财务会计中英文资料外文翻译文献
战略财务会计在中小企业
摘要：随着社会经济的发展和科学技术的进步,中国的企业在一个充满机会和危险的阶段。介绍了安全会计的含义和意义战略财务会计中存在的问题,阐述了财务策略进行小中型企业一起,最后提出了一些对策和原因。
关键词：中小企业的战略财务会计、问题、对策
一个企业的不确定性的金融环境其财务活动充满风险。除了机会,有许多的危险从时间,以时间,其财务会计。因此,它已经成为了成功的关键一个企业的财务会计是否能跟踪的趋势变化什么是有用的吸收。应当拒绝接受什么是有害的。战略会计思想是非常重要的在企业的财务会计,因为我们必须努力去分析和把握一般环境和发展一个企业的发展趋势,从而提高适应能力、可变性和适用性的金融中心会计不确定环境。目前,中小企业在100年通过了工商登记、以企业总数的90%。因此,其战略财务会计是特别重要的,这也是本论文的主题。
1 简介
战略性的财务会计是财务会计理论,根据该融资应该的在最适当的方式进行,采集到的资本必须利用和会计的最有效的方式虽然企业和决策和利润分配应该最合理。根据其内涵,总结三个主要内容的战略财务会计,包括融资策略,投资战略和利润分配决策策略。 详情如下:
融资策略
高度发达的现代企业具有的销售急剧增长。当面对这样一种局势,企业倾向于有很大的要求从股票和应收账款是资本的提升。更大的为销售增长的张力,但更大的资本要求。因此,在融资策略都具有十分重要的意义战略会计财务。融资策略的
功能在于明确的指导方针融资、铺设融资目标下,建立整体规模、融资渠道和方法,安排战略资本结构优化方案,从各方面对此作了相应的对策,以达到融资目标,最后预测和收集的大量资金的企业的需要。
投资策略
为核心的战略财务会计,这种策略决定一个企业只能分配它的首都资源合理而有效的方法。投资策略包括确认投资固定资产的方向、公司规模和资本规模、投资选择相关的外部扩张或内部扩张,改革旧的产品或开发新的、独立或联合操作,自有资金投资决定或贷款之间的百分比固定资产、流动资产、投资策略和风险和那些在通货膨胀。
利润分配决策策略
这个策略,包括会计资本收益和设立股份奖金分配制度,主要的交易一个企业比例,搁在长期底图在扩大规模、提高员工福利和自身的生活水平。利润分配决策战略旨在满足需求,对于资产资本的发展和改进企业的核心竞争力根据相关的投资策略和融资策略。与此同时,在实行这个策略,企业建立以人为本预计分配政策的有效方法,积极探索运用那些重要的要素,如知识、技术、专利、会计利润分配决策课程。
2 我国中小企业战略财务会计的问题
目前,一些常见的问题包括：
2.1 缺乏科学规范的财务策略
不少企业在追求只有一个大的规模,或购买大量的土地而忽略资产结构配置,或没有合理安排其资本。他们没有财务策略,不要去提到实施。至于其他的影响,分析了其战略财务会计是很大的影响由于他们的科学和不规则的策略,并具有以下特点:第一,他们的战略企业财务目标的总体离开他们的财务策略;第二,被认为相当于金融计划,因此忽视的综合性金融策略;第三,金融方案不是根据他们的企业的长期目标,因此有很大的随机性。
2.2 忽视战略环境分析,并有不合理的战略性的财务目标
战略环境分析既是财务策略的基础和保障实施。它包括内部和外部环境分析与前者的存在内部基础和实施依据建立的财务策略。目前,很多中小企业没有实现战略环境的重要性,建立和推行的金融战略和因此未能有适当的分析,特别是其战略
金融环境的内部环境。作为一个结果,它们不现实的和不合理的策略有限制的有效实施他们的财政策略。
2.3 出资的角色战略性的财务预算执行
预算中所起的作用主要对战略性的财务执行两个方面。首先,它进一步阐明指定的战略财务观念,被理解,而所有的人员进行。预算可以帮助分战略目标企业的每一个部分,甚至每一位员工。另外,当执行某项任务联合所有部分一个所有的雇员将有更好的合作与交流,与对方。第二,预算还提供了一个标准,一个企业的日常操作和性能。与定量金融在预算目标确定、实际实现与预算,以揭示它们之间的目标和现实,采取有效的对策。现在,大多数中小企业在中国没有系统、完整的预算制度由销售预算、生产成本预算,一般间接成本预算,损失和费用预算及现金预算等等。即使一些有这样的系统,其缺乏小心预算行,严格执行预算的作用以及财务策略的实施。
2.4 企业的财务会计中存在的问题
现在,一些问题,中小企业的财务会计也制约了建立和他们的财务策略的实施。存在的主要问题的建议如下。
过时的想法,不清楚职责分工和混乱的会计。企业不知道”的企业会计应以财务会计为基础,并应在财务会计中心资本会计;企业家和财务人员的缺乏科学的、先进的财务观念包括时间值、风险价值,边际成本、机会成本和认识不足有关经济会计的理论和方法导致职责分工不明,混乱的会计,无能的监控、虚假会计信息等。 大量财务计算,包括简化会计程序,保持重开帐户除了授权,采用不规则检查性质和现金,没有定期检查他们的银行存款、债权债务导致他们的账实不符和物品或资金,有前途的奖金和盲目逃税发放奖金在纳税。
融资困难,主要体现在渠道和规模不足融资渠道无序融资的命令。目前,大多数中小企业面临极大的困难,获得短期贷款,更不用说长远的问题。81%的企业没有足够的流动资金等)。时间的贷款的时间越长,他们真的可以利用较少的钱从他们的贷款。一项调查显示,60.5%的企业没有得到长期的贷款,在那些能真正得到这样的贷款,16%的企业的要求充分履行了,52.7%是部分完成时,31.2%的人不满意。(黄,2008)
糟糕的财务控制。首先,松散的现金会计往往会造成无效或不足的资金。为一些企业,更多的现金,越好。因此,一大笔钞票不是分配到操作,未能发挥作用它的作
用;对于一些人,他们的现金是对不动产超支,因此未能处理一些紧急用途。第二,应收账款周转缓慢造成极大的困难,恢复资本甚至坏帐。第三,控制在股票很差。许多企业都有一个股票的周转资金的两倍多,导致失败,在资金周转。第四,太多的注意力被放在钱而不是性质,造成严重浪费的资产。事实上,不少小中小企业缺乏有效的会计是他们的原料、半成品、固定资产等等, 资产浪费结果是相当严重的。
3 中小型的中国企业产生这些问题的原因在战略财务会计
3.1 僵硬的会计模式、会计理念落后、会计者的质量较差
目前,大多数中小企业特别是那些私立学校的高度统一使用所有权的文件会计权利,投资者是经理,他的权力不能只局限于任何情况。没有职责分工明确和严格的规定,这些会计者不体现成一个有效的财务会计公司会计体系,更不用说财务策略对于企业的一个重要组成部分总体策略,从而减轻其意义和功能。这些会计者不相信战略但是很好运气,而血脉不系统,解决关键的手续,但是,会计,技术和市场。特别是那些企业开创市场商机,不宜环境是主要侵犯者。
此外,会计者的质量差也是一个重要的失败原因的财务策略。众所周知,大多数经营者在中小型中国企业综合素质差、不足的会计经验和效率较低,因为他们没有经历过的任何系统学习会计理论与特殊的专业培训。因此,他们不能够有合理的预测、决策、预算、控制,分析和评价相结合自身特点和市场,金融环境的分析放下适用、可行的融资策略、投资以及利润分配或完全实现财政预算的重要性,所以实施有效控制以服务他们的总体目标企业的发展战略以一种更好的方式。
3.2 缺乏自主融资多元化渠道系统
多变的市场、经营风险较大,所以财务指标造成大量的债务和高融资成本,因此导致企业的较低的信用。此外,他们的信用也受到他们的选操作过程、非财务报告,以及信息不对称,从而使实现融资困难的目标。
体系的角度,这些企业投融资体制缺乏应有的独立和多样化严重地制约其融资渠道策略。首先,没有全国性的机构或优惠的政策协助中小型企业的会计,导致它们的融资形势不利。第二,由于这些企业的私人性质,一些银行贷款的刚性要求设置由于一些传统观念行政交叉干扰。第三,没有足够的金融机构贷款担保机构和特别为中小企业服务。第四,大多数中小企业没有直接融资的权利而不能发行股票或债券。主板市场是不可进入的,二板市场一个是危险的。
3.3 投入不足、缺乏可行性研究能力
中小企业注册资本遭受不足,有限的经营资本,于是穷人投资的能力。关注短期目标收回投资,他们不得不依靠简单再生产来代替扩张的一个。此外,无任何特殊机构市场分析、投资活动的人根据他们的观念,因此失明。这些决策者通常不能有一个总体的把握市场经济的特点、原则或继续合理的经济利益与他们的正常工作资本市场。他们可怜的能力也反映在短缺的一些可行性研究他们的收缩和扩展战略,如何选择融资渠道及结构,如何建立一个新的投资方向等等。所有这些极大地影响的制定和实施企业战略的财务目标。
3.4 不完整的内部控制制度导致无效的控制
内部控制系统中普遍存在的中小企业,深刻地体现没有或者是不完整的内部控制体系,因此未能有效地抑制自己的经济行为制度化。很多企业没有部门内部审计保证的严格执行金融系统。即使一些建立这样的一个部门,其缺乏独立可能会导致无效的内部控制。作为一个结果,财务会计以及财务战略将很大的影响。
4 我国中小企业对策
见上述问题,在当前中小型中国企业的主要原因是他们的内部原因和外部环境的影响。因此,应采取一些有效的措施从以下几个方面。
4.1 正确的理财目标,并建立了牢固的战略意义
一个企业的财务目标不仅是它的努力的方向,但有效的标准衡量其财务决策是对还是错。适当的目标是非常有益的一个企业的总体战略目标的实现。生存、盈利和发展的基本目标是任何企业,企业价值最大化应被看作是财务目标。引导实现这个目标,将建立企业财务会计的中心地位,在整个企业会计首先,强调会计的融资、投资和利润赚,把他们的偿债能力、经营、利润收益和发展和指导等方面的生产和资本运营控制他们的资本、成本、利润等。要求企业必须遵循战略会计的目标和中心竞争优势战略会计的关系处理企业的利益和社会利益的关系、企业与企业之间的总体效益和部门的人以及长远利益和短期之间的重要性,完全实现了战略会计在企业的发展和重要作用进行财务策略。因此,它是前提的实施财务策略,建立了牢固的战略意义。此外,一些现代会计理念,必须制定相关等风险,时间价值、现金流量、知识效益与人才的价值。
4.2 采用预算控制,保证财务策略的有效实施
预算会计是保障和关键财务目标转换成特定的行动计划和实施。首先,各式各样的财政预算,包括销售、生产成本、一般间接费用、资本费用、损失及现金,要编制一个科学、合理的基于财务策略和财务预测。编制预算时,应根据销售预测过程可能在未来销售销售期,然后编预算和一般间接费用的生产成本,创造损失后,根据有关销售预算预算和成本预算以及现金预算按照预算资本费用和损失。其次,预算指标可以瓦解列入每个部门或个人,他们的责任感和热情可以鼓舞,澄清的责任和义务。第三,预算应遵循严格的财务策略的实施也不例外。最后,一些调整应该是根据战略环境的变化和新要求的发展战略。
4.3 创造良好的战略环境,强调环境分析
为中小企业的战略环境不仅影响其融资但坚固和实施他们的财政策略。因此,它是很重要的营造良好的战略环境和强调环境的分析。
尽管是一个系列的国家政策鼓励、引导和扶持发展中小企业在华的外部和内部环境的发展需要很大的改进。因此,中国应该采取更多的措施来发展当地银行和金融代理商与中小型规模,建立金融系统有利于这些企业的发展,建立和完善有效的贷款担保体系,帮助这些企业、为他们提供机会发行他们的股票或者债券,扩大直接融资渠道,鼓励发展风险投资、促进企业的发展专业高新技术完善机构、组织建设、加强支持这些企业财务代理和建立基金来支持他们的发展。为企业本身,他们应该努力提高自己的综合素质,加强和改善他们的信用意识和信用创造有利的信用环境。
总之,政府、社会、企业的共同努力,应该依靠营造良好的金融环境,这些中小企业。此外,这些企业也应该充分意识到环境的重要性,为他们的财务策略尝试建立科学、合理、可行的战略目标,并保障其有效实施进一步加强环境分析和改进他们的决策能力。
4.4 建立财务危机预警系统有效地控制财务风险
融危机预警系统是一个非常重要的手段去控制财务风险,实现战略财务目标为中小企业。通过收集一些信息在相关的产业政策和市场竞争,设置,观察一些敏感性指标和用人预警模型,这样的系统会为企业提供信号来帮助他们采取有效的干预措施,以避免金融危机。
关键是要解决预警指标和限制在建立预警系统。这些指标预先警报的主要涉及现金,流动比率、债务、操作、信用、营业额、投资、成本、收益和环境等等。主
要有两个模式:函数和多元模式。企业应该建立自己的预警系统,根据其不同模式的现实。
5 结论
综上所述,多种因素与企业的外部条件和内部条件时,要充分考虑他们建立自己的财务策略。由于他们的不同特点,中小企业必须建立自己的财务会计策略与其模仿的大型企业。
外文原文:
Strategic Financial accountant in Small and Medium-Sized
Enterprises
Abstract: Along with the development of social economy and the progress of science and technology, Chinese enterprises are being in a stage filled with opportunities and dangers. This paper introduces the connotation and significance of strategic financial accountant, elaborates the problems in the financial strategies conducted by small and medium-sized enterprises together with the causes and proposes some countermeasures finally.
Keywords: Small and medium-sized enterprises, Strategic financial accountant, Problems,
Countermeasures
The 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 accountant. Therefore, it has become thkey to the success of an enterprise’s financial accountant whether it can keep track of the trends of changes and absorbe what is useful while rejecting what is harmful. Strategic accountant ideas are significant in enterprises’ financial accountant since we must make efforts to analyze and grasp the general environment and development tendency of an enterprise and therefore to improve the adaptability, changeability and applicability of financial accountant to uncertain environment. Currently, over 10,000,000 small and medium-sized enterprises have passed the industrial and commercial registration, taking up 90% of the total enterprises in China. Accordingly, their strategic financial accountant is of particular importance, which is also the topic of this paper.
1 Introduction
Strategic financial accountant refers to financial accountant theories according to which financing should 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 reasonably. According to its connotation, we can sum up the three main contents of strategic financial accountant, including financing strategy, investment strategy and profit-distribution strategy. Details are as follows:
Financing strategy
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 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 accountant. The functions of financing strategy lie in clarifying the
guidelines for financing, laying down financing objectives, establishing the overall scale, channels and methods of financing, arranging strategic schemes of capital structure optimization, laying down relevant countermeasures in order to achieve the financing objectives, and finally predicting and collecting the amount of capital the enterprise needs.
Investment strategy
As the core of strategic financial accountant, this strategy determines 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 capital 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 with loans and decisions on the percentage between fixed assets and current assets, investment strategies with risks and those during inflation.
Profit-distribution strategy
This strategy, including the accountant of capital gains and the establishment of stock bonus distribution, mainly deals with the proportion an enterprise puts 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 development and improvement of enterprises’ core competitiveness based on relevant investment strategy and financing strategy. Meanwhile, when carrying out this strategy, enterprises are expected to establish talent-oriented distribution policies by exploring effective methods to apply those important elements such as knowledge, technique, patent and accountant to the profit-distribution course.
2 Problems in Strategic Financial accountant of Small and Medium-Sized Enterprises in China
Currently, some common problems include:
2.1 Lacking in Scientific and Standardized Financial Strategies
Quite a few enterprises are pursuing 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 their implementation. As for some others, the effect of their strategic financial accountant is greatly affected due to their unscientific and irregular strategies, which are characterized by the following features: first, their strategic financial aims depart from their enterprises’ overall ones; second, financial strategies are regarded equal to financial plans, hence neglecting the comprehensiveness of financial strategies; third, financial strategies are not made based on their enterprises’ long-term goals and therefore have great randomness.
2.2 Neglecting Strategic Environment Analysis and Having Unreasonable Strategic Financial Goals
Strategic environment analysis is both the foundation 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 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 failed to have proper analysis on their strategic financial environment especially its internal environment. As a result, their unpractical and unreasonable strategies have restricted the effective implementation of their financial strategies.
2.3 Lessening the Role of Budgeting in Strategic Financial Implementation
Budgeting mainly exerts its role in strategic financial implementation in two aspects. First, 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 employee. 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 for an enterprise’s daily operation and performance. With a quantitative financial goal set in budget, the actual implementation can be compared with the budget to reveal the disparity between the goal and the reality and take effective countermeasures. Now, most small and medium enterprises in China have no systematic and complete budget system made up of sales budget, production cost
budget, general indirect cost budget, loss and expense budge and cash budget and so on. Even if some have such a system, its shortage of careful budgeting and strict implementation also lessens the role of budgeting as well as the implementation of financial strategies.
2.4 Problems in Enterprises’ Financial accountant
Now, some problems in small and medium enterprises’ financial accountant have also restricted the establishment and implementation of their financial strategies. Some main problems are as follows.
Obsolete ideas, unclear duty division and disordered accountant. Enterprises have no idea of “corporateaccountant should be based on financial accountant and financial accountant should center on capital accountant; entrepreneurs and financial staff’s lack of scientific and advanced financial ideas including time value, risk value, marginal cost, opportunity cost and insufficient knowledge about financial accountant theories and methods have resulted in unclear duty division, disordered accountant, ineffective monitor, false accounting information and so on.
Extensive financial calculation, including simplifying accounting procedures 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 inconsistent with items or funds, blindly promising bonuses and evading taxes by distributing bonuses before paying taxes.
Difficult financing, mainly manifested in insufficient channels and scales of financing 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 have 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 to long-term loans, among those who can really get such loans, 16% enterprises’ demands are fully fulfilled, 52.7% are partially fulfilled, 31.2% are not fulfilled. (Huang, 2008)
Poor financial control. First, loose cash accountant 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, failing 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 or even bad debts. Third, the control over stock is poor. Many enterprises have a stock over twice its turnover, leading to failures in capital turnover. Fourth, too much emphasis is put on money instead of properties, causing serious waste of assets. Actually, quite a few small and medium enterprises are lacking in effective accountant of their raw materials, semi-manufactured goods, fixed assets and so on, as a result of which asset wastes are quite serious.
3 Causes of the Problems in Strategic Financial accountant of Small and Medium-Sized Chinese Enterprises
3.1 Rigid accountant Pattern, Laggard accountant Idea and Managers’ Poor Quality
At present, most small and medium enterprises especially those private ones employ highly unification of ownership and accountant 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 accountant into an effective corporate accountant system, not to mention regarding financial strategies as a significant part of the enterprise’s overall strategies, hence lessening their significance and function. These managers don’t believe in strategy but good luck, not system but ties of blood, not procedures but tackling key points, not accountant but technology and market. Especially for those enterprises venturing out of niches, unfavorable environment is the chief offender.
In addition, managers’ poor quality is also 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 accountant experiences and low efficiency because they haven’t gone through any systematic learning of accountant theories and special professional training. Therefore, they are not able to have reasonable predictions, decisions, budgets, control, analysis and evaluation based on their own
characteristics and the market, to have analysis on financial environment and lay down applicable and feasible strategies for financing, investment as well as profit distribution or to fully realize the importance of financial budgeting and therefore to have effective control over its implementation in order to serve the overall goals of their enterprises’ development strategies in a better way.
3.2 Lacking Independent Financing System with Diversified Channels
With changeable market, operation risks are greater, so are financial ones caused by a large 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 asymmetrical information, hence leading to the difficulty in achieving financing goals.
Seen from the perspective of financing system, these enterprises’ lack of independent financing system with diversified channels has greatly restricted their financing strategies. First, there is no national institution or preferential policies to assist small and medium enterprises with their accountant, causing their unfavorable financing situation. Second, due to these enterprises’ private nature, some banks set rigid requirements for loans because of some traditional ideas and administrative interferences. Third, there are no enough financial agencies and loan guarantee institutions specially serving for small and medium enterprises. Fourth, most small and medium enterprises have no direct financing rights and cannot issue stocks or bonds. The main board market is inaccessible and the second board one is to risky.
3.3 Poor Investment Ability and Lacking Feasibility Researches
Small and medium enterprises suffer from insufficient registered capital, limited operation capital, hence poor investment ability. Focusing on short-term goals to recover 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 therefore blindness. These decision makers usually fail to have an overall grasp of the characteristics or principles of market economy or to pursue reasonable economic profits with their proper operation at the capital market. Their poor abilities are also reflected in the shortage of some feasibility researches on their shrink
and expansion strategies, how to choose financing channels and structures, how to establish new investment directions and so on. All these greatly affect the establishment and implementation of an enterprise’s strategic financial goals.
3.4 Incomplete Internal Control System Leading to Ineffective Control
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 their 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 of independence may lead to ineffective internal control. As a result, financial accountant as well as financial strategies will be greatly affected.
4 Countermeasures for Small and Medium-Sized Enterprises in China Seen from the above, the problems in present 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.
4.1 Establishing Right Financial Goals and Firm Strategic Sense
An enterprise’s financial goals are not only the direction of its efforts but an effective standard to measure whether its financial 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 regarded as the financial goal. Guided with this goal, enterprises are expected to establish the central status of financial accountant in the overall corporate accountant first of all, to put emphasis on the accountant of financing, investment and profit earning, to take their abilities of debt paying, operation, profit earning and development and guide all the aspects of their production and capital operation by controlling their capital, cost, profit and so on. It is required by strategic accountant that enterprises must follow the aim of competitive edges and center on strategic accountant to deal with the relationship between enterprises’ benefits and social benefits, between enterprises’ overall benefits and sectional ones as well as between long-term benefits and short-term ones and to fully
realize the importance of strategic accountant in enterprises’ development and the significant role of financial strategies. Therefore, it is the precondition for the implementation of financial strategies to establish firm strategic sense. In addition, some other modern accountant ideas should be established, such as those related to risks, time value, cash flow, knowledge benefit and talent value.
4.2 Adopting Budget Control to Guarantee the Effective Implementation of Financial Strategies
Budget control is the guarantee and key point in converting financial goals into specific action plans and implementing them. First, a variety of financial 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. When compiling budget, sales prediction should be based on to pre-calculate the possible sales in the future sales period, then to compile budgets on production cost and general indirect cost and after that to create loss budgets according to the relevant sales budget and cost budget as well as cash budget according to the budget on capital expenses and losses. Next, budget indexes can be disintegrated to be allocated to every section or individual, whose sense of responsibility and enthusiasm can be encouraged by clarified duties and obligations. Third, budgets should be followed strictly in the implementation of financial strategies with no exception. Last, some adjustments should be made according to the changes in strategic environment and new demands of development strategies.
4.3 Creating Favorable Strategic Environment and Emphasizing Environmental Analysis
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, it is of great importance to create favorable strategic environment and emphasize environmental analysis.
In spite of a series of national policies encouraging, guiding and supporting the development 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 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 enterprises, to offer opportunities for them to issue their stocks or bonds, to expand direct financing channels and encourage the development of risk investment, to promote the development of enterprises specialized in high and new technology by perfecting institutions and organization construction, strengthening the support for these enterprises by financial agents and to establish funds to support their development. For enterprises themselves, they should try to improve their qualities, strengthen their sense of credit and improve their credit as well to create favorable credit environment.
In a word, 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 importance 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 and improve their decision-making abilities.
4.4 Establishing Financial Crisis Early-Warning System to Effectively Control Financial Risks
Financial crisis early-warning system 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 and observing some sensitivity indexes and employing early-warning models, such a system will provide signals for enterprises to help them take effective preventive measures and to avoid financial crises.
It is critical to fix early-warning indexes and limits when establishing the pre-warning system. These indexes mainly involve early-warnings in cash, the current ratio, debt, operation, credit, turnover, investment, cost, profit and environment and so on. There are two major patterns: the multivariate pattern and the single-variate pattern. Enterprise are supposed to establish their own early-warning systems with different patterns according to their reality.
5 Conclusion
To sum up, a variety of elements related to enterprises’ external and internal conditions should be taken into consideration when they establish their financial strategies. Due to their different characteristics, small and medium-sized enterprises have to establish their own financial accountant strategies instead of copying those of the large enterprises.
财务会计中英文资料外文翻译文献
战略财务会计在中小企业
摘要：随着社会经济的发展和科学技术的进步,中国的企业在一个充满机会和危险的阶段。介绍了安全会计的含义和意义战略财务会计中存在的问题,阐述了财务策略进行小中型企业一起,最后提出了一些对策和原因。
关键词：中小企业的战略财务会计、问题、对策
一个企业的不确定性的金融环境其财务活动充满风险。除了机会,有许多的危险从时间,以时间,其财务会计。因此,它已经成为了成功的关键一个企业的财务会计是否能跟踪的趋势变化什么是有用的吸收。应当拒绝接受什么是有害的。战略会计思想是非常重要的在企业的财务会计,因为我们必须努力去分析和把握一般环境和发展一个企业的发展趋势,从而提高适应能力、可变性和适用性的金融中心会计不确定环境。目前,中小企业在100年通过了工商登记、以企业总数的90%。因此,其战略财务会计是特别重要的,这也是本论文的主题。
1 简介
战略性的财务会计是财务会计理论,根据该融资应该的在最适当的方式进行,采集到的资本必须利用和会计的最有效的方式虽然企业和决策和利润分配应该最合理。根据其内涵,总结三个主要内容的战略财务会计,包括融资策略,投资战略和利润分配决策策略。 详情如下:
融资策略
高度发达的现代企业具有的销售急剧增长。当面对这样一种局势,企业倾向于有很大的要求从股票和应收账款是资本的提升。更大的为销售增长的张力,但更大的资本要求。因此,在融资策略都具有十分重要的意义战略会计财务。融资策略的
功能在于明确的指导方针融资、铺设融资目标下,建立整体规模、融资渠道和方法,安排战略资本结构优化方案,从各方面对此作了相应的对策,以达到融资目标,最后预测和收集的大量资金的企业的需要。
投资策略
为核心的战略财务会计,这种策略决定一个企业只能分配它的首都资源合理而有效的方法。投资策略包括确认投资固定资产的方向、公司规模和资本规模、投资选择相关的外部扩张或内部扩张,改革旧的产品或开发新的、独立或联合操作,自有资金投资决定或贷款之间的百分比固定资产、流动资产、投资策略和风险和那些在通货膨胀。
利润分配决策策略
这个策略,包括会计资本收益和设立股份奖金分配制度,主要的交易一个企业比例,搁在长期底图在扩大规模、提高员工福利和自身的生活水平。利润分配决策战略旨在满足需求,对于资产资本的发展和改进企业的核心竞争力根据相关的投资策略和融资策略。与此同时,在实行这个策略,企业建立以人为本预计分配政策的有效方法,积极探索运用那些重要的要素,如知识、技术、专利、会计利润分配决策课程。
2 我国中小企业战略财务会计的问题
目前,一些常见的问题包括：
2.1 缺乏科学规范的财务策略
不少企业在追求只有一个大的规模,或购买大量的土地而忽略资产结构配置,或没有合理安排其资本。他们没有财务策略,不要去提到实施。至于其他的影响,分析了其战略财务会计是很大的影响由于他们的科学和不规则的策略,并具有以下特点:第一,他们的战略企业财务目标的总体离开他们的财务策略;第二,被认为相当于金融计划,因此忽视的综合性金融策略;第三,金融方案不是根据他们的企业的长期目标,因此有很大的随机性。
2.2 忽视战略环境分析,并有不合理的战略性的财务目标
战略环境分析既是财务策略的基础和保障实施。它包括内部和外部环境分析与前者的存在内部基础和实施依据建立的财务策略。目前,很多中小企业没有实现战略环境的重要性,建立和推行的金融战略和因此未能有适当的分析,特别是其战略
金融环境的内部环境。作为一个结果,它们不现实的和不合理的策略有限制的有效实施他们的财政策略。
2.3 出资的角色战略性的财务预算执行
预算中所起的作用主要对战略性的财务执行两个方面。首先,它进一步阐明指定的战略财务观念,被理解,而所有的人员进行。预算可以帮助分战略目标企业的每一个部分,甚至每一位员工。另外,当执行某项任务联合所有部分一个所有的雇员将有更好的合作与交流,与对方。第二,预算还提供了一个标准,一个企业的日常操作和性能。与定量金融在预算目标确定、实际实现与预算,以揭示它们之间的目标和现实,采取有效的对策。现在,大多数中小企业在中国没有系统、完整的预算制度由销售预算、生产成本预算,一般间接成本预算,损失和费用预算及现金预算等等。即使一些有这样的系统,其缺乏小心预算行,严格执行预算的作用以及财务策略的实施。
2.4 企业的财务会计中存在的问题
现在,一些问题,中小企业的财务会计也制约了建立和他们的财务策略的实施。存在的主要问题的建议如下。
过时的想法,不清楚职责分工和混乱的会计。企业不知道”的企业会计应以财务会计为基础,并应在财务会计中心资本会计;企业家和财务人员的缺乏科学的、先进的财务观念包括时间值、风险价值,边际成本、机会成本和认识不足有关经济会计的理论和方法导致职责分工不明,混乱的会计,无能的监控、虚假会计信息等。 大量财务计算,包括简化会计程序,保持重开帐户除了授权,采用不规则检查性质和现金,没有定期检查他们的银行存款、债权债务导致他们的账实不符和物品或资金,有前途的奖金和盲目逃税发放奖金在纳税。
融资困难,主要体现在渠道和规模不足融资渠道无序融资的命令。目前,大多数中小企业面临极大的困难,获得短期贷款,更不用说长远的问题。81%的企业没有足够的流动资金等)。时间的贷款的时间越长,他们真的可以利用较少的钱从他们的贷款。一项调查显示,60.5%的企业没有得到长期的贷款,在那些能真正得到这样的贷款,16%的企业的要求充分履行了,52.7%是部分完成时,31.2%的人不满意。(黄,2008)
糟糕的财务控制。首先,松散的现金会计往往会造成无效或不足的资金。为一些企业,更多的现金,越好。因此,一大笔钞票不是分配到操作,未能发挥作用它的作
用;对于一些人,他们的现金是对不动产超支,因此未能处理一些紧急用途。第二,应收账款周转缓慢造成极大的困难,恢复资本甚至坏帐。第三,控制在股票很差。许多企业都有一个股票的周转资金的两倍多,导致失败,在资金周转。第四,太多的注意力被放在钱而不是性质,造成严重浪费的资产。事实上,不少小中小企业缺乏有效的会计是他们的原料、半成品、固定资产等等, 资产浪费结果是相当严重的。
3 中小型的中国企业产生这些问题的原因在战略财务会计
3.1 僵硬的会计模式、会计理念落后、会计者的质量较差
目前,大多数中小企业特别是那些私立学校的高度统一使用所有权的文件会计权利,投资者是经理,他的权力不能只局限于任何情况。没有职责分工明确和严格的规定,这些会计者不体现成一个有效的财务会计公司会计体系,更不用说财务策略对于企业的一个重要组成部分总体策略,从而减轻其意义和功能。这些会计者不相信战略但是很好运气,而血脉不系统,解决关键的手续,但是,会计,技术和市场。特别是那些企业开创市场商机,不宜环境是主要侵犯者。
此外,会计者的质量差也是一个重要的失败原因的财务策略。众所周知,大多数经营者在中小型中国企业综合素质差、不足的会计经验和效率较低,因为他们没有经历过的任何系统学习会计理论与特殊的专业培训。因此,他们不能够有合理的预测、决策、预算、控制,分析和评价相结合自身特点和市场,金融环境的分析放下适用、可行的融资策略、投资以及利润分配或完全实现财政预算的重要性,所以实施有效控制以服务他们的总体目标企业的发展战略以一种更好的方式。
3.2 缺乏自主融资多元化渠道系统
多变的市场、经营风险较大,所以财务指标造成大量的债务和高融资成本,因此导致企业的较低的信用。此外,他们的信用也受到他们的选操作过程、非财务报告,以及信息不对称,从而使实现融资困难的目标。
体系的角度,这些企业投融资体制缺乏应有的独立和多样化严重地制约其融资渠道策略。首先,没有全国性的机构或优惠的政策协助中小型企业的会计,导致它们的融资形势不利。第二,由于这些企业的私人性质,一些银行贷款的刚性要求设置由于一些传统观念行政交叉干扰。第三,没有足够的金融机构贷款担保机构和特别为中小企业服务。第四,大多数中小企业没有直接融资的权利而不能发行股票或债券。主板市场是不可进入的,二板市场一个是危险的。
3.3 投入不足、缺乏可行性研究能力
中小企业注册资本遭受不足,有限的经营资本,于是穷人投资的能力。关注短期目标收回投资,他们不得不依靠简单再生产来代替扩张的一个。此外,无任何特殊机构市场分析、投资活动的人根据他们的观念,因此失明。这些决策者通常不能有一个总体的把握市场经济的特点、原则或继续合理的经济利益与他们的正常工作资本市场。他们可怜的能力也反映在短缺的一些可行性研究他们的收缩和扩展战略,如何选择融资渠道及结构,如何建立一个新的投资方向等等。所有这些极大地影响的制定和实施企业战略的财务目标。
3.4 不完整的内部控制制度导致无效的控制
内部控制系统中普遍存在的中小企业,深刻地体现没有或者是不完整的内部控制体系,因此未能有效地抑制自己的经济行为制度化。很多企业没有部门内部审计保证的严格执行金融系统。即使一些建立这样的一个部门,其缺乏独立可能会导致无效的内部控制。作为一个结果,财务会计以及财务战略将很大的影响。
4 我国中小企业对策
见上述问题,在当前中小型中国企业的主要原因是他们的内部原因和外部环境的影响。因此,应采取一些有效的措施从以下几个方面。
4.1 正确的理财目标,并建立了牢固的战略意义
一个企业的财务目标不仅是它的努力的方向,但有效的标准衡量其财务决策是对还是错。适当的目标是非常有益的一个企业的总体战略目标的实现。生存、盈利和发展的基本目标是任何企业,企业价值最大化应被看作是财务目标。引导实现这个目标,将建立企业财务会计的中心地位,在整个企业会计首先,强调会计的融资、投资和利润赚,把他们的偿债能力、经营、利润收益和发展和指导等方面的生产和资本运营控制他们的资本、成本、利润等。要求企业必须遵循战略会计的目标和中心竞争优势战略会计的关系处理企业的利益和社会利益的关系、企业与企业之间的总体效益和部门的人以及长远利益和短期之间的重要性,完全实现了战略会计在企业的发展和重要作用进行财务策略。因此,它是前提的实施财务策略,建立了牢固的战略意义。此外,一些现代会计理念,必须制定相关等风险,时间价值、现金流量、知识效益与人才的价值。
4.2 采用预算控制,保证财务策略的有效实施
预算会计是保障和关键财务目标转换成特定的行动计划和实施。首先,各式各样的财政预算,包括销售、生产成本、一般间接费用、资本费用、损失及现金,要编制一个科学、合理的基于财务策略和财务预测。编制预算时,应根据销售预测过程可能在未来销售销售期,然后编预算和一般间接费用的生产成本,创造损失后,根据有关销售预算预算和成本预算以及现金预算按照预算资本费用和损失。其次,预算指标可以瓦解列入每个部门或个人,他们的责任感和热情可以鼓舞,澄清的责任和义务。第三,预算应遵循严格的财务策略的实施也不例外。最后,一些调整应该是根据战略环境的变化和新要求的发展战略。
4.3 创造良好的战略环境,强调环境分析
为中小企业的战略环境不仅影响其融资但坚固和实施他们的财政策略。因此,它是很重要的营造良好的战略环境和强调环境的分析。
尽管是一个系列的国家政策鼓励、引导和扶持发展中小企业在华的外部和内部环境的发展需要很大的改进。因此,中国应该采取更多的措施来发展当地银行和金融代理商与中小型规模,建立金融系统有利于这些企业的发展,建立和完善有效的贷款担保体系,帮助这些企业、为他们提供机会发行他们的股票或者债券,扩大直接融资渠道,鼓励发展风险投资、促进企业的发展专业高新技术完善机构、组织建设、加强支持这些企业财务代理和建立基金来支持他们的发展。为企业本身,他们应该努力提高自己的综合素质,加强和改善他们的信用意识和信用创造有利的信用环境。
总之,政府、社会、企业的共同努力,应该依靠营造良好的金融环境,这些中小企业。此外,这些企业也应该充分意识到环境的重要性,为他们的财务策略尝试建立科学、合理、可行的战略目标,并保障其有效实施进一步加强环境分析和改进他们的决策能力。
4.4 建立财务危机预警系统有效地控制财务风险
融危机预警系统是一个非常重要的手段去控制财务风险,实现战略财务目标为中小企业。通过收集一些信息在相关的产业政策和市场竞争,设置,观察一些敏感性指标和用人预警模型,这样的系统会为企业提供信号来帮助他们采取有效的干预措施,以避免金融危机。
关键是要解决预警指标和限制在建立预警系统。这些指标预先警报的主要涉及现金,流动比率、债务、操作、信用、营业额、投资、成本、收益和环境等等。主
要有两个模式:函数和多元模式。企业应该建立自己的预警系统,根据其不同模式的现实。
5 结论
综上所述,多种因素与企业的外部条件和内部条件时,要充分考虑他们建立自己的财务策略。由于他们的不同特点,中小企业必须建立自己的财务会计策略与其模仿的大型企业。
外文原文:
Strategic Financial accountant in Small and Medium-Sized
Enterprises
Abstract: Along with the development of social economy and the progress of science and technology, Chinese enterprises are being in a stage filled with opportunities and dangers. This paper introduces the connotation and significance of strategic financial accountant, elaborates the problems in the financial strategies conducted by small and medium-sized enterprises together with the causes and proposes some countermeasures finally.
Keywords: Small and medium-sized enterprises, Strategic financial accountant, Problems,
Countermeasures
The 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 accountant. Therefore, it has become thkey to the success of an enterprise’s financial accountant whether it can keep track of the trends of changes and absorbe what is useful while rejecting what is harmful. Strategic accountant ideas are significant in enterprises’ financial accountant since we must make efforts to analyze and grasp the general environment and development tendency of an enterprise and therefore to improve the adaptability, changeability and applicability of financial accountant to uncertain environment. Currently, over 10,000,000 small and medium-sized enterprises have passed the industrial and commercial registration, taking up 90% of the total enterprises in China. Accordingly, their strategic financial accountant is of particular importance, which is also the topic of this paper.
1 Introduction
Strategic financial accountant refers to financial accountant theories according to which financing should 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 reasonably. According to its connotation, we can sum up the three main contents of strategic financial accountant, including financing strategy, investment strategy and profit-distribution strategy. Details are as follows:
Financing strategy
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 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 accountant. The functions of financing strategy lie in clarifying the
guidelines for financing, laying down financing objectives, establishing the overall scale, channels and methods of financing, arranging strategic schemes of capital structure optimization, laying down relevant countermeasures in order to achieve the financing objectives, and finally predicting and collecting the amount of capital the enterprise needs.
Investment strategy
As the core of strategic financial accountant, this strategy determines 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 capital 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 with loans and decisions on the percentage between fixed assets and current assets, investment strategies with risks and those during inflation.
Profit-distribution strategy
This strategy, including the accountant of capital gains and the establishment of stock bonus distribution, mainly deals with the proportion an enterprise puts 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 development and improvement of enterprises’ core competitiveness based on relevant investment strategy and financing strategy. Meanwhile, when carrying out this strategy, enterprises are expected to establish talent-oriented distribution policies by exploring effective methods to apply those important elements such as knowledge, technique, patent and accountant to the profit-distribution course.
2 Problems in Strategic Financial accountant of Small and Medium-Sized Enterprises in China
Currently, some common problems include:
2.1 Lacking in Scientific and Standardized Financial Strategies
Quite a few enterprises are pursuing 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 their implementation. As for some others, the effect of their strategic financial accountant is greatly affected due to their unscientific and irregular strategies, which are characterized by the following features: first, their strategic financial aims depart from their enterprises’ overall ones; second, financial strategies are regarded equal to financial plans, hence neglecting the comprehensiveness of financial strategies; third, financial strategies are not made based on their enterprises’ long-term goals and therefore have great randomness.
2.2 Neglecting Strategic Environment Analysis and Having Unreasonable Strategic Financial Goals
Strategic environment analysis is both the foundation 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 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 failed to have proper analysis on their strategic financial environment especially its internal environment. As a result, their unpractical and unreasonable strategies have restricted the effective implementation of their financial strategies.
2.3 Lessening the Role of Budgeting in Strategic Financial Implementation
Budgeting mainly exerts its role in strategic financial implementation in two aspects. First, 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 employee. 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 for an enterprise’s daily operation and performance. With a quantitative financial goal set in budget, the actual implementation can be compared with the budget to reveal the disparity between the goal and the reality and take effective countermeasures. Now, most small and medium enterprises in China have no systematic and complete budget system made up of sales budget, production cost
budget, general indirect cost budget, loss and expense budge and cash budget and so on. Even if some have such a system, its shortage of careful budgeting and strict implementation also lessens the role of budgeting as well as the implementation of financial strategies.
2.4 Problems in Enterprises’ Financial accountant
Now, some problems in small and medium enterprises’ financial accountant have also restricted the establishment and implementation of their financial strategies. Some main problems are as follows.
Obsolete ideas, unclear duty division and disordered accountant. Enterprises have no idea of “corporateaccountant should be based on financial accountant and financial accountant should center on capital accountant; entrepreneurs and financial staff’s lack of scientific and advanced financial ideas including time value, risk value, marginal cost, opportunity cost and insufficient knowledge about financial accountant theories and methods have resulted in unclear duty division, disordered accountant, ineffective monitor, false accounting information and so on.
Extensive financial calculation, including simplifying accounting procedures 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 inconsistent with items or funds, blindly promising bonuses and evading taxes by distributing bonuses before paying taxes.
Difficult financing, mainly manifested in insufficient channels and scales of financing 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 have 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 to long-term loans, among those who can really get such loans, 16% enterprises’ demands are fully fulfilled, 52.7% are partially fulfilled, 31.2% are not fulfilled. (Huang, 2008)
Poor financial control. First, loose cash accountant 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, failing 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 or even bad debts. Third, the control over stock is poor. Many enterprises have a stock over twice its turnover, leading to failures in capital turnover. Fourth, too much emphasis is put on money instead of properties, causing serious waste of assets. Actually, quite a few small and medium enterprises are lacking in effective accountant of their raw materials, semi-manufactured goods, fixed assets and so on, as a result of which asset wastes are quite serious.
3 Causes of the Problems in Strategic Financial accountant of Small and Medium-Sized Chinese Enterprises
3.1 Rigid accountant Pattern, Laggard accountant Idea and Managers’ Poor Quality
At present, most small and medium enterprises especially those private ones employ highly unification of ownership and accountant 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 accountant into an effective corporate accountant system, not to mention regarding financial strategies as a significant part of the enterprise’s overall strategies, hence lessening their significance and function. These managers don’t believe in strategy but good luck, not system but ties of blood, not procedures but tackling key points, not accountant but technology and market. Especially for those enterprises venturing out of niches, unfavorable environment is the chief offender.
In addition, managers’ poor quality is also 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 accountant experiences and low efficiency because they haven’t gone through any systematic learning of accountant theories and special professional training. Therefore, they are not able to have reasonable predictions, decisions, budgets, control, analysis and evaluation based on their own
characteristics and the market, to have analysis on financial environment and lay down applicable and feasible strategies for financing, investment as well as profit distribution or to fully realize the importance of financial budgeting and therefore to have effective control over its implementation in order to serve the overall goals of their enterprises’ development strategies in a better way.
3.2 Lacking Independent Financing System with Diversified Channels
With changeable market, operation risks are greater, so are financial ones caused by a large 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 asymmetrical information, hence leading to the difficulty in achieving financing goals.
Seen from the perspective of financing system, these enterprises’ lack of independent financing system with diversified channels has greatly restricted their financing strategies. First, there is no national institution or preferential policies to assist small and medium enterprises with their accountant, causing their unfavorable financing situation. Second, due to these enterprises’ private nature, some banks set rigid requirements for loans because of some traditional ideas and administrative interferences. Third, there are no enough financial agencies and loan guarantee institutions specially serving for small and medium enterprises. Fourth, most small and medium enterprises have no direct financing rights and cannot issue stocks or bonds. The main board market is inaccessible and the second board one is to risky.
3.3 Poor Investment Ability and Lacking Feasibility Researches
Small and medium enterprises suffer from insufficient registered capital, limited operation capital, hence poor investment ability. Focusing on short-term goals to recover 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 therefore blindness. These decision makers usually fail to have an overall grasp of the characteristics or principles of market economy or to pursue reasonable economic profits with their proper operation at the capital market. Their poor abilities are also reflected in the shortage of some feasibility researches on their shrink
and expansion strategies, how to choose financing channels and structures, how to establish new investment directions and so on. All these greatly affect the establishment and implementation of an enterprise’s strategic financial goals.
3.4 Incomplete Internal Control System Leading to Ineffective Control
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 their 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 of independence may lead to ineffective internal control. As a result, financial accountant as well as financial strategies will be greatly affected.
4 Countermeasures for Small and Medium-Sized Enterprises in China Seen from the above, the problems in present 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.
4.1 Establishing Right Financial Goals and Firm Strategic Sense
An enterprise’s financial goals are not only the direction of its efforts but an effective standard to measure whether its financial 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 regarded as the financial goal. Guided with this goal, enterprises are expected to establish the central status of financial accountant in the overall corporate accountant first of all, to put emphasis on the accountant of financing, investment and profit earning, to take their abilities of debt paying, operation, profit earning and development and guide all the aspects of their production and capital operation by controlling their capital, cost, profit and so on. It is required by strategic accountant that enterprises must follow the aim of competitive edges and center on strategic accountant to deal with the relationship between enterprises’ benefits and social benefits, between enterprises’ overall benefits and sectional ones as well as between long-term benefits and short-term ones and to fully
realize the importance of strategic accountant in enterprises’ development and the significant role of financial strategies. Therefore, it is the precondition for the implementation of financial strategies to establish firm strategic sense. In addition, some other modern accountant ideas should be established, such as those related to risks, time value, cash flow, knowledge benefit and talent value.
4.2 Adopting Budget Control to Guarantee the Effective Implementation of Financial Strategies
Budget control is the guarantee and key point in converting financial goals into specific action plans and implementing them. First, a variety of financial 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. When compiling budget, sales prediction should be based on to pre-calculate the possible sales in the future sales period, then to compile budgets on production cost and general indirect cost and after that to create loss budgets according to the relevant sales budget and cost budget as well as cash budget according to the budget on capital expenses and losses. Next, budget indexes can be disintegrated to be allocated to every section or individual, whose sense of responsibility and enthusiasm can be encouraged by clarified duties and obligations. Third, budgets should be followed strictly in the implementation of financial strategies with no exception. Last, some adjustments should be made according to the changes in strategic environment and new demands of development strategies.
4.3 Creating Favorable Strategic Environment and Emphasizing Environmental Analysis
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, it is of great importance to create favorable strategic environment and emphasize environmental analysis.
In spite of a series of national policies encouraging, guiding and supporting the development 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 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 enterprises, to offer opportunities for them to issue their stocks or bonds, to expand direct financing channels and encourage the development of risk investment, to promote the development of enterprises specialized in high and new technology by perfecting institutions and organization construction, strengthening the support for these enterprises by financial agents and to establish funds to support their development. For enterprises themselves, they should try to improve their qualities, strengthen their sense of credit and improve their credit as well to create favorable credit environment.
In a word, 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 importance 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 and improve their decision-making abilities.
4.4 Establishing Financial Crisis Early-Warning System to Effectively Control Financial Risks
Financial crisis early-warning system 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 and observing some sensitivity indexes and employing early-warning models, such a system will provide signals for enterprises to help them take effective preventive measures and to avoid financial crises.
It is critical to fix early-warning indexes and limits when establishing the pre-warning system. These indexes mainly involve early-warnings in cash, the current ratio, debt, operation, credit, turnover, investment, cost, profit and environment and so on. There are two major patterns: the multivariate pattern and the single-variate pattern. Enterprise are supposed to establish their own early-warning systems with different patterns according to their reality.
5 Conclusion
To sum up, a variety of elements related to enterprises’ external and internal conditions should be taken into consideration when they establish their financial strategies. Due to their different characteristics, small and medium-sized enterprises have to establish their own financial accountant strategies instead of copying those of the large enterprises.