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英国Coursework范文:Major Sources of Finance and Funding for SMEs

论文价格: 免费 时间:2023-03-06 15:07:53 来源:www.ukassignment.org 作者:留学作业网

英国Coursework范文-中小企业的主要资金来源。本文是一篇英国留学生Coursework写作范文,主要内容是讲述中小企业是所有经济体的支柱,是发达工业化国家以及新兴经济体和发展中经济体经济增长、活力和灵活性的关键来源。中小企业是商业组织的主要形式,根据国家的不同,中小企业占企业的95%以上,高达99%。虽然并不是每个小企业都会成为跨国企业,但它们在早期都面临着同样的问题——寻找资金,使它们能够开始和建立业务,并测试其产品或服务。本篇Coursework将探讨中小企业和初创企业的主要融资来源,也将探讨各种来源的优缺点。此外,作者将从课堂笔记、与不同企业和其他来源的研讨会中汲取经验,以确定这些来源及其优缺点。特别是在目前的经济衰退时期,资金很难获得。然而,资金可以通过各种方式获得,每种方式都有其优点和缺点。关于什么样的资金来源是最好的决定将取决于借款成本、资金需要的时间长短、资金用途以及最终公司能否收回。下面就一起来看一下这篇英国留学生Coursework格式范文的具体内容。

Coursework格式范文

Introduction 引言

Small and medium-sized enterprises (SMEs) are the backbone of all economies and are a key source of economic growth, dynamism and flexibility in advanced industrialised countries, as well as in emerging and developing economies. SMEs constitute the dominant form of business organisation, accounting for over 95% and up to 99% of enterprises depending on the country (OECD 2006). While not every small business turns into a multinational, they all face the same issue in their early days – finding the funds to enable them to start and build up the business and test their product or service. This coursework will be looking at the major sources of finance for SMEs and start ups, also will be looking at the advantages and disadvantages of this various sources. Furthermore I will be drawing from the lectures notes, seminars with different enterprise and other sources to identify these sources and their advantages and disadvantages. Funds are difficult to source for especially in this present period of recession. However, funds can be sources through various means each of which have it merit and demerits. The decision as to what source of finance will be the best will depend on, the cost of borrowing, the length of time the money will be need, what is the money for and ultimately whether the firm can payback. Burns (2007)

The most important consideration in deciding the source of finance for SMEs is to strike a balance equity and debt and to make sure the source of finance suits the business. What differentiate (money borrowed) debt and equity are that financial institutions demand interest and capital repayments, but debts is usually held up against a business assets or personal properties of the owners. The sources of finance for start-ups and SMEs can be divided into two: internal which includes (personal savings, family and friends) and external includes (trade credit, venture capitals, business angle, hiring and leasing, bank loans, Factoring and invoice discounting, grant, bank overdraft).

在决定中小企业的资金来源时,最重要的考虑是平衡股权和债务,并确保资金来源适合企业。区别(借入资金)债务和股权的是,金融机构要求偿还利息和资本,但债务通常是针对企业资产或所有者的个人财产而持有的。初创企业和中小企业的资金来源可分为两种:内部包括(个人储蓄、家人和朋友)和外部包括(贸易信贷、风险资本、商业角度、雇佣和租赁、银行贷款、保理和发票贴现、赠款、银行透支)。

Internal sources:内部来源

Personal savings, family and friends: this is often the starting point for most SMEs where the owner uses his/her savings to start up the business, may be later in the business others may be prepared help you out example the case of Amazon that was shown in class where his parents and friends helped at some point, also is the same for most of the entrepreneur brought on in the seminar. It should be noted that for family and friends the reason for funding should be known as some may give in turn to have share of the business which might not be explicit, in other to avoid these a written agreements would be a better option stating the basis of such funding. An advantage is that this shows that the owner has some level of confidence and commitment to the business enterprise and might make it easier to gain money from others. It costless form of finance, but there is higher risk of the money being lost since the entrepreneur idea might not be fully developed.

个人储蓄、家人和朋友:这通常是大多数中小企业的出发点,在那里,所有者使用自己的储蓄来创业,可能是在以后的业务中,其他人可能会准备好帮助你。例如,在课堂上展示的亚马逊案例,他的父母和朋友在某一点上提供了帮助,这对研讨会上介绍的大多数企业家来说也是一样的。应该注意的是,对于家人和朋友来说,资助的原因应该是众所周知的,因为有些人可能会反过来分享可能不明确的业务份额,或者为了避免这种情况,书面协议将是更好的选择,说明这种资助的基础。一个优点是,这表明所有者对企业有一定程度的信心和承诺,可能会更容易从他人那里获得资金。这是一种成本低廉的金融形式,但由于企业家的想法可能还没有完全发展起来,因此资金损失的风险更高。

External sources:外部来源

Grants: Grants are often available from councils, local authorities, and other Government agencies for specific reasons. For example there may be plans by the government or council to revive or encourage the development of a sector or an area. Alternatively there are some institutions that helps entrepreneur to lunch new business. One disadvantage is that assess to grants can be competitive as some businesses are classified more important than others and it can be very difficult to locate an individual or organizations who will be willing to give funds for small business. An advantage is that most grants don’t require payback and has no interest.

补助金:出于特定原因,通常可以从议会、地方当局和其他政府机构获得补助金。例如,政府或理事会可能有计划振兴或鼓励某一部门或地区的发展。或者,也有一些机构帮助企业家为新业务提供午餐。一个缺点是,评估补助基金可能具有竞争性,因为一些企业的分类比其他企业更重要,而且很难找到愿意为小企业提供资金的个人或组织。一个优点是,大多数补助金不需要偿还,也没有利息。

Bank Overdraft: An overdraft is agreed sums which a customer can overdraw form his current account. Bank overdraft can be a good source of short-term finance to help a business with seasonal shortage of funds that does not require long-term solution. The charges varies and are linked to the bank rate. The advantage of overdraft is that it is always there when it is need and it is at no cost (however small fee are charged) it helps to maintain a good cash flow. Also it is quick to set-up when compared to a loan. Overdraft disadvantages. The interest rate on an overdraft can be quite high, especially for small firms where the risk to the bank that they might not get their money back is greater. In addition, the business is not allowed to exceed their overdraft limit. If they do, the bank might refuse to pay cheques to creditors and may hit the business with a hefty charge for exceeding the limit. Overdraft facilities can be re-negotiated but if this is tried too many times, it may be a signal to the bank that a business has not got control over its finances.

银行透支:透支是客户可以从其往来账户透支的约定金额。银行透支可以是短期资金的一个很好的来源,以帮助不需要长期解决的季节性资金短缺的企业。费用各不相同,并与银行利率挂钩。透支的好处是,当需要时,它总是在那里,而且它是免费的(无论收取多少费用),它有助于保持良好的现金流。与贷款相比,它的设置速度也很快。透支的缺点。透支的利率可能很高,特别是对于小公司来说,他们可能无法拿回钱的风险更大。此外,该业务不得超过其透支限额。如果他们这样做了,银行可能会拒绝向债权人支付支票,并可能会因超出限额而对企业收取高额费用。透支贷款可以重新协商,但如果尝试太多次,这可能会向银行发出一个信号,表明企业无法控制其财务。

Venture capitals (VCs): It is also known as private equity finance. This source is often most times used in the early stages (or a later stage depending on the type of VCs) of developing a new business, where the risk of failure is high but the possible earnings may well also be high. Venture capital dealings are, just about £500,000 to £10 million, or above. Venture capital most time provides second round financing after Business angels. Venture capitalists invest large sums of money in return for a share in the firm’s equity and also expect a good return on their investment. It should be noted that venture capitalists most times are firm or representative of a parent firm. One advantages of getting a VC are they provide large sum of finance and the significant expertise, contacts and experiences they have acquire while running other businesses. Furthermore successfully attracting a venture capital makes it sometimes easier to get others for further funding. Example of theses is the Dragon’s Den. On the other hand disadvantage getting a deal with a venture capitalist may be a long and difficult process. As it will require drawing up a well detailed plan, financial projections which may require professional help or friends who have such knowledge, legal requirement may be needed on getting to the negotiation stage all of these services will have to be paid for whether or not the fund was secured. Also there is tendency for VCs to influence or take control of the business.

风险资本(VC):也称为私募股权融资。这种来源通常在开发新业务的早期阶段(或后期阶段,取决于风险投资公司的类型)使用,在那里,失败的风险很高,但可能的收益也很高。风险资本交易额仅为50万英镑至1000万英镑或以上。风险投资大部分时间提供第二轮融资,仅次于商业天使。风险投资家投入大量资金以换取公司股权的一部分,同时也期望他们的投资获得良好的回报。应该注意的是,风险资本家大多数时候是母公司的公司或代表。获得风投的一个好处是,他们提供了大量资金,以及在经营其他业务时获得的重要专业知识、人脉和经验。此外,成功吸引风险投资有时会更容易获得其他人的进一步资金。论文的例子是龙穴。另一方面,与风险投资家达成交易可能是一个漫长而困难的过程。由于这将需要制定一份详细的计划、财务预测,可能需要专业帮助或具有此类知识的朋友,因此在进入谈判阶段时可能需要法律要求,所有这些服务都必须支付,无论基金是否获得担保。此外,风险投资公司也有影响或控制业务的趋势。

Business Angels: Business angels (BAs) are also know as angle investors, they are rich individuals who invest in a potential high growth businesses in return for a share in the ownership of the business. They are typically involved at an early stage of the business. Some BAs invest as an individual, while others do as part of a group, or investment club. BAs often make their own skills, experience and contacts available to the company. BAs in general invest in businesses between £10,000 and £750,000 as individual and up to £1,000,000 or more as a group. One advantage of BAs is that they often make an quick investment decisions, without complex assessments. (i.e. when it appeals to them or an area of interest) However, a professional and well prepared business plan will be needed to get their attention. Most BAs bring relevant experience, skill, time, and contacts they have built up overtime. Most BAs are committed and do everything within their power to make the business work.

投资方:投资方也被称为天使投资,他们是富有的个人,投资于潜在的高增长企业,以换取企业所有权的份额。他们通常在业务的早期阶段就参与其中。一些BA作为个人进行投资,而另一些则作为团体或投资俱乐部的一部分进行投资。天使投资通常向公司提供自己的技能、经验和人脉。一般而言,天使投资对企业的个人投资在1万英镑至75万英镑之间,对集团的投资在100万英镑或以上。天使投资的一个优点是,他们通常可以快速做出投资决策,而无需进行复杂的评估。(即,当它对他们或感兴趣的领域有吸引力时)然而,需要一个专业且准备充分的商业计划来吸引他们的注意力。大多数天使投资都会带来相关的经验、技能、时间和他们加班积累的人脉。大多数天使投资都致力于并尽其所能使业务运作。

The disadvantage of BAs is that they are difficult to find and don’t make investments very regularly, more time will be spent with the BAs rather with the business giving information, The entrepreneur may loss some level of control over the business, locating the right investors may be difficult, also there is tendencies for the BAs to want to stay in the business therefore becoming a “devil”. The British Business Angels Association (BBAA) is a good source of locating BA networks also they help in preparing and presentation of business proposals.

天使投资的缺点是,他们很难找到,而且不经常进行投资,更多的时间将花在天使投资身上,而不是花在企业提供信息上。企业家可能会失去对企业的某种程度的控制,寻找合适的投资者可能会很困难,此外,英国广播公司也有希望留在公司的倾向,因此成为“魔鬼”。英国商业天使协会是定位BA网络的一个很好的来源,他们也帮助准备和提交商业建议。

Invoice Discounting and Invoice Factoring: This involves a company outsourcing its invoicing activities to an external organisation. It makes funds available in few days to the business base on the values of the outstanding invoices. Then process, It begins by the firm making sales, sending the invoice to the customer, sending a copy of the invoice to the factoring institution where necessary negotiations and investigations is carried out on the customer after which an agreed percentage of the invoice is paid by the factoring company, usually 70-80% within 24 hours. This service comes with a cost which include administration charges, interest, credit protection charges, etc. the major advantage of this source of finance is the quick availability of funds which can be channel into another aspect of the business, also with presence of many factoring companies, this makes prices competitive, further it makes preparation of financial planning and cash flow easier and smoother, it can be an efficient and cost effective was of sub contracting that area of the business which reduces the time spent chasing payment. It is also an opportunity to know the credit standing of your customers which can help in negotiating a better deal with your suppliers and customer. The down side is that the charges will imply a reduction in the profit margin, in addition it may limit the way business is done as the factoring company may want to vet your consumers. It may reduce the extent of borrowing as the invoice is not available as security, also some customer may prefer to deal directly with their suppliers. In the situation where the customer default the business has to pay also an additional fees may be charged.

发票贴现和发票保理:这涉及公司将其开票活动外包给外部组织。它根据未付发票的价值,在几天内为企业提供资金。然后,流程开始于公司进行销售,向客户发送发票,向保理机构发送发票副本,在那里对客户进行必要的谈判和调查,然后保理公司支付发票的商定百分比,通常在24小时内支付70-80%。这项服务的成本包括管理费、利息、信用保护费等。这一资金来源的主要优势是资金的快速可用性,资金可用于业务的另一个方面,同时还有许多保理公司,这使得价格具有竞争力,此外,它使财务计划和现金流的准备更容易、更顺畅,它可以是一种高效和成本效益的方法。它将业务领域分包出去,从而减少了花费在支付上的时间。这也是了解客户信用状况的机会,有助于与供应商和客户达成更好的交易。不利的一面是,收费将意味着利润率的降低,此外,这可能会限制业务的开展方式,因为保理公司可能希望审查您的消费者。这可能会减少借款的程度,因为发票不可用作担保,而且一些客户可能更愿意直接与供应商打交道。在客户违约的情况下,企业还必须支付额外费用。

Trade credit: some businesses depend on the purchase of a product from other companies (suppliers) to run their enterprise. Trade credit is a case where a supplier gives out his product to a customer on credit expecting to pay at a later date. Most trade creditors allow for a period of 30 days or longer before payment are made, this can allow the business to use the funds in the short term to finance other things. This should be done with caution so as not to risk upsetting the supplier and put at risk the future working relationship of business. Advantages of Trade credit: By setting up trade credit it will require less money to start up a business, this can be really important to those who have little capital in starting up a business, also the ability to buy now and pay later, the business can purchase the item and sell them at a profit before payment are made. With this the business time to focus on other areas of the business like marketing etc rather than worry about paying their supplier. It also makes for improved cash flow and smooth operation for the business. Example of all these is the case of QPC as discussed in the seminar. The downside to trade credit is if the business fails to meet the deadline it may leads to poor credit history which might limit the business chances of securing funds elsewhere. Also it can be difficult to get trade credit as only firms with good credit history are given, however these can be difficult to build as a new business.

贸易信贷:一些企业依靠从其他公司(供应商)购买产品来经营企业。贸易信贷是指供应商将其产品以信用形式提供给客户,希望在以后付款。大多数贸易债权人允许在付款前30天或更长的时间,这可以让企业在短期内使用资金为其他事情融资。这一点应谨慎进行,以免有扰乱供应商的风险,并使未来的业务工作关系面临风险。贸易信贷的优势:通过建立贸易信贷,创业所需的资金将更少,这对那些创业资金很少的人来说非常重要,同时也有能力立即购买并稍后付款,企业可以在付款前购买商品并以盈利的价格出售。这样,企业就有时间专注于其他业务领域,如营销等,而不用担心向供应商付款。这也有助于改善现金流和业务的顺利运营。研讨会中讨论的QPC就是所有这些的例子。贸易信贷的缺点是,如果企业未能在截止日期前完成交易,可能会导致不良的信贷记录,从而限制企业在其他地方获得资金的机会。此外,由于只有具有良好信用记录的公司才能获得贸易信贷,因此很难获得贸易信贷。

Hire Purchase and Leasing: Hire purchase and leasing allows a business to acquire an asset without paying the full-price. The business will have the right to use the equipment for a period of time after which they can buy it at a reduced price or return it. These means is mostly used in the purchase of heavy equipment. Leasing an asset makes available some working capital that can be use in other areas of the business. In a lease, the business is paying for the use of an equipment or machinery but do not own it. A lease agreement on an equipment or machinery, for example, might mean that the firm pays out £250 or more per month for a 3-4 year lease. At the end of the years, the equipment or machinery is returned to the owner. Some advantages of leasing equipment include, having and using an asset without having to pay the full cost up front, so cash can be diverted for other purpose. it gives the business access to a modern standard of equipment, which might be too costly to buy upfront payments are spread over a long period of time., leases can be helpful to business which carries out short projects or needs equipment for short time as they don’t have to buy such equipments out-rightly. With the payment based on the fixed period of time the equipment will be use and fixed monthly rental costs, this helps the business to budget for the future, forecast cash flow and plan effectively. It also reduces the cost of maintenance, as the leasing company will be responsible for that and carries the risk of the equipment if it breaks down. Capital allowance can be claim on the equipment. The asset can be purchased as a reduced price. Some disadvantages of leasing equipment: it can work out to be more expensive than if you buy the assets outright, Capital allowances may not be claimed on lease equipment less than five years in some cases seven years. Business can be stocked into inflexible medium or long-term agreements, which may be difficult to terminate. In the case of Adrian Lauchlan who got a big warehouse and later discovers it was too big but could not break the contract due to the length of time. Leasing contract can be complex to manage and can add to the management operation, businesses has to be VAT-registered to take out a leasing contract, the asset are not owned despite paying monthly for it.

租购和租赁:租购和出租允许企业在不支付全部价格的情况下获得资产。企业有权在一段时间内使用设备,之后可以降价购买或退货。这些手段主要用于购买重型设备。租赁资产可以提供一些可用于其他业务领域的营运资金。在租赁中,企业支付设备或机械的使用费用,但不拥有该设备或机械。例如,设备或机械租赁协议可能意味着公司每月支付250英镑或更多的租金,租期为3-4年。在这些年结束时,设备或机械被归还给所有者。租赁设备的一些优点包括,拥有和使用资产而无需提前支付全部成本,因此现金可以用于其他用途。它使企业能够使用现代标准的设备,而购买这些设备可能成本太高。预付款将在很长一段时间内分摊。,租赁可能有助于开展短期项目或短期需要设备的企业,因为他们不必正确地购买此类设备。根据设备使用的固定时间段和固定的每月租金成本进行付款,这有助于企业对未来进行预算,预测现金流并有效地进行计划。这也降低了维护成本,因为租赁公司将对此负责,并承担设备故障的风险。可以对设备申请资本补贴。资产可以降价购买。租赁设备的一些缺点:与直接购买资产相比,租赁设备的成本可能更高。在某些情况下,租赁设备不到五年,甚至七年,就不能申请资本补贴。业务可以被储存在不灵活的中长期协议中,这可能很难终止。以阿德里安·劳克兰为例,他有一个大仓库,后来发现仓库太大了,但由于时间太长,无法解除合同。租赁合同管理起来很复杂,可能会增加管理操作,企业必须进行增值税登记才能签订租赁合同,尽管每月支付租金,但资产并不属于所有。

Bank Loans: Bank loans can be a couple of thousand to hundred thousands of pounds depending on the security and business prospects. A loan is an amount of money borrowed for a set period with aim of paying back at an agreed date. The repayment will depend on the size, length of the loan and the rate of interest. The terms and conditions of loan vary with providers and may be negotiable. Loan periods varies between 1 to 10 years, with some going up to 20 years, though each lender have a number of loan packages to suit various business needs. The riskier the business, the less likely to be able to borrow, and the higher the interest rate charged. This helps the bank to ensure that they are covered even if the risk does not pay off. Advantages of loans: Banks loan are reliable because the money is guaranteed throughout the agreed period generally three to ten years – unless there is a breach of the loan conditions. If the loan will be use in the purchase of equipment it can be tied to the lifetime of the equipment or other assets you’re borrowing the money to pay for. Loans do not require giving up part of the business as of the case of an investor but the interest which serve as the cost must be paid. Some loans have fixed interest rates which are easy to calculate. Disadvantages of loans: Most loans are not flexible once the payment date are fixed also they have strict terms and conditions, there might be difficulty in making monthly repayment when customers done pay on time therefore causing cash flow problem. Most loans are secured against the business owner’s property or the asset of the business, but these properties will be at risk if the business defaults. Adrian Lauchlan almost lost his house due to low cash flow. Businesses are charged if the loans are paid before the end of the agreed period. In situation where more funds are borrowed than needed interest will be paid on fund not used. The bank will not be willing to increase the loan without an increase in security.

银行贷款:银行贷款可以是几千到十万英镑,具体取决于证券和商业前景。贷款是指为了在约定的日期偿还而在规定期限内借入的金额。还款将取决于贷款的规模、期限和利率。贷款的条款和条件因供应商而异,可以协商。贷款期限从1年到10年不等,有些贷款期限长达20年,但每个贷款人都有多种贷款方案以满足不同的业务需求。业务风险越大,借款的可能性越小,收取的利率也越高。这有助于银行确保即使风险没有得到偿还,他们也能得到保障。贷款的优点:银行贷款是可靠的,因为在整个约定的期限内(通常为三到十年),资金都有担保,除非违反贷款条件。如果贷款将用于购买设备,则可以与设备或其他资产的使用期限挂钩,这些资产是您借钱购买的。贷款不要求投资者放弃部分业务,但必须支付作为成本的利息。有些贷款有固定利率,很容易计算。贷款的缺点:一旦付款日期固定,大多数贷款都不灵活,而且它们有严格的条款和条件,当客户按时付款时,可能很难按月还款,因此造成现金流问题。大多数贷款都是以企业所有者的财产或企业资产为抵押的,但如果企业违约,这些财产将面临风险。阿德里安·劳克兰由于现金流不足,几乎失去了他的房子。如果贷款在约定期限结束前支付,企业将被收取费用。如果借入的资金超过所需的资金,将对未使用的资金支付利息。如果不增加担保,银行将不愿意增加贷款。

In conclusion, the coursework has discussed some of the major sources of finance and also discusses their advantages and the disadvantages of this various sources, it should be noted that each firm or business should choose the most appropriate sources of finance that suits it mode of operation and kind of business.

References 参考文献

The OECD Policy briefing (2006); Financing SMEs and Entrepreneurs.

Burns, P (2007), Entrepreneurship and small business 2nd edition, Palgrave, Basingstoke.

Irwin.D & Scott.J (2008) Barriers to raising bank finance faced by SMEs, Queen’s University Management School, Belfast.

Fraser, S. (2005), Finance for Small and Medium Sized Enterprises: A Report on the 2004 UK Survey of SME Finances, Warwick Business School, Coventry.

本篇Coursework作业讨论了一些主要的资金来源,并讨论了这些来源的优势和劣势。应注意的是,每个公司或企业都应选择适合其运营模式和业务类型的最合适的资金来源。本站提供各国各专业留学生Coursework写作指导服务,如有需要可咨询本平台。


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