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Lecture -2: Principal of Business Finance
讲座-2：主要的商业金融
ID4246M
Dr V G Fitzsimons
University of Bradford
布拉德福德大学
In this lecture
在这个讲座中
Demands for finance
财政需求
Stages of growth and financial requirements
增长阶段和资金要求
Conflicts, complexity and objectivity
冲突，复杂性和客观性
Sources of finance
资金来源
Costs of finance
融资成本
Factors affecting demand
影响需求的因素
http://www.ukassignment.org/lxszy/
Demands for finance
财政要求
Expansion investments
扩展投资
Overseas investments
海外投资
Production scale increases
生产规模增加
Projects
项目
Development
发展
Recovery investments (e.g. vulture capitalists)
恢复投资（如秃鹫资本家）
Stages of growth and financial requirements
增长阶段和财务要求
Stages of company growth
公司增长阶段
Initial stage – e.g. prototyped/protyping
初始阶段 — 如，原型/原型法
Business angels or general venture capitalists specialising in start-up
创业天使或一般风险资本家专门启动
Operational stage – developing product into production
运作阶段 - 开发产品投入生产
Expansion stage – launch / overseas expansion
扩展阶段 - 发射/海外扩张
Small business and large business e.g.s
小型企业和大型企业
Conflicts, complexity and objectivity
冲突，复杂性和客观性
Competing demands will exist for limited financial capacity in the firm
竞争的需求将在公司内为有限的财政能力存在
Complex issues of finance – many methods of finance possible but which will satisfy growth goals, maximise shareholder value, other goals of the business?
复杂的融资问题 - 金融的方法很多可能的，但是这将满足增长的目标，实现股东价值最大化，其他的业务目标？
Need for objectivity requires specialist finance section
需要客观需要专科财务科
Sources of finance
资金来源
Internal finance
内部融资
Retained profits
未分配利润
External finance
外部融资
DebtSources of finance
金融债务来源
Equity
权益
VCs, Angels and Dragons
风险投资家，天使和龙
VCs, Angels and Dragons
风险投资家，天使和龙
Small businesses are often financed by Venture Capitalists (firms), or ‘Business Angels’ (individuals) who specialise in
小企业往往资金由风险资本家（公司），或“商业天使”（个人），专注于
financing firms and
融资公司和
Become actively involved in the management of the business
成为积极参与的业务管理
These deals involve purchasing significant proportions of firms equity
这些交易涉及购买公司权益的重大比例
These financing deals are often staged, with funding increasing as the ‘investment’ passes through certain critical growth targets.
这些融资交易经常上演的'投资'的资金增加，通过某些关键的增长目标。
Debt and Equity
债务和权益
Fundamental differences as:
基本差异：
Equity leads to dilution of your ownership and presumably reduces your control
权益导致稀释你的所有权，并可能降低你的控制
Debt is temporary whilst equity is permanent
债务是暂时的，而股票是永久性的
Debt repayments are allowable against tax where equity payments (dividends) are not
允许对税收偿还债务的股权支付（股息）
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