财务管理论文哪里有？本文研究结果显示，仅在中国样本中，市场导向对财务素养与中小企业财务绩效之间的关系产生了积极的显著影响，而在中国和秘鲁样本中，市场导向被发现加强了网络能力与中小企业财务绩效之间的关联。这些发现与Morgan等人（2009年）进行的研究类似，他们认为市场导向应与其他业务能力结合使用，以实现更高的公司绩效。
CHAPTER I INTRODUCTION
1.1.1 SMEs in China and Peru
Since the economic reformation in China, SMEs have become one of the driving forces in the economy. In 2019, the number of SMEs was estimated to be over 38 million. SMEs in China represent more than 90 percent of the enterprises and contribute over 60 percent to the GDP, over 70 percent to patents, and account for 80 percent of nationwide jobs in the country (Textor, 2021). To support the growth of SMEs, the Chinese government decided to reduce the targeted reserve requirement ratio and readjust tax policies in early 2019. In Chinese spectacular economic development, SMEs have 60% contribution to GPD, a significant contribution to employment especially in urban areas (Zhang & Xia, 2014). Similarly, SMEs in Peru is one of the most important economic players in creating jobs, economic development and alleviating poverty. In Peru, Law No. 30056 establishes the parameters that determine the business size: microenterprises are companies whose annual sales are not greater than 150 Peruvian Tax Units (UITs); small companies have annual sales in the range of 150 and 1,700 UITs; and medium-sized companies have annual sales greater than 1,700 but less than 2,300 UITs (Ximena & Daniel, 2021). In Peru, 99.6% of formal businesses are characterized as SMEs, which contributed 30.7% of the domestic added value and generated 89.1% of private sector employment in 2018 (Romero, 2021). In Peru, MSMEs face great and common challenges, such as the lack of measurement and management systems - their empirical functionality being focused on daily necessities and a few differentiating characteristics to compete against, among others. Overall, it can be concluded that SMEs in China and Peru play a fundamental role in enhancing economic development and social welfare of both developing countries.
CHAPTER III RESEARCH METHODOLOGY
3.1 RESEARCH PHILOSOHY & DESIGN
A research philosophy sets the researcher's belief that determines the appropriate way to collect, analyse and use data about a given phenomenon. According to Kilduff, Mehra and Dunn (2011), the research philosophy of science can be viewed from two perspectives. First, ontological perspective explains how research philosophy deals with basic questions of meaning and whether scientific theory reflects reality or how we perceive reality. Second, epistemological perspective that determines how knowledge is gained and what is the relationship between knowledge and truth. It was argued that it is necessary for researchers to adopt a particular methodological camp when conducting research. According to Mangan, Lalwani and Gardner (2004), people perceive reality differently and researchers adopt a research philosophy based on their paradigm preferences. In this vein, there are four main research philosophies, positivism, postpositivism, constructivism and pragmatic paradigms.
This research follows Miller and Tsang (2010) post positivism philosophy. Authors supports theorizing proposing mechanisms that explain events and have addressed four complementary steps for strategic management theory testing namely, identify the hypothesized mechanisms, test for the presence of the mechanisms in the empirical setting, test isolated causal relations using experimental or quasi-experimental methods, and test the theoretical system using correlation methods.
CHAPTER IV RESULTS & ANALYSES
4.1 SMEs’ Profile
Chapter four presents the results of the study. This research intended to examine the direct impact of financial literacy and SMEs financial performance. In addition, the study examined the influence of networking competencies on SMEs financial performance. Further, the study examined the moderating role of market orientation on the relationship between financial literacy, networking competencies and SMEs financial performance. Descriptive statisctics using frequency and percentages were used to report the details of respondents profile. Structural equation modelling (SEM) using Smart-PLS was used to analyze the direct effect and moderating effect.
Table 4.1 lists the details of respondnets: SME age group, size, type of industry, and managers’ years of work experience. The fundamental business activities for Chinese SMEs were dominated by manufacturing and retailing (42% and 29% respectively) while Peruvian SMEs were equally involved in manufacturing and retailing business (32% and 31% respectively). Majority of Chinese SMEs managers possess work experience ranging between 11-20 years (40%) and more than 20 years (41%). Similarly, 47% of Peruvian SMEs’ managers have 11-20 work experience and 36% have more than 20 years of work experience. For educational background, 69 % of Peruvian managers hold undergraduate degree followed by 27% holding master degree while 58% of Chinese managers hold undergraduate degree and 33% have master degree. For firm size, approximately 42% of Chinese SMEs have 100-150 employees followed by 28% of SMEs with 51-100 employees. In the Peruvian case, 37% of SMEs have 100-150 employees followed by 35% with 51-100 employees.
4.2 Assessment of Structural Model
The data analysis used two main phases: assessment and evaluation of structural model as explained in subsequent sections. The proposed research model and research hypotheses were tested using Partial Least Squares (PLS) and employing Smart-PLS 3.2.3 software (Ringle, Wende, & Becker, 2015). PLS-SEM has gained a remarkable attention and is commonly used to test cause-effect-relationships due to its simplicity and effectiveness to estimate paths for complex models such as mediating, moderating, and hierarchical models (Hair et al., 2014). There are four steps used to predict and evaluate the model parameters including identification of construct composite scores, correcting construct attenuation, estimating parameter and bootstrapping (Henseler et al., 2016). The evaluation of the measurement model was performed through testing hypotheses based on the significance level of regression analysis.
4.2.1 Reliability and Validity of Constructs
Table 4. 2 reports the descriptive statistics, composite reliability (CR), and average variance extracted (AVE) for the latent variables. Researchers need to ensure the reliability and validity of constructs before embarking on data analysis. Guided by the use of SEM method through Smart-Pls, this research assessed construct reliability based on Cronobach alpha and composite reliability composite reliability values of 0.7 or higher are considered reliable as indicated by (Hair et al 2014).
CHAPTER V DISCUSSION & CONCLUSION
5.1 DISCUSSION
This chapter presents the discussion and concluding part of conducting this research. It begins by comparing the research findings with existing literature followed by introducing a brief of key research findings. Based on the results of the study, this chapter withdraws a set of theoretical and managerial implications, research limitations and identifies areas of further research.
Pertaining to examining the relationship between financial literacy and SMEs financial performance of SMEs in China and Peru, a positive significant association was reported. Such findings are compatible with Agyapong and Attram (2019) who indicated that financial literacy and a firm's financial performance are closely related and recommended policymakers to create a program and platform aimed at improving the financial literacy of these owner-managers in order to help their businesses perform better. Similarly, Kulathunga et al (2020); Agyei (2018); and Lusardi and Mitchell (2014) showed that financial literacy improves SMEs' performance and resource management. Further, Jemal (2019) underlined that financial literacy skills such as debt management, budgeting, saving and accounting have a favorable and considerable impact on the financial performance of medium-sized businesses. Moreover, Tuffour et al. (2020) argued that firm financial performance is positively inked with financial literacy.
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