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ACCA FM知识点：Long,medium and short-term capital
文章来源：ACCA全球官网
发布时间：2021-11-22 14:39
阅读：525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How much capital is needed？本文重点讲解Long,medium and short-term capital。
Trade credit
This simply means taking credit from suppliers–typically 30 days.That is obviously a very short period,but it can be very helpful to new businesses.Typically,credit suppliers to new businesses will want some sort of reference,either from a bank or from other suppliers(trade references).However,some will be prepared to offer modest credit initially without references,and as trust grows this can be increased.
Long,medium and short-term capital
Capital can be short,medium or long-term.Definitions vary somewhat,but the following are often seen:
Short term–up to two years.For example,overdrafts,trade credit,factoring and invoice discounting
Medium term–two to five or six years.For example,term loans,lease finance.
Long term–over five years,or so,to permanent.
In general,it makes sense to match the length of the finance to the life of the asset(the matching principle)and,again,we often apply this in our own lives,where we would use a 25-year mortgage to buy an apartment,a 3–5-year loan to buy a car,and a credit card to pay for a holiday.
Note that long-term capital(equity and bonds)can be used to fund all classes of asset.Although each piece of inventory and each receivable are very short-life assets,in total there will normally be fairly stable amounts of each that have to be permanently funded.Therefore,it makes sense to fund most of those assets by long-term capital and to use short-term capital to fund seasonal peaks.One of the problems with short-term finance is that is comes to an end quickly and if finance is still needed then more has to be renegotiated.Long-term capital is either permanent or comes up for renewal relatively rarely.
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