Business Finance Worksheet – Chapter 21 | 商务第21章练习：企业融资

📚 Business Finance Worksheet – Chapter 21 | 商务第21章练习：企业融资

This worksheet covers the core ideas in Chapter 21, Business Finance. Work through the key terms, short case questions and self-check quiz to test your understanding of why businesses need finance, the main sources of finance, and how liquidity is managed.

本练习覆盖第21章“企业融资”的核心内容。通过关键术语、简答案例题和自测题，检查你对企业为何需要融资、主要融资来源以及流动性管理的理解。

1. Key Terms Check | 关键术语检查

Before attempting the questions, make sure you can define each term below and give one real business example.

在开始答题之前，请确保你能定义下列每个术语，并给出一个真实企业实例。

Term	English definition	中文定义
Capital expenditure	Spending on non-current assets that will be used for more than one year, such as machinery or vehicles.	用于使用寿命超过一年的非流动资产的支出，例如机器或车辆。
Revenue expenditure	Day-to-day running costs of the business, such as rent, wages and raw materials.	企业的日常运营成本，如租金、工资和原材料。
Working capital	Current assets minus current liabilities; it measures the short-term funds available to a business.	流动资产减去流动负债；衡量企业可用的短期资金。
Liquidity	The ability of a business to pay its short-term debts on time.	企业按时偿还短期债务的能力。
Internal finance	Funds obtained from inside the business, such as retained profit or sale of assets.	来自企业内部的资金，例如留存利润或出售资产。
External finance	Funds obtained from outside the business, such as bank loans or share capital.	来自企业外部的资金，例如银行贷款或股本。
Overdraft	A flexible bank facility allowing a business to spend more than its current account balance, up to an agreed limit.	一种灵活的银行便利，允许企业在约定限额内透支其活期账户。
Retained profit	Profit kept inside the business after dividends have been paid, used for future investment.	支付股息后留在企业内部的利润，用于未来投资。

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

Nearly all businesses need finance at some stage, whether they are new start-ups or established companies. The main reasons include starting up, expanding, replacing equipment, managing day-to-day trading, and protecting against unexpected events.

几乎所有企业在某个阶段都需要融资，无论是新创企业还是成熟公司。主要原因包括创业启动、扩张、更换设备、管理日常经营活动以及防范意外事件。

Start-up capital is needed to buy premises, equipment, stock and cover early running costs before sales revenue is sufficient.

创业资本用于购买场所、设备、库存，并覆盖销售收入尚不充足之前的早期运营成本。

Expansion finance is used when a business opens new outlets, enters new markets, increases capacity, or takes over another firm.

扩张融资用于企业开设新门店、进入新市场、扩大产能或收购其他公司。

Working capital finance allows a business to pay suppliers, wages and utility bills during cash-flow gaps.

营运资金融资使企业能够在现金流缺口期间支付供应商、工资和水电账单。

Replacement and modernisation finance is needed to maintain efficiency and meet health, safety or environmental standards.

更换和现代化融资用于维持效率并满足健康、安全或环境标准。

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3. Capital Expenditure vs Revenue Expenditure | 资本支出与收益支出

It is important to distinguish between capital expenditure and revenue expenditure because they are treated differently in financial statements and have different implications for cash flow and profit.

区分资本支出与收益支出很重要，因为它们在财务报表中的处理方式不同，对现金流和利润的影响也不同。

• Capital expenditure: money spent on non-current assets that will be used for more than one year, such as buildings, machinery, equipment and vehicles. 中文：资本支出是用于使用年限超过一年的非流动资产的支出，如建筑物、机器、设备和车辆。
• Revenue expenditure: money spent on the day-to-day running of the business, such as rent, salaries, utility bills and raw materials. 中文：收益支出是用于企业日常经营的支出，如租金、工资、水电费和原材料。

Capital expenditure appears on the statement of financial position and is depreciated over time. Revenue expenditure appears in the statement of profit or loss as an expense in the period it is incurred.

资本支出在财务状况表中列示，并随时间计提折旧。收益支出作为费用列示在发生期间的利润表中。

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4. Short-Term vs Long-Term Finance | 短期融资与长期融资

The length of the finance should match the purpose for which it is needed. Using long-term finance for short-term needs can increase costs unnecessarily, while using short-term finance for long-term projects can create liquidity pressure.

融资期限应与资金用途相匹配。用长期融资满足短期需求可能不必要地增加成本，而用短期融资支持长期项目可能造成流动性压力。

Short-term finance	Long-term finance
Repaid within one year	Repaid over more than one year
Used for working capital, inventory, paying suppliers	Used for expansion, major equipment, acquisitions
Examples: overdraft, trade credit, factoring	Examples: bank loan, debenture, share capital, leasing
Usually easier to arrange but can carry high interest	Usually larger amounts, lower annual rates but long commitment

短期融资：一年内偿还；用于营运资金、存货、支付供应商；例子：透支、商业信用、保理。长期融资：超过一年偿还；用于扩张、大型设备、收购；例子：银行贷款、债券、股本、租赁。

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

Internal finance comes from within the business and does not involve taking on new outside owners or lenders. It is often cheaper and keeps control unchanged, but the amount available may be limited.

内部融资来自企业内部，不涉及新的外部所有者或贷款人。它通常成本较低且不会改变控制权，但可用金额可能有限。

• Retained profit: profit kept after dividends. It is the most important internal source for established businesses. 中文：留存利润是支付股息后保留的利润，是成熟企业最重要的内部来源。
• Sale of assets: selling unused land, buildings or equipment can release cash, but it reduces future capacity. 中文：出售闲置土地、建筑物或设备可以释放现金，但会降低未来产能。
• Reducing working capital: collecting debts faster, delaying payments to suppliers, or reducing inventory can free cash without borrowing. 中文：加快收款、延迟向供应商付款或减少存货可以在不借贷的情况下释放现金。
• Owner’s savings: especially important for sole traders and start-ups, but usually limited. 中文：所有者储蓄对个体经营者和初创企业尤为重要，但通常金额有限。

Internal finance avoids interest payments and external control, but it may reduce funds available for dividends or future emergencies.

内部融资避免利息支付和外部控制，但可能减少可用于股息或未来紧急情况的资金。

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6. External Sources of Finance | 外部融资来源

External finance is raised from outside the business. It allows a company to access larger sums, especially for expansion, but it often involves interest, collateral or loss of some control.

外部融资从企业外部筹集。它使企业能够获得更大金额，尤其是用于扩张，但通常涉及利息、抵押品或部分控制权的丧失。

Source	Key features	中文要点
Bank loan	Fixed amount lent over a set period, repaid with interest.	固定金额在约定期限内偿还并支付利息。
Overdraft	Flexible borrowing up to an agreed limit; interest on the amount used.	约定期限内的弹性借款；仅对使用金额计息。
Trade credit	Buying supplies now and paying later, often within 30 to 90 days.	先采购后付款，通常为30至90天。
Leasing	Using an asset by paying regular rental; the business does not own the asset.	通过定期支付租金使用资产；企业不拥有资产。
Hire purchase	Paying instalments and owning the asset after the final payment.	分期付款，最后一期支付后取得资产所有权。
Share capital	Permanent capital raised by selling shares to investors; companies only.	通过向投资者出售股份筹集的永久资本；仅适用于公司。
Debentures	Long-term loans from investors with fixed interest, secured on assets.	投资者提供的长期贷款，固定利息，以资产担保。
Venture capital	Investment from specialist firms in high-risk businesses in return for shares.	专业机构向高风险企业投资并换取股份。
Crowdfunding	Raising small amounts from many people, usually through online platforms.	通常通过在线平台向大量人群筹集小额资金。
Microfinance	Small loans to entrepreneurs who cannot access traditional banking.	向无法获得传统银行服务的企业家提供小额贷款。

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7. Working Capital and Liquidity | 营运资金与流动性

Working capital is the capital available for the day-to-day running of the business. It is calculated as current assets minus current liabilities. A positive figure usually means the business can cover its short-term debts.

营运资金是可供企业日常运营使用的资金。它等于流动资产减去流动负债。正值通常意味着企业能够偿还短期债务。

Working capital = Current assets − Current liabilities

Current assets include cash, trade receivables and inventory. Current liabilities include overdrafts, trade payables and short-term loans.

流动资产包括现金、应收账款和存货。流动负债包括透支、应付账款和短期借款。

Liquidity is related but not identical to profitability. A business can be profitable yet fail because it lacks cash to pay its immediate debts.

流动性与盈利能力相关但不完全相同。企业可能盈利却因缺乏现金偿还即期债务而失败。

To improve liquidity, a business can collect debts faster, reduce inventory levels, extend supplier credit, sell surplus assets, or arrange an overdraft.

为改善流动性，企业可以加快收款、降低存货水平、延长供应商信用、出售多余资产或安排透支。

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8. Choosing the Right Source of Finance | 选择正确的融资来源

There is no single best source of finance for every business. The choice depends on several factors, and exam questions often ask you to justify your recommendation.

没有一种对所有企业都最好的融资来源。选择取决于多个因素，考试题常要求你说明推荐理由。

• Purpose and time period: match short-term needs with short-term finance and long-term projects with long-term finance. 中文：用途与期限匹配，短期需求使用短期融资，长期项目使用长期融资。
• Cost: interest, fees and the opportunity cost of using internal funds must be considered. 中文：必须考虑利息、费用以及使用内部资金的机会成本。
• Risk and security: some lenders require collateral, which may be lost if the business cannot repay. 中文：一些贷款人要求抵押品，若企业无法偿还将可能失去抵押品。
• Control: issuing shares may dilute ownership and voting control. 中文：发行股份可能稀释所有权和投票控制权。
• Legal form and size: sole traders cannot issue shares; small firms often find external finance harder to obtain. 中文：个体经营者不能发行股份；小企业通常更难获得外部融资。
• Gearing and existing debt: a heavily borrowed firm may prefer internal finance to avoid higher financial risk. 中文：高负债企业可能更倾向内部融资，以避免更高的财务风险。

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9. Exam-Style Practice Questions | 考试风格练习题

Q1. Define the term working capital. Explain one reason why a business needs adequate working capital.

第1题：定义营运资金

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