中英文外文文献翻译中小企业财务风险管理研究

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(此文档为word格式,下载后您可任意修改编辑!) 作者：Bernard G

期刊： International Journal of Information Business and Management

第5卷，第3期，pp：41-51.

原文 The research of financial Risk Management in SMES

Bernard G

INTRUDUCTION

Small and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Their importance in the economy however is large . SME sector of India is

considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people,

create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30

million SMEs in India, 12 million people expected to join the workforce

in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their

competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs. Few of these

include; funding of SMEs by local and foreign investors, the new

technology that is used in the market is assisting SMEs add considerable value to their business, various trade directories and trade portals help

facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government

support; Indian SMEs continue to post their growth stories. Despite of

this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for

growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic

powerhouse. RESEARCH QUESTION

Risk and economic activity are inseparable. Every business decision and entrepreneurial act is connected with risk. This applies also to

business of small and medium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real business

environment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by

avoiding or reducing transaction costs and cost of financial distress or

bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with

regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many

smaller companies do not perform sufficient analysis to identify their risk.

This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging

aspects with regard to risk management in SME are therefore: 1. SME differ from large corporations in many characteristics 2. The existing

research lacks a focus on risk management in SME The following

research question will be central to this work: 1.how can SME manage their internal financial risk? 2.Which aspects, based on their

characteristics, have to be taken into account for this? 3.Which mean fulfils the requirements and can be applied to SME? LITERATURE

REVIEW

In contrast to larger corporations, in SME one of the owners is often part of the management team. His intuition and experience are important

for managing the company. Therefore, in small companies, the (owner-) manager is often responsible for many different tasks and important

decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core

business and have generalists for the administrative functions. Behr and

Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and

capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore

the risk management techniques of larger corporations cannot easily be

applied to SME. In practice it can therefore be observed that although SME are not facing less risks and uncertainties than large companies,

their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional,

structured and standardized risk management system. In contrast to that,

risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and

the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use