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ACCA FM知识点：选择融资方式应考虑的因素
文章来源：ACCA全球官网
发布时间：2021-11-18 15:15
阅读：640次
多年来，财务管理领域普遍要求为公司分析合适的融资方案。这是财务管理教学大纲中的一个关键领域，该要求可能占较大的分值。上一篇我们介绍了Suitable financing sources，本文我们继续讲解Factors that Refgun Co should consider prior to choosing a financing method。
Factors that Refgun Co should consider prior to choosing a financing method
●Cost and cash flows–Refgun Co would seem to have the capacity to raise more debt as the non-current assets exceed the existing debt by$60m.Furthermore,the company seems to be cash-generative in that it is currently holding$15m on deposit,despite not having raised any finance for several years.Hence,the company may be wise to take advantage of cheaper debt.
●Risk–As the company is expanding its existing trade there should be no material change in business risk.If debt finance is chosen the directors should ensure that the shareholders are happy with the extra financial risk.Given the analysis above,this seems likely.
●Security and covenants–As long as the expansion involves investing in some non-current assets there should be sufficient security available for potential lenders.The company should check what potential covenants might be imposed and ensure that they would be happy to live with them.
●Availability and maturity–Given the recent performance and the good forecasts,the company is likely to have many finance sources available to it.Debt providers should be willing to lend and shareholders would be likely to support a rights issue.Equally,other investors may well wish to invest in the equity of the company.As the finance is required to finance a permanent expansion of the company,long-term finance should be raised.To the extent that the expansion requires investment in additional working capital,some short-term finance could be raised.Consideration should also be given to the fact that the existing bonds of the company are due to be repaid in 20X6.Subject to early redemption penalties,it may be worth looking into refinancing this debt at the same time as raising the new debt especially as the cost of new debt appears lower.
●Control–If debt is issued,no change would occur to control.A rights issue would also have little impact on control while the issue of shares to new investors may cause control issues.
●Costs and ease of issue–A debt issue is likely to be cheaper and easier than an equity issue and,hence,may well be favoured by the directors.
●Yield curve–The directors of Refgun Co should consider the yield curve if it is decided to raise debt.
Recommendation of a suitable financing method
From the analysis and discussion above,it would seem that Refgun Co should seek to finance the expansion by raising long-term debt secured on the existing non-current assets of the company and the new non-current assets acquired during the expansion.At the same time as raising the new debt,the refinancing of the existing debt should also be considered.If shareholders and other key stakeholders are concerned about the financial risk exceeding the industry average,then Refgun Co could raise some short-term debt with the aim of repaying it as soon as more cash is earned.The directors should take action to manage the interest rate risk that Refgun Co will suffer.
I hope that this article has provided students with an approach that they can use when answering a question of this nature.All too often students have a feel for the type of finance that may be suitable for a company,but cannot support or justify what they are proposing and,hence,cannot earn the marks that are available.
William Parrott is a lecturer at Kaplan Financial
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