中小企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)管理外文文獻(xiàn)翻譯（節(jié)選）

1、<p>　　中文3500漢字，2100單詞，1.1萬英文字符</p><p>　　文獻(xiàn)出處: Sharifi O. Financial Risk Management for Small and Medium Sized Enterprises (SMES)[J]. International Journal of Information, Business and Management, 2014,

2、6(2).: 82-94.</p><p>　　http://www.wenku1.com/news/BE6749FBE134127D.html</p><p><b>　　原文</b></p><p>　　Financial Risk Management for Small and Medium Sized Enterprises(SMES

3、) Omid Sharifi</p><p>　　MBA, Department of Commerce and Business Management,</p><p>　　Kakatiya University, House No. 2-1-664, Sarawathi negar,</p><p>　　1．ABSTRACT</p><p&g

4、t;　　medium sized Enterprises (SME) do also face business risks, Similar to large companies, Small and Mwhich in worst case can cause financial distress and lead to bankruptcy. However, although SME are a major part of th

5、e India and also international - economy, research mainly focused on risk management in large corporations. Therefore the aim of this paper is to suggest a possible mean for the risk identification, analysis and monitori

6、ng, which can be applied by SME to manage their internal financi</p><p>　　Keywords: Annual report, Small and Medium sized Enterprises, Financial Risks, Risk Management.</p><p>　　外文翻譯文獻(xiàn)2．INTRUDUC

7、TION</p><p>　　Small and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is

8、 considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people,</p><p>　　create 1.3 million jobs every year and produce more than 800

9、0 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year,

10、Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs.</p><p>

11、;　　Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEs add considerable value to their business, various trade directories and trade porta

12、ls help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of t

13、his strong growth, there is huge potential amongst Indian SMEs </p><p>　　3. RESEARCH QUESTION</p><p>　　Risk and economic activity are inseparable. Every business decision and entrepreneurial act

14、 is connected with risk. This applies also to business of small and medium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real business environment with market imperf

15、ections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or ban</p><p>　　1. SME d

16、iffer from large corporations in many characteristics</p><p>　　2. The existing research lacks a focus on risk management in SME</p><p>　　The following research question will be central to this w

17、ork:</p><p>　　1.how can SME manage their internal financial risk?</p><p>　　2.Which aspects, based on their characteristics, have to be taken into account for this?</p><p>　　3.Which

18、mean fulfils the requirements and can be applied to SME?</p><p>　　4. LITERATURE REVIEW</p><p>　　In contrast to larger corporations, in SME one of the owners is often part of the management team.

19、 His intuition and experience are important for managing the company. Therefore, in small companies, the (owner-) manager is often responsible for many different tasks and important decisions. Most SME do not have the ne

20、cessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler fi</p><p>　　5. METHODOLOGY&

21、lt;/p><p>　　5.1. USE OF FINANCIAL ANALYSIS IN SME RISK MANAGEMENT </p><p>　　How financial analysis can be used in SME risk management?</p><p>　　5.1.1 Development of financial risk over

22、view for SME</p><p>　　The following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally present a selection of suit

23、able ratios and choose appropriate comparison data.</p><p>　　5.1.2. Framework for financial risk overview</p><p>　　The idea is to use a set of ratios in an overview as the basis for the financia

24、l risk management.</p><p>　　This provides even more information than the analysis of historical data and allows reacting fast on critical developments and managing the identified risks. However not only the

25、internal data can be used for the risk management. In addition to that also the information available in the papers can be used.</p><p>　　Some of them state average values for the defaulted or bankrupt compa

26、nies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be

27、 chosen.</p><p>　　The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order

28、to deliver significant information and not miss an important risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means

29、 that they also deliver useful information when not used in a regression, as it is applied </p><p>　　5.1.3. Evaluation of ratios for financial risk overview</p><p>　　When choosing ratios from th

30、e different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed in order to see whether the ratios show different values and developments for the two

31、groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data

32、. Altman shows a table with the </p><p>　　In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories of

33、 ratios applied in the research papers.</p><p>　　Financial structure</p><p>　　A ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the

34、 company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Yap and Cerovac & Ivicic show comparison values for this ratio. Those demonstrate a huge difference in size between the

35、bankrupt and non-bankrupt groups.</p><p>　　Therefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure

36、 are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.</p><p>

37、;　　Cost of debt</p><p>　　The costs of debt are another aspect of the financing risk. Porporato & Sandin use the variable interest payments/EBIT for measuring the debt costs. The variable shows how much o

38、f the income before tax and interest is spend to finance the debt. This variable also shows a clear trend when firms approach bankruptcy.</p><p><b>　　Liquidity</b></p><p>　　The ratio

39、 used in all five papers to measure liquidity is the current ratio, showing the relation between current liabilities and current assets (with slight differences in the definition). Instead of the current ratio, a liquidi

40、ty ratio setting the difference between current assets and current liabilities, also defined as working capital, into relation with total assets could be used.</p><p>　　Basically the ratio says whether the f

41、irm would be able to pay back all its’ current liabilities by using its’ current assets. In case it is not able to, which is when the liabilities exceed the assets, there is an insolvency risk.</p><p>　　6. C

42、RITICAL REVIEW AND CONCLUSION</p><p>　　When doing business, constantly decisions have to be made, whose outcome is not certain and thus connected with risk. In order to successfully cope with this uncertaint

43、y, corporate risk management is necessary in a business environment, which is influenced by market frictions. Different approaches and methods can be found for applying such a risk management. However, those mainly focus

44、 on large corporations, though they are the minority of all companies[13].Furthermore the approaches often requi</p><p><b>　　譯文</b></p><p>　　中小企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)管理</p><p><b>

45、　　奧米德沙利菲</b></p><p><b>　　1、摘要</b></p><p>　　中小型企業(yè)(SME)和大型企業(yè)一樣，也面臨著業(yè)務(wù)風(fēng)險(xiǎn)，在最糟糕的情況下，可能會(huì)導(dǎo)致金融危機(jī)，甚至破產(chǎn)。然而,盡管中小企業(yè)是印度以及國際經(jīng)濟(jì)的重要組成部分，研究卻主要集中在大型企業(yè)的風(fēng)險(xiǎn)管理上。因此本文的主要目標(biāo)是，提出一個(gè)有效的風(fēng)險(xiǎn)識(shí)別、分析和監(jiān)控手段，使中小企業(yè)應(yīng)

46、用其來管理他們的內(nèi)部財(cái)務(wù)風(fēng)險(xiǎn)。為此財(cái)務(wù)分析，它同樣被選擇當(dāng)作是研究識(shí)別公司破產(chǎn)的指標(biāo)。本文研究所需的數(shù)據(jù)資料來源于從2008年到2012年這五年間業(yè)務(wù)資金有限的年度報(bào)告。研究結(jié)果表明，相關(guān)數(shù)據(jù)和綜述可用于分析中小企業(yè)的風(fēng)險(xiǎn)管理。 </p><p>　　關(guān)鍵詞：年度報(bào)告，中小企業(yè)，財(cái)務(wù)風(fēng)險(xiǎn)，風(fēng)險(xiǎn)管理</p><p><b>　　2、引言</b></p>&

47、lt;p>　　除了其他方面，中小型企業(yè)(SME)與大型企業(yè)的不同之處首先在于他們的規(guī)模不同，但是，他們?cè)趪窠?jīng)濟(jì)中同樣具有重要的作用。印度的中小企業(yè)被認(rèn)為是經(jīng)濟(jì)的支柱，他們工業(yè)產(chǎn)值的45%來自于中小企業(yè)，占總出口的40%，為6000萬人提供就業(yè)機(jī)會(huì)，每年創(chuàng)造130萬個(gè)就業(yè)崗位，生產(chǎn)8000多種印度和國際市場(chǎng)的高質(zhì)量產(chǎn)品。印度約3000萬個(gè)小企業(yè)，未來3年內(nèi)將有1200萬人加入勞動(dòng)大軍，該行業(yè)以每年8%的速度增長(zhǎng)，印度政府正在采取各

48、種措施，以增加其在國際市場(chǎng)上的競(jìng)爭(zhēng)力。對(duì)印度中小企業(yè)發(fā)展起重要作用的因素有以下幾個(gè)。</p><p>　　這些因素包括：中小企業(yè)的資金來自當(dāng)?shù)睾屯鈬顿Y者，這項(xiàng)新技術(shù)被用于在市場(chǎng)上協(xié)助中小企業(yè)增加其價(jià)值，各種貿(mào)易名目與貿(mào)易門戶網(wǎng)站幫助促進(jìn)買家和供應(yīng)商之間的貿(mào)易，從而減少貿(mào)易壁壘，提供強(qiáng)有力的政府支持；印度中小企業(yè)繼續(xù)報(bào)告他們的發(fā)展情況。盡管強(qiáng)勁增長(zhǎng)的趨勢(shì)必然，印度中小企業(yè)仍然具有尚未開發(fā)的巨大潛力。一旦這些尚未開

49、發(fā)的潛力成為其發(fā)展來源，就沒辦法阻止印度GDP高于美國和中國的現(xiàn)實(shí)，他已即將成為世界經(jīng)濟(jì)大國。</p><p><b>　　3、研究問題</b></p><p>　　風(fēng)險(xiǎn)與經(jīng)濟(jì)活動(dòng)是密不可分的。每一個(gè)經(jīng)營(yíng)決策和創(chuàng)業(yè)行為都面臨著風(fēng)險(xiǎn)。這也同樣適用于中小企業(yè)，因?yàn)樗麄円步?jīng)常面臨著一些和和大公司一樣的風(fēng)險(xiǎn)。在市場(chǎng)不完善的真實(shí)的商業(yè)環(huán)境中，他們需要管理好這些風(fēng)險(xiǎn)以確保他們的業(yè)

50、務(wù)持續(xù)開展，同時(shí)，要避免并減少交易成本、金融危機(jī)與破產(chǎn)成本來增加附加價(jià)值。然而，對(duì)于大多數(shù)中小企業(yè)來說，風(fēng)險(xiǎn)管理都是一個(gè)巨大的挑戰(zhàn)。相對(duì)于大公司來講，他 們往往缺乏必要的資源，而在人力方面，往往缺乏數(shù)據(jù)庫和專業(yè)知識(shí)對(duì)其進(jìn)行標(biāo)準(zhǔn)化和結(jié)構(gòu)化的風(fēng)險(xiǎn)管理。其結(jié)果是，許多規(guī)模較小的公司沒有進(jìn)行有效分析以識(shí)別他們存在的風(fēng)險(xiǎn)。由于中小企業(yè)缺乏對(duì)風(fēng)險(xiǎn)管理方法的分析，如亨舍爾所述：在中小企業(yè)中，風(fēng)險(xiǎn)管理面臨的挑戰(zhàn)主要表現(xiàn)在以下兩個(gè)方面： </p&g

51、t;<p>　　1、中小企業(yè)不與大型企業(yè)的特性有所不同 </p><p>　　2、中小企業(yè)對(duì)風(fēng)險(xiǎn)管理的研究有所缺乏 </p><p>　　本文的核心研究問題如下： </p><p>　　1、中小企業(yè)如何管理他們的內(nèi)部財(cái)務(wù)風(fēng)險(xiǎn)？ </p><p>　　2、依據(jù)自身特點(diǎn)，哪些方面是必須要考慮的？ </p><p&

52、gt;　　3、這意味著履行職責(zé)可以被應(yīng)用于中小企業(yè)？ </p><p><b>　　4、文獻(xiàn)綜述 </b></p><p>　　與大企業(yè)相比，在中小企業(yè)中，其中的一個(gè)所有者往往就是管理團(tuán)隊(duì)的一部分。他的直覺和經(jīng)驗(yàn)對(duì)管理公司來說很重要。因此，在小公司，（所有者）經(jīng)理通常負(fù)責(zé)許多不同的任務(wù)，并做著重要的決策。大多數(shù)中小企業(yè)沒有必備的資源來雇傭不同的專家。他們專注于他們的核

53、心業(yè)務(wù)，在管理上他們是多面手。Behr 和 Guttler發(fā)現(xiàn)中小企業(yè)平均擁有的股權(quán)比率低于20%。當(dāng)應(yīng)用風(fēng)險(xiǎn)管理等工具時(shí)，需要考慮不同的管理特點(diǎn)、采購與資本市場(chǎng)的立場(chǎng)以及法律框架。所以，大公司的風(fēng)險(xiǎn)管理技術(shù)很難適用于中小企業(yè)。實(shí)際上也能觀察到，相對(duì)于大公司來講，盡管中小企業(yè)面臨的風(fēng)險(xiǎn)與不確定性并不少，他們的風(fēng)險(xiǎn)管理企業(yè)實(shí)踐與大公司存在很大差別。后者有足夠的資源來雇傭一個(gè)風(fēng)險(xiǎn)管理經(jīng)理職業(yè)人，來使其風(fēng)險(xiǎn)管理系統(tǒng)變得結(jié)構(gòu)化和標(biāo)準(zhǔn)化。相反，風(fēng)

54、險(xiǎn)管理在中小企業(yè)中的技術(shù)實(shí)現(xiàn)程度有限。約翰和韋伯對(duì)公司規(guī)模和風(fēng)險(xiǎn)管理的實(shí)現(xiàn)程度作出了分析。Beyer, Hachmeister和Lampenius在2010年的一項(xiàng)研究認(rèn)為，擴(kuò)大公司規(guī)模能在一定程度上提高中小企業(yè)風(fēng)險(xiǎn)管理的能力。這個(gè)調(diào)查與近10%的中小企業(yè)的意見一致，他們認(rèn)為，風(fēng)險(xiǎn)管理只有在大公司才具有合理性。Bey</p><p><b>　　5、方法 </b></p>&l

55、t;p>　　5.1 在中小企業(yè)風(fēng)險(xiǎn)管理中使用財(cái)務(wù)分析 </p><p>　　如何在中小企業(yè)風(fēng)險(xiǎn)管理中使用財(cái)務(wù)分析？ </p><p>　　5.1.1 中小企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)概述 </p><p>　　以下部分將對(duì)企業(yè)發(fā)展的財(cái)務(wù)風(fēng)險(xiǎn)進(jìn)行概述。接下來是本文的結(jié)構(gòu)框架，通過分析不同的財(cái)務(wù)比率來選擇合適的比率與對(duì)比數(shù)據(jù)。 </p><p>　　5.

56、1.2 金融風(fēng)險(xiǎn)框架概述 </p><p>　　在概述中，我們應(yīng)用一組財(cái)務(wù)比率作為金融風(fēng)險(xiǎn)管理的基礎(chǔ)。 相對(duì)于歷史數(shù)據(jù)的分析來說，這提供了更多的信息，使所有者在 企業(yè)發(fā)展的關(guān)鍵時(shí)期反應(yīng)迅速，能有效地管理確定性的風(fēng)險(xiǎn)。然而，不僅僅是內(nèi)部數(shù)據(jù)可以用于風(fēng)險(xiǎn)管理。此外，一些文件中的信息同樣可以得到充分應(yīng)用。 </p><p>　　違約或破產(chǎn)公司破產(chǎn)前一年，其中一些人就陳述了平均值，一些文件的時(shí)間范

57、圍更長(zhǎng)。這些數(shù)值可以用來作為比較價(jià)值，評(píng)估公司的風(fēng)險(xiǎn)情況。為此，必須選擇一組合適的比率。 </p><p>　　這組比率，應(yīng)當(dāng)包括概述和分析表，并滿足兩個(gè)主要條件。首先，他們應(yīng)與公司的主要金融風(fēng)險(xiǎn)相匹配，為公司提供重要的信息，并不能放過一個(gè)重要的危險(xiǎn)因子。其次，這組比率應(yīng)與兩種不同的方式有關(guān)。一方面，他們應(yīng)該獨(dú)立于其他適用比率。這意味著，當(dāng)進(jìn)行回歸分析時(shí)，他們還應(yīng)提供有用的信息使其應(yīng)用于數(shù)據(jù)中。另一方面，要想使其

58、得到合理應(yīng)用，這組比率需要展示財(cái)政健康公司的發(fā)展，而不是在金融危機(jī)中運(yùn)營(yíng)的公司。兩組值之間的差異應(yīng)引起人們的重視。 </p><p>　　5.1.3 評(píng)估財(cái)務(wù)風(fēng)險(xiǎn)的比率 </p><p>　　當(dāng)從不同類別中選擇比率時(shí)，需要評(píng)估哪些是最合適的。這些比較值是必要的，為了分辨這些比率是否顯示不同的值，反映兩組公司的發(fā)展情況。比較值的最便捷的來源即論文研究結(jié)論，其中的數(shù)值是基于大樣本的年度報(bào)告，并

59、且通過提供的平均值比離群值的數(shù)據(jù)更有意義。奧爾特曼以表的形式將8個(gè)不同比率的值應(yīng)用于五年前破產(chǎn)的公司中，帕羅與桑丁使用13個(gè)比率的模型，奧爾森的評(píng)估是基于9個(gè)數(shù)據(jù)和比率?？祝?amp; 葉和Cerovac & Ivicic也展示出兩組之間的比率差異，然而，只有關(guān)于破產(chǎn)之前的分析，而沒有隨著時(shí)間的推移發(fā)展。因此，這些信息并不像其他人的研究那樣有價(jià)值。 </p><p>　　總之，中小企業(yè)主要的內(nèi)部財(cái)務(wù)風(fēng)險(xiǎn)

60、應(yīng)通過財(cái)務(wù)結(jié)構(gòu)、流動(dòng)性和盈利能力比率來分析。 </p><p><b>　　金融結(jié)構(gòu) </b></p><p>　　許多論文中使用的比率是總債務(wù)與總資產(chǎn)比率，用以分析公司的財(cái)務(wù)結(jié)構(gòu)。奧爾特曼的論文中，奧爾森、桑丁、孔、葉翁等人展示了一比率的比較值。這些證實(shí)了破產(chǎn)公司與良性運(yùn)行公司的巨大差異。 因此，總負(fù)債/總資產(chǎn)的信息更可靠，應(yīng)當(dāng)重點(diǎn)加以概述。分析財(cái)務(wù)結(jié)構(gòu)的另一個(gè)比率

61、只在一篇論文中得到闡述，并且只有破產(chǎn)之前的一個(gè)參考數(shù)據(jù)。因此，項(xiàng)趨勢(shì)為能被攻破，相關(guān)性也未能得到批準(zhǔn)。 </p><p><b>　　債務(wù)成本 </b></p><p>　　債務(wù)融資的另一個(gè)方面的成本風(fēng)險(xiǎn)。桑丁使用變量利息/息稅前利潤(rùn)衡量債務(wù)成本。變量顯示在金融債稅金與利潤(rùn)投入之前收入的多少。這個(gè)變量還顯示當(dāng)公司臨近破產(chǎn)時(shí)的一個(gè)明確趨勢(shì)。 </p>&l

62、t;p><b>　　流動(dòng)資金 </b></p><p>　　在五篇論文中，使用比率來衡量流動(dòng)性即流動(dòng)負(fù)債，他表示流動(dòng)資產(chǎn)和流動(dòng)負(fù)債之間的關(guān)系（定義上有著細(xì)微的差別）。除了當(dāng)前的比率、流動(dòng)資產(chǎn)和流動(dòng)負(fù)債之間流動(dòng)比率設(shè)置的區(qū)別，也可以定義為營(yíng)運(yùn)資金，與總資產(chǎn)結(jié)合起來一樣能被使用。 </p><p>　　比率從根本上講可以是，公司是否能夠償還其所有使用其流動(dòng)負(fù)債的流動(dòng)

63、資產(chǎn)。如果不能，當(dāng)負(fù)債超過資產(chǎn)的時(shí)候，他將面臨破產(chǎn)的風(fēng)險(xiǎn)。 </p><p><b>　　6.評(píng)價(jià)與結(jié)論 </b></p><p>　　做生意時(shí),經(jīng)常需要做出決策,其結(jié)果是不確定的并往往存在一定的風(fēng)險(xiǎn)。為了成功地應(yīng)對(duì)這種不確定性, 在業(yè)務(wù)環(huán)境中，企業(yè)風(fēng)險(xiǎn)管理是必要的,這是因?yàn)槭艿绞袌?chǎng)摩擦的影響。在應(yīng)對(duì)風(fēng)險(xiǎn)管理的過程中，我們可以找到不同的方式和方法。然而,這主要集中于大

64、型企業(yè)中,盡管他們是所有公司中的少數(shù)[13]。此外，一些方法通常需要統(tǒng)計(jì)軟件和專家知識(shí)的應(yīng)用,這在中小企業(yè)中通常是不可行的。他們主要忽視了他們對(duì)風(fēng)險(xiǎn)管理的要求[17][13]。這也包括內(nèi)部財(cái)務(wù)風(fēng)險(xiǎn)管理,這是本文研究的重點(diǎn)。由于中小企業(yè)中存在風(fēng)險(xiǎn)，且他們與較大公司的不同之處在于缺乏合適的風(fēng)險(xiǎn)管理理論建議,這就有必要對(duì)中小企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)管理提供建議。其目的在于找到一個(gè)可能的風(fēng)險(xiǎn)識(shí)別、分析和監(jiān)控方式,應(yīng)用到中小企業(yè)中去來管理他們的內(nèi)部財(cái)務(wù)風(fēng)險(xiǎn)。