Tài liệu The financial management of smes in hanoi

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1 INTRODUCTION 2 Quantitative methods, the data collected will be processed by the computer and the SPSS statistics software. 1. Reason for choosing thesis: The Vietnam SMEs also have limitations in management, especially 5. New contributions of the thesis - Formalized previous research on TC managers of SMEs financial management. The limitations of financial management is one of the - If the status of SME managers TC on Hanoi. Analysis of the practical reasons why most difficult SMEs get loans from commercial banks. aspects of TC and TC management of SMEs. However, the in-depth study of the financial management of SMEs in - Data analysis and description of the impact of each factor in the outcome TC most of the world refers to the financial management of the relationship with management financial management of SMEs in the province's capital. the other variables of the SMEs. For example, research on the relationship - Develop financial management model for SMEs in the province's capital. between technology variables to financial performance, by developing 6. Layout of the thesis indicators of financial performance (So Young Soh et all, 2009), or studies of The thesis is organized into five chapters: the impact of access to financial services to the financial performance of Chapter 1: Overview of Research Issues SMEs in the fisheries sector in African countries (John Linton et all, 2012), Chapter 2: Basic theory of financial management of SMEs Michael Peer et all (1998) studied the influence of the evaluation to project Chapter 3: Research Methodology the performance of SMEs in the UK. Chapter 4: Research results 2. The aim of the thesis research Chapter 5: Perfecting the financial management of SMEs in Hanoi Thread made with 3 main objectives: Also includes an appendix of tables and statistics of primary data, secondary - Investigate and describe the financial management practices of small and research purposes. --------------------------------- medium-sized enterprises in Hanoi. - To study the impact of these factors in financial management and financial results of the management of small and medium enterprises in Hanoi. - To propose a complete solution for the financial management of small and CHAPTER 1 OVERVIEW OF RESEARCH ISSUES medium enterprises in Hanoi. 1.1. The situation related research 3. Objects and scope of research 1.1. 1. The study abroad - Research Subjects: TC management activities of SMEs. Great Britain (2011) emphasized the objectives of financial management - Scope of Study: SMEs in Hanoi. including liquidity, profitability and growth. Therefore, the specific areas that 4. Research Methodology financial management should be concerned with the management of liquidity (cash flow, working capital management), earnings management (profit 3 4 analysis, profit planning) and development management (planning and Pham Thi Van Anh (2012) evaluated the status of SMEs financing capacity in funding decisions). Vietnam for 5 years (2007-2011) at 4 criteria: size and growth of capital, self- Sudhindra Bhat (2008) consider the specific area of financial funded and debt capital raising capabilities, profitability, ability to ensure the management covers all areas related to the items on the balance sheet of the safety of financing business. Monographs "which results in the use of small business. The specific areas of financial management including working and medium enterprises" by Dam Van Hue (2006) has studied and evaluated capital management, long-term asset management, finance management, the status of capital of the company using it. financial planning, planning and evaluating profitability. 1.2. Overview of SMEs Eugene F. Brigham, Michael C. Ehrhardt (2008) defines financial management based on the mobilization and use of resources: financial management is interested in raising the necessary funds to finance the assets 1.2.1. The development of SMEs in Vietnam - Newly registered businesses reduce, increase dissolution and bankruptcy - Revenue decreased and operation of the business, the amount allocated threads between competing applications, and to ensure that the funds are used effectively and - Current tax increase efficiently in achieving corporate goals. PK Jain (2007) also pointed out three major financial decisions including investment decisions, financing decisions - Income tax reduction and dividend decisions. Sudhindra Bhat (2008) suggested another way to identify the key decisions of 1.2.2. The development of SMEs in Hanoi At the time of 12/2010, the number of enterprises in Hanoi by capital and by location. financial management is to look at the balance sheet of a business. There are Total number of SMEs with less than 50 billion capital is 225.469 many decisions related to the items on the balance sheet accounting. enterprises, accounting for 26.67% of the total enterprises in the country, this However, they are classified into three main categories: investment decisions, shows that SMEs in Hanoi well developed, creating a significant revenue financing decisions and the decisions of profit distribution. source to the capital each year. 1.1.2. The local research 1.2.3. SME structure Hanoi In Vietnam, the theme of SMEs are also quite a lot of research interest, According to research and report latest SME associations in 2012, the studied under many angles. Finance's theme of SMEs, such as tools, financing structure of enterprises by industry (the industry considered relative, because solutions, credit to SME development is also a Fellow of the study. Nghiem most of the businesses are registered multidisciplinary, but usually only one Van Bay thesis (2009) entitled, "The credit solutions to promote SME or two business mainstream industry). development in Vietnam" has studied an overview of the actual use of credit to support the development of knowledge SMEs in Vietnam in the coming time. Thesis "The solution capacity of SMEs in Vietnam Finance today" by 5 6 CHAPTER 2 content, the gray matter in the products of these units are usually not much. BASIC PROBLEMS OF FINANCIAL MANAGEMENT SMALL AND MEDIUM ENTERPRISES Tends to be small. - Typical capital and financial management: small capital, fixed assets low, low ability unsecured; Rarely has the financial ability to mobilize rapidly, 2.1. Overview of SMEs with large costs and low interest rates; Often there is no CFO With small 2.1.1. Definition of SMEs business unit accounting and finance professionals often low, bringing SMEs are business establishments registered business in accordance with multitasking. law, is divided into three levels: micro, small, medium, according to total - Flexibility and efficiency: easily switch personnel structure, business capital (total capital equivalent to total assets is defined in the table balance structure; Easy to switch main areas of activity of the company in the sheet of the enterprise) or the average number of employees (total capital is direction of market volatility, volume up and down easily; Often the average the priority criteria) [7], namely: capital cost / low labor, but the results are often higher for capital, • Micro enterprises: less than 10 employees. • Small businesses: agriculture, forestry and fisheries, industry and construction: from 10 to 200 employees and capital of 20 billion VND employment outcomes for society generally higher. - Characteristics of SMEs in Hanoi: Results lower production business; young entrepreneurs; have diverse lines of business; better access to information. or less; Trade and services: from 10 to 50 employees and capital of 10 2.2. Theoretical framework and concepts of corporate financial billion VND or less. management • Medium enterprises: agriculture, forestry and fisheries, industry and Financial management is the use of the information accurately reflect construction: from 200 to 300 employees and capital from 20 to 100 the financial condition of a unit to analyze its strengths and weaknesses, billion; Trade and services: from 50 to 100 workers and capital from establish an action plan, plans to use the funds, assets fixed, the demand for the 10 to 50 billion. labor in the future in order to achieve specific goals to increase the value for 2.1.2. Characteristics of SMEs that unit [45]. Financial management is the management of the impact to the financial - Features the organization's structure: fewer personnel; Organizational units such as departments often unclear; Not deep specialization of personnel in the unit; Seniority employees in the unit are usually low, often have a higher proportion of young big business. - Typical technologies and intellectual content: SMEs often do not participate in the high-tech sector or apply high technology to production; Knowledge performance of the business. It is done through a mechanism. It is a mechanism of corporate financial management. Financial management mechanisms are now understood as an overall method, forms and tools are employed to manage the financial operations of the business in the specific conditions in order to achieve the goals certain [18]. 2.3. The content of the basic financial management 7 There are five main elements of financial management processes in order 8 an important source for businesses in general and SMEs in particular, to achieve the goal of business is to maximize asset value for owners: additional fixed capital and working capital to facilitate expansion of 2.3.1. Selection of Investment Opportunities production and business activities. [21] The construction and selection of investment projects due to various parts of the business done in collaboration. On the financial perspective, the 2.3.5. Analysis and financial planning Financial analysis for business managers to: main thing to consider is the result primarily of finance. Selection of - Create a regular cycle to assess the operational management during the investment opportunities is one of the important contents of financial period was over, the implementation of fiscal balance, profitability, liquidity management as it creates value for the enterprise. Where to invest, what? and financial risk in the operation of the business When investment is appropriate? And investment scale like? - Ensure that the decision of the Board of Directors in accordance with the 2.3.2. Mobilizing capital actual situation of enterprises, such as investment decisions, funding, All operations of the business require capital to operate. Financial distribution of profits; Provide baseline information for the financial managers need to determine the level of capital requirements for the operation projections; Pursuant to check, control activities, management of the business. of the business in the period. The working capital includes capital tied-term The financial activities of the company should be anticipated through and long-term capital, managers need to mobilize adequate resources to financial planning. Make good financial planning tool is essential for ensure adequate operational needs of the business. enterprises to actively melon solutions in time when the volatility of the 2.3.3. Management and cost accounting market. The process of financial planning is the process of making financial The cost is represented by the entire amount of labor wasted life and character of that labor now spent to carry out productive activities during certain business. Production cost is an important indicator of the system economic indicators report for the financial management of the business and is closely related to business management and accounting thu.Quan well costs will contribute increase sales for businesses. 2.3.4. Profit distribution and reinvestment Profit is the goal of business activity, is an indicator that businesses have particular interest as it relates to the existence, development and expansion of the business. Can not talk now operating well, high in the results when corporate profits fell. Enterprises need to have the optimal method of profit distribution, appropriation and use of corporate funds. Accumulated profit is decisions appropriate to achieve the objectives of the business. 2.4. Evaluation results of financial management Results of financial management is understood that bring results from the way the financial management of business owners through the implementation of the contents of financial management, how good or not good. This outcome was assessed through indicators of corporate finance. The financial indicators are often considered when evaluating the results of the financial management of the business, including [9]: • Group liquidity ratios - Capacity assessment payments • Group the leverage ratio - Capacity Assessment capital balance • Group operating ratio - rating business capacity 9 • Group profit ratios - Capacity Assessment profit 2.4.1. The liquidity ratio - Capacity assessment payments 10 results using maximum capital. This is important not only for business but a top concern of investors, suppliers, lenders, ... If the financial autonomy of Payment capacity of the enterprise is the capacity to repay maturing debt enterprises creates strong trust for the relevant object, thereby creating of all kinds of enterprises, is an important criteria reflect the financial position favorable conditions for enterprises in many aspects of business and increased and business of the business, assess important aspects of the financial results working capital for the business. of the business, through the evaluation and analysis in this regard can clearly - Debt ratio (Debt Ratio - Rd) Rd = Total debt / Total assets see the financial risks of the business. - Ratio of interest-rate time can pay (Times Interest Earned Ratio- Rt): Rt = - Current ratio (current ratio The - Rc) Rc = current assets / current liabilities EBIT / interest expense Accounts - Funded Ratio: Funded Ratio = Equity / total assets - Net Working Capital: Working capital = net total of current assets - total current liabilities. - Quick Ratio (The Quick Ratio - Rq): Rq = (current assets - Inventories) / short-term debt. 2.4.4. The ratio of profits - profits Capacity Assessment Through profit ratio, the management capacity assessment of corporate profits, the profit ability of the business. Because profit is the end result of the business of business, profit is the main goal of the existence of the business, is 2.4.2. The operating ratio - rating business capacity The capacity of the enterprise business is the capacity of circulating capital enterprises, is an important aspect of evaluating the financial performance of the business. Because of corporate capital is used to invest in assets: liquid assets and fixed assets, the need to measure results using total assets, and each component of total assets. - The rate of inventory turnover-turnover stocks (Inventory Ratio - Ri): Ri = Net Sales / Inventory. - The average collection period (Average Collection Period - ACP): ACP = Accounts Receivable / Sales per day - Results using the entire property (The Total Assets Utilization - TAU) TAU = Net sales / total assets 2.4.3. The leverage ratios - Assessment of capacity to balance capital Capitalized balance capacity is the ability of financial autonomy of enterprises. Managers should evaluate the results raise capital to ensure an important aspect in evaluating the results of the financial management of the business. Investors, owners, managers, ... are interested in the capacity of corporate profits. - Rate of Return on Equity (ROE Business owners - ROE): ROE = Net Income / Equity - Business interests Assets (ROA): ROA = earnings before interest and taxes / assets Or: ROA = Net income / assets 2.5. Model and hypotheses Hypothesis 1: The content of financial management does not have any relationship to the payment capacity of SMEs in Hanoi. Hypothesis 2: The content of financial management does not have any relationship to the business capacity of SMEs in Hanoi. Hypothesis 3: The contents of financial management does not have any relationship to the balancing capability of SMEs in the capital Hanoi. 12 11 Hypothesis 4: The contents of financial management does not have any choosing this method of sampling because the respondents readily accessible, relationship to the benefit of SMEs capabilities in Hanoi. they are willing to answer a questionnaire study and less costly in time and Financial Management cost required to gather research information. Sample size: sample size is 410 originally planned, but when carried by only 306 votes. Selection of Investment Opportunities 3.1.3. Cleaning and data encryption Organization of raising capital Cost management and cost accounting Results of financial management Capacity payments Business capacity Weight capacity double capital Capacity to profit Distribution of profits and reinvest After collecting the questionnaire, to be cleaned in the following manner: Check out all the preliminary questionnaire, remove the faulty boards or inconsistent answers. Next, the collected votes will be entered into the computer. Data from individual answers on each vote is encoded according to the rules and standards to ensure logic. After data entry is complete, a series of commands in the SPSS software was performed to check and clean the data before final analysis. Analysis and Financial Planning 3.2. Data analysis techniques Figure 2.1: Model theory research --------------------------------- 3.2.1. Testing the reliability of the scale Cronbach's alpha to test the reliability of the variables used to measure each element of financial management. These variables can not guarantee the CHAPTER 3: RESEARCH METHODOLOGY reliability will be removed from the scale and will not appear in the factor 3.1. Study Design analysis. 3.1.1. Scale 3.2.2. Correlation coefficient and linear regression analysis In this study, the authors have chosen the form of closed questions, ie the First of all, the correlation coefficient between the results for the financial questionnaire design will make always the answer choices with the statement management elements of financial management will be considered. Next, of the respondent's assessment (is the asset management main) completely linear regression analysis using multivariate methods ordinary least squares agree, agree, not sure, disagree, totally disagree. (ORDINAL Least Squares - OLS). Enter the variable selection methods were 3.1.2. Sampling conducted. Coefficient of determination adjusted R2 is used to determine the suitability of the model. Finally, to ensure the reliability of the regression To achieve the research objectives set out at the beginning of the study, nonprobability design to select a random sample forms are convenient to use and is considered reasonable to conduct research topic this. The reason for equation is eventually built accordingly. --------------------------------- 13 14 observed variables are correlated with each other considering the overall scope. CHAPTER 4: FINDINGS KMO and Bartlett's Test 4.1. An overview of the research data: The author conducted 306 investigations SMEs. Among them, there are 50 private companies (16.3%), 105 Co., Ltd. (representing 34.3%) and 150 jointstock companies (49%). .816 4346.459 561 .000 4.3. The statistical analysis described Table 4.1: Disaggregation types of enterprises in the sample 4.3.1 Selection and Training opportunities Type of business Frequency Percent Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square df Sig. Valid Percent Cumulative SMEs have to draw up a DT project, using indicators such as NPV TC, IRR, ... in the selection and decision-Tel. This is the best media manager Tel Percent Công ty tư nhân 50 16.3 16.3 16.3 decision correctly and gives businesses better business results. Investment Công ty TNHH 105 34.3 34.3 50.7 decision-making of enterprises based on the most up investment projects (data 150 49.0 49.0 99.7 in tables 4.4 and 4.5). Still many SMEs in Hanoi Tel decision not to consult 1 .3 .3 100.0 the original TC (see Table 4.6), with 34% of SMEs at the time did not refer 306 100.0 100.0 Valid Công ty cổ phần Missing Total Source: Data analysis thesis 4.2. Analysis of the reliability and relevance of the scale The scale reliability was tested using Cronbach's Alpha tool. Reliability Statistics Cronbach's N of Alpha Items .849 34 (as the casual), only 51% of enterprises Reference and Consultation Committee comments critical to the investment decision of the business owner. 4.3.2 Organization of raising capital When businesses need capital to 33.3%, there is the use of equity (Table 4.11), inability to raise external capital. This is one of the weaknesses of SMEs in the organization raise capital. Few businesses have to find ways to The test results are reliable with Cronbach's Alpha scale showing all raise capital loan heating (Table 4:13): only 11.5%. Meanwhile, 57.1% of scales are theoretically allows achieving reliability. In the EFA analysis, the firms have to borrow money from banks (Table 4:14). This proves that the authors extracted using Principal Component Analysis method with Varimax access of SMEs which have been many changes in a good way. As many as rotation and stops when extracting factor eigenvalue greater than 1. 173 enterprises (accounting for 57.1%) was the capital of the bank loan when EFA analysis results showed that the coefficient of KMO (Kaiser- in need of capital. (Table 4:14). Thus, the number of SMEs access to bank Meyer-Olkin) = 0816 should be EFA consistent with the data. Chi-square loans increasing. This is a good sign for the mobilization of SMEs in statistic of Bartlett expertise 4346.459 valued at 0.000 significance is thus particular and the financial management of SMEs in general. 15 4.3.3 Cost management and cost accounting 16 4.3.6. Capacity payments Most SMEs often informatics applications in financial management and the most common applications is creation of financial statements. The 71/306 SMEs always repay maturing debt, DN 20/206 was never paid on the debt. financial statements have been prepared and analyzed regularly. This indicates that SMEs are interested in the methods of financial reporting and 62/306 SMEs maintain its solvency ratio at current high levels. 4.3.7. Business capacity the preparation of financial reports has become routine for most SMEs. 63.2% of SME manufacturing costs classified according to the content of the economic costs (Table 4:24). This classification clearly shows the cost of SME 19/306 ratio Inventory turnover is low, 47/306 now maintain the inventory turnover ratio at a high level. 28/306 SMEs maintain the average collection period at a high level, labor and the labor of live animals in the entire production cost. This problem is important and necessary to identify key cost management and check balance with other plans, such as cost estimation, planning procurement, 25/306 now maintains the average collection period is low. 4.3.8. Weight capacity double capital 102/306 SME debt ratio at a reasonable level, 24/306 enterprises with high debt financial plans,. .. 4.3.4 Distribution of profits and re-invest ratios. 36/306 SMEs solvency ratio is low, 44/306 enterprises solvency ratio at a high Overall, profit distribution policy and reinvestment in SMEs have different flexibility, depending on the situation of business connections. level. Regarding the setting up of financial reserves: the setting up of financial 4.3.9. Capacity to profit reserves in SMEs is a problem, a need for policy reserves set aside in each SME financing for the prevention of financial risks business. Regarding the setting up investment funds to develop, with: 48.8% DN not remitted funds from development profit after tax; only 21.5% of firms remitted funds to develop a minimum of 50% of profit after tax (Table 4:33). 4.3.5 Analysis and Financial Planning The SME reporting and financial analysis of them based on financial indicators, but not much (less than 50% of enterprises). This proves especially SME enterprises in Hanoi has gradually standardizing financial management of the business, come up with a business management apparatus finance all the activities and specialization. Financial planning is also done SMEs all the way. 95/306 SMEs achieve high ROA, ROA businesses 19/306 low, 191/306 firms averaged. 41/306 SMEs achieve high ROE, ROE businesses 143/306 low, 112/306 firms averaged. 140/306 SMEs have poor profitability, 42/306 enterprise profitability as expected now. 4.4. Regression analysis correlation 4.4.1. Regression analysis correlated with the dependent variable is the capacity payment Five factors include selections investment opportunities, capital raising Organisation, cost management and cost accounting, profit distribution and 17 18 reinvestment, and analysis and financial planning are intended impact debt leverage index (shown by the partial correlation coefficient is maximum statistical significance to the payment capacity of the selected enterprises. 0283). Specific independent variables could explain 68.1% of the group rate 4.4.4. Regression analysis correlated with the dependent variable is the variability indices capacity assessment payment; factors including cost capacity to benefit management and cost accounting have the greatest impact on the liquidity index group (represented by the partial correlation coefficient is 0.245 the largest). Three factors including cost management and cost accounting, profit distribution and re-investment, planning and analysis and financial impact brought significant benefit to the capacity of enterprises choice. Option Two 4.4.2. Regression analysis correlated with the dependent variable is the factors are investment opportunities and capital mobilization Organization no business capacity statistically significant change to the benefit of the capacity of the selected Three factors including the Organization of raising capital, cost enterprises (Sig. Respectively by 0115 and 0999, larger 0:05). Specifically, management and cost accounting, profit distribution and reinvestment impact the model obtained can explain 52.8% of the variation in the capacity of significantly the capacity of business enterprises are selected. Option Two corporate profits; factors including cost management and cost accounting factors are investment opportunities and analysis and financial planning no have the greatest impact to the capacity of corporate profits is selected (shown statistically significant change in the activity index (Sig. Respectively in 0164 by the partial correlation coefficient is 0.407 the largest). and 0825, greater than 0:05). Specifically, the model obtained can explain 4.5. Synthesis of study results 56.5% of the variation in the capacity of business enterprises; Organizations 4.5.1. The main findings from the statistical analysis described factors including capital raising biggest impact to the team performance indicators (represented by the partial correlation coefficient is largest 0283). 4.4.3. Regression analysis correlated with the dependent variable is the weight capacity for capital Four factors include: Selecting Investment Opportunities, Mobilizing capital, distribution of profits and reinvest, analysis and financial planning and has significant impact on the statistical capacity of the capital balance selected businesses. Factor cost management and cost accounting no statistically significant change in the balance of capital capacity (Sig. Equal 0.290, greater than 0:05). Specifically, the model obtained can explain 71.3% of the variation in capital balance capacity of the company; Analyze which factors and financial planners have the greatest impact on the group balance - Selection of investment opportunities: SMEs have to draw up an investment project, using the financial indicators such as NPV, IRR, ... in the selection and decision making investment. - To raise capital: When businesses need capital to 33.3%, there is to use equity (Table 4:11), does not have the ability to raise outside capital. - Cost management and cost accounting: Most SMEs often informatics applications in financial management and the most common applications is creation of financial statements. - Profit distribution and reinvestment: In general, the division of profits and re-invest in SMEs with different flexibility, depending on the situation of business connections. 19 20 - Analysis and Financial Planning: The SME reporting and financial SMEs play important role in socio-economic development of Vietnam. analysis of them based on financial indicators, but not much (less than 50% of So complete financial management of SMEs to help businesses with grave enterprises). financial good health and productive activities a good business is essential. 4.5.2. The main findings from the regression analysis 5.1.1. Completing the financial management of SMEs should comply with This study indicates that the contents of financial management, including: (1) Selection of investment opportunities, (2) Organization and mobilization of capital, (3) cost management and cost accounting, (4 ) profit distribution and reinvestment, and (5) analysis and financial planning are immediately, ensuring regular and legacy has agreed a short-term and long-term finance towards priority Table 4:58: Summary of regression models obtained Capacity payments Business 0.578 capacity Weight 0.158 capacity double capital Capacity -0.099 to profit 5.1.2. Completing the financial management of SMEs should implement 5.1.3. Perform a complete synchronization of content management and linked and impact on financial results management. Partial correlation coefficients are not standardized 0.109 the provisions of law 5.2. The view of the results of financial management of SMEs in Hanoi Cost Distribution Selection of Organization management of profits Investment of raising and cost and reOpportunities capital accounting invest Analysis and Financial Planning 0.216 0.171 2.245 0.196 0.096 0.044 0.283 0.282 0.132 0.095 0.151 0.238 0.045 0.263 0.283 0.086 0.0008 0.407 0.269 0.133 Results of financial management of SMEs in the study were divided into 5 groups: (1) A group of enterprises that do not meet certain criteria (DN 158) meant that financial firms are poorly managed, are unprofitable, high risk of bankruptcy. Enterprises need more effort, gradually turn focus to target groups results management to achieve individual targets. (2) Group 1 businesses achieve targets (53 enterprises) businesses of poor Source: Data analysis thesis --------------------------------- financial management (3) Group 2 businesses achieve targets (48 enterprises) business financial management at an average (4) Group 3 enterprises achieve the target group (2 firms): corporate financial CHAPTER 5 FINISHING SOLUTIONS FINANCIAL MANAGEMENT AREAS OF SMEs IN HANOI 5.1. Basic view of the complete financial management of SMEs management is quite good (5) For the 4 businesses achieve the target group (45 firms): the financial management business achieved good results 5.3. Complete solutions for financial management of SMEs in Hanoi 21 22 The following measures are proposed from the research results were biggest impact on the capacity of the enterprise payment chosen, impact presented in Chapter 4 and complete perspective on financial management, factor second Selecting investment opportunities, and on to the Distribution the perspective of financial management results presented above: factors and reinvest profits. - Group business does not meet (158 businesses) now synonymous with Thus, the main business of the capacity payment, businesses should focus on poor financial management, are unprofitable, high risk of bankruptcy. good 3 content has a major impact on capacity payments (in order of priority): Enterprises need more effort, gradually turn focus to target groups results cost management and cost accounting, selection of investment opportunities, management to achieve individual targets. profit distribution and reinvestment. - Group 1 businesses achieve targets (53 enterprises) businesses of poor financial management, enterprises should try to influence the quickest way into the most powerful factor in the regression model obtained. 5.3.2. Improved business capabilities: From the regression model, which can show 3 Organisation of factors including capital raising, cost management and cost accounting, profit - Group 2 businesses achieve targets (48 enterprises) business financial distribution and reinvestment can impact significantly the capacity of business management at medium enterprises should try to influence the quickest way of the selected enterprises. Organizations that factors in raising capital have into the most powerful factor in the regression model obtained . the greatest impact to the business capacity of the selected enterprises. - Group 3 enterprises achieve the target group (2 firms): corporate Thus, the main business of business capacity, should now focus on financial management is quite good, need to maintain financial management doing good 3 content (in order of priority ueu): Organization and mobilization results and current solutions focus on target groups is weak, is the most of capital, cost management and cost accounting, profit distribution and powerful factor in group performance indicators (such as regression models reinvested earnings. presented) to result in financial management management business 5.3.3. Improved capacity capital balances: expectations. Obtained regression model, with 4 Selection factors include investment - For businesses achieve targets 4 groups (45 firms): the financial opportunities, capital raising Organization, Distribution and reinvest profits, planning and management business achieved good results, it is necessary to maintain the financial impact analysis and statistical significance to balance the capacity of businesses financial management activities to achieve the same goals of the business. which are selected. In which factors Planning and Financial Analysis greatest impact to capital balance capacity of selected businesses. 5.3.1. Improved capacity payment: Thus, while weak business capital balance capacity, businesses should focus on From the obtained regression model, can be seen 5 Selection factors include good 3 content (in order of priority): Analysis and Financial Planning, Distribution and investment opportunities, capital raising Organisation, cost management and reinvest profits, The raising more funds. cost accounting, profit distribution and reinvestment, and Planning and 5.3.4. Improved capacity to benefit: financial analysts will impact significantly on the capacity of the enterprise Obtained regression model, there are 3 factors including cost payment choice. In that factor cost management and cost accounting have the management and cost accounting, profit distribution and reinvestment, and 23 24 planning and financial analysis of impacts to significant energy profitability statistical analysis of collected data, SPSS 16.0 software was used to test the of its businesses are selected. In that factor cost management and cost reliability of the scale and perform statistical inference. accounting have the greatest impact to profitability capacity of selected businesses. The study results were obtained 5 regression model. 2. Limitations of the thesis and recommendations for further research Thus, the weak corporate profits capability, enterprises should focus on doing good 3 content (in priority order): cost management and cost accounting, profit distribution and reinvestment, analysis and financial planning. Due to the limitations of financial resources and human resources, this study can only be achieved sample size is 306, therefore, a need for studies with larger sample size for this topic because the sample size as large, the accuracy of the higher studies. --------------------------------- One other limitation of this research is the survey subjects were limited by business owners or managers of corporate finance. The questionnaire was CONCLUSIONS AND RECOMMENDATIONS 1. Conclusion The subject of active research for financial management of small and medium-sized enterprises. In particular, five key elements to the process of financial management to achieve corporate goals (maximizing asset to the owner): choice of investment opportunities, capital raising organization, management cost management and cost accounting, financial analysis and financial planning, profit distribution and reinvestment. To evaluate the results of the financial management of small and medium enterprises, the author will examine the relationship and influence of the 5 groups of factors are (1) the choice of investment opportunities, (2) mobilize capital, (3) cost management and cost accounting, (4) the distribution of profits and reinvest, (5) analysis and financial planning and evaluation of the firms in the sample selection ways to save on 4 groups: (1) the liquidity ratio (rated capacity payments), (2) the performance indicators (capacity assessment of business), (3) the leverage ratio - debt balance (balance of capacity assessment of capital), and (4) the index of profitability (profit capacity assessment). Topics 3 answer key research questions and hypotheses 5. To perform the designed to answer the self-assessment of effective control the financial management of their businesses will be limited by the subjectivity of the respondents (the financial manager or business owner). Therefore, to ensure accuracy of data, research needs to be done simultaneously with the quantitative data. But also note that the analysis and evaluation indicators such as ROA, ROE of SMEs will face many difficulties. This study is limited by objects including joint stock companies, limited liability companies and private enterprises with fewer than 300 employees and less than 100 billion capital and geographical scope is the capital Hanoi. Therefore, a need for research on the financial management of SMEs in specific sectors such as trade in services, industry and construction, agriculture, forestry and fisheries. As mentioned at the beginning of this study, the ultimate goal of business is to maximize asset value for owners. Good financial management is probably just one of the ways to achieve this and only study of financial management is not enough. Need research on factors affecting business performance, affect profits, affect the capital structure of the business ...
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