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ACCA FM知识点：Venture capitalists and business angels

文章来源：ACCA全球官网

发布时间：2021-11-22 14:24

阅读：505次

财务管理教学大纲的E部分涉及商业财务：什么类型的财务？什么来源？什么组合？首先考虑企业的形成和初始增长，然后是成熟和成熟的公司，并将研究在不同阶段可能面临的融资选择和决策。上文我们介绍了Government grants,loans and guarantees，本文重点讲解Venture capitalists and business angels。

Venture capitalists and business angels

These are either companies(usually known as venture capitalists)or wealthy individuals(business angels)who are prepared to invest in new or young businesses.They provide equity(private equity as opposed to public equity in listed companies),not loans.The equity is not normally secured on any assets and the private equity firm faces the risk of losses just like the other shareholders.Because of the high risk associated with start-up equity,private equity suppliers typically look for returns on their investment in the order of 30%pa.The overall return takes into account capital redemptions(for example preference shares being redeemed at a premium),possible capital gains on exiting their investment(for example through sale of shares to a private buyer or after listing the company on a stock exchange),and income through fees and dividends.

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Typically,venture capitalists will require 25%–49%of the equity and a seat on the board so that their investment can be monitored and advice given.However,the investors do not seek to take over management of their investment.

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