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| 个人信息 |
| 姓 名： |
赖译员 [编号]:709 |
性 别： |
女 |
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| 擅长专业： |
贸易 |
出生年月： |
1985/11/1 |
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| 民 族： |
汉族 |
所在地区： |
广东 广州 |
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| 文化程度： |
本科 |
所学专业： |
英语（国际贸易） |
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| 毕业时间： |
39995 |
毕业学校： |
广东外语外贸大学 |
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| 第一外语： |
英语 |
等级水平： |
TEM8 |
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| 口译等级： |
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工作经历： |
1 年 |
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| 翻译库信息 |
| 可翻译语种： |
英语 |
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| 目前所在地： |
广东 广州 |
| 可提供服务类型： |
笔译 |
| 每周可提供服务时间： |
随时 |
| 证书信息 |
| 证书名称： |
全国高等学校外语专业英语专业八级口语 |
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| 获证时间： |
2009/6/1 |
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| 获得分数： |
合格 |
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| 证书名称： |
全国高等学校外语专业英语专业八级笔试 |
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| 获证时间： |
2009/6/1 |
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| 获得分数： |
合格 |
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| 工作经历 |
| 工作时期： |
2009/4/1--2009/4/1 |
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| 公司名称： |
广州西美化工国际有限公司 |
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| 公司性质： |
民营企业 |
| 所属行业： |
化工 |
| 所在部门： |
事业拓展部 |
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| 职位： |
实习生 |
| 自我评价： |
61557 阅读国外网站，在线搜寻国外潜在客户，输入客户资料完善公司客户管理系统
61557 通过国际长途电话，邮件向国外潜在客户推销公司的产品
61557 主动参加公司全体运动活动，并承担女单裁判
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| 笔译案例信息 |
| 案例标题： |
无 |
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| 原文： |
Access to capital
The 1971 Bolton report on small firms outlined issues underlying the concept of 'finance gap' (this has two components-knowledge gap-debt is restricted due to lack of awareness of appropriate sources, advantages and disadvantages of finance; and supply gap-unavailability of funds or cost of debt to small enterprises exceeds the cost of debt for larger enterprises.) that: there are a set of difficulties which face a small company. Small companies are hit harder by taxation, face higher investigation costs for loans, are generally less well informed of sources of finance and are less able to satisfy loan requirements. Small firms have limited access to the capital and money markets and therefore suffer from chronic undercapitalization. As a result; they are likely to have excessive recourse to expensive funds which act as a brake on their economic development.
Leverage
This is the term used to describe the converse of gearing which is the proportion of total assets financed by equity and may be called equity to assets ratio. The studies under review in this section on leverage are focused on total debt as a percentage of equity or total assets. There are however, some studies on the relative proportions of different types of debt held by small and large enterprises.
Equity Funds
Equity is also known as owners' equity, capital, or net worth.
Costand et al (1990) suggests that 'larger firms will use greater levels of debt financing than small firms. This implies that larger firms will rely relatively less on equity financing than do smaller firms.' According to the pecking order framework, the small enterprises have two problems when it comes to equity funding [McMahon et al. (1993, pp153)]:
1) Small enterprises usually do not have the option of issuing additional equity to the public.
2) Owner-managers are strongly averse to any dilution of their ownership interest and control. This way they are unlike the managers of large concerns who usually have only a limited degree of control and limited, if any, ownership interest, and are therefore prepared to recognise a broader range of funding options.
Financial Management in SME
With high spate of financial problems contributing to the high rate of failures in small medium enterprises, what do the literature on small business say on financial management in small businesses to combat such failures?
Osteryoung et al (1997) writes that "while financial management is a critical element of the management of a business as a whole, within this function the management of its assets is perhaps the most important. In the long term, the purchase of assets directs the course that the business will take during the life of these assets, but the business will never see the long term if it cannot plan an appropriate policy to effectively manage its working capital." In effect the poor financial management of owner-managers or lack of financial management altogether is the main cause underlying the problems in SME financial management.
Hall and Young(1991) in a study in the UK of 3 samples of 100 small enterprises that were subject to involuntary liquidation in 1973,1978,and 1983 found out that the reasons given for failure,49.8% were of financial nature. On the perceptions of official receivers interviewed for the same small enterprises, 86.6% of the 247 reasons given were of a financial nature. The positive correlation between poor or nil financial management (including basic accounting) and business failure has well been documented in western countries according to Peacock (1985a).
It is gainsaying the fact that despite the need to manage every aspect of their small enterprises with very little internal and external support, it is often the case that owner-managers only have experience or training in some functional areas.
There is a school of thought that believes "a well-run business enterprise should be as unconscious of its finances as healthy a fit person is of his or her breathing". It must be possible to undertake production, marketing, distribution and the like, without repeatedly causing, or being hindered by, financial pressures and strains. It does not mean, however, that financial management can be ignored by a small enterprise owner-manager; or as is often done, given to an accountant to take care of. Whether it is obvious or not to the casual observer, in prosperous small enterprises the owner-managers themselves have a firm grasp of the principles of financial management and are actively involved in applying them to their own situation." McMahon et al. (1993).
Some researchers tried to predict small enterprise failure to mitigate the collapse of small businesses. McNamara et al (1988) developed a model to predict small enterprise failures giving the following four reasons:
- To enable management to respond quickly to changing conditions
- To train lenders in recognising the important factors involved in determining an enterprise's likelihood of failing
- To assist lending organisations in their marketing by identifying their customer's financial needs more effectively
- To act as a filter in the credit evaluation process.
They went on to argue that small enterprises are very different from large ones in the area of borrowing by small enterprises, lack of long-term debt finance and different taxation provisions.
For small private companies, these measures are unreliable and textbook methods for judging investment opportunities are not always useful in organisations that are privately owned to give a true and fair view of events taking place in the company.
Thus,modern financial management is not the ultimate answer to every business problem including both large and small businesses.However,it could be argued that there is some food for thought for SMEs concerning every concept considered in this study. For example it could be seen (from the literature reviewed )that, financial records are meant to examine and analyse corporate operations. Return on equity, return on assets, return on investment, and debt to equity ratios are useful yardsticks for measuring the performance of big business and SMEs as well.
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| 译文： |
融资渠道
1971年博尔顿关于小企业的报告用＂融资差异＂的概念概述了问题所在. 这由两个部分组成-（债务知识差距受制于对合适来源，融资长劣势认知的缺乏，以及供给差距无效性，小企业负债成本远远超过大企业负债成本）小公司要面对一系列的困难.其要面对沉重的税收，贷款的高投资成本，对融资来源认知往往较少，满足贷款要求的能力也差.小公司进入资金市场受到限制，因此长期资金不足.所以，他们往往借助高价的融资，而这些对其经济的发展却有着阻碍的作用.
杠杆作用
杠杆作用是通常用来形容资本充足率的术语，资本充足率是由权益筹资的总资产的比例，也被叫做权益对资产比例.本章关于杠杆作用，主要着重于总负债占权益或总资产的比例.而且，还包含有大小型企业不同负债类型的相关比例.
股本资金
股本通常也被认为是所有者的股本，资金或资本净值.
Costand et al（1990）提出，＂大公司比小公司使用更高层次的举债筹资.这意味着相对于小公司来说，大公司对增股筹资的依赖性低.＂
根据融资顺序结构，在增股筹资方面小公司要面对两大问题.（1993,153页）：
1）小公司通常除了向公众发行额外的股别无选择.
2）物主经理强烈的反对任何降低其所有者权益和控制权的行为.
这种方法不似仅拥有有限的控制权和／或所有者权益的大众关注管理者，是用来为识别广泛的资金项目来做准备.
中下型企业财务管理
中小型企业财务问题泛滥，从而导致高失败率，关于小企业的文献著作对于应对如此失败，在财务管理方面又是怎么说的呢？
Osteryoung et al (1997)写到＂财务管理在整个企业管理上是一个决定性的元素，出于这一点，资产管理可能是最重要的.
长远来看，资产采购指引着，在这些资产生命中业务都会不断进行，但是如果公司不能够制定出适合的，有效管理其营运资本的计划，业务就没有长远可说＂ 实际上，资产所有者差的资金管理，或者缺少资金管理，都会成为中小型企业资金管理基本问题的主要原因.
Hall and Young(1991)通过对欧洲100家小企业中分别在1973,1978,1983年无意识的进入清算的三个例子进行研究，发现其失败的原因中，49.8%是资金本身问题. 在同一家小公司被访的正式接待者的观念里， 247个原因中86.6%是属于资金本身问题. 差或无资金管理（包括基础会计）与商业失败之间的正关联关系，据Peacock (1985a)，在西方国家是已经有记录的.
尽管用非常少几乎没有的内外部支持来管理小企业的各个方面，所有者紧紧在某些功能性方面有经验或受过培训，这一事实是被否定的.
某一学派相信＂运转很好的公司资金的运转就好象呼吸对于一个健康的人那样，进入无意识状.＂ 在没有融资压力或阻碍的情况下进行生产，市场开发，分配或者相关其他业务是有可能的.然而，这并不意味着财务管理就可以被小企业所有者所忽视，或者象大多数公司一样，把它交给一个会计来管理.
对于随便的观察者，无论其明显与否，在繁荣的小企业里，所有者本身就有一套资本管理原则，并能够有效的把其用到他们的自己的事务上＂McMahon et al. (1993)
一些研究者想通过预测小企业的失败来减轻小企业瓦解. McNamara et al (1988)通过以下四个因素来提出预测小企业的模型;
-使管理层对变化的情况进行快速反应
－对贷方进行培训，使其认识到决定一个企业成功与否的重要因素
－帮助借贷机构有效的识别其客户资金需求，其有助于市场开拓
－在信用评估过程中扮演过滤器的角色
他们争论到，小企业，相对于大企业来说，在借贷方面有着很大的区别，缺乏长远的债务融资和面对不一样的税收条款.
小私营公司，这些都是非常不可靠的，教科书评定投资机遇的方法在私有的，要求对公司事务给予真实公正的看法的机构并不总有用.
因此，现代财务管理，并不是对大小型企业业务问题的最终回答.但是，在这研究之中关于小型企业的各种理念是思想上的一些食粮. 例如，从文献中可以看到，资产纪录是检验，分析公司运营的.股本回报率，资产回报率，投资回报率，债务股本比是衡量大企业和小企业运营状况的码尺.
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