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    TIẾN SĨ Impact of Financial Management on the Profitability of Small and Medium Trade and Service Enterprise

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  6. Impact of Financial Management on the Profitability of Small and Medium Trade and Service Enterprise

    Luận án tiến sĩ năm 2013
    Đề tài: Impact of Financial Management on the Profitability of Small and Medium Trade and Service Enterprises in Thai Nguyen Province
    Ảnh hưởng của quản lý tài chính và một số khía cạnh tài chính đến lợi nhuận của doanh nghiệp vừa và nhỏ thương mại và dịch vụ trong tỉnh Thái Nguyên
    Luận án bằng tiếng Anh


    TABLE OF CONTENTS
    ACKNOWLEDGEMENTS . ii
    ABSTRACT . iii
    LIST OF TABLE vii
    INTRODUCTION . 1
    1.1. BACKGROUND OF THE STUDY . 1
    1.2. STATEMENT OF THE OBJECTIVES . 2
    1.3. HYPOTHESIS . 4
    1.4. SIGNIFICANCE OF THE STUDY . 4
    1.5. SCOPE AND LIMITATIONS OF THE STUDY . 5
    1.6. DEFINITION OF TERMS . 6
    Chapter 2 . 8
    REVIEW OF RELATED LITERATURE AND STUDIES 8
    2.1. QUALITATIVE DEFINITIONS OF SMES . 8
    2.2. QUANTITATIVE DEFINITIONS OF SMES 9
    2.3. FINANCIAL MANAGEMENT FOR SMES . 10
    2.4. FINANCIAL MANAGEMENT PRACTICES . 13
    2.5 FINANCIAL ASPECTS . 17
    2.6 SME PROFITABILITY 19
    2.7. RELATIONSHIPS BETWEEN FINANCIAL MANAGEMENT AND SME
    PROFITABILITY 22
    2.8. THE MODEL OF IMPACT OF FINANCIAL MANAGEMENT ON SME
    PROFITABILITY 22
    2.9. CONCEPTUAL FRAMEWORK . 23
    Chapter 3 . 24
    METHODOLOGY 24
    3.1. RESEARCH DESIGN . 24
    3.2. LOCALE OF THE STUDY . 25
    3.3 BUSINESS STRUCTURE AND SMES IN THAI NGUYEN PROVINCE . 25
    3.4 SAMPLING DESIGN AND TECHNIQUES 25
    3.5 DETERMINATION OF SAMPLE SIZE 26
    3.6SUBJECT OF THE STUDY . 26
    3.7. RESEARCH INSTRUMENT 27
    3.8. DATA GATHERING PROCEDURE 36
    3.9. DATA PROCESSING METHOD 37
    3.10. STATISTICAL TREATMENT 37
    Chapter 4 . 39
    PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA . 39
    4.1. DESCRIPTIVE OF THE RESEARCH STUDY 39
    4.2 ASSOCIATIVE ANALYSIS OF THE RESEARCH STUDY . 62
    Chapter 5 . 71
    SUMMARY, FINDINGS, CONCLUSIONS AND RECOMMENDATIONS . 71
    5.1 SUMMARY . 71
    5.2 FINDINGS . 73
    5.3 CONCLUSIONS 76
    5.4 RECOMMENDATIONS 77
    BIBLIOGRAPHY . 79
    APPENDIX 1 82
    APPENDIX 2: SURVEY INSTRUMENT . 83
    SURVEY OF FINANCIAL MANAGEMENT PRACTICES . 83
    OF SMEs IN THAI NGUYEN CITY 83
    APPENDIX 3: REGRESSION 95
    APPENDIX 4: CORRELATIONS . 97


    ABSTRACT
    This dissertation examines the relationship between financial management and
    profitability of SMEs to determine whether financial management practices and financial
    aspectsimpact on SME profitability.
    Specific Objectives of the disertationare:
    1. To determine the profile of the respondents in terms of the following
    1.1. The form of business organization affiliated with
    1.2. Position in the company
    1.3. Highest educational attainment
    1.4. Attendance to financial management-related trainings
    2. To Identify the financial management practices of the company in terms of the
    following areas:
    2.1. Accounting information system
    2.2. Working capital management
    2.3. Fixed asset management
    3. To assess the company in terms of the following financial aspects:
    3.1. Liquidity
    3.2. Financial leverage
    3.3. Activity
    4. To know the relationship of financial management practices and financial aspects
    to the company’s profitability in terms of the following:
    4.1. Return on sales
    4.2. Return of assets
    4.3. Return on equity
    5. To develop a model for the SME’s profitability
    iv
    6. To propose solutions to improve the company’s and SME’s profitability
    In this research , both survey and secondary data methods are used in combination.
    Survey was chosen to investigate financial management practices. The secondary data
    method was used to examine the financial aspects.
    Respondentsin this study can be: Owner, Manager, Chief-accountant of SMEs located
    in Thai Nguyen City .
    The disertationprovides descriptive findings of financial management practices and
    financial aspects and demonstrates the simultaneous impact of financial management
    practices and financial aspectson SME profitability. In addition, the research study provides
    a model of SME profitability, in which profitability was found to be related to financial
    management practices and financial aspects. With the exception of debt ratios, all other
    variables including cash ratio, total asset turnover, accounting information systems, working
    capital management and fixed asset management were found to be significantly related to
    SME profitability.


    Chapter 1
    INTRODUCTION
    This chapter provides a general introduction to the research study. The purpose is to
    establish foundations for following chapters and the study as a whole, by providing a general
    picture of the study. This chapter is structured into ten sections
    Section 1.1 examines the research background where the research problem is identified.
    Section 1.2 defines the research problem, presents a statement of the problem and expands
    the research problem in two subsections 1.2.1 and 1.2.2. Subsection 1.2.1 presents research
    objectives that the study covers in the process of solving the research problem defined.
    Subsection 1.2.2.addresses the research questions that will be respectively answered in
    chapters of the study
    Section 1.3 provides hypothesisof this study. Section 1.4 and section 1.5 points out the
    significance and scope of the study. Lastly, section 1.6 presents definition of terms
    1.1. BACKGROUNDOF THE STUDY
    Vietnam was a strong command-economy system in the mid-1980s. The difficulties
    from years of war and the inefficiency of the command-economy system had led the
    Vietnam economy to crisis. Face with stagnant growth, shortage of food, deficit budgets,
    increasein inflation and trade imbalances, the Government of Vietnam startedan economic
    renovation policy in 1986.
    According to Vietnam Chamber Of Commerce And Industry (VCCI), since the
    government introduced the series of economic reform, the private sector has rapidly grown in
    terms of the number of businesses, capital and employees. From the base of zero in 1991,the
    number of private businesses, limited companies and joint stock companies had quickly risen
    to 543.963 in 2011 and almost all are small and m edium enterprises (SMEs). SMEs have
    2
    contributed considerablyto growing GDP and creating jobs for labour-age people as follows
    (VCCI):
    Total of capital was 6.000.000 billion VND
    Providing a large number of diversified products, occupying 40percent of GDP
    Creating jobs for 26million people,
    Mobilizing temporarily unused resources such as land, capital labour and management
    skills to develop production, and
    Increasing export volume and lessening trade deficits.
    Originating from recognition of the increasingly important role and contribution of
    SMEs as well as the recent promotion and supporting policy on developing SMEs, this
    research study the Impact of Financial Management on the Profitability of Small and
    Medium Trade and Service Enterprises in Thai Nguyen Province.
    1.2. STATEMENT OF THE OBJECTIVES
    The problem that SMEs in Thai Nguyen province face appears to be that inefficient
    financial management has adversely affected their profitability (Thai Nguyen Young
    Businesses's Union 2010). Therefore, the problem to be addressed in this research is to
    investigate effects of Financial aspects and financial management practices on SME
    profitability, and then, to determine the best measures for improving SME profitability in
    ThaiNguyenprovince by using efficient financial management tools.
    1.2.1. Research objectives
    In solving the research problem and answering the research questions mentioned
    previously, this study has the following objectives:
    1)To determine the profile of the respondents in terms of the following
    1.1) The form of business organization affiliated with
    3
    1.2)Position in the company
    1.3)Highest educational attainment
    1.4)Attendance to financial management-related trainings
    2) To Identify the financial management practices of the company in terms of the
    following areas:
    2.1)Accounting information system
    2.2) Working capital management
    2.3)Fixed asset management
    3)To assess the company in terms of the following financial aspects:
    3.1)Liquidity
    3.2)Financialleverage
    3.3)Activity
    4)To know the relationship of financial management practices and financial aspects
    to the company’s profitability in terms of the following:
    4.1)Return on sales
    4.2)Return of assets
    4.3)Return on equity
    5)To develop a model for the SME’s profitability
    6)To propose solutions to improve the company’s and SME’s profitability
    1.2.2. Research questions
    The research problem defined above leads to the following research questions:
    1) How important are financial management practices and financial aspects to SME
    profitability?
    2) What are the relationships between financial management practices, financial
    aspectsand SME profitability?
    4
    3) How do financial management practices and financial aspects affect SME
    profitability?
    4) Whataction can improve profitability of SME in Thai Nguyen province?
    1.3. HYPOTHESIS


    BIBLIOGRAPHY
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    Aspects in Energy: A European Perspective
    Alfred M. King (2011), Internal Control of Fixed Assets: A Controller and Auditor's Guide
    Alice C. Lee, John C. Lee, Cheng Few Lee 2
    nd
    edition (2009), Financial Analysis, Planning
    and Forecasting: Theory and Application
    Angelique McInnes(2010), Working Capital Management
    C. Paramasivan, Paramasivan C., Subramanian T (2009), Financial Management
    Eugene F. Brigham, Michael C. Ehrhardt (2008), Financial Management: Theory and
    Practice
    General Statistical Office (2012), Statistical yearbook 2011, Statistical Publishing House.
    Gerald I. Susman (2007), Small and Medium-sized Enterprises and the Global
    Economy
    Gokul Sinha (2009), Financial Statement Analysis
    Great Britain (2011), Financial management: Department for Culture, Media and Sport
    H. Kent Baker, Gary Powell (2009), Understanding Financial Management: A Practical
    Guide
    Hall PTR, Feb 1, (2009), Understanding Financial Statements Prentice
    Hauke Hansen, Wolfgang Huhn, Olivier Legrand, Daniel Steiners, Thomas Vahlenkamp
    (2011), CAPEX Excellence: Optimizing Fixed Asset Investments
    Hrishikes Bhattacharya (2009), Working Capital Management: Strategies and Techniques
    Ian Lienert (2009), Modernizing Cash Management
    Jae K. Shim, Joel G. Siegel (2007), Handbook of Financial Analysis, Forecasting, and
    Modeling
    James A. Hall (2011), Accounting Information Systems
    80
    James M. Wahlen, Clyde Pierce Stickney, Stephen P. Baginski, Mark T. Bradshaw (2010),
    Financial Reporting, Financial Statement Analysis and Valuation
    Jennifer R. Luong (2009), Debt Management: Treasury¿s Cash Management Challenges
    and Timing of payments to medicare private plans
    Jing Jian Xiao (2008), Handbook of Consumer Finance Research
    John Tennent (2012), Guide to Cash Management: How to Avoid a Business Credit Crunch
    Julie Meehan, Mike Simonetto, Larry Montan, Chris Goodin ( 2011), Pricing and
    Profitability Management: A Practical Guide for Business Leaders
    Leo Troy (2009), Almanac of Business and Industrial Financial Ratios
    Leonard M. Matz(2011), Liquidity Risk Measurement and Management
    Leslie Turner, Andrea Weickgenannt (2008), Accounting Information Systems: Controls and
    Processes
    Lorenzo Preve, Virginia Sarria-Allende (2010), Working Capital Management
    Maria Manuela Cruz-Cunha, Joao Varajão (2011), E-Business Issues, Challenges and
    Opportunities for SMEs: Driving Competitiveness
    Marshall B. Romney, Paul John Steinbart(2009), Accounting Information Systems
    Martin S. Fridson, CFA, Fernando Alvarez copy right (2011), Financial Statement Analysis:
    A Practitioner's Guide
    Max Müller (2011), Essentials of Inventory Management
    McGraw-Hill Professional (2008), Techniques of Financial Analysis: A Guide to Value
    Creation
    Michael Diegelmann, Henryk Deter (2007), 100 International Financial Reporting Standards
    (IFRS) financial ratios
    Michael Pogue(2011), Working Capital Management: Principles and Practice
    Mohamad Y. Jaber (2009), Inventory Management: Non-Classical Views
    Muhammad Waqas Younas(2011), Working Capital Management and Profitability






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