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

Every business, from a small start-up to a multinational corporation, requires finance to operate, grow, and survive. Finance is the lifeblood of any enterprise: it pays for machinery, wages, raw materials, marketing, and expansion. Without a clear understanding of why finance is needed and where it can be obtained, a business may fail even with excellent products or services.

每一家企业，无论是小型初创公司还是跨国集团，都需要资金来运营、成长和生存。资金是任何企业的命脉：它用于支付机器设备、员工工资、原材料、市场营销和业务扩张。如果企业不了解为何需要资金以及从何处获得资金，那么即使拥有出色的产品或服务，也可能失败。

1. Why Businesses Need Finance | 企业为何需要资金

Business finance is required for several distinct purposes. The first is starting up: entrepreneurs need capital to buy fixed assets such as premises, vehicles, and machinery, and to cover initial operating costs before customers begin paying. The second purpose is day-to-day trading: businesses must pay suppliers, employees, rent, and utility bills while waiting for customers to pay for goods or services. This creates a working capital cycle, where cash flowing out must be carefully matched with cash flowing in.

企业融资的需求体现在几个不同方面。第一是创办企业：创业者需要资本购买固定资产，如厂房、车辆和机器，并在客户开始付款之前支付初期运营成本。第二是日常经营：企业必须支付供应商货款、员工工资、租金和水电费，同时等待客户为商品或服务付款。这就形成了营运资金循环，现金流出的速度和现金流入的速度必须谨慎匹配。

A third need is growth and expansion. When a business increases output, enters new markets, or launches new products, it requires substantial finance for research, marketing, and capacity. Fourth, businesses may need finance for unexpected emergencies, such as equipment breakdowns, lost contracts, or natural disasters. Finally, finance may be required for special opportunities, such as acquiring a competitor or purchasing a valuable patent.

第三是增长和扩张的需求。当企业增加产量、进入新市场或推出新产品时，需要大量资金用于研发、市场营销和生产能力建设。第四，企业可能需要资金应对突发事件，如设备故障、合同丢失或自然灾害。最后，资金也可能用于特殊机遇，例如收购竞争对手或购买有价值的专利。

Start-up capital: initial investment in assets and early losses.
Working capital: finance for day-to-day operations and cash flow gaps.
Expansion finance: funding for growth, new branches, and product lines.
Contingency funding: reserves for unexpected events or emergencies.

启动资本：对资产和早期亏损的初始投资。
营运资金：用于日常运营和现金流缺口的资金。
扩张融资：用于增长、新分店和产品线的资金。
应急资金：为意外事件或紧急情况预留的资金。

2. Short-Term vs Long-Term Finance | 短期与长期融资

Finance can be classified by the length of time it is available. Short-term finance is usually needed for less than one year and is used to manage daily cash flow. Examples include bank overdrafts, trade credit, and short-term loans. Long-term finance is required for more than one year, typically for five, ten, or even twenty years. It is used to purchase fixed assets, fund major expansion, or finance mergers and acquisitions.

融资可按资金可使用的时间长短进行分类。短期融资通常需要不到一年，用于管理日常现金流。例子包括银行透支、贸易信用和短期贷款。长期融资则需要一年以上，通常为五年、十年甚至二十年，用于购买固定资产、资助重大扩张或为并购融资。

The matching principle is important: short-term assets should be financed by short-term sources, and long-term assets by long-term sources. Using a short-term overdraft to buy a building is risky, because the bank can demand repayment at any time. Conversely, using a long-term loan to cover everyday inventory purchases may be expensive and inefficient, as interest is paid even when extra cash is not needed.

匹配原则非常重要：短期资产应由短期资金来源提供资金，长期资产应由长期资金来源提供资金。用短期透支购买大楼是有风险的，因为银行可以随时要求还款。相反，用长期贷款支付日常存货采购可能既昂贵又低效，因为即使不需要额外现金也要支付利息。

Short-term	Long-term
Bank overdraft	Share capital
Trade credit	Long-term bank loan
Short-term loan	Debentures
Credit card	Leasing / hire purchase

短期	长期
银行透支	股本
贸易信用	长期银行贷款
短期贷款	债券
信用卡	租赁 / 租购

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

Internal sources of finance come from within the business itself. They are often cheaper and less risky than external sources because no interest is paid and no ownership is lost. The main internal sources are retained profit, sale of assets, and reduced working capital. Retained profit is the portion of net profit kept in the business after dividends or drawings have been paid. It is the most common source of long-term finance for established companies, especially because it carries no interest cost.

内部融资来源来自企业自身内部。内部融资通常比外部融资更便宜、风险更低，因为无需支付利息，也不会失去所有权。主要的内部来源包括留存利润、出售资产和减少营运资金。留存利润是支付股息或提款后留在企业中的那部分净利润。这是成熟公司最常见的长期融资来源，尤其因为其没有利息成本。

Selling unused or underused assets, such as obsolete machinery, surplus land, or a fleet of vehicles, quickly raises cash. However, selling fixed assets may reduce the business’s productive capacity. Reducing working capital means collecting debts faster, reducing inventory levels, and delaying payments to suppliers. Care must be taken not to damage supplier relationships or run out of stock.

出售未使用或低效使用的资产，例如过时的机器、多余的土地或车队，可快速筹集现金。然而，出售固定资产可能降低企业的生产能力。减少营运资金意味着更快地收回应收账款、降低存货水平以及推迟向供应商付款。但必须注意，不要破坏供应商关系或缺货。

Retained profit: no external interest, but may be limited for new firms.
Sale of assets: quick cash, but loss of productive resources.
Working capital reduction: frees cash but risks operations.

留存利润：无外部利息，但对于新企业可能有限。
出售资产：快速获得现金，但会损失生产性资源。
减少营运资金：释放现金但有经营风险。

4. External Sources: Share Capital and Loans | 外部融资：股本与贷款

External finance comes from outside the business. Share capital is money raised by issuing shares. For a sole trader or partnership, additional capital can be introduced by the owners themselves. For a company, selling new ordinary or preference shares brings in permanent capital. Ordinary shareholders become part-owners and receive dividends that depend on profit; they also bear the risks of the business. Share capital is permanent and does not need to be repaid, but issuing shares dilutes control and increases the number of people who claim profits.

外部融资来自企业外部。股本是通过发行股票筹集的资金。对于个体经营者或合伙企业，所有者可以自己增加资本。对于公司，出售新的普通股或优先股可带来永久性资本。普通股东成为部分所有者，获得取决于利润的股息，同时也承担企业的风险。股本属于永久性资金，无需偿还，但发行股票会稀释控制权，并增加分享利润的人数。

Loans are another major external source. A bank loan provides a fixed amount of money for a set period, with interest paid on the outstanding balance. Loans may be secured against assets (mortgages) or unsecured. Debentures are long-term loans from the public that pay fixed interest and must be repaid at a stated date. Unlike shareholders, lenders have no ownership and no voting rights, but interest must be paid whether or not the business makes a profit. Failure to repay a loan can lead to bankruptcy or the forced sale of assets.

贷款是另一种重要的外部融资来源。银行贷款提供固定金额的资金，期限固定，并按未偿还余额支付利息。贷款可以有抵押物担保（如按揭贷款），也可以是无抵押贷款。债券是向公众发行的长期贷款，支付固定利息，必须在规定日期偿还。与股东不同，贷款人不拥有所有权，也没有投票权，但无论企业是否盈利都必须支付利息。未能偿还贷款可能导致破产或资产被强制出售。

Cost of loan = Interest rate × Amount borrowed × Time

贷款成本 = 利率 × 借款金额 × 时间

5. Other External Sources: Overdrafts, Trade Credit, Leasing, Grants | 其他外部来源：透支、贸易信用、租赁、补助

A bank overdraft allows a business to spend more money than it has in its account, up to an agreed limit. Overdrafts are flexible and useful for covering short-term cash shortages, but they carry high interest rates and can be withdrawn by the bank at short notice. Trade credit is supplied by suppliers who allow the business to buy goods now and pay later, usually within 30 or 60 days. This interest-free arrangement helps with working capital but can harm relationships if payment is late.

银行透支允许企业在其账户余额不足时，在约定限额内超额支出。透支灵活，适合弥补短期现金短缺，但利率较高，银行可能随时要求收回透支额度。贸易信用由供应商提供，允许企业先采购货物后付款，通常为30天或60天。这种免息安排有助于营运资金管理，但逾期付款会损害供应商关系。

Leasing and hire purchase allow a business to use equipment without paying the full purchase price immediately. A lease involves renting an asset for a monthly fee; the lessor retains ownership. In hire purchase, the business pays instalments and gains ownership after the final payment. Government grants are external funds provided for specific purposes, such as training, environmental improvements, or developing depressed areas. Grants are attractive because they usually do not require repayment, but they are often restricted and competitive.

租赁和租购使企业无需立即支付全额购置款即可使用设备。租赁是按月支付费用租用资产，出租方保留所有权。租购则是分期付款，支付最后一期后企业获得所有权。政府补助是为特定目的提供的外部资金，如培训、环保改善或促进落后地区发展。补助的优点是通常无需偿还，但往往有严格限制且竞争激烈。

Source	Typical purpose	Key feature
Overdraft	Cash flow gaps	Flexible but expensive
Trade credit	Inventory purchases	Interest-free short-term
Leasing	Vehicles and machinery	No large upfront payment
Grant	Specific projects	No repayment required

来源	典型用途	关键特点
透支	现金流缺口	灵活但费用高
贸易信用	存货采购	短期免息
租赁	车辆和机器	无需大额预付
补助	特定项目	无需偿还

6. Choosing the Right Source | 如何选择合适的融资来源

The choice of finance depends heavily on what the money is for. A business buying a factory building needs long-term finance, usually a mortgage or new share capital. A business facing a temporary cash shortage due to late-paying customers should use an overdraft or trade credit. The principle is to match the life of the asset with the life of the finance. Purchasing inventory that will sell in six weeks should never be funded by a 10-year loan.

融资选择在很大程度上取决于资金的用途。企业购买厂房需要长期资金，通常是按揭贷款或新的股本。企业因客户延迟付款而面临临时现金短缺时，应使用透支或贸易信用。原则是将资产的使用年限与融资年限相匹配。购买六周内就能售出的存货，绝不应该用十年期贷款来融资。

Businesses also compare the cost and risk of each source. Internal finance may have a low opportunity cost, but it may be limited. External finance can provide large sums quickly, but adds interest obligations or ownership dilution. A balanced capital structure uses a mix of debt and equity, so that the business does not rely too heavily on expensive debt or lose too much control to outside shareholders.

企业还需比较每种来源的成本和风险。内部融资的机会成本可能较低，但金额可能有限。外部融资可以快速提供大笔资金，但会增加利息义务或稀释所有权。平衡的资本结构应混合使用债务和股权，使企业不至于过度依赖昂贵的债务，也不会向外部股东让渡过多控制权。

Matching rule: Short-term needs → short-term sources; long-term needs → long-term sources

匹配原则：短期需求→短期来源；长期需求→长期来源

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

Seven main factors influence a business’s decision on which source of finance to use. The first is the amount required: large sums usually demand external sources, while small sums can come from internal reserves or a small overdraft. The second is the time period: as explained above, the duration of the finance must match the purpose. The third is the cost: interest rates, arrangement fees, and issue costs all affect the total burden on the business.

影响企业融资决策的主要因素有七个。第一是所需金额：大额资金通常需要外部来源，而小额资金可以用内部储备或小额透支解决。第二是时间长短：如上所述，融资期限必须与用途匹配。第三是成本：利率、安排费用和发行成本都会影响企业的总体负担。

The fourth factor is risk: a business with unstable profits should avoid high fixed-interest debt because it may be unable to make payments. The fifth is control: issuing new shares brings in new owners who may influence major decisions. The sixth is the availability and legal status of the business: sole traders cannot issue shares, and small firms may not have access to capital markets. Finally, the stage of the business matters: start-ups often rely on owner’s savings, while established firms can use retained profits, bond issues, or bank loans.

第四个因素是风险：利润不稳定的企业应避免高固定利息债务，因为可能无力支付。第五是控制权：发行新股会引入可能影响重大决策的新所有者。第六是企业的法律形式和可用性：个体经营者无法发行股票，小企业可能无法进入资本市场。最后是企业所处阶段：初创企业通常依赖所有者储蓄，而成熟企业可使用留存利润、债券发行或银行贷款。

Amount of finance required
Length of time finance is needed
Cost of the source
Business risk and profit stability
Effect on control and ownership
Legal form of the business
Stage of business development

所需资金金额
需要资金的时间长度
融资来源的成本
企业风险和利润稳定性
对控制权和所有权的影响
企业的法律形式
企业所处发展阶段

8. Risks, Returns, and Gearing | 风险、回报与负债比率

Every source of finance involves a trade-off between risk and return. Lenders receive a fixed interest payment regardless of business performance; this is a legal obligation. Shareholders, however, receive dividends only when the business makes a profit. From the business’s point of view, debt is risky because high interest payments may cause insolvency if profits fall. Equity is safer from a cash-flow perspective but may be more expensive in the long run because shareholders expect higher returns to compensate for risk.

每种融资来源都涉及风险与回报之间的权衡。贷款人无论企业经营业绩如何都获得固定利息，这是法律义务。而股东只在企业盈利时才获得股息。从企业角度看，债务是有风险的，因为利润下降时高额利息可能导致资不抵债。从现金流角度看，股权更安全，但从长远来看可能更昂贵，因为股东期望更高的回报以补偿其承担的风险。

Gearing measures the proportion of debt in a business’s capital structure. A highly geared business uses a large amount of borrowed finance, which magnifies both profits and losses. In good times, interest costs are fixed and shareholders gain more; in bad times, interest can push the business into liquidation. Low gearing gives stability but may mean that the business is not using cheap debt to expand. Cambridge exam answers often require students to calculate or comment on gearing, so it is important to remember the formula.

负债比率衡量企业资本结构中债务所占的比例。高负债率企业使用大量借入资金，这会使利润和亏损同时放大。繁荣时期，利息成本固定，股东获益更多；衰退时期，利息可能将企业推向清算。低负债率带来稳定性，但可能意味着企业没有利用廉价的债务扩张。剑桥考试答案经常要求学生计算或评论负债比率，因此记住公式非常重要。

Gearing ratio = (Loans ÷ (Loans + Shareholders’ funds)) × 100%

负债比率 = （贷款 ÷（贷款 + 股东资金））× 100%

9. Worked Example: Choosing Finance for a Bakery Chain | 案例分析：为面包连锁店选择融资

Consider a bakery chain that plans to open ten new shops and upgrade its ovens. The total cost is $2,000,000. The owners have $500,000 in retained profit. Their current overdraft limit is $100,000, and their annual profit is stable. Should they use retained profit, an overdraft, a five-year bank loan, or issue new shares?

假设一家面包连锁店计划开设十家新分店并升级烤炉，总成本为 2,000,000 美元。所有者拥有 500,000 美元留存利润，现有透支额度为 100,000 美元，年利润稳定。他们应使用留存利润、透支、五年期银行贷款，还是发行新股？

Retained profit covers part of the cost but not the whole amount. An overdraft is inappropriate because shops and ovens are long-term assets, and overdrafts must be repaid on demand. A five-year bank loan is a good option: the business has stable profits, so it can afford the fixed repayments, and it keeps full ownership. Issuing shares would raise permanent capital but would dilute the owner’s control. The best combination is $500,000 retained profit plus a $1,500,000 bank loan, matching the long-term nature of the investment.

留存利润只覆盖部分成本，无法满足全部需求。透支不适合，因为分店和烤炉属于长期资产，而透支需要即期偿还。五年期银行贷款是不错的选择：企业利润稳定，有能力承担固定还款，并且保持完全所有权。发行股票可以筹集永久资本，但会稀释所有者的控制权。最佳组合是 500,000 美元留存利润加上 1,500,000 美元银行贷款，与投资的长期性质相匹配。

Source	Suitable?	Reason
Retained profit	Yes	Cheap, no interest, available
Overdraft	No	Short-term and repayable on demand
Bank loan	Yes	Long-term, retains control
New shares	Possible	Permanent capital but dilutes control

来源	是否合适？	原因
留存利润	合适	成本低、无利息、可获得
透支	不合适	短期且需即期偿还
银行贷款	合适	长期且保持控制权
新股	可以考虑	永久资本但稀释控制权

10. Key Terms and Exam Tips | 关键术语与复习建议

In Cambridge IGCSE Business Studies, candidates must define key terms precisely and use them in context. Important terms include cash flow, working capital, retained profit, share capital, bank loan, overdraft, trade credit, leasing, hire purchase, mortgage, debenture, and gearing. Practice classifying each source as internal or external, and as short-term or long-term. This is a common first question in examination papers.

在剑桥IGCSE商务研究考试中，考生必须准确定义关键术语并在上下文中使用。重要术语包括现金流、营运资金、留存利润、股本、银行贷款、透支、贸易信用、租赁、租购、按揭贷款、债券和负债比率。练习将每种来源分类为内部或外部、短期或长期，这是试卷中常见的第一个问题。

For longer response questions, apply the factors: amount, time, cost, risk, control, legal form, and business stage. Use real-world examples, such as a start-up needing equity because it cannot obtain a loan, or a profitable company using retained profits to fund expansion. Always state an advantage and disadvantage of each source before recommending one. A clear structure with balanced judgment will earn higher marks.

对于较长的问题，要运用这些因素：金额、时间、成本、风险、控制权、法律形式和企业阶段。使用现实案例，例如初创企业因无法获得贷款而需要股权融资，或盈利公司使用留存利润资助扩张。在推荐某种来源之前，务必说明该来源的优点和缺点。结构清晰、判断平衡的答案可以获得更高的分数。

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Business Finance: Needs and Sources | 企业融资：需求与来源