chapter7Businessfinancing企业融资

1、Business financing企业融资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)(所有者权益) in your business.Busin

2、ess financingWhats the difference between the two? (taking loan and selling equity)Business financing Debt financing 债券融资 Equity finacing 股权融资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.股权融资是一种用资金交换企业所有权股份的融资方式。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.(牺牲经营权和自主权)Small business options for equity financingVenture capital:风险投资指具备资金实力的投资家对具有良好市场发展前景，但缺乏启动资金的创业家进行资助，并承担创业阶段投资失败风险的投资。投资家投入的资金换得企业的部分股份，

5、并以日后获得红利或出售该获取投资回报为目的。Small business options for equity financing 风险投资的特色在于甘冒高风险以追求最大的投资报酬，并将退出风险企业所回收的资金继续投入“高风险、高科技、高成长潜力”的类似高风险企业，实现自检的循环增值。Small business options for equity financingSBICs：小企业投资公司计划(SBICS)是美国政府帮助小企业获得无法从银行和其他私人资本来源得到的权益资本和长期贷款的援助计划。 Small business options for equity financing Ang

6、els:天使基金、天使投资主要指富有个人或机构对小型初创企业的前期投资基金，是风险投资的一种。天使投资一般投资具有高成长性的科技型项目，其收益普遍在50倍以上。Small business options for equity financing initial public offering 初次公开发行(股票)，首期上市股票 Alternatives to going public limited private offerings of ownership interests Franchising ESOPS: 员工持股计划是一项员工福利计划，是为了吸引、保留和激励公司员工，通过让员工

7、持有股票，使员工享有剩余索取权的利益分享机制和拥有经营决策权的参与机制。Forms of Business Organization Sole proprietorships: 独资企业 General partnership: 普通合伙企业 Limited partnership: 有限合伙企业 Corporations: 公司企业 Limited liability companies limited liability partnerships 有限责任企业/有限责任合伙Sole proprietorship 独资企业是一个自然人投资并兴办的企业，其业主享有全部的经营所得，同时对债务由完

8、全责任。这种企业规模都较小，其优点是经营者和所有者合一，经营方式灵活，建立和停业程序简单。General partnership 合伙企业是由两个以上的自然人订立合伙协议，共同出资、合伙经营、共享收益、共担风险，并对合伙企业债务承担无限连带责任的盈利性组织。Limited partnership 有限合伙，指由有限合伙人和普通合伙人共同组成，有限合伙人以其出资额为限对其承担责任；普通合伙人对合伙债务承担无限连带责任的合伙形式。 有限合伙与普通合伙一样，都不具有独立的法人资格。Corporations公司是指以营利为目的，由许多投资者共同出资组建，股东以其投资额为限对公司负责，公司以其全部财产对

9、外承担民事责任的企业法人。Limited liability partnerships 有限责任合伙，是指由两个或两个以上合伙人组成，各合伙人对自己执业行为引起的合伙组织债务承担无限责任，对其他合伙人的执业行为引起的合伙组织债务承担有限责任。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：封闭式公司C corporation: 常规公司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 (法定手续) 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(正式手续) 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(个税所得申

16、报表) 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