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对高科技中小企业实施的财务战略[外文翻译].doc

1、本科毕业论文(设计)外文翻译原文HIGHTECHSMESONTHEIMPLEMENTATIONOFFINANCIALSTRATEGYSCIENTIFICANDTECHNOLOGICALDEVELOPMENTOFSMESASTHEMAINBODYOFHIGHTECHINDUSTRIESISNOTONLYAMODERNECONOMICSYSTEM,THEMOSTIMPORTANTPART,BUTALSONATIONALECONOMICGROWTHANDAMAJORSOURCEOFCOMPETITIVEADVANTAGECOMPAREDWITHORDINARYSMALLANDMEDIUMENTERP

2、RISES,SCIENCEANDTECHNOLOGYHIGHTECHSMALLANDMEDIUMENTERPRISES,ANDMOSTAREHIGHTECHASTHESUPPORTTODEVELOPITSOWNPRODUCTBASED,SETRESEARCHANDDEVELOPMENTANDPRODUCTIONOPERATIONSINONE,WITHHIGHGROWTH,HIGHRISK,HIGHYIELDCHARACTERISTICSINTHENEWECONOMICSITUATION,TECHNOLOGYBASEDSMESHOWTOADAPTTOTHEENVIRONMENT,MAINTAIN

3、ACOMPETITIVEADVANTAGE,NOTONLYTHENEEDTOSTRENGTHENTHEDAILYMANAGEMENTOFSCIENTIFICPRECISION,BUTALSOWITHSTRATEGICTHINKING,THROUGHTHEUSEANDIMPLEMENTATIONOFFINANCIALSTRATEGIESTOPROMOTELONGTERMDEVELOPMENTFIRST,THEFINANCIALCHARACTERISTICSOFHIGHTECHSMESASHORTAGEOFFUNDSCHINASSMESINTHEPROCESSOFITSPRODUCTIONANDO

4、PERATIONISTHEGREATESTCHALLENGEFACINGTHESHORTAGEOFFUNDS,TECHNOLOGYBASEDSMESARENOEXCEPTIONFROMTHEMICROPERSPECTIVE,THEHIGHTECHSMESOWNLIMITATIONSINHIBITTHEIRCAPITALFLOWSFIRSTOFALL,HITECHSMES,ASSMESBECAUSEOFTHEIRSMALLSIZE,ASSETLESS,LACKOFCOLLATERAL,OFTENDIFFICULTTOOBTAINLOANSDIRECTLYSECOND,MOSTTECHNOLOGY

5、BASEDSMESINTHESTARTUPSTAGE,OPERATINGTIMEISNOTLONG,BUSINESSESAREOFTENCONCERNEDABOUTTHESURVIVALANDDEVELOPMENTISSUES,IGNOREDTHEACCUMULATIONOFOPERATINGDATA,OFTENTHEREISNODETAILEDSEQUENCEOFOPERATIONSPERFORMANCERECORDS,INCLUDINGBANKS,LARGENUMBEROFINVESTORS,ITISDIFFICULTTOMEASUREITSOPERATINGPERFORMANCE,VER

6、YCAUTIOUSONTHEIRCAPITALINVESTEDFINALLY,THEHIGHTECHSMESASASCIENTIFICANDTECHNOLOGICALENTERPRISES,SCIENCEANDTECHNOLOGYINTENSIVE,INTANGIBLEASSETSANDMOREDIFFICULTTOOBTAINTHEVALUEOFINTANGIBLEASSETS,RECOGNITIONOFORDINARYINVESTORS,THEREBYTOGIVEPEOPLETHEIMPRESSIONTHATINVESTMENTRISKSAFFECTINGINVESTORSPUTTHEIR

7、MONEYFROMAMACROPOINTOFVIEW,THEECONOMICDOWNTURN,PEOPLESINVESTMENTBEHAVIOROFMORECAUTIOUS,SCIENTIFICANDTECHNOLOGICALACCESSTOFINANCEFORSMESINTHEECONOMICBOOMPERIODSOFSOCIALCAPITALINGENERALDEMAND,OFTENMORETHANTHEOVERALLSUPPLYOFCAPITAL,SCIENCEANDTECHNOLOGYACCESSTOFINANCEFORSMESISNOTEASYBOPERATINGRISKS1INNO

8、VATIONANDTHEUNCERTAINTYOFTHEIROWNGREATRISKTOTHEBUSINESSHIGHTECHSMESWITHTHECHARACTERISTICSOFSCIENCEANDTECHNOLOGYENTERPRISESASASCIENCEANDTECHNOLOGYENTERPRISE,ITSOVERALLDEVELOPMENTSTRATEGYOFONEOFTHEMOSTIMPORTANTASPECTISTHROUGHCONTINUOUSTECHNOLOGICALINNOVATIONACTIVITIESTOCREATEASUSTAINABLECOMPETITIVEADV

9、ANTAGEINTECHNOLOGYANDMARKETTHEREFORE,FROMTHISPOINTOFVIEWCANBESAIDTHATINNOVATIONISTHEESSENTIALCHARACTERISTICOFHIGHTECHSMESTHISALSODETERMINESTHEGROWTHANDDEVELOPMENTOFSMESINTHEPROCESSOFSCIENCEANDTECHNOLOGYTHATTHEREAREALOTOFUNCERTAINTYFIRST,THETECHNOLOGICALINNOVATIONITSELFISAHIGHRISKINTHETECHNOLOGICALIN

10、NOVATIONPROCESS,INNOVATIVETECHNOLOGIESTOTHESUCCESSOFTHEUNCERTAINTY,TECHNOLOGICALUNCERTAINTYOFTHEFUTURE,TECHNOLOGICALADVANCESUNCERTAINTY,UNCERTAINTYOFPRODUCTIONANDALTERNATIVENEWTECHNOLOGIESEMERGINGTHATHAVEMADESMALLANDMEDIUMTECHTECHNOLOGICALINNOVATIONOFENTERPRISESHISMOUTH,AVERYHIGHRISKOFPREGNANCYSECON

11、D,THEMARKETINNOVATIONTOTHEENTERPRISEENORMOUSMARKETRISKHIGHTECHPRODUCTLAUNCH,MARKETACCEPTANCE,ACCEPTINGTIMEANDINTENSITYOFCOMPETITIONINSUCHASPECTSASTHEREISAHUGEUNCERTAINTY,THISUNCERTAINTYMAKESTHEBUSINESSDIFFICULTTOACHIEVETHEEXPECTEDPROFITSFINALLY,THEHIGHTECHPRODUCTSWITHASHORTCYCLE,CHARACTERIZEDBYRAPID

12、TECHNOLOGICALUPGRADING,PRODUCTUPGRADINGTHESPEEDOFFURTHEREXACERBATEDTHERISKOFTHEFORMERTWO2OPERATEINADEQUATECAPACITY,POORMANAGEMENT,LEADINGTOOPERATIONALRISKSHIGHTECHSMESINCHINAAREMOSTLYFOUNDEDMAINLYSCIENTIFICANDTECHNICALPERSONNELENGAGEDINHIGHTECHPRODUCTSPROCESSES,SERVICESRESEARCH,DEVELOPMENTANDPRODUCT

13、IONOFSMALLANDMEDIUMSCALEENTERPRISESTHEMANAGERSOFTHETECHNICALADVANTAGES,BUTTHEMANAGEMENTISOFTENBACKWARDFIRST,THELACKOFCRITICALSCIENTIFICANDTECHNOLOGICALMANAGEMENTOFSMALLANDMEDIUMENTERPRISES,MANAGEMENTAWARENESSAPATHY,MANAGEMENT,BACKWARDTHINKINGONTHEONEHANDMOSTOFTHEENTERPRISESOPERATEDBYENTREPRENEURSTHE

14、MSELVES,THEYAREGENERALLYTECHNICALLYVERYSTRONG,BUTLACKTHENECESSARYMANAGEMENTEXPERIENCE,RISKIDENTIFICATIONANDTREATMENTISOFTENNONPROCEDURAL,RELYINGSOLELYONINDIVIDUALDECISIONMAKINGOPERATORSINTHEEVENTOFPOORDECISIONSLEADTODISASTROUSCONSEQUENCESONTHEOTHERHAND,ENTERPRISESINTHESTARTUPSTAGEBYTHESTRENGTHANDCRE

15、DIBILITYOFTHERESTRICTIONS,ITISDIFFICULTTOABSORBTHEVOCATIONALEDUCATIONANDWELLEXPERIENCEDPROFESSIONALMANAGEMENTTALENTTHEREFORE,THERESULTOFTHESHORTAGEOFTALENTMANAGEMENTLEVELOFENTERPRISESCANNOTKEEPUPTHESPEEDOFBUSINESSGROWTHSECOND,THEINTERNALMANAGEMENTOFHIGHTECHSMESAREVERYFLEXIBLE,INFORMATIONTECHNOLOGY,W

16、IDELYUSED,THEIRPERFORMANCEEVALUATION,INCENTIVESYSTEMISVERYDIFFERENTFROMTRADITIONALBUSINESSES,INTERNALMANAGEMENTOFENTERPRISESAREOFTENNOTINPLACE,THEINTERNALOVERSIGHTMECHANISMISNOTPERFECT,RESULTINGININTERNALCONFUSIONINMANAGEMENTTHIRD,THEENTERPRISESFINANCIALSYSTEMISUNREASONABLE,THEACCOUNTSOFCHAOS,THEREI

17、SNOEFFECTIVEMARKETINGPLAN,ITISDIFFICULTTOACHIEVETHEDESIREDPROFITTARGETS,REVENUEHASGREATUNCERTAINTY,INCREASEDRISKSOFANENTERPRISECSMALLANDWEAKINSTRENGTH,RISKAVERSEPOORINADDITIONTOINTERNALCONDITIONSOFUNCERTAINTYOUTSIDETHESOCIALENVIRONMENTOUTSIDETHEENTERPRISE,ANDPOLITICALCONDITIONSCHANGEANDNATURALDISAST

18、ERSALSOWOULDPOSEARISKTOTHEHIGHTECHSMESHIGHTECHSMESFOUNDERSPIRITOFADVENTUREANDACTIONINRELATIONTOSMALLANDMEDIUMSIZEDENTERPRISESANADVANTAGE,BUTALSOMAKEENTERPRISESMAYFACEGREATERRISKANDTHESMALLSCALEHIGHTECHSMESAREWEAKINSTRENGTHTORESISTTHERISKOFCHANGESINTHEEXTERNALENVIRONMENTSIGNIFICANTLYWEAKERTHANLARGEEN

19、TERPRISESCOMPAREDWITHLARGEENTERPRISES,SUBJECTTOTHECONSTRAINTSOFITSOWNSIZEANDSTRENGTH,SCIENTIFICANDTECHNOLOGICALCHANGESINTHEENVIRONMENTFORSMESAFFECTEDBYTHEDEGREEOFINFLUENCEGREATERCONTROLOFENVIRONMENTALFACTORSISWEAKER,COMPANIESFACEAHIGHPROBABILITYOFRISKOFLOSS,ENVIRONMENTALCHANGEISMORELIKELYTOPRODUCTIO

20、NANDBUSINESSACTIVITIESOFSMESPOSEATHREAT,OREVENTHEBANKRUPTCYOFTHEENTERPRISEDTHEENTERPRISEHASAHIGHGROWTH,HIGHRETURNNATUREHIGHTECHSMESDEVELOPMENTANDPRODUCTIONOFHITECHPRODUCTS,ANDITSADDEDVALUE,GOODECONOMICRETURNS,WITHAHIGHERRATEOFRETURNATTHESAMETIME,DUETOTECHNOLOGICALLEADERSHIP,INTELLECTUALPROPERTYPROTE

21、CTION,LICENSINGANDOTHERFACTORS,ENTERPRISESHAVEACLEARMARKETADVANTAGES,ANDACCESSTOTHEEXTRAORDINARYSPEEDGROWTHSECOND,TECHNOLOGYBASEDSMESINTHEIMPLEMENTATIONOFFINANCIALSTRATEGYHIGHTECHSMESBOTHTHECHARACTERISTICSOFSMESANDTHESCIENTIFICANDTECHNOLOGICALENTERPRISES,THEREFORE,OFSMEFINANCIALSTRATEGYMUSTBEINTEGRA

22、TEDINTOITSOWNADVANTAGESANDDISADVANTAGESOFSMALLANDMEDIUMENTERPRISES,SCIENCEANDTECHNOLOGYENTERPRISESARECLOSELYLINKEDTOTHECHARACTERISTICSOFTHEFORMULATIONANDIMPLEMENTATION,INORDERTOENTERPRISESOVERALLDEVELOPMENTSTRATEGYTOPROVIDESUPPORTAFINANCINGSTRATEGYTOBROADENTHEFINANCINGCHANNELS,MODERATEDEBT,MAINTAINA

23、GOODCAPITALSTRUCTUREADEQUATESOURCESOFFUNDING,GOODWORKINGCAPITALISTHEFUNDAMENTALGUARANTEEFORTHEDEVELOPMENTOFENTERPRISES,FORHITECHSMES,INORDERTOMAINTAINTHEADVANCEDNATUREOFTECHNOLOGY,ASWELLASTHELEADINGMARKETPOSITION,MUSTMAINTAINASUSTAINED,SUBSTANTIALINVESTMENTINRESEARCHANDDEVELOPMENT,ASWELLASHIGHINTENS

24、ITYNEWPRODUCTMARKETDEVELOPMENTFUNDRAISINGSTRATEGYISTHEBUSINESSACCORDINGTOINTERNALANDEXTERNALENVIRONMENTALCONDITIONSANDTRENDSINTHEFINANCINGOFTHEOBJECTIVES,STRUCTURE,CHANNELSANDMETHODSANDSYSTEMSFORLONGTERMPLAN,AIMEDATTHEIMPLEMENTATIONOFBUSINESSSTRATEGYANDIMPROVELONGTERMCOMPETITIVENESSOFENTERPRISESTOPR

25、OVIDEARELIABLEGUARANTEEOFCAPITALHIGHTECHSMESISESSENTIALFORTHEFUNDRAISINGSTRATEGYCORPORATEFINANCINGSTRATEGIESTOMEETTHENEEDSOFENTERPRISEPRODUCTIONANDMANAGEMENT,TAKINGFULLACCOUNTOFRISK,RISKCONTROLINTHEAFFORDABLERANGEENTERPRISESAREFACEDWITHTHERISKOFMAINBUSINESSRISKSANDFINANCIALRISKSASMENTIONEDEARLIER,ON

26、THEONEHAND,SCIENCEANDTECHNOLOGYSMESBYSIZERESTRICTIONS,RISKTOLERANCECAPACITYISLOWONTHEOTHERHAND,HIGHTECHSMESOPERATINGRISK,FINANCIALRISKEFFECTSWOULDMAKETHEEXPANSIONOFBUSINESSTOBEARGREATERRISKSTHEREFORE,INORDERTOBALANCEANDCURBHIGHRISK,TECHNOLOGYBASEDSMES,THEFINANCIALRISKCONTROLSHOULDBEASMALLERRANGETHAT

27、THEENTERPRISESSHOULDMAINLYRELYONTHEOWNERRATHERTHANTHECREDITORTOPROVIDEFUNDING,PRIMARILYTHROUGHEQUITYFINANCINGTHEREFORE,BROADENINGFINANCINGCHANNELS,MODERATEDEBT,MAINTAINAGOODCAPITALSTRUCTUREISTHEFUNDAMENTALSCIENCEANDTECHNOLOGYSTRATEGIESFORSMEFINANCINGTHISSTAGE,THECONCRETECANTAKETHEFOLLOWINGMEASURES1S

28、TRENGTHENTHECREDITGUARANTEETOACHIEVEAMODESTLOANFINANCINGONTHEONEHAND,TECHNOLOGYBASEDSMALLANDMEDIUMENTERPRISESSHOULDSTRENGTHENTHEIRQUALITYCONSTRUCTIONANDFINANCINGTOIMPROVETHEIROWNCREDIBILITYINORDERTOOBTAINBANKLOANSCANALSOBECARRIEDOUTTHROUGHTHEESTABLISHMENTOFASTRATEGICALLIANCEFINANCINGALLIANCETOINCREA

29、SETHESIZEOFFINANCING,REDUCEFINANCINGCOSTSUNIONFUNDINGASFINANCIALINSTITUTIONSANDANUMBEROFSMALLBUSINESSESDONOTNEEDTODEALWITH,THEREBYREDUCINGCAPITALCOSTSOFSUPERVISIONOFFINANCIALINSTITUTIONS,BANKSWILLINGNESSTOENHANCECORPORATELOANSONTHEOTHERHAND,THEGOVERNMENTCANSETUPSMECREDITGUARANTEEFUND,THEESTABLISHMEN

30、TOFMUTUALGUARANTEEFUNDFORSMESTOESTABLISHAPERFECTASSESSMENTOFSMECREDITRATINGSYSTEMANDGUIDEITSNORMATIVEBEHAVIORWITHINTHEENTERPRISEFINANCIALMANAGEMENTANDOPERATIONALDECISIONMAKINGBEHAVIOR,TOIMPROVETHEIROWNCREDIBILITYANDACHIEVEAMODESTLOANFINANCING2ABROADABSORPTIONOFVENTURECAPITALINVESTMENTVENTURECAPITALI

31、SAHIGHINPUT,HIGHRISKEQUITYCAPITALINVESTMENT,WHICHISMAINLYINVESTEDINYOUNGINNOVATIVEENTERPRISESWITHTHECONTINUOUSDEVELOPMENTOFINVESTMENTS,ITWILLTHECORRESPONDINGCONTINUOUSADDITIONALINVESTMENT,ANDTHEAMOUNTOFVERYLARGE,ITSMAINPURPOSEISTHEDEVELOPMENTPROSPECTSOFINVESTMENTSANDASSETSOFVALUEADDED,GENERALLYDONOT

32、CHARGEUNTILTHEWITHDRAWALOFINVESTMENTDIVIDENDSONTHEOTHERHAND,VENTURECAPITALISAHIGHRISKINVESTMENTS,MAINLYFROMINVESTMENTSINHIGHRISKNATUREOFTHEDECISION,THESTATISTICSSHOWTHAT20OFTHEINVESTMENTWILLBEACOMPLETEFAILURE,AND30WILLLOSEPARTOFTHE30OFTHEPROFITANDLOSSBALANCE,ONLY20WILLBESUCCESSFULINVIEWOFTHECHARACTE

33、RISTICSOFVENTURECAPITAL,VENTURECAPITALISTSHAVEAFULLUNDERSTANDINGOFTHERISKSTHEYWEREWILLINGTOTAKEHIGHRISK,INORDERTOPURSUEHIGHGROWTHOFINVESTMENTTARGETS,INORDERTOOBTAINHIGHYIELD,WHILETHESCIENCEANDTECHNOLOGYFITSWELLWITHTHECHARACTERISTICSOFSMALLANDMEDIUMENTERPRISESASMENTIONEDEARLIER,DUETOTECHNOLOGYBASEDSM

34、ESINTHENEWTECHNOLOGYTOTRANSFORMTHEPROCESSOFINDUSTRIALIZATION,THEREISAHUGERISK,ANDTHEREFORETHEINVESTMENTRISKSOFSCIENCEANDTECHNOLOGYFORSMESISHIGHHOWEVER,THEHIGHRISKMEANSHIGHRETURNS,HIGHTECHPRODUCTS,ONCESUCCESSFULLYDEVELOPED,ITSVALUEWILLBECOMESEVERALTIMES,SEVERALTIMES,OREVENAHUNDREDFOLDINCREASE,ASWELLA

35、SLEADINGTHEFOREFRONTOFTECHNOLOGICALDEVELOPMENTBROUGHTABOUTBYEXCESSPROFITSAFTERTHESUCCESSOFTECHNOLOGYBASEDSMESTOATTRACTVENTURECAPITALISTHECHARMLIESINADDITION,THESMALLANDMEDIUMENTERPRISESARESMALL,THEGREATERSCOPEFORITSDEVELOPMENT,THESAMEAMOUNTOFINVESTMENTISLIKELYTOGETMOREBENEFITSSOMEVENTURECAPITALISTSA

36、LSOCANBEDONEBYASMALLCOMPANYINTOANINTERNATIONALBIGCOMPANIESTOREALIZETHEIRIDEALSRISKINVESTMENTSUCHHIGHINPUT,HIGHRISK,JUSTTHENATUREOFTHEPURSUITOFHIGHRETURNSFORHIGHGROWTH,HIGHRISKTECHNOLOGYBASEDSMES,THEURGENTNEEDFORFUNDS,THUSALLOWINGTHEHEALTHYDEVELOPMENTOFTECHNOLOGYBASEDSMES,PROVIDINGCONTINUOUSFINANCIAL

37、SUPPORTTHEREFORE,VENTURECAPITALFINANCINGFORSMESTOADDRESSTHESCIENTIFICANDTECHNOLOGICALPROBLEMSPROVIDESAEFFECTIVEWAY3TOCREATECONDITIONSFORRAISINGFUNDSFROMTHECOMMUNITYRAISEFUNDSBYOFFERINGTOTHECOMMUNITY,NOTONLYSCIENCEANDTECHNOLOGYCANENHANCETHEDEVELOPMENTPOTENTIALOFSMES,REDUCINGTHEPRESSUREOFCOMPETITION,B

38、UTALSOTHEINTERESTSOFTHEORIGINALSTRUCTURECANBEBROKEN,BREAKINGTHROUGHFAMILYMANAGEMENTCONSTRAINTS,ENHANCEPUBLICUNDERSTANDINGANDIMPROVEVISIBILITYATPRESENT,THECHINASECURITIESREGULATORYCOMMISSIONONCHINASSECURITIESMARKETHASUNDERGONEMAJORREFORMS,WITHCONSIDERABLESIZEANDSTRENGTHOFJOINTSTOCKSMALLANDMEDIUMENTER

39、PRISESCANBECONSIDEREDTHECREATIONOFCONDITIONSFORTHEISSUEINTHEMOTHERBOARDMARKET,EQUITYFINANCINGINADDITION,THEHIGHTECHSMESCANALSOENTERTHEBUSINESSVERSIONOFTHEWAYTHEFINANCINGINADDITION,THETECHNOLOGYBASEDSMESCANALSOALLOWINVESTORSTOPLANT,MACHINERYEQUIPMENT,MATERIALS,SUPPLIES,INTANGIBLEASSETSANDOTHERWAYSTOI

40、NVESTEMPLOYEESCANALSORAISEFUNDSTOEXPANDTHESCALEOFFUNDSINTERNALSTAFFFUNDRAISINGENTERPRISEINTHEDEVELOPMENTPROCESSNOTONLYTOEXPANDTHESCALEOFCAPITALPROVIDESANEWWAY,BUTALSOCLOSERTHERELATIONSHIPBETWEENWORKERSANDENTERPRISES,ENHANCECOHESIVENESS4MAKEFULLUSEOFRETAINEDEARNINGSHIGHTECHSMESTOTAKEFULLADVANTAGEOFRE

41、TAINEDEARNINGSASANENTERPRISEISANIMPORTANTSOURCEOFFUNDSHIGHTECHSMESSHOULDFOCUSONLONGTERMDEVELOPMENT,ASMUCHASPOSSIBLETOEXTRACTFROMTHEPROFITSOFANAPPROPRIATEPROPORTIONOFRETAINEDEARNINGSASADEVELOPMENTFUNDINORDERTOENSURETHESTABLEDEVELOPMENTOFENTERPRISESBTHEINVESTMENTSTRATEGYWITHTECHNOLOGYASSETS,MARKETDEVE

42、LOPMENT,ASWELLASINVESTMENTINHUMANRESOURCESANDSTRATEGICFOCUSONINNOVATIONANDINVESTMENTSTRATEGYHIGHTECHSMESTOACHIEVELONGTERMSUCCESSISTHEKEYTOTHECONTINUEDSTRATEGICINVESTMENTANDINNOVATIONCLOSELYTHUS,SCIENCEANDTECHNOLOGYINVESTMENTSTRATEGYFORSMESSHOULDBEBASEDONTECHNOLOGYASSETS,MARKETDEVELOPMENT,ASWELLASINV

43、ESTMENTINHUMANRESOURCESANDSTRATEGICFOCUSONINNOVATIONANDINVESTMENTSTRATEGYFIRST,SMESNEEDTOSTRENGTHENSCIENCEANDTECHNOLOGYINVESTMENTINTECHNOLOGYASSETSTECHNOLOGICALINNOVATIONISTHELIFEOFTHEHOSTTECHSMESTHERAPIDLYCHANGINGEXTERNALENVIRONMENTMAKESTHENEWPRODUCTLIFECYCLESBECOMESHORTER,THEENTERPRISESTECHNOLOGIC

44、ALADVANTAGEISDIFFICULTTOMAINTAINALONGTERM,INTHISCASE,THEHIGHTECHSMESMUSTINCREASEINVESTMENTINTECHNOLOGYASSETS,THROUGHTHESUSTAINED,HIGHINTENSITYRTHEOTHERHAND,EFFECTIVEMARKETDEVELOPMENTANDPROMOTIONALSODEPENDONTHEBUSINESSOFMARKETINGHIGHQUALITYTALENTTHEREFORE,HIGHTECHENTERPRISESMUSTBETHEGROWTHANDDEVELOPM

45、ENTOFHUMANRESOURCESTOPROVIDEAGOODWORKINGENVIRONMENTANDCONDITIONS,SUCHASTOPROVIDEGOODWAGESANDBENEFITS,PROVIDECOMPREHENSIVEEMPLOYEETRAINING,THEIMPLEMENTATIONOFEMPLOYEEPARTICIPATIONINBENEFITSPLANS,ETC,ASFORBUSINESSESTOATTRACTANDTOSTAYLIVEINHIGHQUALITY,HIGHLEVELPERSONNELCTHEINCOMEDISTRIBUTIONSTRATEGYSTE

46、ADYMODERATELOWINCOMEDISTRIBUTIONSTRATEGIESFORTHEHITECHSMES,INCOMEDISTRIBUTIONSTRATEGYNOTONLYTOMAKETHERATIONALALLOCATIONOFCORPORATERESOURCESCANBE,BUTALSOTOALARGEEXTENTTOMEETTHEREQUIREMENTSOFSTAKEHOLDERS,INPARTICULARTHENEEDSOFSHAREHOLDERSANDEMPLOYEES,WHICHREQUIRESCOMPANIESMUSTDEALWITHTWORELATIONSHIPST

47、HERELATIONSHIPBETWEENDIVIDENDSANDRETAINEDEARNINGS,CORPORATEINCOMEANDEMPLOYEEBENEFITSFIRSTOFALL,PROPERLYHANDLETHESHAREHOLDERSOFTHERELATIONSHIPBETWEENDIVIDENDSANDRETAINEDEARNINGSHIGHTECHSMESTOINVESTINTHEENTERPRISESSHAREHOLDERS,ISTAKINGAGREATRISKTHEREASONTHEYAREWILLINGTOTAKEHIGHERRISKSINORDERTOOBTAINHI

48、GHYIELDSTHEREFORE,ENTERPRISESINTHEDISTRIBUTIONOFPROFITSMUSTTAKEFULLACCOUNTOFTHENEEDSOFINVESTORS,THEREBYATTRACTINGMOREINVESTORS,THEFINALDEVELOPMENTANDEXPANSIONOFBUSINESSESONTHEOTHERHAND,THEEXTERNALENVIRONMENTOFRAPIDCHANGE,ASWELLASTHENATUREOFBUSINESSINNOVATIONDETERMINESITSNEEDFORCONTINUOUSHIGHINTENSIT

49、YTECHNOLOGICALINNOVATIONANDMARKETDEVELOPMENTACTIVITIES,WHICHREQUIREENTERPRISESTOEXPANDINTERNALACCUMULATIONANDACHIEVESUSTAINABLEDEVELOPMENTINTHISCASE,THEHIGHTECHSMESSHOULDTAKEAPRUDENTMODESTLOWINCOMEDISTRIBUTIONPOLICYMODERATEMODERATELOWINCOMEDISTRIBUTIONSTRATEGYREQUIRESCOMPANIESSHOULDBEMINIMAL,ACASHDIVIDENDPOLICY,ANDTHEMAINUSEOFSTOCKDIVIDENDS,STOCKREPURCHASEORACOMPLETEWAYOFRETAINEDEARNINGS,SOTHATHITECHSMESTHROUGHTHECASHFLOWNEEDEDTORETAINACCESSTOTHEDEVELOPMENTFUNDS,INVESTORSZEYITHEWAYCAPITALGAINSACHIEVEDHIGHGAINSSECOND,PROPERLYHANDLETHEBUSINESSBENEFITSANDEMPLOYEEINTERESTSFORTHEHITECHSMES,

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