chapter7Businessfinancing企業(yè)融資

1、Business financing企業(yè)融資Business financing If we want to set up our own business, whats the most important thing. Of course .How can you raise money for your business?1. Borrow from others, maybe parents, friends or commercial lender.2. Selling equity (ownership interest)(所有者權(quán)益) in your business.Busin

2、ess financingWhats the difference between the two? (taking loan and selling equity)Business financing Debt financing 債券融資 Equity finacing 股權(quán)融資Debt financingDebt financing means borrowing money that is to be repaid over period of time, usually with interest.Debt FinancingDebt financing loanCreditor d

3、ebtorCreditor (lender) - repayment and interestCreditor does not ask for any ownership of the debtors business. Your obligations (debtor) are limited to repaying the loan.Equity financingEquity financing describes an exchange of money for share of business ownership.股權(quán)融資是一種用資金交換企業(yè)所有權(quán)股份的融資方式。Equity f

4、inancing Debtor: sell an ownership interest (equity) for capital By selling equity interests, you sacrifice some of your autonomy and management rights.(犧牲經(jīng)營權(quán)和自主權(quán))Small business options for equity financingVenture capital:風(fēng)險(xiǎn)投資指具備資金實(shí)力的投資家對(duì)具有良好市場(chǎng)發(fā)展前景，但缺乏啟動(dòng)資金的創(chuàng)業(yè)家進(jìn)行資助，并承擔(dān)創(chuàng)業(yè)階段投資失敗風(fēng)險(xiǎn)的投資。投資家投入的資金換得企業(yè)的部分股份，

5、并以日后獲得紅利或出售該獲取投資回報(bào)為目的。Small business options for equity financing 風(fēng)險(xiǎn)投資的特色在于甘冒高風(fēng)險(xiǎn)以追求最大的投資報(bào)酬，并將退出風(fēng)險(xiǎn)企業(yè)所回收的資金繼續(xù)投入“高風(fēng)險(xiǎn)、高科技、高成長潛力”的類似高風(fēng)險(xiǎn)企業(yè)，實(shí)現(xiàn)自檢的循環(huán)增值。Small business options for equity financingSBICs：小企業(yè)投資公司計(jì)劃(SBICS)是美國政府幫助小企業(yè)獲得無法從銀行和其他私人資本來源得到的權(quán)益資本和長期貸款的援助計(jì)劃。 Small business options for equity financing Ang

6、els:天使基金、天使投資主要指富有個(gè)人或機(jī)構(gòu)對(duì)小型初創(chuàng)企業(yè)的前期投資基金，是風(fēng)險(xiǎn)投資的一種。天使投資一般投資具有高成長性的科技型項(xiàng)目，其收益普遍在50倍以上。Small business options for equity financing initial public offering 初次公開發(fā)行(股票)，首期上市股票 Alternatives to going public limited private offerings of ownership interests Franchising ESOPS: 員工持股計(jì)劃是一項(xiàng)員工福利計(jì)劃，是為了吸引、保留和激勵(lì)公司員工，通過讓員工

7、持有股票，使員工享有剩余索取權(quán)的利益分享機(jī)制和擁有經(jīng)營決策權(quán)的參與機(jī)制。Forms of Business Organization Sole proprietorships: 獨(dú)資企業(yè) General partnership: 普通合伙企業(yè) Limited partnership: 有限合伙企業(yè) Corporations: 公司企業(yè) Limited liability companies limited liability partnerships 有限責(zé)任企業(yè)/有限責(zé)任合伙Sole proprietorship 獨(dú)資企業(yè)是一個(gè)自然人投資并興辦的企業(yè)，其業(yè)主享有全部的經(jīng)營所得，同時(shí)對(duì)債務(wù)由完

8、全責(zé)任。這種企業(yè)規(guī)模都較小，其優(yōu)點(diǎn)是經(jīng)營者和所有者合一，經(jīng)營方式靈活，建立和停業(yè)程序簡單。General partnership 合伙企業(yè)是由兩個(gè)以上的自然人訂立合伙協(xié)議，共同出資、合伙經(jīng)營、共享收益、共擔(dān)風(fēng)險(xiǎn)，并對(duì)合伙企業(yè)債務(wù)承擔(dān)無限連帶責(zé)任的盈利性組織。Limited partnership 有限合伙，指由有限合伙人和普通合伙人共同組成，有限合伙人以其出資額為限對(duì)其承擔(dān)責(zé)任；普通合伙人對(duì)合伙債務(wù)承擔(dān)無限連帶責(zé)任的合伙形式。 有限合伙與普通合伙一樣，都不具有獨(dú)立的法人資格。Corporations公司是指以營利為目的，由許多投資者共同出資組建，股東以其投資額為限對(duì)公司負(fù)責(zé)，公司以其全部財(cái)產(chǎn)對(duì)

9、外承擔(dān)民事責(zé)任的企業(yè)法人。Limited liability partnerships 有限責(zé)任合伙，是指由兩個(gè)或兩個(gè)以上合伙人組成，各合伙人對(duì)自己執(zhí)業(yè)行為引起的合伙組織債務(wù)承擔(dān)無限責(zé)任，對(duì)其他合伙人的執(zhí)業(yè)行為引起的合伙組織債務(wù)承擔(dān)有限責(zé)任。Financing corporation Incorporation provides the easiest method for raising capital from multiple investors. $125,000 15 people $5,000 / 1 people - $125,000 Some types of corporat

10、ions available for small businessS corporation: 小型公式Close corporation：封閉式公司C corporation: 常規(guī)公司They all permit equity financing through the sale of stock.How to sell? Family members Nonvoting share, small percentage of voting share. Venture capitalist Financing general partnership Advantage Inexpensi

11、ve and simple to form and maintain. Written partnership agreement no legal requirement for a contract no statutory formality (法定手續(xù)) no feeFinancing general partnership Advantage Favorable tax treatment. partners are taxed as individual; the partnership itself is not taxed.Financing general partnersh

12、ip Advantage Sharing of expertise and riskFinancing general partnership Disadvantage Personal liability Partner has unlimited personal liability for But it can be minimized by the liability insurance.Financing general partnership Disadvantage Limited transferability Agreements restrict a partners ri

13、ght to withdraw or to transfer the ownership interest.Financing general partnership Disadvantage Limited financing options obtaining financing is usually difficult. New equity financing requires the unanimous approval of all existing partners. Debt financing is still difficult.Financing Sole Proprie

14、torship It is a single-owner business and the simplest form of business entity. Equity financing difficult Debt financing difficult Financing Sole Proprietorship Advantage: Exclusive control sole controlFinancing Sole Proprietorship Advantage: Cheap and easy to form and maintain Almost no formalitie

15、s(正式手續(xù)) are required to create it. (unless certain licenses are necessary) Administrative costs are minimal.Financing Sole Proprietorship Advantage: Simple (often favorable) tax treatment eg. At the beginning, business often operate at loss, the loss can be deducted on your personal tax return(個(gè)稅所得申

16、報(bào)表) to offset(抵消) income you earn from other source.Financing Sole Proprietorship Disadvantage: Personal liability All business debts and liabilities are your personal obligations. So insurance is important. Limited financing optionFinancing limited partnership It requires at least one partner to assume personal liability for businesss liability (general partner). Limited partners are passive investors, do not need to involved in management responsibilities. So for the purpose of equity investing, i