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浙江万里学院商学院 外文文献译文

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标题：企业融资法：一般原则与欧盟法律 第三卷：资金，退出，收购 资料来源：斯普林格全文数据库 作者：Petri Mäntysaari 所有企业都贷款或借款。举个例子来说，如果企业拥有一个银行信用账户就可以作为债权人，公司银行账户透支那么就只能作为债务人。购买方购买企业商品后付款，这时企业是作为债权人，如果说企业是通过商业信用取得资金，此时企业就是债务人。银行的主要经营业务就是借贷和买卖债务。绝大多数中小企业的负债来源都是银行。企业借入资金，可以用于日常经营活动，或者用来解决短期流动资金不足的问题。

负债的优点和缺点。利用负债可以带来许多优势：(a) 在完善的资本市场中，负债筹资成本低于股本，因为负债是需要偿还的。（b）负债具有灵活性。企业可以在其不需要资金的时候再偿还债务。（c）负债经营可以减少税费。（d）负债是传统公司治理的一种工具，因为借入负债给公司带来了外在压力，起到了刺激公司经营的效果。此外，负债经营不会稀释股东的权益。（e）利用负债经营可以取得财务杠杆效应。

另一方面，负债也有许多的劣势：（a）负债作为资产负债表的一项内容列示，过多的负债会对公司的资本负债率产生不利的影响。（b）过多的负债会增加企业的风险并且会不利于企业的长期发展。（c）一般地，过高的负债额或者资本负债率会增加银行、供应商和其他提供借款的组织或者自然人风险，会导致企业信用等级的下降，会降低企业的再筹资能力，从而增加企业的成本。（d）尽管负债具有灵活性，事实上作为出借资金的一方会企业经营管理的自由并且在没有获得债权人同意的情况下会影响企业一些重要决策的作出。

负债的种类。企业可以通过多种渠道借入资金。（a）向银行和其他设有贷款业务的金融机构借款。现有各种各样的贷款融资方式和贷款工具，银行贷款的条件通常取决于银行。（b）有时候也可以向非金融机构借入资金。比如说，企业的供应商可以提供给企业一个信用额，在这种情况下，企业就可以对借款的条件进行谈判。（c）如果企业规模足够大，可以转向市场并且发行债券。如此一来，企业便可以自主地支配债务工具以吸引别人投资。（d）商业信用作为债务工具的补充。（e）企业可以根据一系列不同到期日的债务进行组合，制定还款计划（定期地还款或者重新借款）。

商业债务。商业债务是资金的一项重要来源。商业债务会在企业应收账款和应付账款的背景下进行讨论。

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浙江万里学院商学院 外文文献译文

对于商业债务，企业通常不需要支付利息，一般考虑的只是时间的问题。此外，卖家通常会在提示付款期内给予一个商业折扣。商业债务能够作为企业资金重要来源的一个原因在于对于强大的企业买主可以根据商品符合合同的不同情况要求供应商提供更多的折扣。

商业债务所扮演的角色主要取决于这些：交易的性质，不同的国家，不同的参与当事方。卖家通常喜好给一些简单的商品交易扩大信誉条件（比如说买卖橘子），而相较于比较大笔的交易或者是特定的交易，卖家就不太乐于扩大信誉条件（比如说买卖船只）。购买方所在的生产国也起着重要的作用。举例来说,由于芬兰处于较低的国家风险并拥有着不同的支付文化，一个来自芬兰的买家较一个来自尼日利亚的买家来说，更容易获得商业折扣上的优势。当事方的地位也是一个重要因素。如果一个企业的规模较大，信用情况较好，卖方就更加乐意给其扩大信誉条件，因为相对于较小规模的企业来说，卖方更能确保其到期收回款项的可能性。

设施贷款。商业贷款银行可以采取多种形式。通用术语“设施”可以用来描述所有情形，协议贷款和贷款协议通常是可以互相转换的。

然而在原则上，设施贷款与贷款协议还是有所区别的。术语“设施”反映的是这样一个事实，即贷款方提供贷款给借款人需要限定条件，借款人可能没有任何义务去借。而在贷款协议下，借款人主动提出借款并且有责任还款。

设施贷款可以通过一个银行或者是一组银行。

最基本的设施贷款是术语“放款”。放款是从中期贷款中分离出来的短期贷款行为，银行承诺为企业提供一个最大的贷款额度，除此之外，贷款还规定一个固定的期限。企业可以有选择性地选择不同到期日的贷款，之后还款，再进行筹资。

设施贷款可以是预支款、票据或者汇兑资金。预支款是指企业向银行提前透支的一笔款项。票据或者汇兑资金是指按照正常手续通过银行取得的资金。

企业可以通过利息借款也可以是以某一折扣借款或者是支付另外的手续费取得借款。

贷款契约。我们可以找到许多各种不同的贷款契约。比如说，企业可以转向银行并达成协议，一个中等规模的公司能在国内货币市场中提高短期债务，一家大公司可以签发商业票据；也可以发行债务证券（例如公司债券）进入国内主要市场或者到国际市场。

贷款契约就资历而言有很大的不同。经济学家对于广泛的贷款契约描述如下：随着新投资者的出现也形成了一系列让人眼花缭乱的贷款。然而，有所区别的是，现在拥有第一优先权的是具有担保债权的债权人，而不是无担保的债权人和股东。拥有第二优先权的是对企业的资产有要求全但是次于第一优先权

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浙江万里学院商学院 外文文献译文

的债权人。另外还有夹层债权人、主要附属债务持有人和附属债务持有人。作为股东，只有最后的求偿权。

自然的贷款契约。一个跨价值观迁移的特点是全部贷款交易，它已经从履行交易中分离出来了很长时间。

所有权与经营权的分离同样地影响了交易中债权人与债务人。第一，债务人可能会在借款到期日拒绝付款，因此债权人就必须要承担债务风险。第二，债权人需要监督债务人经营以到期可以要求债务人及时履行还债义务收回资金。债务人同样需要管理风险。

国际财务报告准则的。会计准则对借款人和贷款人两者的借贷关系中的任何一方都很重要。债权人借出资产就可能需要计算市场中存在的资产并且必须将资产记录下来，这就需要从会计准则出发。一旦资产被记录下来，债权人就可能会产生损失。这种情况就会使得一些潜在的债权人或者已经遭受损失的企业不愿意借资金给那些信用等级差的企业。

债务人借款可能会对债权人产生风险。举例来说，债务人风险较低的情况包括：企业历史悠久并且没有违约记录（这表明债务人知道在未来如何经营避免到期不能偿还债务），存在不受的可转让性财产（使还债更加容易），拥有比较大的投资项目（这样表明债务资金的流动性较强，债务人市场活跃，相对于债权人来说，市场风险较小），成熟的摊销方法(表明债务人有能力在到期日还款)，规范的信用改进措施。

另外，债务人需要控制自我风险。就债务人而言，一般情况下融资协议签订后都会产生还款的风险，在特定情况下还可能会产生许多特殊的融资协议风险。

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浙江万里学院商学院 外文文献原文

外文文献原文

Title: Enterprise financing method: The general principles and EU law The third volume: funds, exit, takeover

Material Source: Women’s Consultation Briefing Paper Author: Petri Mäntysaari

All firms lend and borrow. For example, the firm is a lender if it has a bank account in credit, and a borrower if its bank account is overdraw. The firm is a creditor if buyers pay for the firm’s Products after delivery and a debtor if it uses trade credit as a source of funding. Banks base their business on lending, borrowing, and buying and selling debt. Typically, most of the debt finance for small and medium-sized enterprises is provided by the banking sector. Firms might borrow to finance business expansion, meet day-to-day expense, or to ease short-term cash flow problems.

Advantages and disadvantages of debt. The use of the debt can bring the borrower many benefits: (a) In perfect capital markets, debt would be cheaper than shareholder’s capital, because debts must be repaid. (b) Debt is flexible. The firm can usually repay the debt when it no longer needs the funds. (c) The cost of the borrowing might be tax deductible. (d) Debt belongs to traditional corporate governance tools, because it gives the firm an incentive to be effective. In addition, debt doer not dilute existing share ownership. (e) In addition, return can be increased by gearing.

On the other hand, there may be some drawbacks: (a) Debt appears on the balance sheet, and too much debt will have an adverse effect on the firm’s debt-to-equity ratio. (b) A very high gearing increases the risk of business failure and can make it more difficult for the firm to survive in the long term. (c) Generally, a higher gearing and a higher debt-to-equity ratio can: signal an in crease in credit risk for banks, suppliers, and other providers of debt; lead to a lower credit rating, decrease the availability of debt; and increase its cost. (d) Although debt can be flexible, the formal and de facto powers of lenders may restrict managerial freedom and prevent the firm from taking important business decisions without creditor’s consent.

Types of debt. The firm can borrow money in various ways. (a) It can borrow

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浙江万里学院商学院 外文文献原文

money from banks and other financial institutions under loan facilities. There are various kinds of loan facilities and loan instruments. The terms of bank lending are usually dictated by the bank. (b) Sometimes the firm can borrow from other non-financial firms. For example, the firm’s suppliers can extend credit in order to further of the borrowing. In this case, the firm may be able to negotiate the terms of the borrowing. (c) If the firm is large enough, it can also turn to the market and issue debt securities. In this case, the firm may be able to dictate its own terms subscribers of debt instruments find those instruments commercially attractive. (d) A debt instrument can be complemented by credit enhancements. (e) The firm can choose the seniority of the debt instruments that it issues by a combination of maturity (long or short), repayment schedule (regular repayments or bullet), and subordination (debt, collateral. Corporate structure ), and by using the equity technique in general.

Trade debts. Trade debts are an important source of funding. Trade debts were already discussed in the context of accounts receivable and accounts payable.

The firm usually does not pay interest on trade debts that it pays on time. In addition, the seller can sometimes grant a discount for prompt payment.

Trade debts can be a particularly important source of funding for powerful buyers that can force their suppliers to grant further discounts by claiming that the goods do not conform to the contract.

The role of trade debts depends on, among other things: the nature of the transaction; the country; and the parties. Sellers are more likely to extend credit if the transaction is a simple sale of goods transaction (say, oranges) and less likely to extend credit if the product is expensive and tailor-made for the buyer (e.g. a ship). The buyer’s country of origin plays a role. Because of a lower country risk and a different payment culture in Finland, a Finnish buyer is more likely to obtain credit than, say, a Nigerian buyer would be. The identity of the parties is important. For example, it is easier for the seller to extend credit in the context of an established business relationship, because the seller has already had an opportunity to verify such information about the quality of the customer’s payment behaviour that cannot be verified in advance.

Loan facilities. Commercial lending by banks can take various forms. The generic term “facility” is often used to describe them all and the terms loan facility and loan agreement ten to be interchangeable.

In principle, however, a distinction could be made between a loan facility agreement and a loan agreement. The term facility reflects the fact that the lender

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浙江万里学院商学院 外文文献原文

makes a loan available to the borrower subject to certain conditions. The borrower might not have any obligation to borrow. Under a loan agreement, however, the borrower has agreed to borrow money, and is obliged to draw down.

Loan facilities can be with one bank or made available by a group of banks. The most basic loan facility is the “term loan”. Term loans vary from the short term through the medium term. Term loan facilities provide that a bank is committed throughout a specified period to make advances upon request by the firm up to a maximum amount, with all the advances being repayable together. A term loan can have a fixed repayment schedule with a lump sum. Alternatively, the firm can borrow for a selection of periods, repay and borrow again. The facility may be available in a single currency or in a selection of currencies with an ability to switch from one to another.

The facility can be an advance facility or a bill or acceptance facility. An advance facility is a facility where the banks make cash advances to the borrower. A bill or acceptance facility involves the drawing of bills of exchange on the banks.

The firm can borrow either at interest or at a discount or premium.

Loan instruments. It can be seen that there is a wide range of loan instruments .For example, the firm can turn to a bank and agree on a facility. A medium-sized firm can raise short-term debt in the domestic money markets. A large firm can issue commercial bills or commercial paper. A large firm can also issue debt securities such as corporate bonds into the domestic primary market, or into the international market.

Loan instruments can differ in terms of seniority. The Economist described the wide range of loans instruments as follows: “With the new investors has come a bewildering variety of loans. Instead of a short chain – secured creditors, unsecured creditors and shareholders – now there are senior or first-lien creditors (who also have first dibs on a company’s assets), second-lien creditors (who also have claims over the assets of a company, but who get paid only after first-lien creditors),mezzanine creditors, senior subordinated debt holders and subordinated debt holders. At the bottom of this caste system, as before, are the shareholders, who get any leftovers”.

Nature of loan agreements. An intertemporal value transfer is characteristic of all loan transactions, and loan transactions are characterised by performances that are separated by a relatively long period of time.

The separation in time of the performances of the two parties influences both

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浙江万里学院商学院 外文文献原文

the underlying logic of a loan transaction and the dynamics of the negotiations between the borrower and the lender. First , the borrower might refuse to repay the loan when it falls due. The lender must therefore manage credit risk. Second , the lender counts on the borrower performing its obligations in a timely manner so that the lender will be able to repay its own obligations when they fall due. The lender will therefore have to manage refinancing risk.

IFRS. Accounting for loan relationships is important not only for lenders but also for debtors. Accounting standards set out when lenders may record loan assets at market value and when they must write down the asset. If the asset is written down, the lender will incur a loss. This will signal poor credit quality to other existing or potential lenders and, as the lender already has incurred a loss, make the lender less friendly.

The borrower will manage the risk exposure of lenders. For example, factors that signal a lower risk to lenders might include: a long history without defaults (this can signal that the borrower knows how to avoid credit default even in the future); unrestricted assignability (making exit easier); a large and diversified investor base (this can signal that the debt securities are liquid, that their market valuation is reliable, that there is easier exit, and that the risk of market collapse is lower); a dense distribution of maturities (this can signal that the borrower will be able to pay when securities fall due); and the existence of credit enhancements.

The borrower will also manage its own risk exposure. For the borrower, loan facility agreements can give rise to the same risks as contracts or funding contracts in general. In addition, some risks are characteristic of loan facility agreements in particular.

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