(tǒng)，完整的預(yù)算由銷售預(yù)算，生產(chǎn)成本預(yù)算，一般間接費用預(yù)算，損失及開支預(yù)算和現(xiàn)金預(yù)算等系統(tǒng)。即使一些有這樣的系統(tǒng)，它的短缺的精打細(xì)算并嚴(yán)格執(zhí)行也減少預(yù)算以及實施財務(wù)戰(zhàn)略的作用。</p><p>　　2.4 企業(yè)的財務(wù)管

14、理中存在的問題</p><p>　　現(xiàn)在，一些中小型企業(yè)財務(wù)管理中的問題也制約了其金融戰(zhàn)略的建立和實施。一些主要問題如下。</p><p>　　過時的想法,不清楚職責(zé)分工和混亂的管理。企業(yè)不知道企業(yè)管理應(yīng)以財務(wù)管理為基礎(chǔ),并應(yīng)在財務(wù)管理中心資本管理;企業(yè)家和財務(wù)人員的缺乏科學(xué)的、先進的財務(wù)觀念包括時間值、風(fēng)險價值,邊際成本、機會成本和認(rèn)識不足有關(guān)經(jīng)濟管理的理論和方法導(dǎo)致職責(zé)分工不明,混亂的

15、管理,無能的監(jiān)控、虛假會計信息等。</p><p>　　大量財務(wù)計算,包括簡化會計程序,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。</p><p>　　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。

16、81%的企業(yè)沒有足夠的流動資金等。貸款期的時間越長，他們從他們的貸款真的可以利用更少的錢。在一項調(diào)查中顯示，60.5％的企業(yè)有沒有獲得長期貸款，在那些誰能夠真正得到這樣的貸款，16％的企業(yè)的需求得到充分滿足，部分達(dá)成52.7％，31.2％沒有達(dá)成（黃，2008年）。</p><p>　　糟糕的財務(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

17、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)都有一個股票的周轉(zhuǎn)資金的兩倍多,導(dǎo)致失敗,在資金周轉(zhuǎn)。第四,太多的注意力被放在錢而不是性質(zhì),造成嚴(yán)重浪費的資產(chǎn)。事實上,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)浪費結(jié)果是相當(dāng)嚴(yán)重的。</p><p>　　3 中小型

18、的中國企業(yè)的戰(zhàn)略財務(wù)管理產(chǎn)生這些問題的原因</p><p>　　3.1 僵硬的管理模式、管理理念落后、管理者的質(zhì)量較差</p><p>　　目前,大多數(shù)中小企業(yè)特別是那些私人的高度統(tǒng)一使用所有權(quán)的文件管理權(quán)利,投資者就是經(jīng)理,他的權(quán)力不只局限于任何情況。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)成一個有效的財務(wù)管理公司管理體系,更不用說財務(wù)策略對于企業(yè)的一個重要組成部分總體策略,從而

19、減輕其意義和功能。這些管理者不相信戰(zhàn)略但是很好運氣,而血脈不系統(tǒng),解決關(guān)鍵的手續(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,不宜環(huán)境是主要侵犯者。</p><p>　　此外,管理者的質(zhì)量差也是一個重要的失敗原因的財務(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)驗和效率較低,因為他們沒有經(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

20、析和評價相結(jié)合自身特點和市場,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現(xiàn)財政預(yù)算的重要性,所以實施有效控制以服務(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。</p><p>　　3.2 缺乏獨立的多種渠道的融資體系</p><p>　　多變的市場、經(jīng)營風(fēng)險較大,所以財務(wù)指標(biāo)造成大量的債務(wù)和高融資成本,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

21、程、非財務(wù)報告,以及信息不對稱,從而使實現(xiàn)融資困難的目標(biāo)。</p><p>　　從融資體系的角度看，這些企業(yè)缺乏獨立融資體系多元化的渠道已大大限制了其融資策略。首先，有沒有國家機構(gòu)或協(xié)助中小型企業(yè)的優(yōu)惠政策，與他們的管理層，導(dǎo)致其不利的融資情況。其次，由于這些企業(yè)的私人性質(zhì)，一些銀行貸款的剛性需求，因為一些傳統(tǒng)觀念和行政干預(yù)。第三，有沒有足夠多的金融機構(gòu)和貸款擔(dān)保機構(gòu)，專門為中小型企業(yè)服務(wù)。第四，大多數(shù)中小企業(yè)沒

22、有直接融資的權(quán)限，也不能發(fā)行股票或債券。主板市場是無法和第二板市場是有風(fēng)險的。</p><p>　　3.3 投資能力差，缺乏可行性研究</p><p>　　中小企業(yè)注冊資本不足,有限的經(jīng)營資本,于是窮人投資的能力只關(guān)注短期目標(biāo)收回投資,他們不得不依靠簡單再生產(chǎn)來代替擴張的一個。此外,無任何特殊機構(gòu)市場分析、投資活動的人根據(jù)他們的觀念,因此無法預(yù)測未來。這些決策者通常不能有一個總體的把握市

23、場經(jīng)濟的特點、原則或繼續(xù)合理的經(jīng)濟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展戰(zhàn)略,如何選擇融資渠道及結(jié)構(gòu),如何建立一個新的投資方向等等。所有這些極大地影響的制定和實施企業(yè)戰(zhàn)略的財務(wù)目標(biāo)。</p><p>　　3.4 不完整的內(nèi)部控制制度導(dǎo)致無效的控制</p><p>　　不完整的內(nèi)部控制體系通常存在于中小型企業(yè)，這是深刻地體現(xiàn)在沒有或只是不完

24、整的內(nèi)部控制制度，因此從制度上不能有效地約束自己的經(jīng)濟行為。很多企業(yè)沒有內(nèi)部審計部門，以保證他們的金融體系嚴(yán)格執(zhí)行。即使一些建立這樣一個部門，缺乏獨立性，可能導(dǎo)致內(nèi)部控制執(zhí)行不力。因此，財務(wù)管理以及財務(wù)策略會受到很大的影響。</p><p>　　4 我國中小企業(yè)的對策</p><p>　　針對上述問題,在當(dāng)前中小型中國企業(yè)的主要原因是他們的內(nèi)部原因和外部環(huán)境的影響。因此,應(yīng)采取一些有效的

25、措施從以下幾個方面。</p><p>　　4.1 建立正確的財務(wù)目標(biāo)與企業(yè)的戰(zhàn)略意義</p><p>　　一個企業(yè)的財務(wù)目標(biāo)不僅是它的努力的方向,而且有效的標(biāo)準(zhǔn)衡量其財務(wù)決策是對還是錯。適當(dāng)?shù)哪繕?biāo)是非常有益的一個企業(yè)的總體戰(zhàn)略目標(biāo)的實現(xiàn)。生存、盈利和發(fā)展的基本目標(biāo)是任何企業(yè),企業(yè)價值最大化應(yīng)被看作是財務(wù)目標(biāo)。引導(dǎo)實現(xiàn)這個目標(biāo),將建立企業(yè)財務(wù)管理的中心地位,在整個企業(yè)管理首先,強調(diào)管理的融

26、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,完全實現(xiàn)了戰(zhàn)略管理在企業(yè)的發(fā)展和重要作用進行財務(wù)策略。因此,它是前提的實施財務(wù)策略,建立了牢固的戰(zhàn)略意義。此外,一些現(xiàn)代管理理念,必須制定相關(guān)等風(fēng)險,時間價值、現(xiàn)金流量、

27、知識效益與人才的價值。</p><p>　　4.2 采用預(yù)算控制,保證財務(wù)策略的有效實施</p><p>　　預(yù)算控制是保證財務(wù)目標(biāo)轉(zhuǎn)換成具體的行動計劃和實施關(guān)鍵點。首先，應(yīng)編制各種財務(wù)預(yù)算，包括銷售，生產(chǎn)成本，一般間接費用，資本性支出，損失和現(xiàn)金，在一個科學(xué)，合理的財務(wù)戰(zhàn)略和財務(wù)預(yù)測的基礎(chǔ)上。在編制預(yù)算時，應(yīng)根據(jù)銷售預(yù)測，預(yù)先計算可能在未來的銷售期間的銷售，然后對生產(chǎn)成本和一般間接費用

28、后，創(chuàng)建損耗預(yù)算根據(jù)相關(guān)銷售預(yù)算和成本預(yù)算的編列預(yù)算根據(jù)預(yù)算資本開支及虧損以及現(xiàn)金預(yù)算。接下來，預(yù)算指標(biāo)可以解體，被分配到每一個節(jié)或個人，明確責(zé)任和義務(wù)，責(zé)任意識和熱情，可以鼓勵。第三，預(yù)算應(yīng)遵循嚴(yán)格的財務(wù)戰(zhàn)略的實施也不例外。最后，應(yīng)根據(jù)戰(zhàn)略環(huán)境的變化和新的發(fā)展戰(zhàn)略的要求做一些調(diào)整。</p><p>　　4.3 創(chuàng)造良好的戰(zhàn)略環(huán)境,并強調(diào)環(huán)境分析</p><p>　　為中小企業(yè)的戰(zhàn)略環(huán)境

29、不僅影響其融資但堅固和實施他們的財政策略。因此,它是很重要的營造良好的戰(zhàn)略環(huán)境和強調(diào)環(huán)境的分析。</p><p>　　盡管一系列的國家政策，鼓勵，引導(dǎo)和支持中小型企業(yè)在中國的發(fā)展，為他們的發(fā)展需要內(nèi)部和外部環(huán)境將大大改善。因此，中國應(yīng)該做出更多的努力發(fā)展本地小型或中型規(guī)模的銀行和金融代理，建立金融體系，有利于這些企業(yè)的發(fā)展，建立完善有效的貸款擔(dān)保體系，幫助這些企業(yè)，提供機會他們發(fā)行的股票或債券，擴大直接融資渠道，

30、鼓勵發(fā)展風(fēng)險投資，促進企業(yè)專門在高，新技術(shù)的發(fā)展，通過完善的機構(gòu)和組織建設(shè)，加強對這些企業(yè)的支持，財務(wù)代理，設(shè)立基金，以支持其發(fā)展。對于企業(yè)自行提供，他們應(yīng)該嘗試提高自己的素質(zhì)，加強他們的信用觀念，提高他們的信用，以及創(chuàng)造良好的信用環(huán)境。</p><p>　　總之,政府、社會、企業(yè)的共同努力,應(yīng)該依靠營造良好的金融環(huán)境,這些中小企業(yè)。此外,這些企業(yè)也應(yīng)該充分意識到環(huán)境的重要性,為他們的財務(wù)策略嘗試建立科學(xué)、合理、

31、可行的戰(zhàn)略目標(biāo),并保障其有效實施進一步加強環(huán)境分析和改進他們的決策能力。</p><p>　　4.4 建立金融危機預(yù)警系統(tǒng)，有效控制財務(wù)風(fēng)險</p><p>　　融危機預(yù)警系統(tǒng)是一個非常重要的手段去控制財務(wù)風(fēng)險,實現(xiàn)戰(zhàn)略財務(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)和從業(yè)人員預(yù)警模型, 通過這樣一個系統(tǒng)，為企業(yè)提供信號，幫助他們采取有效的預(yù)防措施

32、，以避免金融危機。</p><p>　　關(guān)鍵是要解決預(yù)警指標(biāo)和限制在建立預(yù)警系統(tǒng)。這些指標(biāo)預(yù)先警報的主要涉及現(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。主要有兩個模式:單變量或多變量的模型。企業(yè)應(yīng)該根據(jù)自身不同的條件建立自己的預(yù)警系統(tǒng)，以現(xiàn)實控制財務(wù)風(fēng)險。</p><p><b>　　5 結(jié)論</b></p><p>

33、;　　綜上所述,涉及到企業(yè)的外部條件和內(nèi)部條件時,要充分考慮他們建立自己的財務(wù)策略。由于他們的不同特點,中小企業(yè)必須建立自己的財務(wù)管理策略，而不能模仿大型企業(yè)。</p><p>　　文獻來源：劉宗勝, 中小型企業(yè)的戰(zhàn)略財務(wù)管理[J].國際商業(yè)與管理雜志.2010.2</p><p>　　Literature sources:Zongsheng Liu.Strategic Financial

34、 Management in Small and Medium-SizedEnterprises[J]. International Journal of Business and Management.2010.2</p><p>　　Strategic Financial Management in Small and Medium-Sized Enterprises</p><p>

35、　　Zongsheng Liu</p><p>　　February 2010</p><p>　　Abstract: Along with the development of social economy and the progress of science and technology, Chinese enterprises are being in a stage filled

36、 with opportunities and dangers. This paper introduces the connotation and significance of strategic financial management, elaborates the problems in the financial strategies conducted by small and medium-sized enterpris

37、es together with the causes and proposes some countermeasures finally.</p><p>　　Keywords: Small and medium-sized enterprises, Strategic financial management, Problems, Countermeasures</p><p>　　T

38、he uncertainty of an enterprise’s financial environment 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 h

39、as become thkey to the success of an enterprise’s financial management whether it can keep track of the trends of changes and absorbe what is useful while rejecting what is harmful. Strategic management ideas are signifi

40、cant in enterprises’ financial management since we must mak</p><p>　　1 Introduction</p><p>　　Strategic financial management refers to financial management theories according to which financing s

41、hould be conducted in the most proper way, the collected capital should be utilized and managed in the most effective way in enterprises and decisions on the reinvestment and distribution of profits should be made most r

42、easonably. According to its connotation, we can sum up the three main contents of strategic financial management, including financing strategy, investment strategy and profit-dist</p><p>　　Financing strategy

43、</p><p>　　Highly 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

44、are increased as well. The greater the tension of sales growth is, the greater capital demands will be. Therefore, financing strategy is of significance in strategic financial management. The functions of financing strat

45、egy lie in clarifying the guidelines for financing, laying down financing objective</p><p>　　Investment strategy</p><p>　　As the core of strategic financial management, this strategy determines

46、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 capita

47、l scale, the investment choices related to external expansion or internal expansion, the reform of old products or the development of new ones, independent or joint operation, investment with self-capital or </p>

48、<p>　　Profit-distribution strategy</p><p>　　This strategy, including the management of capital gains and the establishment of stock bonus distribution, mainly deals with the proportion an enterprise put

49、s aside in a long run for reproduction on an expanded scale, improvement of employees’ welfare and their living standards. Profit-distribution strategy is intended to satisfy the demands for equity capital in the develop

50、ment and improvement of enterprises’ core competitiveness based on relevant investment strategy and financing strategy. Me</p><p>　　2 Problems in Strategic Financial Management of Small and Medium-Sized Ente

51、rprises in China</p><p>　　Currently, some common problems include:</p><p>　　2.1 Lacking in Scientific and Standardized Financial Strategies</p><p>　　Quite a few enterprises are purs

52、uing 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 strategies at all, not to mention the

53、ir 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,

54、their strategic financial ai</p><p>　　2.2 Neglecting Strategic Environment Analysis and Having Unreasonable Strategic Financial Goals</p><p>　　Strategic environment analysis is both the foundati

55、on of financial strategies and the guarantee for its implementation. It includes internal and external environment analysis with the former being the internal foundation and implementation basis for the establishment of

56、financial strategies. At present, quite a lot of small and medium enterprises haven’t realized the importance of strategic environment for the establishment and implementation of financial strategies and accordingly fail

57、ed to hav</p><p>　　2.3 Lessening the Role of Budgeting in Strategic Financial Implementation</p><p>　　Budgeting mainly exerts its role in strategic financial implementation in two aspects. First

58、, 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 section of an enterprise and even every employ

59、ee. In addition, 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 </p><p>　　2.4 Probl

60、ems in Enterprises’ Financial Management</p><p>　　Now, some problems in small and medium enterprises’ financial management have also restricted the establishment and implementation of their financial strateg

61、ies. Some main problems are as follows.</p><p>　　Obsolete ideas, unclear duty division and disordered management. Enterprises have no idea of “corporatemanagement should be based on financial management and

62、financial management should center on capital management; entrepreneurs and financial staff’s lack of scientific and advanced financial ideas including time value, risk value, marginal cost, opportunity cost and insuffic

63、ient knowledge about financial management theories and methods have resulted in unclear duty division, disordered manageme</p><p>　　Extensive financial calculation, including simplifying accounting procedure

64、s at will, keeping additional accounts in addition to the authorized one, adopting irregular check of properties and cash, having no regular check of their bank deposits, claims and debts which cause their accounts incon

65、sistent with items or funds, blindly promising bonuses and evading taxes by distributing bonuses before paying taxes.</p><p>　　Difficult financing, mainly manifested in insufficient channels and scales of fi

66、nancing channels as well as disordered financing orders. Currently, most small and medium enterprises are faced with great difficulty in gaining short-term loans, not to mention long-term ones. 81% of all enterprises hav

67、e no enough current funds for their operation. The longer 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 t</p><p>

68、;　　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, fail

69、ing to exert its role; for some others, their cash is overspent on real properties, hence failing to tackle some emergent uses. Second, slow turnover of accounts receivable causes great difficulty in recovering capital o

70、r even bad debts. Third, the control over stock is poor. Many e</p><p>　　3 Causes of the Problems in Strategic Financial Management of Small and Medium-Sized Chinese Enterprises</p><p>　　3.1 Rig

71、id Management Pattern, Laggard Management Idea and Managers’ Poor Quality</p><p>　　At present, most small and medium enterprises especially those private ones employ highly unification of ownership and manag

72、ement 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 don’t embody financial management into an effecti

73、ve corporate management system, not to mention regarding financial strategies as a significant part of the enterprise’s overall strategies, hence lessening </p><p>　　In addition, managers’ poor quality is al

74、so an important cause for the failure of financial strategies. It is well known that most managers in small and medium Chinese enterprises have poor comprehensive quality, insufficient management experiences and low effi

75、ciency because they haven’t gone through any systematic learning of management theories and special professional training. Therefore, they are not able to have reasonable predictions, decisions, budgets, control, analysi

76、s and evaluation ba</p><p>　　3.2 Lacking Independent Financing System with Diversified Channels</p><p>　　With changeable market, operation risks are greater, so are financial ones caused by a la

77、rge amount of debt and high 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 asy

78、mmetrical information, hence leading to the difficulty in achieving financing goals.</p><p>　　Seen from the perspective of financing system, these enterprises’ lack of independent financing system with diver

79、sified 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 unfavorable

80、financing situation. Second, due to these enterprises’ private nature, some banks set rigid requirements for loans because of some traditional ideas and administrative</p><p>　　3.3 Poor Investment Ability an

81、d Lacking Feasibility Researches</p><p>　　Small and medium enterprises suffer from insufficient registered capital, limited operation capital, hence poor investment ability. Focusing on short-term goals to r

82、ecover investment, they have to rely on simple reproduction instead of expanded one. In addition, without any special institution for market analysis, their investment activities tend to be based on their perception and

83、therefore blindness. These decision makers usually fail to have an overall grasp of the characteristics or principl</p><p>　　3.4 Incomplete Internal Control System Leading to Ineffective Control</p>&

84、lt;p>　　Incomplete internal control system commonly exist in small and medium enterprises, which is profoundly manifested in having no or just incomplete internal control system, hence failing to effectively restrain t

85、heir own economic behavior institutionally. A lot of enterprises have no department for internal audit to guarantee the strict implementation of their financial system. Even if some establish such a department, its lack

86、of independence may lead to ineffective internal control. As a result,</p><p>　　4 Countermeasures for Small and Medium-Sized Enterprises in China</p><p>　　Seen from the above, the problems in pr

87、esent small and medium Chinese enterprises are mainly attributed to their internal causes and external environment. Therefore, some effective countermeasures should be taken from the following aspects.</p><p&g

88、t;　　4.1 Establishing Right Financial Goals and Firm Strategic Sense</p><p>　　An enterprise’s financial goals are not only the direction of its efforts but an effective standard to measure whether its financi

89、al decisions are right or wrong. Proper goals are beneficial for an enterprise’s overall strategic goals. With survival, profit and development as any enterprise’s basic goals, maximized corporate value should be regarde

90、d as the financial goal. Guided with this goal, enterprises are expected to establish the central status of financial management in the overall corpor</p><p>　　4.2 Adopting Budget Control to Guarantee the Ef

91、fective Implementation of Financial Strategies</p><p>　　Budget control is the guarantee and key point in converting financial goals into specific action plans and implementing them. First, a variety of finan

92、cial budgets, including sales, production cost, general indirect expenses, capital expenses, losses and cash, should be compiled in a scientific and reasonable way based on financial strategies and financial predictions.

93、 When compiling budget, sales prediction should be based on to pre-calculate the possible sales in the future sales period, then </p><p>　　4.3 Creating Favorable Strategic Environment and Emphasizing Environ

94、mental Analysis</p><p>　　For small and medium enterprises, their strategic environment has impact on not only their financing but the stablishment and implementation of their financial strategies. Therefore,

95、 it is of great importance to create favorable strategic environment and emphasize environmental analysis.</p><p>　　In spite of a series of national policies encouraging, guiding and supporting the developme

96、nt of small and medium enterprises in China, the internal and external environment for their development needs to be improved greatly. Accordingly, China should make more efforts to develop its local banks and financial

97、agents with small or medium scale, to establish a financial system beneficial for these enterprises’ development, to establish or perfect effective loans guarantee system to help these ente</p><p>　　In a wor

98、d, government, society and enterprises’ joint efforts should be relied on to create favorable financial environment for these small and medium enterprises. In addition, these enterprises should be fully aware of the impo

99、rtance of environment for their financial strategies and try to establish scientific, reasonable and feasible strategic goals and guarantee their effective implementation by further strengthening environmental analysis a

100、nd improve their decision-making abilities.</p><p>　　4.4 Establishing Financial Crisis Early-Warning System to Effectively Control Financial Risks</p><p>　　Financial crisis early-warning system

101、is a very important means to control financial risks and achieve strategic financial goals for small and medium enterprises. By collecting some information on relevant industrial policies and market competition, setting