17 Borrowings借贷.doc

17. Borrowings 借贷1 Words and Phrases单词和词组ridiculous不合逻辑的，可笑的 exceed them by a mile远远超过mile英里，较大的距离 run out of money钱用完了overdraft透支 stem from the fact源自事实stem来自，源自 over and above除之外inventory库存 keep up保持outlay费用 up to date quote最新报价ironic有讽刺意味的 come back to you回来找你comprehensive整体的 go through the plan浏览计划quote报价 front for a loan推介贷款infrastructure基础建设 a bit of priority一点儿优先权2 Sentences重点句型1. Isnt that always the catch?不总是这个问题吗?2. But，thats normal business practice. 可是，这是正常的商业惯例啊。3. Production is the backbone of the company. 生产是公司的中流砥柱。4. Why is the increase in sales causing us problems?为什么销售量提高却造成了问题呢?5. I suppose youve included the estimates in the study?我想你的研究里已经做过预算了?6. Have you included a cash flow projection in the plan?计划包含现金流预测吗?7. But，dont we provide for this with our working capital?可是，为什么不用流动资金来补充呢?8. Looking at these figures，it will have to be a Board decision. 从这些数字来看，得是董事会才能决定的。9. I presume you are thinking in terms of long-term borrowing?我猜你在考虑长期借贷?10. In terms of short-term cash flow，we are running out of money. 从短期现金流方面来看，我们的钱就要用光了。11. I will go through the plan and come back to you with any questions. 我会浏览一下计划，然后有什么问题再找你。12. Thats the information were going to need when we front for a loan. 这就是我们提议借贷计划时需要的信息。13. Thats true and thats why I will be giving your request a bit of priority. 确实，所以我会优先考虑你们的请求。14. That requires additional outlays，over and above our normal running costs. 这就要求除正常运转的费用之外，还需要一些费用。15. We set the targets for the department and theyve exceeded them by a mile. 我们给部门定了目标，他们已经远远超过了啊。3 Dialogue 1A Finance Manager discusses the need to borrow funds with a Manager. A: The Sales Department is doing a really good job and its causing us a financial problems. B: Thats ridiculous. We set the targets for the department and theyve exceeded them by a mile. A: Thats great for the company but in terms of our short-term cash flow, we are running out of money. B: I dont understand. How can that be? What can we do about it?A: The immediate answer is were going to have to borrow money from the Bank, probably, by getting an increase in our overdraft. B: But why? Why is the increase in sales causing us problems?A: Its a combination of factors stemming from the fact that we extend credit to all our customers. B: But, thats normal business practice. A: Yes it is but, when our sales go up so does the requirement for inventory stock. That requires additional outlays over and above our normal running costs. B: But, dont we provide for this with our working capital?A: The working capital is based on the budget predictions which your Sales Department has exceeded by a large margin. B: Thats ironic, isnt it? The more we grow and the better we perform the more money we have to borrow to keep up. 对话1 财务经理和经理讨论借款的必要性A: 销售部现在业绩真不错，这造成了一些财务问题。B: 这太不合逻辑了吧，我们给销售部定了目标，结果他们远远超过了呀。A: 这对公司是不错，不过在短期现金流方面不是，我们的钱就要用光了呢。B: 我不明白。这怎么可能呢?那该怎么办呢?A: 直接的处理办法就是从银行借钱，很可能得通过增加透支额的方法。B: 但是为什么呢7为什么销售量增加反而导致了问题呢?A: 因为现在我们对所有客户提供信用贷款，这样造成的多种因素一起导致了这个问题。B: 不过，提供信用贷款是正常的商业惯例啊。A: 是的，不过销售量增加对库存的要求也增加了。这就要求在现有正常经营成本之外，再花费一些费用。B: 可是，不能用流动资金来补充吗?A: 流动资金取决于预测的预算，而这个预算已经被销售部远远超过了。B: 这有点儿讽刺意味，是吧?我们越是发展越是改善业绩，就需要借越多的钱来维持。4 Dialogue 2A Production Manager wants to borrow money to increase production. A: Ive had our people put together this comprehensive plan for increasing production but, were going to need some more money. B: Isnt that always the catch? I suppose youve included the estimates in the study and have an idea of how much money is involved?A: That we have. In fact, I made sure we got accurate and up to date quotes for the equipment required. B: Thats good. I will go through the plan and come back to you with any questions. I presume you are thinking in terms of long-term borrowing?A: Yes, definitely. The capital expenditure is too large for short-term borrowing and the project will include some infrastructure costs as well. B: Have you included a cash flow projection in the plan?A: Yes, thats all there. We estimate the breakeven point will be 15 months from start up and an increasing profit return thereafter. B: Thats good. Thats the information were going to need when we front for a loan. A: If we can get a five-year loan at the current interest rate, it will represent a really good proposition for the company. B: Looking at these figures, this will have to be a Board decision but, on the basis of our current growth, I dont think it will be too much of a problem. A: Thats great. I realise were not the only department wanting to expand but, production is the backbone of the company. B: Thats true and thats why I will be giving your request a bit of priority. 对话2 生产经理想借款以提高生产A: 我让我们的人一起研究制定了这个扩大生产的综合计划，不过得需要更多的资金。B: 总是这个问题啊，我想你的研究里已经做过预算了，知道所需的资金数目是吧?A: 已经预算过。实际上，我已经确定获得了所需设备的最新准确报价。B: 不错。我会浏览一下这个计划，如果有问题再回来找你。我猜你在考虑长期借贷?A: 是的，没错。因为如果是短期借贷资金支出就太大了，而且这个项目也会包括一些基础设施成本。B: 那计划包含现金流预测了吗?A: 是的，都在里面。预计项目开始后15个月出现盈亏平衡点，之后利润会逐渐上升。B: 好的。这就是提议借贷计划时所需要的信息。A: 如果能以现在的利率贷款5年，那真是公司的一大幸事呢。B: 从这些数字来看，得是董事会才能决定的，不过根据公司现在的发展，我想这个计划不会太成问题。A: 太棒了。我知道我们不是公司唯一需要扩大业务的部门，不过生产是公司的中流砥柱嘛。B: 确实，所以我会优先考虑你们的请求。 5 Exercises A Vocabulary Drill词汇填空练习1. Companies need to _ funds for their operations. 2. Very few businesses can _ without borrowing money. 3. Short-term borrowing _ day to day expenses. 4. The risk factor _ the rate of interest charged. 5. The cost of _ money is built into the price. 6. Monthly accounts _ free credit to customers. 7. A feasibility study is _ for large projects. 8. The future has many _ that can be hard to measure. 9. Money has to be borrowed to pay for the _ . 10. The economic _ dictates the borrowing requirements. covers borrowing provide borrow determines inventory necessary variables climate operate B Reading Practice阅读练习It is almost impossible for any company to stay in business without going into debt. Operating on borrowed money is standard practice for most businesses, big or small. In todays economic climate all the large corporations operate on borrowed money, either on a short term basis or over a longer period. The cost of borrowing money is built into the pricing structure of the products or services provided by the organisation. Short-term borrowings are generally applicable to the day to day operating cost. This situation occurs because companies acquire an inventory of stock which is sold over a period of time. As a business grows, so do the number of customers and the size of the inventory the company needs to hold. By offering monthly accounts to customers, a company effectively becomes a money lender without earning interest on that money for the 30 days. The investment in larger projects involving expanding production, or develop new technology, will only achieve returns over an extended period of time. A company may take on long-term debt for these sorts of projects if a feasibility study confirms their profitability. The feasibility study is the key to successful long-term borrowing; however, there are a great number of variables involved in trying to assess future