CHAPTER 11A Firm's Sources of Financing.ppt
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1、 2008 Cengage Learning. All rights reserved.,CHAPTER 11 A Firms Sources of Financing,Developing the New Venture Business Plan,Part 3, 2008 Cengage Learning. All rights reserved.,112,Looking AHEAD,Describe how the nature of a firm affects its financing sources. Evaluate the choice between debt financ
2、ing and equity financing. Identify the typical sources of financing used at the outset of a new venture. Discuss the basic process for acquiring and structuring a bank loan. Explain how business relationships can be used to finance a small firm.,After you have read this chapter, you should be able t
3、o:, 2008 Cengage Learning. All rights reserved.,113,Looking AHEAD (contd),Describe the two types of private equity investors that offer financing to small firms. Distinguish among the different government loan programs available to small companies. Explain when large companies and public stock offer
4、ings can be sources of financing.,After you have read this chapter, you should be able to:, 2008 Cengage Learning. All rights reserved.,114,The Nature of a Firm and Its Financing Sources,Firms economic potential,Owner preferences for debt or equity,Company size and maturity,Factors That Determine Fi
5、nancing,Types of assets, 2008 Cengage Learning. All rights reserved.,115,Debt or Equity Financing?,Tradeoffs Between Debt and Equity,Potential Profitability,Voting Control,Financial Risk, 2008 Cengage Learning. All rights reserved.,116,Tradeoffs Between Debt and Equity,11-1, 2008 Cengage Learning. A
6、ll rights reserved.,117,Debt or Equity Financing? (contd),Return on Assets Rate of return earned on a firms total assets invested, computed as operating income total assets Return on Equity Rate of return earned on the owners equity investment, computed as net income owners equity investment, 2008 C
7、engage Learning. All rights reserved.,118,Debt Versus Equity at the Levine Company,11-2, 2008 Cengage Learning. All rights reserved.,119,Sources of Funds,11-3, 2008 Cengage Learning. All rights reserved.,1110,Startup Financing for Inc. 500 Companies in 2003,11-4,Source: Mike Hofman, “The Big Picture
8、,” Inc., Vol. 25, No. 12 (October 2003), p. 87. Copyright 2003 by Mansuelo Ventures LLC. Reproduced with permission of Mansuelo Ventures LLC in the format Textbook via Copyright Clearance Center., 2008 Cengage Learning. All rights reserved.,1111,Debt or Equity Financing?,Sources Close to Home,Person
9、al Savings,Credit Cards,Family and Friends, 2008 Cengage Learning. All rights reserved.,1112,Sources of Personal Capital for Small Firms,11-5,Source: Republished with permission of Dow Jones Inc. from Staff, “Entrepreneurship Monitor 2002,” Wall Street Journal, August 26, 2003, p. B8; permission con
10、veyed through Copyright Clearance Center, Inc., 2008 Cengage Learning. All rights reserved.,1113,Bank Financing,Types of Loans,Line of Credit Revolving Credit Agreement,Mortgages Chattel Real Estate,Term Loans, 2008 Cengage Learning. All rights reserved.,1114,Understanding a Bankers Perspective,Bank
11、ers Concerns How much the bank will earn on the loan? What is the likelihood that the lender will be able to repay the loan? The Five Cs of Credit Character of the borrower Capacity of the borrower to repay the loan Capital invested in the venture by the borrower Conditions of the industry and econo
12、my Collateral available to secure the loan, 2008 Cengage Learning. All rights reserved.,1115,Questions Lenders Ask,Lenders Questions Do the purpose and amount of the loan make sense, both for the bank and for the borrower? Does the borrower have strong character and reasonable ability? Does the loan
13、 have a certain primary source of repayment? Does the loan have a certain secondary source of repayment? Can the loan be priced profitably to the customer and to the bank, and are this loan and the relationship good for both the customer and the bank? Can the loan be properly structured and document
14、ed?, 2008 Cengage Learning. All rights reserved.,1116,The Bankers Concerns,How much money is needed?,What is the venture going to do with the money?,When and how will the money be paid back?,When will the money be needed?, 2008 Cengage Learning. All rights reserved.,1117,Financial Information Requir
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