选着债务或股权融资的相关因素分析外文翻译

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1、 中文 5950 字 本科毕业设计（论文） 外文翻译 原文： Debt or Equity Financing? Analyzing Relevant Factors Choosing between debt and equity financial instruments often creates a dilemma for clients seeking capital. Financing is generally required when a business is beginning operations, expanding, or suffering from an eco

2、nomic downturn. Advising clients on the potential tax implications of using a purely debt or equity financial instrument is generally straightforwardThe blood of the enterprise funds, only the normal flow of funds to meet business needs, effective allocation of factors of production to the enterpris

3、es to create profits for shareholders, create value for society. Can be said that the enterprise development process is time and time again, finance - investment - refinancing process. Over the past year, a number of promulgation of new laws and regulations, in order to provide a number of corporate

4、 finance in new ways or new specifications. These laws and regulations include: Company Law, Securities Law, Short-term Financing Bills, the Pilot Securitization of Credit Assets management, Investment Fund on matters related to asset-backed securities notice, the first second public offering of sha

5、res and listing management approach and so on. Some of the provisions and financing of new enterprises are not as familiar. For businesses, how to choose the mode of financing, how to grasp the conditions of various financing methods, cost and risk, are business financing needs prior to careful anal

6、ysis and study. Debt financing is divided into two categories financing and equity financing. Mainly refers to debt financing from external borrowing, debt service obligations on time commitment, including bank loans, trust schemes, short-term financing bonds, corporate bonds, convertible bonds, ass

7、et-backed securities. Mainly refers to equity financing through public offerings or private way to increase capital, to finance, without debt service, but the need to allocate bonuses, including domestic and overseas public offering and listing of private placement. Debt Financing Bank loans (factor

8、ing, bill discounting, letters of credit loans, etc.) Bank loans are the most frequently used mode of financing, general requirements for commercial enterprises have a better reputation, stable cash flow, asset-backed or reliable enough to guarantee. Financing costs currently around 6%, more flexibl

9、e deadline, apply for a loan is relatively simple. Factoring is the purchase and sales contracts based on vendors and related agreements, will meet the conditions and accounts receivable by the Bank approved the transfer of bank debt to obtain short-term trade financing, accounts receivable, recover

10、y management services. Discounted bills of an enterprise (the holder) is not before the expiration of the commercial bills, in order to obtain funds to pay some interest on the notes affixed to the right to transfer to the bank, the bank intermediation of funds to the holder of a way. Credit loans a

11、re open to foreign exporters to credit as collateral for loans to banks as a mode of financing. Short-term financing bonds Short-term financing bills is within the legal person status of non-financial enterprises in the inter-bank bond market and debt service contract within a certain period of secu

12、rities. Short-term financing bonds by the Peoples Bank of China, Short-term Financing Bills management approach for approval, the inter-bank bond market for institutional investors to issue and public issue not only in inter-bank bond market transactions. Issuing short-term financing bonds there are

13、 three main benefits: short-term financing bills interest rates much lower than bank loans, has been short-term financing bonds issued at 2.92% interest rate is basically floating around 3.3%, plus agency fees of about 3.5%, but also ； Company issued short-term financing bills, the operation time is

14、 much less than the enterprises listing and financing, the central bank set the voucher processing time is 20 days, to quickly ease the financing of the conflict； issuing short-term financing bills do not require any collateral, such as land and housing, which gives many companies create the conditi

15、ons for direct financing. A shorter period of short-term financing bonds, generally not more than one year. But the company issued by a continuous way, to solve the problem for a period not exceeding one year. Issuance costs as a fixed, short-term financing bills currently on the market of the minim

16、um issue amount of 2 billion yuan also, made almost entirely of securities the principal large-scale enterprise groups, small and medium enterprises rare sight. Asset-backed securities That asset securitization is non-liquid assets into securities with higher liquidity, and then sold to investors. C

17、ash flows generated by assets for payment of principal and interest on the securities and trading costs, that is, asset-backed securities (ABS). Asset Securitization in Europe has more than 20 years, including financial and non-financial assets, such as home mortgages, hire purchase and credit card

18、receivables, bad loans, aircraft finance lease receivables, future flows and the overall business generated by any existing or future cash flows. Asia, the most common type of assets securitized mortgage loans, trade receivables, credit card loan portfolio and so on. Now asset-backed securities issu

19、ed by the yield of 3.5% to 6%, and the assets are loans, highway toll rights, leasing costs, accounts receivable. As the trading complex, involving many of the main, the current issue of asset securitization companies are large enterprises, small and medium enterprises can use this mode of financing

20、. Trust Scheme Client trust scheme is based on trust and investment trust companies, will own the funds entrusted to the legal owner of trust and investment companies, trust investment companies under the clients wishes in his own name, for the benefit of the beneficiary or for specific purposes to

21、manage , use and dispose of such property. Trust schemes cost of financing roughly 5% to 11%, normally 1 to 3 years, the financing amounted to 50 million yuan to several million dollars. The Trust Scheme is limited to private, and not more than 200 copies, so not too large amount of money raised, the cost is relatively high. And the Trusts planned investment is illiquid, it is more difficult to attract other financing financing. Corporate Bonds