中小企业财务管理对策与问题外文翻译

中小企业财务管理：以韩国为例外文文献翻译2014年译文哪3500字This paper examines the financial management practices of small and medium-sized enterprises (SMEs) XXX 150 SMEs to investigate their financial management practices。

including financial planning。

financial control。

and financial n-making。

The results show that XXX in financial management。

including limited financial resources。

lack of financial expertise。

and difficulty in accessing external financing。

The study also findsthat SMEs with better financial management XXX and growth potential。

The findings XXX to the success of XXX.n:Small and medium-sized enterprises (SMEs) play a crucialrole in the economy of South Korea。

accounting for more than 99% of all businesses XXX for more than 88% of the workforce (KoreaSmall Business Institute。

2013)。

Despite their importance。

XXX in financial management。

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。

本科毕业设计（论文）中英文对照翻译(此文档为word格式,下载后您可任意修改编辑!)作者：Bernard G期刊：International Journal of Information Business and Management 第5卷，第3期，pp：41-51.原文The research of financial Risk Management in SMESBernard GINTRUDUCTIONSmall and medium sized enterprises (SME) differ from large corporations among other aspects first of all in their size. Theirimportance in the economy however is large . SME sector of India is considered as the backbone of economy contributing to 45% of the industrial output, 40% of India’s exports, employing 60 million people, create 1.3 million jobs every year and produce more than 8000 quality products for the Indian and international markets. With approximately 30 million SMEs in India, 12 million people expected to join the workforce in next 3 years and the sector growing at a rate of 8% per year, Government of India is taking different measures so as to increase their competitiveness in the international market. There are several factors that have contributed towards the growth of Indian SMEs. Few of these include; funding of SMEs by local and foreign investors, the new technology that is used in the market is assisting SMEs add considerable value to their business, various trade directories and trade portals help facilitate trade between buyer and supplier and thus reducing the barrier to trade With this huge potential, backed up by strong government support; Indian SMEs continue to post their growth stories. Despite of this strong growth, there is huge potential amongst Indian SMEs that still remains untapped. Once this untapped potential becomes the source for growth of these units, there would be no stopping to India posting a GDP higher than that of US and China and becoming the world’s economic powerhouse. RESEARCH QUESTIONRisk and economic activity are inseparable. Every business decisionand entrepreneurial act is connected with risk. This applies also to business of small and medium sized enterprises as they are also facing several and often the same risks as bigger companies. In a real business environment with market imperfections they need to manage those risks in order to secure their business continuity and add additional value by avoiding or reducing transaction costs and cost of financial distress or bankruptcy. However, risk management is a challenge for most SME. In contrast to larger companies they often lack the necessary resources, with regard to manpower, databases and specialty of knowledge to perform a standardized and structured risk management. The result is that many smaller companies do not perform sufficient analysis to identify their risk. This aspect is exacerbated due to a lack in literature about methods for risk management in SME, as stated by Henschel: The two challenging aspects with regard to risk management in SME are therefore: 1. SME differ from large corporations in many characteristics 2. The existing research lacks a focus on risk management in SME The following research question will be central to this work: 1.how can SME manage their internal financial risk? 2.Which aspects, based on their characteristics, have to be taken into account for this? 3.Which mean fulfils the requirements and can be applied to SME? LITERA TURE REVIEWIn contrast to larger corporations, in SME one of the owners is oftenpart of the management team. His intuition and experience are important for managing the company. Therefore, in small companies, the (owner-) manager is often responsible for many different tasks and important decisions. Most SME do not have the necessary resources to employ specialists on every position in the company. They focus on their core business and have generalists for the administrative functions. Behr and Guttler find that SME on average have equity ratios lower than 20%. The different characteristics of management, position on procurement and capital markets and the legal framework need to be taken into account when applying management instruments like risk management. Therefore the risk management techniques of larger corporations cannot easily be applied to SME. In practice it can therefore be observed that although SME are not facing less risks and uncertainties than large companies, their risk management differs from the practices in larger companies. The latter have the resources to employ a risk manager and a professional, structured and standardized risk management system. In contrast to that, risk management in SME differs in the degree of implementation and the techniques applied. Jonen & Simgen-Weber With regard to firm size and the use of risk management. Beyer, Hachmeister & Lampenius observe in a study from 2010 that increasing firm size among SME enhances the use of risk management. This observation matches with the opinion of nearly 10% of SME, which are of the opinion, that risk management is onlyreasonable in larger corporations. Beyer, Hachmeister & Lampenius find that most of the surveyed SME identify risks with help of statistics, checklists, creativity and scenario analyses. reveals similar findings and state that most companies rely on key figure systems for identifying and evaluating the urgency of business risks. That small firms face higher costs of hedging than larger corporations. This fact is reducing the benefits from hedging and therefore he advises to evaluate the usage of hedging for each firm individually. The lacking expertise to decide about hedges in SME is also identified by Eckbo, According to his findings, smaller companies often lack the understanding and management capacities needed to use those instruments. METHODOLOGY USE OF FINANCIAL ANAL YSIS IN SME RISK MANAGEMENT How financial analysis can be used in SME risk management? Development of financial risk overview for SME The following sections show the development of the financial risk overview. After presenting the framework, the different ratios will be discussed to finally present a selection of suitable ratios and choose appropriate comparison data. Framework for financial risk overviewThe idea is to use a set of ratios in an overview as the basis for the financial risk management.This provides even more information than the analysis of historicaldata and allows reacting fast on critical developments and managing the identified risks. However not only the internal data can be used for the risk management. In addition to that also the information available in the papers can be used. Some of them state average values for the defaulted or bankrupt companies one year prior bankruptcy -and few papers also for a longer time horizon. Those values can be used as a comparison value to evaluate the risk situation of the company. For this an appropriate set of ratios has to be chosen. The ratios, which will be included in the overview and analysis sheet, should fulfill two main requirements. First of all they should match the main financial risks of the company in order to deliver significant information and not miss an important risk factor. Secondly the ratios need to be relevant in two different ways. On the one hand they should be applicable independently of other ratios. This means that they also deliver useful information when not used in a regression, as it is applied in many of the papers. On the other hand to be appropriate to use them, the ratios need to show a different development for healthy companies than for those under financial distress. The difference between the values of the two groups should be large enough to see into which the observed company belongs. Evaluation of ratios for financial risk overview When choosing ratios from the different categories, it needs to be evaluated which ones are the most appropriate ones. For this some comparison values are needed inorder to see whether the ratios show different values and developments for the two groups of companies. The most convenient source for the comparison values are the research papers as their values are based on large samples of annual reports and by providing average values outweigh outliers in the data. Altman shows a table with the values for 8 different ratios for the five years prior bankruptcy of which he uses 5, while Porporato & Sandin use 13 ratios in their model and Ohlson bases his evaluation on 9 figures and ratios [10]. Khong, Ong & Y ap and Cerovac & Ivicic also show the difference in ratios between the two groups, however only directly before bankruptcy and not as a development over time [9]. Therefore this information is not as valuable as the others ([4][15]).In summary, the main internal financial risks in a SME should be covered by financial structure, liquidity and profitability ratios, which are the main categories of ratios applied in the research papers.Financial structureA ratio used in many of the papers is the total debt to total assets ratio, analyzing the financial structure of the company. Next to the papers of Altman, Ohlson and Porporato & Sandin also Khong, Ong & Y ap and Cerovac & Ivicic show comparison values for this ratio. Those demonstrate a huge difference in size between the bankrupt andnon-bankrupt groups.Therefore the information of total debt/total assets is more reliable and should rather be used for the overview. The other ratios analyzing the financial structure are only used in one of the papers and except for one the reference data only covers the last year before bankruptcy. Therefore a time trend cannot be detected and their relevance cannot be approved.译文中小企业财务风险管理研究博纳德引言除了其他方面，中小型企业(SME)与大型企业的不同之处首先在于他们的规模不同，但是，他们在国民经济中同样具有重要的作用。

中小企业的财务风险管理外文文献翻译2014年译文3000字Financial Risk Management for Small and Medium-Sized Enterprises (SMEs)Financial risk management is an essential aspect of business management。

particularly for small and medium-sized enterprises (SMEs)。

SMEs face numerous financial risks。

including credit risk。

market risk。

liquidity risk。

and nal risk。

which can significantly impact their financial stability and growth prospects。

Therefore。

the effective management of financial risks is crucialfor SMEs to survive and thrive in today's competitive business environment.One of the primary challenges for SMEs in managing financial risks is their limited resources and expertise。

Unlike large ns。

SMEs often lack the financial resources and specialized staff to develop and implement comprehensive risk management strategies。

As a result。

中小企业财务战略选择研究中英文对照外文文献及翻译中小企业财务战略选择研究中英文对照外文文献及翻译中小企业财务战略选择研究中英文对照外文文献及翻译所在系管理系学生姓名 XXX专业会计学201X年6月中小企业财务战略选择研究中英文对照外文文献及翻译Small and medium-sized enterprise financial strategy choice indifferentFinancial strategic management of the significance of the development of small and medium-sized enterprises, this paper expounds the development of enterprise needs not only scientific, fine daily management, need more forward-looking strategic vision and strategic thinking;Through the analysis of the financial characteristics of small and medium-sized enterprises (smes) in different development period, discusses the enterprise should be how to choose matching financial strategy problems, for the enterprise bigger and stronger, sustainable development, provides a feasible way of thinking.With the establishment of the modern enterprise system and market economic system reform deepening, the business activities of enterprises both contain the great vitality, also lies the great crisis.Small and medium-sized enterprises how to adapt to the environment, and maintain competitive advantage not only need to strengthen the daily management of science, fine, more need to have a forward-looking strategic thought, especially the financial and strategic thinking.Enterprise financialstrategy, need to consider the enterprise external environment and internal conditions, and many other factors.Due to the small and medium-sized enterprise its own characteristics, in financial strategy can't be consistent with the practice of large enterprise, it must has its own way.Seek financial strategy for the development of small and medium-sized enterprises, make the small and medium-sized enterprise to do strongly does, sustainable development, has important practical significance for the enterprise.First, the significance of small and medium-sized enterprise financial strategy managementModern enterprise financial faces a diverse, dynamic and complicated management environment, enterprise financial management is no longer a specific methods and means of financial management, but absorbs the principle and method of strategic management, from the perspective of to adapt to the environment, use conditions, pay1中小企业财务战略选择研究中英文对照外文文献及翻译attention to the long-term problem of financial and strategic issues.In the small and medium-sized enterprises under the condition of relative lack of resources, to develop a suitable financial strategy, and at a reasonable allocation of scarce resources is particularly important.Enterprise financial strategic focus is the development direction of the future financial activities, goals, as well as a basic approach to achieve the goal and strategy, this is a financial strategy is different from other features of various kinds of strategy.Enterprise financial strategy is the overall goal of assemble, configuration, and use resources rationally, to seekbalanced and effective flow of enterprise funds, build enterprise core competitive power, finally realizes the enterprise value maximization.The several aspects of the goal is connected with each other.In the long term performance for, seek the sustainable growth of enterprise financial resources and ability, to realize the enterprise capital appreciation, and make the enterprise financial ability sustainable, rapid and healthy growth, maintain and develop the enterprise the competitive advantage.Strategic management in building enterprise core competitive power, need the support of enterprise financial management.Enterprise capital management as the important content of financial management must reflect the requirements of enterprise strategy, ensure the implementation of the strategy of its.Implement the strategy of enterprise financial management value is that it can maintain a healthy enterprise financial situation, to effectively control the financial risk of the enterprise.Second, the small and medium-sized enterprise financial characteristics analysisSuccessful financial strategy must be adapted to the enterprise financial characteristics, the development stage of conform to the enterprise overall strategy and the current and the benefits of stakeholders, the associated risks.Roughly divided into enterprise's development stage, initial, maturation and decline stages.Small and medium-sized enterprises in different stages of development presents the financial characteristics are different and should be based on the analysis of characteristics of its financial seek suitable for different development period of the small and medium-sized enterprise financial strategy.2中小企业财务战略选择研究中英文对照外文文献及翻译1)the initial financial characteristicsThe management risk of the enterprise life cycle of the initial stage is the highest, this is because the products on the market soon, a single product structure, the scale of production limited, the product cost is higher, profitability is very poor, also need to invest a lot of money for the new product development and market development, and product market whether to expand the product should be enough space for the development of is uncertain and compensation costs, core competence has not yet formed.To small businesses from the impact of the financial management activities of enterprises cash flow, operating activities and investment activities belong to the state of outflows greater than inflows, shortage of funds, cash flows is negative, it is difficult to form internal capital accumulation, financing activities is the only source of cash.This is the initial financial characteristics of the enterprise.2)mature financial characteristicsIn the beginning of small business success across, they will enter a relatively stable mature stage.In the process of enterprise tend to mature, the enterprise growth and prospect than as well as the management risk will fall;Enterprises have the product of the stability of the relatively high market share and account back continuously, has the high efficiency of capital turnover;At the same time, due to the new project, cash flow, less business net cash flow is positive, the enterprise the management activities and investment activities generally characterized by net income.Financing scale than the initial decline, and at this stage is given priority to with retained earnings and debt financing policy, a lot of debt servicing period, along with the increase of debt financing, rise to financial risk and operational riskequivalent.Dividend proportion also have improved, high cash per share net profit ratio make the dividend payment rate and payments will improve, investors return at this time more is through the dividend distribution rather than the start-up phase of the capital gains to meet.3)the recession financial characteristicsFor recession enterprises, reduce business and product death is inevitable, and the opportunity for profitable investment is very small, the purpose of business is the turning point in order to continue to make a living.To small business financial management activities of enterprises from the impact of cash flow, because the3。

毕业设计（论文）论我国中小企业财务管理中存在的问题及解决对策Graduation Design (Thesis) of Chongqing UniversityOn the problems and Countermeasures in the financial management of small andmedium sized enterprises in ChinaUndergraduate: Zhengli YouSupervisor: Prof. Hailong ChenMajor: Industrial and commercial managementThe College of Continuous EducationChongqing UniversityNovember 2015毕业设计（论文）原创性声明和使用授权说明原创性声明本人郑重承诺：所呈交的毕业设计（论文），是我个人在指导教师的指导下进行的研究工作及取得的成果。

尽我所知，除文中特别加以标注和致谢的地方外，不包含其他人或组织已经发表或公布过的研究成果，也不包含我为获得及其它教育机构的学位或学历而使用过的材料。

对本研究提供过帮助和做出过贡献的个人或集体，均已在文中作了明确的说明并表示了谢意。

作者签名：日期：指导教师签名：日期：使用授权说明本人完全了解大学关于收集、保存、使用毕业设计（论文）的规定，即：按照学校要求提交毕业设计（论文）的印刷本和电子版本；学校有权保存毕业设计（论文）的印刷本和电子版，并提供目录检索与阅览服务；学校可以采用影印、缩印、数字化或其它复制手段保存论文；在不以赢利为目的前提下，学校可以公布论文的部分或全部内容。

作者签名：日期：学位论文原创性声明本人郑重声明：所呈交的论文是本人在导师的指导下独立进行研究所取得的研究成果。

除了文中特别加以标注引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写的成果作品。

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。

Researches On The Problems And Solutions Of SME FinancingStatus QuoAbstract：The medium and small enterprise plays an irreplaceable role in China’s national economy, but harsh financing environment seriously restricts and even endangers the survival and development of medium and small enterprises。

First，this article introduces the status and characteristics of SME financing。

Second，analyzes the channels and the difficulties of SME financing in our country。

Finally, comes up with some measures to ease difficulties of SME financing. In this article, the research on the problems and solutions of SME financing status quo has a certain significance and guiding value.Keywords: SME, Financing，The Analysis Of Countermeasures1 .The status quo of China’s SME1.1 The development and current situation of SMENo matter in developed countries or in developing countries, the small and medium-sized enterprise is the important support of national economy in the development of a country. Small and medium—sized enterprises play an irreplaceable role in improving the national economic production, promoting the progress of science and technology, increasing employment，expanding exports, etc. After China carried out reform and open policy，our national small and medium—sized enterprises have developed very quickly, and the contribution rate of them to national economy have raised constantly。

附件1：外文资料翻译译文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。

在特定的财务结果反映的数目和情况的权威。

在商业管理，无论是否适当的决策水平的技术，生产和销售是平稳的，并且能从财务指标迅速反映。

文献信息：文献标题：Strengths and Weaknesses among Malaysian SMEs: Financial Management Perspectives（马来西亚中小企业的优势和劣势：财务管理视角）国外作者：Norasikin Salikin，Norailis Ab Wahab，Izlawanie Muhammad 文献出处：《Procedia - Social and Behavioral Sciences》,2014, 129:334-340字数统计：英文1918单词，10677字符；中文3291汉字外文文献：Strengths and Weaknesses among Malaysian SMEs:Financial Management PerspectivesAbstract In Malaysia, 97.3% of business establishments are comprised of small and medium enterprises (SMEs) which account for about 52.7% of total employment that is generated in the country. Malaysian government through the Ministry of International Trade and Industry (MITI) and its agencies works hard on assisting SMEs through various activities to promote exposures on prudent financial management. This paper aims to identify the financial strengths and weaknesses face by SMEs in helping those entities to plan appropriate financial management programme. Semi- structured interviews were conducted among thirty five SMEs that are willing to participate voluntarily. This study found that capital is the key elements in both strengths and weakness among SMEs. Running the business without any external capital (loan) reducing the financial risk of the business. It will be easier for the managers to make business decisions without any constraint as there is no limitation set by fund provider. The study also revealed capital insufficiency is the crucial problems among SMEs which might due to the difficulties to obtain external fund. Although the results should be taken with caution, nevertheless financialmanagement is vital in order to face new business challenges as well as for the survival of the business in the future.Keywords: Small Medium Enterprises; SMEs; Financial Management1.IntroductionSmall and medium enterprises (SMEs) play important roles in Malaysian economy. Report of Malaysia Economic Census 2011 showed that there were 645,136 SMEs operating in Malaysia, representing 97.3 per cent of total business establishments. Furthermore, SMEs employed about 3.7 million out of a total of 7.0 million workers amounting 52.7 per cent of total employment in the country. With a total share of gross output reached 28.5 per cent in year 2011 as compared to only22.2 per cent in year 2000 it shows that the roles are getting significant.A considerable amount of literature has been published on the management issues of SMEs. On the other hand only few studies were focusing on the financial management, especially in developing countries although it has been known that, financial management plays crucial function in business management. Report on case study conducted by Bank Negara Malaysia (2003) on SMEs, suggested that one of the key elements SMEs should adopt to survive for a long term, in a global environment is prudent financial management. It will ensure that all the available business resources are used efficiently and effectively to provide optimum return (SME Corporation Malaysia, 2011).The aim of this paper is to identify the strengths and weaknesses face by Malaysian SMEs in term of financial management.2.SMEs Definition in MalaysiaThere is no solid meaning of SMEs as different countries are using different definition due to several demographic factors and characteristics including size, location, structure, age, number of employees, sales volume, ownership through innovation and technology (Zeinalnezhad et. al, 2011). Based on employees number and total turnover, Malaysia adopts slightly similar definition as being use by UnitedKingdom, United States of America, Japan, China and Korea (Norailis, 2013).Previously Malaysian SMEs were defined as firms with sales turnover not exceeding RM25 million or employment not exceeding 150 workers for manufacturing and sales turnover not exceeding RM5 million or employment not exceeding 50 workers for services and other sectors. As the economy has change and the business trends are moving abroad. On 11th July 2013, Malaysian Prime Minister Datuk Seri Najib Tun Razak announced the new criteria of SMEs which will be effective on 1st January 2014. Table 1 shows the new classification of SMEs.The new definition is more comprehensive, covering all sectors of the economy including construction, as well as mining and quarrying sectors. It is expected to result in more firms being classified as SMEs to 98.5 per cent (currently: 97.3 per cent), particularly from the services sector to facilitate the country’s transformation to a high income nation through the initiatives under the SME Masterplan. In year 2013, a total of 155 programmes have been planned for the implementation with a financial commitment of RM18.4 billion, expecting to benefit 467,838 SMEs.With all the facilities provided by the government, SMEs should grab these opportunities to expand the businesses. However, the managers need to be equipped with latest knowledge and management skills to successfully manage their businesses in current business environment and stiff competition (Mohd. Amy Azhar, Harizal, & Hoe, 2010). In view of the fact that many entrepreneurs in Malaysia manage their business themselves without formal education background it lead to various management problems (Mohd Amy Azhar et al., 2010). One of the most common problems face by SMEs is financial management problem (Hashim & Wafa, 2002).3.Financial Management of SMEsFinancial management is concerning with the creation and maintenance of economic value or wealth (Titman et.al, 2011). It involves decisions to accumulate and preserve wealth of the business. Generally it covers the decision making process in several areas such as determining the source of finance and dividend policy, investment decisions and working capital management. There is no big different between managing financial functions of big businesses or small businesses except that SMEs only deal with capital budgeting and working capital decision, given that SMEs are not paying dividends (Agyei- Mensah, 2011).Comparative review on previous studies by Mohd Amy Azhar et al. (2010) suggested that financial management consist of six components; financial planning and control, financial accounting, financial analysis, management accounting, capital budgeting and working capital management. The study also highlighted that the adoption of financial management tools among Malaysian SMEs were very low. Seeing that most SMEs practicing proper financial planning and control, financial accounting and working capital management, these components were labeled as core components of financial management. Yet the other three components which were mostly neglected were labeled as supplement components of financial management.A small scale study by Agyei-Mensah (2011) concluded that the influence of fund providers and external accountants are the most dominant factors stimulate SMEs to adopt reasonable financial management. On the other hand, due to lack of internal accounting staff and high cost to hire qualified accountant, SMEs face difficulties to understand accounting record and practice sound financial management.4.MethodologySemi-structured interviews were conducted among thirty five SMEs that were willing to participate in this study. The process of data collection took almost two months, due to the process of getting responses from the SMEs that were willing to participate in the study. The interview sessions were divided into two main sections. Section A was on demographic profile of the interviewees made up of various types ofindustries. This part asked for background information, which includes type of ownership, age of business, initial capital, source of capital, time spent to manage business, number of employees and owners’ education background. The SMEs crossed the range of firm size, geographic location within Malaysia. Meanwhile, Section B focused on the financial management activities and related questions on the practices. Initially, to understand the behaviour of respondents, the data are first described using appropriate tables. Further analysis is conducted by categorizing the responses regarding strengths and weaknesses among participated SMEs and quantifying the results.5.Results and DiscussionsThere were thirty five SMEs that participated in the study and their profile as presented can be categorized as sole proprietorship, partnership and company which consisted several type of businesses as viewed in Table 2.As for age of SMEs, more than half of the participated SMEs were between 0 to 3 years (19.5%) and followed by 4 to 6 years (24.1%), 7 to 9 years (13.8%) and finally more than forty percent of the SMEs aged 10 years and above. A total of 74% were bootstrapped from their own savings or borrowing from friends and relatives for initial capital. From the total, 25.88% dared to bootstrapped for the amount less thanRM5,000; RM20,001 and above (43.5%). However, merely seven per cent had their initial capital from commercial banks and government grants where the amount was more than RM50,000. Surprisingly, nearly half (49.5%) of the business owners spent their time between 9 to 12 hours every day to manage their businesses.It is important to know the educational background of the business owners because it showed the extent of their willingness in accepting new knowledge through training, seminars and workshops. These events were managed mostly by agencies under Ministry of International Trade and Industry (MITI) such as Pocket Talks by SME Corp., Domestic Investment activities by Malaysian Investment Development Authority (MIDA) and Innovative and Creative Circle (ICC) Convention by Malaysia Productivity Corporation (MPC). The government urges the SMEs to utilize the skills and knowledge gained from these events so that they could adopt prudent financial management.5.1.Financial Strengths of SMEsThe overall response on the financial strengths of the business can be classified into several main aspects. The detail of the classification is summarise in Table 3. Of the thirty five respondents, only 28 per cent of the participants pinpointed their financial strengths. Perhaps the other 72 per cent of the participants did not have any financial strengths or unable to identify their financial strengths due to lack of knowledge or education background.The result showed 26 per cent of the responses indicated that running the business using their own capital as their main financial strength. However SMEs need to bear in mind that in order to expand their business in the future, more capital is needed. Therefore it is advisable for them to use financing facilities provided by the financial institutions or government entities in helping them to have stronger financial capabilities to run the business in more competitive world. Another 17 per cent of the responses indicate that financial stability as the financial strengths of their businesses, followed by support from government entities (11%), doing business on cash basis (11%) and other aspects as shown in.5.2.Financial Weaknesses of SMEsIn response to the financial weakness, more participants (33%) were able to identify their weakness, compared to their financial strengths (28%). 40 per cent of the responses stressed that the main aspect of financial weaknesses in running their businesses is capital insufficiency and followed by incomplete accounting record (16%). Deterioration in financial performance is listed as the third aspects, with the response rate of 13 per cent and the difficulties in obtaining loan from financial institutions and government agencies listed as the following aspects with 11 per cent response rate. A possible explanation for this might be that due to the problem in financial performance plus incomplete financial record, it might be difficult for the SMEs to obtain loan from any entities, causing them to face a problem of capitalinsufficiency to run their business efficiently. Among other responses revealed in the study as detailed in Table 4 are high operating costs and collection problems.6.ConclusionThis study outlines the financial strengths and weaknesses of Malaysian SMEs. One of the most significant findings to emerge from this study is that, capital is the most critical financial component among SMEs. Running a business without any external capital (financing) shows the business is in a good financial condition. External financing may increase the risk of bankruptcy due to inability to settle the debt within agreed period. However, as the business keep growing, it is advisable for the SMEs to inject more capital to accommodate the expansion. Hiring appropriate staff may help SMEs in overcoming the constraints in applying for external financing through the preparation of proper accounting record and practicing prudent financial management.中文译文：马来西亚中小企业的优势和劣势：财务管理视角摘要在马来西亚，97.3％的商业机构由中小型企业（SMEs）组成，占全国总就业人数的52.7%左右。