[经济学]第七章 企业融资.pptVIP

Chapter 7 Business Financing Background If you want to start your own business, whats the most important thing? How can you raise money for your business? borrowing from a friend, a family member, or a commercial lender selling ownership interests (equity) in your business. What are the main differences between borrowing money and selling ownership interests in my business? If you take out a loan, you will repay the money over time (usually monthly), with interest. The lender wont receive an ownership interest in your business, and you wont have to share any of your future profits with the lender. By contrast, if you raise money by selling equity (ownership interests), you wont have to make these monthly payments or repay the investment at any particular date. Instead, if your business is profitable, youll have to share those profits with your investors, generally in proportion to the percentage of the business they own. A firm or an individual can obtain funds in a financial market in two ways. 企业和个人在金融市场上取得资金的方法有两种。 The most common method is to issue a debt instrument, such as a bond. 最普通的方法是发行一种债务工具，例如债券。 The second method of raising funds is by issuing equities, such as common stock.筹措资金的第二种方法是发行股票，例如普通股。 Business Financing 1. Debt Financing 债权融资 2. Equity Financing 股权融资 Comprehension of the Text 1. What is mean about debt financing? 2. What is equity financing? 3. What is the major disadvantage to equity financing? 课文难句理解 Typically, financing is categorized into two fundamental types: debt financing and equity financing. 一般来说，融资方式可分为两大类：债权融资和股权融资。 categorize 将…分类 e.g. Participants were categorized according to age and sex. 参加者按年龄和性别分组。 Debt financing means borrowing money that is to be repaid over period of time, usually with interest. 债权融资是在一段时期后要偿还本金的借贷，通常带有利息。 The lender does not gain an ownership interest in your business and your obligations are limited to repaying the loan. 贷款人不获得你公司的股权，而你的义务仅限于偿还贷款。 Equity financing describes