财务管理问题研究报告外文资料翻译

出处Fundamentals of Management.作者：[M].Prentice Hall ,2001(3)财务管理问题研究在市场经济中，管理是决定企业生存和发展的重要性。

近年来，由于意识形态偏见在认识和历史原因，许多的内部财务管理制度不健全给财务管理带来混乱的客观理由，导致一些缺乏内部监督机制、发生假帐或者账户外设的帐户直接导致的混乱及财务管理效率低下的企业。

这是来自经验的证明。

因此，加强财务管理，建立健全内部财务管理制度已经成为企业不可或缺的条件。

首先，企业应当建立健全内部财务管理制度。

(一)建立内部财务管理系统是为适应社会主义市场经济体制的客观要求，企业在市场竞争中生存、发展，就必须遵循市场经济的要求规范金融行为；必须按照市场经济的要求融资、经费使用和利益分配，提高生产和操作，提高企业的经济效益，从而增强自己的竞争力以实现经济增长，改变公司经营方式以适应市场经济的客观要求。

(二)建立健全内部财务管理系统是企业管理的内在要求1、财务管理是企业管理的基础，是一切企业管理活动的中心环节。

内部财务管理公司的资金管理活动与形式的价值，主要基于成本管理和资金管理为中心，通过一种价值管理为物理形式的管理。

因此，财务管理是企业管理活动的基础，是企业管理的中心环节。

2、财务管理在各方面的生产经营和整个过程，根据它的意义，我们可以总结四大要素的财务管理，包括筹资管理、投资管理、营运资本管理、利润分配管理。

(三)财务管理和企业管理有广泛的联系在商务活动、财务管理的触角延伸到每一个角落，每一个部门的业务将获得服务的资金通过使用接触到金融部门，每个部门应合理使用资金，为了省钱，所以接受部门的指导，受金融系统的约束，以确保提高企业经济效益。

(四)公司财务管理迅速体现公司的生产工作。

所有生产及企业经营活动都最终反映在其财务结果通过会计、分析、比较，你可以检查实施企业生产经营活动的方式，发现问题，找出解决问题的办法。

毕业设计(论文)外文资料翻译系别管理信息系专业财务管理班级姓名学号外文出处/f/22323844.html?from=like附件 1.原文；2.译文2012年3月1.原文Financial statement analysis - the use of financial accountinginformation.Many years. Reasonable minimum current ratio was confirmed as 2.00. Until the mid-1960s, the typical enterprise will flow ratio control at 2.00 or higher. Since then, many companies the current ratio below 2.00 now, many companies can not control the current ratio over 2.00. This shows that the liquidity of many companies on the decline.In the analysis of an enterprise's liquidity ratio, it is necessary to average current ratio with the industry to compare. In some industries, the current ratio below 2.0 is considered normal, but some industry current ratio must be big 2.00. In general, the shorter the operating cycle, the lower the current ratio: the longer the operating cycle, the higher the current ratio.The current ratio compared to the same enterprise in different periods, and compared with the industry average, will help to dry to determine the high or low current ratio. This comparison does not explain why or why low. We can find out the reasons from the by-point analysis of the current assets and current liabilities. The main reason for the exception of the current ratio should be to find out the results of a detailed analysis of accounts receivable and inventory.Flow ratio better than working capital performance of enterprise short-term solvency. Working capital reflect only current assets and current liabilities, the absolute number of differences. The current ratio is also considered the relationship between the current asset size and the size of the current liabilities, make the indicators more comparable. For example, the current ratio between General Motors and Chrysler Motors Corporation. The comparison between the two companies working capital is meaningless, because the two companies of different sizes.Inventory using LIFO France will flow ratio cause problems, this is because the stock is undervalued. The result will be to underestimate the current ratio. Therefore, when compared to using the LIFO method businesses and other costs of the enterprise should pay particular attention to this.Compare the current ratio, analysts should calculate the accounts receivable turnover rate and commodity inventory turnover. This calculation enables the analysis of proposed liquidity problems exist in shouldReceived the views of the accounts and (or) Inventories. Views or opinions on the current ratio of accounts receivable and the deposit will affect the analyst. If the receivables I receivable and liquidity problems, require current ratio higher.Third, the acid test ratio (quick ratio)The current ratio is the evaluation of the liquidity conditions in the current assets and current liabilities. Often, people expect to get more immediate than the current ratio reflect the situation. The acid test ratio (liquid rate) on the relationship of current assets to current liabilities.To calculate the acid test (quick) ratio. From the current assets excluding inventory part. This is because of the slow flow of inventory, the inventory may be obsolete inventory may also be used as a specific creditor's security. For example, the winery's products to Tibet for a long period of time before sold. If you calculate the acid test (liquid) to including wine obstruct inventory will overestimate the enterprise mobility. Inventory valuation, because the cost data may be related to the current price level difference ...Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics and unusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.......Section VI analytical screening proceduresAuditing Standards Description No. 23. Analytical screening procedures, provides guidance for the use of this procedure in the audit. Analytical inspection program goal is to identify significant changes from the business statistics andunusual items.Analytical screening procedures during the audit can run a different number of times, including the planning phase, the audit of the implementation phase and the completion of the audit stage. Analytical inspection procedures can lead to a special audit procedures, such as:Transverse the same type of analysis of the income statement shows an item, such as cost of sales during that period abnormal. This will lead to a careful review of the project cost of sales. The income statement vertical the same type of analysis by comparison with the previous saddle, can be found already for sale to the harmonious proportions of the amount of commodity costs and sales revenue.Accounts receivable turnover ratio and industry data comparison may show the typical speed of the accounts receivable turnover rate is far below the industry. This shows that a careful analysis of the response to accounts receivable.4 and debt compared to cash flow has significantly decreased ability to repay the debt with internally generated cash flow is essentially dropped.5 aldehyde test ratio decreased significantly, indicating that the ability to repay current liabilities with current assets other than inventory outside is essentially droppedWhen the auditors found that the report or an important trend than the string, the next procedure should be carried out to determine why this trend. This study (survey) can often lead to important discoveries.2.译文财务报表分析——利用财务会计信息。

广东工业大学华立学院本科毕业设计（论文）外文参考文献译文及原文系部会计学系专业会计学年级 08级班级名称 2008级会计（7）班学号 14010807030学生姓名吴智聪2012年 2 月 9 日目录1. 外文译文 (1)2. 外文原文 (5)中小型企业财务管理中存在的问题及其对策中小型企业在中国经济发展中发挥着重要的作用。

统计数据表明，在工商行政管理局登记在册的企业中，中小型企业占了99%，产值和利润分别占总额的60%和40%。

此外，中小型企业所提供了75％的城镇就业机会。

可见其为中国的稳定和经济繁荣作出了重要贡献。

虽然中小型企业在国民经济中占有重要地位，对中国经济发展与社会稳定具有很重大的意义。

但是，中小型企业发展的主要障碍是缺乏有效的财务管理。

本文分析了当前中小型企业财务管理中存在的问题，并就改善中小型企业财务管理提出了相应对策。

1.1 中小型企业的财务管理现状自从21世纪以来，中国的中小型企业的蓬勃发展，在经济增长和社会发展中发挥着非常重要的作用。

据财政部统计数据，直到2005年底，中小型企业总数已超过1000万，占中国企业总数的99%。

中小型企业提供了75％的城镇就业机会，工业企业的总产值、销售收入、实现的利得税和出口额分别占总数的60%、57%、40%和60%，上缴的税收已经接近了国家税收总额的一半。

中小型企业承载着超过75%的技术革新和超过65％的专利发明，他们以其灵活的经营机制和积极创新活动，为经济发展提供了增长的最根本动力。

近年来，中国中小企业的消亡率将近70%，大约有30%的中小型企业存在赤字。

中小型企业应该如何建立现代企业制度，加强财务管理，并科学地进行资本运作以谋求自身的健康发展，是我们密切关注的一个问题。

1.2 中小型企业财务管理中存在的问题⑴财务管理理念滞后，而且方法保守中小型企业由于管理者自身知识水平的限制，使得企业的管理能力和管理质量较低。

他们的管理思想已经不适合现代企业，并且大多数企业领导人缺乏财务管理的理论和方法，忽视了企业资本运作的作用。

LNTU Acc公司治理与高管薪酬：一个应急框架总体概述通过整合组织和体制的理论,本文开发了一个高管薪酬的应急办法和它在不同的组织和体制环境下的影响。

高管薪酬的研究大都集中在委托代理框架上,并承担一种行政奖励和业绩成果之间的关系.我们提出了一个框架,审查了其组织的背景和潜在的互补性方面的行政补偿和不同的公司治理在不同的企业和国家水平上体现的替代效应。

我们还讨论了执行不同补偿政策方法的影响，像“软法律”和“硬法律”。

在过去的20年里,世界上越来越多的公司从一个固定的薪酬结构转变为与业绩相联系的薪酬结构,包括很大一部分的股权激励。

因此，高管补偿的经济影响的研究已经成为公司治理内部激烈争论的一个话题.正如Bruce，Buck，和Main指出，“近年来,关于高管报酬的文献的增长速度可以与高管报酬增长本身相匹敌。

”关于高管补偿的大多数实证文献主要集中在对美国和英国的公司部门，当分析高管薪酬的不同组成部分产生的组织结果的时候。

根据理论基础，早期的研究曾试图了解在代理理论方面的高管补偿和在不同形式的激励和公司业绩方面的探索链接.这个文献假设，股东和经理人之间的委托代理关系被激发，公司将更有效率的运作，表现得更好.公司治理的研究大多是基于通用模型-—委托代理理论的概述,以及这一框架的核心前提是,股东和管理人员有不同的方法来了解公司的具体信息和广泛的利益分歧以及风险偏好.因此，经理作为股东的代理人可以从事对自己有利的行为而损害股东财富的最大化。

大量的文献是基于这种直接的前提和建议来约束经理的机会主义行为，股东可以使用不同的公司治理机制,包括各种以股票为基础的奖励可以统一委托人和代理人的利益.正如Jensen 和Murphy观察,“代理理论预测补偿政策将会以满足代理人的期望效用为主要目标。

股东的目标是使财富最大化；因此代理成本理论指出，总裁的薪酬政策将取决于股东财富的变化。

”影响积极组织结果的主要指标是付费业绩敏感性，但是这种“封闭系统”法主要是在英美的代理基础文献中找到,假定经理人激励与绩效之间存在普遍的联系，很少的关注在公司被嵌入的不同背景。

附录A财务管理和财务分析作为财务学科中应用工具。

本书的写作目的在于交流基本的财务管理和财务分析。

本书用于那些有能力的财务初学者了解财务决策和企业如何做出财务决策。

通过对本书的学习，你将了解我们是如何理解财务的。

我们所说的财务决策作为公司所做决策的一部分，不是一个被分离出来的功能。

财务决策的做出协调了企业会计部、市场部和生产部。

无论企业的形式和规模如何，财务原理和财务工具均适用。

就像对小规模的私营企业而言存在如何筹资的问题，大企业面临所有权和经营权分离时出现的代理问题。

不管公司的规模和形式是如何的，公司财务管理的基本原理是一样的。

例如，无论是独资企业做出的决策还是大企业做出的决策，今天一美元的价值都高于未来一美元的价值。

我们所说的财务原理和财务工具适用于全球的企业，不仅限于美国的企业。

虽然国家习惯和法律可能与国家的原则理论存在着不同，但财务管理用到的工具是一样的。

例如，在评估是否要买一个特殊设备的价值时，你需要评估企业未来现金流的发生（设备成本和支出的时间和设备的不确定性），这个企业位于美国、英国还是在其他的地方?此外，我们相信拥有强大的财务原理和数学相关工具的依据对于你了解如何做出投资和财务决策十分必要。

但是建立这种依据比不费力。

我们试图帮你建立这种依据的途径是通过直觉提出财务原理和财务理论。

而不是原理和证据。

例如，我们引导你通过数字和真实例子对资本结构原理产生直觉，而不是利用公式和证据。

再者我们试图帮助你通过仔细的逐步的例子和大量数据处理财务工具。

财务管理和财务分析分为7个部分。

前两个部分（第一部分和第二部分）涉及到基础部分，它包括财务管理、估价原则的目标以及风险和回报之间的关系。

财务决策涉及到第三、四、五部分的内容，我们提出了长期投资管理（通常被称为资本预算）的长期来源、管理和资金管理工作。

第六部分涉及到财务报表分析，它包括财务比率的分析，盈利分析和现金流量分析。

最后一个部分（第七部分）涉及到一些专业论题：国际财务管理，金融结构性金融交易（例如资产证券化），项目融资，设备租赁贷款和财务规划策略。

财务管理类本科毕业论文外文翻译〔原文+译文〕财务管理类本科毕业论文外文翻译译文：[美]卡伦·A·霍契.《什么是财务风险管理？》.《财务风险管理要点》. 约翰.威立国际出版公司,2022:P1-22.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。

意味着需要的信息可以在瞬间得到，而其后的市场反响，很快就发生了。

经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。

因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。

准备是风险管理工作的一个关键组成局部。

什么是风险？风险给时机提供了根底。

风险和暴露的条款让它们在含义上有了细微的差异。

风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。

风险起因是由于暴露。

金融市场的暴露影响大多数机构，包括直接或间接的影响。

当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的时机。

金融市场的暴露可以提供战略性或竞争性的利益。

风险损失的可能性事件来自如市场价格的变化。

事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。

换句话说，可能就是变异的风险回报。

由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。

识别暴露和风险形式的根底需要相应的财务风险管理策略。

财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。

它可以出现在合法的交易中，新工程中，兼并和收购中，债务融资中，能源局部的本钱中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。

当金融的价格变化很大，它可以增加本钱，降低财政收入，或影响其他有不利影响的盈利能力的组织。

金融波动可能使人们难以规划和预算商品和效劳的价格，并分配资金。

财务管理外文翻译Corporate Purchasing and payment of internal accountingcontrol system designLars Ny bergSpeech by Mr Lars Ny berg, Deputy Governor of the Severs Risks bank, at HQ Bank, 15October 2008.From Wikipedia, the free encyclopediaAbstractThis article discusses the procurement and payment of the basic system of internal accounting controls, and in accordance with its business processes, detailing the implementationof the relevant control points control measures.Keywords: procurement and payment; accounting controlProcurement and payment business is an enterprise payment of money, to obtain goods or services of the process is production and operations management is a major componentis the enterprise survival and development. Therefore, enterprises should develop procurement and payment business of internal accounting control system, a sound business records control systems, to strengthen its control over key points of business processes, implementation of the procurement decision-making areas of mutual restraint and supervision. First, purchasing and payment definition of internal accounting controlProcurement and payment of internal accounting control refers to regulate corporate purchasing and payment behavior, the procurement and payment process to prevent errors and fraud to ensure that the procurement to meet the production and sale under the premise to minimize procurement costs and take a series of control measures.Second, procurement and payment transactions of the basic system of internal accountingcontrolsIn order to give full play to the procurement and payment business the role of internal accounting controls for the content of the procurement and payment services should be designed following the procurement and payment transactions of the basic system of internal accounting controls.(A) is incompatible with official positions for division of labor system 1, please purchase and approval. Enterprises purchasing items needed by the user departments according to their application and approved by the responsible persons in charge of procurement for approval; 2, inquiry and identify suppliers. Corporate purchasing department and relevant departments should participate in inquiry procedures and identify suppliers; 3, procurement of contracts and auditing. Corporate purchasing department should be prepared under the purchase order or contract and authorized department or officer review, approval or appropriate audit; 4, procurement and acceptance. Purchasing staff can notwork at the same time as acceptance of goods; 5, procurement, inspection and related accounting records. Corporate procurement, inspection and accounting record keeping functions should be separatedin order to ensure the authenticity of the number of procurement and procurement price, quality, compliance, procurement records and accounting accuracy; 6, the implementation of payment processing and payment. Corporate payment processing and payment of the executors of people should be separation of duties. (B) authorize the examination and approval systemEnterprises should make it clear people are purchasing and payment processing business, authorized to approve methods, powers, procedures, responsibilities and related control measures to require managers to conduct procurement and payment business terms of reference and work requirements. According to the procurement and payment services, control of the approval points include: 1, the enterprise's production planning department generalorders according to customers or to sales forecasting and inventory requirements analysis to determine the production licenses; 2, business capital expenditures and lease contracts are usually will be special authorization which only allowed a particular officer requisitions; 3, enterprises are an important and highly technical procurement business, shall organize experts to conduct feasibility studies, implementation of collective decision-making and approval, to prevent serious losses caused by errors in the decision-making; 4, procurement contracts Thesigning is subject to the approval of authorized personnel; 5, purchasing the payment of money shall be subject to the approval of authorized personnel. (C) control of business recordsProcurement and payment transactions for the realization of internal accounting control objectives, the enterprise should establish requisitions, contracts, acceptance of orders, warehousing and other settlement documents as the carrier single of the business recordscontrol system. In this system should be numbered consecutively in the certificate, record, signature stamp, so that account card, account payments, account form, accounts are, and check ID signed certificate with the records according to the procedures required to deal with, so that can effectively prevent the economy from Business omission and duplication, and check whether there is fraud.procurement and payment business processes, internal accounting controlsIn general, the procurement and payment business processes,including requisitioning, procurement operations, warehousing inspection, payment settlement, according to China's "internal accounting control standards - Procurement and Payment (Trial)", enterprises should be strengthened at least the following control point of control.(A) Please purchaseProposed goods and services need to be part of the beginning of the procurement, companies can be different depending on the need to developa system of requisitions. Production and operation are more demand for raw materials, spare parts and other items, usethe departments to budget for the upcoming issue of production orders, etc. fill requisitions by the purchasing department, finance department, business department staff to participate in the requisition The audit, authorized by the corporate head of purchasing for approval. Please purchase a single-type triple, indicating the requisitioning office, requisitionsfor the goods name, specifications, quantity, requested arrival date and purpose and so on. Important please purchase goods or services shall be subject to the decision-making demonstration and a special approval procedures; Pro Star items needed, usually by the user according to actual needs directly without going through the purchasing department signed or ratified. However, users are generally in requisitions to explain the purpose and use of requisition by the use of department heads for approval, and Finance department consent, to pay the purchasing department to conduct procurement; urgent needs to develop a special request to buy a special approval process; special reason needed Cancel requisition application, originally requested the purchase department should inform the purchasing department to stop purchasing, the purchasing department should be in the originalrequisitions stamped "withdrawn" stamp, and returned to the requisitioning department. (B) InquiryIn order to ensure a transparent pricing mechanism, enterprisesshould develop a reasonable inquiry process and focus on relevant information about the supplier. Control measures are: 1, on a regular basis to understand the basic information providers, such as product price, quality, delivery conditions, reputation, service and supplier of equipment status,technical capability and financial condition, etc., in order to provide reliable informationon corporate purchasing decisions; 2, pairs of potential suppliers should be on its quality, technical, financial status of the feasibility of the survey; 3, and important for the bulk procurement of goods,should be established by the procurement, technology and other departments involved in quality than parity system, considering the price, quality, delivery conditions, credibility and after-sales service, etc.; 4, can be used for certain procurement tender, procurement of side items to meet the quality, delivery time required in the ci rcumstances, in an open manner, the bidding would not regard theprice as the only factors; 5, for the piecemeal procurement of goods,due to low purchase price is not high, using the above-mentioned procurement costs will be too high, generally authorized to providedirect procurement, but also should be formed by independent random unannounced visits to the personnel system; 6, on the The above factors determine the target price, and in consultation with the relevant suppliers in order to achieve the best price. (C) ProcurementInquiry procedure is completed, procurement departments are required to make the following decisions: 1, according to the assets is stored, identify the procurement of goods andquantity of the batch; 2, according to inquiry control system, choose the most beneficialto production and lowest cost suppliers; 3, will be invited to purchase a single retirement requisitioning departments together to show their reply; a joint preparations for the financial sector retirement funds; a joint purchasing department as the basis for the signing of purchase and sales contracts.(D) ContractPurchasing departments should promptly signed a contract with the supplier, the contract must be in accordance with the provisions of the procurement authority by the authorized persons at all levels of approval to. Contract type a triple, a cross-vendor delivery request, a hand from the custody of the purchasing department is responsible for the implementation of the contract, a contract by the Finance department to oversee the implementation. Small number of certain purchases, are not frequently purchased items, you can not sign a contract and direct purchase, in order to simplify procedures, speed up the purchase rate. Some enterprises in order to replace purchase orders for contracts, order the elements must be designed to complete, usually a type triple, and numbered consecutively.(E) AcceptanceAcceptance officer under orders, contracts and other documents onthe procurement of goods varieties, specifications, quality and other relevant content inspection. Inspection personnel to points, had said or measuring the number of items and other means to verify the correctness. The extent possible, the quality of goods within the inspection. Experience, items collected by the acceptance of entry, according to members of a single acceptance.Acceptance of a single check and accept the custody officer underthe quantity and quality of physical and fill storage lists, and specify the supplier name, receipt date, item name, quantity, quality, and so on. Warehousing unitary triple, a joint retention of registered warehouse ledger; a joint by the Finance department, handle settlement; a joint return the purchasing department with the purchase and sale contracts, requisitions after the induction for the record check.(F) paymentsFinancial sector invoices, shipping orders, acceptance of orders, storage, and other relevant documents a single examination, and contract reconciliation, approval by the companiesauthorized to handle settlement provider. Payment after theexpiration of timely payments in order to maintain good business credit. Procurement need to pay in advance or deposit shall be paid only after proper authorization, and must be received from suppliers related to the Notes. For enterprises to adopt credit purchase items, thus theformation of the debt settlement business must also be strengthened controls. Specific requirements are:1, recorded accounts payable invoices and other documents must be authorized by the Company are recorded only after approval; 2, by specialized personnel on a regular basiswith suppliers check their accounts, if the reconciliation was found, it should promptly identify the cause clarify responsibilities,according to the relevant regulations to ensure that the accounts ofboth sides in line; 3, according to both a pre-agreed conditions and timely liquidation of debt, payment arrears, the basis of the relevant certificate, the registration books of account.In practice, enterprises should be based on the procurement and payment business, the specific characteristics, and constantly improve and revise its system of internal accounting controls to ensure that business activities in an orderly and efficient operation.References:1, the Ministry of Finance. Internal accounting control standards - the basic norm (trial).Accounting (2001) 41.2, the Ministry of Finance. Internal accounting control standards - Procurement and Payment (trial). Accounting (2002), No. 21.3, internal accounting control system Practice [M]. Democracy andthe building of Press,2004.From Wikipedia, the free encyclopedia企业购买和支付的内部会计控制系统设计Lars Ny bergSpeech by Mr Lars Ny berg, Deputy Governor of the Severs Risks bank, at HQ Bank, 15October 2008.From Wikipedia, the free encyclopedia摘要本文讨论了采购和付款的基本系统的内部会计控制，并根据其业务流程，详细说明了实施相关的控制点控制措施。

文献出处:Cohen R, Wright A. The Research of Enterprise Group Financial Management [J]. Journal of Management, 2015, 3(2): 40-55.原文The Research of Enterprise Group Financial ManagementCohen R, Wright AAbstractEconomic globalization, making the information flow, cash flow, logistics, etc are beyond geographical high-speed flow. In this economic environment, the enterprise group's investment and financing, the production and business operation decision as fast and exact, and the decision depends on the quick access to information quickly; Must depend on access to information. In this case, the enterprise group is responsible for internal and external financial information collection; to generate the importance of financial management work is all the more important. Appropriate mode of enterprise group financial management can help enterprise group effectively avoid the financial risk in the process of development, improve the management benefit, improve market competitiveness, thus enabling enterprise groups become bigger and stronger, and keep its healthy and sustainable development.Key words: Enterprise group; financial management; Mode selection1IntroductionAt the beginning of the 20th century, the enterprise group is the important form of the modern economic organization form in European and American some developed industrialized countries. Then this kind of enterprise groups all over the world plays an important role in the economic activities. Some big group and big enterprises with its huge capital strength, advanced technology strength, large organization structure, the first-class management level, and diversified cultural background, have different national, regional and national economic and social life has a great influence. Large, very large, and even multinational enterprise group, play an important role in the world economy. It can be said that a country has the quality and quantity of enterprise group, reflected the country's market economy developmentlevel and the comprehensive competition ability of the enterprise. In order to enhance the management level, improve the competitive ability of enterprises, enterprise group’s calls for a new management mode, and as the management the core of financial management, the eager degree is higher. So, we must explore under the enterprise group financial management mode, study what kind of financial management model can apply to the enterprise group, to meet the rapid development of modern enterprise group.2 Literature reviewAs early as in 1910, the American scholar mead (Meade) published the first studies the financing of a company's financial management work of the company's financial, David (Dewing) in 1938 and Leon (Lyon) published the company's financial policy and the company and its financial problems. These works mainly studies how to raise capital, formed as to research in corporate finance as the center of the traditional financial management theory "school of thought.1929-1933 economic crisis, many companies have realized that the task of financial management and is not only the financing problems, scientific management should also include the funds and the use, only pay attention to the efficient use of funds, keep reasonable capital structure, and strictly control the financial revenues and expenditures, to make the business in an impregnable position.30 s, therefore, the focus of the financial management started from expansionary external finance, the defensive internal control transfer of funds, all kinds of financial goals and budget, debt restructuring, asset appraisal, and maintaining the solvency problems, has become the important content of financial management research during this period. From the stock market appears in the 1950 s, with emphasis on the corporate finance, financial management pattern research, to mature market economy, with emphasis on the cash management, financial management pattern research, to form the system of investment activities, with emphasis on the capital management, financial management pattern research and development to today, with the economic globalization puts forward new requirements of enterprise group financial management mode. From 1958 to 1961, Miller and Modigliani Miller (Modigliani) through a large number of empiricalresearch, puts forward the famous MM theorem, namely in the efficient securities market, the company's capital structure and dividend policy have nothing to do. During this period, in order to study the financial decision-making as the main content of "new financial theory" has been formed, the essence of which is pay attention to the beforehand control of financial management, emphasis will be closely connected with its economic environment, with asset management decisions as the center, the financial management theory to promote a big step-In 1964 and 1965, the famous American financial management experts sharp (William. F.S harped) and linter (J.L inner) in Ma Kiwi done in-depth research, on the basis of the capital asset pricing model is proposed. The emergence of this theory marks another leap forward development of financial management theory. By financial management expert’s sharp capital asset pricing: risk under the condition of market equilibrium theory is considered to form makes a significant contribution to the theory of financial management. After the 70 s, financial tool innovation make the company contact in financial markets is increasingly strengthened. Warrants, financial futures and is widely used in corporate finance and foreign investment activity, promote the developing and perfecting financial management theory. Black (F.B lack) and others created the option pricing model; Ross arbitrage pricing theory is proposed. After the 80 s, the enterprise financial management into a new stage of deepening development, and development in the direction of internationalization, high-precision, computerization and networking. Increasingly along with the economic globalization, international trade and multinational business active unprecedented, foreign exchange risk management, investment analysis, international company financial performance evaluation, etc, become the focus of the financial management, to create a new financial management -- international financial management; With mathematical method, optimization theory and computer and other advanced methods and means in the application of financial management, the company began to develop in the direction of accurate financial analysis.3 Enterprise group financial management objectives and principles3.1 The goal of enterprise group financial managementGoal refers to the behavior or to achieve the desired results. Enterprise group financial management goal is to show the enterprise group to achieve the purpose of through a series of financial activities. For enterprise group, the financial management goal should include two levels, the first level is the enterprise group, the basic goal, auxiliary target at the second level is the enterprise group.Basic target enterprise group and single enterprise financial management goal is consistent, namely with minimal input to obtain the biggest benefit. As more corporate economic association, the enterprise group is to profit as the goal, the financial management goal is associated with enterprise multiple interest groups, is that the interest groups work together and the result of compromise. In a certain time and certain conditions, a certain interest groups may play a leading role, but from the point of enterprise long-term development, not only emphasize particular interest group interests, while ignoring other group's interest. In theory, the goal of the various interest groups is willing to compromise for the long-term stable development of enterprises and enterprise value increasing, the various interest groups to achieve their ultimate goal. So, to the enterprise value maximization as the goal of financial management, than to maximize shareholder wealth as a more scientific financial management target. Enterprise value maximization is reasonable on the enterprise financial management, using the optimal financial policy, gives full consideration to the time value of money and the relationship between risk and reward, on the basis of the guarantee enterprise long-term stable development of the enterprise value maximum.3.2 The principle of enterprise group financial management3.2.1 Integrity principleEnterprise group as a benefit-sharing, risk-sharing legal interests, their financial behavior not only stand in the perspective of member enterprises, and should be based on the interests of the whole enterprise group should be even from the perspective of the whole social stability and healthy development of the economic consideration. Local are subject to the needs of the whole, a single enterprise to obey the needs of the development of enterprise groups, enterprise group are subject to the needs of social development.3.2.2 Non-profit principleEnterprise group as the main body of market economy, the pursuit of economic interests, drive the risk-averse is the eternal law, is the foundation of its existence and development. It contains two meanings: one is the enterprise group in foreign investment or other associated with external yields should consider when financial activities;2 it is enterprise group in the internal financing, borrow money to consider these activities can bring economic benefits to enterprise groups, should be appropriate to introduce the market mechanism.3.2.3 Balance principleEnterprise group members in the size, position, there are differences in such aspects as development stage, so the enterprise group financial management should pay attention to the balance principle, on the one hand, the enterprise group financial management process, should not only to the enterprise group's "sunrise industry", "chatoyant enterprise" areas, and to maintain fairness and justice, to ensure member enterprise responsibility, right and benefit, the combination of privileges given to individual companies to prevent, affect the enthusiasm of other members of the enterprise; Enterprise group financial management, on the other hand, both must strictly implement the rules and the relevant financial policies, systems, and flexible according to different conditions to coordinate the relationship between the various stakeholders.3.2.4 Long-term principleEnterprise group established aim is to achieve integration of resources integration synergy effect and management, achieve scale economic benefit, and to establish the group's overall market competitive advantage, which can be in an impregnable position in the market competition, long-term existence and continuous development, so the enterprise group financial management to obey and serve the long-term development strategy of enterprise group, don't care about a moment of gain and loss, short-term financial arrangements are subject to long-term planning.4 The main content of the enterprise group financial management mode4.1 The financial management targetFinancial management goal is to show the enterprise financial management activities can hope to achieve the result of the research on financial management goal, is helpful to optimize the structure of financial management theory and effectively guide the financial management practice; Scientifically set up financial management goal, which is beneficial to optimize the financial behavior, and thereby forms a benign circle of financial management. On enterprise financial goals, at present there are mainly three kinds of different points of view: the profit maximization, stockholder wealth maximization, and maximize the enterprise value. However enterprise group in the economic system and enterprise different development period, the enterprise group with other ownership enterprises in the financial management target is different, enterprise group should be based on the actual itself, establish enterprise group financial management target.4.2 The financial management organizationFinancial management organization structure is the operation of enterprise financial management organization guarantee, is the financial management mode of external performance and visual performance. Group of financial institutions should be according to the different situation of enterprise group and the group's hierarchy to build. Group financial organizations set usually has two forms: one is the development of the enterprise group is a principal company (enterprises) as the core, the development of enterprise group of various functional departments will be attached to the main body on the various functions of the company management department, then the main body enterprise established by the finance department is not only the main body of enterprise, and enterprise group finance department.2 it is enterprise group is made up of different industries or different products multiple enterprise established, group finance department to reset at this moment, how to set up, by the group company according to the specific situation to decide. Generally speaking, in a major enterprises as the core, the subsidiary is less, mutual relations between the production and operation of close group, the main body of enterprise financial. Larger workload, his management quality directly affects the group's financial position and performance, group, then more tend to use the first form. Butwhen enterprise group to large-scale development, subsidiary, more diversified, between the independence of the strong, group is to set up independent strong financial management department.4.3 The financial management systemEnterprise group financial management system is refers to the management of headquarters or parent company of enterprise group financial management of all aspects of Quenelle relations, regulating the subsidiary members of the basic system of enterprise financing behavior as determined, referred to as "financial management system, including the financial organization system, financial decision-making system, financial control system of three main aspects.4.4 The financial strategyEnterprise group is aimed at giving full play to the advantages of resources aggregation, in order to make the resources of the enterprise group can really together and benefit, group headquarters must be of strategic management in the first place, that is, financial management must be to serve the group's business strategy for the purpose to develop their own financial strategy. Financial strategy is the enterprise in order to win in the fierce competition to obtain long-term gains as the guidance, through to the enterprise of the industry environment, their own capabilities and resources to carry on the full analysis, in view of the enterprise financing, investment and financial activities such as the allocation of funds make a set of system, long term action plan. When making enterprise financial strategy must take into consideration of the enterprise group may encounter difficulties. Enterprise financial strategy basically has the following three types: type expansionary financial strategy, tighter financial strategy, the steady financial strategy.5 Enterprise group financial management modesEnterprise group financial management to the market as the guide, to the capital as the link, with modern enterprise system as the guarantee, the rational allocation of enterprise group assets, giving full play to the advantages of group, improve the efficiency of capital operation, according to the group company and between members of the enterprise financial management purview division is different, thedomestic enterprise group financial management mode can be divided into "authoritarian" and "distributed" and "harmony" three kinds of type.5.1 "Authoritarian" financial management modesAdopt the mode of enterprise group, most of the focus on the parent company, financial rights to take strict control and unified management, subsidiary to the parent company in the centralized financial management mode, the rights of the parent company, with its original capital subsidiary will be major financial focus to the parent company, and the infiltration of the parent company financial management rights and extends to the subsidiary. Group the board of directors of the company divided the body of the purse strings is dashing (or manager), general manager, deputy general manager, financial manager (finance department) and the financial functional departments, the four levels are the exercise of the body of the purse strings. Lead to enterprise group financial management centralized principle is: to ensure the consistency of enterprise group internal financial target, reduce the enterprise internal members of the phenomenon of "insider control”; to achieve the maximization of corporate interests; to effectively concentrated resources for the strategic adjustment of investment direction.5.2 "Distributed" financial management modeDistributed mode, financial management is to point to in accordance with the principle of importance for the member enterprises group co., LTD. And appropriate to the division of financial control, management and decision-making, group company just focus on the direction and strategic issues. Adopt the mode of enterprise group, subsidiary has sufficient financial management decision-making power, and the management of the subsidiary to the parent company is given priority to with indirect management. It gives the subsidiary fully financial freedom, play the enthusiasm of the subsidiary, make it adapt to the complex financial environment, the parent company mainly in accordance with the contract specifications such as subsidiary financial behavior.5.3 "Compatibility" type financial management modes"Harmony" is centralized and decentralized financial management financialmanagement. This is mainly due to the above two models appeared more obvious flaws, this model only arises at the historic moment.” Harmony" is refers to the enterprise group financial management according to the product, service, customer or region is divided into business department, autonomy in operation of the large enterprise group headquarters awarded the department, to be able to like independent enterprises operate independently according to the market situation, have the authority of financial decisions. According to the parent company centralized degree is different, this kind of management model and can be divided into two types of relative centralization and relative separation of powers. Relatively centralized model mainly embodies the advantages of centralized, avoided due to power is too concentrated, a subsidiary of a lack of enthusiasm and vitality, but also to carry out effective control subsidiary to the parent company. Relatively decentralized model not only reflects the decentralized advantages, and strengthen the group's internal coordination.译文企业集团财务管理研究Cohen R, Wright A摘要经济全球化，使得信息流、资金流、物流等都在跨越地域高速流动。

文献出处：Bromiley P, McShane M. Enterprise Risk Management: Review, Critique, and Research Directions[J]. Long Range Planning, 2015，12（03）：61-71.原文The Research of Enterprise Financial ManagementBromiley P, McShane MAbstractEnterprise production and operation process of socialization and modernization level is continuously improved, enterprise financial management and control in the core position in the enterprise management has been gradually revealed. Practice has proved that by strengthening financial management and control is advantageous to the enterprise reasonable and effective use of funds, increasing the use of funds effect; Is advantageous to the enterprise budget, and strive to reduce costs; Easier to find the problems existing in the production and operation enterprises, reduce the economic loss; Is beneficial to improve the level of enterprise production and management, enhance the competitiveness of enterprises. Financial management is the core of enterprise management, seize the financial management, and seize the key to enterprise management.Key words: enterprise financial management; Money management;1IntroductionEnterprise financial management work of the importance of modern enterprise is a lawfully established for the purpose of profit, is engaged in the production and business operation activities of the independent accounting economic organization, its starting point and develops well is the profit. Enterprises in order to achieve the purpose of its survival and development and implementation of management of its final result to financial index to reflect, and financial management object is the enterprise of cash (or cash) and benign circulation and turnover process, so also has established the corresponding the core position of financial management in enterprise management. Enterprise production management is the process of capital movement and value-added process, management and financial management, as a kind of value form into all production and business operation activities, it is implementationmanagement means on the one hand, through the control of the enterprise production and business operation activities of each link, standardize enterprise management, on the other hand, through the scientific financial analysis, provide the basis for enterprise production and management decision-making, it is through the financial management work to make the management of enterprise production and operation have full control over the whole process.2 Related theories2.1 The fine financial managementThe fine financial management is to "fine" as the foundation, do meticulous, for every post, every business, have set up a corresponding with the work process and business norms, practices the key in implementing, and to extend the scope of financial management to unit of each area, fully exercise the financial supervision function, to make the development of financial management and service function, realize financial management no dead Angle, explore the potential value of the financial activities.As a way of modern financial management, the fine financial management is modern enterprise constantly explore the process of adapting to the market economy development, and is suitable for the market rules and the requirements of the development of enterprise financial management, efforts to promote the fine financial management, to improve enterprise financial management ability, is significant to promote enterprise development, at the same time can also keep to further reform and opening up, promote the internationalization of our country economy level unceasingly, really realize the sustainable development of economy in our country. 2.2 The enterprise value maximizationEnterprise value maximization is reasonable on the enterprise financial management, adopt the optimum financial policy, and give full consideration to the relationship between the value of money and pay, in ensuring long-term stable development of enterprises to maximize the enterprise value. The advantages of the enterprise value maximization is that it considers the paid time and risk, to overcome the short-term behavior in the pursuit of profit. Economic added value maximizationgoal refers to the enterprise by means of the reasonable financial management, take the optimization of financial policy, give full consideration to the time value of money and the relationship between risk and reward, on the basis of the guarantee enterprise long-term stable development, the pursuit of a certain period of time has created the maximization of economic value added and the ratio of the invested capital.3 Enterprise financial management statuses3.1 Status of financial management, enterprise management goal is not clearIn the past most of the companies did not improve the status of financial management to an important problem of position, just think corporate profit is good, as long as don't consider reasonable fund raising and reasonable application, regardless of the benefit maximization problem. Lead to some enterprises for the sake of short-term profit after facing the danger of collapse. And although many enterprise financial management attaches great importance to, but for the financial management target is fuzzy.3.2 The lack of a sound and effective budget management systemMany enterprises not to establish and perfect effective budget management system, enterprise management with no clear goal and direction, entirely by "follow", to advance planning and matter controls, afterwards, analyze and audit is in order to cope with the task of "above", bring a lot of enterprise financial management risk. Some companies even compiled the budget, but as a result of budget management system is not sound, or budget is the financial department shall, according to the management intention "behind closed doors", can't reach the effect of beforehand control, the so-called budget only become "decoration" or "face project".3.3 Money is messy, the use of inefficientSaving is the biggest save money, a waste of money is the biggest waste. In the currency as the medium of the market economy condition, enterprise operation must be firmly established with the concept of capital as the core, maximum limit the use efficiency of the pursuit of money. At present, the needs of the enterprise group funds centralized management and multistage corporate funds dispersed to take up its internal contradiction has become the most prominent problems in the presententerprise financial fund management investment decision-making optional the gender is big, some enterprises regardless of their own ability and the development goals, blind investment, keen to spread new stall, investments, more serious loss, compounded of already very tense capital position. Capital precipitation, takes up unreasonable, high of payment default, finished goods continued to grow, capital turnover is slow, enterprise credit and profitability decline.3.4 Distortion of accounting information, disclosure delayMany enterprises did not form a unified accounting and financial reporting system, and not build a unified financial management system, totally "free" in the group members, by financial personnel according to their own ideas to establish financial accounting and management system, lead to each member's financial information between businesses than, data and information disorder; Plus members affected by the "personal interest", insisting that the performance of rise, make the accounts receivable is high and increasing the enterprise financing costs, management costs and bad debt losses, on the other hand, the members of the enterprise financial personnel adjustment index through a variety of artificial means, cause the distortion of accounting data, report false, completely cover up the real operating conditions of the enterprise. If the enterprise can't solve the problem of distortion of accounting information in time, will lead to policy maker’s mistake, for the survival and development of the enterprise is very bad.4 The improvement of the enterprise financial management measures4.1 The financial management personnel must set up the modern financial management the new ideaThe establishment of modern enterprise system not only gives enterprise active rights, as well as the modern enterprise financial management in a rapidly changing, highly risky market economy environment. These put forward higher requirements for enterprise financial management personnel, financial personnel must be established to adapt to finance a new concept of the knowledge economy era. To strengthen information idea, in the modern society, economic information is a commodity; the accounting information is also a commodity. Any commodity value, accountinginformation has value. On the one hand, financial personnel through the rapid, accurate and comprehensive information collection, provide the basis for enterprise financing and investment decisions. Analysis of enterprise production and operation situation, on the other hand, the information provided by, become the enterprises to improve management decision-making basis, have a significant impact to the enterprise management strategy, objectively to create value for the enterprise.4.2 Led to budget as the main body, implements the comprehensive budget managementUnder the market economy system, the allocation of resources will become complicated, management function diversity, only implements the comprehensive budget management, to carry out effective control, the main work is: first, making enterprise management budget; Second, in an orderly way of budget management, including the implementation of budget tracking, analysis, evaluation and assessment; Third, fix the settlement of the monthly, quarterly and annual accounts. By budget control and avoid waste and loss, increase savings, increasing earnings and practicing economy, ensure the realization of enterprise economic benefits.4.3 Make capital use plan, optimizing the allocation of fundsEnterprise can control the amount of money at any time is limited, but the demand for money is unlimited, the enterprise should through scientific analysis of the prediction, the disposable funds raised together effectively, maintain reasonable configuration structure. Including fixed capital and liquidity structure, capital structure, reserves and production in stock funds and quick assets structure, declines at the same time, determine the structure of capital plan, and break it down to the relevant units, for minimum cost and footprint, realize the biggest capital gains. Strengthening the management of procurement funds. A merit, Zelman, choose close to purchase materials, to prevent indirect procurement, procurement blindly, compressed procurement costs, cut down the cost of purchasing, locked good capital expenditures mainstream. Strengthening the management of production capital. Enterprises should start from the implementation of economic responsibility system, in order to reduce the consumption as the breakthrough point, in order to improve thelabor productivity as the basis, focusing on compression controllable costs, reduce production costs, thereby reducing production funds utilization. Strictly control the daily cost, implement cost and expenditure, saving the prize, overruns the report; For some expenses are tough freezing method, which in a certain period of time will not be spending, promote management thrift, lavish in preventing the black sheep of his family.4.4 To actively promote the enterprise's financial and business integration of the workFinancial management is the highest level of the perfect combination of business and finance, that is, financial and business integration. Therefore, unified financial management software, computer is applied to implement financial information and business process integration, and gradually introduce, digest, development, using international advanced ERP system software, is the basic direction of the development of the enterprise internal information. Enterprises should be combined with practice, actively introduce the development use unified integration of financial and business management software, gradually realize the whole process of production and operation of information flow, logistics, capital integration and data sharing, security enterprise budget, settlement, monitoring and so on financial management work standardization, efficient. Enterprises with financial management as the center, with an emphasis on cost control, realizes the financial system and sales system, supply and production of data sharing, unified management.译文企业财务管理研究Bromiley P, McShane M.摘要企业生产经营过程社会化程度和现代化水平正不断得以提高，企业财务管理与控制在企业管理中的核心地位已逐渐显示出来。

财务管理外文文献翻译财务管理外文文献翻译附件1：外文资料翻译译文财务报表分析A.财务比率我们需要使用财务比率来分析财务报表，比较财务报表的分析方法不能真正有效的得出想要的结果，除非采取的是研究在报表中项目与项目之间关系的形式。

例如，只是知道史密斯公司在一个特定的日期中拥有10000美元的现金余额，对我们是没有多大价值的。

但是，假如我们知道，这种余额在这种平衡中有4%的流动负债，而一年前的现金余额有25%的流动负债。

由于银行家对公司通常要求现金余额保持在银行信用度的20%，不管使用或不使用，如果公司的财务状况出现问题，我们可以立即发现。

我们可以对比比较财务报表中的项目，作出如下结论：1. 项目之间的资产负债表比较：a）在资产负债表中的一个日期之间的比较，例如项目，现金与流动负债相比； b）同一项目在资产负债表中一个日期与另一个日期之间的比较，例如，现在的现金与一年前比较；c）比较两个项目之间在资产负债表中一个日期和一个相似比率在资产负债表中的另一个日期的比率，例如，现在现金流动负债的比率与另一个项目一年前的相似比率和已经标记的现金状况趋势的比较。

2．项目报表中收入和支出的比较：a）一定时期中的报表项目的比较；b）同一项目在报表中现阶段与上个阶段的比较；c）报表中项目之间的比率与去年相似比率的比较；3．资产负债表中的项目与报表中收入和支出项目的比较：a）在这些报表项目之间的一个给定的时间内，例如，今年净利润可能以百分比计算今年净值；b）两个报表中项目之间的比率在这几年时间的比较，例如，净利润的比率占今年净值的百分比与去年或者前年的相似比率的比较如果我们采用上述比较或比率，然后依次比较它们，我们的比较分析结果将获得重要意义：1. 这样的数据比较是报表缺少的，但这种数据对于金融史和条件判断是十分重要的，例如，商业周期的阶段性；2. 使用财务财务比率分析财务报表，从竞争角度，人民比较关注类似业务的比较。

财务报表的比较可能被表示成项目之间的比较，例如，现金状况除以流动负债项目总产品的现金使所得出的商来表示总现金的项目测试。

现代企业财务管理中英文对照外文翻译文献(文档含英文原文和中文翻译)Discussion on the Modern Enterprise Financial ControlRyanDavidson ,JennyGoodwin-Stewart ,PamelaKentThis paper discusses the The modern enterprise is becoming China's economic development in the process of an important new force. However, with the modern enterprise investment on the scale of the expansion and extension of the growing investment levels, the modern enterprise financial control is becoming increasingly urgent. This is common in state-owned enterprise groups and private enterprise groups, a common predicament. At present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. Many of the modern enterprise bystrengthening the financial control so that the Group significant increase efficiency, and even some loss-making by strengthening the financial control of the modern enterprise to enable companies to achieve profitability. In this paper, expounding China's modern enterprises the main problems of financial control, based on the choice of financial control method was summarized and analyzed the content of the modern enterprise financial controls, the final resolution of the financial control mode selected key factors for the modern enterprise the improvement of financial control to provide a degree of meaningful views.1 IntroductionWith China's accession to WTO, China's enterprise groups must be on the world stage to compete with TNCs from developed countries. At present the development of enterprise groups in China is not satisfactory, although there are national policies and institutional reasons, but more important is its financial management in particular, caused by inadequate financial controls. For a long time, China's enterprise group cohesion is not strong, their respective subsidiaries within the Group for the array, can not play the whole advantage; redundant construction and haphazard introduction of frequent, small investments, decentralized prominent problem: financial management is chaotic, resulting in frequent loss of control, a waste of money the phenomenon of serious; ineffective financial control, financial management loopholes. In recent years, enterprise group's financial control has been our country's financial circles. In short, the problem of exploration in our country has obvious practical significance. Clearly, China's modern enterprise financial controls are the main problem is to solve the problem of financial control method based on the choice of financial control method is the key financial control of the modern enterprise content is content, while the financial control method of choice is the ultimate ownership of the main factors that point, This train of thought here on the modern enterprise's financial control method were analyzed.2. An overview of the modern enterprise financial controlInternal control over financial control is an important part, is a subsidiary of parent company control of an important part of its financial management system is the core of. The concept of modern enterprise financial controls in accordance with the traditional definition, financial control refers to the "Financial Officers (sector) through the financial regulations, financial systems, financial scale, financial planning goals of capital movement (or the daily financial activities, and cash flow) for guidance, organization, supervision and discipline, to ensure that the financial plan (goals) to achieve the management activities. financial control is an important part of financial management or basic functions, and financial projections, financial decision-making, financial analysis and evaluation together with a financial management system or all the functions.The modern enterprise's financial control is in the investor's ownership and corporate property rights based on the generated surrounding the Group's overallobjective, using a variety of financial means, the members of the enterprise's economic activities, regulation, guidance, control and supervision, so that it Management Group's development activities are consistent with the overall goal of maintaining the group as a whole. Financial control is a power to control one side of the side control, inevitably based on one or several powers. Financial control is essentially related to the interests of enterprises in the organization, the conduct of control, namely, by controlling the financial activities of the assets, personnel actions, to coordinate the objectives of the parties to ensure that business goals. The modern enterprise financial control includes two aspects: the owner funded financial control and corporate managers financial control. From the donors point of view, the essence of the modern enterprise is characterized by investor and corporate property rights of ownership and separation. Investors will invest its capital to the enterprise after their capital combined with debt capital, constitute the enterprise's capital, the formation of corporate business assets is funded by corporate property, then lost direct control over the funders in order to achieve itsCapital maintenance and appreciation of the goal, only through control of its capital manipulation of corporate assets in order to achieve the maximum capital value donors. The control of capital controls is an important property is the prerequisite and foundation for financial control. From the perspective of internal management of enterprises and its financial control target is the legal property of its operations.3 China's modern enterprises the main problems of financial controlAt present, the modern enterprise is becoming China's enterprises to compete in the international market, the leading force. In a market economy under the conditions of modern business success or failure depends largely on the Group's financial management and financial control is a modern enterprise financial management of the link. China's modern enterprise financial controls are still in the stage to be further improved, to varying degrees, there are some urgent need to address the problem:3.1 Financial control set decentralized model of polarization, low efficiencyIn the financial control of the set of decentralized model, China's modern enterprise polarization. The current group of financial control either over-centralization of power, the members of the business has no legal status as a subsidiary factory or workshop, the group is seen as a big business management, leadership financial rights absolute; or excessive decentralization, a large number of decentralized financial control to a subsidiary, any of its free development.In addition, the modern enterprise financial control system suited the needs of a market economy, financial control and flexibility of principle there is no organic unity. If the subordinate enterprises, with few financial decision-making power, then the temporary financial problems occur at every level always reported to the Group'sheadquarters, and then from the headquarters down the implementation of the decision-making at every level, so it is easy to miss market opportunities. On the contrary, when the subsidiary of financial decision-making power is too large, they easily lead to financial decision-making blind and mistakes, not only for the Group's staff to participate in market competition, failed to exercise any decision-making role, but will also become a competitor to the market to provide a tool for competitive information, hinder the the further development of enterprises.3.2 One of the lack of financial contro lFinancial control in accordance with the owner of intention, in accordance with relevant laws and regulations, systems and standards, through certain financial activities and financial relations, and financial activities to promote all aspects of the financial requirements in accordance with a code of conduct to conduct his activities. From China's current situation, the financial control of a modern enterprise mainly focused on ex post facto control, is often the lack of critical pre-budget and to control things. Many modern enterprises, after a decision is in advance, for further financial control tended to focus on the annual profit plan, to meet on the development of a full-year sales revenue, cost, target profit, and several other overarching objectives, without further specific decision-making technology to compile for control and management, according to the month, quarterly, annual financial budget. Therefore, the interim budget and thus difficult to compare operating performance is a matter to control the empty words. As for the ex post facto control, although based on the year-end assessment of the needs and to get some attention, they can still profit in the annual plan, based on the relevant accounting information barely supported by whom, but the effects are pretty effective. Since the ex ante control may not be effective, so subordinate enterprises throughout the implementation process of decision-making are largely outside the core business of financial control, divorced from the core business of financial control.Modern enterprises themselves do not establish a parent-subsidiary link up the financial control mechanisms, financial control their own ways, the parent company of the modern enterprise can not come to the unified arrangement of a strategic investment and financing activities, the group blindly expand the scale of investment, poor investment structure, external borrowing out of control, financial structure is extremely weak, once the economic downturn or product sales are sluggish, there barriers to capital flows, the Group into trouble when they become addicted. An internal financial assessment indicators are too single, not fully examine the performance of subsidiaries. A considerable number of modern enterprise's internal assessment targets only the amount of the contract amount and profit 2.3.3 regardless of the financial and accounting functions, institutional settings are not standardizedAt present, China's financial and accounting sector enterprises are usually joined together, such a body set up under the traditional planned economic system, stillcapable to meet the management needs, but the requirements of modern enterprise system, its shortcomings exposed. Manifested in: (1) financial services targeted at business owners, it is the specific operation and manipulation of objects is the enterprise's internal affairs, while the accounting of clients within the enterprise and external stakeholders, would provide open accounting information must reflect the "true and fair" principle. Will be different levels of clients and flexibility in a merger of two tasks, will inevitably lead to interference with the financial flexibility of the fairness of accounting. (2) The financial sector is committed to the financial planning, financial management, the arduous task, but flexible in its mandate, procedures and time requirements more flexible, but assume that the accounting information collection, processing, reporting and other accounting work, and flexibility in work assignments weak, procedures and time requirements more stringent and norms. If the enterprises, especially in modern enterprises to financial management and accounting work are mixed together, is likely to cause more "rigid" in accounting work runs more "flexible" financial management is difficult to get rid of long-standing emphasis on accounting, financial management light situation.3.4 irregularities in the operation of a modern enterprise fundsAt present, the modern enterprise fund operation of the following problems: First, a serious fragmentation of the modern enterprise funds. Some of the modern enterprise have not yet exceeded a certain link between the contractual relationship to conduct capital, operating, and its essence is still the executive order virtual enterprise jointly form of intra-group members are still strict division of spheres of influence, difficult to achieve centralized management of funds, unification deployment of large groups is difficult to play the role of big money. Second, the stock of capital make an inventory of modern enterprise poor results. Result of the planned economy under the "re-output, light efficiency, re-extension, light content, re-enter, light output" of inertia, making the enterprise carrying amount of funds available to make an inventory of large, but the actual make an inventory of room for small, thus affecting the to the effect of the stock of capital. Third, the modern enterprise funds accumulated a lot of precipitation.3.5 Internal audit exists in name onlyAt present, enterprises in the financial monitoring of internal audit work to become a mere formality process. The first formal audit management. Hyundai organized every year in different forms of audit, has become a fixed procedure, but because the internal audit staff and the audited entity at the same level, thus in the company's financial problems can not get to the bottom, just a form of and going through the motions. This audit not only failed to exercise any oversight role, to some extent encouraged the small number of staff violations of law. Second, nothing of audit responsibilities. Internal audit is a modern enterprise group commissioned by the audit staff members of Corporate Finance to conduct inspection and supervision process, and therefore the auditors have had an important mandate and responsibilities. But in reality, become a form of audit work, audit officers, whether seriously or not, are notrequired to bear the responsibility, thus making the audit is inadequate supervision. Third, the audit results and falsified. Audit results should be true and can be *, but in reality the different audit bodies of the same company during the same period of the audit, results are often different, and a far cry from, these are false true performance of the audit findings.4. Selected financial control model should be considered a major factor Generally speaking, the modern enterprise selects the financial control mode, the main consideration should be given these factors: equity concentration, a subsidiary of the degree of influence of the parent company financial strategy, organizational structure, development strategy, the group scale.From the group-level point of view, the parent company of the subsidiaries of the associated control to be strict control of the company, a wholly-owned subsidiary of the control to be strict control of the relatively holding subsidiaries, therefore, the parent company of the wholly owned subsidiary of and advantages of holding subsidiaries with centralized control, the quality holding subsidiaries and any shares of a subsidiary of the separation of powers system. To maintain and enhance the core competitiveness of modern enterprises of different degree of importance of a subsidiary should be taken to a different control mode. Have a significant impact on the subsidiary, the parent company must maintain a high degree of centralized control and management right, even partially, the separation of powers must be confined within the framework of centralized; right with the Group's development strategy, core competencies, core business and for the foreseeable the future development of relations in general, a subsidiary of little impact, from improving management efficiency, play to their enthusiasm and enhance the resilience of the market competition point of view, using decentralized type of management system, a better option.From the organizational structure point of view, U-type structure is a typical centralized structure, and accordingly, its financial control model should also be authoritarian style. H-is an organic organizational structure, a more loose linkages between various departments, departments have greater flexibility in the organization structure, with decentralized financial control model is more suitable, while the M-type structure belonging to phase Rong-type organizational structure, so the use of centralized financial control model can be used either decentralized model.From the operating characteristics of point of view, the different characteristics of the modern enterprise management, financial control mode selection will be different. And integration operations in a single case, all units within the group has a great business contacts, financial control naturally require higher degree of centralization.Enterprises to adopt diversification, because each subsidiary where the industry is different from the operational linkages between the various subsidiaries is relatively small, difficult to implement a modern enterprise integrated centralized control, and therefore the financial control of all subsidiaries should be given to the appropriate authority.From the development stage point of view, the modern enterprises in the different stages of development, in order to meet the needs of business development will take a different mode of financial control. Generally speaking, companies in the early stages of the development of small, relatively simple operations, using centralized financial control mode, you can better play the same decision-making and resource integration advantages in the industry has created a scale. With the continuous expansion of company size, business areas and constantly open up, Centralized financial control mode can not meet the company's financial controls and management methods on the need for diversification, and this time, we need more subsidiaries in all aspects of and more authority, so that the financial control model of a modern enterprise gradually to decentralized development.In addition, the financial control model should be subject to the enterprise's development strategy, fully reflects the company's strategic thinking. The company's development strategy can be divided into stable angina strategy, expansion-type strategy, tight-based strategies and hybrid strategies. Enterprises at different stages of the strategic choice of a particular need for financial control in accordance with * a different pattern. Stable implementation of the strategy is usually within the company can be a high degree of centralization of some; to implement expansionary strategy, companies tend to a more flexible decentralized type control mode to suit their developing needs of the market; the implementation of tight-based company's business strategy, all major financial activities must be strictly controlled, thus emphasizing centralization; hybrid strategy for the implementation of the company, it should be operated according to the characteristics of each subsidiary to take a different control mode.References:[1] Han Wei mold. Finance and Accounting Review of regulatory hot spots [M]. Beijing: Economic Science Press, 2004[2] Lin Zhong-gao. Financial governance. Beijing: Economic Management Publishing House [M], 2005[3] Yan Li Ye. Xu Xing-US; Enterprise Group Financial Control Theory and Its Implications, economics, dynamic [J], 2006[4] Lu Jie. On the internal financial control system improvements and management of popular science (research and practice) [J], 2007[5] Chen Chao-peng. Improve the corporate financial control measures, businessaccounting [J], 2007[6] Huang Xi. On the Enterprise Group Financial Control [J]. Chinese and foreign entrepreneurs, 2006, (06)[7] Jiang-feng tai. Enterprise Group Financial Control Studies [J]. Marketing Week. Theoretical study, 2006, (08)现代企业财务管理的探讨瑞安戴维森，珍妮古德温-斯图尔特，帕梅拉肯特本文探讨现代企业正在成为中国经济发展过程中的一个重要的新力量。

文献信息：文献标题：Impact of Financial Management Practices on SMEs Profitability with Moderating Role of Agency Cost（财务管理实践对中小企业盈利能力的影响及代理成本的调节作用）国外作者：Saqib Muneer，Rao Abrar Ahmad，Azhar Ali文献出处：《Information Management and Business Review 》, 2017, 9(1):23-30字数统计：英文2939单词，16394字符；中文5144汉字外文文献：Impact of Financial Management Practices on SMEsProfitability with Moderating Role of Agency Cost Abstract The importance of Small and medium enterprises (SMEs) towards economic development and growth is considerable. Some SMEs are facing difficulties to their development due to the lack of financial resources and management experience. The objective of this study is to check the relationships of financial management practices on profitability of small and medium enterprises and also to check the impact of agency cost on this relationship. This study consists of data analysis of two hundred SMEs from Faisalabad Pakistan. The study used primary data predominantly. SPSS 23 is used for descriptive analysis and Structural Equation Model (SEM) through Partial Least Square (PLS) 3 for hypothesis testing. The findings of this study indicate the presence of positive relationship between financial management practices and SMEs profitability but agency cost as a moderator has no effect on this relationship. The study strongly recommends higher adherence to financial management practices. Policy makers, developments partners, owners, and managers of SMEs may use these findings for sustainability of their business in Pakistan.Keywords: Financial management practices, Agency cost, SMEs, Working Capital1.IntroductionSmall and medium enterprises (SMEs) have significant contribution toward creating employment and also toward the economic development and growth (International Labor Organization, 2013, p. 1; Ratten, 2014; ulHaq, Usman, Hussain, and Anjum, 2014; Karadag, 2015). In Japan, small and medium industries have marked dominance, constituting about 99% of corporations (The Information Dissemination and Policy Promotio n Division of Japan’s Patent Office, 2009). In South Africa, SMEs contribute about 91% of formal business and provide 61% employment opportunities and enhance the GDP of South Africa between 52 to 57% (Abor & Quartey, 2010). In low income countries like Pakistan, the scale of the businesses size is limited to micro to medium. The main question is that how small and medium businesses measure their performance (Ahmad & Harif, Hoe, 2013, p. 87; Benedict & Matsotso, 2014, p. 247) said that failure of SMEs is inappropriate scale of measurement of the performance. The measurement of business is better through financial performance (Gallani, Krishnan & Kajiwara, 2015, p. 6). Effective use of finance much emphasized by modern research (Gitman, 2011). This scholarly effort will help to identify the financial management practices effect on the profitability of SMEs and also identify the agency cost effect. Good corporate governance is necessary for improving the performance and profitability of businesses (Braga-Alves & Shastri, 2011; Price, Rountree & Roman, 2011). In developing countries attention has been given to governance of the firm but still firms are suffering the governance problem (Ekanaakey, Perera & Perera, 2010). Actually corporate governance are rules under which the relationship of manager and owner is over looked and it is make sure that the manager is working for best interest of the owner.The contribution of this study is that financial management practices of SMEs are to improve its financial performance and review the cost that has to bear to the owner of the firm for maintaining the fair behavior of the financial manager in thebest interest of the firm. SMEs are a key source of economic growth (Sadi & Henderson, 2010), whether in developed or developing countries. In Saudi Arabia SMEs represent more than 90% of enterprises providing 51% of jobs in private sector and 22% of GDP (Mohammed, 2015 b). Importance of SMEs is now widely recognized as playing a vital role in creating new jobs (OECD, 2006; Karadag, 2015). Pakistan is also a developing country and the importance of SMEs can’t be ignored. Although Importance of these entities considerable but a high failure rate has found there, which led researchers to question the management practices of these entities (Fatoki, 2014, p. 922). In Pakistan SMEs are not providing required results although when compared with other developing countries because in Pakistan SMEs are facing many problems. From the major problem lack of financial management practices also include. This study is conducted in Faisalabad city so that financial management practices adopted by SMEs and the impact of these practices on firm performance can be viewed. For this study Faisalabad is selectedbecause this city is hub of the industries in Pakistan and due to this characteristic is also known as Manchester of Pakistan.2.Literature ReviewPakistan located in South Asia, with population of 188 million and DGP rate 4.7% (The World Bank, 2015). Trade and commerce played an important role in development of the economy so that the government of Pakistan has established a body for support and promote this sector. This government body is called Small and Medium Enterprises Development Authority (SMEDA) and it has responsibility of policies making related to promotion of SMEs, facilitation of financing is also the responsibility of SMEDA. It also helps in training and educating to the entrepreneurs. Pakistan’s position is lowest if it compared wit h other South Asian countries. The ratio of new firm in Pakistan is very low and close competitors of the firms are India and Bangladesh. Other member countries of Organization for Economic Co-operation and Development (OECD) performing much better. Specifically, United Kingdom (UK) is performing excellent and got the position at top of the ranking table. Thereare many factors which are badly affected performance of Pakistan businesses, and in this regard small businesses can play vital role to improve the Pakistan economy. Now Pakistan has also got memberships of OECD. In Pakistan the entrepreneurs are different from the entrepreneurs in other countries. Ali et al. (2010) has reported the impact of culture of Pakistan on entrepreneurial intentions. By usin g Hofstede’s dimensions about cultural, the results indicate that elements of culture for instance; collectivism and uncertainty avoidance are badly affecting the thinking of entrepreneurial intentions in Pakistan.SMEs stand for small and medium enterprises but State Bank of Pakistan (SBP) define SMEs in this way that SMEs can be classified into these three levels of business form micro enterprises, small enterprises and medium enterprises (SBP 2010). By the definition of State Bank of Pakistan SME means that any entity which is not a public limited co and has not full time employees more than 250 (manufacturing business), not more than 50 (in a trading or service business). Like other management science, financial management also establish its goals first and then its objective to achieve its financial goals. The main goal of financial management it to get maximum profit for the firm because many researchers have argued that SMEs play a significant role in the social and economic development of a country (for example, Benzing, Chu and Kara, 2009; Al-Disi, 2010; Han, Benson, Chen and Zhang, 2012; Shinozaki, 2012). Sometime financial decisions taken by owner of the firm proved wrong or wrong decision taken by the hired manager badly affect the profitability of the firm. Profitability of the firm could be damage due to the inefficient financial management. Mostly small and medium size businesses failed due to the absence of sufficient knowledge about efficient financial management. A sound financial management system has the effective governs system to the incomes, expenses, assets and liabilities to organizational performance (Abanis et al., 2013). The purpose of this study is not to cover all the aspect but only these practices will be included in this study accounting information systems, Financial Information System and working capital management.Accounting information systems consists of bookkeeping, recoding financialactivity transactions, cost accounting and the use of computers to manage these all activity. Small and medium enterprise publications and research have highlighted the importance of management of accounting system for SMEs. For example, in the literature of Lavia Lopez and Hiebl (2015) it was concluded that management of accounting system has a positive effect on performance of SMEs. Many SMEs are lower in their formal planning processes (Pemberton and Stone house, 2002). This makes relevant to examine the planning practices of small and medium businesses. Purpose of this study is to review the relationship of accounting information system toward firm profitably. Financial Information System: the frequency and the purpose of financial reporting, analysis of financial reporting, interpretation and auditing of financial reporting. Financial management expertise: the formal and informal education, relevant qualifications, training in financial management and overall financial management expertise. Working capital includes these content management of cash activity, management of account receivables and inventory management. Larger firm invested larger cash in the working capital and also have larger amounts of short term payables due to the source of financing (Deloof, 2003; Muneer et al., 2013). Both internal and external factors can influence the decision about current assets and current liabilities level. Recent studies, Silva (2011) and Gomes (2013) found positive relationship between working capital (WCM) and profitability, which indicates that firms have optimal working capital level which maximizes their profitability; see also Baños-Caballero et al. (2012) for evidence concerning with SpanishSME. Agency cost problem was raised by (Means and Berle, 1932) and in their research they argued that agency cost might be increased when ownership and control of the business separated. They told the cause of this increasing cost in-consistent interest of stockholders and management. Baker and Powell (2005) in their study define the agency problem as that agency problem create difficulties that are faced by the financiers to ensure the owners or stockholders of firm that their finance or fund is not wasted on any un attractive project. To check the impact of financial management practices on firm growth and role of agency cost as moderator, the following hypothesis are developed:Hypothesis 1:H1: Accounting information system (AIS) is positively related with profitability of SMEs.H1a: Accounting information system (AIS) is not positively related with profitability of SMEs.Hypothesis 2:H2: Financial information system (FIS) is positively related with profitability of SMEs.H2a: Financial information system (FIS) is no positively related with profitability of SMEs.Hypothesis 3:H3: Working capital management (WCM) is positively related with profitability of SMEs.H3a: Working capital management is not positively related with profitability of SMEs.Hypothesis 4:H4: Agency Cost as a moderator is affecting the profitability of SMEs.H4a: Agency Cost as a moderator is not affecting the profitability of SMEsFigure 1: Theoretical Frame Work3.MethodologyThis study occupied primary data to analyze the results fromfinancialmanagement practices adopted by SMEs in Faisalabad. This study is conducted to test hypothesis and to develop a relationship between the dependent variable “Firm Growth” and the independent variables “Accounting information system, Financial information system, Working capital management” with moderating effect of agency cost. Survey questionnaires are used to collect the response from the target population.The sample for this study is comprised of 300 SMEs operating in Faisalabad city.Total three hundred questionnaires were delivered to the SMEs out of which two hundred responses were received back. During data entry, 20 questionnaires were incomplete and considered as redundant. Remaining 180 questionnaires were considered for the analysis. To test the hypothesis, Structural Equation Modeling (SEM) is applied by using partial least square (PLS. 3).4.ResultsFor the assessment of validity and reliability Cronbach’s alpha, composite reliability and average variance extracted (A VE) are used in the present study.According to George and Mallery (2003) “The value ofCronbach’s alpha less than0.50 is not acceptable, 0.50-0.60 is considered as poor but acceptable, while any valueabove 0.70 is considered as good”. Results show that data is valid.Table 1: Convergent validity (Measurement Model Quality Criteria)Cronbach’s Alpha CompositeA VEReliabilityAccounting information system 0.875133 0.906144 0.618016 Financial information system 0.768943 0.831819 0.589577 Working capital management 0.772320 0.828675 0.631078 Agency cost 0.674158 0.7794710.618230 Firm performance 0.552810 0.653952 0.565824 Financial Management Practices and Firm Performance Structural Model: Firm performance (FP) was assessed by using a three items scale. Three parameters (Accounting information system (Q1=.515), Financial information system (Q2=.238) and Working capital management (Q3=.112) were used to determine the firm performance and these parameters defined (Q5=.654) of firm performance overall. Itsmean there were also some other variables effecting firm performance.Figure 2: Predictive Relevance of Structural ModelsNote: Q1: Accounting information system (AIS), Q2: Financial information system (FIS), Q3: Working capital management (WCM), Q4: Agency cost, Q5: Firm performanceTable 2: Model Summery of All Independent VariablesHypothetical relationship Path coefficientAbsolute t-statistical valuesValues of R2 Values of Q2Q1 – Q5 0.515*** 6.402Q2-Q5 0.238*** 2.882Q3-Q5 0.112** 1.979Q5 0.654 0.231 Agency Cost (Moderator) and Firm Performance Structural Model: Agency cost is the moderator in this study. In below model agency cost (Q4) is taken as an independent variable (IV) to check its impact on firm performance and its shows (R2=-.076, 0.191, 0.216) of firm performance which is very low of total firm performance. The value of R2 is not significant because it should be more than 0.5Cronbach’s (1951).Figure 3: Predictive Relevance of StructureTable 3: Model SummeryRelationship Path Coefficient Absolute t-statistic valueValue of R2 ModeratorQ1-Q4 -0.076 0.730Q6 0.643 Not moderator Q2-Q4 0.1910.942Q6 0.623 Not moderator Q3-Q4 0.216 0.937Q6 0.525 Not moderator In the current study 4 hypothesis were tested. At the end results identified that 3 hypothesis (H1, H2, H3) were supported. It means results shown that AIS (accounting information system) FIS (financial information system) and WCM (working capital management) have significant impact on the profitability of SMEs. When one hypothesis was supported (H4a). It means result shown that agency cost is not affecting the relationship of (IV) and (DV) as a moderator in this study held in Faisalabad Pakistan.5.ConclusionThe major objective of this study was to examine the effect of financial management practices on the profitability of small and medium business and to checkthe financial practices adopted by SMEs in Faisalabad city of Pakistan. The data analysis shows that financial management practices have significant impact of SMEsprofitability. Most of the firms in Faisalabad city prepared their financial statement, balance sheet and income statement prepared regularly and frequently. Most of the firms have employed accountant for managing accounts department. Tendency to use computer for accounting information system was low in small size business but in medium size businesses accounting system was strong. 80% of the total firms followed cash management practices which include cash budget, review of cash budget on monthly or weekly basis. Most of the small enterprises prepare cash budget on weekly basis. This research shows that mostly firms are familiar to cash budgeting, cash control and cash flows. 36% firm face cash shortage problem for its expenditurewhile 64% firms face cash surplus. Finding tells that cash surplus is major problem than cash shortage for SMEs. Major issues created form cash surplus is that where surplus should invest for earn profit. Most of the firms have not better option to invest surplus cash in a profitable project. Agency problem may play a significance role in performance of business, for this purpose present study was also examined the agency cost behaviors as a moderate between the relationship of financial management and SME profitability in Faisalabad Pakistan. But it was viewed that agency cost worked as a moderator in any other economy but not worked in Faisalabad Pakistan. This study also explains that agency cost as an independent variable have some effect on profitability of SMEs.Limitations of the Research Study: Major limitation related to this study was financial and non-financial resources; time limitation and due to these limitation and scope of the study research have to limit the number of objectives. There are multiple areas of financial management related to research problem and research question directly or indirectly but due to the limitation of time and fund all the areas of financial management could not be investigated. Because resources were scarce so that all the SMEs in Pakistan could not be studied and selected SMEs in Faisalabad city were taken as a target population. Mostly selected firm were manufacturing concern. In Faisalabad city there are large no of small and medium business units and have different management practices and knowledge if compared with the SMEs situated in other cities of Pakistan. All primary data was collected from personalinterview but failed to collect any documentary prove related provided information by the respondent. This study viewed the internal factor which influence the profitability but not viewed any external factor which may affect the financial management practices.Implications for the Further Research: This study leads to the suggestion that in further research work should supplemented so that other areas could be examined which could not covered by this study. Following are the further suggestion for future research.•Findings or current study can be used in other financial management practices such as management of current assets, management of fixed assets and capital structure management in other cities of Pakistan.•Model of this study can be used in the other cities of Pakistan to check the financial management practices.•Most of the small enterprises in Faisalabad Pakistan are not adopting better financial management practices the reasons can be reviewed.•The financial performance of small enterprises and the medium enterprises can be viewed because there is difference in financial management practices of small enterprises and medium enterprises.•In small enterprises owner himself manage financial activities and in medium enterprises accounts manger manage financial activities so that effect of owner and manager financial management practices can be viewed.Finding can be used for the improvement of financial management practices especially in small enterprises for development of this sector of Pakistan.中文译文：财务管理实践对中小企业盈利能力的影响及代理成本的调节作用摘要中小企业对经济发展和增长的重要性是相当大的。

The Need of Accounting Standards for Islamic Financial Institutions [Abstract] The accounting and auditing organization for Islamic financial institutions (AAOIFI) hastaken the proper initiative to develop accounting, auditing, governance, ethics, and Shari’ah standards forIslamic Financial Institutions (IFIs). The AAOIFI standards serve as a guideline that may reflect theunique characteristics of IFIs and become a useful tool to meet the various needs of IFIs. Currently, one the major challenges facing Islamic Financial Institutions (IFSs) lies in the preparation of financial statements under different accounting standards and which may result to problem of comparability,reliability and compliance level’s measurement.Implemention of the Islamic Accounting StandardsVinnicombe (2010) argued the extent to which Islamic financial institutions comply with the accounting and governance standards issued by the AAOIFI in their financial reporting. Because Islamic banks operate under vastly different regulatory regimes and political and economic conditions across the globe, the sampled banks were selected from the kingdom of Bahrain. The compliance for the purpose of this study can be defined as the degree to which Islamic financial institutions comply with the multitude of issues in the financial accounting standards (FASs) issued by the AAOIFI. However, the findings of the study indicate high level of compliance with respect to the governance standards relating to the in-house supervisory boards of Islamic banks and reporting the Islamic Murabahah contract. In contrast,compliance with the AAOIFI's requirements regarding the zakah, otherwise called the religious tax, and the Mudarabah contract is relatively low. In addition, a higher number of compliance items are associated with retail as opposed to wholesale banks. However, it should be noted that the samples of the retail bankare more homogeneous and consistent over time compared to those of the wholesale banks.Abdul Rahim (2003) investigated the classification, recognition, measurement, presentation, and disclosure of Sukuk (Islamic bonds) based on the standards required by the AAOIFI. Considering the function of the accounting system to provide the information, the introduction of AAOIFI standards aims to enhance the transparency and comparability of the Islamic banks’ financial statements and provides a descriptive analysis as stipulated in the AAOIFI FAS 17 regarding investment. The conclusion of the study is that, Islamic financial institutions differ from its conventional institutions counterpart, and,therefore, needs an accounting standard that reflects its operation.IntroductionAt present, Islamic banks represent the majority of Islamic Financial Institutions (IFIs), which are spread locally and internationally across both Islamic and non-Islamic countries.The emergence of Islamic banking is due to the increasing demand from Muslims communities worldwide for shariah’s complied Islamic financial products, services, and the variety of modes of Islamic finance. Furthermore, given the rate of growth of the IFIs, the continuous sustainability of the development currently witnessed by Islamic financial institutions needs the Islamic accounting standards, due to the unique characteristics coupled with the growing demand of IFSs’Products statements and reports.Thus, the current standards, which are based on conventional frameworks, seem insufficient to guide the Islamic financial institutions. Currently, the various IFSs institutions apply different accounting standards in their preparation of their accounts due to the absence of Islamic accounting standards (Zaini,2007). The trend towards the accounting and auditing organization for Islamic financial institutions(AAOIFI) standards has become a pressing issue that has generated heated debate in the Organization for Islamic Conference (OIC) countries.Islamic Accounting StandardsIslamic bank transactions as reflected in the financial reporting are prepared under many accounting standards, which pose a threat to the accounting system. Thus, the need for Islamicaccounting standards possesses the potential to ensure a compatible accounting system. This, therefore, has led to the growing aspiration for a financial statement that has the potential to enhance the credibility of financial statements that are in accordance with the Shari’ah ruling and, thus, the need to make the Islamic accounting standards operationalized. Before the implementation of the Islamic accounting standards, such as AAOIFI by Islamic financial institutions, it is necessary to ascertain whether the AAOIFI accounting standards are appropriate and suitable for Islamic banks and whether or not the compliance with the AAOIFI accounting standards may disclose more information to create confidence among investors and the public to invest their money.Therefore, researchers in the area of financial reporting for Islamic financial institutions have conducted a considerable number of studies to investigate the Islamic banks’ compliance to accounting standards. Until recently, one of the main problems facing Islamic banking includes a lack of standardized accounting and auditing standards (Pomeranz, 1997). However, conventional accounting is inappropriate for Muslim users and Islamic organizations (Hameed, 2001), and it is inappropriate to impose unmodified Western accounting practices on developing countries (Karim, 1987). In addition, International Accounting Standards based on such techniques would create difficulties for Muslims around the world.Therefore, it is imperative for the Muslim accountants to develop accounting standards that are specially adapted to Islamic needs and for Muslim countries .Due to the current different regulatory requirements and legislation, the relevance and comparability of financial statements are the foundations upon which accounting standards are predicated. Lovett (2002) documented that with financial statements prepared under different accounting standards, a problem may exist in 1) comparability of financial statements prepared globally, and 2) reliability and creditability.The Need Of Islamic Accounting StandardsThe Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) prepares and issues accounting, auditing, and corporate governance standards, as well as ethics and Shari’ah standards,for Islamic financial institutions. Currently, AAOIFI has published 81 standards, 25 accounting standards,5 auditing standards, 7 governance standards, 2 ethics standardsThe Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), a private standard setting body, was established by the Islamic banks and other interested parties to prepare and promulgate accounting, auditing, and governance standards based on the Shari’ah precepts for Islamic financial institutions (Karim, 2001). The AAOIFI organizations has been recognized and mandated to develop accounting, auditing, governance, and ethics standards that are in line with Shari’ah standards in order to promote comparable, transportable, and reliable accounting information. The formulation and adoption of AAOIFI standards in any country is intended to increase foreign investment, as well as investor’s confidence. These standards are set up to produce financial statements that are transparent in their preparation，the objectives offinancial accounting for Islamic banks and Islamic financial institutions are as follows:To determine the rights and obligations of all interested parties, including those rights and obligations resulting from incomplete transactions and other events in accordance with the principles of Islamic Shari’ah and its concepts of fairness, charity, and compliance with Islamic business values.To contribute to the safeguarding of the Islamic bank’s assets, its rights and the rights of others in an adequate manner.To contribute to the enhancement of the managerial and productive capabilities of the Islamic bank and encourage compliance with its established goals and policies and, above all, compliance with Islamic Shari’ah in all transactions and events.To provide through financial reports useful information to the users of these reports to enable them to make legitimate decisions in their dealings with Islamic banks.In reference to the abjectives, this research has made an attempt to contribute to the current framework and serve as a guide for Islamic financial institutions regarding interest-free transactions through determining the levels of compliance with the AAOIFI accounting standards by Islamic banks.ConclusionThe Adopting or complying with Islamic accounting standards has increasingly become the focus of among Islamic financial institutions. This paper has discussed previous studies about the adoption of accounting standards in developed and developing countries, as well as prior studies on adoption the Islamic accounting, auditing, governance, and Shari’ah standards by Islamic financial institutions and determinants of the extent of levels of compliance with the Islamic accounting standards by Islamic banks.The Islamic accounting standards for Islamic Financial Institutions in accordance with the Shari’ah requirements and the AAOIFI accounting standards may be the best choice for reducing costs and increasing foreign investments and investor's confidence. The objectives of the AAOIFI accounting standards are to prepare and develop accounting, auditing, governance, ethical, and Shari’ah standards relating to the activities of Islamic financial institutions.。

财务管理外文文献及翻译2附录A:外文文献(译文)跨国公司财务有重大国外经营业务的公司经常被称作跨国公司或多国企业。

跨国公司必须考虑许多并不会对纯粹的国内企业产生直接影响的财务因素，其中包括外币汇率、各国不同的利率、国外经营所用的复杂会计方法、外国税率和外国政府的干涉等。

公司财务的基本原理仍然适用于跨国企业。

与国内企业一样，它们进行的投资项目也必须为股东提供比成本更多的收益，也必须进行财务安排，用尽可能低的成本进行融资。

净现值法则同时适用于国内经营和国外经营，但是，国外经营应用净现值法则时通常更加复杂。

也许跨国财务中最复杂的是外汇问题。

当跨国公司进行资本预算决策或融资决策时，外汇市场能为其提供信息和机会。

外汇、利率和通货膨胀三者的相互关系构成了汇率基本理论。

即:购买力平价理论、利率平价理论和预测理论。

跨国公司融资决策通常要在以下三种基本方法中加以选择，我们将讨论每种方法的优缺点。

(1) 把现金由国内输出用于国外经营业务;(2) 向投资所在国借贷;(3) 向第三国借贷。

1专业术语学习财务的学生通常会听到一个单词总在耳边嗡嗡作响:全球化( g l o b a l i z a t i on )。

学习资金市场的全球化必须首先掌握一些新的术语，以下便是在跨国财务中，还有本章中最常用到的一些术语:(1) 美国存托证(American Depository Receipt,ADR)。

它是在美国发行的一种代表外国股权的证券，它使得外国股票可在美国上市交易。

外国公司运用以美元发行的ADR，来扩大潜在美国投资者群体。

ADR以两种形式代表大约690家外国公司:一是在某个交易所挂牌交易的 ADR，称为公司保荐形式;另一种是非保荐形式，这些ADR通常由投资银行持有并为其做市。

这两种形式的ADR均可由个人投资和买卖，但报纸每天只报告保荐形式的存托证的交易情况。

(2) 交叉汇率(cross rate)。

它是指两种外国货币(通常都不是美元)之间的汇率。

第1篇Executive SummaryThis report provides a comprehensive analysis of the financial management practices of XYZ Corporation, a leading multinational company in the technology sector. The report aims to evaluate the effectiveness of the company’s financial strategies, identify areas of improvement, and provide recommendations for enhancing its financial performance. The analysis covers various aspects of financial management, including budgeting, investment, risk management, and financial reporting.IntroductionXYZ Corporation, established in 1980, has grown to become a global leader in technology innovation. With operations in over 50 countries, the company has a diverse portfolio of products and services, catering to a wide range of industries. T he company’s financial management practices are crucial in ensuring its continued growth and stability in a highly competitive market.Financial Strategy Analysis1. BudgetingXYZ Corporation has implemented a robust budgeting process that involves setting annual financial targets and allocating resources accordingly. The budgeting process is based on historical data, market trends, and strategic objectives. However, the report identifies a potential area of improvement in the budgeting process, which is the lack of flexibility in adjusting budgets to accommodate unforeseen changes in the market.2. InvestmentThe company has a strong focus on investment in research and development (R&D) to stay ahead of its competitors. The investment in R&D has resulted in several successful product launches and has contributed significantly to the company’s growth. However, the report highlights the need for a more rigorous evaluation of return on investment (ROI)for different investment projects to ensure that resources are allocated to the most promising opportunities.3. Risk ManagementXYZ Corporation has a comprehensive risk management framework in place, which includes identification, assessment, and mitigation of various risks. The company has allocated resources to insurance coverage and has established contingency plans for potential disruptions. The report suggests that the company should further enhance its risk management practices by incorporating climate change and cybersecurity risks into its risk assessment process.4. Financial ReportingThe company maintains transparent and accurate financial reporting practices, adhering to international financial reporting standards (IFRS). The financial statements provide a clear picture of the company’s financial positi on and performance. However, the report notes that the company could improve its financial reporting by providing more detailed information on non-financial metrics, such as customer satisfaction and employee engagement.Financial Performance Analysis1. Revenue GrowthXYZ Corporation has experienced consistent revenue growth over the past five years, with a compound annual growth rate (CAGR) of 8%. The growth can be attributed to successful product launches, expansion into new markets, and strategic partnerships.2. ProfitabilityThe company has maintained a healthy profitability ratio, with an operating margin of 15% and a net profit margin of 10%. However, the report identifies a trend of decreasing profit margins over the past two years, which could be due to increased competition and rising costs.3. Cash FlowXYZ Corporation has a strong cash flow position, with a positive cash flow from operations of $200 million in the last fiscal year. The company has used its cash reserves to fund investments and repay debt. The report suggests that the company should continue to manage its cash flow effectively to ensure financial stability.Recommendations1. Improve Budgeting FlexibilityThe company should develop a more flexible budgeting process that allows for adjustments in response to market changes. This will help in optimizing resource allocation and ensuring that the company remains competitive.2. Enhance Investment EvaluationImplement a more rigorous evaluation process for investment projects, focusing on ROI and long-term strategic alignment. This will ensure that resources are allocated to projects with the highest potential for success.3. Expand Risk Management FrameworkIncorporate climate change and cybersecurity risks into the risk management framework. This will help the company to anticipate and mitigate potential disruptions to its operations.4. Enhance Financial ReportingProvide more detailed information on non-financial metrics in the financial statements. This will help stakeholders to gain a better understanding of the company’s overall performance and sustainability.ConclusionXYZ Corporation has demonstrated strong financial management practices, which have contributed to its growth and success. However, there are areas for improvement, particularly in budgeting flexibility, investment evaluation, risk management, and financial reporting. By implementing the recommendations outlined in this report, the company can furtherenhance its financial performance and ensure its continued leadership in the technology sector.References- Financial Statements of XYZ Corporation (2019-2023)- Annual Reports of XYZ Corporation (2019-2023)- Industry Reports on Technology Sector (2019-2023)- International Financial Reporting Standards (IFRS)第2篇Executive SummaryThis report provides a comprehensive analysis of the financial management practices of XYZ Corporation, a leading multinational company in the technology sector. The analysis covers various aspects of financial management, including financial planning, budgeting, investment, risk management, and performance evaluation. The report aims to identify strengths and weaknesses in XYZ Corporation’s financial management practices and offers recommendations for improvement.1. IntroductionXYZ Corporation, established in 1980, has grown to become a global leader in the technology sector. With operations in over 50 countries, the company has a diverse portfolio of products and services. The financial management of XYZ Corporation plays a crucial role in ensuring the company’s sustainable growth and profitability. This report analyzes the financial management practices of XYZ Corporation to provide insights into its performance and potential areas for improvement.2. Financial PlanningFinancial planning is a critical component of effective financial management. XYZ Corporation has a robust financial planning process thatinvolves setting long-term objectives, forecasting future financial requirements, and allocating resources accordingly.2.1 Long-term ObjectivesXYZ Corporation’s long-term objectives include expanding its global footprint, diversifying its product portfolio, and increasing market share. These objectives are aligned with the company’s vision of becoming a leader in the technology sector.2.2 Forecasting and Resource AllocationThe company employs a comprehensive forecasting model to predict future financial requirements. This model takes into account various factors such as market trends, competitive dynamics, and regulatory changes. Based on these forecasts, XYZ Corporation allocates resources to different business units and projects, ensuring optimal utilization of its assets.3. BudgetingBudgeting is another essential aspect of financial management, as it helps organizations monitor and control their expenses. XYZ Corporation follows a rigorous budgeting process that ensures transparency and accountability.3.1 Budgeting ProcessThe budgeting process at XYZ Corporation involves setting annual financial targets, preparing detailed budgets for each department, and reviewing and adjusting budgets as needed. The process is driven by a decentralized approach, allowing each department to have a say in budgeting decisions.3.2 Budget ControlsTo ensure budget controls, XYZ Corporation employs various techniques such as variance analysis, performance reviews, and cost-benefit analysis. These techniques help identify deviations from budgeted targets and enable timely corrective actions.4. InvestmentInvestment decisions are crucial for the growth and sustainability of a company. XYZ Corporation has a well-defined investment policy that guides its investment decisions.4.1 Investment CriteriaXYZ Corporation’s investment criteria include a focus on high-growth potential projects, alignment with the c ompany’s long-term objectives, and a thorough risk assessment. The company also prioritizes investments that contribute to its sustainability goals.4.2 Investment ApprovalsInvestment approvals are subject to a rigorous review process involving senior management and the board of directors. This ensures that only projects with a high probability of success are pursued.5. Risk ManagementRisk management is an integral part of financial management, as it helps organizations anticipate and mitigate potential risks. XYZ Corporation has a robust risk management framework that identifies, assesses, and manages risks across the organization.5.1 Risk IdentificationThe company employs various risk identification techniques, including risk workshops, brainstorming sessions, and historical data analysis. This helps identify potential risks that could impact its financial performance.5.2 Risk Assessment and MitigationOnce risks are identified, XYZ Corporation assesses their potential impact and likelihood. Based on this assessment, the company implements mitigation strategies to reduce the likelihood and impact of adverse events.6. Performance EvaluationPerformance evaluation is a critical aspect of financial management, as it helps organizations measure their success against predefined goals. XYZ Corporation has a comprehensive performance evaluation frameworkthat includes financial and non-financial metrics.6.1 Financial MetricsThe company uses a range of financial metrics, including revenue growth, profit margins, return on assets, and return on equity, to evaluate its financial performance. These metrics are compared against industry benchmarks and internal targets.6.2 Non-financial MetricsIn addition to financial metrics, XYZ Corporation also evaluates its performance against non-financial metrics such as employee satisfaction, customer satisfaction, and environmental impact.7. Strengths and Weaknesses7.1 Strengths- Robust financial planning and budgeting processes- Decentralized budgeting approach that promotes accountability- Well-defined investment policy that focuses on high-growth potential projects- Comprehensive risk management framework- Comprehensive performance evaluation framework that includes both financial and non-financial metrics7.2 Weaknesses- Lack of transparency in certain financial decisions- Limited involvement of non-financial departments in budgeting and investment decisions- Inadequate focus on emerging risks, such as cybersecurity threats8. RecommendationsTo further enhance its financial management practices, XYZ Corporation should consider the following recommendations:- Improve transparency in financial decision-making processes- Involve non-financial departments in budgeting and investmentdecisions- Develop a more robust framework for identifying and mitigating emerging risks, such as cybersecurity threats9. ConclusionThis report provides a comprehensive analysis of the financial management practices of XYZ Corporation. The company has madesignificant progress in implementing effective financial management practices, but there is still room for improvement. By addressing the identified weaknesses and implementing the recommended changes, XYZ Corporation can further strengthen its financial management practicesand ensure sustainable growth and profitability in the long term.第3篇Executive SummaryThis report provides a comprehensive analysis of the financial management practices of XYZ Corporation, a leading multinational company in the technology sector. The analysis covers various aspects offinancial management, including financial planning, investment decisions, capital structure, working capital management, and financial performance. The report aims to assess the effectiveness of XYZ Corporation’s financial management strategies and identify areas for improvement.1. IntroductionFinancial management is a critical function in any organization, as it involves managing the finances in a way that maximizes shareholder value while minimizing risks. XYZ Corporation, established in 1990, has grown to become a market leader in the technology sector, with operations inover 50 countries. The company’s financial management practices have played a significant role in its success. This report evaluates these practices to p rovide insights into the company’s financial health and future prospects.2. Financial Planning2.1 BudgetingXYZ Corporation follows a comprehensive budgeting process that includes both short-term and long-term budgets. The company’s budgeting process involves setting financial goals, allocating resources, and monitoring performance against these goals. The budgeting process is decentralized, allowing each business unit to develop its own budget while ensuring alignment with the overall corporate strategy.2.2 ForecastingXYZ Corporation utilizes various forecasting techniques to predictfuture financial performance. These techniques include trend analysis, time series analysis, and scenario analysis. The company’s financial forecast is used to guide strategic decision-making and to ensure that resources are allocated effectively.3. Investment Decisions3.1 Capital BudgetingXYZ Corporation employs a rigorous capital budgeting process to evaluate investment opportunities. The company uses a combination of net present value (NPV), internal rate of return (IRR), and payback period to assess the viability of potential investments. This ensures that the company invests in projects that generate positive returns and contribute to its long-term growth.3.2 Risk AssessmentThe company recognizes the importance of risk management in investment decisions. It conducts thorough risk assessments for each investment opportunity, considering factors such as market conditions, regulatorychanges, and technological advancements. This helps XYZ Corporation to make informed decisions and mitigate potential risks.4. Capital Structure4.1 Debt-Equity RatioXYZ Corporation maintains a balanced capital structure, with a moderate level of debt. The company’s debt-equity ratio is 2:1, indicating a preference for equity financing to ensure financial stability and minimize the risk of default.4.2 Cost of CapitalThe company’s cost of capital is a key determinant of its financial decisions. XYZ Corporation calculates its cost of capital using the weighted average cost of capital (WACC) model, which considers the cost of equity and the cost of debt. This ensures that the company’s investment decisions are financially viable and align with its overall strategy.5. Working Capital Management5.1 Cash ManagementXYZ Corporation implements effective cash management practices to ensure liquidity and optimize cash flow. The company maintains a cash reserve to cover short-term obligations and invests surplus cash in short-term, high-quality securities to generate returns.5.2 Inventory ManagementThe company employs a just-in-time (JIT) inventory management system to minimize inventory costs and reduce lead times. This system ensures that inventory levels are maintained at optimal levels, minimizing the risk of stockouts and obsolescence.6. Financial Performance6.1 Revenue GrowthXYZ Corporation has demonstrated consistent revenue growth over the past five years, with a compound annual growth rate (CAGR) of 8%. This growth can be attributed to the company’s strong product portfolio, effective marketing strategies, and expansion into new markets.6.2 ProfitabilityThe company has maintained a healthy profitability ratio, with an operating margin of 15% and a net profit margin of 10%. This indicates that the company is generating sufficient profits to cover its costs and reinvest in its business.7. ConclusionXYZ Corporation has demonstrated effective financial management practices that have contributed to its success as a market leader in the technology sector. The company’s focus on financial planning, investment decisions, capital structure, working capital management, and financial performance has allowed it to achieve sustainable growth and profitability. However, there are areas for improvement, such as further diversification of the capital structure and increased investment in research and development. By addressing these areas, XYZ Corporation can continue to maintain its competitive advantage and achieve long-term success.Recommendations1. Diversify the capital structure by increasing the proportion of equity financing to reduce the risk of default.2. Increase investment in research and development to enhance product innovation and maintain a competitive edge.3. Continuously monitor and evaluate financial performance to identify areas for improvement and make informed decisions.References- Brigham, E. F., & Ehrhardt, M. C. (2018). Financial Management: Theory & Practice. Cengage Learning.- Financial Times. (2022). XYZ Corporation Annual Report. - International Financial Reporting Standards (IFRS).。

文献出处：Kilonzo JM, Ouma D. Financial Management Practices on growth of Small and Medium Enterprises: A case of Manufacturing Enterprises in Nairobi County, Kenya[J]. IOSR Journal of Business and Management, 2015, 17(8): 65-71第一部分为译文，第二部分为原文。

默认格式：中文五号宋体，英文五号Times New Roma，行间距1.5倍。

中小企业财务管理实践：肯尼亚内罗毕县制造业企业案例摘要：中小企业对国内经济社会发展做出了重要贡献。

本研究的目的是确定中小企业采用的财务管理做法及其对增长的影响程度。

本研究的具体目标是确定营运资金管理实践，投资实践，财务计划实践，会计信息系统，财务报告和分析实践对中小企业增长的影响。

内罗毕县记录显示，该县有五万多家小微企业。

肯尼亚制造业协会1999年的基线研究报告（KAM 2009）在肯尼亚记录了745家活跃的制造业中小企业，在内罗毕县有410人。

使用向中小型企业的业主/经理管理的问卷调查，从41家中小企业收集了主要数据。

使用简单的随机抽样技术来选择中小企业。

使用描述性和推论统计分析数据。

研究确定，75％的中小企业出售其产品现金，82％保持现金限额，92％有手动库存登记，35％的企业投资长期资产，45％的企业用内部资金进行商业融资。

55％没有正式的会计制度，74％的会计师没有合格的会计师准备财务报表。

在财务管理实践中，工业化部应引入中小企业能力建设方案。

关键词：中小企业（SME），财务管理实务，内罗毕县中小企业为任何国家的经济和社会发展做出重要贡献。

据国际劳工组织（2008年），日本约有80％的劳动力和德国的50％的工人在中小企业工作。

对于发展中国家，中小企业对乌干达（20％），肯尼亚（19.5％）和尼日利亚（24.5％）的国内生产总值做出了重大贡献。

第一部分外文翻译中文对照部分企业购买和支付的内部会计控制系统设计Lars Ny bergSpeech by Mr Lars Ny berg, Deputy Governor of the Severs Risks bank, at HQ Bank, 15October 2008.From Wikipedia, the free encyclopedia摘要本文讨论了采购和付款的基本系统的内部会计控制，并根据其业务流程，详细说明了实施相关的控制点控制措施。

关键词：采购和付款；会计控制采购和付款业务是一个企业支付的钱，获取货物或服务的过程是生产和运营管理是一个主要组件是企业生存和发展。

因此，企业应该树立采购和支付业务的内部会计控制制度，健全的业务记录控制系统，加强其控制业务流程的关键，实现采购决策领域的相互约束和监督。

第一、购买和支付内部会计控制的定义。

采购和付款的内部会计控制是指企业购买和支付行为规范，采购和付款过程来防止错误和欺诈，确保采购，以满足生产和销售的前提下降低采购成本，并采取一系列的控制措施。

第二、采购和支付交易的基本系统的内部会计控制为了充分发挥采购和付款业务角色的内。

部会计控制的内容的采购和支付服务应设计遵循采购和支付交易的基本系统的内部会计控制。

一、购买和支付内部会计控制的定义1、采购和付款的内部会计控制是指规范企业采购和支付行为。

(1)是否符合官方职位分工体系1.请购买和批准。

企业采购项目所需的用户部门根据他们的应用程序和批准的负责人负责采购批准； 2.查询和确定供应商。

公司采购部门和有关主管部门应当参与调查过程和确定供应商； 3.采购合同和审计。

公司采购部门应该准备下订单或合同和授权的部门或官审查、批准或适当的审计； 4.采购、验收。

采购人员不能工作的同时承运货物；5.采购、检验和相关的会计记录。

企业采购、检验和会计记录功能应该被分离，以确保真实性的数量的采购和采购价格、质量、合规、采购记录和会计精度； 6.执行支付处理和支付。