Springer.Raising.Capital.[2005.ISBN038725319X]

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1、RAISINGCAPITALRAISINGCAPITALbyDAVIDE.VANCERutgersUniversitySchoolofBusiness,Camden,NJ,USALibraryofCongressCataloging-in-PublicationDataAC.I.P.CataloguerecordforthisbookisavailablefromtheLibraryofCongress.ISBN-10:0-387-25319-Xe-ISBN-10:0-387-25320-3Printedonacid-freep

2、aper.ISBN-13:978-0387-25319-0e-ISBN-13:978-0387-25320-6©2005SpringerScience+BusinessMedia,Inc.Allrightsreserved.Thisworkmaynotbetranslatedorcopiedinwholeorinpartwithoutthewrittenpermissionofthepublisher(SpringerScience+BusinessMedia,Inc.,233SpringStreet,NewYork,NY100

3、13,USA),exceptforbriefexcerptsinconnectionwithreviewsorscholarlyanalysis.Useinconnectionwithanyformofinformationstorageandretrieval,electronicadaptation,computersoftware,orbysimilarordissimilarmethodologynowknoworhereafterdevelopedisforbidden.Theuseinthispublicationo

4、ftradenames,trademarks,servicemarksandsimilarterms,evenifthearenotidentifiedassuch,isnottobetakenasanexpressionofopinionastowhetherornottheyaresubjecttoproprietaryrights.PrintedintheUnitedStatesofAmerica.987654321SPIN11378457springeronline.comCONTENTSChapter1RISK,REW

5、ARD,SIZEANDTIMETOEXITIntroduction1UnderstandYourNeeds2WhatIsCapital?4TypicalSourcesofCapital4Risk,Reward,TransactionSizeandTime7RiskFactors:StagesinaCompany'sLifeCycle8FactorsBearingonReward11TransactionSize12TimetoExit12Chapter2SELF-HELP,THEENTREPRENEUR'SSOURCESIntr

6、oduction17Self-Reliance17HowMuchCapitalisNecessary?18SevenStrategiestoGetStart-upCapital19Chapter3BANKSIntroductions33TheBankerStateofMind33BankFacilities34Underwriting37QualityofFinancialData44BankCovenants,TermsandConditions45MythandMythology47AreBanksReliablePartn

7、ers?48BankDebtIsGood49viContentsChapter4SMALLBUSINESSADMINISTRATIONIntroduction55Overview55Eligibility56Mechanics57Underwriting58Collateral58PersonalGuarantees59Documentation59LoanCovenants61LoanPrograms61Chapter5ASSETBASEDLENDERSANDFACTORSIntroduction69TraditionalAs

8、setBasedLenders69SpecializedAssetBasedLenders71TrancheBLenders71Sale&Leaseback74NoteDiscounters77Factors79Chapter6BUSINESSMODELS,BU