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时间:2019-11-29
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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
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