公司的融资外文翻译（可编辑） .doc

公司的融资外文翻译 Financing Your Company Material Source: /./0>././login.aspx?ReturnUrlhttp%3a%2f%/./.%2fNSTLAdvancedSearch.aspx Author: Robert A.S Once a company is formally established, the next step is that of raising capital ? and certainly plenty of it. Raising money for a start-up company may be the single most arduous, and time-consuming activity undertaken during ones career. The decisions made regarding company financing impact its future growth opportunities, so it is important to understand the myriad of issues involved withfinancing choices. Proper financial planning is of such critical importanceIn this chapter, we discuss how much money is needed, how long it takes to find it, and where to go to seek funding. If a company carefully manages their products development and consistently meets key development milestones in a timely manner, they will greatly improve their chances of securing the capital needed. Being properly prepared and learning some key aspects about funding will make this challenging job more rewarding. In the following section, I would like to share with you several notions that are important to understand before raising capital. The total amount of money a company needs, depends upon the product and company business modelBefore raising money ,determine the amount of money needed for the specific product, and estimate the amount of money needed to move through to each product development stage. When calculating the needed capital, be sure to include all expenses in addition to product development costs, such as market development and corporate development costs. There are two pitfalls when projecting financial requirements. The first one is estimating that less money is required than really needed. This is a common problem for first-time entrepreneurs because they are not familiar with development costs, or the obstacles and types of delays that increase costs. A good way to avoid under estimation, is to base cost estimates on the amount of actual capital similar companies raised during each stage of their development, and estimate the total monies required to reach commercialization. Each source has different interests, different limitations, and each source brings a different value to an organization. It is important to know the objectives and interests of each capital source, so you may focus your precious time on the ones that have the highest likelihood of investing. Each financing source has preferences in investing at a particular stage of development, so do not waste time by approaching them at the wrong development stage of the company. At some point, raising money over the course of a companys development will seem like a full-time job. Embrace this notion rather than run from it. In actuality, some one in the company will indeed be raising money continuously throughout the organizations development. Even after securing the first round of capital, the company should be preparing for follow-on financing. Raising follow-on rounds of capital is easier and occurs faster when a company continuously communicates its progress to existing and potential investors. Work on keeping the company in the public eye, and always look for opportunities to share the benefit of your product idea to potential nvestors. Seek opportunities for speaking at venture forums and investor meetings, irrespective of whether or not capital is immediately required. I routinely try to secure a presentation slot at many high profile investor conference meetings even when capital is not eminently needed. These types of activities can seem at the moment nonproductive, but it is building credibility and leveraging interest for later. Raising capital will be much easier during subsequent financing rounds if it is recognized that the entrepreneurs job is to raise money. Even after becoming successful and the company becomes profitable you will still need expansion capital to grow the business, acquire product lines or technology, make capital improvements, or acquire other companies; so do not forget that you really are, in a sense ? always raising money. It is easier to raise money when a company has money. Waiting until the company is bone dry of cash offers limited options, little negotiating power, and usually results in a desperate situation. When cash is in the bank, that is the time to begin attracting investors for future rounds. Investors do not like to invest in desperate companies; they want to invest in progressive and vibrant companies that are making exciting product development progress. Learn to raise money when money is in the bank. Remember one can always say “no” to investors, but one cannot say “no” until someone has said “yes.” There is no advantage to having unusually high valuations for a company at any stage, particularly at the seed and early development stage valuation and financing stages are discussed in more detail in Chapter 9. The higher the valuation is from reasonableness, the more difficult it will be to raise the next round of capital. Companies with unreal-istic valuations, and in need of cash, usually wind up accepting a “down round.” This is a situation where the previous premoney valuation is reduced in order to secure a new investment. In a down round, the existing shareholders lose more than just a straight proportional ownership of their equity by dilution. Learn not to be greedy or have greedy investors. When financing is done right ? in the end, everyone will be rewarded. There is some truth to the saying “Pigs get fat, but hogs get slaughtered.”译文公司的融资 资料来源: /./././login.aspx?ReturnUrlhttp%3a%2f%/./.%2fNSTLAdvancedSearch.aspx 作者:罗伯特 一旦公司成立,下一个步骤理所当然的便是提高公司的资本,筹资活动是一个艰苦,而且耗时巨大的活动。关于公司融资决策,对中国未来的发展机会有着很大的影响,所以这有一个很重要的问题就是要了解有关的很多很多的融资方式选择。这其中适当的财务规划是至关重要的。在这一章中,我们讨论了这么个问题,我们需要筹集多少钱,需要多长时间才能筹集到它, 可以去什么样的地方寻求资助。如果一家公司经过精心的规划自己的产品发展并且不断满足关键的发展阶段,很快的,他们要得到的所需的资本获得的机会将有极大的提高。做一些正确的准备,学习经费方面的一些知识,能使这有挑战性的工作得到更好的回报。在接下来的部分里,我想与你们分享一些其中的观点,即是先了解相关具体的状况后,再去募集资金。公司需要多少的资金总额,是依靠公司的产品以及公司的业务模式决定的。在募集资金前,首先要确定这批所需的资金数量被用于公司哪批特定产品,并且估算出每件单位产品经历一系列的发展阶段所需要的单位资金。当在计算所需要的资金时,一定要包括所有的费用以及产品的开发成本,如开拓市场和公司自己的研发费用。当在预测财务需求时,通常会存在一些误区。其中一个是估计所需的资金比真正需要的资金少了。这是一种很常见的问题,因为一般企业家他们第一次不太熟悉研究开发的成本,和一些其他的意外增加成本。避免这种情况的一种好方法就是在建立估计时,对产品的开发成本,如开拓市场和公司自己的研发费用,实际资本的数量明细到公司自身发展的各阶段,而得到的估计总款项需要达到商品化要求。每一个资金出处来源都有属于自己的不同的领域,不同的局限,每个资金出处来源带来了属于自己的不同的价值,详细到每一个组织。更为重要的是,假如你知道自己公司所要达到的具体的目标,和每个资金的去处所能给公司带来的具体利益,这样就能提高公司的自身效率,让公司的在有效且较短的时间里去投资那些投资回报率最高的投资项目。金融发展的每一个阶段,都会存在着各种各样的投资偏好,但不要浪费公司的时间来投资这些他们在错误的发展阶段。 从某种意义上来说,一家公司募集资金的经历对其自身发展来讲,看起来更像一个全职得工作。我们应当去热情的拥抱这个想法,而不是选择去逃避它。在现实的公司经营中,有些公司在全面的发展的同时,自身的内部融资跟不上需求,的确需要不断的去募集资金来支持它的发展与扩张。即一般在发展的公司,在保证第一轮资本供应后、公司资金不应该出现断层,应当马上准备后续融资。后续资金的准备充足,对发展中的公司有着莫大的好处,能更好的开拓市场和研发新产品,相当于是一个潜在的投资者。尽量把自己公司的状况展示在公众眼中,让他们了解你们的公司,尽量的寻找机会和你的投资者分享公司的利益以及产品理念,那样会吸引更多的潜在的投资者。尽量的寻找机会在风险论坛和投资者会议上展示自己的公司,不论自己的公司目前是否立即就需要资本。我经常看到在很多即使资本没有显著的需要的公司在许多风险论坛和投资者会议上会议高调地做着报告,展示着自己的公司。这些行为目前似乎没什么必要和作用,但它却是在潜移默化中建立着信誉,它的杠杆利益可能会有点滞后,但终究还是会有效果的。自身企业价值的提高,公司资本的上升,企业家会发现筹集资金相比较以前会变的更容易些,但这不止,其实企业家的工作是就是为了筹集资金。即使在你成功意识到时,你的公司在盈利状况良好时,你仍然还是需要扩展资本发展公司,可能是为了获得生产线或生产技术,也可能为了优化资本结构,当然也有可能是为了吞并或收购其他的一些公司。所以,请你不要忘记,你真正在做的事,从某种意义上来说,就是总是在募集资金。 一般情况是,当一家公司自己拥有资金时,它将更容易筹到资金。但当公司的现金出现断层时,公司的筹资选择范围就会变小,谈判也会成为弱势方,而且常常会导致一个绝望的境地。所以当公司在银行有足够的现金时,那已经应该是为将来的融资吸引投资者的时候了。投资者一般不喜欢投资一些处境糟糕的公司。他们喜欢投资一些在进步的,充满活力的公司,这些公司往往发展很快,产品的开发也很快。学会在你公司银行里有资金的时候去好好的利用这资金,提高它的价值。记住你可以向很多的投资者说“不!”,但你不能一直说“不!”的,当碰到某个投资者时,你还是会说“好的”。 还有不论公司在经历哪段时期,对它过高的估价都是没有任何好处的,特别是在公司的萌芽期和刚刚起步的发展阶段(在第9章对评估和金融阶段将进行更详细的讨论。更高的估价应当是出于理性的,不然公司的下一轮筹资提高会更有难度。对与有不真实的估值的股份公司,在需要资金时,最后通常只能接受“下一轮”。最后往往会产生这样的境地,当这些公司为了筹集新的资本,必须对以前自己过高的估值进行重新的合理评估。这样的结果,不仅仅会导致公司的股票所有权比例的淡化,还会失去一些现有的股东。在融资的过程中,要学会控制住自己的贪欲,学会少于那些无节制的贪婪的投资者合作。公司的融资运作的成功,到最后,每个人都将得到丰厚的回报。当然还有一些真理摆在那: “当猪胖到不能再胖时,就只能被屠宰了。”