管理学外文翻译---企业失败的原因和症状

管理学外文翻译---企业失败的原因和症状内容摘要：

ctories. In each of the trajectories, there are different sequences of events, each described by different binations of causes and symptoms characteristic of a given trajectory. Subsequent investigators have proposed their classification, similar to the Argenties trajectories by adding their own types, or expanding existing classifications for more detailed descriptions of the causes and symptoms (Ooghe and De Prijcker 2020, Richardson et al. 1994). Based on the analysis of authors presented above, we can distinguish five general types of trajectories of failures relating to small and mediumsized enterprises: An Unsuccessful Startup: A typical failure process of startups in which panies have no chance of survival due to management errors mitted in the establishment of the business. Inappropriate management leads to insufficient control mechanisms and operational ineffic iencies. Errors in the pany’s policy are the visible result of errors made by management. Within a short period, the pany has major problems surviving, and the fall of the pany most likely appears shortly after its foundation. – A Dazzled Growth Company: The initial shorting of the leaders of this pany is their reaction to the first successes of the pany. Management bees dazzled and dangerously overoptimistic. Capital expenditures increase together with financial leverage. Issues and pitfalls that could take the pany down are ignored and management and anizational structure remains almost unchanged. This leads to loss of control and an unawareness of possible problems that may affect the effectiveness of business. In the longer term, this situation leads to the loss of good financial health and negative signals are ignored and interpreted as the effect of the external factors. – An Apathetic Established Company: A pany existing more or less successfully for several years. Lack of motivation and mitment of the pany’s leaders is typical of these panies. Entrepreneurs keep promoting strategies that were successful in the past. Due to apathy, they are not aware of gradual changes in the environment and the losses of its strategic advantage. This continues until a serious disturbance in the capital structure of the pany happens. Attempts to restructure do not bring improvement due to the rigidity and lack of mitment of managers. – An Ambitious Growth Company: The management or the entrepreneur leading an ambitious growth pany has the objective of making their anization an important pany in the industry. These panies have a high propensity for risk and some of them are also overly optimistic. They do not attach importance to longterm plans. Their initial shorting is the large overestimation of the demand for the pany’s products despite the inexperience and capabilities of management. This overestimation can be the consequence of overoptimism or misinformation about the market size or about the speed by which possible clients switch over from petitors. As a result of this situation, there are not enough sales to cover expenses and there is large overcapacity, which means the loss of liquidity and solvency problems. – Excessive Internal Consumption: In such panies, the owner shows off his/ her wealth using pany resources to realize his/her personal ideas and to improve his/her social status through external signs. He/she values his/her short term needs over the needs of the pany. He/she often uses creative accounting to hide his/her behavior and deception. Characteristically, the symptoms that preceded the financial collapse of the panies appear very late. Through analyzing the sources and process of failure, a certain pattern is noticeable. Namely, the management does not notice a critical situation in time, which due to the delayed or inpetently carried out repair actions, ends in the pany’s collapse. One should pay attention to the fact that in today’s times of insecurity and risk, crisis bees an inherent element of the anization’s functioning. The Reasons of SME Failure The literature of the subject gives two similar terms: symptom and reason (cause) for business failure (crisis). Reason means a factor which directly or indirectly evokes a phenomenon. Symptom is the sign of negative phenomenon, ing, or already existing crisis (Korol and Prusak 2020). In theory and practice, it is often difficult to differentiate symptoms from reasons. Some authors do not distinguish between symptoms and reasons, as well as occasional external events that may lead to the liquidation of small enterprises (Jennings and Beaver 1995). The reasons for failures cannot be treated as only one or a few separate factors entirely ing from the environment or from the inside of the They have to be considered as relations between these areas, especially in the context of a response to changes taking place in the environment. The most important factor for small。