【博士出品】 【必属精品】
(4) Source of finance 资金来源:
Internal 内部来源:
①retained profit 留存盈利
②working capital 流动资金
③sell unused fixed assets 变卖废弃的固定资产
External 外部来源:
①share capital: ordinary shares & preference shares 普通股和优先股
②loan capital: debentures 债券 mortgage抵押 venture capitalists风险资本家
③bank overdraft ④bank loan ⑤trade credit
⑥leasing 租赁 ⑦debt factoring 债券分配 ⑧credit cards
例：Give 2 internal sources of finance and 2 external sources.
Internal：
Retained profit (profit kept in the business):
If a company’s revenue during a period is larger than its costs then it will have some profit. The owners may wish to take the profit out of the company, but they may prefer to leave some or all of the profit in the company. This method of financing is cheaper and easier than getting a bank loan.
Working capital (money used to operate the business):
Having a ‘tighter’ credit policy (getting customers to pay back money owed to the business earlier). However, this may result in a loss of orders and damage relationships with customers.
Reduce stock (store less inventory) – sell products and goods to reduce the amount of raw materials and production materials being stored; employ ‘just-in-time’ production techniques
Selling unused fixed assets like buildings:
Some businesses may choose to sell their assets and leases (rent) them back (for example, sell the land and buildings and rent them back).
External：
Share capital – issuing either ordinary or preference shares
Loan capital (borrowed money):
Debentures – these are certificates of borrowing issued by companies; the lender receives loan interest each year until the loan is paid back
Mortgages – a secured loan to buy land or buildings
Venture capitalists – these are people or organizations who specialize in investing in (putting money into) businesses by agreeing a return on the amount of capital (money) invested and often having some ownership and/or control over the company.
Government grants – money given by the government to help and support a business. Usually does not have to be repaid but there may be conditions attached, e.g. the business might have to set up in a specific location.
Bank overdraft – this is when the business is allowed to spend more money than it has in its bank account; normally flexible (easily changed), can be arranged quickly, and for different amounts over different time periods; usually only for short periods of time and interest is paid if the account becomes overdrawn (if it exceeds the permitted limit)
Bank loan – a rigid agreement to borrow money, normally from a bank (for example, borrowed $50,000 for 3 years at 8% interest each year); suitable for short to medium term (e.g. 1 to 5 years)
Trade credit – This is money lent to you by suppliers, who sell you goods but who do not demand immediate payment. Trade credit is usually interest free and discounts can often be gained by paying early.
Leasing –renting fixed assets like vehicles or machinery
Advantages:
No need to spend a lot of money to get use of the asset (投资量少)
No maintenance and repair costs (无需持久性和维修费)
Up-to-date, modern equipment (设备现代化)
Disadvantages:
Expensive for long term leasing (长时间租赁花费高)
No ownership (无所有权)
Debt factoring
The business may not wish to wait for the customers to pay so may “factor the debts”. This means sell them to someone else for less than their value. The company loses some of the value of the debt but has immediate use of the cash.
Credit cards
Many businesses use credit cards as they are convenient but interest must be paid.
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