CC BY
9
UDC 334.012.7
FINANCIAL MANAGEMENT ANALYSIS OF THE MEDIUM-SIZED COMPANIES ON THE EXAMPLE OF CHINA AND RUSSIA
L. Liyuan Scientific Supervisor - Yu. A. Anikina
Reshetnev Siberian State University of Science and Technology 31, Krasnoyarsky Rabochy Av., Krasnoyarsk, 660037, Russian Federation E-mail: 1134030220@qq.com
This paper summarizes the characteristics of financial management of small and medium-sized enterprises. Firstly, it points out that Chinese small and medium-sized enterprises lack full-time accountants and are rare in financing. Secondly, it points out that Russian medium-sized enterprises also have financing difficulties through the analysis of survey data.
Keywords: medium-sized enterprises; China; Russia; financial management; characteristics
АНАЛИЗ ФИНАНСОВОГО УПРАВЛЕНИЯ ПРЕДПРИЯТИЯМИ СРЕДНЕГО БИЗЕСА
НА ПРИМЕРЕ КИТАЯ И РОССИИ
Л. Лиюань Научный руководитель - Ю. А. Аникина
Сибирский государственный университет науки и технологий имени академика М. Ф. Решетнева Российская Федерация, 660037, г. Красноярск, просп. им. газ. «Красноярский рабочий», 31
E-mail: 1134030220@qq. com
В данной статье обобщены характеристики финансового менеджмента малых и средних предприятий. В статье рассматривается вопросы, связанные с нехваткой бухгалтерских кадров на предприятиях малого и среднего бизнеса. Российские предприятия среднего и малого бизнеса также испытывают подобные трудности
Ключевые слова: предприятия среднего бизнеса, финансовое управление
As we all know, financial management is an important part of enterprise management. The more the enterprise develops, the more important the financial management will be. Attaching importance to financial management will help to improve the internal management system of small and medium-sized enterprises in China; reduce costs and improve economic benefits; improve credit rating, so as to better finance and raise funds; help enterprises to invest and increase the rate of return on investment [1]. Small and medium-sized enterprises are an important pillar of China's economic development, the most important part of the private economy, an important way to solve China's employment problem, and the most flexible operating subject in the whole process of economic development. Compared with enterprises in traditional industries such as energy, the development of small and medium-sized enterprises in Russia is very difficult. Small and medium-sized enterprises lack full-time accountants. A survey of the financial management characteristics of 52 small and medium-sized enterprises in Dezhou City shows that nearly half of the 52 small and medium-sized enterprises surveyed do not have full-time accountants. They often employ the same accountants with other small and medium-sized enterprises [2]. The smaller the scale and the smaller the volume of business, the more likely the enterprises are to employ part-time accountants for accounting processing. Not full-time accountants. The main reasons for this phenomenon are as follows: Firstly, there is no need to employ full-time staff because of the small scale, small business volume and simple business. These enterprises are often very small businesses, some-
Секция «Проблемы и перспективы международной интеграции в современном бизнесе»
times a month accumulated business can be completed within one day, so there is no need to hire fulltime accounting. The second is to control the cost of manpower. Because of their poor profitability, many small and medium-sized enterprises are engaged in some industries with low profit level. Increasing full-time accounting will undoubtedly increase the human cost of enterprises and further dilute the profits of enterprises. Therefore, many managers of enterprises will choose part-time accounting with lower cost instead of full-time accounting for profit consideration. Third, the "family-type" business financial dare not be handed over to people outside the family. Some managers of small and medium-sized enterprises say that the reason why they do not employ full-time accountants in financial management is mainly because they are afraid that the recruited people will not be credible and cause financial losses, so they will hand over the responsibility of financial management to their relatives. At the beginning of 2007, Russian economists assessed the amount of loans needed by medium-sized enterprises as 700 billion to 800 billion rubles. Russia's Ministry of Economic Development and Trade's forecast tallies with it, reaching $30 billion. But until September of that year, the total amount of loans granted was no more than $10 billion [3]. Moscow meets only 15% to 20% of the demand, while other regions have lower indices. Before 2005, banks expressed their willingness to provide loans to Small and medium-sized enterprises, but the actual amount of loans were very small. Nowadays, the problem of increasing the amount of micro-loans has been raised, but the proportion of customers of medium-sized enterprises getting loans from banks is still less than 10% . Russian entrepreneurs used to borrow money from private or usurers at high interest rates (fig. 1).
Difficulties Medium-sized Enterprises Face in Loaning
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Difficulties medium-sized enterprises face in loaning.
The Chinese version of Forbes on September 17, 2014 released the "China Modern Family Business Survey Report". According to the data, as of July 31, 2014, 1485 of the 2528 A-share listed companies were private enterprises, of which 747 were family enterprises, accounting for 50.3%, up 0.6 percentage points from last year. In addition, 86% of the 747 family businesses surveyed are still firmly in control of equity and management rights, and the core family members are also the owners of the enterprises [4]. It can be seen that most small and medium-sized enterprises are family-owned enterprises, and their management mode is family-style management. They have obvious random tendency when carrying out financial activities and dealing with various economic relations. In addition, some managers have the idea that technology is more important than financial management. So from the data analysis, credit is very important to the operation of medium-sized enterprises. Fifty-five percent of Russian medium-sized enterprises fail because of insufficient liquidity and the need for the state to take measures to solve this problem. First of all, we need to solve the problem of risk guarantee for banks to grant loans to me-
dium-sized enterprises; secondly, another difficult problem that hinders medium-sized enterprises from obtaining bank "quick and easy" Loans - Mortgage guarantee; thirdly, the problem of loan term [5]. Now, the loan term given to medium-sized enterprises by Russia is basically two years, which needs to be adjusted. In addition, the practices of developed countries can also be used as a reference for medium-sized enterprises with difficulty in loans, and the lack of start-up funds in the initial stage of operation is also a major problem. Today is the information age and the era of knowledge economy. Knowledge economy has broadened the space of economic activities and changed the way of economic activities. Information technology network with huge capacity, high-speed interaction and knowledge sharing constitutes the basis of knowledge economy. Intense competition among enterprises will be carried out on the network. As the digitalization and networking of economic activities are strengthened, new media space has been opened up, such as virtual market and virtual bank. Business activities will be carried out on the global Internet, making enterprise purchasing and selling activities more convenient, cheaper, and more accurate quantitative monitoring of inventory. At the same time, online payment and receipt has accelerated the flow of international capital, while the monetary risk faced by financial subjects has increased greatly. Accordingly, the theory and practice of financial management will be innovated with the change of financial environment.
References
1. Li Xiangyu Russian small Business: Opportunities and Challenges coexist //Contemporary World-2007/ URL: https://www.gceg2018.com/fileadmin/GCEG2018/PDF/GCEG_BoA_final.pdf (accessed by 02/04/2019).
2. Berger, A. N., & Udell, G. F. The Economics of Small Business Finance: The Roles of Private Equity and Debt Markets in the Financial Growth Cycle/Journal of Banking and Finance. 1998.Vol. 22. Issue 13. P. 613-673.
3. Xing Haijun. Problems and Countermeasures in Financial Management of Small and Medium-sized Enterprises // Northern Economy-2005, 28(3), 215-233.
4. Berger, A. N., & Udell, G. F.A More Complete Conceptual Framework for SME Finance Journal of Banking and Finance. 200. Vol. 30. Issue 11. P. 2945-2966.
5. Gafoor, A. L. M. A. Mudaraba-Based Investment and Finance. Journal of Islamic Banking and Finance. 2006. Vol. 23. Issue 4. P. 78-98.
© Liyuan L., 2019
