财务管理和中小型企业的盈利能力【外文翻译】
财务管理财务分析中英文对照外文翻译文献
覆盖大量的可供选择的债券工具。由于债券市场的改革，出现了由企业发行的可供选择形式的债券工具。在第15章中，向你介绍了三种工具。我们然后致力于第一章提出的由企业负债发行的最具流动性的可供选择企业债券，企业首次发行的资产有价证券。
(文档含英文原文和中文翻译)
附录A
财务管理和财务分析作为财务学科中应用工具。本书的写作目的在于交流基本的财务管理和财务分析。本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。
通过对本书的学习，你将了解我们是如何理解财务的。我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。财务决策的做出协调了企业会计部、市场部和生产部。
1财务管理与分析的介绍
财务是经济学原理的应用的概念，用于商业决策和问题的解决。财务被认为有三部分组成：财务管理，投资，和金融机构：
■财务管理有时被称为公司理财或者企业理财。财务的范围就企业单位的财务决策的重要性划分的。财务管理决策包括保持现金流平衡，延长信用，获得其他公司借款，银行的借款和发行股票和基金。
覆盖项目租赁和项目资金融资。我们提供深度的项目租赁的内容在本书的第27章，阐明项目租赁的利弊，你在本书中会频繁的看到和专业的项目资金融资。项目融资的增长十分重要不仅对企业而言，对为了追求发展基础设施的国家也十分的重要。在第28章，本书提供了便于理解项目融资的基本原理。
早期介绍衍生工具。衍生工具（期货、交换物、期权）在理财中发挥着重要作用。在第4章向你介绍这些工具。而衍生工具被看作是复杂的工具，通过介绍将让你明确它们的基础投资工具特征。在早期介绍的衍生工具时，你可以接受那些评估隐含期权带来的困难（第9章）那些在资本预算中隐含的期权（第14章），以及如何运用隐含期权来减少成本及负债（第15章）。
外文文献翻译---中小型企业财务管理中存在的问题及其对策
广东工业大学华立学院本科毕业设计（论文）外文参考文献译文及原文系部会计学系专业会计学年级 08级班级名称 2008级会计（7）班学号 14010807030学生姓名吴智聪2012年 2 月 9 日目录1. 外文译文 (1)2. 外文原文 (5)中小型企业财务管理中存在的问题及其对策中小型企业在中国经济发展中发挥着重要的作用。
统计数据表明，在工商行政管理局登记在册的企业中，中小型企业占了99%，产值和利润分别占总额的60%和40%。
此外，中小型企业所提供了75％的城镇就业机会。
可见其为中国的稳定和经济繁荣作出了重要贡献。
虽然中小型企业在国民经济中占有重要地位，对中国经济发展与社会稳定具有很重大的意义。
但是，中小型企业发展的主要障碍是缺乏有效的财务管理。
本文分析了当前中小型企业财务管理中存在的问题，并就改善中小型企业财务管理提出了相应对策。
1.1 中小型企业的财务管理现状自从21世纪以来，中国的中小型企业的蓬勃发展，在经济增长和社会发展中发挥着非常重要的作用。
据财政部统计数据，直到2005年底，中小型企业总数已超过1000万，占中国企业总数的99%。
中小型企业提供了75％的城镇就业机会，工业企业的总产值、销售收入、实现的利得税和出口额分别占总数的60%、57%、40%和60%，上缴的税收已经接近了国家税收总额的一半。
中小型企业承载着超过75%的技术革新和超过65％的专利发明，他们以其灵活的经营机制和积极创新活动，为经济发展提供了增长的最根本动力。
近年来，中国中小企业的消亡率将近70%，大约有30%的中小型企业存在赤字。
中小型企业应该如何建立现代企业制度，加强财务管理，并科学地进行资本运作以谋求自身的健康发展，是我们密切关注的一个问题。
1.2 中小型企业财务管理中存在的问题⑴财务管理理念滞后，而且方法保守中小型企业由于管理者自身知识水平的限制，使得企业的管理能力和管理质量较低。
他们的管理思想已经不适合现代企业，并且大多数企业领导人缺乏财务管理的理论和方法，忽视了企业资本运作的作用。
雅典证交所营运资金管理和上市公司盈利能力之间的关系【外文翻译】
本科毕业论文（设计）外文翻译原文：The relationship between working capital management andprofitability of listed companies in the Athens Stock Exchange AbstractIn this paper we investigate the relationship of corporate profitability and working capital management. We used a sample of 131 companies listed in the Athens Stock Exchange (ASE) for the period of 2001-2004. The purpose of this paper is to establish a relationship that is statistical significant between profitability, the cash conversion cycle and its components for listed firms in the ASE. The results of our research showed that there is statistical significance between profitability, measured through gross operating profit, and the cash conversion cycle. Moreover managers can create profits for their companies by handling correctly the cash conversion cycle and keeping each different component (accounts receivables, accounts payables, inventory) to an optimum level.IntroductionCapital structure and working capital management are two areas widely revisited by academia in order to postulate firms’ profitability. Working capital management has been approached in numerous ways. Other researchers studied the impact of optimum inventory management while other authors studied the management of accounts receivables in an optimum way that leads to profit maximization. According to Deloof (2003) the way that working capital is managed has a significant impact on profitability of firms. This result indicates that there is a certain level of working capital requirements which potentially maximizes returns.Other work on the field of working capital management focuses on the routines employed by firms. This research showed that firms which focus on cash management were larger, with fewer cash sales, more seasonality and possibly more cash flowproblems. While smaller firms focused more on stock management and less profitable firms were focused on credit management routines. It is suggested that high growth firms follow a more reluctant credit policy towards their customers, while they tie up more capital in the form of inventory. Meanwhile accounts payables will increase due to better relations of suppliers with financial institutions which divert this advantage of financial cost to their clients.According to Wilner (2000) most firms extensively use trade credit despite its apparent greater cost, and trade credit interest rates commonly exceed 18 percent. In addition to that he states that in 1993 American firms extended their credit towards customers by 1.5 trillion dollars. Similarly Deloof (2003) found out through statistics from the National Bank of Belgium that in 1997 accounts payable were 13% of their total assets while accounts receivables and inventory accounted for 17% and 10% respectively. Summers and Wilson (2000) report that in the UK corporate sector more than 80% of daily business transactions are on credit terms.There seems to be a strong relation between the cash conversion cycle of a firm and its profitability. The three different components of cash conversion cycle (accounts payables, accounts receivables and inventory) can be managed in different ways in order to maximize profitability or to enhance the growth of a company. Sometimes trade credit is a vehicle to attract new customers. Many firms are prepared to change their standard credit terms in order to win new customers and to gain large orders. In addition to that credit can stimulate sales because it allows customers to assess product quality before paying. Therefore it is up to the individual company whether a ‘marketing’ approach should be followed when managing the working capital through credit extension. However the financial department of such a company will face cash flow and liquidity problems since capital will be invested in customers and inventory respectively. In order to have maximum value, equilibrium should be maintained in receivables-payables and inventory. According to Pike & Cheng (2001) credit management seeks to create, safeguard and realize a portfolio of high quality accounts receivable. Given the significant investment in accounts receivable by most large firms, credit management policy choices and practices could have importantimplications for corporate value. Successful management of resources will lead to corporate profitability, but how can we measure management success since a period of ‘credit granting’ might lead to increased sales and market share whilst accompanied by decreased profitability or the opposite? Since working capital management is best described by the cash conversion cycle we will try to establish a link between profitability and management of the cash conversion cycle. This simple equation encompasses all three very important aspects of working capital management. It is an indication of how long a firm can carry on if it was to stop its operation or it indicates the time gap between purchase of goods and collection of sales. The optimum level of inventories will have a direct effect on profitability since it will release working capital resources which in turn will be invested in the business cycle, or will increase inventory levels in order to respond to higher product demand. Similarly both credit policy from suppliers and credit period granted to customers will have an impact on profitability. In order to understand the way working capital is managed cash conversion cycle and its components will be statistically analyzed. In this paper we investigate the relationship between working capital management and firms’ profitability for 131 listed companies in the Athens Stock Exchange for the period 2001-2004. The purpose of this paper is to establish a relationship that is statistical significant between profitability, the cash conversion cycle and its components for listed firms in the ASE (Athens Stock Exchange). The paper is structured as follows. In the next section we present the variables used as well as the chosen sample of firms. Results of the descriptive statistics accompanied with regression modeling relating profitability (the dependent variable) against other independent variables including components of the cash conversion cycle, in order to test statistical significance. Finally the last section discusses the findings of this paper and comes up with conclusions related with working capital management policies and profitability.Data Collection and Variables(i) Data CollectionThe data collected were from listed firms in the Athens Stock Exchange Market. The reason we chose this market is primarily due to the reliability of the financialstatements. Companies listed in the stock market have an incentive to present profits if those exist in order to make their shares more attractive. Contrary to listed firms, non listed firms in Greece have less of an incentive to present true operational results and usually their financial statements do not reflect real operational and financial activity. Hiding profits in order to avoid corporate tax is a common tactic for non listed firms in Greece which makes them less of a suitable sample for analysis where one can draw inference, based on financial data, for working capital practices.For the purpose of this research certain industries have been omitted due to their type of activity. We followed the classification of NACE(Classification of Economic Activities in the European Community) industries from which electricity and water, banking and financial institutions, insurance, rental and other services firms have been omitted. The original sample consisted of about 300 firms which narrowed down to 131 companies. The most recent period for which we had complete data was 2001-2004. Some of the firms were not included in the data due to lack of information for the certain period. Finally the financial statements were obtained from the ICAP SA(International Capital SA) database. Our analysis uses stacked data for the period 2001-2004 which results to 524 total observations.(ii) VariablesAs mentioned earlier in the introduction the cash conversion cycle is used as a measure in order to gauge profitability. This measure is described by the following equation:Cash Conversion Cycle = No of Days A/R(Accounts Receivables)+ No of Days Inventory – No of Days A/P(Accounts Payables) (1) In turn the components of cash conversion cycle are given below:No of Days A/R = Accounts Receivables/Sales*365 (2) No of Days Inventory = Inventory/Cost of Goods Sold*365 (3) No of Days A/P = Accounts Payables/Cost of Goods Sold*365 (4) Another variable chosen for the model specification is that of company size measured through the natural logarithm of sales. Shares and participation to other firm are considered as fixed financial assets. The variable I we use which is related tofinancial assets is the following:Fixed Financial Assets Ratio = Fixed Financial Assets/Total Assets (5) This variable is used since for many listed companies financial assets comprise a significant part of their total assets. This variable will be used later on in order to obtain an indication how the relationship and participation of one firm to others affects its profitability. Another variable used in order to perform regression analysis later on, includes financial debt measured through the following equation: Financial Debt Ratio = (Short Term Loans + Long Term Loans)/Total Assets (6) This is used in order to establish relation between the external financing of the firm and its total assets.Finally the dependent variable used is that of gross operating profit. In order to obtain this variable we subtract cost of goods sold from total sales and divide the result with total assets minus financial assets.Gross Operating Profit = (Sales – COGS)/(Total Assets – Financial Assets (7) The reason for using this variable instead of earnings before interest tax depreciation amortization (EBITDA) or profits before or after taxes is because we want to associate operating ‘success’ or ‘failure’ with an operating ratio and relate this variable with other operating variables (i.e cash conversion cycle). Moreover we want to exclude the participation of any financial activity from operational activity that might affect overall profitability, thus financial assets are subtracted from total assets. Regression AnalysisSo far we established a framework of literature and data analysis in order to investigate the impact of working capital management on profitability. In order to shed more light on the relationship of working capital management on firms’ profitability we use regression analysis. In the following proposed models we examine the endogenous variable which is profitability (measured through operational profitability as mentioned in section 2 (ii) by equation (7)) against six exogenous variables and industry dummy variables. The independent variables are fixed financial assets (measured by equation (5)), the natural logarithm of sales, financial debt ratio (measured through equation (6)) and cash conversion cycle. We included in thepreceding models industry dummy variables according to NACE coding. However, in order to have the minimum degrees of freedom necessary we used general sectors of NACE categories instead of having a more detailed 4 digit codes (the 4 digit coding gave 77 different categories). Hence the total number of NACE sectors was nine, which resulted to eight industry dummy variables (in order not to fall to what is called the dummy variable trap, which is the situation of perfect collinearity or multicollinearity).ConclusionThis paper adds to existing literature such as Shin and Soenen (1998) who found a strong negative relationship between the cash conversion cycle and corporate profitability for listed American firms for the 1975- 1994 period and Deloof (2003) who found negative relationship between profitability and number of days accounts receivable, inventories and accounts payable of Belgian firms for the period 1992-1996.So far we observed a negative relationship between profitability (measured through gross operating profit) and the cash conversion cycle which was used as a measure of working capital management efficacy. Therefore it seems that operational profitability dictates how managers or owners will act in terms of managing the working capital of the firm. We observed that lower gross operating profit is associated with an increase in the number days of accounts payables. The above could lead to the conclusion that less profitable firms wait longer to pay their bills taking advantage of credit period granted by their suppliers. The negative relationship between accounts receivables and firms’ profitability suggests that less profitable firms will pursue a decrease of their accounts receivables in an attempt to reduce their cash gap in the cash conversion cycle. Likewise the negative relationship between number of days in inventory and corporate profitability suggests that in the case of a sudden drop in sales accompanied with a mismanagement of inventory will lead to tying up excess capital at the expense of profitable operations. Therefore managers can create profits for their companies by handling correctly the cash conversion cycle and keeping each different component (accounts receivables, accounts payables,inventory) to an optimum level.So urce: Ioannis Lazaridis and Dimitrios Tryfonidis ,2006 “The relationship between working capital management and profitability of listed companies in the Athens Stock Exchange”. Journal of Financial Management and Analysis, vol.19, no.1, January-June. pp. 150-159.译文：雅典证交所营运资金管理和上市公司盈利能力之间的关系摘要在本文中我们调查营运资金管理与公司盈利能力的关系。
中小企业代理记账外文文献翻译2014年译文3100字
中小企业代理记账外文文献翻译2014年译文3100字XXX in small and medium sized enterprises (SMEs)。
XXX。
XXX outsourcing bookkeeping services。
including cost savings。
improved accuracy。
and increased efficiency。
Finally。
XXX.n:Small and medium sized enterprises (SMEs) play a vital rolein the global economy。
accounting for a significant n of employment and economic growth。
However。
SMEs often face unique challenges that can hinder their success。
such as XXX is essential for any business to maintain accurate financial records。
but it can be particularly XXX.XXX:XXX-party XXX。
This can include tasks such as recording ns。
reconciling accounts。
XXX these services either on-site or remotely。
depending on the needs of the client.XXX:XXX。
SMEs may not have the expertise to XXX。
which can lead to errors and financial misstatements.Outsourcing XXX:Outsourcing bookkeeping services XXX outsourcing。
财务管理外文文献及翻译
附录A财务管理和财务分析作为财务学科中应用工具。
本书的写作目的在于交流基本的财务管理和财务分析。
本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。
通过对本书的学习，你将了解我们是如何理解财务的。
我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。
财务决策的做出协调了企业会计部、市场部和生产部。
无论企业的形式和规模如何，财务原理和财务工具均适用。
就像对小规模的私营企业而言存在如何筹资的问题，大企业面临所有权和经营权分离时出现的代理问题。
不管公司的规模和形式是如何的，公司财务管理的基本原理是一样的。
例如，无论是独资企业做出的决策还是大企业做出的决策，今天一美元的价值都高于未来一美元的价值。
我们所说的财务原理和财务工具适用于全球的企业，不仅限于美国的企业。
虽然国家习惯和法律可能与国家的原则理论存在着不同，但财务管理用到的工具是一样的。
例如，在评估是否要买一个特殊设备的价值时，你需要评估企业未来现金流的发生（设备成本和支出的时间和设备的不确定性），这个企业位于美国、英国还是在其他的地方?此外，我们相信拥有强大的财务原理和数学相关工具的依据对于你了解如何做出投资和财务决策十分必要。
但是建立这种依据比不费力。
我们试图帮你建立这种依据的途径是通过直觉提出财务原理和财务理论。
而不是原理和证据。
例如，我们引导你通过数字和真实例子对资本结构原理产生直觉，而不是利用公式和证据。
再者我们试图帮助你通过仔细的逐步的例子和大量数据处理财务工具。
财务管理和财务分析分为7个部分。
前两个部分（第一部分和第二部分）涉及到基础部分，它包括财务管理、估价原则的目标以及风险和回报之间的关系。
财务决策涉及到第三、四、五部分的内容，我们提出了长期投资管理（通常被称为资本预算）的长期来源、管理和资金管理工作。
第六部分涉及到财务报表分析，它包括财务比率的分析，盈利分析和现金流量分析。
最后一个部分（第七部分）涉及到一些专业论题：国际财务管理，金融结构性金融交易（例如资产证券化），项目融资，设备租赁贷款和财务规划策略。
盈利能力外文资料翻译译文
盈利能力外文资料翻译译文XXX has always been one of the XXX。
Capital structure is related to a company's funding costs。
financial risks。
and profitability。
and funding costs and financial risks XXX een a company's capital structure and profitability is not us。
but increasing a company's long-term debt-to-equity。
XXX.The funding costs of long-XXX taxes。
a company's actual capital cost is lower than the rate of return demanded by creditors。
The cost of debt capital is mainly determined by the company's financial structure。
debt repayment ability。
operating cash flow。
operating ability。
operating efficiency。
market interest rates。
and current market economic XXX nary effects。
and the return XXX。
Long-term debt has a greater impact on a company's operating XXX。
and long-term debt faces greater credit default risk。
中小企业的企业财务战略【外文翻译】
外文翻译原文Corporate Financial Strategy in SMEsMaterialSource:Zhe jiang Wan li University Foreign Language Database Springer LinkAuthor: Jaroslau PaulCompany strategy expresses a basic idea of how to reach company objectives.A whole range of models of strategic management are used in practice. The financial strategy plays an important role in corporate strategy. The paper develops a methodology of strategic model implementing into the category of micro, small and medium-sized enterprises (SMEs).Furthermore, the methodology recommends procedures while solving an up-to-date worldwide task of the definition of thefinancial strategy.I. INTRODUCTIONThis paper has been prepared for a Czech engineering company. The company was incorporated six years ago. Its customers are international legal entities. None of the customers has more than a seven percent share in the turnover of the company for reasons of risk distribution.II. PROBLEM SOLVEDThe company has no strategic financial management, and its turnover is decreasing. The definition of the financial strategy should help the company to improve its position within the market. The company intends to invest into suitable properties to secure its expansion. In order to do so it is essential to prepare financial strategy that would verify objectivity of the specific investment.III. THEORETICAL CONCEPTS USEDProfessional literature shows many various concepts,approaches and attitudes to strategic management [1]-[12].The inability to define one single concept of strategic management which would be ideal for all strategic decisions is based primarily on the fact that decisions are usually non-recurring, and what’s more they are often badly structured, and therefore they do not allow the evaluation of all relevant information.The basic strategic management conception applied in thepaper was that by Miloslav Ke kovsky and Old ich Vykypěl[5], based on the existence of a hierarchical system of mutually connected strategies. This clearly structures the complex issue of strategy formation. Theconcept defines basic terms, types and limitations ofindividual strategies and strategic levels, and outlines methodology for a specific type of enterprise including several specific examples. This fulfils the aspect of practicality of the concept.The definition of the financial strategy runs from top to bottom so that the superior level determines the basic strategic objectives for its subordinate levels. The subordinate levels then develop objectives into particular details on their level. This also secures feedback from bottom to top and verifies the objectivity of the strategic objectives determined on superior levels.IV. DEFINITION OF THE FINANCIAL STRATEGYThe main company objective listed for the field of finance supports the selected corporate expansion and differentiation strategies. The external company environment must be analysed using SLEPT analysis with its outputs of potential threats and opportunities which might influence decisions about the defined financial strategy. To evaluate competitive advantages of the company in the financial field, we will use modified.Porter analysis of the company field environment,which is commonly used to define corporate-business strategies. Processing Porter analysis for the need of financial strategy will be specifically focused on the identification of strategic measures which, after its application in the financial field, will improve the position of the company in this field.The importance, power and effect of the relevant factors of the environment identified in this chapter will be arranged and evaluated. ETOP (Environmental Threat and Opportunity Profile) will be used to process the results. Tab. II defines power of the individual stakeholders.The proposed strategy must accommodate the interests and needs of company owners, management and customers as much as possible. The annual dividend growth is a positive signal for the investors. Later, when deciding about accepting the financial strategy, these stakeholders can be more easily persuaded that the proposed strategy is in their interest.In the internal analysis we will identify and analyse those financial components that will be subsequently included in the content framework of the proposed financial strategy.All relevant factors which were identified during the previous analysis will now be arranged according to their impact. In order to make a rational conclusion basedon the analysis, we will have to carry out synthesis of the most important factors in a final SWOT table considering the fact that some of the factors have similar consequences, and some are less important within the group than factors with the same effects. The result will not be overwhelmed by too many factors with similar effects or less importance than several dominant factors. Too many factors also make it more difficult to propose measures which would improve the situation in the company.Defined objectives will be focused on the more distant future, and cover the time horizon of 5-10 years. Each objective will be defined in consideration of the superior strategy and the results of SWOT analysis, e.g. which strong points/opportunities are used and which weak points/threats are eliminated. At the same time it is important to state the provision of each of the defined objectives (financial budget,personnel provision etc.), and each objective must be allocated a person accountable for the fulfilment of the objective, and a person checking the fulfilment.SWOT analysis defines the strong and weak points, threats and opportunities which include all outcomes of the previous analysis. When drawing up the proposal part all analytical outcomes and definitions of the financial strategy were used so that strong company points and its potential opportunities were used whilst the weak points and actors representing future threats for the company were eliminated.V. IMPLEMENTATION PROCESSThe proposed solution will help the company to implement its objectives in the field of financial strategy.The implementation process can be divided into two parts.The first, managerial part is based on the abilities of the implementation manager and his/her vision, company activation and support of the prepared proposals. The second,administrative part is based on the abilities of the company to adopt and further develop the started process. The Implementation Manager will be the Company Manager, the Implementation Sponsor will be the Finance Manager and the Implementation Agent will be individual Heads of Departments and their subordinates will become the Implementation Target.The control mechanism is an integral part of the implementation process of the strategy and it aims to achieve optimal results for the available resources within thecompany.VI. CONCLUSIONThe proposed solution will help the company achieve itsobjectives in the financial strategy field with respect to the objectives determined by the corporatestrategy.译文中小企业的企业财务战略资料来源:浙江万里学院外文数据库Springer Link作者：Jaroslau Paul公司战略表达了对如何达到公司目标的基本思路。
中小企业营运资金管理 外文翻译
文献出处：Sunday K J. Effective Working Capital Management in Small and Medium Scale Enterprises (SMEs)[J]. International Journal of Business & Management, 2011, 6(9)：271-279.第一部分为译文，第二部分为原文。
默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。
中小企业有效的营运资金管理摘要：中小企业（SME）的主要有效流动资金管理的需求对中小企业的偿付能力和流动性仍然至关重要。
大多数中小企业不关心他们的流动资金状况，大多数人很少考虑到他们的流动资金状况，这些企业大多数都没有标准的信贷政策。
许多人不关心他们的财务状况，他们只是经营，他们主要关注现金收据和他们的银行账户。
本研究使用标准流动资金比率来衡量所选企业的流动资金的有效性，所选择的公司显示过度交易和流动性不足的迹象，关注的是利润最大化，而没有认识到债权人的支付，这些公司的债务回报率低于信贷支付。
建议中小企业在尼日利亚经济中生存下去，必须制定标准的信贷政策，确保良好的财务报告和管理制度，他们必须充分认识到营运资金的管理，以确保连续性，增长和偿付能力。
关键词：中小企业（SME），营运资金管理，流动资金，偿付能力引言中小企业业务仍然是一个国家经济增长和发展最有活力的力量和代理人。
中小企业至少占美国国内生产总值的60％（Ovia，2001年）尼日利亚的中小企业全部在我们周围，只有少数几个中小企业才能成为最受欢迎的企业。
中小企业是几个新兴行业的重大突破。
美国（IT）的大部分突破都是由中小企业推动的。
当时公司是一家小规模企业，由盖茨（Paul Gates）和保罗·艾伦（Paul Allen）于1980年开发的微软磁盘操作系统（MS Dos）在全球拥有约80％的运营成本。
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原文Financial management and profitability of small and medium enterprisesMaterial Source:Southern Cross University Author:Kieu Minh Nguyen1. Objectives of financial managementLike many other management sciences, financial management, firstly, establishes its goal and objectives. Objectives of financial 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 specific objectives: profitability and liquidity.* Profitability management is concerned with maintaining or increasing a business’s earnings through a ttention to cost control, pricing policy, sales volume, stock management, and capital expenditures. This objective is also consistent with the goal of most businesses.* Liquidity management, on one hand, ensures that the business’s obligations (wages, bills, loan repayments, tax payments, etc.) are paid. The owner wants to avoid any damage at all to a business’s credit rating, due to a temporary inability to meet obligation by: anticipating cash 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 privately 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 two values diverge. The last is to maximize non-owner manager’s 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 the organizational types and circumstances. Profitable firms, whereoutside 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 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 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 related 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 managementGenerally, previous authors 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-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 management 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 amount and composition of a business’s 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 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 development and growth, (2) and the proportion, which may be distributed to the owner (McMahon, 1995).3.The specific areas of financial managementMost authors and researchers approach the specific areas of financial management in different ways depending upon their emphasis. This section reviews the 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 for 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 management 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 are 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 items 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 concerned 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 structure,* 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 and 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 management practices.4. FINANCIAL CHARACTERISTICS OF SMEsThis 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 Meric (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) 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 leverage 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 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 characteristics 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 growth 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) examined whether financial characteristics ofowner-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 large 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) 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 (1991) 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 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 ratios 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 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 fulfilled 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 undertaken 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 management, 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。