中小企业的财务战略【外文翻译】.doc

1、 外文 翻译 原文 Corporate Financial Strategy in SMEs Material Source: Proceedings of the World Congress on Engineering 2009 Vol II ， WCE 2009, July 1 - 3, 2009, London, U.K Author: Jaroslav Pavlek, Member, IAENG AbstractCompany strategy expresses a basic idea of how to reach company objectives. A whole ra

2、nge of models of strategic management are used in practice. The financial strategy plays an important role in corporate strategy. The paper develops a methodology of strategic model implementing into the category of micro, small and medium-sized enterprises (SMEs).Furthermore, the methodology recomm

3、ends procedures while solving an up-to-date worldwide task of the definition of the financial strategy. Index Terms financial strategy, company strategy, corporate planning I. INTRODUCTION This paper has been prepared for a Czech engineering company. The company was incorporated six years ago. Its c

4、ustomers are international legal entities. None of the customers has more than a seven percent share in the turnover of the company for reasons of risk distribution. II. PROBLEM SOLVED The company has no strategic financial management, and its turnover is decreasing. The definition of the financial

5、strategy should help the company to improve its position within the market. The company intends to invest into suitable properties to secure its expansion. In order to do so it is essential to prepare financial strategy that would verify objectivity of the specific investment. III. THEORETICAL CONCE

6、PTS USED Professional literature shows many various concepts,approaches and attitudes to strategic management 1-12.The inability to define one single concept of strategic management which would be ideal for all strategic decisions is based primarily on the fact that decisions are usually non-recurri

7、ng, and whats more they are often badly structured, and therefore they do not allow the evaluation of all relevant information.The basic strategic management conception applied in the paper was that by Miloslav Kekovsk and Oldich Vykypl5, based on the existence of a hierarchical system of mutually c

8、onnected strategies (see Fig.1). This clearly structures the complex issue of strategy formation. The concept defines basic terms, types and limitations of individual strategies and strategic levels, and outlines methodology for a specific type of enterprise including several specific examples. This

9、 fulfils the aspect of practicality of the concept. Analysis of the externalenvironment of thecompany (SLEPT,Porter) Key stakeholders expectations and Analysis of internalenvironment ofthecompany objectives related to the company Analysis of thecompanys Corporate Customers strategy Analysis of the c

10、ompanys competitors Analysis of the Analysis of the companys resources companys suppliers Key stakeholdersexpectations Analysis of the external Analysis of the and objectives related to the environment of the internal environment company and functional strategy company in view of the of the company

11、in view given functional strategy of the given functional strategy Functional strategy of the company The definition of the financial strategy runs from top to bottom so that the superior level determines the basic strategic objectives for its subordinate levels. The subordinate levels then develop

12、objectives into particular details on their level. This also secures feedback from bottom to top and verifies the objectivity of the strategic objectives determined on superior levels. IV. DEFINITION OF THE FINANCIAL STRATEGY The main company objective listed for the field of finance supports the se

13、lected corporate expansion and differentiation strategies. The external company environment must be analysed using SLEPT analysis with its outputs of potential threats and opportunities which might influence decisions about the defined financial strategy. To evaluate competitive advantages of the co

14、mpany in the financial field, we will use modified Porter analysis of the company field environment,which is commonly used to define corporate-business strategies. Processing Porter analysis for the need of financial strategy will be specifically focused on the identification of strategic measures w

15、hich, after its application in the financial field, will improve the position of the company in this field. The importance, power and effect of the relevant factors of the environment identified in this chapter will be arranged and evaluated. ETOP (Environmental Threat and Opportunity Profile) will

16、be used to process the results (see Tab I). Tab. II defines power of the individual stakeholders. TABLE I ENVIRONMENTAL THREAT AND OPPORTUNITY PROFILE ENVIRONMENTAL FACTOR SECTOR EFFECT Increasing the number of finance specialists O Fluctuation of the finance specialists - Shortage of qualified labo

17、ur T Employees wages in the financial field - Socio-economical Projected economic growth in the CR and the EU O Development of inflation - Development of the exchange rate: CZK / EUR - Increase in prices caused by the increase in T prices of raw materials and crude oil Decrease in profit taxation O

18、Employment of new technologies and equipment O Data protection T Technological Possibility of filing accounting data O Speed and volume of transmitted information O Slower influx of foreign investment T Political Protection of employees personal data - Legal compatibility with the EU O Time demandin

19、g procedures for selecting suppliers T Suppliers Suppliers do not represent a threat for SBU O High bargaining power of the customers T Customers Acquiring new customers by using references O Competition Threat of entry of new competitors is low O O opportunity T threat - neutral effect TABLE II THE

20、 DECISIVE STAKEHOLDERS Stakeholders Expectations Objectives and priorities of Power / satisfying the information needs Priority Owners - keeping the continuity of - increasing the value of the 1 the company and its company growth. - dividend yield - profits from selling shares Management - long-term

21、 prosperity - development of new products 2 - increasing the market share - increasing the total profit Employees - securing the work position - information about companys 4 - increase wages economic activity - further qualification Competition - lowering their competitive - lowering the market shar

22、e of the 5 ability company - lower company image Customers - lower prices - minimising purchase prices 3 - better service - the quality of logistic processes - purchasing goods for - reduction of the number of suppliers Suppliers - profits from the - information about solvency 6 cooperation - expand

23、ing cooperation - increase of deliveries Government - maximum tax collection - high company profit 7 - employing more people - high taxes The proposed strategy must accommodate the interests and needs of company owners, management and customers as much as possible (see Tab. II). The annual dividend

24、growth is a positive signal for the investors. Later, when deciding about accepting the financial strategy, these stakeholders can be more easily persuaded that the proposed strategy is in their interest. In the internal analysis we will identify and analyse those financial components that will be s

25、ubsequently included in the content framework of the proposed financial strategy. Financial strategy, as a functional strategy, is subject to the overall corporate strategy. Therefore, financial strategy includes profit distribution strategy, investment strategy,financing strategy and legal relation

26、s strategy. All relevant factors which were identified during the previous analysis will now be arranged according to their impact. In order to make a rational conclusion based on the analysis, we will have to carry out synthesis of the most important factors in a final SWOT table considering the fa

27、ct that some of the factors have similar consequences, and some are less important within the group than factors with the same effects. The result will not be overwhelmed by too many factors with similar effects or less importance than several dominant factors. Too many factors also make it more dif

28、ficult to propose measures which would improve the situation in the company. Defined objectives will be focused on the more distant future, and cover the time horizon of5-10 years. Each objective will be defined in consideration of the superior strategy and the results of SWOT analysis, e.g. which s

29、trong points/opportunities are used and which weak points/threats are eliminated. At the same time it is important to state the provision of each of the defined objectives (financial budget, personnel provision etc.), and each objective must be allocated a person accountable for the fulfilment of th

30、e objective, and a person checking the fulfilment. SWOT analysis (see Tab. III) defines the strong and weak points, threats and opportunities which include all outcomes of the previous analysis. When drawing up the proposal part all analytical outcomes and definitions of the financial strategy were

31、used so that strong company points and its potential opportunities were used whilst the weak points and factors representing future threats for the company were eliminated. V. IMPLEMENTATION PROCESS The proposed solution will help the company to implement its objectives in the field of financial str

32、ategy.The implementation process can be divided into two parts.The first, managerial part is based on the abilities of the implementation manager and his/her vision, company activation and support of the prepared proposals. The second, administrative part is based on the abilities of the company to

33、adopt and further develop the started process. The Implementation Manager will be the Company Manager, the Implementation Sponsor will be the Finance Manager and the Implementation Agent will be individual Heads of Departments and their subordinates will become the Implementation Target.The control

34、mechanism is an integral part of the implementation process of the strategy and it aims to achieve optimal results for the available resources within the company. VI. CONCLUSION The proposed solution will help the company achieve itsobjectives in the financial strategy field with respect to the obje

35、ctives determined by the corporate strategy. 译文 中小企业的财务战略 资料来源： Proceedings of the World Congress on Engineering 2009 Vol II，WCE 2009, July 1 - 3, 2009, London, U.K. 作者： Jaroslav Pavlek, Member, IAENG 摘要：公司战略最基本想法的表现为如何达到公司目标。在实践中，一系列的战略管理在使用。财务战略在公司战略中有着重要作用。这篇论文中提到了战略模型方法在微小型，小型和中型企业的执行。此外，方法论建议在解

36、决定义为现代的世界性的任务时根据财务战略步骤。 术语索引：财务战略，公司战略，公司计划。 1. 介绍 这篇论文是为捷克工程公司准备的。这家公司成立于六年前，它的顾客是 国际法律实体，在它的顾客当中没有一个享有超过公司营业额百分之七，是为了防止风险分布。 2. 解决的问题 由于没有财务战略管理，公司的营业额在减少。财务战略的订立将会帮助 改善公司在市场的位置。公司打算做适当的投资来确保公司的扩张。为了这样做我们一定要把财务战略设定得可行性比较高来确认客观的具体的投资。 3. 理论概念的使用 专业文献中提到了各种概念，态度和对战略 管理的态度。现在对于基于最 初的事实做出的战略决定还没有统一的概念

37、去定义什么是理想的战略管理，而且这些决定往往结构差劲，因此，这些决定不允许作为所有相关信息的估价。 Miloslav Kekovsk 和 Oldich Vykypl 在论文中发表了基本的战略管理应用的概念，以一个分层的系统相互联系的战略为依据。这个明确地构成策略形成的复杂的问题。这个概念定义了基本术语，类型，个人的局限性战略，战略的水平，概要方法论对一个具体企业类型包括几个具体实例。这个概念从多方面的实用性来实践。 分析公司的 关键投资者的预期和 外部环境 分析公司的 相关公司的目标 内部环境 企业 分析公司的 分析公司顾客 战略 竞争者 分析公司的资本 分析公司的供应商 鉴于关键投资者 分析

38、鉴于公司 分析鉴于企业 的预期和相关公 外部环境而制 内部环境而制 司而制定的职能 定的职能战略 定的职能战略 战略 公司的职能战略 财务战略的定义从上到下不一由于优越水平确定基本的战略目标而它的属水平。那时从属水平发展目标成为他们水平特殊的细节。这也保护了从底层到上层的反馈，检验在优越水平上作出的客观性战略目标。 4. 定义财务战略 在金融界列举的公司主要目标支持精选企业扩张和战略区别。外部公司环 境必定分析使用睡觉分析同潜在威胁的它的产出和可能影响决断关于确定财务战 略的机会。评价公司在金融领域的竞争优势，我们常常使用那些过去确定的公司战略经过修改以后的公司环境分析。处理分析为需要的财务战

39、略将特别关注识别战略的措施，在它的应用在金融领域后，会改善位置的公司在这一领域。 重要性，权力和影响的环境的相关因素鉴定将在这章安排，评估。 ETOP(环境威胁，机会剖面 )将习惯于处理结果 (见标签 I)。标签二确定个人的权力项目干系人项目利益相关者。 表一 环境威胁和机会剖面 环境因素 部门 影响 增加金融专家的人数 O 金融专家的波动 - 有经验的劳动力的缺乏 T 在金融领域的雇员工资 - 经济 预测在 CR 和 EU 的经济增长 O 通货膨胀的发展 - 汇率的发展 ：捷克克朗 /欧元 - 原材料和原油的价格增长造成价格增长 T 减少理论税收 O 引进新技术和装备 O 技术 数据保护 T

40、 归档会计数据的可能性 O 传输信息的速度和量 O 减慢外国投资的流入 T 政策 保护雇员的个人信息 - 和欧盟的法律兼容性 O 选择供应厂商所需的时间 T 供应商 供应商对 SBU 不是一个威胁 O 顾客的高议价能力 T 顾客 借助参考获得新顾客 O 竞争 新进入的竞争威胁减少 O O 机会 T 威胁 - 中立的影响 表二 决定性项目利益相关者 利益相关者 预期 目标和优先满足的信息需求 权力 /优先 所有者 -保持公司的连续性和发 增加公司的价值 1 -股息收益率 -出售股获益 管理者 -长期的繁荣 -新产品的开发 2 -增加市场份额 -增加利润总额 雇员 -保护工作职位 -关于公司的经济

41、活动的信息 4 -增加收入 -长远的条件 竞争者 -降低他们的竞争能力 -减少公司的市场份额 5 -降低公司形象 顾客 -降低价格 -最小化采购价格 3 -更好的服务 -后勤工作的质量 -购买货物后的维修服务 -减少供应商的数目 供应商 -合作获益 -有关偿付能力的信息 6 -增加交货数量 -扩大合作 政府 -最大税收征管 -公司高利润 7 -雇佣更多的人 -高的税收 提出的战略必须尽可能多的调和公司业主，管理者和顾客的利益和需求。每年的股利增长对投资者来说是一个积极的信号。后来，当决定接受财务战略时，这些利益相关者可以更容易被说服，战略的提出时为了提高他们的利益。 在内部分析时我们将鉴定和分

42、析那些后来包含在被提出财务战略的内容构造的财务成分。 财务战略，作为一个职能战略，是企业战略的主题。因此，财务战略包括利润分销策略，投资策略，金融战略，建立法律关系战略。 那些相关因素在以前的分析中被确定 的根据他们的效果将会被重新安排。为了在分析的基础上作出一个合理的结论，我们将不得不贯彻那些在表三中提到的因素综合起来，考虑到许多因素都有类似的后果，有同样影响的因素比那些在组内的要重要。根据很多有类似影响的因素或者比那些有优势的因素不重要的而得出的结论不会容易被推翻。很多因素让采取措施来改善公司的情况变得更困难。 确定目标将关注更加遥远的未来，涵盖了未来 5-10 年的时间范围。每个目标的确

43、定都要考虑优越的战略和 SWOT 分析的结果，使用优势或者机会，消除弱势或者威胁。同时很重要的是规定所确定的每个目标（财政预 算，人员规定等等），每个目标必须分配一个对该目标有责任感的人和一个校核的人。 SWOT 分析确定了优势和弱势，威胁和机会，包括所有以前分析的结果。当草拟出对分析结果的建议和财务战略的定义。 5.实施进程 提出的解决方案将会帮助公司在财务战略领域实现目标。实施过程可以分成两个部分。首先，管理部分基于执行经理的能力和他的先见之明，企业活力和精致建议的支持。其次，行政部分基于公司的采用能力和开端进程的长远发展。 控制机制是履行战略进程的一部分，它旨在公司内部利用有效资源获取最佳的结果。 6.结论 提出的解决方案会帮 助公司在财务战略领域实现它的目标 和有公司战略确 定的目标。