Business Finance | 商业融资

📚 Business Finance | 商业融资

Business finance is the money a firm needs to start, run, expand, or survive. At Cambridge A-Level Business, you must understand why finance is needed, where it can come from, and how managers choose between different sources. This article covers internal and external finance, short-term and long-term options, equity versus debt, cash flow forecasting, working capital, and key factors influencing financial decisions.

商业融资是企业启动、经营、扩张或维持生存所需的资金。在剑桥 A-Level 商务课程中，你必须理解企业为什么需要融资、资金从哪里来，以及管理者如何在不同的资金来源之间作出选择。本文涵盖内部融资与外部融资、短期与长期融资方式、股权与债务、现金流预测、营运资金以及影响融资决策的关键因素。

1. Why Businesses Need Finance | 企业为什么需要融资

Businesses require finance for different purposes at different stages of their life cycle. Start-ups need seed capital to buy equipment, rent premises, and cover initial marketing. Established firms may need finance for expansion, research and development, or replacing outdated machinery. Even profitable firms can need finance to bridge gaps between paying suppliers and receiving customer payments.

企业在生命周期的不同阶段需要资金用于不同目的。初创企业需要种子资本来购买设备、租用场地并支付初期营销费用。成熟企业可能需要资金用于扩张、研发或更换过时机器。即使是盈利企业，也可能需要融资来弥补支付供应商和收到客户付款之间的时间差。

Start-up capital: to launch a new business and purchase fixed assets.
Expansion finance: to open new branches, enter new markets, or increase capacity.
Working capital: to cover day-to-day trading expenses such as inventory and wages.
Survival or recovery finance: to pay off urgent debts or restructure after a downturn.
初创资本：用于创办新企业并购买固定资产。
扩张融资：用于开设新分支机构、进入新市场或提高产能。
营运资金：用于支付存货、工资等日常经营开支。
生存或复苏融资：用于偿还紧急债务或在衰退后进行重组。

2. Internal Sources of Finance | 内部融资来源

Internal finance comes from within the business and does not increase the firm’s liabilities. It is usually cheaper and faster to arrange than external finance because there are no interest charges or application procedures. However, internal funds may be limited, especially for small or growing businesses.

内部融资来自企业内部，不会增加企业的负债。它通常比外部融资更便宜、更快安排，因为没有利息费用或申请程序。然而，内部资金可能有限，尤其是对于小型或成长型企业。

Retained profit is profit kept in the business after shareholders receive dividends. It is the most important long-term internal source for established firms. However, new firms may have little or no retained profit available.

留存利润是股东获得股息后留在企业内部的利润。它是成熟企业最重要的长期内部资金来源。然而，新企业可能很少有或没有留存利润可用。

Sale of assets involves selling unwanted machinery, land, or vehicles to raise cash. This is suitable when an asset is no longer needed or is underused. However, the business loses the future use of the asset and may have to lease it back.

资产出售涉及出售不需要的机器、土地或车辆来筹集现金。当某项资产不再需要或利用不足时，这种方式比较合适。但企业会失去该资产的未来使用权，并可能需要将其租回。

Working capital can also be released internally by reducing inventory levels or collecting receivables faster. These methods free up cash without borrowing, but they may require better stock control or stricter credit terms.

营运资金也可以通过降低存货水平或加快应收账款回收在内部释放。这些方法无需借款即可腾出现金，但可能需要更好的库存控制或更严格的信用条件。

3. External Sources of Finance: Short-Term | 外部融资来源：短期

External finance comes from outside the business and includes borrowing from banks or investors. Short-term finance must be repaid within one year and is usually used for working capital, emergency cash, or seasonal needs.

外部融资来自企业外部，包括向银行或投资者借款。短期融资必须在一年内偿还，通常用于营运资金、紧急现金或季节性需求。

Bank overdrafts allow a business to spend more money than it has in its current account, up to an agreed limit. Interest is charged only on the amount overdrawn. Overdrafts are flexible but can be recalled by the bank at short notice, making them risky for long-term reliance.

银行透支允许企业在其往来账户中支出超过存款的金额，最高不超过约定的限额。利息只对透支部分收取。透支灵活，但银行可能在短时间内要求还款，因此长期依赖透支风险较大。

Trade credit is a period of time given by suppliers before payment is due. It is an interest-free source of short-term finance if paid on time. However, delaying payment too long can damage supplier relationships and credit rating.

商业信用是供应商给予的付款宽限期。如果按时付款，这是一种免息的短期融资来源。但拖延付款太久会损害供应商关系和信用评级。

Debt factoring involves selling trade receivables to a factoring company at a discount. The business receives immediate cash, improving cash flow. However, the factor keeps a percentage as a fee, and customers may view the business as financially weak.

债务保理是将应收账款以折扣价出售给保理公司。企业立即获得现金，改善现金流。但保理商会收取一定比例的费用，客户可能认为该企业财务状况不佳。

4. External Sources of Finance: Long-Term | 外部融资来源：长期

Long-term finance is repaid over more than one year and is used for major capital projects such as purchasing property, building factories, or acquiring other businesses. It usually involves larger sums and higher commitment.

长期融资的偿还期超过一年，用于购买房产、建造工厂或收购其他企业等重大资本项目。它通常涉及更大的金额和更高的承诺。

Bank loans are fixed sums borrowed from a bank, repaid in instalments with interest over an agreed period. Loans provide certainty and allow the business to keep ownership, but interest must be paid regardless of profit, and collateral is often required.

银行贷款是从银行借入的固定金额，按约定分期偿还并支付利息。贷款提供了确定性，企业可以保留所有权，但无论盈利与否都必须支付利息，而且通常需要抵押物。

Share capital is money raised by selling shares in the company. For a private limited company, shares are sold to a small group of investors; for a public limited company, shares can be sold on the stock exchange. This is permanent capital with no compulsory interest, but it dilutes ownership and control.

股本是通过出售公司股份筹集的资金。私人有限公司向一小群投资者出售股份；公众有限公司可以在证券交易所出售股份。这是一种永久性资本，没有强制利息，但会稀释所有权和控制权。

Debentures are long-term loans issued by a company to investors, with a fixed rate of interest and a fixed repayment date. Debenture holders are creditors, not owners, so they must be paid interest even if the business makes a loss.

债券是公司向投资者发行的长期借款，有固定利率和固定偿还日期。债券持有人是债权人，不是所有者，因此即使企业亏损，也必须向他们支付利息。

Leasing or hire purchase allows a business to use an asset without paying the full purchase price upfront. Leasing involves renting the asset; hire purchase involves paying instalments and owning the asset after the final payment. Both preserve cash but may cost more over time than buying outright.

租赁或分期付款购买允许企业使用资产而无需预先支付全部购买价款。租赁是租用资产；分期付款购买是分次付款并在最后一笔付款后拥有资产。两者都能保留现金，但长期总成本可能高于直接购买。

5. Equity Finance versus Debt Finance | 股权融资与债务融资

Equity finance is capital raised by selling shares. It is permanent, does not require fixed interest payments, and shareholders share the risk. However, dividends may be expected, and issuing new shares reduces the control of existing owners.

股权融资是通过出售股份筹集的资本。它是永久性的，不要求固定利息支付，股东分担风险。但可能需要支付股息，发行新股会降低现有所有者的控制权。

Debt finance is borrowed money that must be repaid with interest, such as bank loans, overdrafts, and debentures. Interest is a legal obligation and is paid regardless of profit level. Debt increases financial risk, especially when profits are low or interest rates rise.

债务融资是必须偿还并支付利息的借款，如银行贷款、透支和债券。利息是法定义务，无论利润水平如何都要支付。债务会增加财务风险，尤其是在利润低或利率上升时。

Aspect	Equity	Debt
Repayment	No repayment; permanent capital	Must be repaid on schedule
Cost	Dividends optional, but dilution	Interest compulsory, tax-deductible
Control	Diluted by new shareholders	No loss of ownership
Risk	Lower financial risk	Higher financial risk if profits fall

Many firms use a mix of equity and debt. The balance between the two is called the capital structure. Managers try to minimise the overall cost of finance while keeping financial risk at an acceptable level.

许多企业同时使用股权和债务。两者之间的平衡称为资本结构。管理者试图在将财务风险控制在可接受水平的同时，使总体融资成本最小化。

6. Factors Influencing the Choice of Finance | 影响融资选择的因素

The choice of finance depends on the purpose, amount, cost, and flexibility needed. Short-term projects should normally be funded by short-term sources, while long-term assets should be matched with long-term finance. This is called the matching principle.

融资选择取决于所需资金的用途、金额、成本和灵活性。短期项目通常应由短期来源提供资金，而长期资产应与长期融资相匹配。这被称为匹配原则。

Cost is a key factor. Internal finance such as retained profit has no direct interest charge, while external borrowing involves interest and fees. A business must compare the annual percentage rate of different loans and consider arrangement fees.

成本是关键因素。留存利润等内部融资没有直接的利息费用，而外部借款涉及利息和手续费。企业必须比较不同贷款的年利率并考虑安排费用。

Control and ownership matter. Owners who do not want to dilute their control may prefer debt to issuing shares. However, too much debt can reduce financial independence because lenders may impose covenants restricting how the business operates.

控制权和所有权很重要。不希望稀释控制权的所有者可能更倾向于债务而不是发行股票。但债务过多会降低财务独立性，因为贷款人可能施加限制企业经营方式的契约。

Risk also influences the decision. If a business has unstable profits or is in a risky industry, it may avoid high levels of debt because fixed interest payments could cause losses. Conversely, a stable business can safely use more debt.

风险也会影响决策。如果企业利润不稳定或处于高风险行业，它可能会避免大量债务，因为固定利息支付可能导致亏损。相反，稳定的企业可以安全地使用更多债务。

The legal status of the business matters too. Sole traders and partnerships have unlimited liability and may find it harder to raise large external finance. Limited companies can issue shares and debentures, giving them access to a wider range of sources.

企业的法律地位也很重要。个体经营者和合伙企业承担无限责任，可能更难筹集大量外部资金。有限公司可以发行股票和债券，从而获得更广泛的资金来源。

7. Cash Flow Forecasting | 现金流预测

A cash flow forecast is a financial plan showing expected cash inflows and outflows over a future period, usually monthly. It helps managers predict cash shortages and surpluses, plan for large payments, and support loan applications.

现金流预测是一份财务计划，显示未来一段时间（通常按月）的预期现金流入和流出。它帮助管理者预测现金短缺和盈余，规划大额付款，并支持贷款申请。

Net cash flow = Total cash inflow − Total cash outflow

净现金流 = 现金流入总额 − 现金流出总额

Cash inflows include cash sales, receipts from credit customers, bank loans, and sale of assets. Cash outflows include payments to suppliers, wages, rent, utilities, and loan repayments. Opening balance plus net cash flow gives closing balance, which becomes the next month’s opening balance.

现金流入包括现金销售、从赊销客户收到的款项、银行贷款和资产出售。现金流出包括向供应商付款、工资、租金、水电费和贷款偿还。期初余额加净现金流得到期末余额，期末余额成为下个月的期初余额。

Forecasts are useful but only as good as the assumptions behind them. Sales may be lower than expected, customers may delay payment, or costs may rise. Therefore, firms often prepare best-case, worst-case, and most likely scenarios.

预测很有用，但取决于其背后的假设。销售额可能低于预期，客户可能延迟付款，成本可能上升。因此，企业通常准备最佳、最差和最可能三种情景。

8. Working Capital Management | 营运资金管理

Working capital is the capital available to meet day-to-day expenses. It is calculated as current assets minus current liabilities. Positive working capital means the business can pay its short-term debts as they fall due.

营运资金是可用于支付日常开支的资本。它的计算方法是流动资产减去流动负债。正的营运资金意味着企业能够在短期债务到期时偿还。

Working capital = Current assets − Current liabilities

营运资金 = 流动资产 − 流动负债

Current assets include cash, inventory, and trade receivables. Current liabilities include trade payables, bank overdrafts, and short-term loans. If current liabilities exceed current assets, the business may face a liquidity crisis even if it is profitable.

流动资产包括现金、存货和应收账款。流动负债包括应付账款、银行透支和短期贷款。如果流动负债超过流动资产，即使企业盈利，也可能面临流动性危机。

Managing working capital involves balancing liquidity and profitability. Holding too much inventory ties up cash and increases storage costs, while holding too little risks stock-outs and lost sales. Offering too much trade credit boosts sales but delays cash inflows.

营运资金管理涉及平衡流动性和盈利能力。持有过多存货会占用现金并增加存储成本，而持有过少则可能断货并损失销售。给予过多商业信用会促进销售，但会延迟现金流入。

Businesses can improve working capital by reducing inventory levels, collecting receivables faster, and negotiating longer payment terms with suppliers. However, aggressive tactics may harm relationships with customers and suppliers.

企业可以通过降低存货水平、加快应收账款回收以及与供应商协商更长的付款期限来改善营运资金。但激进的做法可能损害与客户和供应商的关系。

9. Cash Flow Problems and Solutions | 现金流问题与解决方案

A business can suffer from cash flow problems even when it is profitable. This happens when cash outflows must be paid before cash inflows arrive. Causes include overtrading, seasonal demand, late payment by customers, and unexpected expenses.

企业即使在盈利时也可能出现现金流问题。当现金流出必须在现金流入之前支付时，就会出现这种情况。原因包括过度交易、季节性需求、客户延迟付款和意外支出。

Overtrading occurs when a business expands too quickly without sufficient working capital. Sales grow rapidly, but the firm must buy more inventory and pay more wages before receiving payments from new customers, creating a cash shortage.

过度交易是指企业在没有足够营运资金的情况下扩张过快。销售迅速增长，但企业在收到新客户付款之前必须购买更多存货并支付更多工资，从而造成现金短缺。

Solutions to cash flow problems include reducing or delaying cash outflows, speeding up cash inflows, and arranging appropriate finance. For example, a firm could renegotiate supplier terms, offer discounts for early payment, or use debt factoring.

现金流问题的解决方案包括减少或延迟现金流出、加快现金流入以及安排适当的融资。例如，企业可以重新协商供应商条款、为提前付款提供折扣，或使用债务保理。

Long-term solutions involve better financial planning. Regular cash flow forecasts can alert managers to future gaps, allowing them to arrange overdraft facilities or loans before a crisis occurs.

长期解决方案涉及更好的财务规划。定期的现金流预测可以提醒管理者未来的资金缺口，使他们能够在危机发生前安排透支额度或贷款。

10. Evaluating Business Finance Decisions | 评估企业融资决策

Financial decisions should be evaluated against several criteria. These include cost, risk, flexibility, and the impact on ownership and control. A source may be cheap but risky, or safe but expensive, so managers must trade off these factors.

财务决策应根据若干标准进行评估。这些标准包括成本、风险、灵活性以及对所有权和控制权的影响。一种来源可能便宜但有风险，或者安全但昂贵，因此管理者必须在这些因素之间进行权衡。

The suitability of a source depends on the length of time the finance is needed. Short-term needs should be met with short-term sources to avoid paying unnecessary interest. Long-term investments should be funded with long-term capital to avoid constant refinancing risk.

资金来源的适用性取决于所需资金的期限。短期需求应通过短期来源满足，以避免支付不必要的利息。长期投资应使用长期资本融资，以避免持续的再融资风险。

Gearing measures the proportion of a company’s capital that comes from debt compared to equity. A highly geared company has a large amount of debt, increasing financial risk but potentially increasing returns to shareholders when profits are high. Low gearing is safer but may mean the firm is not using cheaper debt finance effectively.

杠杆比率衡量公司资本中债务与股权的比例。高杠杆公司有大量债务，财务风险较高，但在利润高时可能增加股东回报。低杠杆更安全，但可能意味着企业没有有效利用较便宜的债务融资。

Finally, the availability of finance depends on the firm’s size, credit history, and collateral. New and small businesses often find external finance hard to obtain, so they rely more on internal sources, government grants, or personal savings.

最后，融资的可获得性取决于企业规模、信用记录和抵押物。新企业和小企业通常难以获得外部融资，因此更多地依赖内部来源、政府补助或个人储蓄。

Published by TutorHao | Business Revision Series | aleveler.com

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Business Finance | 商业融资