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1、外文翻译原文FinancialmanagementandprofitabilityofsmallandmediumenterprisesMaterialSource:SouthernCrossUniversityAuthor:KieuMinhNguyen1.ObjectivesoffinancialmanagementLikemanyothermanagementsciences,financialmanagement,firstly,establishesitsgoalandobjectives
2、.Objectivesoffinancialmanagementarefoundationsorbasesforcomparingandevaluatingtheefficiencyandeffectivenessoffinancialmanagement.Thefinalgoaloffinancialmanagementistomaximizethefinancialwealthofthebusinessowner(McMahon,1995).Thisgeneralgoalcanbeviewed
3、intermsoftwomuchmorespecificobjectives:profitabilityandliquidity.*Profitabilitymanagementisconcernedwithmaintainingorincreasingabusiness’searningsthroughattentiontocostcontrol,pricingpolicy,salesvolume,stockmanagement,andcapitalexpenditures.Thisobject
4、iveisalsoconsistentwiththegoalofmostbusinesses.*Liquiditymanagement,ononehand,ensuresthatthebusiness’sobligations(wages,bills,loanrepayments,taxpayments,etc.)arepaid.Theownerwantstoavoidanydamageatalltoabusiness’screditrating,duetoatemporaryinabilityt
5、omeetobligationby:anticipatingcashshortages,maintainingtheconfidenceofcreditors,bankmanagers,pre-arrangingfinancetocovercashshortages.Ontheotherhand,liquiditymanagementminimizesidlecashbalances,whichcouldbeprofitableiftheyareinvested(McMahon,1995).Whi
6、lediscussingtheobjectivefunctionofaprivatelyheldsmallfirm,Ang(1992)indicatedthatitsobjectivefunctionistomaximizethreecomponents.Thefirstistomaximizeitscurrentmarketprice,toavoidunwantedmergersandtoobtainoutsidefinancinginthesecuritiesmarket.Thesecondi
7、stomaximizelongtermorintrinsicvalue,ifthetwovaluesdiverge.Thelastistomaximizenon-ownermanager’sownpecuniaryandnon-pecuniaryincomesbyavoidingcontrolrights.8Whethertheabsenceofmarketablesecuritiesmeansthatsmallfirmsneednotbeconcernedwithcurrentperforman
8、ceandcanconcentrateonlong-termvalues,dependsontheorganizationaltypesandcircumstances.Profitablefirms,whereoutsidefundingisnotamajorconcern,canaffordtomaximizelong-termvaluewhereasforthosesmallbusinesses,whichneedoutsidefinancing,currentperform
