中小型民营企业内部控制研究——工商管理类外文文献翻译、中英文翻译

企业盈利质量分析中英文对照外文翻译文献企业盈利质量分析中英文对照外文翻译文献企业盈利质量分析中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Measuring the quality of earnings1. IntroductionGenerally accepted accounting principles (GAAP) offer some flexibility in preparing the financial statements and give the financial managers some freedom to select among accounting policies and alternatives. Earning management uses the flexibility in financial reporting to alter the financial results of the firm (Ortega and Grant, 2003).In other words, earnings management is manipulating the earning to achieve a企业盈利质量分析中英文对照外文翻译文献predetermined target set by the management. It is a purposeful intervention in the external reporting process with the intent of obtaining some private gain (Schipper, 1989).Levit (1998) defines earning management as a gray area where the accounting is being perverted; where managers are cutting corners; and, where earnings reports reflect the desires of management rather than the underlying financial performance of the company.The popular press lists several instances of companies engaging in earnings management. Sensormatic Electronics, which stamped shipping dates and times on sold merchandise, stopped its clocks on the last day of a quarter until customer shipments reached its sales goal. Certain business units of Cendant Corporation inflated revenues nearly $500 million just prior to a merger; subsequently, Cendant restated revenuesand agreed with the SEC to change revenue recognition practices. AOL restated earnings for $385 million in improperly deferred marketing expenses. In 1994, the Wall Street Journal detailed the many ways in which General Electric smoothed earnings, including the careful timing of capital gains and the use of restructuring charges and reserves, in response to the article, General Electric reportedly received calls from other corporations questioning why such common practices were“front-page〞 news.Earning management occurs when managers use judgment in financial reporting and in structuring transactions to alter financial reports to either mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers (Healy and Whalen, 1999).Magrath and Weld (2002) indicate that abusive earnings management and fraudulent practices begins by engaging in earnings management schemes designed primarily to “smooth〞 earnings to meet internally or externally imposed earnings forecasts and analysts’ expectations. Even if earnings management does not explicitly violate accounting rules, it is an ethically questionable practice. An organization that manages its earnings sends a企业盈利质量分析中英文对照外文翻译文献message to its employees that bending the truth is an acceptable practice. Executives who partake of this practice risk creating an ethical climate in which other questionable activities may occur. A manager who asks the sales staff to help sales one day forfeits the moral authority to criticize questionable sales tactics another day.Earnings management can also become a very slippery slope, which relatively minor accounting gimmicks becoming more and more aggressiveuntil they create material misstatements in the financial statements (Clikeman, 2003)The Securities and Exchange Commission (SEC) issued three staff accounting bulletins (SAB) to provide guidance on some accounting issues in order to prevent the inappropriate earnings management activities by public companies: SAB No. 99 “Materiality〞, SAB No. 100 “Restructuring and Impairment Charges〞 and SAB No. 101 “Revenue Recognition〞.Earnings management behavior may affect the quality of accounting earnings, which is defined by Schipper and Vincent (2003) as the extent to which the reported earnings faithfully represent Hichsian economic income, which is the amount that can be consumed (i.e. paid out as dividends) during a period, while leaving the firm equally well off at the beginning and the end of the period.Assessment of earning quality requires sometimes the separations of earnings into cash from operation and accruals, the more the earnings is closed to cash from operation, the higher earnings quality. As Penman (2001) states that the purpose of accounting quality analysis is to distinguish between the “hard〞 numbers resulting from cash flows and the “soft〞 numbers resulting from accrual accounting.The quality of earnings can be assessed by focusing on the earning persistence; high quality earnings are more persistent and useful in the process of decision making.Beneish and Vargus (2002) investigate whether insider trading is informative about earnings quality using earning persistence as a measure for the quality of earnings, they find that income-increasing accruals are significantly more persistent for firms with abnormal insider buying and significantly less persistent for firms with abnormal insider selling, relative to firms which there is no abnormal insider trading.Balsam et al. (2003) uses the level of discretionary accruals as a direct measure企业盈利质量分析中英文对照外文翻译文献for earning quality. The discretionary accruals model is based on a regression relationship between the change in total accruals as dependent variable and change in sales and change in the level of property, plant and equipment, change in cash flow from operations and change in firm size (total assets) as independent variables. If the regression coefficients in this model are significant that means that there is earning management in that firm and the earnings quality is low.This research presents an empirical study on using three different approaches of measuring the quality of earnings on different industry. The notion is; if there is a complete consistency among the three measures, a general assessment for the quality of earnings (high or low) can be reached and, if not, the quality of earnings is questionable and needs different other approaches for measurement and more investigations and analysis.The rest of the paper is divided into following sections: Earnings management incentives, Earnings management techniques, Model development, Sample and statistical results, and Conclusion.2. Earnings management incentives 2.1 Meeting analysts’ expectations In general, analysts’ expectations and company predictions tend to address two high-profile components of financial performance: revenue and earnings from operations.The pressure to meet revenue expectations is particularly intense and may be the primary catalyst in leading managers to engage in earning management practices that result in questionable or fraudulent revenue recognition practices. Magrath and Weld (2002) indicate that improperrevenue recognition practices were the cause of one-third of all voluntary or forced restatements of income filed with the SEC from 1977 to 2000. Ironically, it is often the companies themselves that create this pressure to meet the market’s earnings expectations. It is common practice for companies to provide earnings estimates to analysts and investors. Management is often faced with the task of ensuring their targeted estimates are met.企业盈利质量分析中英文对照外文翻译文献Several companies, including Coca-Cola Co., Intel Corp., and Gillette Co., have taken a contrary stance and no longer provide quarterly and annual earnings estimates to analysts. In doing so, these companies claim they have shifted their focus from meeting short-term earnings estimates to achieving their long-term strategies (Mckay and Brown, 2002).2.2 To avoid debt-covenant violations and minimize political costs Some firms have the incentive to avoid violating earnings-based debt covenants. If violated, the lender may be able to raise the interest rate on the debt or demand immediate repayment. Consequently, some firms may use earnings-management techniques to increase earnings to avoid such covenant violations. On the other hand, some other firms have the incentive to lower earnings in order to minimize political costs associated with being seen as too profitable. For example, if gasoline prices have been increasing significantly and oil companies are achieving record profit level, then there may be incentive for the government to intervene and enact an excess-profit tax or attempt to introduce price controls.2.3 To smooth earnings toward a long-term sustainable trendFor many years it has been believed that a firm should attempt to reduce the volatility in its earnings stream in order to maximize share price. Because a highly violate earning pattern indicates risk, therefore thestock will lose value compared to others with more stable earnings patterns. Consequently, firms have incentives to manage earnings to help achieve a smooth and growing earnings stream (Ortega and Grant, 2003).2.4 Meeting the bonus plan requirementsHealy (1985) provides the evidence that earnings are managed in the direction that is consistent with maximizing executives’ earnings-based bonus. When earnings will be below the minimum level required to earn a bonus, then earning are managed upward so that the minimum is achieved and a bonus is earned. Conversely, when earning will be above the maximum level at which no additional bonus is paid, then earnings are managed downward. The extra earnings that will not generate extra bonus this current period are saved to be used to earn a bonus in a future period.。

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未经允许，请勿外传!浙江大学本科毕业论文外文文献翻译The influence of political connections on the firm value of small and medium-sized enterprises in China政治关联在中国对中小型企业价值的影响1摘要中小型企业的价值受很多因素的影响,比如股东、现金流以及政治关联等.这篇文章调查的正是在中国政治关联对中小型企业价值的影响。

通过实验数据来分析政治关联对企业价值效益的影响.结果表明政府关联是关键的因素并且在中国对中小型企业的价值具有负面影响。

2重要内容翻译2。

1引言在商业界,有越来越多关于政治关联的影响的经济研究。

它们发现政治关联能够帮助企业确保有利的规章条件以及成功获得资源，比如能够最终提高企业价值或是提升绩效的银行贷款，这种政治关联的影响在不同的经济条件下呈现不同的效果。

在高腐败和法律制度薄弱的国家，政治关联对企业价值具有决定性因素1的作用.中国由高度集权的计划经济向市场经济转变，政府对市场具有较强的控制作用，而且有大量的上市企业具有政治关联。

中小型企业发展的很迅速，他们已经在全球经济环境中变得越来越重要。

从90年代起, 政治因素对中国的任何规模的企业来说都变得越来越重要,尤其是中小型企业的价值。

和其他的部门相比较，中小型企业只有较小的现金流，不稳定的现金流且高负债率.一方面，中小型企业改变更加灵活；另一方面,中小型企业在由于企业规模以及对银行来说没有可以抵押的资产，在筹资方面较为困难。

企业如何应对微观经济环境和政策去保证正常的企业活动，并且政治关联如何影响企业价值？这篇论文调查政治关联和企业价值之间的联系,并且试图去研究企业是否可以从政治关联中获利提升企业价值。

2.2定义这些中小型企业之所以叫中小型企业，是和管理规模有关。

对这些小企业来说，雇员很少，营业额较低,资金一般由较少的人提供,因此，通常由这些业主直接管理企业。

中国公司治理：现代视角Corporate governance in China: A modern perspective Corporate governance in China: A modern perspective☆Fuxiu Jiang, Kenneth A. Kim ⁎School of Business, Renmin University of China, 59 Zhongguancun Street, Haidian District, Beijing, China 100872近年来，许多使用中国金融数据的学术论文发表在领先的学术期刊上。

这一增长这并不奇怪，因为中国是一个转型经济大国，正在从计划经济转向市场经济，现在已经成为世界第二大经济体。

简单地说，中国是有趣和重要的。

然而，一些研究中国的缺点。

首先，考虑到大多数现代金融理论都起源于西方，尤其是美国，因此有很多研究中国的论文使用西方理论和概念来解释他们的实证发现。

2 . However, while it may sometimes be从西方的角度来看待中国的实证结果是恰当的，但在其他时候则不然。

其次，许多报纸似乎都是如此误解(或没有意识到)重要的监管问题;法律、金融和制度环境;和业务中国的风俗习惯。

第三，许多研究中国的论文，即使是最近发表的，现在已经过时了。

的中国过去20年的经济增长是爆炸式的。

在这段时间里，发生了许多变化地方，包括许多监管的变化和引入新的规则，影响公司治理在中国。

鉴于这些不足之处，本文的主要目的有两个:(一)对公司治理现状进行概述(二)指出和探讨公司治理在很大程度上是中国所特有的特点在本期特刊中，我们将为大家提供一个更新的中国公司治理观。

因此,我们也重要的是在适当的地方描述这些论文。

本文的其余部分如下。

在第二部分，我们提供了重要的制度背景资料的中国并讨论了中国公司治理的制度和监管环境。

在第三节,我们提供并讨论与公司治理相关的重要变量的汇总统计。

附录A附录B如何监测内部控制内部控制是任何组织有效运行的关键,董事会、执行长和内部审计人员都为实现这个企业的目标而工作;该内部控制系统是使这些团体确保那些目标的达成的一种手段。

控制帮助一个企业有效率地运转。

此外,运用一种有效的风险系统,风险可被降低到最小。

同时,控制促进经营和与经营有关的信息的可靠性。

全美反舞弊性财务报告委员会发起组织(COSO；1992) 在它发布的具有开创性的文件《内部控制整合框架》中,将内部控制定义为：企业风险管理是一个过程，受企业董事会、管理层和其他员工的影响，包括内部控制及其在战略和整个公司的应用，旨在为实现经营的效率和效果、财务报告的可靠性以及法规的遵循提供合理保证。

该委员会还指出,一个的内部控制的系统包括五个要素。

它们是：控制环境、风险评估、信息和沟通、控制活动、监控。

COSO的定义及五个要素已被证明确实对不同的团体,如董事会和首席执行官起到作用。

这些群体对内部控制系统的监管以及系统设计与运行有责任。

而且,内部审计人员已经发现COSO的指导是有用的。

这群人员可能会被董事会或管理层要求去测试控制。

COSO最近发布的一份讨论文件，指出五个要素监控,其中的五个要素的确定在1992 frame work COSO原本。

中国发展简报的题为《内部控制-整合框架：内部控制体系监督指南》(COSO，2007)。

在文件中,COSO 强调监控的重要性，以及这些信息常常被没有充分利用。

因为董事会、执行长,和内部审计人员都在一个公司的内部控制中扮演着重要角色，内部控制的各要素,包括监测,都对所有的团体有着非常重要的意义。

同时,外审计人员对监测有兴趣。

《萨班斯-奥克斯利法案》（2002）为外部审计师创建了一个新的监督体制。

所有的五个要素,包括监测,必须加以考虑。

另外,内部控制审计必须结合对财务报告的检查。

在一体化审计之前，在首席执行官的领导下，也许也在内部审计活动的支持下的管理，评估了内控制体系的有效性。

内部控制英文文献目录1. 内部控制管制对盈余质量的影响：来自德国的证据( March 2008 )The effect of internal control regulation on earnings quality: Evidence from Germany2. 内部控制制度如何影响财务报告？( Altamuro ，June 24, 2009)How Does Internal Control Regulation Affect Financial Reporting3. 财务报告内部控制缺陷的决定因素( Doyle ，May 15, 2006)Determinants of weaknesses in internal control over financial reporting4. 应计质量与财务报告内部控制( Doyle，January 24, 2007)Accruals Quality and Internal Control over Financial Reporting5. SOX 内部控制缺陷对公司风险与权益资本成本的影响( Ashbaugh-Skaife ，June 10, 2008) The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity6. 审计委员会质量、审计师独立性与内部控制缺陷( Zhang)Audit Committee Quality, Auditor Independence, and Internal Control Weaknesses7. 小企业受益于内部控制缺陷审计师认证吗Do Small Firms Benefit from Auditor Attestation of Internal Control Effectiveness8. 内部控制缺陷的决定因素( Jahmani)Determinants of Internal Control Weaknesses In Accelerated Filers9. 操控性应计项目能帮助区分内部控制缺陷和欺诈吗Do Discretionary Accruals Help Distinguish between Internal Control Weaknesses and Fraud10. 财务报告质量对债务契约的影响：来自内部控制缺陷报告的证据 ( Costello ，September 4, 2010) The impact of financial reporting quality on debt contracting: Evidence from internal control weakness reports11. 重大内部控制缺陷与盈余管理Material Internal Control Weaknesses and Earnings Management in the Post-SOX Environment12. 家族企业的内部控制( April 2013 )Internal Controls in Family-Owned Firms ()13. 内部控制质量对企业并购绩效的影响研究Study on the Impact of the Quality of Internal Control on the Performance of M&A14. 内部控制质量与信用违约互换利差( January 2014)Internal Control Quality and Credit Default Swap Spreads15. 家族企业内部控制：特征和后果Internal Control in Family Firms: Characteristics and Consequences16. 内部控制报告与会计信息质量：洞察”遵守或解释的“内部控制制度Internal control reporting and accounting quality ：Insight "comply-or-explain" internal control regime17. 内部控制报告与会计稳健性Internal Control Reporting and Accounting Conservatism18. 会计信息质量影响产品市场契约吗？来自政府合同授予的证据( March 2014 )Does Accounting Quality Influence Product Market Contracting? Evidence from Government Contract Awards19. 公司特征与财务报告质量：尼日利亚制造业上市公司的证据20. 内部控制情况与专家审计师选择The Association between Internal Control Situations and Specialist Auditor Choices21. 审计费用反应了控制风险的风险溢价吗( 2013-07 )Do Audit Fees Reflect Risk Premiums for Control Risk?22. 内部控制质量与审计定价Internal Control Quality and Audit Pricing under the Sarbanes-Oxley Act23. 内部控制缺陷与权益资本成本：来自萨班斯法案404 节披露的证据Internal Control Weakness and Cost of Equity: Evidence from SOX Section 404 Disclosures24. 内部控制缺陷与信息不确定性Internal Control Weaknesses and Information Uncertainty25. 重大内部控制缺陷与股票价格崩溃危险：来自404 条款披露的证据( May 2013 )Material Weaknessin Internal Control and Stock Price Crash Risk: Evidence from SOX Section 404 Disclosure 26. SOX 内部控制缺陷对公司风险与权益资本成本的影响The Effect of SOX Internal Control Deficiencies on Firm Risk and Cost of Equity27. 信用评级、债务成本与内部控制信息披露：SOX302 和SOX404 法的比较28. 萨班斯-奥克斯利法案对会计信息债务契约价值的影响The Effect of Sarbanes-Oxley on the Debt Contracting Value of Accounting Information29. 财务报告内部控制的不利意见与审计师解聘/辞职Adverse Internal Control over Financial Reporting Opinions and Auditor Dismissals/Resignations30. 新管理人员任命与随后的SOX 法案404 的意见Appointment of New Executives and Subsequent SOX 404 Opinion31. 萨班斯奥克斯利：有关萨班斯法案404 影响的证据Sarbanes-Oxley: The Evidence Regarding the Impact of Sox 40432. 内部控制有效性自愿披露的经济决定因素及后果：从首次公开发行的证据( March 2013 ) Economic Determinants and Consequences of Voluntary Disclosure of Internal Control Effectiveness: Evidence from Initial Public Offerings33. 非营利组织中内部控制问题的原因和后果The Causes and Consequences of Internal Control Problems in Nonprofit Organizations34. SOX 内部控制披露在公司控制权市场中的价值The Value of SOX Internal Control Disclosures in the Market for Corporate Control35. 内部控制缺陷与销售、一般的及行政费用的非对称性行为Internal Control Weakness and the Asymmetrical Behavior of Selling, General, and Administrative Costs36. 内部控制缺陷及补救措施披露对投资者感知的盈余质量的影响The Impact of Disclosures of Internal Control Weaknesses and Remediation on Investor-Perceived Earnings Quality37. 内部控制缺陷与美国上市的中国公司与美国公司的审计师SOX Internal Control Deficiencies and Auditors of U.S.-Listed Chinese versus U.S. Firms38. 内部控制信息披露与代理成本—来自瑞士的非金融类上市公司的证据( January 2013) Internal Control Disclosure and Agency Costs Evidence from Swiss listed non-financial Companies39. 萨班斯奥克斯利法案与公司投资：来自自然实验的新证据The Sarbanes-Oxley Act and Corporate Investment: New Evidence from a Natural Experiment40. 国内投资者保护、所有权结构与交叉上市公司遵守SOX 要求披露内部控制缺陷Home Country Investor Protection, Ownership Structure and Cross-Listed Firms 'Compliance with SOX-Mandated Internal Control Deficiency Disclosure41. 审计师对披露重大缺陷相关风险的看法Auditors ' Percenpsti o f the Risks Associated with Disclosing Material Weaknesses42. 交叉上市公司提供与美国公司相同质量的披露？来自萨班斯-奥克斯利法案302 条款下的内部控制缺陷信息披露的证据Do cross-listed firms provide the same quality disclosure as U.S. firms? Evidence from the internal control deficiency disclosure under Section 302 of the Sarbanes-Oxley Act43. 内部控制缺陷与并购绩效Internal Control Weaknesses and Acquisition Performance44. 萨班斯-奥克斯利法案302 条款下的内部控制缺陷对审计费用的影响The Effect of Internal Control Weakness under Section 404 of the Sarbanes-Oxley Act on Audit Fees45. 审计师对财务报告内部控制的评价对审计费用、债务成本及净遵从收益The Effect of Auditors ' Assessment of Internal Control of over Financial Reporting on Audit Fees, Cost of Debt and Net Compliance Benefit46. 上市公司披露的信息含量与萨班斯-奥克斯利法案Information Content of Public Firm Disclosures and the Sarbanes-Oxley Act47. 财务错报与股票市场的契约：从增发的证据Financial Misstatements and Contracting in the Equity Market: Evidence from Seasoned Equity Offerings48. 公司治理质量与SOX 302 条款下内部控制报告Corporate Governance Quality and Internal Control Reporting Under Sox Section 30249. 审计委员会质量、审计师独立性与内部控制缺陷Audit Committee Quality, Auditor Independence, and Internal Control Weaknesses50. SOX404 条款的影响：成本，盈余质量与股票价格The Effect of SOX Section 404: Costs, Earnings Quality, and Stock Prices51. 内部控制缺陷与银行贷款契约：来自SOX404 条款披露的证据Internal Control Weakness and Bank Loan Contracting: Evidence from SOX Section 404 Disclosures52. 审计师对财务报告内部控制的决策：分析、综合和研究方向Auditors I'nternal Control Over Financial Reporting Decisions: Analysis, Synthesis, and Research Directions 53. 应计质量与财务报告内部控制( Doyle ，The Accounting Review, forthcoming )Accruals Quality and Internal Control over Financial Reporting54. 业绩基础CEO 和CFO 薪酬对内部控制质量的影响The impact of performance-based CEO and CFO compensation on internal control quality55. 内部控制重大缺陷与CFO 薪酬Internal Control Material Weaknesses and CFO Compensation56. 财务报告内部控制缺陷的决定因素Determinants of weaknesses in internal control over financial reporting57. 内部控制与管理指南Internal Control and Management Guidance58. 2002 萨班斯-奥克斯利法案302 条款下内部控制缺陷的市场反应以及这些缺陷的特征Market Reactions to the Disclosure of Internal Control Weaknesses and to the Characteristics of thoseWeaknesses under Section 302 of the Sarbanes Oxley Act of 200259. 自愿报告内部风险管理和控制系统的经济激励Economic Incentives for Voluntary Reporting on Internal Risk Management and Control Systems60. 后萨班斯法案时代审计意见的信息含量The information content of audit opinions in the post-sox era61. 上市公司披露的信息含量与萨班斯-奥克斯利法案( April, 2010 )Information Content of Public Firm Disclosures and the Sarbanes-Oxley Act62. 信息摩擦如何影响公司资产流动性的选择？萨班斯法案404 条款的影响How do Informational Frictions Affect the Firm s Choice of A'sset Liquidity? The Effect of SOX Section 404 63. 已审计的信息披露给资本市场参与者带来利益是什么( December 19, 2013)What are the benefits of audited disclosures to equity market participants64. 诉讼风险与审计定价：公众股权的作用( January 7, 2013)Litigation Risk and Audit Pricing: The Role of Public Equity65. 萨班斯-奥克斯利法案对IPO 和高收益债券发行人的影响The Impact of Sarbanes-Oxley on IPOs and High Yield Debt Issuers66. 来自金融危机的公司治理的经验教训The Corporate Governance Lessons from the Financial Crisis67. 谁对企业欺诈吹口哨Who Blows the Whistle on Corporate Fraud68. 内部控制缺陷与现金持有价值Internal Control Weakness and Value of Cash Holdings69. 民族文化和制度环境对内部控制信息披露的影响The impact of national culture and institutional Environment on internal control disclosures70. 财务报告质量与权益资本成本之间联系的讨论：一些个人的意见( June 6, 2013)Some Personal Observations on the Debate on the Link between Financial Reporting Quality and the Cost of Equity Capital71. 使用盈利预测同时估计企业层面的权益资本成本和长期增长Using Earnings Forecasts to Simultaneously Estimate Firm-Specific Cost of Equity and Long-Term Growth72. 高管薪酬差距与权益资本成本Executive Pay Disparity and the Cost of Equity Capital73. 财务报告质量与公司债券市场(博士论文，Mingzhi Liu, 2011 )Financial Reporting Quality and Corporate Bond MarketsReferencesAboody, D., J. 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中小企业营销创新和产品创新外文文献翻译中英文（节选重点翻译）英文How do innovation culture, marketing innovation and product innovation affect the market performance of small and medium-sized enterprises(SMEs)?Hasan AksoyIntroductionIt is known that innovation has a significant impact on the performance of firms. Most studies that focus on the relationship between innovation efficiency and firm size only sought to understand the findings in terms of the improvement of market performance and the exploitation of new market opportunities. This specific relationship was further established for small and medium-sized enterprises (SMEs), as well as large companies. Because of their number and the significant share of the workforce involved, SMEs play a crucial role in the economies. Thus, strengthening the innovative aspects and knowledge of SMEs brings major opportunities, as innovation is a key to long-term competitiveness and promises further gains regarding private sector performance and economic development.In this light, this paper aims to contribute to the literature by providing a better understanding of the links between the layers ofinnovation and market performance. Equally, the study empirically tests the resource-based view (RBV) and is extended from Terziovski's work. In contrast to numerous previous studies that indicate market performance as a dimension of the firm's performance, this study provides a clearer view upon the relationship between the constructs of innovation that drive market performance.The first objective implies highlighting the importance of market innovation and innovation culture on product innovation in SMEs. Thus, it should be mentioned that innovation is significant at all stages of competition and creates wealth in the business environment for companies. Some researchers argue that small firms invest more in product innovation than they do in process innovation. Therefore, this study approaches only the effect of product innovation on market performance. Companies need to apply innovation culture in their practices, such as to allow them to succeed in terms of innovative products and services. It is creativity, empowerment, and change of organizational culture that drives innovation. Empirical evidence suggests that it is important to build, maintain, and promote a culture of innovation, if companies want to remain successful and create new products. However, despite the attention towards the topic of marketing innovation and innovation culture in the literature, previous research did not sufficiently analyzed the contribution of innovation culture and theimpact of marketing innovation on product innovation.The second objective of the study is to address the importance of marketing innovation strategies and product innovation when considering superior market performance. The primary idea behind this research is that marketing innovation is a prerequisite when trying to improve market performance. Marketing and product innovation strategies are the key contributors to market performance. Competitiveness has become an indispensable element of survival in the marketplace, while innovation activities create superior value and benefits, such as allowing a company to differentiate itself from its' competitors. SMEs can effectively use market innovation to sell differentiated products and services in complex environments. The innovation literature suggests that product innovation affects performance. In the research, the focus was on the influence innovative activities have on market performance. This study contributes to the present literature by revealing the manner in which the development of a unique innovation culture and marketing innovation provides SMEs with product innovation success. It also sustains that the creation of innovative marketing strategies and product innovation capabilities maintain superior market performance on the part of SMEs.The researcher theoretically approaches the fact that an RBV plays a major role in explaining and answering the following questions in the model. Firstly, to what degree do marketing innovation and productinnovation efforts influence the market performance of SMEs? Secondly, how does innovation culture impact on both marketing and product innovation in SMEs? Thirdly, to what degree do marketing and product innovation interact with each other to affect the market performance of SMEs? In this light, the SPSS Amos from listed Turkish SMEs was used to test the hypothesis.The study begins by discussing the literature and theoretical background of the model, followed by the description of the methodology and the examined samples and measures. The final sections present the results, while highlighting a critical review and possible avenues for future research.Innovation cultureThe findings in the literature indicate a significant relationship between culture and innovation [79], [80], [81], [82], [83]. Innovation is a crucial precursor to competition and generates wealth in the business environment [13], [14], [15]. However, the application of innovation is not easy to embrace without having a culture that encourages the organization to innovate [84]. Innovation occurs when firms motivate their employees to share their skills with the rest of the organization [47]. As such, values, beliefs, and behaviors are shared by organizational members in a manner that builds an innovation culture [85], [86]. This empowers company development and the obtaining of new knowledgethat improves the innovation [87], [88].Marketing innovationMarketing adds value to the sales interface and to the innovation performance of the company [103]. Market innovation focuses on developing the mix of a target market, while determining how companies can serve the target markets best [37]. It is also described as a progress in marketing mix [53], [61]. Nevertheless, innovation and marketing must go hand in hand. Innovation reveals the buyer's needs beyond the product, while marketing innovation has to evaluate customer value perceptions and generate opportunities for unmet customer needs, based on which companies may provide new innovative products [40], [104].Product innovation is significant in the marketing context because it attracts new customers by promising superior value and by enlarging market segments and product lines [91], [105]. Many studies support the positive relationship between marketing innovation and product innovation. For example, some indicate that marketing innovation has a positive effect on product innovation [106], [107]. Additionally, marketing innovation empowers the offer of cheaper and better quality products [108]. Marketing innovations produce a higher diversification of products [109], which helps companies expand their offerings, while acting as one of the important sources of competitive advantage [110]. As such, firms should use new methods and innovative marketing ideas topromote their products that are not well-known in the market [111].The marketing capability and innovation performance of companies are strongly related [112]. Innovation is also a significant function of marketing, as it is linked to firm performance. Thus, the remarkable interest on the part of researchers towards the ability of marketing innovation to increase firm performance is reasoned . Equally, marketing innovation has a positive effect on firm performance [117], [118] and an ability to improve, strengthen, and maintain the firm's competitive advantage.Product innovationAs innovation can be applied in different forms, the study regards product innovation as one of the significant types of innovation. There are several studies in the literature discussing product innovation . Product innovation is defined as the development and radical change in the performance attributes of the supplied product or service . The concept dominated most discussions on innovation; since it has the strategic importance to satisfy the customer's needs and enter into new markets. The innovation literature suggests that product innovation affects company performance. Despite SMEs' flexibility and ability to rapidly respond to market needs, the tendency for product innovation is higher in larger firms than is the case in smaller enterprises . Equally, while analyzing the SMEs associated with the development of productinnovation and the relationship between product innovation and firms' performance, a study reveals that the product innovation has a positive relationship with a firm's performance [. In addition, the positive relationship between new product development and performance is also supported.Discussion of the findings and conclusionInnovation is a prerequisite for being successful in a competitive environment. In SMEs, innovation culture is an important construct that can sustain product innovation and foster marketing strategies. As such, understanding marketing innovation can help to encourage product innovation and SME market performance. Terziovski's model ensures a framework for considering SME performance and the impact of innovation constructs on it. While building on this model, the present study considers in an empirical context how distinct layers of innovation can support SME market performance. The tests reported here indicate that innovation constructs support SME market performance.Theoretical implicationsThe study extends a model suggested by literature. In Terziovski's model, SME performance depends on strategies, capabilities, culture, relationships, and structure. In this paper, SMEs market performance depends on more focused constructs, in the form of innovation culture, market innovation, and product innovation.Thus, the findings of this study seek to bring several contributions to the literature with regard to organizational practices. It contributes to the overall understanding of market performance by analyzing the innovative structure of SMEs. The theoretical model investigates the relationships among innovation culture, product innovation, marketing innovation, and the market performance of SMEs. The findings show that innovation culture is an effective source of both marketing innovation and product innovation (H1aand H1b). Furthermore, there are some reasonable statements about these results. Firstly, innovation culture is a prior condition for achieving organizational, marketing, and managerial success in competitive markets. Although previous research revealed the importance of innovation culture in an organization, various questions remain regarding the relationships between innovation culture and the innovative marketing strategies of SMEs.SMEs' innovation culture not only positively impacts on marketing strategies, but also positively strengthens product innovation performance. When a firm's innovation culture is strong, it has the ability to sustain marketing strategies and foster the generation of new ideas and services to satisfy customers. Also, the creation of an innovation culture may help to develop the process of product innovation and performance.The study reveals that a marketing innovation strategy has a significant and positive relationship with both product innovation andmarket performance (H2a and H2b). In the same light, previous studies noted the important role of marketing innovation on market performance, business performance, and SME performance. However, this study extends previous research studies by testing marketing innovation in an integrated model, focusing on SME and market performance. New products are successful when the associated development and marketing activities are well performed. Nevertheless, potential customers know little about a product when it is initially released on the market. Therefore, companies need new tools to introduce and promote it, which will ultimately lead to marketing innovation.Numerous studies argued that product innovation plays a critical role in the development of new products, process efficiency, and sustained competitive advantage, in terms of extending market share. The findings show that product innovation has a significant and positive relationship with market performance (H3). Moreover, unique new products have the effect of enhancing performance.The results of the model highlight that innovation culture and marketing innovation in SMEs have a positive direct relationship with product innovation. The results of the study offer a valuable perspective for researchers, implying that innovation culture stimulates the SMEs to differentiate their organizational culture and products from those of their competitors. As such, the present study contributes to the innovationliterature by improving the understanding of the relationship between innovation and the market performance of SMEs. Mainly, it extends the understanding of the relationships between innovation and market performance by analyzing the impact of marketing innovation and product innovation.Managerial implicationsThe findings of the study point out some implications for managers in terms of the importance of SME marketing innovation strategies and product innovation, with regard to increasing the market share. Firstly, SMEs should improve marketing innovation to achieve a competitive advantage, by building an innovative culture within the company and following the trends. Marketing innovation is crucial for SME managers when it comes to creating new and unique products, and for attaining superior market performance.Secondly, the findings of the study also propose that SMEs should balance their investment in terms of an innovational learning culture, marketing, and innovation processes, as part of the pursuit of improving market performance. These results help managers to achieve superior market performance. Thirdly, SMEs should improve their product innovation capability, by investing in promotion techniques, and introducing innovative marketing programs within the company. Furthermore, SMEs should be responsive to this type of innovationresulting from their organization environment and marketing related activities, as improving such capability in order to encourage innovation can the develop market performance.As one can observe, the model described in the study opens the door for a new approach on the part of managers regarding the manner in which SMEs make use of marketing and innovative skills, ensuring successful market performance. Additionally, embedding an innovation culture in the organizational structure can support a higher level of marketing and product innovation. Thus, managers can guide employee behavior, conduct, and integrate their new ideas in such a way as to achieve better market performance outcomes.中文创新文化，营销创新和产品创新如何影响中小企业的市场表现？引言众所周知，创新对公司的绩效有重大影响。

《ZH中小型民营企业内部控制问题研究》一、引言在当今全球化和市场竞争激烈的环境下，内部控制已成为企业持续健康发展的重要保障。

对于ZH中小型民营企业而言，内部控制问题更是关系到企业的生存与发展。

本文旨在深入研究ZH中小型民营企业的内部控制问题，分析其现状、原因及影响，并提出相应的改进措施，以期为企业的稳健发展提供有益的参考。

二、ZH中小型民营企业内部控制现状目前，ZH中小型民营企业在内部控制方面存在诸多问题。

首先，内部控制制度不完善，缺乏科学、规范的管理制度。

其次，企业内部沟通不畅，各部门之间缺乏有效的信息传递与协作。

再者，内部审计与监督机制不健全，导致内部违规行为难以发现与纠正。

此外，员工素质参差不齐，部分员工对内部控制的认识不足，执行力度不够。

三、内部控制问题产生的原因ZH中小型民营企业内部控制问题的产生，既有企业内部原因，也有外部环境因素。

从企业内部来看，主要是管理制度落后、组织架构不合理、企业文化缺失等原因。

从外部环境来看，市场竞争激烈、法律法规不健全、政策支持不足等因素也对企业的内部控制造成了一定的影响。

四、内部控制问题的影响ZH中小型民营企业内部控制问题的影响是多方面的。

首先，影响企业的经营效率与效果，导致资源浪费、成本增加。

其次，增加企业的经营风险，可能导致企业陷入财务困境、法律纠纷等。

最后，影响企业的声誉与形象，降低市场竞争力。

五、改进措施针对ZH中小型民营企业的内部控制问题，本文提出以下改进措施：1. 完善内部控制制度：建立科学、规范的管理制度，明确各部门职责与权限，确保企业内部各项业务活动的有序进行。

2. 加强内部沟通与协作：建立有效的内部沟通机制，促进各部门之间的信息传递与协作，提高工作效率。

3. 健全内部审计与监督机制：设立独立的内部审计部门，加强对企业各项业务的监督与检查，及时发现并纠正内部违规行为。

4. 提高员工素质：加强员工培训，提高员工对内部控制的认识与执行力度，培养一批高素质、专业化的管理团队。

第 1 页共12 页目录引言：........................................................................ 错误!未定义书签。

一、内部控制制度概述 (3)二、企业内部控制的现状 (5)（一）企业内部控制体制不完善，造成多方工作不力 (5)（二）缺乏有效的内外部监督机制，对内控制度认识有片面性 (5)（三）审计执业规则制订滞后，致使外部监管的缺失 (5)（四）内控制度行为主体素质较低 (6)（五）过分强调内部控制防止目标，忽视内部控制的经营性目标 (6)（六）将内部控制与公司治理结构混同 (6)三、内控制度欠缺对于中小企业发展的影响 (7)（一）经营风险增大 (7)（二）企业融资困难 (7)（三）产权关系不明晰 (7)（四）利益分配机制失灵 (7)四、企业内部控制失控的成因分析 (7)（一）资本市场发育不完善，对内部控制信息缺乏接受力 (7)（二）公司内部缺乏制衡机制，对管理系统缺乏控制力 (7)（三）会计制度流于形 (8)（四）内部控制制度缺乏科学性和连贯性 (8)五、促进中小企业建立内控制度的策略 (8)（一）转变企业所有者的管理与发展观念 (8)（二）提高企业内控制度行为主体素质 (8)（三）建立有效的监督机制,确保内部控制制度有效实施 (9)（四）完善企业的公司治理机制,明晰管理权责 (9)（五）提高被控对象的受控度 (9)（六）把握授权的度 (9)结束语： (10)我国中小型企业内部控制问题研究[摘要] 中小企业作为我国经济结构重要组成部分之一,对国民经济发展至关重要,但这些企业目前所面临的问题依然严重,既有外部发展环境影响,又有内部发展因素尤其是企业的内部控制问题的制约。

缺乏内控制度影响了中小企业的经济效益,阻碍了中小企业的发展。

解决这一问题,必须研究中小内部控制制度目前存在的问题,企业缺乏内控制度带来的弊端,从而得出促进中小企业建立内控制度的策略。

本文档包括改专题的：外文文献、文献综述一、外文文献The Role of Banks in Small and Medium Enterprises Financing: A Case Studyfrom KosovoAbstractIn this study we investigate the impact of firm and entrepreneurship characteristics in small and medium enterprises (SME-s) investment finance through debt (bank loan). Data are gathered from interviews based on a self-organized questionnaire with 150 SME-s in Kosovo. Based on the econometric model of linear regression, key factors are identified which influence the investment growth financed by debt. The results indicate that there is mutual correlation among the firm's age, size, business plan, sector, number of owners, sources of financing and the investment growth financed from banks in Kosovo. Therefore, findings in this work suggest that the access to external sources of financing through bank loan is an important factor that influences the investment growth. The paper provides some important conclusions and implications for policymakers and entrepreneurs.Keywords: SME, entrepreneurship, financing through debt, investment, Kosovo1. IntroductionIt is explicitly accepted that SME-s present a pivotal element in the economic activity in both, developed and developing countries (Acs & Audretsch, 1990; Johnson & Loweman, 1995). Numerous authors from academic and professional world designate SME-s as generators of both, economic growth and overall social development (Audretsch & Klepper, 2000; World Bank Group, 2005; McMillan & Woodruff, 2002).The discussion of the relevant literature related to the access of SME-s to finance, as well as to investment finance is of particular importance (Krasniqi, 2007). According to Beck et al. (2007), the SME-s access to, and cost of, finances is quite often characterized as a major difficulty, up to the extent of 35 percent. It should alsobe stressed that the small firms come with more difficulty to loans, since they encounter higher transaction costs and higher premium risks, for they are more fragile and they offer lower collaterals (Beck et al., 2006). Audretsch and Elston (2006) also stress that small firms confronted higher financial difficulties than large ones. Similar conclusions can be found among other authors who have worked in this direction (Beck et al., 2006; Oliveira & Fortunato, 2006).Brinckmann et al. (2011) finds that small firms have higher limitations to access external sources of financing than bigger firms, and, thus, they become more dependent on internal funds for financing their investment needs. A major obstacle in financial markets to the access on finances by SME-s is also the asymmetry of information. Thus, based on Zhao et al. (2006), one from the major difficulties for accessing finance is the asymmetry of information among lenders and debtors; for instance, borrowers have private information on the firm that lenders do not possess. Because of their small size, short history and inconsistent accounting data, the issue of asymmetric information for SME-s becomes more serious (Deakins et al., 2008; EBRD, 1999; Pissardies et al., 2003; Klapper et al., 2002).Difficulties of this kind are expressed also among SME-s of Kosovo, as one from the last countries in transition. In spite of the fact that the SME sector in Kosovo is relatively new, it constitutes 98% of all the firms, thus representing a huge potential for generation of new jobs and for economic development of the country. Based on data of the World Bank (2010), the major obstacle to the development of SME-s in Kosovo is access to bank loans. Only 10% of investments made by SME-s are financed through bank loans, and above 85% of investments are financed from private sources (World Bank, 2010).Objective of this work is to empirically investigate the role and importance of the firms and entrepreneurship characteristics that influence the investment growth through debt finance (loans) in Kosovo. Therefore, the research question in this study is: How does the investment growth impact the performance of SME-s, by discussing the firm and entrepreneurship characteristics of the investment growth of SME-s in Kosovo?The organization of the work is as following: Part one discusses the context of the research, part two the theoretical aspect and the summary of literature. In part three we provide the research methodology and model. Part four contains the results and empirical findings. And, part five deals with the conclusions.2. Theory and Literature ReviewUntil now, there is no single and unique theoretical model that explains the financing of SME-s, which influences the performance of investments, their growth and development. The theoretical principles underlying capital structure can generally be describes in terms of the static trade off theory by Modigliani and Miller (1958), the pecking order theory (Myers & Majluf, 1984), managerial theory of investments (Marris, 1963; Baumol, 1967), agency theory by Jensen and Meckling (1976) and extended by Stiglitz and Weiss (1981).According to neoclassical theory of investments (M-M), which affirms the attitude on the irrelevance of the capital structure for the value of the firm, internal and external sources of financing are perfect substitutes. In the world of the perfect functioning of the market, the choice between financing through capital or debt is irrelevant. Therefore, the cost of capital and the market value of the firm are independent from the value of the firm (Modigliani & Miller, 1958). The theory of M-M is based on the following premises: there are no taxes, there are no transaction costs, there are no bankruptcy costs, the equal cost of debt for companies and for investors, symmetrical information in the market, there is no influence of debt in the profit of the company before interest and taxation.Modigliani and Miller (1958) modify their theory by introducing the tax on profit. In this case, the value of the firm is positively related to debt. After introducing the tax on profit in their analysis, they ascertain that the financial leverage increases the value of the firm, since the interest decreases the tax base (it is deduced from the business profit), and, therefore, we have savings which have the value of the interest. From this ascertainment, the value of the firm grows bigger, as the financial leverage increases, which means that the highest value of the firm is achieved if the burden of debt becomes 100%. In this way the firm attains absolute advantage, given that it isdefended from taxes.Scott (1972) emphasizes that 100% tax shield does not exist in reality, because of distress costs. Debt leads to legal obligation to pay interest and principal. If a firm cannot meet its debt obligation, it is forced in to bankruptcy an incurs associated costs (Fatoki & Asah, 2011). This theory, in fact, does not take into the consideration all the other factors, such as: the costs of the bankruptcy of the firm, the costs of the agency, the impact of debt in profit, the asymmetry of information, and, therefore, this theory is challenged by other theories (Harris & Raviv, 1991).Thus, the static trade off theory, which is based on the M-M theory and is its complementary, except savings from the tax on profit, incorporates into the discussion also the cost of bankruptcy, such as: judicial taxes, attorney costs, administrative costs, and, also, the agency costs (the firms managers damage the interests of the creditors by working in the interest of shareholders), and this can reduce the value of the firm (Jensen and Meckling, 1976). This theory is, in fact, the dominant theory regarding the determination of the financial structure of the firm, and it is founded on the premise that it is the firm that chooses how much it will be financed from debt, and how much from the capital, by balancing the cost of profits. According to this theory, the optimal level of the structure of capital is the one which equates the profit and costs from debt.According to pecking order theory, the firm initially prefers internal sources of financing to external ones, and, regarding external sources, they prefer debt to capital (Donaldson, 1961). Thus, initially we have the use of accumulated profit, amortization, debt, and, finally, the equity capital. According to this theory, the firms finance their investment requirements based on a hierarchic order. This can direct also to existence of the asymmetry of information between managers (insiders) and investors (outsiders). As a result of this, managers have more information then investors (Myers & Majluf, 1984).Based on the agency theory, Stiglitz and Weiss (1981) present the problem that, as a consequence of asymmetrical information, occur between managers and shareholders, on one hand, and the problem among shareholders, managers andcreditors, on the other. They argue that only SME-s knows the real financial structure of their own, the real strength of their investment projects and the tendencies for settling up the debt, and, therefore, the firm possesses superior private information (Mazanai & Fatoki, 2012).3. Hypothesis3.1 Business PlanAccording to Guffey, the business plan is a necessary requirement at the beginning of business, and it is used as an important element to acquire financial support during application to banking institutions (Guffey, 2008). An increase in the level of skills of those who are looking for credits in the compilation of business plans, will increase their opportunities to have properly prepared documentation, and to have a clear idea on the course of their business. According to Maziku (2012), the asymmetric information between the debt-seeking SME-s and the bank, is reflected in the incapability of the majority of SME-s to provide consistent financial data and real business plans, which increases the operational cost during the decision making for permitting the loans by the a bank (Maziku, 2012). Thus, the business plan does not have an impact only in reduction of operational costs, but it is also a key instrument in the decision making regarding the use of banking loans by the firms (Zhang, 2008; Madura, 2007). This is valid particularly for start-up businesses.Therefore, the following hypothesis is generated:H1: SME-s which have business plans are more likely to use bank loans than SME-s without written business plans.3.2 The Growth of the FirmThe growth of SME-s depends on the level of investments. The growth of SME-s can be measured in different ways, including the growth of sales, profits, or number of employees (McPerson, 1996). We measure this variable through the growth of the number of employees.The ability of SME-s to grow depends on a large measure from their potential to invest in the restructuring and innovations. All these investments require capital, that is, they require access to finance (Mazanai & Fatoki, 2012). According to Ganbold(2008), in a research of the World Bank, one among the key difficulties in the growth of the firm is access to financial services, which reflects in economic growth, employment generation, and reduction of poverty in the developing countries (Ganbold, 2008). Based on the theory of firm growth (Jovanovic, 1982), new enterprises grow faster, which means that these have to invest more.Therefore, the following hypothesis is generated:H2: SME-s that grow faster invest more than those with low level of growth.3.3 GenderIn the professional literature there are contradictory opinions regarding the impact that gender of the owner of the firm has into the access to finance. While a group of thinkers assert that gender of the owner has an impact into the capital structure of the firm, the other group denies this, ascertaining that gender doesn't have any impact into the determination of the capital structure.On one hand, Abor (2008) argues that businesses owned by female owners use the debt (loans) less for different reasons, including discrimination and aversion to risk. Watson et al. (2009) emphasize that a key factor in determining the capital structure in businesses owned by female owners is their propensity towards not accepting risk from the desire to keep things under control. Female clients are more hesitant to seek loans, since they feel discriminated and discouraged (Kon & Storey, 2003).On the other hand, Coleman (2000) find that there ar no important differences in the use of debt (banking loan) between female and male owners, and that gender is not an important predictor of the financial leverage of the firm. Whereas, Irving and Scott (2008), analyzing 400 SME-s, and based on the questionare prepared by Barclays Bank, in the most surprising way ascertain that female have easier access to finance then male. Therefore, based on the findings reported above, the following hypothesis is generated:H3: The male owners of firms are more likely to use bank loans then the female owners of firms.3.4 Sources of FinancingThe larger participation of investment finance from internal sources of SME-s increases the probability for acquiring of bank loans, since the internal sources carry the opportunity cost of financing of the project. Thus, SME-s provide higher level of trust to banks, since, in the case of failure, the unexpected burden falls on SME-s themselves. In their research conducted in 16 countries of OECD, Japelli and Pagano (1994) ascertain that banks don't finance 100% of the property value in any of these countries, but they do that with a certain coeficient loan/property. This is not equal for all the countries, and it differs from country to country, starting from the minimum financing of 50% in Turkey and Greece, up to 95% in Denmark.Thus, authors Lee and Ratti (2008) and Ahn et al. (2006) reports negative relationship between debt and investments. This relationship is stronger among smaller firms. As the debt (loans) grows, the cash flow is increasingly used for settling up the loan and its interest. Consequently, firms fulfill their obligations to creditors with more difficulties, and, on the other hand, the possibility for new investments is reduced.Therefore the following hypothesis is generated:H4: The higher the internal sources of SME-s, the higher probability to acquire bank loans for investment finance.3.5 EducationEducation is one of the important factors that influence the growth of the firm. Therefore, the high level of human capital (education and experience) has a positive impact in the growth of the firm. The owners of the firm who are of young age and low level of education are more active in using the external sources of financing, in spite of the fact that higher education reduces the fear for refusing the loans. In the meantime the owners of more mature age and with higher education, the so called "wiser" ones, can be found as less interested for external sources of financing (V os et al., 2007). Therefore, the majorities of owners of SME-s prefer to keep the control and do not apply for external capital (Curran, 1986; Jarvis, 2000).Thus, the internal capital is the major source of financing the SME-s (Ou & Haynes, 2003). Rand (2007) finds also negative influence between education ofowners-managers and access to credit, arguing that owners-managers with higher education can understand easier that their requirements for credits can be refused. Therefore, these owners-managers are for this reason discouraged and hesitate to apply for loans. In their study on new firms, Hartarska and Gonzales Vega (2006) find that education does not have an important role in the decision-making of the banks for lending.Therefore, the following hypothesis is generated:H5: Owners/managers with high level of education use less bank loans for financing the investment requirements.4. Methodology4.1. Sources of DataThe organization of data gathering from the questionnaire was developed in the period March-July, 2012, and data processing based on the answers was conducted in November and December 2012. On this occasion, a database was developed, which includes characteristics of SME-s in general, and characteristics related to investments and their financing in particular. Data processing was conducted with the STATA software.The questionnaire is specially designed for this scientific research with 150 SME-s in Kosovo, and it includes years 2010 and 2011. The sample selection is made randomly, from database at the Agency for Businesses Registration in the Ministry of Industry and Trade of Kosovo, and it is stratified in three basic sectors, in order to reflect eventual changes among the production, trade and service firms. Interviews were conducted directly (face to face) with owners/managers, or financial managers of the firms.4.2 QuestionnaireThe questionnaire consisted of 4 major sections. The first section included data on the owner/manager of the firm, and general data about the firm (location, the year of establishment, type of activity, and qualification of owners/managers). Second section included the orientation regarding the development in the future as well as investments, and here are presented data regarding volume of investments, sources ofinvestment, the use of bank loans in realization of investments, conditions of financing, activities that are conducted during the realization of investments, and investment plans for the future. The third section covers information regarding business activities of the firms inside and outside of the country, that is, whether a certain firm imports or exports merchandise. The fourth section includes data regarding the business plans of the firms: possession of the business plan, its impact on the decisions of the banks. Information gathered from the questionnaire was important for determining the variables in the econometric model of linear regression.5. Survey ResultsBased on the results, we conclude that the regression linear model mentioned above is specified good, given that Adj R-squared 0.36, which shows that the variation in independent variables explains the variation in dependent variable for more than 36%. In addition, the statistical F-test, shows that all the independent variables, jointly, which are statistically significant, are different from zero.Also, the correlation analysis shows that the problem of correlation in independent variables is not present in our data, given that there no higher coefficients in our estimation. Also, the dependent variable has a normal distribution and does not represent a statistical problem that requires treatment.Based on the table 2, in which the results of the linear regression are presented, from nine independent variables, six are statistically significant with impact on the dependent variable, or on the investment growth.According to results, the variable business plan, is statistically significant and with positive sign. This means that the firms that have business plans, on average have investment growths that are bigger than those of the firms that do not have business plans. Similar ascertainments can be found among other authors who emphasize that the business plan serves as a mean for increasing financing from external sources (Zhang, 2008).The variable trade is statistically significant and with negative impact in the investment growth when compared with the firms that belong to the service sector. This has the meaning that services on average invest more than other sectors. Inaddition the variable production is also statistically significant and with negative impact on the increase of investments when compared with the firms that belong to the sector of services. This has the meaning that when compared with the services, the sector of production invests less than other sectors. Similar ascertainments for the case of Kosovo can be found in the work of the author Krasniqi (2010).The next variable no_own, which indicates the number of owners, is statistically significant and with positive impact, which means that the greater the number of owners, the greater will be the investments. We have also size_emp as a variable that shows the size of the firm expressed by the number of employees, and is statistically significant and with inverse impact on the growth of investments. This means that smaller firms have larger investment growths. This finding clearly reflects that as the number of employee's grows, the firms grow slowlier. This is in full accordance with findings of other authors (Audretsch & Klepper, 2000; Caves, 1998). These results are the same with other studies that oppose the Gibrat Law (Krasniqi, 2006; Harris & Trainor, 2005).The firm_age as an independent variable is statistically significant and with negative sign, which means that new firms grow faster than older firms. This ascertainment is in accordance with findings of many authors who ascertain that younger firms grow faster than the older ones, and, therefore, have higher investment growth (Woldie et al., 2008; Storey, 1994; Barkham et al., 1996).The gender of the owner of the firm in the presented model, as a variable is not statistically significant, which means that the owners of the businesses of both genders have the same probability to obtain bank loans for SME-s investments. These results are in accordance with the studies conducted by Kalleberg and Leicht (1991), who, in a study conducted with 300 firms in three sectors, ascertain that female owners were as successful as male owners. We find similar ascertainment in the study of 298 businesses in United Kingdom, which emphasizes that gender, is not a determinant for financing the business (Johnson & Storey, 1993). Coleman (2000) emphasizes that there are no important differences in the use of debt (bank loans) between males and females, and that gender is not an important predictor for financial leverage of thefirm.Finally, education represents a variable which is not statistically significant and has negative sign, which means that the level of education of the managers/owners doesn't impact external sources of financing (bank loans) for SME-s investments. This is explained by the fact that Kosovan SME-s suffer from permanent lack of capital, and on average the time frame of establishment is short and the means that are accumulated from the profits are insufficient for financing the investments. Therefore, the only alternative that remains to them is financing from banking credits, taking into the consideration that the capital market does not function in Kosovo, which causes that the possibility to use other forms of external financing is very difficult. Similar results can be found at Krasniqi (2010).6. ConclusionsIn this study we have investigated empirically the key factors of the firms and entrepreneurship which influence the increase of investment growth through bank loans. The data gathered by the self organized questionnaire with 150 SME-s in the entire territory of Kosovo for the years 2010 and 2011 are used to test the impact of certain factors in the increase of investments through the use of financial means from debt (bank loans). Based on the statistical analysis and the method of linear regression, key factors are identified as indicators that influence the growth of investments of SME-s in Kosovo.The findings of this work stress that the business plan is a factor with statistical importance which has positive influence in the access to the bank loans for financing the SME-s investment. This means that the firms that posses business plan and use it for seeking bank loans necessary for financing investments, on average have higher growth of investments than the firms who do not have a business plan.The variables trade and production are statistically significant, but they have negative influence in the growth of investments. This means that the firms that use bank loans for investment in the sector of trade and production, on average, have lower chance to grow, than firms in the service sector. This is an indicator that shows that the sector of services is more attractive in the aspect of investments of Kosovanfirms, than other sectors of the economy, and this results from faster returns of investments and, consequently, faster settling up of the bank loans.The next variable named as the number of owners also results positive and significant in the statistical aspect, which means that the larger the number of owners, the greater the investments. This is explained by the fact that in Kosovo firms have started to use other forms of organization that influence the growth of business and of firm, through larger number of owners who use investment as another opportunity for the growth and development of the firm.The size of the firm expressed by the number of employees results with inverse influence in the growth of investments, and is statistically significant. The meaning of this is that smaller firms have bigger growth of investment on average than other firms. This result is in accordance with other studies that oppose the Gibrat's Law for the case of Kosovo (Krasniqi, 2010). Similar results are attained regarding the variable the age of the firm, which is statistically significant and has a negative sign, which means that the younger firms invest more on average than older firms.Empirical evidence and findings in this work can be used as recommendations for a broad spectrum of users. The problems of asymmetric information between owners-managers and creditors (banks) are of particular importance. This represents a clear signal for policy makers to create conditions for favorable environment for stimulating the sources of external financing of SME-s in Kosovo, such as: the creation of the guarantee fund for SME-s, the increase of banking supply through licensing of new banks in the financial market, which will increase the competition between the existing banks, and which will, in turn, enable the improvement of the conditions of financing of SME-s, with the reduction of the interest, reduction of managerial costs, increase of the grace period, softening of the conditions for collateral, longer periods of use of financial means, particularly for SME-s that have longer investment plans. Also, in the institutional aspect, initiatives should be undertaken for the creation of conditions for development of entrepreneurial capabilities, and for other forms of cooperating networks of firms that will facilitate the growth of businesses in general, and investment growth in particular.二、文献综述中小企业融资研究文献综述摘要长时间以来，融资难问题都是制约中小企业长期稳定发展的最主要因素之一，各国学者对于中小企业的融资问题从本国范围和世界范围内进行了深入的研究,在此对国内外学者的研究成果进行了文献综述，主要内容包括：中小企业融资现状和制度环境分析；分别从内、外部原因以及信息不对称等原因分析中小企业融资难问题；第三部分是关于应对中小企业融资难问题的对策研究；最后给出关于中小企业融资难问题的建议。

中小民营企业内部控制研究中图分类号：f270 文献标识：a 文章编号：1009-4202（2013）02-000-02摘要随着我国市场经济不断发展和完善，整体企业制度也在不断的完善建立当中。

我国的中小企业内部控制管理也形成了一定的制度和规范。

但是整体管理和控制处于待发展阶段，整体管理工作上存在很多问题。

本文对中小民营企业内部控制的现状和存在问题进行了分析和研究，同时也提出了相应解决问题的对策。

关键词中小企业民营控制近年来我国经济不断发展，在整体企业的管理上，面临很多问题和挑战。

做好企业内部管理工作对于企业自身生存和整个经济环境的发展有着重要的意义。

企业的内部控制是指企业在内部的各个部门和工作人员之间进行业务处理的管理过程。

内部控制也是对企业内部各部门与员工之间的主要联系与管理的手段。

内部控制制度是企业内部业务运作过程中需要遵守的机制。

我国中小民营企业的内部控制还存在着一些问题，加强企业的内部控制制度建设，优化企业结构，减少管理漏洞，是我国中小型民营企业的主要管理工作的目标。

一、中小民营企业内部控制的现状1.内部控制制度不完善我国的中小型民营企业的内部控制与西方等国际上的控制相比，有很大的不足。

如，缺少一套完善的控制体制和控制系统，在企业运营中，控制环境难以满足内部控制的需求。

在内控工作进行当中，经营失败、会计信息失真等问题都随着内部控制工作的问题所产生。

控制环境是企业在建立或修改相应政策、流程等产生的各种因素，对于企业内部成员有着很大的影响。

控制环境之间影响着企业文化的塑造与形成，企业员工的自身意识，企业内部成员的工作自觉性，企业内部管理的效率等等。

中小民营企业内部控制制度不完善，难以形成一个从计划到实施和监督的整体规范的流程框架。

中小民营企业的管理者在管理方式上依然满足传统的管理模式，不能建立良好的自我约束和管理机制，在实际管理中造成工作难以开展。

企业的管理制度不完善也造成了在资产控制上不能全方位的发挥财务管理的效果，忽视了有形资产和无形资产的管理控制。

中英文对照外文翻译文献(文档含英文原文和中文翻译)原文：Effects Of Working Capital Management On Sme ProfitabilityThe corporate finance literature has traditionally focused on the study of long-term financial decisions. Researchers have particularly offered studies analyzing investments, capital structure, dividends or company valuation, among other topics. But the investment that firms make in short-term assets, and the resources used with maturities of under one year, represent the main share of items on a firm’s balance sheet. In fact, in our sample the current assets of small and medium-sized Spanish firms represent 69.48 percent of their assets, and at the same time their current liabilities represent more than 52.82 percent of their liabilities.Working capital management is important because of its effects on the firm’s profitability and risk, and consequently its value (Smith, 1980). On the one hand, maintaining high inventory levels reduces the cost of possible interruptions in the production process, or of loss of business due to the scarcity of products, reducessupply costs, and protects against price fluctuations, among other advantages (Blinder and Manccini, 1991). On the other, granting trade credit favors the firm’s sales in various ways. Trade credit can act as an effective price cut (Brennan, Maksimovic and Zechner,1988; Petersen and Rajan, 1997), incentivizes customers to acquire merchandise at times of low demand (Emery, 1987), allows customers to check that the merchandise they receive is as agreed (quantity and quality) and to ensure that the services contracted are carried out (Smith, 1987), and helps firms to strengthen long-term relationships with their customers (Ng, Smith and Smith, 1999). However, firms that invest heavily in inventory and trade credit can suffer reduced profitability. Thus,the greater the investment in current assets, the lower the risk, but also the lower the profitability obtained.On the other hand, trade credit is a spontaneous source of financing that reduces the amount required to finance the sums tied up in the inventory and customer accounts. But we should bear in mind that financing from suppliers can have a very high implicit cost if early payment discounts are available. In fact the opportunity cost may exceed 20 percent, depending on the discount percentage and the discount period granted (Wilner,2000; Ng, Smith and Smith, 1999). In this respect, previous studies have analyzed the high cost of trade credit, and find that firms finance themselves with seller credit when they do not have other more economic sources of financing available (Petersen and Rajan, 1994 and 1997).Decisions about how much to invest in the customer and inventory accounts, and how much credit to accept from suppliers, are reflected in the firm’s cash conve rsion cycle, which represents the average number of days between the date when the firm must start paying its suppliers and the date when it begins to collect payments from its customers. Some previous studies have used this measure to analyze whether shortening the cash conversion cycle has positive or negative effects on the firm’s profitability.Specifically, Shin and Soenen (1998) analyze the relation between the cash conversion cycle and profitability for a sample of firms listed on the US stock exchange during the period 1974-1994. Their results show that reducing the cash conversion cycle to a reasonable extent increases firms’ profitability. More recently,Deloof (2003) analyzes a sample of large Belgian firms during the period 1992-1996. His results confirm that Belgian firms can improve their profitability by reducing the number of days accounts receivable are outstanding and reducing inventories. Moreover, he finds that less profitable firms wait longer to pay their bills.These previous studies have focused their analysis on larger firms. However, the management of current assets and liabilities is particularly important in the case of small and medium-sized companies. Most of these companies’ assets are in the form of current assets. Also, current liabilities are one of their main sources of external finance in view of their difficulties in obtaining funding in the long-term capital markets(Petersen and Rajan, 1997) and the financing constraints that they face (Whited, 1992; Fazzari and Petersen, 1993). In this respect, Elliehausen and Woken (1993), Petersen and Rajan (1997) and Danielson and Scott (2000) show that small and medium-sized US firms use vendor financing when they have run out of debt. Thus, efficient working capital management is particularly important for smaller companies (Peel and Wilson,1996).In this context, the objective of the current work is to provide empirical evidence about the effects of working capital management on profitability for a panel made up of 8,872 SMEs during the period 1996-2002. This work contributes to the literature in two ways. First, no previous such evidence exists for the case of SMEs. We use a sample of Spanish SMEs that operate within the so-called continental model, which is characterized by its less developed capital markets (La Porta, López-de-Silanes, Shleifer, and Vishny, 1997), and by the fact that most resources are channeled through financial intermediaries (Pampillón, 2000). All this suggests that Spanish SMEs have fewer alternative sources of external finance available, which makes them more dependent on short-term finance in general, and on trade credit in particular. As Demirguc-Kunt and Maksimovic (2002) suggest, firms operating in countries with more developed banking systems grant more trade credit to their customers, and at the same time they receive more finance from their own suppliers. The second contribution is that, unlike the previous studies by Shin and Soenen (1998) and Deloof (2003), in the current work we have conducted tests robust to the possible presence ofendogeneity problems. The aim is to ensure that the relationships found in the analysis carried out are due to the effects of the cash conversion cycle on corporate profitability and not vice versa.Our findings suggest that managers can create value by reducing their firm’s number of days accounts receivable and inventories. Similarly, shortening the cash conversion cycle also improves the firm’s profitability.We obtained the data used in this study from the AMADEUS database. This database was developed by Bureau van Dijk, and contains financial and economic data on European companies.The sample comprises small and medium-sized firms from Spain. The selection of SMEs was carried out according to the requirements established by the European Commission’s recommendation 96/280/CE of 3 April, 1996, on the definition of small and medium-sized firms. Specifically, we selected those firms meeting the following criteria for at least three years: a) have fewer than 250 employees; b) turn over less than €40 million; and c) possess less than €27 million of total assets.In addition to the application of those selection criteria, we applied a series of filters. Thus, we eliminated the observations of firms with anomalies in their accounts, such as negative values in their assets, current assets, fixed assets, liabilities, current liabilities, capital, depreciation, or interest paid. We removed observations of entry items from the balance sheet and profit and loss account exhibiting signs that were contrary to reasonable expectations. Finally, we eliminated 1 percent of the extreme values presented by several variables. As a result of applying these filters, we ended up with a sample of 38,464 observations.In order to introduce the effect of the economic cycle on the levels invested in working capital, we obtained information about the annual GDP growth in Spain from Eurostat.In order to analyze the effects of working capital management on the firm’s profitability, we used the return on assets (ROA) as the dependent variable. We defined this variable as the ratio of earnings before interest and tax to assets.With regards to the independent variables, we measured working capitalmanagement by using the number of days accounts receivable, number of days of inventory and number of days accounts payable. In this respect, number of days accounts receivable (AR) is calculated as 365 ×[accounts receivable/sales]. This variable represents the average number of days that the firm takes to collect payments from its customers. The higher the value, the higher its investment in accounts receivable.We calculated the number of days of inventory (INV) as 365 ×[inventories/purchases]. This variable reflects the average number of days of stock held by the firm. Longer storage times represent a greater investment in inventory for a particular level of operations.The number of days accounts payable (AP) reflects the average time it takes firms to pay their suppliers. We calculated this as 365 × [accounts payable/purchases]. The higher the value, the longer firms take to settle their payment commitments to their suppliers.Considering these three periods jointly, we estimated the cash conversion cycle(CCC). This variable is calculated as the number of days accounts receivable plus thenumber of days of inventory minus the number of days accounts payable. The longerthe cash conversion cycle, the greater the net investment in current assets, and hence the greater the need for financing of current assets.Together with these variables, we introduced as control variables the size of the firm, the growth in its sales, and its leverage. We measured the size (SIZE) as the logarithm of assets, the sales growth (SGROW) as (Sales1 –Sales0)/Sales0, the leverage(DEBT) as the ratio of debt to liabilities. Dellof (2003) in his study of large Belgian firms also considered the ratio of fixed financial assets to total assets as a control variable. For some firms in his study such assets are a significant part of total assets.However our study focuses on SMEs whose fixed financial assets are less important. In fact, companies in our sample invest little in fixed financial assets (a mean of 3.92 percent, but a median of 0.05 percent). Nevertheless, the results remain unaltered whenwe include this variable.Furthermore, and since good economic conditions tend to be reflected in a firm’sprofitability, we controlled for the evolution of the economic cycle using the variable GDPGR, which measures the annual GDP growth.Current assets and liabilities have a series of distinct characteristics according to the sector of activity in which the firm operates. Thus, Table I reports the return on assets and number of days accounts receivable, days of inventory, and days accounts payable by sector of activity. The mining industry and services sector are the two sectors with the highest return on their assets, with a value of 10 percent. Firms that are dedicated to agriculture, trade (wholesale or retail), transport and public services, are some way behind at 7 percent.With regard to the average periods by sector, we find, as we would expect, that the firms dedicated to the retail trade, with an average period of 38 days, take least time to collect payments from their customers. Construction sector firms grant their customers the longest period in which to pay –more than 145 days. Next, we find mining sector firms, with a number of days accounts receivable of 116 days. We also find that inventory is stored longest in agriculture, while stocks are stored least in the transport and public services sector. In relation to the number of days accounts payable, retailers (56 days) followed by wholesalers (77 days) pay their suppliers earliest. Firms are much slower in the construction and mining sectors, taking more than 140 days on average to pay their suppliers. However, as we have mentioned, these firms also grant their own customers the most time to pay them. Considering all the average periods together, we note that the cash conversion cycle is negative in only one sector – that of transport and public services. This is explained by the short storage times habitual in this sector. In this respect, agricultural and manufacturing firms take the longest time to generate cash (95 and 96 days, respectively), and hence need the most resources to finance their operational funding requirements.Table II offers descriptive statistics about the variables used for the sample as a whole. These are generally small firms, with mean assets of more than €6 milli on; their return on assets is around 8 percent; their number of days accounts receivable is around 96 days; and their number of days accounts payable is very similar: around 97 days. Together with this, the sample firms have seen their sales grow by almost 13percent annually on average, and 24.74 percent of their liabilities is taken up by debt. In the period analyzed (1996-2002) the GDP has grown at an average rate of 3.66 percent in Spain.Source: Pedro Juan García-Teruel and Pedro Martínez-Solano ,2006.“Effects of Working Capital Management on SME Profitability” .International Journal of Managerial Finance ,vol. 3, issue 2, April,pages 164-167.译文：营运资金管理对中小企业的盈利能力的影响公司理财著作历来把注意力集中在了长期财务决策研究，研究者详细的提供了投资决策分析、资本结构、股利分配或公司估值等主题的研究，但是企业投资形成的短期资产和以一年内到期方式使用的资源，表现为公司资产负债表的有关下昂目的主要部分。

《民营中小企业内部控制研究》一、引言随着市场经济的不断发展和竞争的加剧，民营中小企业已成为我国经济建设的重要组成部分。

内部控制是现代企业管理制度的基石，它直接关系到企业的经济效益、企业信誉及社会影响力。

然而，在现实情况下，很多民营中小企业的内部控制仍然存在着一定的问题。

本文将对民营中小企业内部控制的重要性、存在的问题及其改进策略进行研究分析。

二、民营中小企业内部控制的重要性1. 提高财务管理效率：通过内部控制体系的建设，使企业的财务管理更加规范、高效，提高企业资源的利用效率。

2. 降低风险：内部控制有助于企业识别和评估风险，从而采取相应的措施降低风险，保护企业的资产安全。

3. 促进企业健康发展：完善的内部控制制度能够保证企业各项业务活动的正常进行，为企业提供稳健的运营环境，从而促进企业的健康发展。

三、民营中小企业内部控制存在的问题1. 内部控制意识薄弱：部分企业领导对内部控制的重要性认识不足，导致内部控制制度建设滞后。

2. 内部控制制度不健全：部分企业虽然建立了内部控制制度，但制度内容不完善、不科学，缺乏可操作性。

3. 内部控制执行不力：由于员工对内部控制制度的理解和执行不到位，导致内部控制制度形同虚设。

四、改进民营中小企业内部控制的策略1. 加强内部控制意识：企业领导应提高对内部控制重要性的认识，通过培训、宣传等方式提高员工的内部控制意识。

2. 完善内部控制制度：企业应结合自身实际情况，制定科学、合理的内部控制制度，明确各项业务流程和职责分工。

3. 加强内部监督与考核：建立健全内部监督机制，对内部控制制度的执行情况进行定期检查和评估，同时设立考核制度，对执行不力的员工进行相应的处罚。

4. 引入信息化手段：利用现代信息技术手段，如ERP系统等，实现企业资源的集成管理，提高内部控制的效率和效果。

5. 强化风险管理：建立完善的风险管理机制，对企业的各项业务活动进行风险评估和监控，及时发现并应对潜在风险。

ABSTRACT:Small and medium sized enterprises (SMEs) are playing an increasingly important role in the Chinese socialist market economy.摘要：中小型规模企业（中小企业）正发挥着越来越重要的作用，在中国社会主义市场经济。

Despite their importance to the Chinese economy, little is known about Chinese SMEs activities in internationalization markets.尽管它对于中国经济十分重要的，但中国中小企业在国际化市场活动却很少被知道。

Why and how do they internationalize? Do they behave in similar ways with SMEs from developed western economies?怎么样才能使得他们国际化？他们的行为方式与西方发达国家中小企业是否存在同样的方式？Or are they unique type of firm with different approach to internationalization?又或者是有独特类型的公司对于国际化有不同的做法吗？This thesis aims to study why and how Chinese SMEs go international and assess whether they conform to extant theories of internationalization.本文目的是研究中国中小企业为什么以及如何去国际评估它们是否符合国际化的现存理论。

It begins with an overview of the extant research in the discipline and is followed by a theoretical review of firm internationalization.它首先概述了现有的学科研究，其次是企业国际化理论述评。

企业内部控制英语论文Research on Stylistic Meaning of English WordsWritten by: Zhao XiaojuanSupervised by: Fu WeixianEnglish DepartmentSchool of Foreign StudiesAnhui Normal UniversitySeptember 20xx年长者或与说话者并不熟悉的时候才用：（1） Hi, Peter. Glad to meeting you here.（2） Good afternoon , Mrs. Green . How are you?另外，正式文体常借用介词和与该副词同根的词构成介词短语，而非正式文体则使用副词[9]：非正式文体：He spoke confidently.正式文体：He spoke with confidence.（三）非正式词汇非正式词汇较正式词汇而言，总体有两个特点：一方面，语言简洁；另一方面，给人以亲切感。

因此分正式词汇多用于非正式文体中。

这是因为非正式文体多用于家庭成员、好友等社会关系亲密的人士之间，或由一些特定的社会群体使用，如嬉皮士、下层社会人员、受教育程度低或喜欢标新立异者. 非正式文体的表现形式也可能用于正式文体.这些都要在语言的学习和运用中经常注意，使语言用得适当、妥切. 当交际双方的社会关系较为亲密、熟悉、随便，并处于相对平等的社会地位时，多使用非正式文体。

以下几个例子都可以看出非正式文体的一个特点，即简洁。

如：1). I took no notice of him so he flew into a rage.2). She cooks turkey the way her sister does.3). He prevented me going to the dance.从交际双方的社会地位身份来看，长辈对晚辈说话时常用随意的、非正式文体；晚辈对长辈说话则常使用客气的、正式的文体。

目录中小企业内部控制研究 (2)【摘要】 (2)【关键词】：中小企业，内部控制，解决方案 (2)【正文】 (2)一、引言 (2)二、中小企业内部控制的概述 (2)（一）中小企业的含义及经营特点 (2)（二）内部控制的含义及作用 (3)（三）中小企业内部控制的特点 (4)三、中小企业内部控制存在的问题 (4)（一)内部控制制度的有效性存在的问题 (4)(二）缺乏必要的风险评估手段 (5)（三）内部审计监督职能的局限性 (5)四、解决的对策 (6)（一）客观的解决方式 (6)(二)主观的解决方式 (7)(三）具体解决的方法 (7)五、总结 (9)【参考文献】 (9)中小企业内部控制研究金超【摘要】中小型企业是国民经济重要组成部分，也是中国特色社会主义经济体制的润滑剂，它推动着社会主义的进步。

随着社会主义经济的发展，内部控制问题也将越来越受到重视.强化中小型企业内部会计控制，对建立结构合理、内容完整、方法科学的内部控制标准体系具有重要的意义.本文通过对中小型企业内部控制的分析,结合中小型企业特征及其对内部控制的影响，提出中小企业内部控制所存在的问题，并阐述加强中小企业内部控制的具体对策。

【关键词】:中小企业,内部控制，解决方案【正文】一、引言目前,我国中小企业的内部控制，运行和有效性方面存在着诸多问题，如何解决这些问题现已成为在21世纪这个风起云涌的经济浪潮中不可懈怠的问题，本文主要就内部控制与中小企业如何相互结合进行论述,解决部分有关于内部控制有效性以及实施的问题.笔者对部分中小企业的观察中发现其内部控制的混乱最根本是由于企业管理层追求的利益但又不关注可持续性的长久利益所致.所以解决上述问题,实质上就是解决如何改变管理层对利益追求方式的模式，再辅以各种规章制度的结合。

二、中小企业内部控制的概述(一）中小企业的含义及经营特点中小型企业或中小企业，是指在经营规模上较小的企业,雇用人数与营业额皆不大，此类企业通常是由单一个人或少数人提供资金组成，因此在经营上多半是业主直接管理而较少受外界干涉。

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。

民营企业内部控制研究论文民营企业内部控制研究论文一、问题的提出改革开放以来市场经济不断发展为民营企业提供了良好大环境，使得民营经济发展迅速。

国有大型企业虽是我国经济支柱，但民营企业的破竹发展之势使其成为拉动经济发展创造市场活力的重要力量。

据工商联报告显示，民营企业吸纳就业人口达90%，对国民经济贡献率超过60%，可见民营企业对我国经济发展的作用之大。

民营企业随着发展开始不断寻求更为长远的目标。

从以往的家族式管理治理模式为主到现在逐渐融入现代企业管理制度。

随着民营企业的不断扩张，其发展中诸多问题开始显现，如用人制度不完善、内部控制不健全等，使得诸多民营企业因此陨落且普遍寿命较短。

国美控制权之争案例正是民营企业在逐渐融合现代企业制度发展过程中出现的一典型案例，其反映出民营企业在转型过程中面对的家族民营企业的原始风险以及创始人与经理人的控制权之争风险，为其他众多企业的转型改革敲醒了警钟，更加表明完善公司治理与内部控制对民营企业健康发展意义重大。

实际上，民营企业的公司治理与内部控制是密切联系的，完善的治理结构作为健全的内控机制的基础，是推动内控发展的重中之重；同时，完善的内控也是健全的公司治理的重要举措和环节。

因此，基于公司治理视角来研究民营企业的内部控制具有重要意义，是民营企业实现可持续健康发展的长远目标的关键。

二、公司治理与内部控制的耦合关系内部控制是指企业的董事会以及管理层等通过执行具有控制职能的程序来合理保证企业经营的效率效果等；公司治理是指企业董事会、监事会、所有者等重要关系之间的处理权责划分的一个制度安排。

内部控制与公司治理的有效耦合是民营企业能够有效应对转型期风险，提高经营效率和效果从而实现企业可持续健康发展的关键，耦合主要体现在以下几个方面。

1.理念的同源性—委托代理理论内部控制的本质就是基于企业的经营者与所有者之间的委托代理关系，是经营者接受所有者的委托，为了达到增强企业经营的效率效果、保证相关信息的真实公允等目的，即通过经营者的行为来满足委托人所期望的利益最大化，而开展的内控工作和采取的诸多管理活动等。

民营中小企业内部控制研究——以ZD公司为例民营中小企业内部控制研究——以ZD公司为例引言：内部控制是企业管理中不可或缺的一项重要工作，不仅可以帮助企业提高效率和盈利能力，还能有效预防和控制风险。

中小企业作为经济发展中的重要组成部分，其内部控制的完善程度直接影响着企业的发展和可持续经营。

本文通过对ZD公司的内部控制系统进行研究分析，探讨该公司内部控制的现状和问题，并提出一些建议，旨在为中小企业改善内部控制提供参考。

正文：一、ZD公司的内部控制现状ZD公司是一家民营中小企业，成立于2010年，主要经营IT软件开发服务业务。

在稳定发展的同时，公司面临内部控制问题。

首先，该公司的内部控制制度不完善，缺乏明确的规章制度和流程。

部门间信息沟通不畅，工作职责不明确，导致工作任务不顺畅进行，甚至出现任务遗漏和责任推诿的情况。

其次，ZD公司对财务管理重视程度不够，会计核算精度较低，财务报表编制不规范，财务数据准确性无法得到保证。

此外，由于员工流动性大、知识积累不足，很容易产生财务失误和安全风险。

二、ZD公司内部控制问题的原因分析1.企业规模小，人员资源有限。

中小企业由于规模相对较小，往往在人员资源方面存在一定限制。

对于ZD公司来说，人手不足导致核算和监控过程中的漏洞无法及时发现和解决，且人员异动较频繁，影响员工业务水平和专业知识的稳定积累。

2.企业文化宣导不到位。

对于内部控制的重要性和必要性的宣导是企业完善内部控制的前提。

在ZD公司中，对于员工的内部控制的培训和宣导不够，导致员工对内部控制理念的认同和遵从不够，提高内部控制意识的效果不明显。

3.缺乏有效的内部控制技术支持。

对于中小企业来说，引入合适的内部控制技术是提高内部控制效率和准确性的一个重要手段。

然而，由于预算和技术限制，ZD公司并未引入有效的内部控制技术，在内部控制过程中缺乏有效的支持。

三、改善方案和建议1.建立和完善内部控制制度。

公司应针对性地制定内部控制规章制度和程序，并根据实际情况进行调整和修订。