Factors influencing choice of debt finance_2021年ACCA考試FM知識點
沒有所謂失敗，除非你不再嘗試。今天東奧小編為大家準(zhǔn)備了ACCA考試FM科目知識點，希望能夠幫助到大家。
【內(nèi)容導(dǎo)航】
Factors influencing choice of debt finance 影響選擇債務(wù)融資的因素
【知識點】
Factors influencing choice of debt finance 影響選擇債務(wù)融資的因素
Factors influencing choice of debt finance 影響選擇債務(wù)融資的因素
(a) Availability
Only listed companies are able to make a public issue of bonds. With a 'public issue' the bonds are listed on a stock market. Most investors will not invest in bonds issued by small companies. Smaller companies are only able to obtain significant amounts of debt finance from a bank.
(b) Credit rating
Large companies may prefer to issue bonds if they have a strong credit rating. Credit ratings are given to bond issues by credit rating agencies. The credit rating given to a bond issue affects the interest yield that investors will require. If a company's bonds would only be given a sub-investment grade rating ('junk bond' rating), the company may prefer to seek debt finance from a bank loan.
(c) Amount
Bond issues are usually for large amounts. If a company wants to borrow only a small amount of money, a bank loan would be appropriate.
(d) Duration
If loan finance is sought to buy a particular asset to generate revenues for the business, the length of the loan should match the length of time that the asset will be generating revenues.
(e) Fixed or floating rate
Expectations of interest rate movements will determine whether a company wants to borrow at a fixed or floating rate. Fixed-rate finance may be more expensive, but the business runs the risk of adverse upward rate movements if it chooses floating rate finance. Banks may refuse to lend at a fixed rate for more than a given period of time.
(f) Security and covenants
The choice of finance may be determined by the assets that the business is willing or able to offer as security, and by the restrictions in covenants that the lenders wish to impose.
誰不向前看，誰就會面臨許多困難。6月份ACCA考試時間越來越近，趕快抓緊時間備考吧。
注：以上內(nèi)容來自Echo老師基礎(chǔ)班第22講
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