中小企业财务管理外文翻译文献.docx
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中小企业财务管理外文翻译文献.docx
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中小企业财务管理外文翻译文献
文献信息:
文献标题:
StrengthsandWeaknessesamongMalaysianSMEs:
FinancialManagementPerspectives(马来西亚中小企业的优势和劣势:
财务管理视角)
国外作者:
NorasikinSalikin,NorailisAbWahab,IzlawanieMuhammad
文献出处:
《Procedia-SocialandBehavioralSciences》,2014,129:
334-340
字数统计:
英文1918单词,10677字符;中文3291汉字
外文文献:
StrengthsandWeaknessesamongMalaysianSMEs:
FinancialManagementPerspectives
AbstractInMalaysia,97.3%ofbusinessestablishmentsarecomprisedofsmallandmediumenterprises(SMEs)whichaccountforabout52.7%oftotalemploymentthatisgeneratedinthecountry.MalaysiangovernmentthroughtheMinistryofInternationalTradeandIndustry(MITI)anditsagenciesworkshardonassistingSMEsthroughvariousactivitiestopromoteexposuresonprudentfinancialmanagement.ThispaperaimstoidentifythefinancialstrengthsandweaknessesfacebySMEsinhelpingthoseentitiestoplanappropriatefinancialmanagementprogramme.Semi-structuredinterviewswereconductedamongthirtyfiveSMEsthatarewillingtoparticipatevoluntarily.ThisstudyfoundthatcapitalisthekeyelementsinbothstrengthsandweaknessamongSMEs.Runningthebusinesswithoutanyexternalcapital(loan)reducingthefinancialriskofthebusiness.Itwillbeeasierforthemanagerstomakebusinessdecisionswithoutanyconstraintasthereisnolimitationsetbyfundprovider.ThestudyalsorevealedcapitalinsufficiencyisthecrucialproblemsamongSMEswhichmightduetothedifficultiestoobtainexternalfund.Althoughtheresultsshouldbetakenwithcaution,neverthelessfinancialmanagementisvitalinordertofacenewbusinesschallengesaswellasforthesurvivalofthebusinessinthefuture.
Keywords:
SmallMediumEnterprises;SMEs;FinancialManagement
1.Introduction
Smallandmediumenterprises(SMEs)playimportantrolesinMalaysianeconomy.ReportofMalaysiaEconomicCensus2011showedthattherewere645,136SMEsoperatinginMalaysia,representing97.3percentoftotalbusinessestablishments.Furthermore,SMEsemployedabout3.7millionoutofatotalof7.0millionworkersamounting52.7percentoftotalemploymentinthecountry.Withatotalshareofgrossoutputreached28.5percentinyear2011ascomparedtoonly22.2percentinyear2000itshowsthattherolesaregettingsignificant.
AconsiderableamountofliteraturehasbeenpublishedonthemanagementissuesofSMEs.Ontheotherhandonlyfewstudieswerefocusingonthefinancialmanagement,especiallyindevelopingcountriesalthoughithasbeenknownthat,financialmanagementplayscrucialfunctioninbusinessmanagement.ReportoncasestudyconductedbyBankNegaraMalaysia(2003)onSMEs,suggestedthatoneofthekeyelementsSMEsshouldadopttosurviveforalongterm,inaglobalenvironmentisprudentfinancialmanagement.Itwillensurethatalltheavailablebusinessresourcesareusedefficientlyandeffectivelytoprovideoptimumreturn(SMECorporationMalaysia,2011).
TheaimofthispaperistoidentifythestrengthsandweaknessesfacebyMalaysianSMEsintermoffinancialmanagement.
2.SMEsDefinitioninMalaysia
ThereisnosolidmeaningofSMEsasdifferentcountriesareusingdifferentdefinitionduetoseveraldemographicfactorsandcharacteristicsincludingsize,location,structure,age,numberofemployees,salesvolume,ownershipthroughinnovationandtechnology(Zeinalnezhadet.al,2011).Basedonemployeesnumberandtotalturnover,MalaysiaadoptsslightlysimilardefinitionasbeingusebyUnitedKingdom,UnitedStatesofAmerica,Japan,ChinaandKorea(Norailis,2013).
PreviouslyMalaysianSMEsweredefinedasfirmswithsalesturnovernotexceedingRM25millionoremploymentnotexceeding150workersformanufacturingandsalesturnovernotexceedingRM5millionoremploymentnotexceeding50workersforservicesandothersectors.Astheeconomyhaschangeandthebusinesstrendsaremovingabroad.On11thJuly2013,MalaysianPrimeMinisterDatukSeriNajibTunRazakannouncedthenewcriteriaofSMEswhichwillbeeffectiveon1stJanuary2014.Table1showsthenewclassificationofSMEs.
Thenewdefinitionismorecomprehensive,coveringallsectorsoftheeconomyincludingconstruction,aswellasminingandquarryingsectors.ItisexpectedtoresultinmorefirmsbeingclassifiedasSMEsto98.5percent(currently:
97.3percent),particularlyfromtheservicessectortofacilitatethecountry’stransformationtoahighincomenationthroughtheinitiativesundertheSMEMasterplan.Inyear2013,atotalof155programmeshavebeenplannedfortheimplementationwithafinancialcommitmentofRM18.4billion,expectingtobenefit467,838SMEs.
Withallthefacilitiesprovidedbythegovernment,SMEsshouldgrabtheseopportunitiestoexpandthebusinesses.However,themanagersneedtobeequippedwithlatestknowledgeandmanagementskillstosuccessfullymanagetheirbusinessesincurrentbusinessenvironmentandstiffcompetition(Mohd.AmyAzhar,Harizal,&Hoe,2010).InviewofthefactthatmanyentrepreneursinMalaysiamanagetheirbusinessthemselveswithoutformaleducationbackgrounditleadtovariousmanagementproblems(MohdAmyAzharetal.,2010).OneofthemostcommonproblemsfacebySMEsisfinancialmanagementproblem(Hashim&Wafa,2002).
3.FinancialManagementofSMEs
Financialmanagementisconcerningwiththecreationandmaintenanceofeconomicvalueorwealth(Titmanet.al,2011).Itinvolvesdecisionstoaccumulateandpreservewealthofthebusiness.Generallyitcoversthedecisionmakingprocessinseveralareassuchasdeterminingthesourceoffinanceanddividendpolicy,investmentdecisionsandworkingcapitalmanagement.ThereisnobigdifferentbetweenmanagingfinancialfunctionsofbigbusinessesorsmallbusinessesexceptthatSMEsonlydealwithcapitalbudgetingandworkingcapitaldecision,giventhatSMEsarenotpayingdividends(Agyei-Mensah,2011).
ComparativereviewonpreviousstudiesbyMohdAmyAzharetal.(2010)suggestedthatfinancialmanagementconsistofsixcomponents;financialplanningandcontrol,financialaccounting,financialanalysis,managementaccounting,capitalbudgetingandworkingcapitalmanagement.ThestudyalsohighlightedthattheadoptionoffinancialmanagementtoolsamongMalaysianSMEswereverylow.SeeingthatmostSMEspracticingproperfinancialplanningandcontrol,financialaccountingandworkingcapitalmanagement,thesecomponentswerelabeledascorecomponentsoffinancialmanagement.Yettheotherthreecomponentswhichweremostlyneglectedwerelabeledassupplementcomponentsoffinancialmanagement.
AsmallscalestudybyAgyei-Mensah(2011)concludedthattheinfluenceoffundprovidersandexternalaccountantsarethemostdominantfactorsstimulateSMEstoadoptreasonablefinancialmanagement.Ontheotherhand,duetolackofinternalaccountingstaffandhighcosttohirequalifiedaccountant,SMEsfacedifficultiestounderstandaccountingrecordandpracticesoundfinancialmanagement.
4.Methodology
Semi-structuredinterviewswereconductedamongthirtyfiveSMEsthatwerewillingtoparticipateinthisstudy.Theprocessofdatacollectiontookalmosttwomonths,duetotheprocessofgettingresponsesfromtheSMEsthatwerewillingtoparticipateinthestudy.Theinterviewsessionsweredividedintotwomainsections.SectionAwasondemographicprofileoftheintervieweesmadeupofvarioustypesofindustries.Thispartaskedforbackgroundinformation,whichincludestypeofownership,ageofbusiness,initialcapital,sourceofcapital,timespenttomanagebusiness,numberofemployeesandowners’educationbackground.TheSMEscrossedtherangeoffirmsize,geographiclocationwithinMalaysia.Meanwhile,SectionBfocusedonthefinancialmanagementactivitiesandrelatedquestionsonthepractices.Initially,tounderstandthebehaviourofrespondents,thedataarefirstdescribedusingappropriatetables.FurtheranalysisisconductedbycategorizingtheresponsesregardingstrengthsandweaknessesamongparticipatedSMEsandquantifyingtheresults.
5.ResultsandDiscussions
TherewerethirtyfiveSMEsthatparticipatedinthestudyandtheirprofileaspresentedcanbecategorizedassoleproprietorship,partnershipandcompanywhichconsistedseveraltypeofbusinessesasviewedinTable2.
AsforageofSMEs,morethanhalfoftheparticipatedSMEswerebetween0to3years(19.5%)andfollowedby4to6years(24.1%),7to9years(13.8%)andfinallymorethanfortypercentoftheSMEsaged10yearsandabove.Atotalof74%werebootstrappedfromtheirownsavingsorborrowingfromfriendsandrelativesforinitialcapital.Fromthetotal,25.88%daredtobootstrappedfortheamountlessthanRM5,000;RM20,001andabove(43.5%).However,merelysevenpercenthadtheirinitialcapitalfromcommercialbanksandgovernmentgrantswheretheamountwasmorethanRM50,000.Surprisingly,nearlyhalf(49.5%)ofthebusinessownersspenttheirtimebetween9to12hourseverydaytomanagetheirbusinesses.
Itisimportanttoknowtheeducationalbackgroundofthebusinessownersbecauseitshowedtheextentoftheirwillingnessinacceptingnewknowledgethroughtraining,seminarsandworkshops.TheseeventsweremanagedmostlybyagenciesunderMinistryofInternationalTradeandIndustry(MITI)suchasPocketTalksbySMECorp.,DomesticInvestmentactivitiesbyMalaysianInvestmentDevelopmentAuthority(MIDA)andInnovativeandCreativeCircle(ICC)ConventionbyMalaysiaProductivityCorporation(MPC).ThegovernmenturgestheSMEstoutilizetheskillsandknowledgegainedfromtheseeventssothattheycouldadoptprudentfinancialmanagement.
5.1.FinancialStrengthsofSMEs
Theoverallresponseonthefinancialstrengthsoftheb
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