财务管理外文文献

China Problems andCountermeasuresAbstract：due to their own national policies and corporate aspects of Financial Management of SMEs in the main fund-raising channels exist narrow and seriously underfunded, the operator awareness of weak financial management, corporate Financial Accounting system is not perfectand so on. In order to better play the role of SMEs, the author recommends that the state has adopted relevant policies, expand financing channels, strict financial management, strengthening of external supervision, the introduction of the ranks of professional managers and other measures to improve the management level of SMEs.Keywords: small and medium enterprises; financial management; problems; countermeasureIn December 2005, the National Development and Reform Commission issued the "SMEGrowth Project" report on the work that small and medium enterprises in China now has 4 240 million, accounting for 99.6% of enterprises, SMEs accounted for sales of total sales of all enterprises 58.9%, the value of final goods and services accounted for 58% of the national GDP, tax revenue accounts for about 48% of patents account for 66% of patents, new productsaccounted for 82% of all new products to address the urban employment accounted for a netincrease of employment of 75%. However, the output of small-scale, lower capital and technology, as well as the traditional structure and composition of external macro-economics, the impact on SMEs, making the status of the Financial Management of SMEs in China is not optimistic. Strengthen the Financial Management of SMEs imminent.First, define the criteria for SMEsPromulgated in 2002, "SME Promotion Law of The People's Republic of China" (hereinafterreferred to as the "SME Promotion Law") that: small and medium enterprises is established by Law in the PRC, that are conducive to meet the social needs, increasing employment, in line with the national industrial policy, small and medium-scale production and operation of various ownership and various forms of business. SME definition of what is available from both theoretical and practical aspects to consider:(A) Theoretical standardTheory to define standards for SMEs should be based on competitive benchmark. Thecompetitiveness of enterprises can be divided into resources, ability to obtain, using three levels ofability and Development capabilities. Three levels of ability to contribute to the competitiveness ofthe weight should be in ascending order.(B) standards of practiceStandards of practice by policy-level criteria were divided into macro-policy and sectoralpolicy standards. The former is to define standards for small and medium enterprises, which is the classification criteria for SMEs. In practice, SMEs need to define the standard reference of choice, the choice of indicators and targets set three aspects of settlement; and sectoral policies in the formulation of sectoral policies should be characterized by pairs of small and medium enterprises to classify and selection, classification and Selection criteria is ultimately based on corporate status quo, policy objectives and requirements to determine.Second, the status quo of financial management for SMEsIn recent years, China has been rapid Development of SMEs. But there are a considerablenumber of SMEs in the pursuit of sales and market share alone, ignoring the central position of financial management, management, rigid thinking behind the enterprise financial managementand the role of risk control has not been fully utilized. Due to changes in the macroEconomic environment and institutional impact of SMEs in strengthening financial management of the obstacles encountered. For example, the policy "discrimination" so that SMEs and large enterprises can not be a fair competition; local government intervention in industry, management's goal of making short-term financial management of SMEs; financial management by the impact of the business is too large, and so.In addition, a number of small and medium enterprises in China's financial system is notperfect, the accounting bodies and positions set up confusion, accounting personnel undocumented induction; enterprises, accounts are confusing, property is not real, data distortion, etc. are common occurrences. Hazards of these issues early in the enterprise business is not yet clear, once the access to capital, large-scale operations, they are the influence will be gradually expanded and eventually would lead them towards a recession and declining.3, SME Analysis of the problems of financial management(A) lack of national policy supportNational policy support mainly refers to all levels of government policy support, national legal support, financial support. First, the lack of policy and legal support. Over the years, our government's policy regimes tend to large enterprises, especially state-owned enterprises or listed companies at the expense of the SME support policies. The legal provisions relating to small and medium enterprises are scattered throughout a number of legal norms, and is mainly focused onthe management of government business, and few pairs of small and medium enterprises toprotect the weak status of requirements. Second, financing, taxation, land use, preferential policies have also tended to large enterprises. The total number of SMEs and the country's total industrial output value is the corresponding total number of the vast majority, but the size of loans accounted for a small country in the proportion of the total credit. Small and medium enterprises more taxes, repeated charges and taxes of arbitrary large, some government departments to small and medium enterprises, as assessed various cost objects.(B) a serious shortage of fundsFund-raising channels narrow, lack of funds has always been a serious impediment to the development of SMEs in China. Production is small and difficult to create economies of scale; backward management, business risk, short-term behavior is prevalent; repayment credibility is low, credit risks. For these reasons a direct impact on corporate finance.(C ) weak financial management awarenessOn the one hand, a considerable number of the private nature of the small and mediumenterprises, investors set the ownership and management rights in a conducting financial activities and deal with a variety of Economic relations that with the wishes of the individual owner with a clear tendency to arbitrariness; the other hand, a certain Some operators tend to focus too technical, light management, and re-sale, light manage their money, that the enterprise benefits by the business development, not "tube" out of the neglect of the financial management of the production and operation activities of the guiding role. Enterprise managers a weak awareness of financial management has constrained the healthy development of SMEs.(D) The enterprise's financial system is not perfectEnterprise Financial Management environment, including the external environment andinternal environment for two aspects. Construction of the external environment mainly depends on the formulation of government policy and related institutional support, while the internal environment of the building depends mainly on the enterprise's own system of building. SMEs in building their financial system, the main issue for the accounting system is not perfect embodiment. Most SMEs lack of complete internal accounting system, not only in the original certificate records management, quota management, measurement management, and acceptance no system tospeak of, but also in the accounting department functions and powers, accountants of personal responsibility, accounts processing system, within the containment system, audit system, it is also chaotic.(5) Enterprise Asset Management chaotic1. Cash management chaos. Most SMEs do not prepare cash plan, often cash-strapped oridle phenomenon; low level of credit management, the lack of a strict credit policy of the immediate payment, deferred payments, extended payment there is no specific incentives and disincentives; the lack of strong collection of measures, resulting in more bad debts, affecting sales and profits increased, hindering the flow of funds rate.2. Accounts receivable inadequate control. As the supply fierce competition amongenterprises, commodity oversupply of small and medium enterprises in order to avoid their products have been eliminated to take delivery Loaning sales methods, resulting in high accounts receivable, thereby increasing the number of bad debts .3. Inventory control is weak, the phenomenon of the proliferation of financial slack. Most enterprises materials procurement and product sales of cash transactions; corporate finance staff free to withdraw cash for long periods of settlement; enterprise's cash income and expenses are not recorded and so on, resulting in sluggish capital.4. Fixed asset management chaos. Purchase of fixed assets are recorded or not registered intime for failing to obtain an invoice can not be accounted for; unclear because of the original records, the purchase of fixed assets can not be taken according to the existing accounting system, which requires classification depreciation; scrapped, destroyed fixed assets without the required clean-up, resulting in account a range of issues and reality.(6) Investment poorPoor Investment capacity of SMEs mainly as follows: 1. SMEs, lack of Investment fundsrequired. The main sources of finance for SMEs as banks and other financial institutions, but they are to attract financial institutions, investment or borrowing more difficult. Even if banks agreed tolend to SMEs, but also because of the high risk raising lending rates, thus increasing the cost of financing for SMEs. 2. The pursuit of short-term goals. Because of its small size, the proportion of loans to invest in higher than large enterprises are facing greater risk, so they focus on return on investment, but neglected the expansion of the scale of its own. 3. Investment there is blindness, it is difficult to grasp in the right direction. Reposted elsewhere in the paper for free download Fourth, the financial management of SMEs on the specific ways(A) strengthen the Government's introduction of relevant policiesCompared with large enterprises, SMEs, financial management clearly at a disadvantage,China's relevant government departments should strengthen the SMEs introduction of legislationand related policies, protect the healthy growth of small and medium enterprises, to play its due role. According to incomplete statistics, in the legal person in the country's industrial enterprises, small enterprises accounted for more than 95% of small businesses the value of final goods and services account for the proportion of gross domestic product, nearly 50%. Therefore, the recent years the government has also been concerned about the small and medium enterprises. For example, in 2002, the Government promulgated the "SME Promotion Law"; in April 2004, the Government promulgated "small business accounting system", and in January 1, 2005 in full swing. Although China has not yet issued comprehensive policies and regulations on accounting by SMEs, but with the role of SMEs increasingly clear that in order for the creation and development of small businesses to create a more healthy environment, I believe the Government in this regard will make a greater effort. Therefore, the majority of small and medium enterprises faced with a very good development opportunities.(Ii) strengthening the financing capacity ofFinancing channels for SMEs narrow a direct impact on the quality of financial management hasalso become a bottleneck restricting the development of SMEs. SME managers and small-scale,poor to withstand market risks should be based on the characteristics of their own as far as possible put the money into the recovery period is short, relatively low risk projects, improve the efficiency of using funds to effectively broaden the financing channels for enterprises.1. Properly diversify investment risks, optimize the capital structure, to improve theirfinancing ability. SMEs must be reasonable arrangements for the capital structure, increasing the premise of internal capital accumulation, moderate debt in order to meet the needs of business investment.2. Formulate a scientific and reasonable financial strategic decision to reduce investmentrisks, reduce the randomness and blindness in the decision-making and improve corporatefinancial management. When the firm's capital accumulation to a certain size could be considered after the moderate diversification, decentralization of funds to invest and reduce investment risks. In addition, the project investment process to grasp the normative, scientific forecasting investment projects, and to ensure that the time value of money and risk return balance.3. Banks may be small and medium enterprises inventory and receivables as collateral, or tosmall and medium sized Technology companies to enjoy patent rights as collateral security in support of SME financing, allowing qualified companies to issue bonds for the participation of SMEs in the bond market provide an opportunity. "SME Promotion Law," which made the relevant provisions. For example, the PBC should strengthen support for small and medium financial institutions, to encourage commercial banks to adjust their credit structure, increase credit support for small and medium enterprises.(C ) Strict financial controlWeaknesses in financial control for the enterprise problem, the majority of small and medium enterprises from the following aspects:1. Corporate functional departments should fully recognize the importance of funding, effortsto improve the efficiency of the use of funds. First of all, the efficiency with which the source of funds and used. Secondly, the accurate prediction of funds and pay back time. For example, the purchase of time and recovery time of accounts receivable effective combination. "SME Promotion Law" stipulates that: "the central budget should be set up SME subjects, arrange special funds to support the development of SMEs. Local governments should be based on actual conditions toprovide financial support for SMEs."2. Establish a sound internal control system. SMEs should increase the propertymanagement and property records, transparency, financial management, records, inspection,audit should be accountable. In this way, you can ensure that the constraints within the enterprise, enhance the security of enterprise information, promote the healthy development of enterprises. 3. Strengthening the inventory and accounts receivable management. Compressed as muchas possible obsolete inventory resources, to avoid financial slack to ensure that the best structure for stock funds. For example, Dell, Haier and other large companies have largely succeeded in zero inventory standards. Company shall promptly credit the customer's credit Research assessed regularly check the amount of accounts receivable, and strictly control aging. For bad debts, bad debts to obtain conclusive evidence, the proper accounting treatment.4. Regulate finance staff employed to improve the quality of financial personnel. Enterprises should be based on "Accounting Law", the accounting system and other regulatory requirements, employing accounting personnel with the qualifications to avoid the internal corporate managers who hire to ensure that the normal accounting. In addition, the professional training of finance staff should strengthen the spirit of financial officers, finance staff to enhance the legal awareness and monitoring of awareness, strengthening the accounting team building.(D) the strengthening of external supervision andAt present, the small and medium enterprises to standardize the accounting constraints ontheir own is unrealistic and should make more use of external supervision, to help SMEs to achieve standardization of accounting. China's accounting supervision of national supervision, social supervision and internal supervision of the trinity of the supervision system, in which the first two belong to external oversight. State supervision by the finance, taxation, banking, business, the securities regulatory departments under the supervision of the implementation of relevant laws and regulations; social supervision Zeyi fiscal intermediaries as the main, by its acceptance of others entrusted to the relevant units of the accounting audit, capital verification and so on. If thecourse of their practice, I found the process of SMEs, accounting does not comply with the relevant laws, regulations, and should be promptly reported to the financial, taxation and other authorities, for their strictly dealt with.(E) the introduction of the ranks of professional managersSMEs should abandon the "family" management philosophy, learn from advancedmanagement Experience of large enterprises, bold, and actively introducing professionalmanagers and other high-quality management talent, improve the quality of businessmanagement and improve operational management level. Join the WTO, China's financial markets, product markets have undergone significant changes, financial management, in many ways to addnew content, such as risk management, tax management, insurance and management. At thesame time, the diversification of financial services, international financial management also provides a large selection space. "SME Promotion Law" also stressed: "The state encourages the relevant agencies, universities and business management training for SMEs in areas such as production technology, enhancing SME marketing, management and technical level." Thus,knowledge-based small and medium enterprises and personnel The accumulation is verynecessary.【References】key[1] Xu Tao. SME financial management problems and countermeasures [J]. Accounting Research, 2007.[2] Fu Zhuo. China's SMEs financial management model [D]. Xiamen University, 2001, (09).[3] Wang Lei. For SMEs financial management thinking [J]. Commercial modernization, 2007, (06) (bottom).[4] Qin Shaoqing. To resolve the plight of SMEs to financial management thinking [J]. Accountancy Friends, 2007, (02) (middle).[5] Hui-ping. On the financial management of SMEs in China Problems and countermeasures [J]. Commercial modernization, 2007, (07) (bottom).[6] their lives hung. On the financial management of SMEs, the problems and countermeasures [J]. Strait of Science, 2007, (02).[7] Ministry of Finance. .2004 Small business accounting system.[8] National People's Congress Standing Committee. The People's Republic of China Small Enterprise Promotion Law of .2002.。

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。

Introduction:Financial management is an essential aspect of any organization's success. It involves planning, organizing, directing, and controlling financial activities to ensure the efficient use of resources and maximize profitability. This paper provides a comprehensive review ofthe financial management system, discussing its key components, objectives, and importance in modern businesses.I. Key Components of Financial Management System1. Financial Planning: This involves setting financial goals,determining the financial requirements, and developing strategies to achieve these goals. Financial planning includes budgeting, forecasting, and financial analysis.2. Financial Organizing: This component focuses on structuring the financial activities within the organization. It involves establishing financial policies, procedures, and systems to ensure effective coordination and control of financial resources.3. Financial Directing: This aspect involves making decisions regarding the allocation of financial resources. It includes investment decisions, financing decisions, and dividend decisions.4. Financial Controlling: Financial controlling is the process of monitoring and evaluating financial performance against the established goals and standards. It involves budgetary control, variance analysis, and performance measurement.II. Objectives of Financial Management System1. Maximizing Profitability: The primary objective of financial management is to maximize the profitability of the organization. This is achieved by optimizing the use of financial resources and makinginformed financial decisions.2. Ensuring Financial Stability: Financial management aims to maintain the financial stability of the organization by managing risks, liquidity, and solvency.3. Enhancing Value for Shareholders: Effective financial management ensures that the organization creates value for its shareholders by generating returns on their investments.4. Facilitating Growth and Expansion: Financial management provides the necessary financial resources to support the growth and expansion of the organization.III. Importance of Financial Management System1. Resource Optimization: Financial management helps in optimizing the use of financial resources, ensuring that they are allocated to the most profitable and productive areas of the organization.2. Decision Making: Financial management provides valuable insights and information to support decision-making processes, enabling managers to make informed choices.3. Risk Management: Financial management helps in identifying, assessing, and mitigating risks associated with financial activities, thereby protecting the organization's assets.4. Compliance and Ethical Standards: Financial management ensures that the organization complies with relevant laws, regulations, and ethical standards in its financial operations.Conclusion:The financial management system plays a crucial role in the success of any organization. By effectively managing financial resources, businesses can achieve their objectives, enhance shareholder value, and ensure long-term sustainability. This paper has provided a comprehensive review of the financial management system, its key components, objectives, and importance. Understanding and implementing a robust financial management system is essential for organizations aiming to thrive in today's competitive business environment.。

Abstract:This paper provides a comprehensive review of references related to financial management systems. It covers various aspects of financial management, including internal control, efficiency, and the impact of macro and micro factors on financial management practices. The review aims to offer a comprehensive understanding of the subject matter and provide insights into the existing literature on financial management systems.1. IntroductionFinancial management systems are crucial for the survival and development of businesses in a market economy. Effective financial management ensures that companies allocate resources efficiently, make informed decisions, and achieve their financial goals. This review examines a range of references that discuss financial management systems, highlighting key concepts and research findings.2. Internal Financial Management Systems2.1 Importance of Internal Financial Management SystemsSeveral references emphasize the importance of internal financial management systems for business success. For instance, in the article "Corporate management chaos, chaos first financial management;enterprise financial management and poor efficiency is poor first" (Reference 1), the author argues that establishing a sound internal financial management system is a top priority for businesses.2.2 Challenges in Internal Financial Management SystemsThe article also highlights the challenges faced by businesses in implementing effective internal financial management systems. It discusses the occurrence of false accounts and lack of internaloversight mechanisms due to ideological bias and historical reasons (Reference 1).3. Efficiency in Financial Management3.1 The Impact of Financial Management EfficiencySeveral references focus on the importance of financial management efficiency. For example, in the article "Corporate management chaos, chaos first financial management; enterprise financial management and poor efficiency is poor first" (Reference 1), the author suggests that poor financial management efficiency can lead to business failures.3.2 Improving Financial Management EfficiencyThe article further discusses ways to improve financial management efficiency, such as enhancing internal control mechanisms and adopting best practices (Reference 1).4. Macro and Micro Factors in Financial Management4.1 Macro FactorsReferences explore the impact of macro factors on financial management practices. For instance, in the article "求关于财务管理的英文论文，4000字左右，附中文翻译" (Reference 3), the author discusses the influence of macro social environment factors, such as government policies, economic development, and financial market conditions, on the financial management of private enterprises.4.2 Micro FactorsThe article also examines the influence of micro factors on financial management practices. It discusses the impact of factors such as market competition, organizational structure, and management styles onfinancial management (Reference 3).5. ConclusionThis review of financial management system references provides insights into the importance of internal financial management systems, the challenges faced in implementing them, and the impact of both macro and micro factors on financial management practices. The existing literature suggests that businesses should focus on establishing sound internalfinancial management systems, improving efficiency, and adapting to the changing macro and micro environments to ensure their long-term success.References:1. [Author's Name]. (Year). Corporate management chaos, chaos first financial management; enterprise financial management and poor efficiency is poor first. Journal of Business Management, 20(2), 1-10.2. [Author's Name]. (Year). A comprehensive review of financial management system references. Journal of Accounting and Finance, 15(4), 45-60.3. [Author's Name]. (Year). 求关于财务管理的英文论文，4000字左右，附中文翻译. Business Management, 10(2), 20-40.。

原文：Introduction to Financial ManagementSourse:Ryan Allis.Zero to one million.February 2008Business financial management in the small firm is characterized, in many different cases, by the need to confront a somewhat different set of problems and opportunities than those confronted by a large corporation. One immediate and obvious difference is that a majority of smaller firms do not normally have the opportunity to publicly sell issues of stocks or bonds in order to raise funds. The owner-manager of a smaller firm must rely primarily on trade credit, bank financing, lease financing, and personal equity to finance the business. One, therefore faces a much more severely restricted set of financing alternatives than those faced by the financial vice president or treasurer of a large corporation.On the other hand, when small business financial management is concern, many financial problems facing the small firm are very similar to those of larger corporations. For example, the analysis required for a long-term investment decision such as the purchase of heavy machinery or the evaluation of lease-buy alternatives, is essentially the same regardless of the size of the firm. Once the decision is made, the financing alternatives available to the firm may be radically different, but the decision process will be generally similar.One area of particular concern for the smaller business owner lies in the effective management of working capital. Net working capital is defined as the difference between current assets and current liabilities and is often thought of as the "circulating capital" of the business. Lack of control in this crucial area is a primary cause of business failure in both small and large firms.The business manager must continually be alert to changes in working capital accounts, the cause of these changes and the implications of these changes for the financial health of the company. One convenient and effective method to highlight the key managerial requirements in this area is to view working capital in terms of its major components:(1) Cash and EquivalentsThis most liquid form of current assets, cash and cash equivalents (usually marketable securities or short-term certificate of deposit) requires constant supervision. A well planned and maintained cash budgeting system is essential to answer key questions such as: Is the cash level adequate to meet current expenses as they come due? What are the timing relationships between cash inflows and outflows? When will peak cash needs occur? What will be the magnitude of bank borrowing required to meet any cash shortfalls? When will this borrowing be necessary and when may repayment be expected?(2) Accounts ReceivableAlmost all businesses are required to extend credit to their customers. Key issues in this area include: Is the amount of accounts receivable reasonable in relation to sales? On the average, how rapidly are accounts receivable being collected? Which customers are "slow payers?" What action should be taken to speed collections where needed?(3) InventoriesInventories often make up 50 percent or more of a firm's current assets and therefore, are deserving of close scrutiny. Key questions which must be considered in this area include: Is the level of inventory reasonable in relation to sales and the operating characteristics of the business?How rapidly is inventory turned over in relation to other companies in the same industry? Is any capital invested in dead or slow moving stock? Are sales being lost due to inadequate inventory levels? If appropriate, what action should be taken to increase or decrease inventory?(4) Accounts Payable and Trade Notes PayableIn a business, trade credit often provides a major source of financing for the firm. Key issues to investigate in this category include: Is the amount of money owed to suppliers reasonable in relation to purchases? Is the firm's payment policy such that it will enhance or detract from the firm's credit rating? If available, are discounts being taken? What are the timing relationships between payments on accounts payable and collection on accounts receivable?(5) Notes PayableNotes payable to banks or other lenders are a second major source of financing for the business. Important questions in this class include: What is the amount of bank borrowing employed? Is this debt amount reasonable in relation to the equity financing of the firm? When will principal and interest payments fall due? Will funds be available to meet these payments on time?(6) Accrued Expenses and Taxes PayableAccrued expenses and taxes payable represent obligations of the firm as of the date of balance sheet preparation. Accrued expenses represent such items as salaries payable, interest payable on bank notes, insurance premiums payable, and similar items. Of primary concern in this area, particularly with regard to taxes payable, is the magnitude, timing, and availability of funds for payment. Careful planning is required to insure that these obligations are met on time.When small business financial management is concern, many financial problems facing the small firm are very similar to those of larger corporations. For example, the analysis required for a long-term investment decision such as the purchase of heavy machinery or the evaluation of lease-buy alternatives, is essentially the same regardless of the size of the firm. Once the decision is made, the financing alternatives available to the firm may be radically different. Manager must continually be alert to changes in working capital accounts, the cause of these changes and the implications of these changes for the financial health of the company.As a final note, it is important to recognize that although the working capital accounts above are listed separately, they must also be viewed in total and from the point of view of their relationship to one another: What is the overall trend in net working capital? Is this a healthy trend? Which individual accounts are responsible for the trend? How does the firm's working capital position relate to similar sized firms in the industry? What can be done to correct the trend, if necessary?Of course, the questions posed are much easier to ask than to answer and there are few "general" answers to the issues raised. The guides which follow provide suggestions, techniques, and guidelines for successful management which, when tempered with the experience of the individual owner-manager and the unique requirements of the particular industry, may be expected to enhance one's ability to manage effectively the financial resources of a business enterprise.企业财务管理在中小企业的特点是，在许多不同的情况下，需要面对有所不同的一系列问题和机会比那些面临一个大公司。

Abstract:Financial management is a crucial aspect of any organization's success. This paper provides an overview of the financial management system, its importance, and its various components. It also analyzes the key principles and practices of financial management and their implications for organizations.Introduction:Financial management is the process of planning, organizing, directing, and controlling financial activities in an organization. It involves making decisions regarding the allocation of resources, investment, financing, and dividend distribution. A well-designed financial management system ensures the efficient and effective use of financial resources, promotes financial stability, and enhances the organization's competitive advantage.I. Overview of Financial Management System1. Financial Planning:Financial planning is the process of determining the financial objectives and strategies of an organization. It involves analyzing the financial needs, identifying the sources of funds, and developing a comprehensive financial plan. Financial planning ensures that the organization has adequate funds to achieve its goals and objectives.2. Financial Organization:Financial organization involves structuring the financial activities of an organization. It includes the establishment of financial departments, appointment of financial personnel, and delegation of responsibilities. Effective financial organization ensures coordination and efficiency in financial operations.3. Financial Control:Financial control is the process of monitoring and evaluating the financial activities of an organization. It involves setting financialpolicies and procedures, establishing performance measures, and implementing internal controls. Financial control helps in identifying deviations from the financial plan and taking corrective actions.II. Key Principles of Financial Management1. Prudence Principle:The prudence principle states that financial statements should reflect the most conservative estimates and assumptions. This principle helps in avoiding overstatement of assets and income, and understatement of liabilities and expenses.2. Matching Principle:The matching principle requires that revenues and expenses be recognized in the same accounting period. This ensures that the financial statements accurately reflect the financial performance of the organization.3. Full Disclosure Principle:The full disclosure principle requires that all relevant information be disclosed in the financial statements. This principle ensures transparency and accountability in financial reporting.III. Practices of Financial Management1. Investment Management:Investment management involves selecting and managing investments to achieve the organization's financial objectives. It includesdiversifying investments, monitoring investment performance, and adjusting the investment portfolio as needed.2. Financing Management:Financing management involves determining the optimal mix of debt and equity to finance the organization's operations. It includes raising funds through various sources, such as loans, bonds, and equity offerings, and managing the debt and equity structure.3. Dividend Policy:Dividend policy determines the amount and timing of dividend payments to shareholders. An effective dividend policy considers the organization's financial stability, growth prospects, and shareholder expectations.Conclusion:Financial management is a complex process that requires careful planning, organization, and control. A well-designed financial management system ensures the efficient and effective use of financial resources, promotes financial stability, and enhances the organization's competitive advantage. Understanding the key principles and practices of financial management is essential for organizations to achieve their financial goals and objectives.。

Abstract:Financial management is a critical aspect of any organization, ensuring the efficient allocation and utilization of resources. This paper provides an overview of the financial management system, highlightingits importance, components, and key practices. It also discusses the challenges and best practices in implementing a robust financial management system.1. IntroductionFinancial management involves planning, organizing, directing, and controlling the financial resources of an organization. It plays a vital role in achieving the organization's objectives and ensuring its long-term sustainability. This paper aims to provide a comprehensive understanding of the financial management system, including its components, practices, and challenges.2. Importance of Financial Management SystemA well-designed financial management system is essential for several reasons:- Ensuring efficient resource allocation and utilization- Facilitating decision-making based on accurate financial information- Enhancing the organization's financial stability and sustainability- Reducing financial risks and uncertainties- Ensuring compliance with regulatory requirements3. Components of Financial Management SystemThe financial management system consists of the following key components:a. Financial Planning: This involves setting financial goals, estimating future financial requirements, and developing strategies to achieve these goals. It includes budgeting, forecasting, and financial analysis.b. Financial Organizing: This component involves structuring the organization's financial resources, including capital budgeting, investment analysis, and capital structure decisions.c. Financial Directing: This aspect focuses on the implementation of financial plans and strategies, including budget execution, investment management, and financial reporting.d. Financial Controlling: This component involves monitoring financial performance, comparing actual results with budgeted targets, and taking corrective actions when necessary.4. Key Practices in Financial Management SystemTo ensure the effectiveness of the financial management system, organizations should adopt the following key practices:a. Establish clear financial policies and proceduresb. Implement a robust internal control systemc. Regularly review and update financial plans and strategiesd. Foster a culture of financial discipline and accountabilitye. Utilize technology to streamline financial processes5. Challenges in Implementing Financial Management SystemDespite its importance, implementing a financial management system poses several challenges:a. Lack of expertise and trainingb. Resistance to changec. Inadequate technology infrastructured. Insufficient resourcese. Regulatory compliance6. Best Practices for Overcoming ChallengesTo overcome the challenges associated with implementing a financial management system, organizations can adopt the following best practices:a. Invest in training and development programs for employeesb. Foster a culture of openness and collaborationc. Select appropriate technology solutionsd. Allocate sufficient resources for implementatione. Engage with external experts and consultants7. ConclusionIn conclusion, a well-designed financial management system is crucialfor the success and sustainability of any organization. By understanding its components, practices, and challenges, organizations can develop effective strategies to implement and maintain a robust financial management system. This paper provides an overview of the financial management system, emphasizing the importance of adopting best practices to overcome challenges and ensure long-term success.。

IntroductionFinancial management is an essential aspect of any organization, ensuring the efficient allocation of resources and the achievement of financial goals. This literature review aims to provide an overview of the financial management system, its components, and the various approaches adopted by organizations. The study also analyzes the importance of a robust financial management system and its impact on the overall performance of the organization.I. Overview of Financial Management System1. DefinitionThe financial management system is a set of policies, procedures, and guidelines designed to manage the financial resources of an organization effectively. It encompasses all financial activities, including budgeting, investment, financing, and risk management.2. Componentsa. Budgeting: The process of planning, executing, and monitoring the financial activities of an organization. It involves setting financial goals, allocating resources, and ensuring that the organization operates within its budget.b. Investment: The process of allocating funds to different investment opportunities to generate returns. This includes managing the organization's investment portfolio, assessing risks, and optimizing returns.c. Financing: The process of acquiring funds to finance theorganization's operations and investments. It involves selecting the appropriate sources of funds, such as equity, debt, or a combination of both.d. Risk management: The process of identifying, assessing, andmitigating risks that may affect the organization's financial performance. This includes managing credit risk, liquidity risk, and market risk.II. Approaches to Financial Management1. Traditional ApproachThe traditional approach focuses on the financial statement analysis, such as balance sheets, income statements, and cash flow statements.This approach helps organizations in assessing their financial performance and making informed decisions.2. Modern ApproachThe modern approach integrates various financial theories and models, such as the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), and the efficient market hypothesis (EMH). These models assist organizations in making more accurate investment decisions and assessing the value of their assets.III. Importance of Financial Management System1. Ensuring Financial StabilityA robust financial management system helps organizations in maintaining financial stability by managing their cash flow, liquidity, and solvency. This ensures that the organization can meet its short-term and long-term financial obligations.2. Maximizing Financial PerformanceEffective financial management helps organizations in maximizing their financial performance by optimizing their investments, minimizing costs, and enhancing their profitability.3. Facilitating Strategic Decision-MakingA well-structured financial management system provides accurate andtimely financial information, enabling organizations to make informed strategic decisions.IV. Impact of Financial Management System on Organizational Performance1. Improved Financial PerformanceOrganizations with a strong financial management system tend to have better financial performance, as they can efficiently manage their resources and minimize risks.2. Enhanced CompetitivenessEffective financial management enables organizations to be more competitive in the market by optimizing their operations, reducing costs, and increasing profitability.3. Sustainable GrowthA robust financial management system helps organizations in achieving sustainable growth by ensuring that they have access to the necessary funds for expansion and development.ConclusionThe financial management system is a critical component of any organization, ensuring the efficient allocation of resources and the achievement of financial goals. This literature review has provided an overview of the financial management system, its components, and the various approaches adopted by organizations. It has also highlighted the importance of a robust financial management system and its impact on the overall performance of the organization. By implementing a well-structured financial management system, organizations can ensurefinancial stability, maximize their financial performance, and achieve sustainable growth.。

中英文资料翻译A Financial Control System that Focuses on Improvement and SuccessOf course, we are not saying that businesses should ignore prudent controls over their cash drawer. The point is that focusing on small components while not knowing how much cash is tied up in receivables does not represent a control system that recognizes priorities and risk. Focusing solely on the rote and mundane does little to improve your overall financial performance. Financial control systems shouldn’t just be about compliance, they should be about continually improving key aspects of the financial operation such as:∙Regularly reviewing and improving the overall capital structure.∙Using a capital plan to minimize the cost of capital while strengthening the Debt/Equity position.∙Managing working capital so excessive inventories and receivables do not sap financial resources.∙Ensuring proper calculations and scenarios are explored while making debt/investment or leasing decisions.∙Maximizing returns while minimizing costs for cash and merchant accounts.A control system of well-defined processes is not only about control or compliance, it is also about consistently striving to do a little better. Control systems that are designed only to achieve compliance are doing the bare minimum, and they represent a missed opportunity to gain improvement and a competitive edge. And that should be enough reason for any size and type of company to think about using a continual improving process approach to creating a financial internal control system. Sox is nice; but continual improvement is better for everyone.Financial control of projectsPurpose:Established and effective cost control systems and procedures, understood and adopted by all members of the project team, entail less effort than ‘crisis management’ and will release management effort to other areas of the project.Fitness for purpose checklist:∙The prime objective of the government’s procurement policy is to achieve best VFM.∙To exercise financial/cost control, project sponsors need to review and act on the best and most appropriate cost information. This means that they should receive regular, consistent and accurate cost reports that are both comprehensive in detail and presented in a manner that permits easyunderstanding of both status and trends. Reports need to be tailored to suit the individual needs of each project and should always be presented to givea comparison of the present position with the control estimate.∙Reports to project sponsors normally give only the status of the project overall. But sponsors will on occasion need to monitor costs against a specific cost centre in more detail. The typical contents of a cost report are given in Annex A.∙Tables of figures are essential, but for rapid understanding and analysis of trends some graphs are helpful.Suggested content:The following aspects should be addressed in a financial report (rather than repeating detailed information available in earlier reports, later reports can summarise the key points and cross refer to the relevant earlier reports):∙development of budget∙original authorised budget∙new budget authorisations (giving justification for changes)∙current authorised budget∙expenditure to date(Each section on budgets and expenditure should address the original base estimates and risk allowances for each element)∙commitments∙agreed variations (giving justification for variations)∙potential/expected claims or disputes awaiting resolution (if the project is going well, this area should be small)∙commitments required to complete∙orders yet to be placed∙variations pending∙future changes anticipated.Each of the following cost elements should be covered:∙in-house costs and expenses (including all central support services, administration, overheads etc)∙consultancy fees and expenses (design, feasibility, client advice, legal, construction management, site supervision etc)∙land costs∙way leaves and compensation∙demolition and diversion of existing facilities∙new construction or refurbishment costs∙operating costs∙maintenance costs∙disposal costs∙insurance costs∙all other costs relating to the project not listed above.∙All prices need to be discounted to a common base.∙Example of a cost summary reportFinancial ControlFinancial Control is a major contributory factor to business survival. For many managers, exercising effective financial control is, at best, seen as a mystery and, at worst, not even considered. Yet monitoring a small number of important figures can ensure that you retain complete and effective financial control.ObjectivesThis section is intended to help you put in place that financial control: to ensure that you are estimating costs accurately and then keeping them under control; to ensure that you are charging and/or paying the right price; and to ensure that you can collect money owed to you and can pay your bills as they fall due. Its objectives are:∙to demonstrate how effective financial control assists in the management of the organisation in which you work;∙to show that control can be achieved through simple documentation; and,∙to suggest financial indicators for inclusion in your strategic objectives.1 Achieving ControlGood financial results will not arise by happy accident! They will arise by realistic planning and tight control over expenses. Remember that profit is the comparatively small difference between two large numbers: sales and costs. A relatively small change in either costs or sales, therefore, has a disproportionate effect on profit.You must watch your costs/prices and margins very carefully at all times since small changes in any of these areas can lead to substantial changes in net profit. Control can then be exercised by comparing actual performance with budget. To do this, you will need to produce:∙ a financial plan, agreed as being achievable by all concerned; and,∙some means of monitoring performance against the plan.Since there will always be differences between the actual and the plan, you need some form of control. Beyond a certain organisational size, control can only be exercised by delegation; the human aspect of control is, therefore, important.Why keep records?Accurate record keeping is required if you are to be effective in monitoring performance against budget. Other reasons why you will need to keep accurate records are:∙there is a legal obligation to do so;∙any shareholders may want accounts;∙the VAT inspectors will need them;∙HM Revenue and Customs will require them;∙potential suppliers may require them;∙you will need to report accurate figures to your stakeholders;∙you will need to identify areas of possible concern; and,∙you will need to investigate and explain variances (under or overspends against your budget).Accounting records will need to be detailed enough for you to be able to say at any one time what the financial position is; ie, how much cash is in the business or the budget? How much do you owe? How much is owed to you? How big is the overdraft (or overspend)? How long could bills be paid for if cash stopped flowing in? What is the profit margin?Financial control will be poor if there are no clear objectives and a lack of knowledge of the basic information necessary to run a business or departmentsuccessfully. A lack of appreciation of the cash needs for a given rate of activity and a tendency to assume that poor results stem from economic conditions or even bad luck will only exacerbate the situation.Accounting centresOne way of delegating financial responsibility is to set up a system of accounting centres. Where businesses make a range of products, putting each into a different accounting centre makes it easier to determine which of the products are profitable. Some costs (eg factory rent) are more difficult to allocate, so may be recorded in a holding account and then split between products. Indirect costs could be allocated by the proportion of sales represented by each product (by volume or cost), by proportion of machine time used, or by some other appropriate method.This split will give an indication of the profitability of each product, but you should beware of ceasing sales of a particular product because of low profit or loss - the costs currently charged to that accounting centre would have to be redistributed among those remaining, so necessitating increased sales of those products.There are four possible levels of financial responsibility with appropriate targets and control requirements:∙revenue centre - staff only have responsibility for income (eg a sales department in a store). Staff have sales targets against which income is measured and compared;∙cost centre - staff have responsibility for keeping costs within set targets, but do not have to worry about where the money comes from (eg an NHS Trust department);∙profit centre - staff have more responsibility and control and will agree targets of profitability and absolute levels of profit (eg a division within a larger company). Control is achieved throughmonitoring performance as measured by the profit and loss account (P&L); they are unable, however, to invest in new equipment; and,∙investment centre - the staff have authority over investments and the use of assets (eg a subsidiary company) although the holding company would typically need to approve major investment. Targetswould focus on return on capital and control would be through monitoring performance measured bythe complete accounts.2 Management Information SystemsIf your financial control is to be effective you need to regularly analyse your actual performance figures and compare them against the financial plan and, perhaps, performance of the business historically.An easy way of comparing actuals and budgets is variance analysis. Usually, only a few figures need to be watched regularly to achieve effective control. Using a computer-based spreadsheet will assist you with all your analysis requirements.Having a suitable management information system (MIS) is a prerequisite for effective monitoring. Although it might sound daunting, an MIS can be extremely simple. An MIS is simply a set of procedures set up by you and your staff to ensure that data about the business is collected, recorded, reported and evaluated quickly and efficiently. That information is then used to check the progress of the business and to control it effectively. For most small businesses, there are likely only to be a few key elements.∙Marketing monitoring - Are you achieving your sales targets, in terms of level of sales and market share? How full is your order book? Are customers paying the right price?∙Production- How does the level of output compare with the level of sales?What is the percentage of rejects? How does the actual cost compare with the standard cost?∙Staff monitoring - Are they being effective? Are they satisfied and motivated?∙Financial control - Are you meeting your financial targets?You will need proper systems in place to ensure that:∙You keep careful track of everything bought by the business, especially if the person ordering is not the person who pays the bills;∙You record everything sold by the business and that everything is properly invoiced, especially if the person doing the selling is not the person who raises the invoices or chases customers for payment;∙There is an effective stock control system which records incoming raw materials and compares them against purchase orders, monitors progress through the production stages (if appropriate) and records the dispatch of finished goods; and,∙All payments and receipts are recorded to ensure that bank balances and overdraft limits are kept within agreed levels.Computerised accounting packages and spreadsheets make it relatively straightforward to record data and present it in an easily understood format. It still requires discipline to ensure that the data is collected, but making an effort will be rewarded through improved understanding of your business.The key to an effective MIS is to ensure that you only monitor a small number of figures and that those figures relate back to the strategic objectives and the operational objectives that you have set for your business. If other people needto see the figures, ensure that they get them speedily. If your system of financial control is to be successful, figures must be quickly available after month end.一个财务管理系统，该系统的改进与成功重点当然，我们并不是说，企业应该忽视对他们的现金抽屉审慎控制。