1、 外文翻译 原文 Corporate Financial Strategy in SMEs MaterialSource:Zhe jiang Wan li University Foreign Language Database Springer Link Author: Jaroslau Paul Company strategy expresses a basic idea of how to reach company objectives. A whole range of models of strategic management are used in practice. The
2、 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 recommends procedures while solving an up-to-date worldwide task of t
3、he definition of thefinancial strategy. I. INTRODUCTION This paper has been prepared for a Czech engineering company. The company was incorporated six years ago. Its customers are international legal entities. None of the customers has more than a seven percent share in the turnover of the company f
4、or reasons of risk distribution. II. PROBLEM SOLVED The company has no strategic financial management, and its turnover is decreasing. The definition of the financial strategy should help the company to improve its position within the market. The company intends to invest into suitable properties to
5、 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 CONCEPTS USED Professional literature shows many various concepts,approaches and attitudes to strategic management 1-12.The inability to d
6、efine 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-recurring, and whats more they are often badly structured, and therefore they do not allow the evaluation of all relevant information.The ba
7、sic strategic management conception applied in the paper was that by Miloslav Ke kovsky and Old ich Vykypl5, based on the existence of a hierarchical system of mutually connected strategies. This clearly structures the complex issue of strategy formation. Theconcept defines basic terms, types and li
8、mitations ofindividual strategies and strategic levels, and outlines methodology for a specific type of enterprise including several specific examples. This fulfils the aspect of practicality of the concept. The definition of the financial strategy runs from top to bottom so that the superior level
9、determines the basic strategic objectives for its subordinate levels. The subordinate levels then develop 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. DEFIN
10、ITION OF THE FINANCIAL STRATEGY The main company objective listed for the field of finance supports the selected corporate expansion and differentiation strategies. The external company environment must be analysed using SLEPT analysis with its outputs of potential threats and opportunities which mi
11、ght influence decisions about the defined financial strategy. To evaluate competitive advantages of the company 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
12、 the need of financial strategy will be specifically focused on the identification of strategic measures which, 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
13、 in this chapter will be arranged and evaluated. ETOP (Environmental Threat and Opportunity Profile) will be used to process the results. Tab. II defines power of the individual stakeholders. The proposed strategy must accommodate the interests and needs of company owners, management and customers a
14、s much as possible. The annual dividend 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 th
15、ose financial components that will be subsequently included in the content framework of the proposed financial 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 analysi
16、s, we will have to carry out synthesis of the most important factors in a final SWOT table considering the fact 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
17、with similar effects or less importance than several dominant factors. Too many factors also make it more difficult 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 of 5-10 years. Each obje
18、ctive will be defined in consideration of the superior strategy and the results of SWOT analysis, e.g. which strong 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,
19、personnel provision etc.), and each objective must be allocated a person accountable for the fulfilment of the objective, and a person checking the fulfilment.SWOT analysis defines the strong and weak points, threats and opportunities which include all outcomes of the previous analysis. When drawing
20、 up the proposal part all analytical outcomes and definitions of the financial strategy were used so that strong company points and its potential opportunities were used whilst the weak points and actors representing future threats for the company were eliminated. V. IMPLEMENTATION PROCESS The propo
21、sed solution will help the company to implement its objectives in the field of financial strategy.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 prep
22、ared proposals. The second,administrative part is based on the abilities of the company to 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 Hea
23、ds of Departments and their subordinates will become the Implementation Target.The control mechanism is an integral part of the implementation process of the strategy and it aims to achieve optimal results for the available resources within thecompany. VI. CONCLUSION The proposed solution will help
24、the company achieve itsobjectives in the financial strategy field with respect to the objectives determined by the corporate strategy. 译文 中小企业的企业财务战略 资料来源 :浙江万里学院外文数据库 Springer Link 作者： Jaroslau Paul 公司战略表达了对如何达到公司目标的基本思路。一个具有战略管理的整个产品系列都 是 在实践中 被 使用。财务战略在企业战略中起着 十分 重要的作用。本文开发的战略为微型，小型和中小型企业（ SME）类实
25、现模式 方 法。此外，该方法的建议程序，同时解决了最新的财务战略的定义全球 性 任务。 1.导言 本文 采 用的是 捷克工程公司 的 案例 。该公司成立 于 六年前 ， 它的客户 都是国际法律实体 ， 没有 在该公司的风险 客户 表 中 分布，成交额百分之七以上 。 2.解决问题 该公司没有战略财务管理，其营业额 就逐渐 下降 。对财务战略的定义 研究有助于该公司改善其在市场的地位。该公司 进行了 合适的物业投资 以确保 自身的 扩张。为了 达到目标 ，必须编制财务战 略 来 核查 具体 的 投资客观性。 3.理论概念 许多 专业文献显示，不同的概念 、 方法和战略管理 无法定义一个战略管理
26、。这将是对所有的战略决策，是理想的单一概念，主要基于以下事实的决定 非经常性 。 结构性 往往 更重 要， 因此他们不容许所 有有关的资料搜集管理 及 基本战略构想的文件应用 评价是 利用 米洛柯基于策略的相互连接的等级制度 标准 。这显然 是 结构 战略形成的复杂问题。基本术语定义 类型 、 限制战略和战略层面，概述了特定类型的企业，包括一些具体的例子。这满足了 概念的实用性方面。 对财务战略的定义运行从上到下，使上级决定了其 下属层级的基本 战略目标。该下属各级进而发展成特定的细节上的水平目标。这也保证 反馈 是 从底部到顶部，并验证对上级确定的战略目标的客观性。 4.财务战略 解析 公司
27、 目标主要为金融领域列出所支持的企业扩张和差异化战略。外部环境必须分析公司具有 的 潜在威胁和机会， 其 可能会影响有关规定的财务战略决策分析。为了评估该公司的竞争优势，在金融领域，我们 将 研究 公司现场环境，这是常见的用来定义企业业务战略的分析。 波特对财务战略的需要 分 析集中在具体的战略措施后，其在金融领域的应用， 提高 了 该公司在这一领域中的地位。 重要性 权力是本 文 所确定的环境影响有 关 安排和评估 的因素。 ETOP（环境威胁和机会配置文件）将被用来处理结果 ，并且 标签明确了各个利益相关者的权力。拟议的战略必须适应公司的业主，管理 和客户 的需要。年度红利增长是投资者积极
28、的信号。 在谈及接受财务战略决定 时 ，这些利 益相关者可 能 更容易被 说服 来 提出 他们 的内部 战略分析 。 我们会发现 分析随后 的 建议 内容框架包括财务部分 的 财务战略。 所有这些均在前面 分析中确定的有关因素，现在 的 安排 是 根据其影响 力 。为了 在 一个合理的结论分析 基础上，我们将不得不在最后进行的 SWOT 考虑 这一 事实，即一些因素也有类似的结果 ，其由 表中的最重要 因素的合成，以及一些不太重要的不是集团内因素 。其结果将不会有类似的 淹没 效果 或小于几个主要因素的重要性。太多的因素 变得更加 具有决定作用 ，提出措施 以改善该公司的情况。 明确的目标将集
29、中在更遥远的未来，并覆盖了 5-10 年的时间跨度。每一个目标将被定义在考虑优越的战略和 SWOT 分析的结果 上 ，例如其中优势 或 机会的 使用，哪些薄弱点 或 威胁 需要 消除。同时，重要的是要在每个国家所定义的目标（财务预算，人员经费等）的提供，以及每项目标必须分配一个人对于目标的 责任 承担 力 ， 由 一个人检查落实。 SWOT 分析定义了优点和缺点，威胁和机遇 ，其中包括以前的所有分析结果。在拟订建议的一部分， 强大的公司使用所有的分析结果和财务战略定义 以 使 其潜在的机会点和薄弱点 具有 代表 性，否则 公司未来的威胁 会变得更大 。 5.执行过程 建议的解决方案将帮助公司实现在金融领域的实施过程中 战略 目标可划分为两个部分：第一，管理部分是基于对实施经理的能力和他 /她的远见，公司启动并支持编写的建议 ； 第二，行政部分是基于公司的能力 。 通过启动的进程 来实现 进一步发展。实施经理将公司的经理，实施保荐人将成为财务经理和执行机构将是他们的下属部门和个人首脑将成为实现 预算 控制机制是该战略的 实施进程的组成部分它的目的是实现现有资源范围内 的 最佳效果。 6.结论 建议的解决方案将帮助该公司实现 公司战略确定的目标，财务战略 管理合理应用对企业可持续发展具有促进作用 。
