Business finance: needs and sources | 企业融资：需求与来源

📚 Business finance: needs and sources | 企业融资：需求与来源

Finance is the money needed to start, run and grow a business. For IGCSE Business Studies, understanding why businesses need finance and where they can obtain it is fundamental. Every decision about spending money must be matched with a suitable source of funding, considering cost, risk and the legal structure of the firm. This article explores the main needs for business finance and examines the wide range of internal and external sources available to entrepreneurs and managers.

资金是企业启动、运营和发展所需的货币。在IGCSE商务课程中，理解企业为何需要融资以及可以从哪里获得资金是基础。每一笔支出决策都必须与合适的资金来源相匹配，同时考虑成本、风险和企业的法律结构。本文探讨企业融资的主要需求，并考察企业家和管理者可获得的各种内部和外部融资来源。

1. Why businesses need finance | 企业为何需要资金

Businesses need finance for a variety of reasons, and these reasons fall into several broad categories. A firm may require funds to start trading, to keep day-to-day operations going, to grow or to replace old equipment. Without access to suitable finance, many business plans would never leave the drawing board.

企业需要资金的原因多种多样，这些原因可以分为几大类。企业可能需要资金来开始交易、维持日常运营、实现扩张或更换旧设备。如果无法获得合适的融资，许多商业计划将永远停留在纸面上。

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2. Starting a new business | 创办新企业

When an entrepreneur sets up a new enterprise, significant start-up capital is required. This money is used to purchase fixed assets such as premises, machinery, vehicles and office equipment, as well as to cover initial running costs like rent, utility bills and wages before any sales revenue is earned. For example, a new cafe will need to buy coffee machines, furniture and stock, and may have to pay rent for several months before it becomes popular.

当企业家创办新企业时，需要大量的启动资本。这笔钱用于购买固定资产，如场所、机器、车辆和办公设备，以及支付初始运营成本，如租金、水电费和工资，而此时还没有任何销售收入。例如，一家新咖啡馆需要购买咖啡机、家具和存货，并且在生意兴隆之前可能需要支付好几个月的房租。

Start-up finance often comes from the owner’s personal savings, funds borrowed from family and friends, or bank loans secured against the entrepreneur’s own assets. Because a new business has no trading record, it is often difficult to obtain external finance, so the legal structure matters: sole traders and partnerships rely heavily on the owners’ own capital.

启动资金通常来自所有者的个人储蓄、从家人和朋友处借来的资金，或以企业家自有资产作担保的银行贷款。由于新企业没有经营记录，通常难以获得外部融资，因此法律结构很重要：个体经营者和合伙企业很大程度上依赖所有者自己的资本。

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3. Expansion and growth | 扩张与成长

Once a business is established, owners often wish to grow in order to increase market share, enter new markets or achieve economies of scale. Expansion may involve opening new branches, buying larger factories, taking over a competitor or launching a new product line. All these actions demand substantial investment in fixed assets and working capital.

一旦企业在市场上站稳脚跟，所有者通常希望成长，以增加市场份额、进入新市场或实现规模经济。扩张可能涉及开设新分店、购买更大的工厂、收购竞争对手或推出新产品线。所有这些行动都需要对固定资产和营运资金进行大量投资。

Internal growth (organic growth) can be partly funded by retained profits, but more ambitious external growth through mergers or acquisitions usually requires long-term external finance such as issuing shares or taking out large bank loans. A business that grows too fast without sufficient finance may suffer from overtrading, where it runs out of cash even if it is profitable.

内部增长（有机增长）可以部分由留存利润提供资金，但通过兼并或收购实现更雄心勃勃的外部增长通常需要长期外部融资，如发行股份或获取大额银行贷款。增长过快而资金不足的企业可能会出现过度交易，即虽然盈利却现金耗尽。

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4. Working capital requirements | 营运资金需求

Working capital is the money needed to cover the day-to-day running costs of a business. It is the difference between current assets (such as cash, inventory and trade receivables) and current liabilities (such as trade payables). A firm must have enough working capital to pay suppliers, employees and other short-term debts as they fall due.

营运资金是企业支付日常运营成本所需的资金。它是流动资产（如现金、存货和应收账款）与流动负债（如应付账款）之间的差额。企业必须有足够的营运资金，以便在到期时支付供应商、员工和其他短期债务。

Many profitable businesses fail because of poor working capital management. Seasonal businesses, for instance, may have high sales in one part of the year but need finance to tide them over during quiet periods. Short-term sources such as an overdraft or trade credit are specifically designed to manage gaps between paying out cash and receiving cash from customers.

许多盈利的企业因营运资金管理不善而倒闭。例如，季节性企业可能在一年中的某个时段销售额很高，但在淡季需要资金维持运营。透支和商业信用等短期融资工具就是专门为管理现金支出与从客户处收回现金之间的时间差而设计的。

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5. Replacing and upgrading assets | 资产置换与升级

Over time, machinery, vehicles and technology wear out or become obsolete. A business must replace these assets to maintain productivity, quality and competitiveness. Even if an asset is still functioning, new equipment may be more energy-efficient, faster or capable of producing better-quality products, making replacement a strategic decision.

随着时间的推移，机器、车辆和技术会磨损或过时。企业必须更换这些资产，以保持生产力、质量和竞争力。即使一项资产仍能运转，新设备可能更节能、更快或能生产更高质量的产品，因此置换也是一项战略决策。

Replacing a single machine might be funded through a medium-term bank loan, hire purchase or leasing, whereas a complete factory upgrade could require a major long-term loan or a share issue. Companies often set aside retained profits year by year for asset replacement, which avoids interest costs.

更换单台机器可能通过中期银行贷款、分期付款或租赁来融资，而整个工厂的升级则可能需要大额长期贷款或发行股票。企业往往每年从留存利润中拨出一部分资金用于资产置换，以避免利息成本。

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6. Internal sources of finance | 内部融资来源

Internal finance comes from within the business. It has the advantage that it does not involve borrowing from outside lenders, so there are no interest charges and no loss of control. However, the amounts available may be limited. Common internal sources include retained profit, sale of assets and tighter control of working capital.

内部资金来自企业内部。它的优点是不涉及向外部贷款人借款，因此没有利息费用，也不会失去控制权。然而，可用金额可能有限。常见的内部来源包括留存利润、出售资产和更严格地管理营运资金。

Retained profit is the profit kept in the business after owners have taken their share. It is the most important internal source for established, profitable companies. Sale of assets, such as an unused building or old vehicles, can generate cash, but the asset is lost and may be needed later. Reducing inventory levels or chasing trade receivables more aggressively releases cash tied up in working capital, which is effectively a form of internal finance.

留存利润是所有者在提取其份额后留在企业中的利润。对于成熟且盈利的公司来说，这是最重要的内部来源。出售资产，如闲置的建筑物或旧车辆，可以产生现金，但资产会丧失并且以后可能需要。降低库存水平或更积极地追回应收账款，可以释放被营运资金占用的现金，这实际上是一种内部融资形式。

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7. External sources of finance: short-term | 外部融资来源：短期

Short-term external finance is money borrowed for up to one year. It is used to solve temporary cash flow problems or to fund working capital. The main short-term sources are bank overdrafts, trade credit and factoring.

短期外部融资是指借款期限不超过一年的资金。它用于解决暂时的现金流问题或为营运资金提供资金。主要的短期来源包括银行透支、商业信用和应收账款保理。

A bank overdraft allows a business to take more money from its bank account than it has in it, up to an agreed limit. Interest is charged daily on the amount overdrawn, and the bank can demand repayment at any time. Overdrafts are flexible and widely used. Trade credit means buying supplies now and paying for them later, typically within 30–90 days. It is a free source of finance as long as the bill is paid on time, but late payment can damage the firm’s credit rating. Factoring involves selling trade receivables to a factoring company at a discount in exchange for immediate cash. This improves cash flow but reduces the final amount received from customers.

银行透支允许企业从其银行账户中提取超过存款的金额，最高不超过约定的限额。利息按透支金额每日计算，银行可以随时要求还款。透支灵活且被广泛使用。商业信用是指现在购买货物，稍后付款，通常在30至90天内支付。只要按时付款，这是一种免费的融资来源，但延迟付款可能损害企业的信用评级。保理是指将应收账款折价卖给保理公司以立即换取现金。这可以改善现金流，但会减少从客户那里最终收到的金额。

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8. External sources of finance: long-term | 外部融资来源：长期

Long-term finance is money borrowed for more than one year. It is used to fund the purchase of fixed assets, expansion projects or research and development. Key long-term sources include bank loans, issuing shares, debentures, venture capital, leasing, hire purchase and government grants.

长期融资是指借款期限超过一年的资金。它用于为购买固定资产、扩张项目或研发提供资金。主要的长期来源包括银行贷款、发行股票、债券、风险投资、租赁、分期付款购买和政府补助。

A bank loan provides a fixed amount of money to be repaid over an agreed period with interest. Interest rates can be fixed or variable, and the loan is often secured against company assets. Issuing shares is available only to limited companies. Selling new shares brings in permanent capital that does not have to be repaid, but it dilutes existing shareholders’ control and expects dividend payments. Debentures are long-term loans issued to investors, carrying a fixed rate of interest and secured against company assets. Venture capital is funding from specialist investors who provide capital to high-risk, high-growth businesses in exchange for equity and often a say in management. Leasing allows a business to use an asset without buying it, paying a regular fee; ownership remains with the leasing company. Hire purchase is similar but the business eventually owns the asset after all instalments are paid. Grants are sums of money given by the government or other organisations for a specific purpose, such as job creation or environmental improvements, and do not need to be repaid.

银行贷款提供固定金额的资金，在约定时期内连本带利偿还。利率可以是固定的或浮动的，贷款通常以公司资产作为担保。发行股票仅适用于有限公司。出售新股会带来永久性资本，无需偿还，但会稀释现有股东的控制权，并需要支付股息。债券是向投资者发行的长期借款，带有固定利率，并以公司资产作抵押。风险投资来自专业投资者，他们为高风险、高增长的企业提供资本，以换取股权并常常参与管理。租赁允许企业使用某项资产而无需购买，支付定期费用；所有权仍归租赁公司。分期付款购买类似，但企业在支付所有分期款项后最终获得资产所有权。政府补助是政府或其他组织为特定目的（如创造就业或环境改善）提供的资金，无需偿还。

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9. Short-term versus long-term finance | 短期与长期融资对比

Matching the term of the finance to the use of funds is a key principle. Short-term needs, such as buying inventory for the Christmas season, should be funded by short-term sources like trade credit or an overdraft. Long-term assets, such as a new factory expected to generate income for twenty years, should be funded by long-term sources such as a bank loan, shares or debentures.

融资期限与资金用途相匹配是一项关键原则。短期需求，例如为圣诞季采购库存，应通过商业信用或透支等短期来源筹集资金。长期资产，如预期可带来二十年收入的新工厂，应通过银行贷款、股票或债券等长期来源筹集资金。

Using a short-term overdraft to buy a factory is dangerous because the bank could demand repayment while the factory has not yet generated enough profit. The mismatch can cause severe cash flow crises. Conversely, using a long-term share issue to pay for seasonal inventory would tie up capital unnecessarily and upset shareholders.

用短期透支来购买工厂是危险的，因为银行可能要求还款，而工厂尚未产生足够利润。这种不匹配可能引发严重的现金流危机。相反，用长期股票发行来支付季节性库存则会不必要地占用资本，并使股东不满。

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10. Choosing the right source of finance | 选择合适的融资来源

Managers must evaluate several factors before selecting a source of finance. The most important considerations are the purpose of the funds, the amount required, the length of time the money is needed, the legal structure of the business, the cost of the finance, the associated risk and the availability of the source.

管理者在选择融资来源之前必须评估几个因素。最重要的考虑因素是资金用途、所需金额、资金需要的时间长度、企业的法律结构、融资成本、相关风险以及来源的可得性。

Cost: loans have interest charges, shares require dividends, and factoring involves a discount. A firm will usually prefer the cheapest option that meets its needs. Risk: secured loans put business assets at stake if repayments are missed, while issuing shares can result in loss of control if a large proportion of new shares is sold to outsiders. Legal structure: sole traders cannot issue shares or debentures, so their options are limited to personal capital, loans and overdrafts. Amount: very large sums may require a combination of sources, such as a bank loan topped up with retained profit. Time: a short-term gap in cash is best covered by an overdraft, not a 20-year loan.

成本：贷款有利息费用，股票需要股息，保理涉及折价。企业通常会选择能满足其需求的最便宜方案。风险：抵押贷款如果未能还款，会使企业资产面临风险，而发行股票若将大量新股出售给外人，则可能导致失去控制权。法律结构：个体经营者不能发行股票或债券，因此他们的选择仅限于个人资本、贷款和透支。金额：非常庞大的数目可能需要多种来源组合，例如用银行贷款加上留存利润。时间：短期现金缺口最好用透支来弥补，而不是20年期贷款。

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11. Debt finance versus equity finance | 债务融资与股权融资

A fundamental choice is between debt and equity. Debt finance, such as loans and overdrafts, must be repaid with interest but does not give the lender any ownership rights. Equity finance comes from selling shares, meaning new shareholders become part-owners and are entitled to a share of future profits through dividends.

一个基本的选择是在债务和股权之间。债务融资，如贷款和透支，必须偿还并支付利息，但不给予贷款人任何所有权。股权融资来自出售股份，意味着新股东成为部分所有者，并有权通过股息分享未来利润。

Debt tends to be cheaper in the short term if interest rates are low, and interest payments are tax-deductible. However, debt increases the financial risk of the business: interest must be paid regardless of profit levels. Equity is more expensive in terms of dividend expectations, and issuing shares dilutes control, but it reduces risk because dividends are only paid if there is profit and the capital never has to be repaid. Most businesses use a mix of both, a capital structure designed to balance risk and return.

如果利率较低，债务在短期内往往更便宜，而且利息支出可以抵税。然而，债务会增加企业的财务风险：无论利润水平如何，利息都必须支付。股权在股息预期方面成本较高，且发行股票会稀释控制权，但它降低了风险，因为股息仅在盈利时才支付，且资本永远不需要偿还。大多数企业混合使用两者，设计一个资本结构以平衡风险与回报。

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12. Government and external support for finance | 政府及外部资金支持

In many countries, governments offer grants, subsidised loans or tax incentives to encourage business activity, particularly for start-ups, exporters or firms engaging in research and development. These sources are attractive because they may not need to be repaid and often come with advisory support. However, the application process can be slow and bureaucratic, and specific conditions must be met.

在许多国家，政府提供补助、补贴贷款或税收优惠来鼓励商业活动，特别是针对初创企业、出口商或从事研发的公司。这些来源很有吸引力，因为它们可能无需偿还，并常常附带咨询支持。然而，申请过程可能缓慢且官僚，且必须满足特定条件。

Other forms of support include microfinance for small entrepreneurs who cannot access traditional bank services, and peer-to-peer lending through online platforms. These broaden the range of external sources available, but businesses must still carefully assess the terms and costs involved.

其他形式的支持包括为无法获得传统银行服务的小企业家提供的微型信贷，以及通过在线平台进行的点对点借贷。这些拓宽了可获得的外部融资来源范围，但企业仍需仔细评估所涉及的条款和成本。

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