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中小型企业融资决策
企业的产生、生存及发展均离不开投资与融资活动。随着我国加入WTO 组织，市场经济体制的逐步完善，金融市场的快速发展，投资与融资效率也越来越成为企业发展的关键。对于中小型企业而言，应要根据自身发展需求，认真考虑如何选择自己需要和适合自己发展阶段的融资方式以及各种融资方式的利用时机、条件、成本和风险，确定合适的融资规模以及制定最佳融资期限等问题。要解决这些问题，需要中小型企业制定适当的融资策略，以作出最优化的融资决策。
一、企业融资决策概述
(一)企业融资决策概述
企业融资决策，是企业根据其价值创造目标需要，利用一定时机与渠道，采取经济有效的融资工具，为公司筹集所需资金的一种市场行为。它不仅改变了公司的资产负债结构，而且影响了企业内部管理、经营业绩、可持续发展及价值增长。典型的融资决策包括出售何种债务和股权（融资方式）、如何确定所要出售债务和股权的价值（融资成本）、何时出售些债务和股权（融资时机）等等。而其中最主要的包括融资规模的决策和融资方式的决策。融资规模应为企业完成资金使用目的的最低需要量。而企业的融资方式则多种多样，常见的以下几种：
1.财政融资。财政融资方式从融出的角度来讲，可分为：预算内拨款、财政贷款、通过授权机构的国有资产投资、政策性银行贷款、预算外专项建设基金、财政补贴。
2.银行融资。从资金融出角度即银行的资金运用来说，主要是各种代款，例如：信用贷款、抵押贷款、担保贷款、贴现贷款、融资租凭、证券投资。
3.商业融资。其方式也是多种多样，主要包括商品交易过程中各企业间发生的赊购商品、预收货款等形式。
4.政券融资。该方式主要包括股标融资和债券融资两大类。
(二)融资决策过程
企业制定融资决策的过程，也即确定最优资本结构的过程。具体决策程序是：首先，当一家企业为筹措一笔资金面临几种融资方案时，企业可以分别计算出各个融资方案的加权平均资本成本率，然后选择其中加权平均资本成本率最低的一种。其次，被选中的加权平均资本成本率最低的那种融资方案只是诸种方案中最佳的，并不意味着它已经形成了最佳资本结构，这时，企业要观察投资者对贷出款项的要求、股票市场的价格波动等情况，根据财务判断分析资本结构的合理性，同时企业财务人员可利用一些财务分析方法对资本结构通行更详尽的分析。最后，根据分析结果，在企业进一步的融资决策中改进其资本结构。
(三)中小企业融资的总思路
中小企业融资的总体思路应是：投资与融资相结合，以投资带动融资。融资决策在中小企业财务决策中并不具备像大企业（尤其是股份公司）那样的独立性，它应该是企业投资决策的一部分，融资必须直接为投资服务。这也就是说，中小企业的融资决策必须通过投资决策这一环节才能通向财务管理目标，而不是像股份公司那样，融资决策与财务目标之间可以建立直接的函数关系。这是因为：
1.中小企业财务目标是利润最大化，只有投资活动才能为企业带来利润，即最优的投资决策就是最优的筹资决策。
2. 中小企业的资金供需矛盾突出，企业融资的渠道、数量、时间都受到各种客观条件的限制。要像大企业那样灵活地运用多种手段来自由调整资本结构，对中小企业来说是不现实的。
因此，对于有数十年经营历史，由职业经理层管理的中小型企业而言，融资计划是为投资服务的，必须与投资需求相匹配，包括融资金额和融资时间上的匹配。更重要的，投资项目必须是经过多方面因素考虑的，不是盲目圈钱的幌子，否则容易出现投融资决策失效，导致投资失败、损害企业权益的问题。在监督职能缺乏的
中小型企业中，进行程序化的项目可行性论证是必要的，但只是决策的一个部分，提供财务上的参考，不能对整个计划是否可行提供意见，更不能作为项目可行的决定性依据。战略和内部需要等各种因素综合考虑是很重要的。
二、我国中小型企业融资环境分析
企业是在一定环境下的各种经济资源的有机集合体。企业运营只有适应和了解环境变化的要求，才能立于不败之地。企业面临的环境是指存在于企业周围，影响企业生存和发展的各种客观因素和力量的总称，它是企业选择筹资方式的基础。就现阶段而言，我国中小企业的融资环境现状主要有以下几个方面：
(一)从中小企业自身的状况来看
我国中小企业的经营管理水平和技术水平往往比较低，企业内部缺乏有效的监督制约机制，这样造成的一个结果就是资金使用效率不高，风险比较大。因此，银行等金融机构对中小企业经营和发展的信任度很低，所以也不会轻易地将资金借贷给中小企业。
(二)从银行等金融机构的经营原则来考虑
银行等金融机构的经营讲究资金的“效益性、安全性、流动性”，在实践中银行等金融机构给予客户贷款的一个前提条件就是要求客户能够提供有效的担保，中小企业自身则因资力有限而无法提供有效的担保，同时因为中小企业经营的风险性，第三人在一般情况下也不会为中小企业的债务提供担保。既然不能提供足额有效的担保，银行等金融机构就不会给中小企业发放贷款。
(三)从国家的产业政策和经济政策来看
政府对中小企业的扶持不足也是造成中小企业融资难的一个重要原因。我国对中小企业虽然也有一些扶持政策，比如《中华人民共和国乡镇企业法》当中也规定，“国家运用信贷手段，鼓励和扶持乡镇企业的发展”：“县级以上人民政府依照国家有关规定，可以设立乡镇企业发展基金”，“乡镇企业发展基金专门用于扶持乡镇企业发展”等，但是因为缺乏有效的制度保障，这些规定很难落到实处。
(四)从我国的金融管制来看
企业之间不能相互借贷也在一定程度上增加了中小企业融资的难度。依据我国现行法律，公民之间、企业与公民之间、企业或公民与金融机构之间可以发生合法的借贷关系，然而企业与企业之间的借贷却被视为非法借贷关系而为法律所不允许。这样，对于中小企业来说，等于少了一条融资的途径，无形之中也增加了中小企业的融资难度。
三、中小型企业应制定合理融资的具体策略
因此，对于在现阶段我国的中小企业融资环境对中小企业融资不利的情况下而言，中小企业在制定具体的融资策略时，应注意以下几个方面：
(一)资金数量上追求合理性
对以股份公司为代表的大企业来讲，融资的目的在于实现最佳资本结构，即追求资金成本最低和企业价值最大；而对中小企业来讲，融资的目的是直接确保生产经营所需的资金。资金不足会影响生产发展，而资金过剩也会导致资金使用效果降低，形成浪费。由于中小企业融资不易，所以经营者在遇到比较宽松的筹资环境时，往往容易犯“韩信点兵，多多益善”的错误。但如果筹来的资金用得不合理或者并非真正需要，那么好事就变成了坏事，企业反倒可能背负沉重的债务负担，进一步影响融资能力和获利能力。因此，企业界在进行融资决策之初，要根据企业对资金的需要、企业自身的实际条件以及融资决策的难易程度和成本情况下，量力而行，确定企业合理的融资规模。
(二)资金使用上追求效益性
中小企业在融资渠道和方式上不像大企业那样存在较大的选择余地，但这并不是说中小企业只能“饥不择食”，相反，由于中小企业的抗风险能力弱以及筹资困难，更应该对每笔资金善加权衡，综合考虑经营需要与资金成本、融资风险及投资收益等诸多方面的因素，必须把资金的来源和投向结合起来，分析资金成本率与投资收益串的关系，避免决策失误。
(三)资金结构上追求配比性
中小企业的资金运用决定资金筹集的类型和数量。我们知道，企业总资产由流动资产和非流动资产两部分构成。流动资产又分为两种不同性态：一是其数量随生产经营的变动而波动的流动资产，即所谓的暂时性流动资产；二是类似于固定资产那样长期保持稳定水平的流动资产，即所谓的永久性流动资产。按结构上的配比原则，中小企业用于固定资产和永久性流动资产上的资金，以中长期融资方式筹措为宜；由于季节性、周期性和随机因素造成企业经营活动变化所需的资金，则主要以短期融资方式筹措为宜。强调融资和投资在资金结构上的配比关系对中小企业尤为重要。
(四)资金运作上，在追求增量筹资的同时更加注重存量筹资
增量筹资指从数量上增加资金总占用量，以满足生产经营需要；存量筹资是指在不增加资金总占用量的前提下，通过调整资金占用结构、加速资金周转，尽量避免不合理的资金使用，提高单位资金的使用效果，以满足企业不断扩大的生产经营需要。增量筹资与存量筹资的紧密结合，也反映出中小企业的筹资活动与投资活动的内在必然联系，因为存量筹资实际上就是一种资金运用，它属于投资活动的范畴。比如，企业若能将闲置设备适时采用出租、出售转让等形式进行“存量筹资”，则不但可以避免损失和资金的积压，而且有助于提高长期资金的流动性，减轻过于沉重的融资压力。
(五)筹资渠道上，追求以信誉取胜
主动与金融机构保持良好关系，使之了解企业，看到企业远大的前景，愿意支持企业的发展，这对每一个成功的中小企业经营者来说都是必修的一课。具体包括两个方面：一方面是对金融机构的选择，应选择对中小企业立业与成长前途感兴趣并愿意对其投资的金融机构；能给予企业经营指导的金融机构；分支机构多、交易方便的金融机构；资金充足，而且资金费用低的金融机构；员工素质好、职业道德良好的金融机构等。另一方面是中小企业要主动向合作的金融机构沟通企业的经营方针、发展计划、财务状况，说明遇到的困难，以实绩和信誉赢得金融机构的信任和支持，而不应以各种违法或不正当的手段套取资金。
(六)筹资方式上，选择适合企业本身规模、实力与所处阶段
在对融资收益与成本进行比较之后，认为确有必要融资时，就需要考虑选择什么样的融资方式。在选择融资方式时，通常要考虑企业自身规模的大小、实力强弱以及企业所处的发展阶段，同时结合不同融资方式的特点，选择适合本企业发展的融资方式，例如，在中小企业创业初期，其融资方式可以上选择股权融资，因为创业初期，风险很大，很少有金融机构等债权人来为你融资。而在股权融资中，企业主与其朋友和家庭成员的资金占了绝大多数。这部分融资是属于“内部人融资”或“内部融资”，也叫企业“自己投资”。到中小企业发展到一定时期和规模以后，就可以选择债权融资。债权融资主要来自金融机构，包括商业银行和财务公司等。属于高科技行业的中小企业，可以考虑到创业板市场发行股票融资；不符合上市条件的中小企业，则可以考虑银行贷款融资等。
(七)融资方式上，选择最有利于提高企业竞争力的融资方式
中小企业融资通常会给企业带来以下直接影响：首先，通过融资，可以壮大中小企业资本实力，增强中小企业的支付能力和发展后劲；其次，通过融资，可以提高中小企业的信誉，扩大企业产品的市场份额；再次，通过融资，可以扩大中小企业规模，增强企业获利能力，从而充分利用规模经济优势提高企业在市场上的竞争力，加快企业的发展。但是企业竞争力的提高程度因企业融资方式、融资收益的不同而存在很大差异。比如，股票融资、尤其是初次发行普通股并上市流通，不仅会给企业带来巨大的资金融通，还会大大提高企业的知名度和商誉，使企业的竞争力获得提高。因此，在进行融资决策时，中小企业要先选择最有利于提高竞争力的融资方式。
随着中国加入世界贸易组织，中国中小企业的准入领域将会进一步拓展，这为中小企业的发展提供了难得的机会，但同时也向中小企业提出了挑战。而中小企业在发展中作出的融资决策，直接关系着中小企业的存亡，所以，中小企业的投融资决策中应在充分考虑企业自身条件的基础上，考虑企业融资策略可行性的各个方面和可能会带来的各种问题，寻求企业整体收益的均衡。
Small and Medium Enterprises financing decision
Business generation, survival and development are inseparable from the inves tment and financing activities. With China's accession to WTO organization, the market economy system, the gradual improvement of the financial markets, rapid development, investment and financing efficiency is increasingly becoming the key to the development of enterprises. For the small and medium enterprises, accord ing to their own development needs should seriously consider how to select their own needs and suited to their stage of development financing, as well as a variet y of financing the use of timing, conditions, costs and risks, determine the approp riate size of the financing and the development of the best financing periods. To solve these problems, small and medium enterprises need to develop appropriate financing strategies in order to make the most optimal financing decision.
First, an overview of corporate finance decision-making
(A) an overview of corporate finance decision-making
Corporate finance decision-making, is the enterprise value creation objectives in accordance with its needs, the use of a certain timing and channels to take c ost-effective financing tool for companies to raise the funds needed for a market behavior. It not only changed the structure of the company's assets and liabilities, but also affected the internal management, business performance, sustainable deve lopment and value growth. A typical decision-making including the sale of what kind of financing of debt and equity (financing), how to determine which they want to sell the value of debt and equity (financing costs), when to sell more de bt and equity (financing opportunities) and so on. Which include the financing o f the size of the most important decision-making and financing decisions. Financi ng scale enterprises should be the purpose of completing the minimum requiremen ts for the use of funds. The financing of enterprises are diverse, common the fol lowing:
1. Fiscal financing. Financial financing from a financial point of view out, can be divided into: budget allocation, financial loans, through authorized agencie s of the state-owned assets investments, policy-oriented bank loans, special constru ction of extrabudgetary funds, financial subsidies.
2. Bank financing. From the Chinese-funded financial point of view that is out of the use of bank funds, the main sections of various generation, such as: credit, mortgage loans, secured loan, discounted loans, lease financing, securities i nvestment.
3. Commercial financing. Its the way they are varied, mainly including trad
e transaction process that took place between enterprises on credit products, prepai d loans and other forms.
4. G voucher financing. The method includes tendering, financing and bond financing two major categories.
(B) the financing decision-making process
Corporate financing decision-making process to develop, that is to determine the optimal capital structure process. The specific decision-making process is: Fi rst, when a sum of money to finance companies faced several financing options, companies can calculate the various financing options respectively, the weighted a verage cost of capital rate, and then select one of the lowest weighted average co st of capital as a. Secondly, selected the lowest weighted average cost of capital is just the kind of financing options best Zhuzhong program does not mean that it has become the best capital structure, this time, enterprises should observe the investors in the loan payment request, the stock market price fluctuations, etc., a ccording to financial analysis to determine the reasonable capital structure, while c orporate finance officers can use some of the financial analysis of capital structur e, access more detailed analysis. Finally, according to results of the analysis in t he corporate financing decision-making to further improve its capital structure.
(C) the general idea of the Financing of SMEs
SME finance general idea should be: a combination of investment and finan ce in order to finance investment-driven. Financial decision-making in small and medium enterprises do not have the financial decision-making as big business (esp ecially stock company), as the independence, it should be a part of business inves tment decisions, financing must be direct investment services. This means that th e SMEs in the decision-making must pass in order to lead to investment decision-making in this part of the financial management objectives, rather than as stock c ompanies, finance decision-making and financial objectives to establish a direct fu nctional relationship. This is because:
1. SME financial goal is to maximize profits, only the investment activities in order to bring profits for the enterprise, that is the optimal investment decision s is the optimal financing decision-making.
2. The obvious contradiction between supply and demand of funds for SME s, corporate finance channels, quantity, time is influenced by various objective con ditions. To act like large companies the flexibility to use various means to freely adjust the capital structure, for SMEs is unrealistic.
Thus, for decades operating history, layer management by professional mana gers of small and medium enterprises, financing plan for investment services, and must be matched with investment demand, including financing and financing the amount of time matching. More importantly, the investment projects through a v ariety of factors must be considered, not blind means for misappropriating a cover, otherwise easily lead to investment and financing decision-making failures, leadin g to investment failure, damage to corporate rights. In the absence of the oversi ght function of the small and medium enterprises in the conduct of the proceedin gs of a project feasibility study is necessary, but only a part of the decision-maki ng, provide financial information, the feasibility of the whole scheme can not pro
vide advice, but can not serve as a viable project a decisive basis. Strategy and internal needs of a variety of factors to consider is very important. [Paper Net https://www.doczj.com/doc/9915191368.html,]
Second, our analysis of the financing environment for SMEs
Enterprise is in a certain environment, a variety of economic resources, the organic collection. Business operations to adapt and understand the requirements of environmental change, to be invincible. Enterprises are faced with an environ ment is present in the surrounding businesses, affecting business survival and deve lopment of various objective factors and forces of the general, it is the basis for corporate financing choices. At the moment, the status quo of China's financing environment for SMEs mainly in the following areas:
(A) From the situation of SMEs in view of their own
China's SME business management and technical levels are relatively low, a lack of effective internal supervision and control mechanisms, such a result is ca used by inefficient use of funds, the risk is relatively large. Thus, banks and oth er financial institutions and development of SME business confidence is low, so it will not easily borrow funds to SMEs.
(B) from banks and other financial institutions operating principles to consid er
Banks and other financial institutions pay attention to fund the operation of "efficiency, safety, liquidity", in practice, banks and other financial institutions to give customers a prerequisite for the loan is to ask customers to provide effective guarantees for SMEs with limited self-financing due to unable to provide effectiv e security, while for SMEs operating risks, the third person in normal circumstanc es would not provide guarantees for the debt of small and medium enterprises.
Since it is impossible to provide full and effective guarantees, banks and other fin ancial institutions will not give loans to small and medium enterprises.
(C) from the country's industrial policies and economic policies are concerne d
Lack of government support for SMEs, SME financing difficulties also contr ibuted to an important reason. China for SMEs, although there are a number of supportive policies, such as "The People's Republic of China Township Enterprise Law," which also stipulates that "the state to use the credit means, to encourage and support the development of township and village enterprises": "people's gove rnments above the county level in accordance with relevant state regulations, you can the establishment of rural enterprise development fund "," township enterprise development fund dedicated to support the development of township enterprises ", etc., but because of the lack of an effective system to protect, these provisions a re difficult to implement.
(D) from the view of China's financial control
Between enterprises can not borrow each other to some extent also increase d the difficulty of financing for SMEs. Based on our current law, among the cit izens, businesses and citizen, business or civic and financial institutions can occur between the legitimate lending between enterprises and between enterprises, howe ver, been regarded as illegal loan lending relationships are not by law允许. In t his way, for SMEs, he would lose a means of financing, intangible into the finan cing of SMEs has also increased the difficulty.
Third, small and medium enterprises should develop specific strategies and r easonable financing
Therefore, at this stage of China's SME financing environment for SMEs in terms of financing of adverse circumstances, the financing of SMEs in the devel opment of specific strategies should pay attention to the following aspects:
(A) the amount of funding the pursuit of rationality
Right to shares of companies on behalf of large enterprises in terms of fina ncing aimed at achieving optimal capital structure, namely, the pursuit of cost of capital, the minimum and maximum business value; while for SMEs is concerned, the purpose of financing directly to ensure that the necessary production and ope ration of funds. Lack of funds will affect the development of production, but ex cess can lead to the use of funds of funds, diminish the effect, resulting in a wa ste. As the SME financing is not easy, so operators are more relaxed in the fac e of the funding environment, they often accuse me of "Han Xin point soldiers, t he more the better" error. However, if the money raised is unreasonable or not with the real needs, then a good thing becomes a bad thing, companies hand, ma y carry a heavy debt burden, further affect the financing capability and profitabilit y. Therefore, the business community during the beginning of financing decision, according to the needs of enterprises for capital, corporate finance their own actu al conditions and the ease and cost of decision-making circumstances, what one c an determine the size of corporate finance and reasonable.
(B) the pursuit of effectiveness of the use of funds
The financing channels for SMEs and large enterprises do not like the way there is a big choice, but that does not mean that SMEs can only be "beggars" On the contrary, due to weak risk-resisting ability of SMEs, as well as funding d ifficulties, but also should each fund to make good trade-off, considering the oper ating needs and capital costs, financing risk and investment income, and many oth er factors, must be the source of funds and to invest in combined analysis of the
cost of capital rate of return on investment the relationship between the strings t o avoid making mistakes .
(C) the pursuit of the ratio of capital structure
The use of funds for SMEs decide the type and quantity of funding. We know that the total assets of enterprises and non-current assets by current assets o f two parts. Current assets are divided into two distinct behavior: First, their nu mber changes with fluctuations in production and management of liquid assets, na mely, the so-called transient liquid assets; 2 is similar to the level of fixed assets, as long-term stability of liquid assets, namely, The so-called permanent current a ssets. According to the structure of the matching principle, small and medium en terprises for fixed assets and permanent current assets on the financial resources t o the financing of medium and long term financing is appropriate; due to seasona l, cyclical and random factors contribute to changes in business activities, the fun ds required are mainly the financing of short-term financing is appropriate. Emph asizes financing and investment in the capital structure ratio on the relationship be tween pairs of small and medium enterprises is particularly important.
(D) capital operation, in the pursuit of incremental funding at the same time pay more attention to financing of stock
Incremental funding means a quantitative increase in the total occupation of the amount of funds to meet the production and operation needs; stock financing is defined as the total occupied without increasing the amount of funds under the premise of the structure by adjusting the amount of funds used to accelerate cap ital turnover, and try to avoid unreasonable the use of funds to improve the use of funds effects units to meet the business needs of the expanding production and operation. Increment financing and the stock of the close combination of fundin g also reflects the financing of SMEs and investment activities, the inherent conne ction between the stock of financing because it is actually a kind of utilization of
capital and it belongs to the scope of investment activities. For example, compa nies would be the timely use of idle equipment, rent, sell transfer the form of "in ventory financing", it will not prevent losses and capital backlog, but also help i mprove long-term capital mobility, relieve pressure on the financing too heavy .
(E) sources of funding, the pursuit of credibility to win
Take the initiative to maintain good relations with financial institutions to m ake it understand the business and see great prospects for companies willing to su pport the development of enterprises, which every successful SME operators who are compulsory lesson. Including its two aspects: one is the choice of financial i nstitutions, should be chosen career and growth of SMEs in the future for their i nterest and willingness to invest in financial institutions; can provide business gui dance to financial institutions; branches and more convenient transactions of financ ial institutions; well-funded, and the low cost of funds of financial institutions; sta ff quality, professional ethics sound financial institutions. The other hand, cooper ation between SMEs to take the initiative to communicate with financial institutio ns, corporate business policy, development plans, financial position, indicating the difficulties encountered in order to win the performance and credibility of financia l institutions, trust and support, rather than a variety of illegal or improper means of taking money.
(Vi) financing, select the appropriate size of the enterprise itself, the strengt h and the stage of
Finance income and costs on a comparison that really necessary financing, we need to consider what kind of financing options. In the choice of financing, usually on their own to consider the size, strength, strong or weak, and corporate stage of development, combined with the characteristics of the different means of financing, select the appropriate means of financing of this enterprise developmen t, for example, in the early days of SMEs , its financing methods you can choos
e equity financing, because the early start, high risk, very few financial institution s and other creditors to the financing for you. In equity financing, business own ers and their friends and family members accounted for the vast majority o
f the f unds. This part of the financin
g is part of "insider financing" or "internal financi ng", also known as enterprise "his investment." To the development of SMEs to a certain period and the size of the future, they may choose debt financing. De bt financing primarily from financial institutions, including commercial banks and finance companies. Of high-tec
h industry, SMEs, may take into account the GE M issuing equity financing; do not meet the listing requirements for SMEs, cons
i der bank loans, financing and so on.
(Vii) financing, the selection of the most conducive to improving the compe titiveness of enterprises in financing
SME financing will usually have the following direct impact on business: Fi rst, by financing small and medium enterprises can grow capital strength and abili ty to pay small and medium enterprises and development potential; secondly, thro ugh the financing, can increase the credibility of small and medium enterprises to expand the enterprise product market share; again, through the financing, small a nd medium enterprises can expand the scale, enhance profitability, and thus take a dvantage of economies of scale improve enterprise competitiveness in the market and accelerate the development of enterprises. But the degree of competitiveness of enterprises due to the improvement of corporate financing, financing the differe nces in income there is a big difference. For example, equity financing, especiall y the first listing of ordinary shares in issue and circulation, not only impose an enormous financial intermediation, but also greatly enhance the visibility of busine sses and goodwill, so that the competitiveness of enterprises could be boosted. T herefore, when financing decisions, first select the most beneficial to small and m edium enterprises to improve competitive mode of financing.
With China's accession to the World Trade Organization, Chinese SMEs will be further expansion of access to the area, which the development of SMEs a u nique opportunity, but it also posed a challenge to SMEs. The small and mediu m enterprises in the development of the financing to make decisions is directly re lated to the survival of small and medium enterprises, so the investment and fina ncing decisions of SMEs should be fully considered on their own terms, based on corporate finance strategy to consider all aspects of the feasibility of and possibl e will bring a variety of issues, to seek their overall balance of the proceeds.
A Clear Look at Internal Controls: Theory and Concepts Hammed Arad (Philae) Department of accounting, Islamic Azad University, Hamadan, Iran Barak Jamshedy-Navid Faculty Member of Islamic Azad University, Kerman-shah, Iran Abstract: internal control is an accounting procedure or system designed to promote efficiency or assure the implementation of a policy or safeguard assets or avoid fraud and error. Internal Control is a major part of managing an organization. It comprises the plans, methods, and procedures used to meet missions, goals, and objectives and, in doing so, support performance-based management. Internal Control which is equal with management control helps managers achieve desired results through effective stewardship of resources. Internal controls should reduce the risks associated with undetected errors or irregularities, but designing and establishing effective internal controls is not a simple task and cannot be accomplished through a short set of quick fixes. In this paper the concepts of internal controls and different aspects of internal controls are discussed. Keywords: Internal Control, management controls, Control Environment, Control Activities, Monitoring 1. Introduction The necessity of control in new variable business environment is not latent for any person and management as a response factor for stockholders and another should implement a great control over his/her organization. Control is the activity of managing or exerting control over something. he emergence and development of systematic thoughts in recent decade required a new attention to business resource and control over this wealth. One of the hot topic a bout controls over business resource is analyzing the cost-benefit of each control. Internal Controls serve as the first line of defense in safeguarding assets and preventing and detecting errors and fraud. We can say Internal control is a whole system of controls financial and otherwise, established by the management for the smooth running of business; it includes internal cheek, internal audit and other forms of controls. COSO describe Internal Control as follow. Internal controls are the methods employed to help ensure the achievement of an objective. In accounting and organizational theory, Internal control is defined as a process effected by an organization's structure, work and authority flows, people and management information systems, designed to help the organization accomplish specific goals or objectives. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in preventing and detecting fraud and protecting the organization's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks). At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal control refers to the actions taken to achieve a specific objective (e.g., how to ensure the organization's payments to third parties are for valid services rendered.) Internal control
前言 在目前激烈的市场竞争中，产品投入市场的迟早往往是成败的关键。模具是高质量、高效率的产品生产工具，模具开发周期占整个产品开发周期的主要部分。因此客户对模具开发周期要求越来越短，不少客户把模具的交货期放在第一位置，然后才是质量和价格。因此，如何在保证质量、控制成本的前提下加工模具是值得认真考虑的问题。模具加工工艺是一项先进的制造工艺，已成为重要发展方向，在航空航天、汽车、机械等各行业得到越来越广泛的应用。模具加工技术，可以提高制造业的综合效益和竞争力。研究和建立模具工艺数据库，为生产企业提供迫切需要的高速切削加工数据，对推广高速切削加工技术具有非常重要的意义。本文的主要目标就是构建一个冲压模具工艺过程，将模具制造企业在实际生产中结合刀具、工件、机床与企业自身的实际情况积累得高速切削加工实例、工艺参数和经验等数据有选择地存储到高速切削数据库中，不但可以节省大量的人力、物力、财力，而且可以指导高速加工生产实践，达到提高加工效率，降低刀具费用，获得更高的经济效益。 1.冲压的概念、特点及应用 冲压是利用安装在冲压设备（主要是压力机）上的模具对材料施加压力，使其产生分离或塑性变形，从而获得所需零件（俗称冲压或冲压件）的一种压力加工方法。冲压通常是在常温下对材料进行冷变形加工，且主要采用板料来加工成所需零件，所以也叫冷冲压或板料冲压。冲压是材料压力加工或塑性加工的主要方法之一，隶属于材料成型工程术。 冲压所使用的模具称为冲压模具，简称冲模。冲模是将材料（金属或非金属）批量加工成所需冲件的专用工具。冲模在冲压中至关重要，没有符合要求的冲模，批量冲压生产就难以进行；没有先进的冲模，先进的冲压工艺就无法实现。冲压工艺与模具、冲压设备和冲压材料构成冲压加工的三要素，只有它们相互结合才能得出冲压件。 与机械加工及塑性加工的其它方法相比，冲压加工无论在技术方面还是经济方面都具有许多独特的优点，主要表现如下； (1) 冲压加工的生产效率高，且操作方便，易于实现机械化与自动化。这是
Load and Ultimate Moment of Prestressed Concrete Action Under Overload-Cracking Load It has been shown that a variation in the external load acting on a prestressed beam results in a change in the location of the pressure line for beams in the elastic range.This is a fundamental principle of prestressed construction.In a normal prestressed beam,this shift in the location of the pressure line continues at a relatively uniform rate,as the external load is increased,to the point where cracks develop in the tension fiber.After the cracking load has been exceeded,the rate of movement in the pressure line decreases as additional load is applied,and a significant increase in the stress in the prestressing tendon and the resultant concrete force begins to take place.This change in the action of the internal moment continues until all movement of the pressure line ceases.The moment caused by loads that are applied thereafter is offset entirely by a corresponding and proportional change in the internal forces,just as in reinforced-concrete construction.This fact,that the load in the elastic range and the plastic range is carried by actions that are fundamentally different,is very significant and renders strength computations essential for all designs in order to ensure that adequate safety factors exist.This is true even though the stresses in the elastic range may conform to a recognized elastic design criterion. It should be noted that the load deflection curve is close to a straight line up to the cracking load and that the curve becomes progressively more curved as the load is increased above the cracking load.The curvature of the load-deflection curve for loads over the cracking load is due to the change in the basic internal resisting moment action that counteracts the applied loads,as described above,as well as to plastic strains that begin to take place in the steel and the concrete when stressed to high levels. In some structures it may be essential that the flexural members remain crack free even under significant overloads.This may be due to the structures’being exposed to exceptionally corrosive atmospheres during their useful life.In designing prestressed members to be used in special structures of this type,it may be necessary to compute the load that causes cracking of the tensile flange,in order to ensure that adequate safety against cracking is provided by the design.The computation of the moment that will cause cracking is also necessary to ensure compliance with some design criteria. Many tests have demonstrated that the load-deflection curves of prestressed beams are approximately linear up to and slightly in excess of the load that causes the first cracks in the tensile flange.(The linearity is a function of the rate at which the load is applied.)For this reason,normal elastic-design relationships can be used in computing the cracking load by simply determining the load that results in a net tensile stress in the tensile flange(prestress minus the effects of the applied loads)that is equal to the tensile strength of the concrete.It is customary to assume that the flexural tensile strength of the concrete is equal to the modulus of rupture of the
本科毕业论文（设计） 外文翻译 原文： Financing of SMEs Abstract The main sources of financing for small and medium sized enterprises (SMEs) are equity, trade credit paid on time, long and short term bank credits, delayed payment on trade credit and other debt. The marginal costs of each financing instrument are driven by asymmetric information and transactions costs associated with nonpayment. According to the Pecking Order Theory, firms will choose the cheapest source in terms of cost. In the case of the static trade-off theory, firms choose finance so that the marginal costs across financing sources are all equal, thus an additional Euro of financing is obtained from all the sources whereas under the Pecking Order Theory the source is determined by how far down the Pecking Order the firm is presently located. In this paper, we argue that both of these theories miss the point that the marginal costs are dependent of the use of the funds, and the asset side of the balance sheet primarily determines the financing source for an additional Euro. An empirical analysis on a unique dataset of Portuguese SME’s confirms that the composition of the asset side of the balance sheet has an impact of the type of financing used and the Pecking Order Theory and the traditional Static Trade-off theory are https://www.doczj.com/doc/9915191368.html, For SME’s the main sources of financing are equity (internally generated cash), trade credit, bank credit and other debt. The choice of financing is driven by the costs of the sources which is primarily determined by costs of solving the asymmetric information problem and the expected costs associated with non-payment of debt. Asymmetric information costs arise from collecting and analysing information to support the decision of extending credit, and the non-payment costs are from
会计内部控制中英文对照外文翻译文献(文档含英文原文和中文翻译)
内部控制透视：理论与概念 摘要：内部控制是会计程序或控制系统，旨在促进效率或保证一个执行政策或保护资产或避免欺诈和错误。内部是一个组织管理的重要组成部分。它包括计划、方法和程序使用，以满足任务，目标和目的，并在这样做，支持基于业绩的管理。内部控制是管理阶层的平等与控制可以帮助管理者实现资源的预期的有效管理的结果通过。内部控制应减少或违规错误的风险关联未被发现的，但设计和建立有效的内部控制不是一个简单的任务，不可能是一个实现通过快速修复短套。在此讨论了内部文件的概念的不同方面的内部控制和管制。 关键词：内部控制，管理控制，控制环境，控制活动，监督 1、介绍 环境需要新的业务控制变量不为任何潜在的股东和管理人士的响应因子为1，另外应执行/她组织了一个很大的控制权。控制是管理活动的东西或以上施加控制。思想的产生和近十年的发展需要有系统的商业资源和控制这种财富一个新的关注。主题之一热一回合管制的商业资源是分析每个控制成本效益。 作为内部控制和欺诈的第一道防线，维护资产以及预防和侦查错误。内部控制，我们可以说是一种控制整个系统的财务和其他方面的管理制定了为企业的顺利运行;它包括内部的脸颊，内部审计和其他形式的控制。 COSO的内部控制描述如下。内部控制是一个客观的方法用来帮助确保实现。在会计和组织理论，内部控制是指或目标目标的过程实施由组织的结构，工作和权力流动，人员和具体的管理信息系统，旨在帮助组织实现。这是一种手段，其中一个组织的资源被定向，监控和测量。它发挥着无形的（重要的作用，预防和侦查欺诈和保护组织的资源，包括生理（如，机械和财产）和乙二醇，声誉或知识产权，如商标）。在组织水平，内部控制目标与可靠性的目标或战略的财务报告，及时反馈业务上的成就，并遵守法律，法规。在具体的交易水平，内部控制是指第三方采取行动以实现一个具体目标（例如，如何确保本组织的款项，在申请服务提供有效的。）内部控制程序reduce程变异，导
附：外文翻译 外文原文： Fundamentals of Mechanical Design Mechanical design means the design of things and systems of a mechanical nature—machines, products, structures, devices, and instruments. For the most part mechanical design utilizes mathematics, the materials sciences, and the engineering-mechanics sciences. The total design process is of interest to us. How does it begin? Does the engineer simply sit down at his desk with a blank sheet of paper? And, as he jots down some ideas, what happens next? What factors influence or control the decisions which have to be made? Finally, then, how does this design process end? Sometimes, but not always, design begins when an engineer recognizes a need and decides to do something about it. Recognition of the need and phrasing it in so many words often constitute a highly creative act because the need may be only a vague discontent, a feeling of uneasiness, of a sensing that something is not right. The need is usually not evident at all. For example, the need to do something about a food-packaging machine may be indicated by the noise level, by the variations in package weight, and by slight but perceptible variations in the quality of the packaging or wrap. There is a distinct difference between the statement of the need and the identification of the problem. Which follows this statement? The problem is more specific. If the need is for cleaner air, the problem might be that of reducing the dust discharge from power-plant stacks, or reducing the quantity of irritants from automotive exhausts. Definition of the problem must include all the specifications for the thing that is to be designed. The specifications are the input and output quantities, the characteristics of the space the thing must occupy and all the limitations on t hese quantities. We can regard the thing to be designed as something in a black box. In this case we must specify the inputs and outputs of the box together with their characteristics and limitations. The specifications define the cost, the number to be manufactured, the expected life, the range, the operating temperature, and the reliability. There are many implied specifications which result either from the designer's particular environment or from the nature of the problem itself. The manufacturing processes which are available, together with the facilities of a certain plant, constitute restrictions on a designer's freedom, and hence are a part of the implied specifications. A small plant, for instance, may not own cold-working machinery. Knowing this, the designer selects other metal-processing methods which can be performed in the plant. The labor skills available and the competitive situation also constitute implied specifications. After the problem has been defined and a set of written and implied specifications has been obtained, the next step in design is the synthesis of an optimum solution. Now synthesis cannot take place without both analysis and optimization because the system under design must be analyzed to determine whether the performance complies with the specifications. The design is an iterative process in which we proceed through several steps, evaluate the results, and then return to an earlier phase of the procedure. Thus we may synthesize several components of a system, analyze and optimize them, and return to synthesis to see what effect this has on the remaining parts of the system. Both analysis and optimization require that we construct or devise abstract models of the system which will admit some form of mathematical analysis. We call these models
外文出处： 《Exploiting Software How to Break Code》By Greg Hoglund, Gary McGraw Publisher : Addison Wesley Pub Date : February 17, 2004 ISBN : 0-201-78695-8 译文标题： JDBC接口技术 译文： JDBC是一种可用于执行SQL语句的JavaAPI（ApplicationProgrammingInterface应用程序设计接口）。它由一些Java语言编写的类和界面组成。JDBC为数据库应用开发人员、数据库前台工具开发人员提供了一种标准的应用程序设计接口，使开发人员可以用纯Java语言编写完整的数据库应用程序。 一、ODBC到JDBC的发展历程 说到JDBC，很容易让人联想到另一个十分熟悉的字眼“ODBC”。它们之间有没有联系呢？如果有，那么它们之间又是怎样的关系呢？ ODBC是OpenDatabaseConnectivity的英文简写。它是一种用来在相关或不相关的数据库管理系统（DBMS）中存取数据的，用C语言实现的，标准应用程序数据接口。通过ODBCAPI，应用程序可以存取保存在多种不同数据库管理系统（DBMS）中的数据，而不论每个DBMS使用了何种数据存储格式和编程接口。 1．ODBC的结构模型 ODBC的结构包括四个主要部分：应用程序接口、驱动器管理器、数据库驱动器和数据源。应用程序接口：屏蔽不同的ODBC数据库驱动器之间函数调用的差别，为用户提供统一的SQL编程接口。 驱动器管理器：为应用程序装载数据库驱动器。 数据库驱动器：实现ODBC的函数调用，提供对特定数据源的SQL请求。如果需要，数据库驱动器将修改应用程序的请求，使得请求符合相关的DBMS所支持的文法。 数据源：由用户想要存取的数据以及与它相关的操作系统、DBMS和用于访问DBMS的网络平台组成。 虽然ODBC驱动器管理器的主要目的是加载数据库驱动器，以便ODBC函数调用，但是数据库驱动器本身也执行ODBC函数调用，并与数据库相互配合。因此当应用系统发出调用与数据源进行连接时，数据库驱动器能管理通信协议。当建立起与数据源的连接时，数据库驱动器便能处理应用系统向DBMS发出的请求，对分析或发自数据源的设计进行必要的翻译，并将结果返回给应用系统。 2．JDBC的诞生 自从Java语言于1995年5月正式公布以来，Java风靡全球。出现大量的用java语言编写的程序，其中也包括数据库应用程序。由于没有一个Java语言的API，编程人员不得不在Java程序中加入C语言的ODBC函数调用。这就使很多Java的优秀特性无法充分发挥，比如平台无关性、面向对象特性等。随着越来越多的编程人员对Java语言的日益喜爱，越来越多的公司在Java程序开发上投入的精力日益增加，对java语言接口的访问数据库的API 的要求越来越强烈。也由于ODBC的有其不足之处，比如它并不容易使用，没有面向对象的特性等等，SUN公司决定开发一Java语言为接口的数据库应用程序开发接口。在JDK1．x 版本中，JDBC只是一个可选部件，到了JDK1．1公布时，SQL类包（也就是JDBCAPI）
中小企业融资的英文文献 Automatically translated text: The definition of lease financing Finance leases (Financial Leasing) also known as the Equipment Leasing (Equipment Leasing), or modern leasing (Modern Leasing), and is essentially transfer ownership of the assets of all or most of the risks and rewards of the lease. The ultimate ownership of assets to be transferred, or may not transfer. It refers to the specific content of the lessee to the lessor under the lease object and the specific requirements of the supplier selection, vendor financing to purchase rental property, and the use of leased to a lessee, the lessee to the lessor to pay instalments rent, the lease term lease ownership of objects belonging to the lessor of all, the tenant has the right to use the leased items. Term expired, and finished the lessee to pay rent under the lease contract financing to fulfil obligations in full, leasing objects that vesting ownership of all the lessee. Despite the finance lease transactions, the lessors have the identity of the purchase of equipment, but the substantive content of the purchase of equipment suppliers such as the choice of the specific requirements of the equipment, the conditions of the purchase contract negotiations by the lessee enjoy and exercise, lessee leasing object is essentially the purchaser. , Is a finance lease extension of loans and trade and technology updates in the new integrated financial industry. Because of its extension of loans and combination of features, there is a problem in leasing companies can recycling, treatment of leasing, and
外文出处：Maijoor S. The Internal Control Explosion[J]. International Journal of Auditing, 2000, 4(1):101–109. 内部控制爆炸① 摘要：Power的1997版书以审计社会为主题的探讨使得审计活动在联合王国（英国）和北美得到扩散。由审计爆炸一同带动的是内部控制制度的兴起。审计已经从审计结果转向审计制度和内部控制，它已内部控制爆炸然成为公众对公司治理和审计监管政策的辩论主题。Power表示对什么是有效的内部控制各方说法不一。本人对内部控制研究方面有一个合理的解释。内部控制对非常不同概念的各个领域的会计进行探究，并研究如何控制不同水平的组织。因此，内部控制研究的各类之间的交叉影响是有限的，而且，许多内部会计控制是研究是再更宽广的公司治理问题的背景下进行的。所以，许多有关内部控制制度对公司治理的价值观点扔需要进行研究。 关键词：机构理论；公司治理；外部审计；内部审计；内部控制制度；管理控制 1 概述 Power的1997版书以审计社会为主题的探讨使得审计活动在联合王国（英国）和北美得到扩散。由审计爆炸一同带动的是内部控制制度的兴起。审计已经从审计结果转向审计制度和内部控制，它已然成为公众对公司治理和审计监管政策的辩论主题。例如，在最近的对于欧洲联盟内外部审计服务的内部市场形成的辩论中，监管建议建立关于内部控制和内部审计制度。虽然对有关内部控制的价值期望高，但Power表示对什么是有效的内部控制各方说法不一。本人对内部控制研究方面有一个合理的解释。内部控制是对非常不同概念的各个领域的会计进行探究，并研究如何控制不同水平的组织。因此，内部控制研究的各类之间的交叉影响是有限的，而且，许多内部会计控制是研究是再更宽广的公司治理问题的背景下进行的。所以，许多有关内部控制制度对公司治理的价值观点扔需要进行研究。 在审计和公司治理的公共政策辩论中，内部控制的概念越来越得到重视。公共越来①Maastricht Accounting and Auditing Research and Education Center (MARC), Faculty of Economics and Business Administration, Universiteit Maastricht, P.O. Box 616, 6200 MD Maastricht, The Netherlands s.maijoor@marc.unimaas.nl Fax: 31-43-3884876 Tel: 31-43-3883783
Manufacturing Engineering and Technology—Machining Serope kalpakjian；Steven R.Schmid 机械工业出版社2004年3月第1版 20.9 MACHINABILITY The machinability of a material usually defined in terms of four factors: 1、Surface finish and integrity of the machined part; 2、Tool life obtained; 3、Force and power requirements; 4、Chip control. Thus, good machinability good surface finish and integrity, long tool life, and low force And power requirements. As for chip control, long and thin (stringy) cured chips, if not broken up, can severely interfere with the cutting operation by becoming entangled in the cutting zone. Because of the complex nature of cutting operations, it is difficult to establish relationships that quantitatively define the machinability of a material. In manufacturing plants, tool life and surface roughness are generally considered to be the most important factors in machinability. Although not used much any more, approximate machinability ratings are available in the example below. 20.9.1 Machinability Of Steels Because steels are among the most important engineering materials (as noted in Chapter 5), their machinability has been studied extensively. The machinability of steels has been mainly improved by adding lead and sulfur to obtain so-called free-machining steels. Resulfurized and Rephosphorized steels. Sulfur in steels forms manganese sulfide inclusions (second-phase particles), which act as stress raisers in the primary shear zone. As a result, the chips produced break up easily and are small; this improves machinability. The size, shape, distribution, and concentration of these inclusions significantly influence machinability. Elements such as tellurium and selenium, which are both chemically similar to sulfur, act as inclusion modifiers in