一文了解股权融资和债权融资

Overview

概述

To raise capital for business needs, companies primarily have two types of financing as an option: equity financing and debt financing. Most companies use a combination of debt and equity financing, but there are some distinct advantages to both. Principal among them is that equity financing carries no repayment obligation and provides extra working capital that can be used to grow a business. Debt financing on the other hand does not require giving up a portion of ownership.

为了筹集资金满足业务需求，公司主要有两种融资方式可供选择：股权融资和债权融资。大多数公司使用债权和股权融资的组合，但两者都有一些明显的优势。其中最主要的是，股权融资没有偿还义务，并提供额外的营运资金，可用于发展业务。另一方面，债权融资并不要求放弃部分所有权。

Companies usually have a choice as to whether to seek debt or equity financing. The choice often depends upon which source of funding is most easily accessible for the company, its cash flow, and how important maintaining control of the company is to its principal owners. The debt-to-equity ratio shows how much of a company's financing is proportionately provided by debt and equity.

公司通常可以选择是寻求债权融资还是股权融资。这种选择往往取决于公司最容易获得哪种资金来源，公司的现金流，以及保持对公司的控制对其主要所有者的重要性。债权股权比显示了公司的融资有多少是由债权和股权按比例提供的。

Key Takeaways

重点

·There are two types of financing available to a company when it needs to raise capital: equity financing and debt financing.

·当公司需要筹集资金时，有两种融资方式可供选择：股权融资和债权融资。

·Debt financing involves the borrowing of money whereas equity financing involves selling a portion of equity in the company.

·债权融资涉及借款，而股权融资涉及出售公司的部分股权。

·The main advantage of equity financing is that there is no obligation to repay the money acquired through it.

·股权融资的主要有点是无义务偿还通过其筹集的资金。

·Equity financing places no additional financial burden on the company, however, the downside can be quite large.

·股权融资不会给公司带来额外的财务负担，但不利因素可能相当大。

·The main advantage of debt financing is that a business owner does not give up any control of the business as they do with equity financing.

·债权融资的主要优势是企业主不会像股权融资那样放弃对企业的任何控制权

Equity Financing

股权融资

Equity financing involves selling a portion of a company's equity in return for capital. For example, the owner of Company ABC might need to raise capital to fund business expansion. The owner decides to give up 10% of ownership in the company and sell it to an investor in return for capital. That investor now owns 10% of the company and has a voice in all business decisions going forward.

股权融资涉及出售公司的部分股权以筹集资金。例如，ABC公司的所有者可能需要筹集资金来为业务发展提供资金。所有者决定放弃公司 10% 的所有权并将其出售给投资者以换取资金。该投资者现在拥有公司 10% 的股份，并在未来的所有业务决策中拥有发言权。

The main advantage of equity financing is that there is no obligation to repay the money acquired through it. Of course, a company's owners want it to be successful and provide the equity investors with a good return on their investment, but without required payments or interest charges, as is the case with debt financing.

股权融资的主要优点是无义务偿还通过其筹集的资金。当然，公司的所有者希望成功并为股权投资者提供良好的投资回报，但与债权融资不同，不需要支付或收取利息。

Equity financing places no additional financial burden on the company. Since there are no required monthly payments associated with equity financing, the company has more capital available to invest in growing the business. But that doesn't mean there's no downside to equity financing.

股权融资不会给公司带来额外的财务负担。由于没有与股权融资相关的每月付款要求，因此公司有更多资金可用于投资发展业务。但这并不意味着股权融资没有不利因素。

In fact, the downside is quite large. In order to gain funding, you will have to give the investor a percentage of your company. You will have to share your profits and consult with your new partners any time you make decisions affecting the company. The only way to remove investors is to buy them out, but that will likely be more expensive than the money they originally gave you.

事实上，缺点也是蛮大的。为了筹集资金，您必须给投资者一定比例的公司股份。每当您做出影响公司的决定时，您都必须分享您的利润并咨询您的新合作伙伴。移除投资者的唯一方法是买断其股份，但这可能会比最初给钱更多。

Debt Financing

债权融资

Debt financing involves the borrowing of money and paying it back with interest. The most common form of debt financing is a loan. Debt financing sometimes comes with restrictions on the company's activities that may prevent it from taking advantage of opportunities outside the realm of its core business. Creditors look favorably upon a relatively low debt-to-equity ratio, which benefits the company if it needs to access additional debt financing in the future.

债权融资涉及借款和利息偿还。最常见的债权融资形式是贷款。债权融资有时会限制公司的活动，这可能会阻止公司利用其核心业务领域之外的机会。债权人看好相对较低的债权股权比率，如果公司需要在未来获得额外的债权融资，这将对公司有利。

The advantages of debt financing are numerous. First, the lender has no control over your business. Once you pay the loan back, your relationship with the financier ends. Next, the interest you pay is tax-deductible.1 Finally, it is easy to forecast expenses because loan payments do not fluctuate.

债权融资的优势有很多。 首先，贷方对业务没有控制权。一旦偿还了贷款，您与资金提供者的关系就结束了。其次，您支付的利息可以免税。最后，由于是贷款支付，很容易预测费用。

Example

示例

Company ABC is looking to expand its business by building new factories and purchasing new equipment. It determines that it needs to raise $50 million in capital to fund its growth.

ABC公司希望通过建造新工厂和购买新设备来扩大其业务。公司确定需要筹集 5000 万美元的资金来为其业务增长提供资金。

To obtain this capital, Company ABC decides it will do so through a combination of equity financing and debt financing. For the equity financing component, it sells a 15% equity stake in its business to a private investor in return for $20 million in capital. For the debt financing component, it obtains a business loan from a bank in the amount of $30 million, with an interest rate of 3%. The loan must be paid back in three years.

为了筹集这笔资金，ABC 公司决定通过股权融资和债权融资相结合的方式来获得。对于股权融资部分，公司向私人投资者出售其业务 15% 的股权，以换取 2000 万美元的资金。对于债权融资部分，公司从一家银行获得一笔金额为 3,000 万美元的商业贷款，利率为 3%。贷款必须在三年内偿还。

There could be many different combinations with the above example that would result in different outcomes. For example, if Company ABC decided to raise capital with just equity financing, the owners would have to give up more ownership, reducing their share of future profits and decision-making power.

上述示例可能有许多不同的组合，会产生不同的结果。例如，如果 ABC 公司决定仅通过股权融资来筹集资金，则所有者将不得不放弃更多的所有权，从而减少他们在未来利润中的份额和决策权。

Conversely, if they decided to use only debt financing, their monthly expenses would be higher, leaving less cash on hand to use for other purposes, as well as a larger debt burden that it would have to pay back with interest. Businesses must determine which option or combination is the best for them.

相反，如果他们决定只使用债权融资，他们的每月支出会更高，用于其他目的的现金更少，而且必须连带利息偿还的债务负担也会更大。企业必须确定最适合他们的选项或组合。

英文来源：https://www.investopedia.com/ask/answers/042215/what-are-benefits-company-using-equity-financing-vs-debt-financing.asp

文章来源：译问