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Raising Finance--翻譯Raising Finance 融資 When a company is growing rapidly, for example whencontemplating investment in capital equipment or an acquisition, its currentfinancial resources may be inadequate. 當(dāng)一家公司迅速成長時，例如考慮投資固定設(shè)備或進行收購時，它的資金流（current financialresources 翻譯不準）可能不夠充足。Few growing companies are ableto finance their expansion plans from cash flow alone.很少有成長中的公司能夠僅通過現(xiàn)金流為他們的擴張計劃融資。They will therefore need toconsider raising finance from other external sources. 因此，他們需要考慮從其他外部來源進行融資。In addition, managers who arelooking to buy-in to a business(‘managementbuy-in’ or ‘MBI’)or buy-out(‘management buy-out’or ‘MBO’) abusiness from its owners, may not have the resources to acquire the company. 此外，正準備從公司所有者手中對公司進行外部管理層收購或企業(yè)內(nèi)部管理層收購的管理者們可能沒有財力收購該公司。They will need to raise financeto achieve their objectives. 他們需要籌集資金以達到他們的目標。 There are a number of potentialsources of finance to meet the needs of a growing business or to finance an MBIor MBO: 有很多潛在的資金來源，可以滿足成長中的企業(yè)或為外部管理層收購或企業(yè)內(nèi)部管理層收購融資。-Existing shareholders anddirectors funds 現(xiàn)有股東和董事基金 -Family and friends 家庭和朋友 -Business angels 天使投資者 -Clearing banks (overdrafts,short or medium term loans) 清算銀行（透支，中短期貸款） - Invoicediscounting 發(fā)票貼現(xiàn) -Hire purchaseand leasing 分期付款購買和租賃 -Merchant banks(medium to longer term loans) 商業(yè)銀行(中長期貸款 )-Venturecapital 風(fēng)險資本A key consideration in choosing the source of newbusiness finance is to strike a balance between equity and debt to ensure thefunding structure suits the business. 平衡權(quán)益和負債以保證融資結(jié)構(gòu)適合企業(yè)是選擇新企業(yè)融資來源的一個重要考慮因素。The main differences between borrowed money (debt) and equity are that，with debt, bankers request interest payments and capital repayments, andthe borrowed money is usually secured on business assets or the personal assetsof shareholders and/or directors.借來的錢（負債）和權(quán)益的主要區(qū)別在于：對于負債，銀行家請求支付利息和償還資本，借來的錢通常用企業(yè)的資產(chǎn)或股東或董事的個人資產(chǎn)進行擔(dān)保。A bank also has the power to place a business into administration orbankruptcy if it defaults on debt interest or repayments or its prospectsdecline. 如果企業(yè)拖欠債務(wù)、利息或還款或它的前景下降（預(yù)期下降），銀行也有能力將企業(yè)置于行政管制或破產(chǎn)。（placea business into administration 翻譯不確定）In contrast, equity investors take the risk of failure like othershareholders, whilst they will benefit through participation in increasinglevels of profits and on the eventual sale of their stake. 相反，股票投資者像其他股東一樣承擔(dān)(投資)失敗的風(fēng)險,同時，他們能在利潤增長和最終銷售股票時獲益。The overall objective in raisingfinance for a company is to avoid exposing the business to excessive highborrowings, but without unnecessarily diluting the share capital. 一個公司的總體融資目標是避免企業(yè)曝露于過高的借款風(fēng)險，沒有不必要的稀釋股權(quán)資本。This will ensure that the financialrisk of the company is kept at an optimal level. 這將確保公司的財務(wù)風(fēng)險保持在一個最優(yōu)水平。 Raising finance is dependent on a good business plan which demonstratesthat the management is aware of all the risks involved. 融資依賴于一個好的商業(yè)計劃，該計劃表明管理層知道所有涉及的風(fēng)險。 Types of Finance 融資類型 Venture capital 風(fēng)險資本 Venture capital is a general term to describe a rangeof ordinary and preference shares where the investing institution acquires ashare in the business. 風(fēng)險資本是一個描述投資機構(gòu)取得企業(yè)一系列普通股和優(yōu)先股的總括術(shù)語，Venture capital is intended for higher risks such as start-up situationsand development capital for more mature investments. 風(fēng)險資本用于像新建企業(yè)的高風(fēng)險投資和更為成熟的開發(fā)資金投資。（本句有問題）There are also certain large industrial companies which have fundsavailable to invest in growing businesses and this 'corporate venturing' is anadditional source of equity finance.也有一些大型工業(yè)企業(yè)有基金可用于投資成長型企業(yè)，這種公司風(fēng)險投資是股權(quán)融資的另一個來源。Grants 政府撥款 Government,local authorities and local development agencies are the major sources ofgrants(政府撥款). 政府、地方當(dāng)局和地方發(fā)展機構(gòu)是政府撥款的主要來源。 Grants are normally made tofacilitate the purchase of assets and either the generation of jobs or thetraining of employees. 政府撥款通常用于幫助購買資產(chǎn)、為某代人提供就業(yè)崗位或培訓(xùn)員工。InvoiceDiscounting 發(fā)票貼現(xiàn) Finance can beraised against debts due from customers via invoice discounting, thus improvingcash flow. 資金可以通過對客戶所欠債務(wù)進行發(fā)票貼現(xiàn)籌集，從而改善現(xiàn)金流。Debtors are used as the primesecurity for the lender and the borrower may obtain up to about 80 per cent ofapproved debts. 債務(wù)人是放款人的主要抵押品（primesecurity 翻不準），借款人可能獲得高達 80%的核準債務(wù)。Hire Purchaseand Leasing 分期付款購買和租賃 Hire purchase(分期付款購貨信貸 ) agreementsand leasing(租賃) providefinance for the acquisition of specific assets such as cars, equipment andmachinery involving a deposit and repayments over, typically, three to tenyears. 租購（分期付款購貨信貸）協(xié)議和租賃為獲得諸如汽車、設(shè)備和機械等特定資產(chǎn)籌措資金，包括定金和典型的三到十年的還款。Loans 貸款 Medium termloans (up to seven years) and long term loans (including commercial mortgages)are provided for specific purposes such as acquiring an asset, business orshares. 中期貸款（多達七年）和長期貸款（包括商業(yè)抵押貸款）為諸如資產(chǎn)收購、公司收購或股票收購等特定目的而提供。 The loan is normally secured onthe asset or assets and the interest rate may be variable or fixed. 貸款通常用一項資產(chǎn)或多項資產(chǎn)擔(dān)保，利息可能是浮動的或變動的。Bank Overdraft 銀行透支 An overdraft is an agreed sum bywhich a customer can overdraw their current account.透支是一個約定的金額，在此額度內(nèi)，客戶可以透支他們的現(xiàn)金賬戶。It is normally secured oncurrent assets, repayable on demand and used for short term working capitalfluctuations. 它通常是以流動資產(chǎn)擔(dān)保，立即付款，用于應(yīng)對短期營運資金波動。 The interest cost is normallyvariable and linked to the bank base rate. 利息費用通常是浮動的，與銀行基本利率相聯(lián)系。 Completing theFinance-raising 完成資金籌集 Raising financeis often a complex process. 融資通常是一個復(fù)雜的過程。 Business management needs to assess several alternatives and then negotiate terms which are acceptable to the finance provider.企業(yè)管理層需要評估幾種方案，然后協(xié)商哪些條款金融提供者能夠接受。 The main negotiating points areoften as follows: 主要的談判點通常如下: - Whether equity investors takea seat on the board 股權(quán)投資者是否在董事會占有席位- Votes ascribed to equity investors 股權(quán)投資者所持票數(shù)- Level of warranties and indemnities provided by the directors 擔(dān)保水平和董事提供的保障（賠償）- Financier's fees and costs 投資家（金融家）的費用和成本 - Who bears costs of duediligence. 誰承擔(dān)盡職調(diào)查的費用。