TAILIEUCHUNG - Corporate Finance handbook Chapter 2

Cấu trúc tài chính doanh nghiệp dựa trên nguyên tắc chiết khấu hóa đơn, lấy ý tưởng một giai đoạn xa hơn bằng cách tài trợ các tài sản khác. | Part Two Debt Finance Structured Finance John Bagley NMB-Heller Introduction Traditionally corporate finance was the domain of a company s bankers who would lend money for growth by way of overdraft facilities and loans on the strength of the balance sheet - historic information based on the company s net worth. Now growing businesses can take advantage of structured business finance which is based on the value of a company s assets and is a more flexible source of finance than bank loans and overdrafts. Structured business finance is based on the principles of invoice discounting taking the idea one stage further by financing other assets. Invoice discounting is a source of business finance which advances cash against the value of sales invoices and which allows the business to run its own sales ledger and payment collection. Invoice discounting itself developed from factoring the form of invoice finance that involves handing sales ledger administration over to the finance provider - and paying an administration fee for this service. Structured business finance follows the route taken by asset-based finance in the United States and tends in the UK to be offered by those finance providers not owned by the high street banks. The product is driven more by asset valuation than by balance sheet valuation and as such is highly attractive to ambitious expanding 40 Debt Finance businesses. In general structured business finance is used by medium to large SMEs up to around 60-70 million turnover which require a more flexible funding package than can be provided by mainstream banks. Strategic structured finance Increasingly we are now finding that structured business finance provides an ideal solution for management buy-outs and buy-ins MBOs and MBIs and other financial restructurings. The more traditional use of structured business finance has tended to be for businesses that are highly seasonal - such as those which depend on the Christmas trade. Generally it is true

• Tài chính doanh nghiệp
• corporate finance
• tài chính doanh nghiệp
• cfa
• giáo trình
• phân tích tài chính
• Intermediate corporate finance
• Lecture Intermediate corporate finance
• Corporate valuation
• Value based management
• Fundamentals of corporate finance
• Business organization
• Financial management
• International corporate finance
• Capital market history
• Raising capital
• Financial leverage
• Financial reporting
• Social welfare
• Forward contracts
• The stock markets
• Basic return concepts
• Portfolio theory
• Bond valuation
• Basic stock valuation
• Accounting for financial management
• Analysis of financial statements
• Financial planning
• Forecasting financial statements
• Capital budgeting
• Decision criteria
• Estimating cash flows
• Real options
• Capital structure decisions
• The levered firm
• Cash management
• Financial distress
• Hedging risk
• Warrants and convertibles
• Principles of corporate finance
• Understanding options
• Valuing options
• Financial analysis
• Financial manager
• Financial institutions