第七章 融资

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1、第七章融资FinancingNew wordsagreement 协定terms条件clause条款taxable应征税的promise 承诺profitability 收益性investment 投资earning 收入income所得fluctuate 波动maximize使最大化issue发彳亍inadequate不充分的，不适当的strategy 策略prevailing 现行的utilities （公用事业公司提供的）电力、水和公共交通等商品或服务问题：1. 短期融资来源包括：2. 长期融资来源包括：3. 债券的特点4. 股票的特点一、短期融资来源short-term financi

2、ng：行业信用、银行贷款、商业本票、应收账款的贴现1. 行业信用 trade credit定义：指买卖双方达成的一种协定，依据此协定卖方为买房提供货物或服务，但不要求后者 立即现金付款。Trade credit is an agreement whereby the seller provides goods or services to the buyer without asking the latter for immediate cash payment.三类行业信用three type of trade credit：赊账账户open account、本票promissory和行业汇

3、票 trade draft。如果行业信用是赊账账户的形式，则是建立在相互信任的基础上。When trade credit is offered in the form of open account, it is based on mutual trust.本票是购买者在某个日期偿还销售者的无条件书面承诺。Promissory note is an unconditional written promise by the buyer to make repayment to the sellers on a particular date.汇票是销售者开出的。汇票附在装运的货物上，上面列出了付

4、款的日期和金额。只有当购买 者接受汇票上明示的还款义务，并签字之后，销售者才会放货。Draft is written by the seller. Attached to the shipment of goods, it states the date and the amount of repayment due to the seller. The seller will release the goods to the buyer only after the buyer accepts the obligations stated in the draft by signing it

5、.2. 银行贷款和信用额度 loans and lines of credit from banks企业从银行获得贷款时，必须签署本票，说明它会在承诺的日期全额归还本金加利息。When a firm takes out a loan from a bank, it must sign a promissory note stating that it will repay the principal and the interest in full by a promised date.贷款有两种：有担保贷款和无担保贷款。There are two types of loans, secure

6、d and unsecured.如果是新企业，或者银行不确定它的还款能力，银行会要求第三方(借贷银行承认的个人或 另一家银行)提供担保，并在本票上签字。如果借款人到期不能归还这笔贷款，联合签字人 有责任还款。If a firm is new or if the bank is not certain about a firm s ability to repay, the bank will make the loan secure by asking a second party (an individual or another bank that the lending bank con

7、siders as acceptable) to sign the promissory note as well. If the borrower cannot pay such a secured loan when due, the co-signers is responsible for the repayment.银行可要求借方提供抵押物，即抵押某种资产；如果借方到期不能偿还贷款，银行可以占有 此物。常见的抵押形式有库存、应收账款和可交易的有价证券(如公司的股票或债券) 银行认为可靠的企业可以无需联合签署人或抵押，而得到无担保贷款。但是银行可能会要求 将贷款的一部分存入企业在银行的

8、无息账户上。这叫补偿余额。The bank can ask the borrower to put up collateral-any assets which the bank can seize in case the borrower fails to make the payment. Common forms of collateral are inventory, accounts receivable and marketable securities (e.g. stocks or bonds of other companies).A firm regarded by a b

9、ank as credit-worthy may take out unsecured loans without a co-signer or collateral. But the bank will probably require the borrower to keep a portion of the loan on deposit with the bank in a non-interest-bearing account. This is called compensating balance.短期无担保贷款形式有：一次性贷款、信用额度或循环信用协定。Short-term u

10、nsecured loans take several forms: one-time-only loans, lines of credit or revolving credit agreements.3. 商业本票 commercial paper大型的、信用可靠的公司以低于现行短期贷款的利率发行商业本票。这些票据是无担保的本 票。有票面价值，但通常是低于面值发售。在一段时间后，(通常是30天至270天)发行公 司以票面价值购回这些票据。售价与面值的差额就是购买者的利润。For larger and very credit-worthy firms, there is another o

11、ption for short-term fund-raising. They can issue commercial paper at a cost lower than the going interest rates on short-term loans. Such paper is an unsecured promissory note. It has face value but is sold under that value. At the end of a specified period (usually 30 to 270days) the issuing firm

12、buys back the paper at the face value. The difference between the selling price and the face value is the buyers profit.4. 贴现商factors贴现商是追回款项的代理人，他们从那些急用现金的公司手中，以低于面值的价格购买应收 账款。Factors are collection agents who buy accounts receivable under their face value from firms who are in need of cash.应收账款的质量

13、、成本和追回时间对贴现商的获利性很重要。The quality of the receivable and the cost and the time of collection are very important for the factors profitability.二、长期融资来源 long-term sources of funds如果公司需要长期资金来扩大规模或购买设备、厂房等固定资产，基本上有两个渠道。一个 是内部资源，像留存利润和折旧。一个是外部资源，包括长期贷款等借贷资本、公司债券、 新发行的普通股和优先股形式的权益资本。When firms need long-term

14、 funds to expand or acquire fixed assets such as equipment and buildings, they basically have two sources. The first is internal source, including retained earnings and depreciation. The second is external source, including debt capital such as long-term loans and corporate bonds, and equity capital

15、 in the form of new issues of common and preferred stocks.折旧是把固定资产的价值按照使用时间分摊。Depreciation means dispersing the cost of a fixed asset over its useful life.债券实际上就是借据，规定了面值(如企业欠债券持有者的金额)、到期日(通常为自发行 日起10年到30年)和发行公司应季度地、半年地或年度地付给持有者的利息。A bond is actually an IOY(I owe you), a written contract which stipu

16、lates the par value(i.e., the amount the company owes to the bond holder), the maturity date(usually 10 to30 years from the issuing date) and the rate of interest paid by the issuing company to the bond holders quarterly, semi-annually or annually.债券持有者是发行公司的债权人，而股票持有者是公司的所有人。Unlike bond holders who

17、 are creditors of issuing company, stock holders are the owners of the company.债务融资还是股权融资debt or equity financing?债务融资意味着，无论企业的财务状况如何都要承担付给贷款人或债券购买人固定利息的责 任。企业如果无法支付，就会损失财产，甚至破产。所以最好的战略就是不借钱。Debt financing means obligations to pay loan leaders or bond buyers a fixed amount of interest regardless of

18、the firms financial conditions. If the firm fails to pay, it may lose its assets and even go bankrupt. So the safest strategy would be to avoid any debt.债务融资和股权融资的优化组合也叫资本结构，因行业和企业的不同而不同。对于现金流可 预计的行业或企业(像公用事业单位)，借款融资的比例可以高于其他现金流规模不同的企 业。Such a mix, also called capital structure, varies from industry

19、 to industry and from firm to firm. For industries and firms which have predictable cash flows (e.g. utilities companies), the portion of debt-financing can be higher than those with different cash flow patterns.债券的特点 features of bonds：所有债券都有票面价值和既定的利息；All bonds carry a face value and predetermined

20、interest rate.债券有到期日，通常为20年到30年Bonds have a maturity date which is usually from twenty to thirty years into the future. 除非在到期日前购回，否则债券的面值不变，但它的销售价格随着现行利率变化。Unless called back before maturity date, the face value of bond remains unchanged. But its selling price will fluctuate mainly in response to ch

21、anges in the prevailing interest rate.股票的特点feature of stock：股票有两种类型two types of stock：优先股preferred stock和普通股common stock。优先股与债券类似：如同债券有固定的利率，优先股有固定的股息，多表示为面值的百分比。 而且股票可以收回，就像可收回的债券。发行公司如果想废止可收回的优先股，可以按原来 的价格再加上若干补偿金将其收回。To a certain degree, preferred stock is similar to a bond. Just as a bond carrie

22、s a fixed interest, preferred stock usually carries a fixed dividend, which is often expressed as a percentage of its par value. Moreover, preferred stock can be made callable, just like callable bonds. If the issuing company wants to retire a callable stock, it can do so by paying the holders par v

23、alue plus a small premium.优先股的特权 privileges of the preferred : stock当红利发布时，优先股股东首先得到。公司如果破产，财产清算以后，首先偿付债权人，然 后就是优先股股东，最后才是普通股股东。When dividends are declared, the preferred stockholders are the first to be paid. In case the company goes bankrupt, its creditors must be paid first after the liquidation.

24、 The preferred stockholders are the next to claim on the companys assets. The common stockholders are the last. 优先股的不足之处：如果公司的经营不好，优先股股东就没有红利。为了吸引买家，发行公 司可以给优先股累计的特性。这样，公司不能以财务困难为由逃避支付。红利不断累计，最 终要付清。Preferred stock also has disadvantage. If the company is not doing very well, the preferred stockhold

25、ers may receive no dividend at all. In order to attract buyers, the issuing company can give its preferred stock a cumulative feature. If company cannot skip the preferred dividend because of financial difficulty. The dividend must be accumulated and eventually paid.普通股：一旦发行，普通股不可收回。因此它代表发行公司的永久所有权。

26、普通股股东有权 选举董事会成员，决定公司的其他事务。Once issued, common stock cannot be called. Therefore it represents permanent ownership of the issuing company. The common stockholders have the rights to elect the board of directors and vote in other corporate matters.术语匹配A1.a line of credit信用额度7.revolving credit agreemen

27、 t限额循环周转信贷合同2.loan8.capital structure3. depreciation9.corporate bond4. financial planmercial paper 商业本票5. unsecured loan 无担保贷款ll.trade draft 商业汇票6. secured loan 担保贷款12.bond indenture 债券契约BA. the cost of its fixed asset that a firm disperses over its useful life and puts aside in the accounting book.

28、B. Sum of money lent by a bank, etcC. the up limit of money that the borrower can borrow from the lending bank as it has been agreed and arrangedD. the contract that the lending bank agrees to give the borrower an amount of funds on a continuous basisE. loan for which the borrower must provide colla

29、teralF. relative mix of a firms debt and equity financeG. loan for which collateral is not requiredH. a form of trade credit in which buyers sign statements of payment terms attached to the merchandise by sellersI. contract in which the issuer promises to pay holders a certain amount of money on a specified dateJ. statement of the terms of a corporate bondK. short-term securities, or notes, containing a borrowers promise to payL. a firms strategies for reaching some future financial position术语搭配答案1.C 2.B 3.A 4.L 5.G 6.E 7.D 8.F 9.I 10.K 11.H 12.J