1、 外文翻译 原文 Financial information and the management of small private companies Material Source: Material Source: Journal of Small Business and Enterprise Development Volume 9 . Number 2 . 2002 . 100 110 Author:Jill Collis and Robin Jarvis This research is drawn from a survey of 385 private limited com
2、panies in the UK that fall within the 1999 EU size thresholds for a small company. Examines the use of financial information in small companies, as financial management is critical to their success and survival. The purpose of the research was to identify the sources and utility of financial informa
3、tion used and the results show that the majority of small companies adopt practices that include formal methods of planning and control. There is a strong emphasis on controlling cash and monitoring performance in the context of maintaining relationships with the bank. The most widely used and most
4、useful sources of financial information are the monthly/quarterly management accounts and cash flow information in various forms. Multivariate analysis reveals that the utility of the periodic management accounts is contingent upon the size of the business and the receipt of management advice from t
5、he auditor/accountant. The findings of this research have important manageria l implications for the directors and their advisers. Managerial and policy implications.Management should establish computerised accounting systems that aresufficiently flexible to meet their developing information needs.T
6、hose advising small companies on financial management should be wary of using a large company model to prescribe best practice, but rather to encourage practices to develop on a contingency basis. Members of the accounting profession responsible for the auditing and/orpreparation of accounts should
7、encouragepractices based on managements need for financial information. Qualitative research should be conducted to gain insights into how and when different types of financial information are used and what further information be provided that would be useful to management. Introduction， It has been
8、 recognised for many years that financial management in small enterprises plays a critical role in their success and survival (for example, Bolton, 1971; Birley and Niktari, 1995; Jarvis et al., 1996). During the 1970s and 1980s accounting theory was dominated by a normative approach based on a larg
9、e firm template and there was little attempt to rationalise what was happening in practice. In 1971 the Bolton Committee reported that financial management practices in small firms were deficient, a view that was echoed by many subsequent studies (such asLang, 1973; Lewis and Toon, 1986; Storey etal
10、., 1987; Nayak and Greenfield, 1994;Poutziouris et al., 1998a). Evidence of the normative approach is also found in the substantial literature that offers detailed advice to entrepreneurs, much of which Jarvis et al. (1996) argue is questionable since inmany cases it is based on a large company This
11、 paper is drawn from a large project funded by the Institute of Chartered Accountants in England and Wales (Collisand Jarvis, 2000) and focuses on financial management practices in a representative sample of small private limited companies inthe UK with a turnover of up to 4.2m (the1999 EU threshold
12、 for a small company).The purpose of the research was to identify the sources and utility of financial information. Used in order to contribute to the smallbusiness literature on this subject by reference to practice in the small company sector.on the other hand, cannot offer their shares tothe publ
13、ic and therefore have fewer shareholders and, like other forms of small business, are usually owner-managed (Bolton,1971; Carsberg et al., 1985; Poutziouris et al., 1998a). Thus, the information asymmetry that exists between external shareholders and those responsible for managing the company that l
14、eads to an agency relationship in public companies (Jensen and Meckling, 1976) and hence the need for audited accounts, is not significant in small companies. In addition to this difference in terms of delegation of control, operations in small companies are less complex than in large companies and
15、this too reduces the risk of internal and external moral hazard. Owing to the considerably reduced need to protect public interest in private companies, most private companies in the UK qualify assmall under company law. This entitles them to reduce the amount of financial information they disclose
16、and, at the time of writing, those with a turnover of less than 1m are not obliged to have their accounts audited. An audit requires the employment of an external auditor, who in the case of small companies usually prepares the statutory accounts and provides management advice(Page, 1981; 1984; Cars
17、berg et al., 1985). Inview of the influence of the accountant and the need to record information for the purposes of statutory financial reporting, it might be expected that the use of financial information in small companies would be relatively homogeneous or driven by financial reporting requireme
18、nts (Johnson and Kaplan,1987).Large and small firms also differ in terms of the strategies they pursue. Previous research shows that the founders of small enterprises have a variety of reasons for going into business (Gudgin, 1984; Kelly, 1987; Mason, 1989; Monck et al., 1990; Hussey and Hussey, 199
19、4) and that the owner-managers of small firms pursue a range of goals(Stanworth and Curran, 1973; 1976; Scaseand Goffee, 1980). Compared with large firms, they often place a higher value on autonomy, survival and stability than the pursuit of financial growth. Thus, they can be said to follow lifest
20、yle or satisficing strategies(Simon, 1960) with the aim of maintaining profitability and ensuring that the business continues as a going concern. Jarvis et al.(1996) point out that this major difference between large and small firms provides further support to the inappropriateness of comparing the
21、behaviour of small firms with practices in large businesses. Case study research by Perren et al. (1999)provides evidence that as a small business grows and the number of transactions increases, what had been appropriate informal and tacit control by the owner-manager gives way to more formal, deleg
22、ated processes of control. This pattern of behaviour is consistent with a contingency view of systems development. Such an approach suggests that the most expedient model is the one that is best suited to the particular circumstances of size, technology, etc. rather than a universal model (Lupton, 1
23、971). These conclusions corroborate the findings of other studies,which suggest that the sophistication of accounting systems is correlated with the size and age of the organisation (Pugh et al., 1969)and level of uncertainty within the business(Chapman, 1997).Ensuring that the business continues as
24、 a going concern is also important to lenders. The fundamental concern of most small entities and their financiers, not surprisingly, is survival(Murphy, 1996, p. 102).It is widely recognised that banks are the main source of finance for small businesses(Chittenden et al., 1994; Cosh and Hughes,1998
25、) as there is no effective capital market for small firms (Jarvis, 1996). This suggests that the owner-managers of small companies will wish to monitor their cash position closely in order to maintain good relations with lenders.The availability, frequency and ease of communication of management inf
26、ormation can be greatly enhanced through the use of information and communication technology(ICT). The majority of small businesses use computers (Chen and Williams, 1993;Fitchew and Blackburn, 1998; Poutziouriset al., 1998b). However, a recent qualitative study (Marriott and Marriott, 1999) demonst
27、rates that, although the use of computerised accounting packages may be widespread, greater use is made by owner-managers who considered that their financial skills are good. This supports the findings of research in large companies(Foster, 1975; Watts and Zimmerman,1986), which indicates that unsop
28、histicated users are less able to interpret financial information than users with accounting experience or education. Indeed, the principlethat financial information needs to be understandable if it is to be useful has now been formally incorporated in accounting theory (ASB, 1999). Thus, it might b
29、eexpected that the sophistication of the information produced by the management accounting system would be correlated with managements financial skills. Conclusions,It is considered that the positivist approach adopted in this study complements the phenomenological studies conducted on this topic by
30、 contributing up-to-date, generalisable evidence on many of the practices highlighted by previous research. The results both update and extend theliterature. The study identifies three main sources of financial information used in the management of small companies: (1) monthly/quarterly management a
31、ccounts; (2) cash flow information; and (3) bank statements. The latter are an external source of cash flow information provided by the bank that allows management to reconcile and monitor the cash position of the business. There is a strong emphasis on controlling cash and monitoring performance in
32、 the context of maintaining relations with the bank and evidence that the statutory accounts play an agency role in this relationship. A good relationship with the bank can ensure access to a line of credit and can decrease the cost of capital. Links between cash reserves/unused borrowing capacity a
33、nd the extent to which the cash position is monitored was not explored and may be a fruitful area for future research. Contrary to views expressed in much of the small business literature, the research provides evidence that financial management practices in companies of the size studied are relativ
34、ely sophisticated. The results provide evidence that the majority of companies adopt financial management practices that include formal methods of planning and control. In the main, information produced by the company itself is contingent upon the information required by management, but the ease wit
35、h which it can be generated depends on a computerised accounting system, which was found to be present in the majority of companies. The most useful sources of financial information are the monthly/quarterly management accounts and ca sh flow information, which are used by the majority of companies.
36、 Previous research has highlighted the importance of the external accountant as the main source of advice to small firms. The results of this study indicate that in the case of the tranche of small companies studied the preparation and provision of the statutoryannual accounts provides the opportuni
37、ty for this advice to be given. Financial management practices can be said to develop on a contingency basis, guided by the external accountant who is in a unique position toidentify the specific needs of the business. This is evidenced by the finding that the utility of the management accounts incr
38、eases in line with turnover and if the company receives management advice/recommendations from the accountant at theyear-end. The relationship between turnover and the utility of the management accounts is likely to be a matter of costs versus benefits:although the information may be perceived asben
39、eficial, the cost of its provision and utilisation acts as a constraint on its utility. An important conclusion from this study isthat, from a financial managementperspective, the behaviour of the owner-managers of the small companies studied does not match the large company template. This is highli
40、ghted in several ways in the sources of information and the utilisation of the information. It was found that small companies invariably rely on two external sources of information, namely the bank and the external accountant. In contrast, large businesses usually generate their own financial manage
41、ment information. In terms of utilisation of the information, it was found that the directors place a considerable emphasis on cash management and the management of their relationship with the bank. 译文 私营企业财务信息与管理 资料来源 : Journal of Small Business and Enterprise Development Volume 9 . Number 2 . 2002
42、 . 100-110 作者： Jill Collis and Robin Jarvis 这项研究是来自 于 调查的在英国 的 385 个私营 有限公司 ， 检查小公司使用财务资料 的情况。显然，财务 管理是其成功的关键和生存 。 该研究的目的是 查明 财务信息实用 的 使用，结果表明说，大部分小公司采取的 在维护和银行关系的情况下 包括正式的规划和控制方法 。 控制现金和 性能 监测 。 使用最广 泛和最有用财务信息的来源是每月 /每季管理帐目和各种形式的现金流量信息 。 多变量分析表明，该实用定期管理账户 的 是该企业的会计师。这个结果研究 对 董事 们及他们的顾问有重要的管理意义。 管理和
43、政策的影响 ， 管理部门应建立会计电算化系统，这一系统足够的灵活性以满足他们的发展信息的需求。这些小公司 表示在进行 财务管理 时 应警惕使用大公司 的 模式，订明最 适合 的做法，鼓励 实践 ，以 发展 一项应急基础。负责审计及 /或编制账目 的 会计专业成员 实际分析财务管理信息。 应进行定性研究 ， 洞察获得 的方法和时间，对 不同类型的 财务 信息使用 情况 和信息 中提供的有效的管理信息 。 这些年， 人们已经认识到财务管理 对 小企业的 生存和 成功起着关键作用（例如，博尔顿， 1971;伯利和 尼克特日 ， 1995 年 ;贾维斯等）。在 20 世纪 70 年代和 80 年代的会
44、计理论占主导地位规范办法 以 一家大公司 为 模板的基础上，并没有 合理说明 发生了什么 实际情况 。 1971 年，博尔顿委员会报告说， 在 小企业 中实践 财务管理有缺陷， 这 一种观点 的提出有许多学者呼应 （如郎， 1973 年 ;刘易斯和 托姆 ， 1986;斯托雷等人。 纳亚卡 保持和 Greenfield， 1994;Poutziouris等 1998 年）。证据 的 规范也 发现在企业家提供详细意见 的 大量文献 中 ， 如 贾维斯等 人 。（ 1996） 意见 是值得商 确 的，因为在很多情况下，它是基于 建立 一个大公司模型的最佳实践。本文是来自一个大型项目经费由学会在英格
45、兰和威尔士会计师（科利斯和贾维斯， 2000），侧重于有代表性的 财务管理 实践 ，以 英国私营有限责任公司 为 小样本 ，是 带有高达 420 万英镑的营业额（ 1999 年欧盟的一个小公司的 阈值 ）。本研究的目的是确定资金的来源和信息使用效 率 ，以促进小公司部门 对 这个问题的参考。 私营企业 ，不能提供股份 给公众 ， 而且 股东 很少 ，像其他形式的小业务，通常是 自己 管理（博尔顿， 1971 年 Carsberg 等， 1985， Poutziouris 等）。因此 ，股东跟管理者之间存在着信息不对称的情况， 这导致了 形成了 公共 代理 关系公司（ Jensen 和 Meck
46、ling， 1976）和因此， 需要受 审帐目， 这对小公司是没有意义的 。除了 不同于 控制代表团，在小公司操作 比在大公司操作要简单 ，这也降低了内部 风险 和外部道德风险。由于需要大大减少 民营企业被 保护公共利益的， 在英国的公司法中，很多民营企业拥有的资格很少， 这 使 他们减少 披露财务信息的数量 ， 在写信息的时候，少于 100 万英镑 的 营业额 ，是没有受审账户的责任 。审计工作需要外部审计师， 处理 小公司 案件 。 通常准备 法定 帐户，并提供管理咨询（ 1981; 1984; Carsberg 等）。在对会计的影响力和需要 为 法定财务报告记录的信息，它可以预料 财务信
47、息在 小公司的使用 情况， 将相对均匀或推动 对财务 报告 的需求 （约翰逊和卡普兰 1987年）。大企业和小企业在所追求的战略也各不相同。以前的研究结果显示，小型企业的创始人要 发展一项业务 有多种原因（ Gudgin， 1984;凯利， 1987 年 ;梅森1989 年，芒克等人。赫西和赫西， 1994 年）并且 小企业的 经理人追求的目标范围（斯坦 沃思和柯伦， 1973; 1976; Scase 和 Goffee， 1980）。相比大公司，他们往往 有 较高价值 的 自主权，生存权和比追求 财务 增长 更加稳定 。因此，他们可以按照生活方式或者说是 按照 令人满意的策略（西蒙， 196
48、0）与 以 维护 为 目的 的 盈利能力和确保业务继续 被 持续的关注。贾维斯等。（ 1996 年）指出，这主要区别 在 大型和小型企业 之间 进一步支持比较与小企业行为 的 不当在大 业务中 的做法。 如 Perren 等人 的 研究。（ 1999 年）提供的证据，作为一个小企业增长和交易数量增加，曾经是适当的非正式由业主和经理人控制正式的方式， 委托 控制过程。这种行为模式一致的系统查看应急发展。这种做法表明，最便捷的模式是一个最适合在特殊情形规模，技术等，而不是一个普遍模型（拉普顿，1971）。这些研究证实的结果，这表明， 和 复杂的会计制度是密切相关 ，以及 本组织的年龄（普格等。，
49、1969）和业务 水平 的不确定性（查普曼， 1997）。确保企业作为持续经营 对 贷款人同样重要。大多数小型实体的基本关怀和他们的金融家，毫无疑问，是生存（墨菲， 1996 年，第 102 页）。人们普遍认识到，银行是小型企业主要的资金来源（奇滕登等， 1994;。双曲余弦和休斯， 1998 年） ，因为没有有效的资本市场小型企业（贾维斯， 1996）。 这表明小公司 的 经理人 将要密切监视其现金状况 ， 为了 与 贷款人保持良好关系。管理信息 的实用 ，频 繁 和易 于沟通 可大大提高信息和通信技术使用 率 （信息和通信技术）。大多数的小型企业使用电脑（陈和威廉姆斯， 1993 年 ;Fitchew和布莱克本， 1998 年 ; Poutziouris 等。 1998 年）。然而，最近的定性研究（ Marriott and Marriott, 1999）表明，使用会计电算化 也来越 广泛，更多地使用是由经理人认为自己的财务技能都不错。这支持了在大公司 的 研究结果（福斯特， 1975;沃茨和齐默尔曼 1986 年）这表明，单纯用户不太能够解释 财务信息使用者 比会计信息 使用者更有 经验。事实上，财务信息需要 的 这是可以理解的，如果现在是有 用 的被正式纳入会计理论（ ASB, 1999）。因此，它
