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Unit9

CorporateFinance中國新政策助力普惠金融發(fā)展

China’snewpoliciesboostinclusivefinanceChina’sMinistryofFinanceisintroducingpoliciestobenefitbroaderfinancialinclusionoverthenextfiveyears,startingonOct.1.Thegovernmentwillallocateresourcestohelpcutinterestratesfornewbusinessloans,developinclusivefinancezones,andsubsidizeruralfinancialbodies.Thepoliciesalloweligiblestartupstoapplyfora50%discountonloaninterestratesaspartofChina’sjobcreationaim.Thecountryhasalreadybeensupportingsmallbusinesseswithloans,leadingtoaboostof26.1%insmallbusinesslending,amountingto27.7trillionyuan(3.85trillionU.S.dollars),reportedtheMinistryofIndustryandInformationTechnology.Whatpositiveimpactdoyouthinkreducingloaninterestratesforbusinesseshasontheoveralleconomy?Canyouexplainhowthesenewpoliciescouldinfluencethedevelopmentofcompanies?UnitOverviewBystudyingthisunit,youareexpectedto:understandthebasiccharacteristicsofdifferentfinancingalternatives;learnabouttheadvantagesanddisadvantagesofdebtandequity;knowhowtocomposeanapplicationletterforabusinessloan;knowwhatshouldbeincludedinastandardlettertoshareholders.ContentsLead-inReadingAReadingBListeningCommunicationProjectWritingMoralReflections企業(yè)貸款信用卡股票市場個(gè)人債務(wù)Task1Haveyoueverconsideredsettingupabusinessofyourown?Whatsourcesoffinancingdoyouexpectwouldbeavailabletoyou?Thefollowingaresomeoptions.PutthemintoChinese.Task2Discussinpairs:DoyouhaveanyexperiencesofusingeachofthefinancingsourcesmentionedinTask1?Whataretheadvantagesanddisadvantagesofthem?YoucanstudyReadingAandreturntothisquestionifnecessary.Piscoisahospitalitycompany.Itisnowfacingsomefinancingproblemsduetoitsglobalexpansion.Unit9CorporateFinanceTask1Workinpairs.Doyouthinkcompaniesarelikelytoexperiencefinancingproblemsintheiroperation?Whatmightbesomeofthesituationswhenextracapitalisneeded?Somesituationswhenextracapitalisneeded:DuringbusinessexpansionWhenacompanyencounterscashflowdifficultiesWhenthecompanyisengagedinresearchactivitiesWhenthecompanyisinvolvedinadvertisementorrecruitmentinitiativesSmallbusinessesoftenneedmoney.Thisisespeciallytrueforcompaniesthatstarttodevelopbutfindgettingmoneycanbedifficult.Therearetwobasictypesoffundingavailabletosmallbusinesses:debtfinancingandequityfinancing.SmallBusinessFinancing:DebtorEquity?DebtFinancingMajorpurchasessuchasbuyingahomeoracarwithmortgageorwhenusingacreditcardareallformsofdebtfinancing.Youaretakingaloanfromapersonorbusinessandmakingapledgetopayitbackwithinterest.Debtfinancingforyourbusinessworksinasimilarway.Asabusinessowner,youcanapplyforabusinessloanfromabankorreceiveapersonalloanfromfriends,familyorotherlenders,allofwhichyoumustpayback.Unit9CorporateFinanceTheadvantagesofdebtfinancingarenumerous.First,thelenderhasnocontroloveryourbusiness.Onceyoupaytheloanback,yourrelationshipwiththefinancierends.Secondly,theinterestyoupayistaxdeductible.Finally,itiseasytoforecastexpensesbecauseloanpaymentsdonotfluctuate.Thedownsidetodebtfinancingisveryreal.Debtisabetonyourfutureabilitytopaybacktheloan.Whatifyourcompanyhitshardtimesortheeconomy,onceagain,experiencesameltdown?Whatifyourbusinessdoesnotgrowasfastoraswellasyouexpected?Debtisanexpenseandifyourrevenuesfall,youmayhavetouseprofitstopaybackyourdebt.Thiscouldputadamperonyourcompany’sabilitytoexpandandgrow.Unit9CorporateFinanceEquityFinancingEquityfinancinginvolvesinvestors.Youcouldoffersharesofyourcompanytofamily,friendsandothersmallinvestors,butequityfinancingofteninvolvesventurecapitalistsorangelinvestorswhichmeansyourcompanyhastobelistedonthestockmarket.Thebigadvantageofequityfinancingisthattheinvestortakesalltherisk.Ifyourcompanyfails,youdonothavetopaythemoneyback.Youwillalsohavemorecashavailablebecausetherearenoloanpayments.Finally,investorstakealong-termviewandunderstandthatgrowingabusinesstakestime.Thedownsideisbig.Inordertogetthefunding,youwillhavetogivetheinvestorapercentageofyourcompany.Youwillhavetoshareyourprofitsandconsultwithyournewpartner(s)wheneveryoumakestrategicdecisionsaffectingthecompany.Theonlywaytoremoveinvestorsistobuythemout,butthatwillusuallycostmorethantheiroriginalinvestment.WhichFundingMethodShouldIChoose?Thetypeoffinancingyouseekdependslargelyonyourstart-up.Youwillneedtochoosethefinancingoptionthatsuitsyourindividualneedsbest,basedonyourcapabilitytomakereturnsandthepossibilitythatyourcompanycanbecomeincorporated.Answerthequestionswiththeinformationyoufindinthetext.Task21.Whatarethebasictypesoffundingavailabletosmallbusinesses?Debtfinancingandequityfinancing.2.Whendoestherelationshipwiththefinancierendindebtfinancing?Whentheloanispaidback,therelationshipwiththefinancierends.3.Inordertoobtainequityfinancing,whatmustyourcompanydofirst?Thecompanyhastobelistedonthestockmarketfirstinordertoobtainequityfinancing.4.Ifyourcompanyfails,doyouhavetopaythemoneybacktotheshareholders?No,onedoesnothavetopaythemoneyback.5.Howtoremovetheinvestorsinequityfinancing?Youhavetobuythemoutinordertoremoveinvestors.Thelenderhasnocontroloveryourbusiness.Theinterestyoupayistaxdeductible.Itiseasytoforecastexpensesbecauseloanpaymentsdonotfluctuate.Youwillalsohavemorecashavailablebecausetherearenoloanpayments.Investorstakealong-termviewandunderstandthatgrowingabusinesstakestime.Summarizetheadvantagesanddisadvantagesofdebtfinancingandequityfinancingrespectivelyandcompletethefollowingtable.Task3Unit9CorporateFinanceDebtisanexpenseandifyourrevenuesfall,youmayhavetouseprofitstopaybackyourdebt.Thiscouldputadamperonyourcompany’sabilitytoexpandandgrow.Youwillhavetogivetheinvestorapercentageofyourcompanyinordertogetthefunding.Youwillhavetoshareyourprofitsandconsultwithyournewpartner/swheneveryoumakestrategicdecisionsaffectingthecompany.Theonlywaytoremoveinvestorsistobuythemout,butthatwillusuallycostmorethantheiroriginalinvestment.Thefollowingaresomecommondebtandequityoptions.MatchthemwiththeirEnglishnames.Thenworkinpairsanddiscussinwhatcircumstancestheyareusuallyused.ABCDEFabletobefoundorobtainedtheprocessofbuyingsomethinganamountofmoneythatyouborrowfromabank,financialinstitution,etc.tochangeveryoften,esp.fromahighleveltoalowoneandbackagaintomakepeoplefeellessenthusiasticorhopefulaboutsomethingavailablepurchaseloanfluctuateputadamperonFindwordsorphrasesinthetextwhichmatchthefollowingmeanings.Task4Since1988,theamountofmoney___________tobuybookshasdecreasedby27%.Herlatest___________wasalongblackcoat.Theburglary________________thefamily’sChristmas.Lizisstillpayingoffherstudent___________.Thestate’sincomefromsalestaxes___________withtheeconomy.availablepurchaseputadamperonloansfluctuateCompletethesentenceswiththecorrectformofthewordsandphrasesinTask4.Task5Translatethesentences.Keywordsandphrasesareinbrackets.Task61.叛亂者沒有信守諾言釋放那兩個(gè)人。(pledge;release)Therebelshavefailedtokeepapledgetoreleasethetwomen.2.這個(gè)計(jì)劃的缺點(diǎn)就是我們將損失很多時(shí)間。(downside)Thedownsideoftheplanisthatwewilllosealotoftime.3.Somepessimisticinvestorsstillhavethefearofaglobalfinancialmeltdown.(悲觀的;崩潰)一些悲觀的投資者仍然擔(dān)心全球金融崩潰。4.這些產(chǎn)品將來的外形主要取決于顧客的需要。(dependon)Whattheproductswilllooklikewilldependlargelyonwhatcustomerswant.5.這部電影是根據(jù)真實(shí)故事改編的。(bebasedon)Thefilmisbasedonatruestory.Thefollowingaresomefactorsworthconsideringbeforeafinancialinstitutionapprovesfinancialloanstoapubliccompany.Workinpairsanddiscusswithyourpartner.Choosethreefactorsthataremostimportanttoyouandexplainwhy.Revenueisanimportantindicatorofthecompany’soperationaloutcomeandisthedirectsourceofprofitorgains.Annualproductionsuggestsnotonlythecompany’sabilitytomakeearningsbutalsowhetherthecapacityofoperationcancutdownthecosts.Productrangegivesanideaaboutthemarketsthatthecompanycompetesinandthediversificationstrategyitpursues.Numberofsubsidiariesindicatesthesizeofoperationthatthecompanyhas.Registeredcapitalrevealstheinitialstart-upcapitalthecompanyhadforinvestment.Numberofstaffrelatestothetotalofmonthlysalaryforalltheemployees.Timeofregistrationhastodowiththehistoryofthecompany.Brandimageisoneofthemostimportantintangibleassetsforthecompany.Creditrecordlimitstheborrowingcapacityofthecompany.Existingdebtsaffectsthepossibilityofthecompanymakingtimelyinterestpayment.Levelofequitydirectlylinkstotheownershipofthecompany.Chiefexecutivesaretheleadersofthecompanywhohaveamajorinfluenceonthecompany’sfuture.Havingconsideredtheprosandconsofeachfinancialalternative,CaroleMonica,theFinanceManagerofPisco,decidedtoobtainfundsthroughabusinessloan.Workinpairsanddiscuss:Whatshouldbeincludedinanapplicationletterforabusinessloan?Task1amountofthebusinessloantheuseoftheloancompanyintroductionbusinessplancollateralLoanRequestDearMr.Smith,Thisapplicationistorequestabusinessloanof$2,500,000forourbusinessgroup,Pisco,toexpandourhospitalitybusinessinSingaporeand3othercities.Ourcorporationhasregistered153hotelsworldwideunderthebrandnameofPiscoHotelGroupandhasgeneratedannualrevenueofmorethan0.5billionUSdollarsinthepastthreeyears.Wehavecontractswithmorethan500companiesinAmericaandarrangeactivitiesforalltheirmeetings,travel,ceremonies,andotherspecialoccasionstheywishtocelebrate.Ourbusinessgrouphasspecialized,professionallytrainedstafffromaroundtheworldsupplyingarangeofservices.Withthecurrentsharepriceof$23.6pershare,wehaveprovedourselvesindelivering

continuousoperationalexcellenceinthemorethan12,000,000eventscatered

foreveryyearwithaprofitmarginofover16%achieved.The$2,500,000willbeusedtosetupanewbranchinSingaporethatwillallowustopenetratetheinternationalmarket.IhaveresearchedthebusinessclimateofourindustryinSingaporeandfoundthatthereisanichemarketthatwillfitouruniquesetofservices.ApartfromtheintentiontosetupoperationsinSingapore,ourcorporationispursuingsimilarapplicationsinthecapitalcitiesofIndia,ChinaandAustralia.OurmajorcompetitorsareXYZGlobalHospitalityandANEHotels.Bothofthesecompaniesarealsotryingtoexpandtheiroperationsintodifferentcountriesandprovidefeaturedservicesinaffordablepriceranges.However,neitherofthesecompaniesiscurrentlyconsideringamovetoSingapore.Withatotalinvestmentestimatedat$130,760,000fromalltheowners,weareabletosupplycollateral

consistingofbusinessassetshavingafairmarketvalueof$1,500,000andpersonalassetsvaluedat$1,000,000.Pleasereviewtheattachedbusinessplandetailshowthemoneywillbeused.Iwouldbemostgratefulifyouwouldconsiderourapplication.Pleasedonothesitatetocontactmeifyourequireanyfurtherinformation.Yourstruly,CaroleMonicaAnswerthequestionswiththeinformationyoufindinthetext.Task21.WhatdoesPiscospecializein?Itspecializesinthehospitalityindustry.2.HowmuchannualrevenuehasPiscoachievedinthepastthreeyears?Ithasgeneratedannualrevenueofmorethan0.5billionUSdollarsinthepastthreeyears.3.WhatisthecurrentpriceofPisco’sshare?Thecurrentsharepriceis$23.6pershare.4.WhoarePisco’smajorcompetitors?ItsmajorcompetitorsareXYZGlobalHospitalityandANEHotel.5.ApartfromSingapore,whatothercountriesisPiscoplanningtoexpanditsoperationto?ItisplanningtoexpanditsoperationinthecapitalcitiesofIndia,ChinaandAustraliabesidesSingapore.TTTFFDecidewhetherthestatementsaretrue(T)orfalse(F)accordingtothetext.Task3Inthe1990stheareabecameamagnetfornew__________.Itisanimportant__________forallthefamilymemberstocelebrate.Theschemehasbeen__________tohelphomelesspeople.Thehouseis__________inhername,notherhusband’s.Thefirstprizewasawardedtotheyoungest__________.We’vediscussedallthemarketing__________anddecidedtogofortelevisionadvertising.investmentoccasionsetupregisteredcompetitoroptionsCompletethesentenceswiththecorrectformofthewordorphrasesinthebox.Task4Translatethesentences.Keywordsandphrasesareinbrackets.Task51.他們用很鋪張的儀式慶祝感恩節(jié)。(lavishceremony)TheycelebratedtheThanksgivingDaywithlavishceremony.2.這個(gè)集團(tuán)去年的純利潤率為30%。(profitmargin)Thegrouphadanetprofitmarginof30%lastyear.3.Duetothefinancialturmoil,theclothingindustryinthiscountryissufferingfromageneralfallinrevenue.(金融危機(jī))因?yàn)檫@場金融危機(jī),該國服裝行業(yè)的收入普遍下降。4.他把自己的房子作為貸款的抵押。(collateral)Heputuphishouseascollateralfortheloan.5.我會毫不猶豫地作出這個(gè)決定,盡管這個(gè)決定并不受歡迎。(nothesitateto)Iwillnothesitatetotakethisunpopulardecision.ListentotheconversationbetweenCaroleandMekhi.Choosetheanswertoeachquestionaccordingtowhatyouhear.Task1Unfortunately,theapplicationforabusinessloanfromABCBankwasunsuccessful.SoCaroleisdiscussingwithanotherseniormanagerMekhiaboutwhetherherassessmentofthemarketwouldallowthecompanytolistonthestockmarketinSingapore.CCCABMaryandJasonaredealersatthestockexchange.Theyarediscussingtherecentchangesinthestockmarket.ListentotheconversationbetweenMaryandJason.Fillintheblankswithwhatyouhear.Task2Mary:Haveyoubeenfollowingthe(1)______________ofPisco’sstock?Jason:Yeah,themarketpriceyesterdayafternoonwas(2)_________butby3pm,ithaddroppedbynearly(3)____________tojustover$13.Mary:Oh,Ididn’tseethatcoming.Doyouthinkit’stherighttimeto(4)__________?Jason:No,notquiteyet,butifthe(5)____________goesbelow$10,wemightneedtoinitiateanothernewrunofbuy-in.Mary:Howmuchcashhavewegotleftinour(6)____________?Jason:Nomorethan(7)____________,I’mafraid.Bytheway,haveyoubeenfollowingthe(8)____________?Howarethepricesdoing?Mary:It’sbeenrisingabit.Infact,oilpricesrosebymorethan(9)________lastweek.Jason:Good,finallysomeexcitingnews.Keepwatchingthepriceofoilandifitgoesupbyanother5dollars,wemightconsidersellingour(10)____________.Mary:Sure,thatwouldmakeupforthe(11)__________inour(12)____________.latestchangestotheprice$15.415%takeactionsharepricecurrentaccount250millionoilmarketthreedollarsfutureoptionsdeficiencycashreserveInvestorswillsoonbeabletobuy(1)s________inFacebookstock,thoughthespecific(2)d________forthestocksalehasyettobeannounced.ExpertsclaimFacebookcould(3)r________aboutfivebilliondollars.ThatwouldbeoneofthebiggestIPOsalesever.AnditwouldbemuchbiggerthanGoogle’s(4)f________publicstocksalein2004.Facebookhasmorethaneighthundredmillionusersintheworld.ItisthesecondmostvisitedwebsiteafterGoogle.Atpresent,expertssaythe(5)s________medianetworkispredictedtobecomeoneofthemost(6)v________Internetcompanies.haresateaiseirstocialaluableListentoanewsbroadcastaboutFacebook’sIPOandcompletethepassagethatsummarizesit.Thefirstletterofeachwordhasalreadybeengiven.Task3Workingroupsanddiscuss:HowmuchdoyouknowaboutthestockmarketinChina?Shareyourexperienceandunderstandingwithyourgroupmembers.JimandJillaretwoengineers.TheyareplanningtoquitthejobinanITcompanyandstarttheirownbusiness.Workingroups.DiscussanddecideonacompanynameandthemainbusinessfieldforJimandJill.Task1Onepossibility:Name:Link&LinkCorporationMainbusinessfield:socialnetworkingsoftwarebasedontheWeChatplatformComparetheprosandconsofdifferentfinancingoptionsandtrytofindtheonethatbestfitsintotheirsituation.Task2Role-playtheconversationbetweenJimandJillandthewould-bedebtor.Trytoconvincethedebtorintosupportingthebusinessofthem.Task3Withthejointeffortofitsstaff,PiscoperformedwellintheSingaporestockmarket.Discussingroups:Whatinformationshouldbeincludedinthelettertoitsshareholdersonceacompanyhasbeenlistedonthestockmarket?Task1Informationtobeincludedinalettertoshareholders:annualbusinessoperationandrevenuebusinessplanfornextyearexpectationsforfuturegrowthCompletethefollowinglettertoshareholdersbyDeuelTospevosky,theGeneralManagerofPiscowiththeoptionsgivenaftertheletter.Task2Key:B-D-E-A-CTask3Discussinpairsandtrytodecideonaproperheadingforeachparagraphoftheletter.Explainhowtheheadingsmatchthemainideasoftheparagraphsindividually.Paragraph1:Lookingbackto2013Paragraph2:FinancialexcellenceachievedParagraph3:Lookingforwardto2014ChineseEconomicKeywordTask1金融標(biāo)準(zhǔn)化

financialstandardizationChina'sfinancialregulatorshaveissuedaplantoadvancestandardizationofthefinancialsectoroverthe14thFive-YearPlanperiod(2021-2025),withthegoalofbasicallyestablishingafinancialstandardsystemthatfitsmodernfinancein2025.ThedocumentwasjointlypublishedbythePeople'sBankofChina,theStateAdministrationforMarketRegulation,theChinaBankingandInsuranceRegulatoryCommission,andtheChinaSecuritiesRegulatoryCommission.【RelatedWords】系統(tǒng)性金融風(fēng)險(xiǎn)

綠色金融

數(shù)字貨幣

systemicfinancialrisksgreenfinancedigitalcurrency【Note】金融標(biāo)準(zhǔn)是金融領(lǐng)域需要統(tǒng)一的技術(shù)要求,為金融活動提供規(guī)則、指引?!笆奈濉睍r(shí)期,隨著金融供給側(cè)結(jié)構(gòu)性改革不斷深化,具有高度適應(yīng)性、競爭力、普惠性的現(xiàn)代金融體系不斷健全,標(biāo)準(zhǔn)化更加有效推動國家綜合競爭力提升、促進(jìn)經(jīng)濟(jì)社會高質(zhì)量發(fā)展,金融標(biāo)準(zhǔn)化迎來重要戰(zhàn)略機(jī)遇期。DiscussionTask2Watchthevideoanddiscussthefollowingquestionsingroups.Whataretheprosandconsofacashlesssociety,especiallywithineconomieslikeChina's?Howdomobilepaymentsimpacttraditionalbankingandhowcouldbanksadapttostaycompetitive?Unit9CorporateFinanceThankyouequity

n.

股票Themergedbanksreckontoraise4billiondollarsofnewequitynextyear.No.

2:

take

down

your

equity

exposure.

mortgagen.抵押借款,按揭Oncetheapplicationisapproved,youwillbetomakemonthlypaymentforyourmortgage.Themortgagelendershavebeenonastriketoprotecttheireconomicinterestinthefinancialtsunami.pledgen.承諾,誓言Themeetingendedwithapledgetostepupcommunicationbetweenthesixcountriesofthecontinent.Sunday’svotewasatestofthenewpresident’spledgeoffairelections.financier

n.金融家,金融組織Hewasverypopular,adistinguishedfashionfigureaswellasfinancier.AlexandMikhailwereinpartnershipthen:Mikhailhandledthecreativeside;Alexwasthefinancier.

deductibleadj.可扣除的Thesecostsaredeductiblefromtaxpaidtothegovernment.Paymentthatisclassifiedascapitalexpenditureisdeductible.fluctuatev.波動Thestockpricecanfluctuatewhenthefutureearningofthecompanyisuncertain.Boththeenergyandradioyieldsfluctuateconsiderably.downsiden.負(fù)面,消極面Thedownsideofthisapproachisalackofcleardisciplineandprinciplestogoverntheemployees.Thereisadownsidetothiscure:themoresherecalls,themorebittershefeelsaboutwhatshehasexperienced.meltdownn.崩潰,癱瘓F(tuán)requentmeetingsaregoingontostopthemarketfromgoingintofinancialmeltdownduringthewinter.Over-speedingeconomicgrowthmayleadtoanoverextensionofresourcesandaneventualculturalmeltdown.listv.把……列入上市證券表ThecompanywillbecomelistedontheNewYorkStockExchangenextweekwithanestimatedvalueof$0.2billion.start-up

n.新創(chuàng)辦的小公司Theyestimatedthatthemarketwasworthabout$1billion,thatstart-upcostswouldbe$7millionto$16million,andthatanewstart-upwouldbeprofitablein1year.

Intheearly1970s,mostpeopleinthebusinesswerenotimpressedwithSmith’sstart-up.

小型企業(yè)常常需要資金。融資難的問題對于剛起步的企業(yè)來說更為突出。小型企業(yè)有兩種基本的融資形式——借款籌資和股權(quán)融資。小型企業(yè)融資:借款籌資還是股權(quán)融資?借款籌資

大宗購買,如用分期付款買房或車或者使用信用卡消費(fèi)等這些都是借款融資的具體形式。在這種方式下,你從個(gè)人或企業(yè)處取得貸款,并承諾會連本帶利歸還。商業(yè)貸款融資的道理也與此類似。作為企業(yè)主,你可以向銀行申請商業(yè)貸款或者從朋友、家人或其他的債權(quán)人那里獲取個(gè)人貸款,當(dāng)然最后必須歸還。借款融資好處很多。首先,債權(quán)人不能控制你的企業(yè)。一旦你歸還貸款,你和融資方的關(guān)系就會終止。其次,你所支付的利息可減免稅額。最后,由于還款額不會變化,這使得企業(yè)支出處于可預(yù)測狀態(tài)。

借款融資的缺點(diǎn)也確實(shí)存在。貸款行為其實(shí)是對你未來償還能力的一種賭注。萬一你的公司遇上困難或者經(jīng)濟(jì)形勢再次經(jīng)歷危機(jī)呢?萬一你的公司沒有像你預(yù)期的那樣增長得那么快呢?貸款也是費(fèi)用的一種,當(dāng)收入減少時(shí),你可能會需要用利潤償還貸款。這無疑就制約了你企業(yè)的擴(kuò)張和發(fā)展。股權(quán)融資

股權(quán)融資牽涉到投資方。你可以將公司的股票(出售)給家人、朋友或者其他的小投資方,但股權(quán)融資往往涉及風(fēng)險(xiǎn)投資家或天使投資者,這就意味著你的公司必須在股票市場上市。股權(quán)融資最大的好處在于投資方承擔(dān)所有風(fēng)險(xiǎn)。如果你的公司破產(chǎn)了,你不需要?dú)w還投資。因?yàn)椴恍枰獨(dú)w還借款,你也將擁有更多的現(xiàn)金。最后一點(diǎn),投資方具有長遠(yuǎn)發(fā)展的眼光,理解企業(yè)發(fā)展需要時(shí)間。股權(quán)融資的缺點(diǎn)也很明顯。為了獲得融資,你必須將公司的一部分給予投資方。你不得不跟新股東們分享利潤,做任何對公司有影響的戰(zhàn)略決策時(shí),也必須征求他們的意見。唯一能夠與他們脫離關(guān)系的方式是購買他們手上持有的股票,但這需要支付的金額往往會多于他們原先的投資額。我該選擇哪一種融資方式?你需要根據(jù)公司的具體情況選擇融資方式。你應(yīng)結(jié)合你公司的收益能力和企業(yè)是否有可能成為上市公司等情況,考慮最適合個(gè)體需求的融資方式。ceremonyn.典禮,儀式Hedidn’tmanagetosqueezetimetoattendtheceremonyfromhisbusyschedule.Thegraduationceremonywillbeheldintheconferencecentrefrom2:30pmonJune5,2014.caterv.(為……)提供飲食,承辦酒席Whoiscateringatyourwedding?Theprizewasapartycateredforthewinnerand50guests.deliverv.提供(服務(wù))Thesereformswillenableustodeliverhealthservicesmoreefficiently.deliverv.兌現(xiàn)(諾言)Nomatterwhatyoupromise,youmustlearntodeliveryourwords.Itlooksliketheleadersofthecompanyarenowbeginningtodelivertheirpromises.penetratev.(尤指十分困難地)打進(jìn),進(jìn)入(某地區(qū)或國家的市場)FewU.S.companieshavesuccessfullypenetratedtheJapaneseelectronicsmarket.Topenetrateintothenewmarketsegment,weneedtodeployanotherstrategythatbestfitstheshareholders’interest.affordableadj.平價(jià)的,廉價(jià)的Thecarsseemfashionableandaffordable.Whetherwewouldeventuallybuythehouseornotreallydependsonhowaffordableitis.collateraln.擔(dān)保物,抵押品Whattypeofcollateralswillthebankaccept?Mosttypesofcollateralistypicallyintheformoflandorproperty.約翰·史密斯先生ABC銀行分行經(jīng)理帕沙迪爾街343號比弗利山莊加利福尼亞州(90210)貸款申請信尊敬的史密斯先生:為擴(kuò)展彼斯購集團(tuán)在新加坡和其他3個(gè)城市的酒店業(yè)務(wù),特致信向貴行申請250萬美元的貸款。我集團(tuán)在彼斯購酒店集團(tuán)旗下全球共注冊酒店153個(gè),在過去的三年里,年均營業(yè)額超過了5億美元。在美國,我們?yōu)槌^500家的合約公司安排會議、出差、慶典和其他要慶祝的特別活動。我集團(tuán)的職員來自全球各地,他們接受過專門職業(yè)培訓(xùn),可為客戶提供一系列的專業(yè)服務(wù)。我們每年組織活動超過1200萬場,為客戶提供持續(xù)而卓越的服務(wù)。目前,集團(tuán)股票價(jià)格為每股23.6美元,利潤率超過16%。此次申請250萬美元的貸款將用于在新加坡建立新分公司,并借此機(jī)會打入國際市場。我方已對新加坡酒店行業(yè)環(huán)境進(jìn)行過研究,認(rèn)為我們集團(tuán)的獨(dú)特服務(wù)可以填補(bǔ)當(dāng)?shù)氐氖袌隹瞻?。除了在新加坡設(shè)立分公司的計(jì)劃之外,我集團(tuán)也正積極申請?jiān)谟《?、中國和澳大利亞的首都建立類似的分公司。我公司的主要競爭對手為XYZ全球餐飲集團(tuán)和ANE酒店集團(tuán)。這兩家公司也正在嘗試拓展不同國家的業(yè)務(wù),在合理價(jià)位下提供特色服務(wù)。但這兩家公司目前在新加坡市場都沒有相關(guān)動作。目前,我集團(tuán)所獲得所有投資方注資金額約為1億3076萬美元,集團(tuán)可提供抵押資產(chǎn)為市值150萬美元的商業(yè)資產(chǎn)和價(jià)值100萬美元的個(gè)人資產(chǎn)。關(guān)于此次貸款資金使用的細(xì)節(jié),請審閱附件中的商業(yè)計(jì)劃書。如果您能夠考慮我們的申請,我方將會萬分感激。如需其他信息,請隨時(shí)與我方聯(lián)系。此致敬禮克勞爾·莫妮卡Task1Carole:Hi,Mekhi,doyouhaveaminute?Mekhi:Sure.What’sgoingon?Carole:We’reexperiencingtroublegatheringfundsfromthedebtsourcesfortheSingaporeproject,soI’vebeenthinkingthatitmightbereasonabletolistonthestockmarketinSingapore?Mekhi:Oh,really,why?Carole:Well,yousee,theothermajorplayersinourindustryhavebeenexpandingtheirmarketsharerecently.Whilewestillmanagetomeetoursalestargets,ifwedon’texpand,wewillneedextracapitaltofundouroperationsintherecentlyset-upsubsidiaries.Mekhi:Yeah,therisingcostofhumanresourcesispushing

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