在大众露营车租赁业务的财务计划
（1）凡可能会为这类企业的资金从何而来？评估你会选择哪一个。 （最多750字）
该业务针对市场对假日期间租用车辆。随着越来越多的人愿意在面包车一趟，租赁业务是与提高盈利能力（卡萨尔，2014年），私人投资的吸引力。在健康和环保的方式，这可以建立在同一时间家人和恋人关系面包车旅行，是时尚了很多人。当务之急是要运行的程序的企业提供资金。
已知的是用于启动一个新的业务资可以来自多种方式。在一方面，投资回报时间表被认为是，这导致了长期资金和短期资金的时间之间的选择。资金的时间表应参与企业融资，因为投资回报的要求可能招致违约的风险，这是一个刚出生的业务挑战。考虑到在早期小规模的企业很容易受到多变的经济形势，最好支付投资背部尽可能晚地（田，李，2002年）。在另一方面，资本金或借入可以访问两种方式来启动业务。资本资金包括几个选项，包括投资和股票发行的直接吸收。对于民营小企业，从私募股权直接投资是一条可行之路。负债来自银行贷款，债券和其他人。这种分类的纪录，与责任相比，股权提供公司几乎没有财务负担，如固定支付利息（左，2002年）。然而，资本的资金是艰难的新品首发，，因为很难招募新的合作伙伴。银行贷款是新的资助计划，由于相对较低的利息费用和便利性的常用方法。此外，融资租赁脱颖而出，因为它提供了设备和厂房与实际安装。
(1) Where might funding for this type of venture come from? Evaluate which one would you choose. (max 750 words)
This business targets the market for renting vehicles during holidays. With more people willing to take a trip in van, rental business is attractive for private investment with increasing profitability (Cassar, 2014). Travelling in van in a healthy and environmental friendly way, which can build up relationship with families and lovers at the same time, is fashion for many people. It is urgent to fund the program to run the business.
It is known that funding for starting a new business can come from several ways. On the one hand, payback schedule is considered, which leads to the choice between long term funding and short time funding. The timeline of funds should be involved in corporate finance because the requirement of payback may incur risk of default, which is challenge for a newly born business. Considering that small size business at early age is vulnerable to the changeable economic situation, it is preferred to pay the investment back as late as possible (Tian and Li, 2002). On the other hand, capital fund or borrows are two ways accessible to start the business. Capitalized funding consists of several options, including direct absorption of investment and stock offerings. For the private small business, direct investment from private equity is a practical way. Liabilities come from bank loan, bonds and others. For the record of this classification, compared with liabilities, equity provides corporation with little financial burdens such as fixed payment of interest (Zuo, 2002). However, capitalized funding is tough for new starter, because it is hard to recruit new partners. Bank loan is the common way to fund the new program due to comparably low interest fee and convenience. In addition, finance lease stands out because it provides equipments and plants with actually installment.
(2) Create your own five year financial plan (from start-up) that you would use to impress potential investors. (Use notes and appendices to show detailed calculations.)
(3) Using your year five financial forecast, how might you value the business? Critically considering the advantages and disadvantages of a full range of exit strategy options, justify which one you would choose. (max 750 words)
Reference文献
Cassar, G., 2014. Industry and startup experience on entrepreneur forecast performance in new firms. Journal of Business Venturing, 1, pp: 137–151.
Copeland, T. E. & Koller, T., 2000. Valuation: Measuring and Managing the Value of Companies. 3rd edition. New York: Wiley.
Fishback, P., Alfonso, F., Horrace, W., Kantor. S., and Treber. J., 2011. The Influence of the Home Owners' Loan Corporation on Housing Markets During the 1930s. The review of financial studies, 6, pp: 1782-1813.
Gregory, A., Saleh, W. and Tucker, J., 2005. A UK Test of an Inflation –Adjusted Ohlson Model. Journal of business financial & Accounting, 32, pp. 487-534.
Hand, J.R.M. and Landsman, W. R., 2005. The Pricing of Dividends in Equity Valuation. Journal of Business Finance & Accounting, 32, pp. 435-469.
Joshua D. Rauh and Amir Sufi, 2012. Explaining Corporate Capital Structure: Product Markets, Leases, and Asset Similarity. Review of Finance. 1, pp: 115-155.
Kirt. C. Butler, 2012. Multinational Finance: Evaluating Opportunities, Costs, and Risks of Operations, John Wily & Sons: New Jersey.
Jonathan T. Eckhardt and Scott A. Shane, 2012. Response to the Commentaries: The Individual-Opportunity (IO) Nexus Integrates Objective and Subjective Aspects of Entrepreneurship. Academy management review, 1, pp: 160-163.
Mark Casson, 2014. Entrepreneurship: A Personal View. International journal of the economics of business, 1, pp: 7-13.
Martha Lagace, 2003. Pay-for-Performance Doesn’t Always Pay Off. Harvard business review, 4, pp: 24-35.
Noulas, A. and Genimakis, G., 2011. The determinants of capital structure choice: evidence from Greek listed companies. Applied financial economics, 6, pp: 379-387.
Raghu Garud and Antonio Paco Giuliani, 2012. A Narrative Perspective on Entrepreneurial Opportunities. Academy management review. 2, pp: 157-160.
Rebel A. Cole. 2012. What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance. Financial Management. 4, pp: 777-813.
Rousseau, P.L. and Wachtel, P., 2000. Equity Markets and Growth: Cross-Country Evidence on Timing and Outcomes, 1980-1995. Journal of Banking & Finance, 24, pp. 1933-1957.
Tian, N. Z. and Li, M., 2002. Factors Impacting the Life Cycle of Enterprises. Exploration and Ideas, 3, pp. 27-29.
Vincent Onyemah, Martha Rivera Pesquera, and Abdul Ali, 2014. What Entrepreneurs Get Wrong. Harvard business review, 5, pp: 1-7.
Zuo, Q. L., 2002. Evaluation Appraisal Viewpoints about Enterprise Valuation. Journal of Chang’an University, 4(2), pp. 31-33.
本文编号：45237
本文链接：https://www.wllwen.com/wenshubaike/xindetihui/45237.html
