财务预警外文参考文献实用word文档 11页Word格式.docx
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财务预警外文参考文献实用word文档 11页Word格式.docx
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Sharifi,Omid.InternationalJournalofInformation,BusinessandManagement
6.2(May201X):
82-94.
201X年,最新文献翻译,译文3000多字
原文
FinancialRiskManagementforSmallandMediumSized
Enterprises(SMES)
OmidSharifi
MBA,DepartmentofCommerceandBusinessManagement,
KakatiyaUniversity,HouseNo.2-1-664,Sarawathinegar,
Gopalpur,Hanamakonda,A.P.,India
E-Mail:
Omidsharifi7@,Phone:
0091-8808173339
RESEARCHQUESTION
Riskandeconomicactivityareinseparable.Everybusinessdecisionandentrepreneurialactisconnectedwithrisk.Thisappliesalsotobusinessofsmallandmediumsizedenterprisesastheyarealsofacingseveralandoftenthesamerisksasbiggercompanies.Inarealbusinessenvironmentwithmarketimperfectionstheyneedtomanagethoserisksinordertosecuretheirbusinesscontinuityandaddadditionalvaluebyavoidingorreducingtransactioncostsandcostoffinancialdistressorbankruptcy.However,riskmanagementisachallengeformostSME.Incontrasttolargercompaniestheyoftenlackthenecessaryresources,withregardtomanpower,databasesandspecialtyofknowledgetoperformastandardizedandstructuredriskmanagement.Theresultisthatmanysmallercompaniesdonotperformsufficientanalysistoidentifytheirrisk.ThisaspectisexacerbatedduetoalackinliteratureaboutmethodsforriskmanagementinSME,asstatedbyHenschel:
ThetwochallengingaspectswithregardtoriskmanagementinSMEaretherefore:
1.SMEdifferfromlargecorporationsinmanycharacteristics
2.TheexistingresearchlacksafocusonriskmanagementinSME
Thefollowingresearchquestionwillbecentraltothiswork:
1.howcanSMEmanagetheirinternalfinancialrisk?
2.Whichaspects,basedontheircharacteristics,havetobetakenintoaccountforthis?
3.WhichmeanfulfilstherequirementsandcanbeappliedtoSME?
LITERATUREREVIEW
Incontrasttolargercorporations,inSMEoneoftheownersisoftenpartofthemanagementteam.Hisintuitionandexperienceareimportantformanagingthecompany.Therefore,insmallcompanies,the(owner-)managerisoftenresponsibleformanydifferenttasksandimportantdecisions.MostSMEdonothavethenecessaryresourcestoemployspecialistsoneverypositioninthecompany.Theyfocusontheircorebusinessandhavegeneralistsfortheadministrativefunctions.BehrandGuttlerfindthatSMEonaveragehaveequityratioslowerthan20%.Thedifferentcharacteristicsofmanagement,positiononprocurementandcapitalmarketsandthelegalframeworkneedtobetakenintoaccountwhenapplyingmanagementinstrumentslikeriskmanagement.ThereforetheriskmanagementtechniquesoflargercorporationscannoteasilybeappliedtoSME.InpracticeitcanthereforebeobservedthatalthoughSMEarenotfacinglessrisksanduncertaintiesthanlargecompanies,theirriskmanagementdiffersfromthepracticesinlargercompanies.Thelatterhavetheresourcestoemployariskmanagerandaprofessional,structuredandstandardizedriskmanagementsystem.Incontrasttothat,riskmanagementinSMEdiffersinthedegreeofimplementationandthetechniquesapplied.Jonen&
Simgen-WeberWithregardtofirmsizeandtheuseofriskmanagement.Beyer,Hachmeister&
Lampeniusobserveinastudyfrom201XthatincreasingfirmsizeamongSMEenhancestheuseofriskmanagement.Thisobservationmatcheswiththeopinionofnearly10%ofSME,whichareoftheopinion,thatriskmanagementisonlyreasonableinlargercorporations.Beyer,
Hachmeister&
LampeniusfindthatmostofthesurveyedSMEidentifyriskswithhelpofstatistics,checklists,creativityandscenarioanalyses.revealssimilarfindingsandstatethatmostcompaniesrelyonkeyfiguresystemsforidentifyingandevaluatingtheurgencyofbusinessrisks.Thatsmallfirmsfacehighercostsofhedgingthanlargercorporations.Thisfactisreducingthebenefitsfromhedgingandthereforeheadvisestoevaluatetheusageofhedgingforeachfirmindividually.ThelackingexpertisetodecideabouthedgesinSMEisalsoidentifiedbyEckbo,Accordingto
hisfindings,smallercompaniesoftenlacktheunderstandingandmanagementcapacitiesneededtousethoseinstruments.
METHODOLOGY
USEOFFINANCIALANALYSISINSMERISKMANAGEMENT
HowfinancialanalysiscanbeusedinSMEriskmanagement?
DevelopmentoffinancialriskoverviewforSME
Thefollowingsectionsshowthedevelopmentofthefinancialriskoverview.Afterpresentingtheframework,thedifferentratioswillbediscussedtofinallypresentaselectionofsuitableratiosandchooseappropriatecomparisondata.Frameworkforfinancialriskoverview
Theideaistouseasetofratiosinanoverviewasthebasisforthefinancialriskmanagement.
Thisprovidesevenmoreinformationthantheanalysisofhistoricaldataandallowsreactingfastoncriticaldevelopmentsandmanagingtheidentifiedrisks.Howevernotonlytheinternaldatacanbeusedfortheriskmanagement.Inadditiontothatalsotheinformationavailableinthepaperscanbeused.
Someofthemstateaveragevaluesforthedefaultedorbankruptcompaniesoneyearpriorbankruptcy-andfewpapersalsoforalongertimehorizon.Thosevaluescanbeusedasacomparisonvaluetoevaluatetherisksituationofthecompany.Forthisanappropriatesetofratioshastobechosen.
Theratios,whichwillbeincludedintheoverviewandanalysissheet,shouldfulfilltwomainrequirements.Firstofalltheyshouldmatchthemainfinancialrisksofthecompanyinordertodeliversignificantinformationandnotmissanimportant
riskfactor.Secondlytheratiosneedtoberelevantintwodifferentways.Ontheonehandtheyshouldbeapplicableindependentlyofotherratios.Thismeansthattheyalsodeliverusefulinformationwhennotusedinaregression,asitisappliedinmanyofthepapers.Ontheotherhandtobeappropriatetousethem,theratiosneedtoshowadifferentdevelopmentforhealthycompaniesthanforthoseunderfinancialdistress.Thedifferencebetweenthevaluesofthetwogroupsshouldbelargeenoughtoseeintowhichtheobservedcompanybelongs.
Evaluationofratiosforfinancialriskoverview
Whenchoosingratiosfromthedifferentcategories,itneedstobeevaluatedwhichonesarethemostappropriateones.Forthissomecomparisonvaluesareneededinordertoseewhethertheratiosshowdifferentvaluesanddevelopmentsforthetwogroupsofcompanies.Themostconvenientsourceforthecomparisonvaluesaretheresearchpapersastheirvaluesarebasedonlargesamplesofannualreportsandbyprovidingaveragevaluesoutweighoutliersinthedata.Altmanshowsatablewiththevaluesfor8differentratiosforthefiveyearspriorbankruptcyofwhichheuses5,whilePorporato&
Sandinuse13ratiosintheirmodelandOhlsonbaseshisevaluationon9figuresandratios[10].Khong,Ong&
YapandCerovac&
Ivicicalsoshowthedifferenceinratiosbetweenthetwogroups,howeveronlydirectlybeforebankruptcyandnotasadevelopmentovertime[9].Thereforethisinformationisnotasvaluableastheothers([4][15]).
Insummary,themaininternalfinancialrisksinaSMEshouldbecoveredbyfinancialstructure,liquidityandprofitabilityratios,whicharethemaincategoriesofratiosappliedintheresearchpapers.
Financialstructure
Aratiousedinmanyofthepapersisthetotaldebttototalassetsratio,analyzingthefinancialstructureofthecompany.NexttothepapersofAltman,OhlsonandPorporato&
SandinalsoKhong,Ong&
Ivicicshowcomparisonvaluesforthisratio.Thosedemonstrateahugedifferenceinsizebetweenthebankruptandnon-bankruptgroups.
Figure1:
Developmentoftotaldebt/totalassetsratio
Datasource:
Altman(1968),Porporato&
Sandin(201X)andOhlson(1980),author’sillustration
Thereforetheinformationoftotaldebt/totalassetsismorereliableandshouldratherbeusedfortheoverview.Theotherratiosanalyzingthefinancialstructureareonlyusedinoneofthepapersandexceptforonethereferencedataonlycoversthelastyearbeforebankruptcy.Thereforeatimetrendcannotbedetectedandtheirrelevancecannotbeapproved.
Costofdebt
Thecostsofdebtareanotheraspectofthefinancingrisk.Porporato&
Sandinusethevariableinterestpayments/EBITformeasuringthedebtcosts.Thevariableshowshowmuchoftheincomebeforetaxandinterestisspendtofinancethedebt.Thisvariablealsoshowsacleartrendwhenfirmsapproachbankruptcy.
Liquidity
Theratiousedinallfivepaperstomeasureliquidityisthecurrentratio,showingtherelationbetweencurrentliabilitiesandcurrentassets(withslightdifferencesinthedefinition).Insteadofthecurrentratio,aliquidityratiosettingthedifferencebetweencurrentassetsandcurrentliabilities,alsodefinedasworkingcapital,intorelationwithtotalassetscouldbeused.
篇二:
民营企业财务风险文献综述及外文文献资料
本份文档包含:
关于该选题的外文文献、文献综述
一、外文文献
EvaluatingEnterpriseRiskManagement(ERM);
BahrainFinancialSectorsasaCase
Study
Abstract
EnterpriseRiskManagement(ERM)isaprocessusedbyfirmstomanagerisksandseizeopportunitiesrelatedtotheachievementoftheirobjectives.ERMprovidesaproactiveframeworkforriskmanagement,whichtypicallyinvolvesidentifyingparticulareventsrelevanttotheorganization'
sobjectives,assessingthemandmagnitudeofimpact,determiningaresponsestrategy,andmonitoringprogress.ThisresearchmeasurestheawarenessofBahrainfinancialsectorofERMandifcompaniesmaintainaneffectiveERMframework.Theresultsshowsuccesssinceallcompaniesareawareof
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