财务管理和中小型企业的盈利能力【外文翻译】.doc

1、原文Financial management and profitability of small and medium enterprisesMaterial Source: Southern Cross University Author: Kieu Minh Nguyen1. Objectives of financial management Like many other management sciences, financial management, firstly, establishes its goal and objectives. Objectives of fina

2、ncial management are foundations or bases for comparing and evaluating the efficiency and effectiveness of financial management. The final goal of financial management is to maximize the financial wealth of the business owner (McMahon, 1995). This general goal can be viewed in terms of two much more

3、 specific objectives: profitability and liquidity. * Profitability management is concerned with maintaining or increasing a businesss earnings through attention to cost control, pricing policy, sales volume, stock management, and capital expenditures. This objective is also consistent with the goal

4、of most businesses. * Liquidity management, on one hand, ensures that the businesss obligations (wages, bills, loan repayments, tax payments, etc.) are paid. The owner wants to avoid any damage at all to a businesss credit rating, due to a temporary inability to meet obligation by: anticipating cash

5、 shortages, maintaining the confidence of creditors, bank managers, pre-arranging finance to cover cash shortages. On the other hand, liquidity management minimizes idle cash balances, which could be profitable if they are invested (McMahon, 1995). While discussing the objective function of a privat

6、ely held small firm, Ang (1992) indicated that its objective function is to maximize three components. The first is to maximize its current market price, to avoid unwanted mergers and to obtain outside financing in the securities market. The second is to maximize long term or intrinsic value, if the

7、 two values diverge. The last is to maximize non-owner managers own pecuniary and non-pecuniary incomes by avoiding control rights. Whether the absence of marketable securities means that small firms need not be concerned with current performance and can concentrate on long-term values, depends on t

8、he organizational types and circumstances. Profitable firms, where outside funding is not a major concern, can afford to maximize long-term value whereas for those small businesses, which need outside financing, current performance may be very important. Thus, a number of small businesses would have

9、 a weighted average objective function consisting of both current profit and long-term value. Weight for current profit is expected to be higher for small businesses approaching loan re-negotiation, initial public offering, potential sale to an acquirer, signing long-term contracts with supplier or

10、customers and possible dissolution of a partnership. On the other hand, its weight will be smaller when the business is due to pay estate taxes, renegotiate employee contracts, discourage a non-managing family member from their shares, and avoid tax on excess accumulation. In making decisions relate

11、d to financial management, the owner-manager or the financial manager should remember objectives of financial management and balance between liquidity and profitability objectives, and between current and long-term (growth) objectives. 2.Major decisions of financial management Generally, previous au

12、thors had no differences in opinions of major decisions in financial management. Ross, Westerfield and Jaffe (1999, p.1) indicated three kinds of decisions the financial manager of a firm must make in business: (1) the budgeting decision, (2) the financing decision, and (3) decisions involving short

13、-term finance and concerned with the net working capital. Similarly, Ang (1992) also indicated three main financial decisions including the investment decisions, financing decisions and dividend decisions. McMahon (1995) suggested another way of identifying the major decisions of financial managemen

14、t is to look at the balance sheet of a business. There are many decisions regarding items on the balance sheet. However, they are classified into three main types: investment decisions, financing decisions and profit distribution decisions (McMahon, 1995). * Investment decisions: (1) relate to the a

15、mount and composition of a businesss investment in short-term assets (cash, stock, debtors, etc.) and fixed assets (equipment, premises, facilities, etc.), and (2) relate to the achievement of an appropriate balance between the two classes of assets. * Financing decisions: (1) relate to the types of

16、 finance used to acquire assets, and (2) relate to the achievement of an appropriate balance between short-term and long-term sources, and between debt and equity sources. * Profit distribution decisions: (1) relate to the proportion of profit earned that should be retained in a business to finance

17、development and growth, (2) and the proportion, which may be distributed to the owner (McMahon, 1995). 3.The specific areas of financial management Most authors and researchers approach the specific areas of financial management in different ways depending upon their emphasis. This section reviews t

18、he specific areas of financial management, which have regularly been raised and discussed by the recent authors and researchers such as Walker and Petty (1978), Barrow (1984), Meredith (1986), Cohen (1989), English (1990) and McMahon (1995). Meredith (1986) emphasizes information systems as a base f

19、or financial management including financial management records and reports. This is considered very important because the owner-managers or financial managers find it is difficult, if not impossible, to make decisions if they lack finance information. Cohen (1989) focuses on working capital manageme

20、nt and tools of financial management such as ratio analysis, profitability measures and bread-even analysis. English (1990) emphasizes objectives of financial management including liquidity, profitability and growth. Therefore, the specific areas that financial management should be concerned with ar

21、e liquidity management (cash flow budgeting, working capital management), profitability management (profit analysis, profit planning), and growth management (capital resource planning and decisions). McMahon (1995) examines specific areas of financial management including all areas that relate to it

22、ems on the balance sheet of the business. The specific areas financial management covers consist of managing working capital, managing long-lived assets, managing sources of finance, planning financial structure, and planning and evaluating profitability. In summary, financial management is concerne

23、d with many specific areas. Probably the balance sheet of a business may demonstrate how to recognize these areas including: * current asset or working capital management, * fixed asset or long-lived asset management, * funding management, * financial budgeting and planning, * leverage and capital s

24、tructure, * financial analysis and evaluating performance of the business, and * profit distribution (dividends and retained earnings policy). This study examines financial management practices in relation with objectives, decisions and specific areas of financial management. Objectives, decisions a

25、nd areas of financial management are relevant to financial management practices. The specific areas of financial management are viewed as a theoretical framework for financial management practices while objectives and decisions of financial management are viewed as factors influencing financial mana

26、gement practices. 4. FINANCIAL CHARACTERISTICS OF SMEs This subsection mainly discusses the concept of financial characteristics of SMEs. It reviews definitions of financial characteristics that were mentioned and used by previous researchers. Stevens (1973), Burns (1985), Hutchinson, Meric and Meri

27、c (1988), Jaggi and Considine (1990), Davidson and Dutia (1991), Laitinen (1992), Hutchinson and Mengersen (1993), McMahon et al. (1993), and Meric et al. (1997) are viewed as the key researchers who study financial characteristics. In defining financial characteristics, McMahon et al. (1993, p. 177

28、) states: Financial characteristics of enterprise, often in the form of accounting ratios, derived from financial statements provide useful information for numerous purposes. This information can be used to quantify the position of small business in terms of their profitability, liquidity, and lever

29、age and to compare them with other or large enterprises. Stevens (1973), who studied financial characteristics of acquired firms, conducted factor analysis on several ratios and reduced the number of ratios into the following six factors: leverage, profitability, activity, liquidity, dividend policy

30、 and earning ratio identifying financial characteristics. Burns (1985) analyzed financial characteristics and profitability of small companies in the UK. He used the following ratios: quick ratio, current ratio, gearing, long-term debt ratio, and interest cover ratio to define financial characterist

31、ics of the companies.Hutchinson, Meric and Meric (1988) studied financial characteristics of small firms, which achieved quotation on the United Kingdom Unlisted Securities Market. They used financial ratios including liquidity ratios, leverage ratios, activity ratios, profitability ratios and growt

32、h ratios to identify financial characteristics of the firm. In another study, Hutchinson and Mengersen (1993) examined the effect of growth on financial characteristics. The variables used to define financial characteristics were profitability, liquidity, and leverage. Jaggi and Considine (1990) exa

33、mined whether financial characteristics of owner-controlled acquired firms differ from those of the non-owner-controlled acquired firms. Four variables: profitability, liquidity, leverage, and dividend payment capability were used to identify financial characteristics of the firm. To reduce the larg

34、e number of ratios produced, some researchers such as Stevens (1973), Laitinen (1992) used factor analysis. According to Laitinen (1992) factor analysis is a useful statistical tool reducing a large set of correlated variables to fewer unrelated dimensions and identifying a typology. Laitinen (1992)

35、 studied financial characteristics of newly-founded firms and used the following variables: profitability, dynamic liquidity, quick ratio, indebtedness or static solidity, dynamic solidity, logarithmic net sales, and capital intensiveness to identify financial characteristics. Davidson and Dutia (19

36、91) explored whether small firms have distinctively different financial characteristics from larger firms and determined the extent of the under-capitalization problem. In their study, four variables: liquidity, profitability, debt and solvency, and turnover are viewed as the variables to determine

37、financial characteristics of SMEs. Meric et al. (1997) conducted a comparative study on financial characteristics of 87 Japanese and 87 USA chemical firms. In their study, they compared financial characteristics between the USA and Japanese chemical firms by using ten financial ratios. Financial rat

38、ios used to define financial characteristics in their study included: (1) operating profit margin, (2) total asset turnover, (3) return on assets, (4) return on equity, (5) fixed charge coverage, (6) common equity ratio, (7) long-term debt ratio, (8) current ratio, (9) quick ratio and (10) inventory

39、 turnover. As indicated in the introduction, the objectives of this chapter were to review the literature, find gaps and build a model of the impact of financial management on SME profitability based on this review. These objectives could not be separated as different activities, and all are fulfill

40、ed when a model of the impact of financial management on SME profitability was created.Generally, previous researchers provided valuable and detailed insights into financial management, financial management practices and financial characteristics. However, it appears that no investigation has been u

41、ndertaken of the relationship between financial management including financial management practices and financial characteristics, especially the simultaneous impact of many variables such as accounting information system, financial reporting and analysis, working capital management, fixed asset man

42、agement, financial planning practices, liquidity, financial leverage and activity ratios on SME profitability. 译文财务管理和中小型企业的盈利能力资料来源：南十字星大学 作者： Kieu Minh Nguyen1.财务管理目标财务管理像其他许多管理科学一样，首先要建立其目的和目标。财务管理工作的目标是比较和评价管理财务效率和效益的根据或基础。财务管理的最终目标是将公司所有者的财富增至最大限度(麦克马洪,1995)。总的财务管理目标可以根据两个更特定的目标来看：收益率和流动性。*收益管理

43、涉及通过控制成本来维持或增加企业所得、价格政策、营业额、库存管理与资本性支出。这一目标也很符合大多数企业的目的。 *流动性管理，一方面保证了企业的债务支付（如薪水，清单，贷款还款，税务等）。业主希望避免以下任何一个事务所带来的伤害，如预期现金短缺、债权人信用维护，银行经理和预先支付现金短缺的财政，它们会伤害其企业信用评级而造成其暂时无法承担义务；另一方面，流动性管理将这些被投入就可能获利的闲置现金余额最小化了（麦克马洪，1995）。 当我们在讨论一个民营企业的目标函数的时候，昂（1992）指出，其目标函数功能是最大限度地提高三个要素。一是要将其目前的市场变动价格最大化，以避免不必要的合并，能够

44、在证券市场外部融资。二是将长期的或固定的价值最大化，如果这两个值产生分歧。最后是通过避免权力控制将非所有者管理人自己的金钱和非金钱收入最大化。有价证券的缺乏是否意味着小企业不用关心当前的性能或可以专注于长期价值，取决于组织类型和所处的环境。那些外部融资都非大问题的盈利企业，能够为那些小企业最大限度地提高长期价值，这需要外部融资，而流动性能是非常重要的。因此，一些小企业需要有一个本期利润和长期价值组成的加权平均目标函数。当期利润的影响力越来越高，用于小企业着手处理贷款的重新谈判，首次公开招股，对收购方的潜在贸易，与供应商或客户签订的长期伙伴关系，以及可能的合伙解散。另一方面，当企业着重于支付房地

45、产税，重新谈判劳动合同，阻止非管理者家庭成员获得股份以及避免过量税积累，当期利润的影响力会越来越小。在作出有关财务管理的决定时，业主兼经理或财务经理应该记住财务管理的目标以及流动性和盈利目标间的平衡和当前和长期（增长）目标之间的平衡。2.财务管理的主要决策一般来说，之前的学者们曾在财务管理中的重大决策的意见没有分歧。罗斯，韦斯特和Jaffe（1999年，第1页）指出企业的财务经理在业务中必须要做的三种类型的决定：（1）预算的决定、（2）融资决策、（3）涉及短长期融资与净营运资金问题的决定。同样，昂（1992）也指出三个主要包括投资决策，融资决策和股利决策的财务决策。麦克马洪（1995）提出另一

46、个确定财务管理的重大决策方式是看一个企业的资产负债表。资产负债表上有许多决议物品列示，它们可分为三大类：投资决策，融资决策和利润分配的决定（麦克马洪，1995）。*投资决策：（1）涉及一个企业在短期资产(如现金、股票、债务人等) 和固定资产(如设备、场地、设施等)的投资数量和组成；（2）涉及两个类别的资产之间平衡的完成。*融资决策：（1）涉及到用于收购资产的资金类型；（2）涉及到双方短期和长期来源之间以及债务与股本来源之间的适当平衡的完成。*利润分配决定：（1）涉及应在企业发展壮大中被保留的所赚取利润的比例；（2）还有部分利润比例可能是分配给企业所有者（麦克马洪，1995年）。3.财务管理的具

47、体领域大多数学者和研究人员根据他们所强调的用不同的方式来处理财务管理的具体领域。本节审查财务管理的具体领域，这经常被近期的作家，如沃克和小（1978），巴罗（1984年），和Meredith（1986），科恩（1989年），Enlish（1990年）和麦克马洪（1995年）提出和讨论。梅勒迪斯（1986）强调将信息系统作为包括财务管理记录和报告在内的财务管理的基础。这被认为是非常重要的，因为业主兼经理或财务经理发现，如果他们缺乏财务信息他们就可能很难作出决定。科恩（1989年）集中研究营运资金的管理及财务管理的工具，如比率分析，利润率措施和闲置分析。English（1990）重点关注财务管理目

48、标，包括流动性，盈利性和成长。因此，财务管理应该被关注的具体领域是流动性管理（现金流预算，营运资金管理），盈利能力管理（利润分析，利润规划），以及成长管理（资本资源的规划和决策）。麦克马洪（1995）研究的是包括所有涉及到对企业资产负债表项目的财务管理的具体领域。财务管理的具体领域包括管理的营运资本，管理的长期资产，管理的资金来源，财务结构规划，规划和评估的盈利能力。总之，财务管理方面有许多具体领域。可能是一个企业的资产负债表可能会演示如何识别这些领域，包括：*目前的流动资产或营运资金的管理，*固定资产或长期资产管理，*资金管理，*财务预算和计划，*杠杆和资本结构，*财务分析和企业经营的评估绩

49、效，*利润分配（股息和未分配利润政策）。 本研究探讨与财务管理目标、决策和具体领域有关的财务管理实践。财务管理目标、决策和相关领域与财务管理有关。财务管理的具体领域被看作是财务管理实践的理论框架，财务管理目标和决策是影响财务管理实践的因素。4.中小企业的融资特性本小节主要讨论中小企业的财务特征的概念。它回顾了被前人提及和使用过的财务特征的定义。史蒂文斯（1973）、伯恩斯（1985）、哈钦森、Meric and Meric（1988）、Jaggi和康西丁（1990年）、戴维森和Dutia（1991）、莱蒂宁（1992）、Hutchinson和Mengersen（1993）、麦克马洪等（1993年）、Meric等（1997年）被视为研究金融特色的主要人员。在界定财务特点时，麦克马洪等（1993年，第177页）表示：企业财务特征往往以会计比率为形式，源于提供有