30+mba-第13章

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These　are　operated　by　banks　at　the　instigation　of　governments　in　the　UK；　
and　in　Australia；　the　United　States　and　elsewhere。　These　schemes　guarantee　
loans　from　banks　and　other　financial　institutions　for　small　businesses　with　
viable　business　proposals　that　have　tried　and　failed　to　obtain　a　conventional　
loan　because　of　a　lack　of　security。　Loans　are　available　for　periods　between　2　
and　10　years　on　sums　from　￡5；000　to　￡2；500；000。　
The　government　guarantees　70–90　per　cent　of　the　loan。　In　return　for　the　
guarantee；　the　borrower　pays　a　premium　of　1–2　per　cent　per　year　on　the　
outstanding　amount　of　the　loan。　The　mercial　aspects　of　the　loan　are　
ma。。ers　between　the　borrower　and　the　lender。　
BONDS；　DEBENTURES　AND　MORTGAGES　
Bonds；　debentures　and　mortgages　are　all　kinds　of　borrowing　with　different　
rights　and　obligations　for　the　parties　concerned。　For　a　business　a　mortgage　
is　much　the　same　as　for　an　individual。　The　loan　is　for　a　specific　event；　buying　
a　particular　property　asset　such　as　a　factory；　office　or　warehouse。　Interest　
is　payable　and　the　loan　itself　is　secured　against　the　property；　so　should　the　
business　fail　the　mortgage　can　substantially　be　redeemed。　
panies　wanting　to　raise　funds　for　general　business　purposes；　rather　
than　as　with　a　mortgage　where　a　particular　property　is　being　bought；　issue　
58　The　Thirty…Day　MBA　
debentures　or　bonds。　These　run　for　a　number　of　years；　typically　three　years　
and　upwards；　with　the　bond　or　debenture　holder　receiving　interest　over　
the　life　of　the　loan　with　the　capital　returned　at　the　end　of　the　period。　
The　key　difference　between　debentures　and　bonds　lies　in　their　security　
and　ranking。　Debentures　are　unsecured　and　so　in　the　event　of　the　pany　
being　unable　to　pay　interest　or　repay　loans　they　may　well　get　li。。le　or　
nothing　back。　Bonds　are　secured　against　specific　assets　and　so　rank　ahead　
of　debentures　for　any　payout。　
Unlike　bank　loans；　which　are　usually　held　by　the　issuing　bank；　though　
even　that　assumption　is　being　challenged　by　the　escalation　of　securitization　
of　debt　being　packaged　up　and　sold　on；　bonds　and　debentures　are　sold　to　
the　public　in　much　the　same　way　as　shares。　The　interest　demanded　will　be　
a　factor　of　the　prevailing　market　conditions　and　the　financial　strength　of　the　
borrower。　
Categories　of　bond　
There　are　several　general　categories　of　bond　that　panies　can　tap　into：　
。　Standard　bonds　pay　interest；　a　coupon；　half…yearly　on　the　principal　
amount；　known　as　the　face　or　par　value。　At　the　maturity　date　the　principal　
is　repaid。　The　value　of　bonds　fluctuates　dependent　on　market　
conditions；　the　length　of　time　to　maturity　and　the　likelihood　of　the　
borrower　defaulting。　None　of　these　ma。。ers　are　of　immediate　concern　
to　the　recipient　of　the　funds；　as　long　as　they　can　service　the　interest。　The　
risk　is　for　the　bondholder　who　can　see　the　value　of　their　investment　
alter　over　time。　
。　Zero　coupon　bonds　pay　no　interest　over　their　life　but　pay　a　lump　sum　
at　maturity　equivalent　to　the　value　of　the　interest　such　an　investment　
would　normally　bear。　The　buyer　of　the　bond　receives　a　return　by　the　
gradual　appreciation　of　the　bond’s　price　in　the　marketplace。　This　could　
be　an　a。。ractive　financing　strategy　for　a　business　making　an　investment　
which　itself　will　not　bear　fruit　for　a　number　of　years。　
。　Junk　bonds　are　bonds　usually　subordinated　to；　that　is；　put　below　others　
in　the　pecking　order　of　who　gets　paid　in　tough　times；　other　regular　
bonds。　Such　bonds　carry　a　higher　interest　burden。　
。　Callable　bonds　are　used　when　an　issuer　wants　to　retain　the　option　
to　buy　back　their　bonds　from　the　public　if　general　interest　rates　fall　
sharply　a。。er　the　issue　date。　The　issuer　notifies　bondholders　that　a。。er　
a　certain　date　no　further　interest　will　be　paid；　leaving　the　holders　with　
no　reason　to　keep　the　bond。　The　pany　issuing　the　bond　can　then　go　
out　to　the　market　and　launch　a　new　bond　at　a　lower　rate　of　interest　and　
so　lower　its　cost　of　capital。　This　process　is　also　known　as　refinancing。
Finance　59　
ASSET…BACKED　FINANCIERS　
The　banks　are　more　covert　when　it　es　to　looking　for　security　for　money　
lent。　Two　other　major　sources　of　funds　are　less　circumspect；　indeed　their　
whole　prospectus　is　predicated　on　a　precise　relationship　between　what　
a　business　has　or　will　shortly　have　by　way　of　assets；　and　what　they　are　
prepared　to　advance。　Both　groups　play　an　important　role　in　financing　
growing　businesses。　
Leasing　panies　
Physical　assets　such　as　cars；　vans；　puters；　office　equipment　and　the　
like　can　usually　be　financed　by　leasing　them；　rather　as　a　house　or　flat　may　
be　rented。　Alternatively；　they　can　be　bought　on　hire　purchase。　This　leaves　
other　funds　free　to　cover　the　less　tangible　elements　in　your　cash　flow。　
Leasing　is　a　way　of　ge。。ing　the　use　of　vehicles；　plant　and　equipment　
without　paying　the　full　cost　all　at　once。　Operating　leases　are　taken　out　
where　you　will　use　the　equipment　（for　example　a　car；　photocopier；　vending　
machine　or　kitchen　equipment）　for　less　than　its　full　economic　life。　The　
lessor　takes　the　risk　of　the　equipment　being　obsolete；　and　assumes　
responsibility　for　repairs；　maintenance　and　insurance。　As　you；　the　lessee；　
are　paying　for　this　service；　it　is　more　expensive　than　a　finance　lease；　where　
you　lease　the　equipment　for　most　of　its　economic　life　and　maintain　and　
insure　it　yourself。　Leases　can　normally　be　extended；　o。。en　for　fairly　nominal　
sums；　in　the　la。。er　years。　
Hire　purchase　differs　from　leasing　in　that　you　have　the　option　to　eventually　
bee　the　owner　of　the　asset；　a。。er　a　series　of　payments。　You　can　find　
a　leasing　pany　via　The　Finance　and　Leasing　Association　（fla　》　
For　Businesses　》　Business　Finance　Directory）；　which　gives　details　of　all　UKbased　
businesses　offering　this　type　of　finance。　The　website　also　has　general　
information　on　terms　of　trade　and　code　of　conduct。　
Discounting　and　factoring　
Customers　o。。en　take　time　to　pay　up。　In　the　meantime　you　have　to　pay　those　
who　work　for　you　and　your　less　patient　suppliers。　So；　the　more　you　grow；　
the　more　funds　you　need。　It　is　o。。en　possible　to　‘factor’　your　creditworthy　
customers’　bills　to　a　financial　institution；　receiving　some　of　the　funds　as　
your　goods　leave　the　door；　hence　speeding　up　cash　flow。　
Factoring　is　generally　only　available　to　a　business　that　invoices　other　
business　customers；　either　in　its　home　market　or　internationally；　for　its　
services。　Factoring　can　be　made　available　to　new　businesses；　although　its　
services　are　usually　of　most　value　during　the　early　stages　of　growth。　It　is　
60　The　Thirty…Day　MBA　
an　arrangement　that　allows　you　to　receive　up　to　80　per　cent　of　the　cash　
due　from　your　customers　more　quickly　than　they　would　normally　pay。　The　
factoring　pany　in　effect　buys　your　trade　debts；　and　can　also　provide　a　
debtor　accounting　and　administration　service。　You　will；　of　course；　have　to　
pay　for　factoring　services。　Having　the　cash　before　your　customers　pay　will　
cost　you　a　li。。le　more　than　normal　overdra。。　rates。　The　factoring　service　will　
cost　between　0。5　and　3。5　per　cent　of　the　turnover；　depending　on　volume　of　
work；　the　number　of　debtors；　average　invoice　amount　and　other　related　
factors。　You　can　get　up　to　80　per　cent　of　the　value　of　your　invoice　in　advance；　
with　the　remainder　paid　when　your　customer　se。。les　up；　less　the　various　
charges　just　mentioned。　
If　you　sell　direct　to　the　public；　sell　plex　and　expensive　capital　equipment；　
or　expect　progress　payments　on　long…term　projects；　then　factoring　
is　not　for　you。　If　you　are　expanding　more　rapidly　than　other　sources　of　
finance　will　allow；　this　may　be　a　useful　service　that　is　worth　exploring。　
Invoice　discounting　is　a　variation　on　the　same　theme　where　you　are　
responsible　for　collecting　the　money　from　debtors；　this　is　not　a　service　
available　to　new　or　very　small　businesses。　You　can　find　an　invoice　discounter　
or　factor　through　The　Asset　Based　Finance　Association　（　
thefda。uk/public/membersList。asp）；　the　association　representing　the　
UK’s　41　factoring　and　invoice　discounting　businesses。　
EQUITY　
Businesses　operating　as　a　limited　pany　or　limited　partnership　have　a　
potentially　valuable　opportunity　to　raise　relatively　risk…free　money。　It　is　riskfree　
to　the　business　but　risky；　sometimes　extremely　so；　to　anyone　investing。　
Essentially　this　type　of　capital；　known　collectively　as　equity；　consists　of　the　
issued　share　capital　and　reserves　of　various　kinds。　It　represents　the　amount　
of　money　that　shareholders　have　invested　directly　into　the　pany　by　
buying　shares；　together　with　retained　profits　that　belong　to　shareholders　
but　which　the　pany　uses　as　additional　capital。　As　with　debt；　equity　
es　in　a　number　of　different　forms　with　differing　rights　and　privileges。　
Ordinary　shares　form　the　bulk　of　the　shares　issued　by　most　panies　
and　are　the　shares　that　carry　the　ordinary　risks　associated　with　being　in　
business。　All　the　profits　of　the　business；　including　past　retained　profits；　
belong　to　the　ordinary　shareholders　once　any　preference　share　dividends　
have　been　deducted。　Ordinary　shares　have　no　fixed　rate　of　dividend；　indeed　
over　half　the　panies　listed　on　US　stock　markets　pay　no　or　virtually　
no　dividend。　These　include　high…growth　panies　such　as　Google　and　
Microso。。；　which　argue　that　by　retaining　and　reinvesting　all　their　profits　
they　can　create　be。。er　value　for　shareholders　than　by　distributing　dividends。　
A　pany　does　not　have　to　issue　all　its　share　capital　at　once。　The　total　
Finance　61　
amount　it　is　authorized　to　issue　must　be　shown　somewhere　in　the　accounts；　
but　only　the　issued　share　capital　is　counted　in　the　balance　sheet。　Although　
shares　can　be　partly　paid；　this　is　a　rare　occurrence。　
Preference　shares　get　their　name　for　two　reasons。　First；　they　receive　their　
fixed　rate　of　dividend　before　ordinary　shareholders。　Second；　in　the　event　of　
a　winding　up　of　the　pany；　any　funds　remaining　go　to　repay　preference　
share　capital　before　any　ordinary　share　capital。　In　a　forced　liquidation　this　
may　be　of　li。。le　fort；　as　shareholders　of　any　type　e　last　in　the　queue　
a。。er　all　other　claims　from　creditors　have　been　met。　
Class　A　and　Class　B　shares　are　cases　where　categories　of　shareholder　
are　singled　out　for　more　or　less　favourable　treatment。　For　example；　class　
A　shares　are　o。。en　given　up　to　five　votes　per　share；　while　class　B　gets　one。　
In　extreme　cases　class　B　shareholders　can　get　no　votes　at　all。　panies　
will　o。。en　try　to　disguise　the　disadvantages　associated　with　owning　shares　
with　fewer　voting　rights　by　naming　those　shares。　One　of　the　most　famous　
examples　was　their　use　by　the　Savoy　Hotel　Group　to　ward　off　an　unwanted　
takeover　by　Trusthouse　Forte。　While　Trusthouse　was　able　to　buy　70　per　cent　
of　Savoy　shares　on　the　open　market；　they　could　secure　only　42　per　cent　of　
the　voting　rights　as　they　were　only　able　to　buy　class　B　shares；　the　A　shares　
being　in　the　hands　of　the　Savoy　family　and　allies。　
Reserves；　a　typically　misleading　term　in　all　accounting；　means　profits　
of　various　kinds　that　have　been　retained　in　the　pany　as　extra　capital。　
Also　important　is　what　the　term　reserves　does　not　mean。　It　does　not　mean　
actual　money　held　back　in　reserve　in　bank　accounts　or　elsewhere。　Reserves　
e　from　retained　p