研究生商务英语2

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1、Unit6RaisingFinanceLearningObjectives:Toidentifyandunderstandfinanceandfinance-raising.Todemonstratethetypesandsourcesoffinance.Tograspthemethodsandskillsofraisingfinance.“Moneymakesmoney,andthemoneyitmakes,makesmoremoney.”“Youcandonothingwithoutmoney.”Wherecanyoufindmoney?H

2、owshouldyoumanageit?Whatisfinance-raising?Finance?Raisingfinance?Whyraisingfinance?TomeetneedsofagrowingbusinessTofinanceanMBIorMBOTypeDescriptionExampleDebtfinanceFinanceisrepaidwithinterestoveraspecifiedperiodoftime.Noownershipofyourcompanybylender.BankFinanceEquityfinance

3、Exchangeofmoneyinreturnforanownershipstakeinyourcompany.Stock,VentureCapitalfundingTypeoffinancerequiredRemember!Akeyconsiderationinchoosingthesourceofnewbusinessfinanceistostrikeabalancebetweenequityanddebttoensurethefundingstructuresuitsthebusiness.(anoptimizationofcapital

4、structure)SourcesoffinanceInternal---‘Organicgrowth’‘Organicgrowth’–growthgeneratedthroughthedevelopmentandexpansionofthebusinessitself.Canbeachievedthrough:Generatingincreasingsales–increasingrevenuetoimpactonoverallprofitlevelsUseofretainedprofit–usedtoreinvestinthebusines

5、sSaleofassets–canbeadoubleedgedsword–reducescapacity?External---‘InorganicGrowth’‘InorganicGrowth’–growthgeneratedbyacquisition(mergerandtakeover)LongTerm–maybepaidbackaftermanyyearsornotatall!ShortTerm–usedtocoverfluctuationsincashLongtermLoansBondsStocksRetainedearningsdep

6、reciationBondsActuallyanIOUAwrittencontractwhichstipulatestheparvalue,thematuritydate(usually10to30years)andtheinterest(paidquarterly,semi-annuallyorannually)rate.PreferenceShares(preferredstock)FixeddividendCallable:(canbecalledback)ThefirsttobepaidCumulativefeature:(divide

7、ndmustbeaccumulatedandeventuallypaidinfinancialdifficulty.)Participatingfeature:(beentitledtoadditionaldividendsifthecompanyisfinanciallydoingwell.)NovotingrightsOrdinaryShares(commonstock)Cannotberecalled.Votingandelectionrights.Thelasttopaydividends.Thelasttoclaimassetsinl

8、iquidation.ShorttermBankloansOverdraftfacilitiesTradecreditFactoringLeasing