1、 中小企業財務管理外文翻譯文獻文獻信息：文獻標題：Strengths and Weaknesses among Malaysian SMEs: FinancialManagement Perspectives（ 馬來西亞中小企業的優勢和劣勢：財務管理視角）國外作者：Norasikin Salikin，Norailis Ab Wahab，Izlawanie Muhammad文 獻 出 處 ： Procedia - Social and Behavioral Sciences ,2014,129:334-340字數統計：英文 1918 單詞，10677 字符；中文 3291 漢字外文文獻：Stre

2、ngths and Weaknesses among Malaysian SMEs:Financial Management PerspectivesAbstract In Malaysia, 97.3% of business establishments are comprised ofsmall and medium enterprises (SMEs) which account for about 52.7% of totalemployment that is generated in the country. Malaysian government through theMin

3、istry of International Trade and Industry (MITI) and its agencies works hard onassisting SMEs through various activities to promote exposures on prudent financialmanagement. This paper aims to identify the financial strengths and weaknesses faceby SMEs in helping those entities to plan appropriate f

4、inancial managementprogramme. Semi- structured interviews were conducted among thirty five SMEs thatare willing to participate voluntarily. This study found that capital is the key elementsin both strengths and weakness among SMEs. Running the business without anyexternal capital (loan) reducing the

5、 financial risk of the business. It will be easier forthe managers to make business decisions without any constraint as there is nolimitation set by fund provider. The study also revealed capital insufficiency is thecrucial problems among SMEs which might due to the difficulties to obtain externalfu

6、nd. Although the results should be taken with caution, nevertheless financial 中小企業財務管理外文翻譯文獻management is vital in order to face new business challenges as well as for thesurvival of the business in the future.Keywords: Small Medium Enterprises; SMEs; Financial Management1.IntroductionSmall and medi

7、um enterprises (SMEs) play important roles in Malaysianeconomy. Report of Malaysia Economic Census 2011 showed that there were 645,136SMEs operating in Malaysia, representing 97.3 per cent of total businessestablishments. Furthermore, SMEs employed about 3.7 million out of a total of 7.0million work

8、ers amounting 52.7 per cent of total employment in the country. With atotal share of gross output reached 28.5 per cent in year 2011 as compared to only22.2 per cent in year 2000 it shows that the roles are getting significant.A considerable amount of literature has been published on the managementi

9、ssues of SMEs. On the other hand only few studies were focusing on the financialmanagement, especially in developing countries although it has been known that,financial management plays crucial function in business management. Report on casestudy conducted by Bank Negara Malaysia (2003) on SMEs, sug

10、gested that one of thekey elements SMEs should adopt to survive for a long term, in a global environmentis prudent financial management. It will ensure that all the available businessresources are used efficiently and effectively to provide optimum return (SMECorporation Malaysia, 2011).The aim of t

11、his paper is to identify the strengths and weaknesses face byMalaysian SMEs in term of financial management.2.SMEs Definition in MalaysiaThere is no solid meaning of SMEs as different countries are using differentdefinition due to several demographic factors and characteristics including size,locati

12、on, structure, age, number of employees, sales volume, ownership throughinnovation and technology (Zeinalnezhad et. al, 2011). Based on employees numberand total turnover, Malaysia adopts slightly similar definition as being use by United 中小企業財務管理外文翻譯文獻Kingdom, United States of America, Japan, China

13、 and Korea (Norailis, 2013).Previously Malaysian SMEs were defined as firms with sales turnover notexceeding RM25 million or employment not exceeding 150 workers formanufacturing and sales turnover not exceeding RM5 million or employment notexceeding 50 workers for services and other sectors. As the

14、 economy has change andthe business trends are moving abroad. On 11th July 2013, Malaysian Prime MinisterDatuk Seri Najib Tun Razak announced the new criteria of SMEs which will beeffective on 1st January 2014. Table 1 shows the new classification of SMEs.The new definition is more comprehensive, co

15、vering all sectors of the economyincluding construction, as well as mining and quarrying sectors. It is expected toresult in more firms being classified as SMEs to 98.5 per cent (currently: 97.3 percent), particularly from the services sector to facilitate the countrys transformation toa high income

16、 nation through the initiatives under the SME Masterplan. In year 2013,a total of 155 programmes have been planned for the implementation with a financialcommitment of RM18.4 billion, expecting to benefit 467,838 SMEs.With all the facilities provided by the government, SMEs should grab theseopportun

17、ities to expand the businesses. However, the managers need to be equippedwith latest knowledge and management skills to successfully manage their businessesin current business environment and stiff competition (Mohd. Amy Azhar, Harizal, &Hoe, 2010). In view of the fact that many entrepreneurs in Mal

18、aysia manage theirbusiness themselves without formal education background it lead to variousmanagement problems (Mohd Amy Azhar et al., 2010). One of the most commonproblems face by SMEs is financial management problem (Hashim & Wafa, 2002). 中小企業財務管理外文翻譯文獻3.Financial Management of SMEsFinancial mana

19、gement is concerning with the creation and maintenance ofeconomic value or wealth (Titman et.al, 2011). It involves decisions to accumulateand preserve wealth of the business. Generally it covers the decision making processin several areas such as determining the source of finance and dividend polic

20、y,investment decisions and working capital management. There is no big differentbetween managing financial functions of big businesses or small businesses exceptthat SMEs only deal with capital budgeting and working capital decision, given thatSMEs are not paying dividends (Agyei- Mensah, 2011).Comp

21、arative review on previous studies by Mohd Amy Azhar et al. (2010)suggested that financial management consist of six components; financial planningand control, financial accounting, financial analysis, management accounting, capitalbudgeting and working capital management. The study also highlighted

22、 that theadoption of financial management tools among Malaysian SMEs were very low.Seeing that most SMEs practicing proper financial planning and control, financialaccounting and working capital management, these components were labeled as corecomponents of financial management. Yet the other three

23、components which weremostly neglected were labeled as supplement components of financial management.A small scale study by Agyei-Mensah (2011) concluded that the influence offund providers and external accountants are the most dominant factors stimulateSMEs to adopt reasonable financial management.

24、On the other hand, due to lack ofinternal accounting staff and high cost to hire qualified accountant, SMEs facedifficulties to understand accounting record and practice sound financial management.4.MethodologySemi-structured interviews were conducted among thirty five SMEs that werewilling to parti

25、cipate in this study. The process of data collection took almost twomonths, due to the process of getting responses from the SMEs that were willing toparticipate in the study. The interview sessions were divided into two main sections.Section A was on demographic profile of the interviewees made up

26、of various types of 中小企業財務管理外文翻譯文獻industries. This part asked for background information, which includes type ofownership, age of business, initial capital, source of capital, time spent to managebusiness, number of employees and owners education background. The SMEscrossed the range of firm size, g

27、eographic location within Malaysia. Meanwhile,Section B focused on the financial management activities and related questions on thepractices. Initially, to understand the behaviour of respondents, the data are firstdescribed using appropriate tables. Further analysis is conducted by categorizing the

28、responses regarding strengths and weaknesses among participated SMEs andquantifying the results.5.Results and DiscussionsThere were thirty five SMEs that participated in the study and their profile aspresented can be categorized as sole proprietorship, partnership and company whichconsisted several

29、type of businesses as viewed in Table 2.As for age of SMEs, more than half of the participated SMEs were between 0 to3 years (19.5%) and followed by 4 to 6 years (24.1%), 7 to 9 years (13.8%) andfinally more than forty percent of the SMEs aged 10 years and above. A total of 74%were bootstrapped from

30、 their own savings or borrowing from friends and relatives forinitial capital. From the total, 25.88% dared to bootstrapped for the amount less than 中小企業財務管理外文翻譯文獻RM5,000; RM20,001 and above (43.5%). However, merely seven per cent had theirinitial capital from commercial banks and government grants

31、where the amount wasmore than RM50,000. Surprisingly, nearly half (49.5%) of the business owners spenttheir time between 9 to 12 hours every day to manage their businesses.It is important to know the educational background of the business ownersbecause it showed the extent of their willingness in ac

32、cepting new knowledge throughtraining, seminars and workshops. These events were managed mostly by agenciesunder Ministry of International Trade and Industry (MITI) such as Pocket Talks bySME Corp., Domestic Investment activities by Malaysian Investment DevelopmentAuthority (MIDA) and Innovative and

33、 Creative Circle (ICC) Convention by MalaysiaProductivity Corporation (MPC). The government urges the SMEs to utilize the skillsand knowledge gained from these events so that they could adopt prudent financialmanagement.5.1.Financial Strengths of SMEsThe overall response on the financial strengths o

34、f the business can be classifiedinto several main aspects. The detail of the classification is summarise in Table 3. Ofthe thirty five respondents, only 28 per cent of the participants pinpointed theirfinancial strengths. Perhaps the other 72 per cent of the participants did not have anyfinancial st

35、rengths or unable to identify their financial strengths due to lack ofknowledge or education background. 中小企業財務管理外文翻譯文獻The result showed 26 per cent of the responses indicated that running thebusiness using their own capital as their main financial strength. However SMEs needto bear in mind that in

36、order to expand their business in the future, more capital isneeded. Therefore it is advisable for them to use financing facilities provided by thefinancial institutions or government entities in helping them to have stronger financialcapabilities to run the business in more competitive world. Anoth

37、er 17 per cent of theresponses indicate that financial stability as the financial strengths of their businesses,followed by support from government entities (11%), doing business on cash basis(11%) and other aspects as shown in.5.2.Financial Weaknesses of SMEsIn response to the financial weakness, m

38、ore participants (33%) were able toidentify their weakness, compared to their financial strengths (28%). 40 per cent ofthe responses stressed that the main aspect of financial weaknesses in running theirbusinesses is capital insufficiency and followed by incomplete accounting record(16%). Deteriorat

39、ion in financial performance is listed as the third aspects, with theresponse rate of 13 per cent and the difficulties in obtaining loan from financialinstitutions and government agencies listed as the following aspects with 11 per centresponse rate. A possible explanation for this might be that due

40、 to the problem infinancial performance plus incomplete financial record, it might be difficult for theSMEs to obtain loan from any entities, causing them to face a problem of capital 中小企業財務管理外文翻譯文獻insufficiency to run their business efficiently. Among other responses revealed in thestudy as detaile

41、d in Table 4 are high operating costs and collection problems.6.ConclusionThis study outlines the financial strengths and weaknesses of Malaysian SMEs.One of the most significant findings to emerge from this study is that, capital is themost critical financial component among SMEs. Running a busines

42、s without anyexternal capital (financing) shows the business is in a good financial condition.External financing may increase the risk of bankruptcy due to inability to settle thedebt within agreed period. However, as the business keep growing, it is advisable forthe SMEs to inject more capital to a

43、ccommodate the expansion. Hiring appropriatestaff may help SMEs in overcoming the constraints in applying for external financingthrough the preparation of proper accounting record and practicing prudent financialmanagement. 中小企業財務管理外文翻譯文獻中文譯文：馬來西亞中小企業的優勢和劣勢：財務管理視角摘要 在馬來西亞，97.3的商業機構由中小型企業（SMEs）組成，占全國

44、總就業人數的 52.7%左右。馬來西亞政府通過國際貿易和工業部（MITI）及其機構努力通過各種活動幫助中小企業，以促進審慎的財務管理風險。本文旨在確定中小企業在幫助這些實體計劃適當的財務管理計劃方面面臨的財務優勢和劣勢。在愿意自愿參與的三十五家中小企業中進行半結構化訪談。這項研究發現，資本是中小企業優勢和劣勢的關鍵因素。經營無需任何外部資本（貸款）的業務，可以降低企業的財務風險。如果沒有資金提供者的限制，管理者在沒有任何限制的條件下做出商業決策將更容易。這項研究還發現，資本不足是中小企業的關鍵問題，這可能是由于難以獲得外部資金。雖然結果應謹慎，但財務管理至關重要，以面對新的業務挑戰以及未來業務

45、的生存。關鍵詞：中小企業；SMEs；財務管理1.引言中小企業 (SMEs)在馬來西亞的經濟中扮演著重要的角色。2011 年馬來西亞經濟普查報告顯示，在馬來西亞，大約有 645136 家中小企業，占馬來西亞總企業數的 97.3%。此外，中小企業解決了馬來西亞大概總數 700 萬工人中的將近 370萬的就業人口，大約占就業人口的 52.7%。中小企業的總產出也由 2000 年的 22.2%提高到 28.5%，這表明中小企業正在變得越來越重要。大量的研究文獻也在關注中小企業的管理問題。另一方面，只有少數的研究側重于財務管理方面的研究，尤其在發展中國家。眾所周知，財務管理在企業管理中扮演著越來越重要的

46、作用。由馬來西亞國家銀行對中小企業進行的案例研究報告(2003)顯示 ：在全球環境中，中小企業為了保證基業長青，關鍵因素之一是采取審慎的財務管理。它將確保所有可用的業務資源被高效和有效地使用，以提供最佳回報（馬來西亞中小企業股份有限公司，2011）。本文的目的是探討馬來西亞中小企業在財務管理方面的的優勢和劣勢。 中小企業財務管理外文翻譯文獻2.馬來西亞關于中小企業的定義由于一些人口因素和特征，包括規模、地點、結構、年齡、員工人數、銷售量，以及通過創新和技術的所有權，中小企業沒有固定的意義，不同國家有不同的定義（zeinalnezhad 等人，2011）。基于員工人數和總營業額，馬來西亞采用了類

47、似于英國、美國、日本、中國和韓國對于中小企業的定義(Norailis, 2013)。此前，馬來西亞中小企業被定義為銷售額不超過 2 億 5 千萬令吉和就業人數不超過 150 人，或生產和銷售不超過百萬令吉和就業人數不超過 50 人的從事服務業或其他領域的企業。隨著經濟的發展和業務不斷的向海外擴展，2013 年的 7月 11 號，馬來西亞總理納吉布宣布實行新的中小企業標準。表 1 顯示了中小企業的新分類。新定義更全面，涵蓋了經濟的所有部門，包括建筑業，以及采礦和采石業。預計將導致更多的企業被歸類為中小企業，達到 98.5（目前：97.3），特別是來自服務部門，通過中小企業總體規劃的倡議，促進該國

48、轉型為高收入國家。在 2013 年，共有 155 個項目被規劃到一個 18.4 億的財政承諾額的實施中，預計將惠及 467,838 個中小企業。通過政府提供的所有設施，中小企業應抓住這些機會擴大業務。然而，管理者需要具備最新的知識和管理技能，以便在當前的商業環境和激烈的競爭中成功地管理他們的業務（Mohd.Amy Azhar，Harizal 和 Hoe，2010）。鑒于馬來西亞的許多企業家在沒有正規教育背景的情況下管理自己的企業，導致出現各種管理問題（Mohd Amy Azhar 等人。，2010）。中小企業面臨的最常見的問題之一是財務管理問題（Hashim 和 Wafa，2002）。3.中小

49、企業財務管理 中小企業財務管理外文翻譯文獻財務管理是關于經濟價值或財富的創造和管理（蒂特曼等人， 2011）。它涉及到決策的積累和財富管理的業務。它通常包括決策過程中的幾個方面，如確定資金來源和股利政策，投資決策和營運資本管理。鑒于中小企業不支付股息，除了解決資本預算和營運資本決策之外，管理大企業和小企業之間的財務功能沒有很大的區別(Agyei- Mensah, 2011)。末艾米愛資哈爾等人（2010）在前人研究的基礎上，比較研究提出，財務管理由六部分組成：財務規劃和控制、財務會計、管理會計、財務分析、資金預算和資金管理工作。該研究還強調，馬來西亞中小企業采用的財務管理工具非常少。鑒于大多數中小企業實施適當的財務規劃和控制、財務會計和資金管理工作，這些組成部分被標記為財務管理的核心組成部分。然而，被忽略的其他三個組成部分被稱為財務管理的補充組成部分。然而，其他三個組件，大都被忽視了。Agyei-Mensah（2011）的一項小規模研究得出結論，資金提供者和外部會計的影響是最主要的因素，促進中小企業采取合理的財務管理。另一方面，由于缺乏內部會計人員和雇用合格會計人