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1、Chapter7BusinessFinancingBackgroundIfyouwanttostartyourownbusiness,what'sthemostimportantthing?moneyHowcanyouraisemoneyforyourbusiness?borrowingfromafriend,afamilymember,oracommerciallendersellingownershipinterests(equity)inyourbusiness.Whatarethemaindifferencesbetweenbo
2、rrowingmoneyandsellingownershipinterestsinmybusiness?Ifyoutakeoutaloan,youwillrepaythemoneyovertime(usuallymonthly),withinterest.Thelenderwon'treceiveanownershipinterestinyourbusiness,andyouwon'thavetoshareanyofyourfutureprofitswiththelender.Bycontrast,ifyouraisemoneybys
3、ellingequity(ownershipinterests),youwon'thavetomakethesemonthlypaymentsorrepaytheinvestmentatanyparticulardate.Instead,ifyourbusinessisprofitable,you'llhavetosharethoseprofitswithyourinvestors,generallyinproportiontothepercentageofthebusinesstheyown.Afirmoranindividualca
4、nobtainfundsinafinancialmarketintwoways.企业和个人在金融市场上取得资金的方法有两种。Themostcommonmethodistoissueadebtinstrument,suchasabond.最普通的方法是发行一种债务工具，例如债券。Thesecondmethodofraisingfundsisbyissuingequities,suchascommonstock.筹措资金的第二种方法是发行股票，例如普通股。BusinessFinancing1.DebtFinancing债权融资2.Equit
5、yFinancing股权融资ComprehensionoftheText1.Whatismeanaboutdebtfinancing?2.Whatisequityfinancing?3.Whatisthemajordisadvantagetoequityfinancing?课文难句理解Typically,financingiscategorizedintotwofundamentaltypes:debtfinancingandequityfinancing.一般来说，融资方式可分为两大类：债权融资和股权融资。categorize将…分类
6、e.g.Participantswerecategorizedaccordingtoageandsex.参加者按年龄和性别分组。Debtfinancingmeansborrowingmoneythatistoberepaidoverperiodoftime,usuallywithinterest.债权融资是在一段时期后要偿还本金的借贷，通常带有利息。Thelenderdoesnotgainanownershipinterestinyourbusinessandyourobligationsarelimitedtorepayingthel
7、oan.贷款人不获得你公司的股权，而你的义务仅限于偿还贷款。Equityfinancingdescribesanexchangeofmoneyforshareofbusinessownership.股权融资是一种用资金交换企业所有权股份的融资方式。Themajordisadvantagetoequityfinancingisthedilutionofyourownershipinterestsandthepossiblelossofcontrolthatmayaccompanyasharingofownershipwithadditio
8、nalinvestors.参考译文：股权融资的主要缺点是随着新增投资者分享企业的所有权，会稀释你对企业拥有的所有者权益，以及可能丧失对企业的控制。Fromthelender'sperspective,the
