中小企业内部控制和风险投资【外文翻译】.doc

1、外文文献翻译原文：SME Internal Control and Risk of Investment资料来源：Abstract: The small and medium enterprises in the creation, growth and expansion process of development, will continue to invest. As the international situation and the unpredictability of national policies and the enterprises own policy mista

2、kes and other factors, the Investment activities of small and medium enterprises could have caused loss of business. In order to investment losses to an acceptable level, the article analyzes the small and medium enterprises in the investment process in the risks of their own characteristics for SME

3、s 4:00 creatively put forward the Strategy deal with investment risk.Keywords： investment risk; risk factors; risk analysis; Risk Control Measures 30 years of reform and opening up, Chinas small and medium enterprises are the most significant development. Chinas GDP growth of SMEs and for the transf

4、er of rural surplus labor force has made tremendous contributions. But in the current turbulence in international financial situation and the overall slowdown in the Development of the domestic Economic environment, the survival of small and medium enterprises, development has encountered greater di

5、fficulties. The author conducted surveys in Nantong, Jiangsu Province, studied dozens of small and medium enterprises, the note: Due to the lack of corporate structure, management of small and medium enterprises, rejection of the modern Enterprise Management system and other factors, plus limited by

6、 the quality of personnel, lack of risk awareness and so on, small and medium Enterprises are often mistakes in investment decisions, investment program and unscientific or ineffective implementation can not achieve the expected benefits. I. Review of the LiteratureInternal control is a topic of old

7、 and young, it experienced an internal constraints, internal control systems, internal control Structure and internal control integrated framework of the four stages. In this process, mankind has achieved fruitful results, internal control theory is getting more sophisticated internal control Resear

8、ch in depth and breadth has made tremendous progress (Yang Zhou Nan, Wu Xin, 2007). In order to give full play to the effectiveness of internal control, people study a variety of ways, but often from a theoretical point of view to solve the problem well, such as the emphasis on building a scientific

9、 and effective corporate governance structure, strengthen internal auditing controls (Meng Yan, Sun Lihong, 2004) to learning-oriented basic framework for the redevelopment of the concept of internal control to build is based on behavior and not just in terms of improving the internal control (Yangx

10、iong Sheng, 2006) and so on.As the risk of imported goods for the term (risk), according to Aiwaerde (Ewald) research, its from the Italian risque, be understood as the danger of an objective reality, showing a natural phenomenon (Li Zhonghua, 2008). Risks are the introduction of Finance, after the

11、original is no longer a natural phenomenon. Financial Risk refers to the financial system so that the risk factors that exist in a particular accounting entity losses uncertainty. Theorists and practitioners on how internal controls (including accounting control) to effectively guard against financi

12、al risks undertaken massive research. Internal control practices and measures not only in business (mainly large-scale enterprise group) level, also at the national level, and even international levels to develop. Internal control practices and measures to develop the main body, there have been busi

13、nesses, civil society and governments to work together the situation in China has mainly taken the form of administrative regulations to develop (TSE Chi Wah, 2007), such as The Peoples Republic of China Ministry of Finance on March 2, 2007 issue on the issuance of internal control practices - Basic

14、 Standards and 17 specific standards (draft) of the notice (accounting will be 2007 7). The theoretical research and administrative regulations of the scholars and the positive significance of large enterprise groups, can the owners of small and medium enterprises, its applicability to be improved.

15、Internal controls we have studied the ultimate goal is to help companies control risk, but not for research studies, in order to regulate the norms, we should be concerned about the audience research also includes a large number of small business owners. To this end, as a very practical researcher,

16、an obligation to use popular language and the most direct way to tell small business owners, their businesses may be what risks, what measures should be taken to control risk. Therefore, in order to help SMEs to avoid investment failure, this article only the SME Investment Risk and internal control

17、 measures to make the following exploratory research. Second, the concept of investment and the scope of Investments refer to a specific economic entities (including the state, enterprises and individuals) in order in the next foreseeable period of time, a return or for making money value, in a cert

18、ain time to certain areas of the subject matter of the amount of funds invested enough money or in kind, such as the economic equivalent of behavior (the Ministry of Finance accounting qualifications Evaluation Center, 2007). From the business point of view, the investment income is the business in

19、order to obtain a certain object or investment to the economic behavior (including investment in fixed assets, intangible assets, investments, other long-term assets, investments, current assets investment, real estate investment, portfolio investment, futures and options, investments, trusts and in

20、surance, investment, etc.). For SMEs to invest more in the performance of the expansion of production scale, become more common in fixed assets investment, including construction of factories, buy machinery, buying a car. As the enterprise development strategy, human resources and other factors with

21、 the constraints of small and medium enterprises on non-production and management (in this case the capital management and operation of small and medium enterprises) and small-scale expansion of the demand. This study is only small and medium enterprises to expand the scale of production and operati

22、on of the financial risk and risk control measures.Third, investment risk factors and risk analysis of the investment process(A) the concept of investment risk and risk factorsThe investment risk is due to the objective existence of investment risk factors, a result of investment failure, the possib

23、ility of loss to the enterprise (uncertainty). Risk factors include the following aspects (Wen Yali, 2006)1, policy risks. It is the means of national macroeconomic policy changes due to the small and medium enterprises and the possibility of investment losses. If a production of bicycle tires in sm

24、all manufacturing enterprises, for failing to take into account the state for the control of environmental pollution and the prohibition of the use of coal-based small business a small boiler this factor when investing in less than two years was forced to stop production. The company was founded les

25、s than two years can not recover the full investment period. In order to reduce investment losses, the enterprise had to most of the machinery and equipment (including rubber mixing equipment, curing equipment) a salesman who cheapens. 2, market risks. His is due to market supply and demand relation

26、s and changes in other factors to SMEs the possibility of investment losses. Nantong, Jiangsu Province, is Chinas modern textile industry, one of the more developed regions, where small and medium sized cotton textile enterprises abound, there is no lack of family as a unit of production and process

27、ing enterprises. As these small and medium enterprises in the decision to start the cotton textile factory at the beginning rarely timely, systematic, professional market research and feasibility analysis, in the event of national macro-tightening, when a large number of small and medium enterprises

28、 of funds for which have closed down. 3, technical risks. His is due to some kind of production Technology and certain technical content of the system by the passage of time the assets become relatively lagging behind, resulting in investment projects, difficult to achieve the expected return possib

29、ilities. Another layer of risk to invest in technology in context: a new technology without a market because of its testing, its maturity, reliability is difficult to entirely sure; around the technology carried out by investment income have greater uncertainty. 4, the quality of personnel risk. It

30、is the means of their own because of the quality of decision-makers invest in SMEs, the implementation process in the investment management and operations personnel the quality of factors have contributed to investment in the possibility of failure. Many small business owners I do not have to make a

31、n investment decision-making overall quality. In the investment project implementation process, the SMEs lack of due professional care the main reason and do not consider hiring professionals (such as the project manager) on the investment project preparation a detailed budget and adopt the bids and

32、 other market instruments to reduce investment projects in expenses. (B) investment in the process of risk analysis Sources of risk from the investment perspective, investing in risk factors from outside the enterprise factors, such as policy risk, market risk, technical risk; but also from internal

33、 factors, such as the quality of personnel risks. The occurrence of an investment loss may be independent of external factors or internal factors played a role, it could be external factors or internal factors played a role.In order to study small and medium enterprises to invest in the risk control

34、 measures, this article will be small and medium enterprises in the investment process is divided into the following aspects of risk analysis: 1, the risk of investment decisions. In theory, small and medium enterprises should be based on their own long-term development strategy, long-term investmen

35、t plans and the investment environment changes, to grasp the investment opportunities, and accurately locate the area of investment and investment targets. May be a matter of fact, many SMEs are often due to various reasons, have chosen the wrong target investment areas and investment, thus beginnin

36、g a business investment decision their investment is bound to fail.2, the risk of investment programs. Since investment programming is not timely, scientific or with a timely, scientific investment program, but failed because of ineffective implementation Ershi investment possibilities, namely, the

37、risk of investment programs. Investment program risks include: feasibility analysis of risk investment program, investment risk and investment program selection program implementation risks. Investment program feasibility analysis, including: analysis of the economic viability of investment projects

38、, technical feasibility analysis and financial feasibility analysis, the most important thing is the financial feasibility analysis. As the feasibility analysis errors, which led to the possibility of failure of investment programs, namely, the feasibility of investment programs in risk analysis. In

39、 theory, in determining an investment, the small and medium enterprises should be prepared to two or more programs to choose from. The choice, as companies chose to invest in non-optimal solution Ershi the possibility of failure or only a program of investments to choose from Ershi the possibility o

40、f failure, namely, the choice of the risk of investment programs. In the investment program implementation, because of porous, poorly Ershi investment the possibility of failure shall be the implementation of the risk of investment programs. Fourth, investment risk, internal control strategic recomm

41、endationsAlthough the SME investment will be facing a variety of risks, the risk of investment performance is vastly different. But as long as small and medium enterprises to take appropriate internal control measures, SMEs can to avoid investment risks, which will minimize investment losses, the bu

42、siness owners they can an acceptable level. To this end, this paper proposes the following internal control recommendations: (A) establish the investment risk awareness, strict control of enterprise scale Governance structure of small and medium enterprises are less developed, its policy-makers are

43、mostly owners themselves. Many owners can not use the economics and Financial Management decision-making tools on the decision-making. SME business owners should do more to study financial management knowledge, in creating and operating businesses throughout the process must be firmly established in

44、vestment risk consciousness.Inception in the enterprise, companies need more input and output small, mostly small and medium enterprises are losing money. Business risks of resistance are very fragile. SMEs should be how to survive as the primary business development goals (Yang Haiping, Cui Rongfan

45、g, 2008). In a time when business growth, the rapid development of small and medium enterprises into the channel. At this point, companies have a certain amount of sales revenue and cash the amount of external financing more easily than the companies founded at the beginning. At this point most like

46、ly to produce small and medium enterprises to expand production scale of the impulse, business owners should strictly control the investment scale to avoid the fall into the bigger and stronger trap. The occasion of maturity in the enterprise, small and medium enterprises invigorating product sales,

47、 and cash has a surplus. At this time of the SME owner will want to expand enterprise scale. However, the SME owner can not be carried away by the immediate success, there must be vigilant in peace time, the heart of caution walking on thin ice, will control the production scale of enterprises in th

48、e enterprise can be controlled within the context of. When the enterprise, once entered a recession when the investment needs of SMEs to be more vigilant. Since the recession in the enterprise, due to rush to bail out small and medium enterprises, businesses had to find a new economic growth points,

49、 such as converting. In order to produce restructuring, SMEs must be a new round of investment in fixed assets, including the purchase of machinery and equipment, transforming the original plant or expansion of new plants and so on. The decision-making at this point, if SMEs are not careful, can not be well planned scale of investment is likely to fall into other people have already dug a hole inside. (B) improve the investment decision-making mechanism, refused to say