nach oben

Erschienen in:

2020 | OriginalPaper | Buchkapitel

10. Debt Versus Equity

verfasst von : Tim Mazzarol, Sophie Reboud

Erschienen in: Small Business Management

Verlag: Springer Nature Singapore

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

Financing a small business venture requires the owner-manager to determine the amount of capital that will be required to achieve the level of activity and growth within the business over its early years. How large this amount of capital is will depend on the nature of the business, its industry dynamics and the ambitions or goals set for it by the owner-manager. Many small firms are established with relatively small amounts of capital. They also manage to trade successfully for long periods without seeking external funds from banks or venture capital. In this chapter, we examine the financing of a new small business venture.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Vorheriges Kapitel Using Technology

Nächstes Kapitel Cash Flow, Profit and Working Capital

See www.bvca.co.uk for a ‘guide to venture capital term sheets.’

ABS. (1997). Portrait of Australian business, 1995 business longitudinal survey. Canberra, Australia: Australian Bureau of Statistics, AGPS.

ABS. (1998). Small Business in Australia 1997 (Cat. No. 1321.0). Canberra, Australia: Commonwealth of Australia: Australian Bureau of Statistics.

ABS. (2002). Small Business in Australia 2001 (Cat. 1321.0). Canberra, Australia: Commonwealth of Australia: Australian Bureau of Statistics.

ABS. (2010). Venture capital and later stage private equity, Australia. Canberra, Australia: Australian Bureau of Statistics, AGPS.

ABS. (2016). Venture capital and later stage private equity, 2014–2015. (Cat. No. 5678.0). Canberra, Australia: Australian Bureau of Statistics, AGPS.

Anand, B. N., & Galetovic, A. (2000). Information, non-excludability and financial market structure. Journal of Business, 73(3), 357–402.CrossRef

Bardell, R. (1988). Banking on the business plan. Accountancy, 102(1134), 65.

Barnett, R. J., & Mazzarol, T. W. (2002a, December 5–8). The social process of venture capital: The case of Western Australia. Developing Regional Communities, ANZAM 2002 conference, Beechworth, VIC.

Barnett, R. J., & Mazzarol, T. W. (2002b). Creating an effective venture capital environment in Western Australia. Perth, Australia: Graduate School of Management, University of Western Australia.

Berlin, M. (1998, January–February). That thing venture capitalists do. In Business review – Federal Reserve Bank of Philadelphia (pp. 15–26).

Binks, M., & Ennew, C. (1996). Growing firms and the credit constraint. Small Business Economics, 8(1), 17–25.CrossRef

BVCA. (2001). Terms sheets. British Venture Capital Association. www.bvca.co.uk

Callahan, M., & Mazzarol, T. (2003, December 2–5). Business angels in WA – Are they like angels everywhere? In ANZAM 2003 conference, Fremantle, Western Australia.

Camp, J. (2002). Venture capital due diligence: A guide to making smart investment choices and increasing your portfolio returns. New York: Wiley.

Cardullo, M. W. (1999). Technological entrepreneurialism: Enterprise formation, financing and growth. Baldock, UK: Research Studies Press Ltd..

Cattani, C., & Mills, G. (1998). How to approach banks. International Trade Forum, 2(2), 20–25.

Coopers & Lybrand. (1997). The economic impact of venture capital. Sydney, Australia: Department of Industry, Science and Tourism/Coopers & Lybrand/Australian Venture Capital Association Ltd.

DIFA. (2015, March). DIFA update. Debtor and Invoice Finance Association.

Dwight, D. (1999, November 17). The venture catalyst. Unpublished research paper prepared for Advanced Corporate Finance MBAF 6200.

English, J. (1998). How to organise and operate a small business in Australia. Sydney, Australia: Allen & Unwin.

European Commission. (2001). Enterprises access to finance. Commission Staff Working Paper SEC (2001) 1667, Brussels, Commission for the European Communities.

Fitzpatrick, A., & Lien, B. (2013). The use of trade credit by businesses. RBA Bulletin Reserve Bank of Australia (September Quarter), 39–46.

Fraser, J. A. (1999). How to finance anything. Inc, 21(3), 32–48.

Fried, V. H., & Hisrich, R. D. (1994). Toward a model of venture capital investment decision making. Financial Management, 23(2), 28–37.CrossRef

Gammie, B. (1995). Small businesses and their banks: A post-charter analysis. Management Decision, 33(7), 47–52.CrossRef

Gaston, R. J. (1989). Finding private venture capital for your firm: A complete guide. New York: Wiley.

Golis, C. (2002). Enterprise and venture capital: A business builder’s and investor’s handbook (4th ed.). Sydney, Australia: Allen & Unwin.

Hindle, K., & Wenban, R. (1999). Australia’s informal venture capitalists: An exploratory profile. Venture Capital, 1(2), 169–186.CrossRef

Hodgetts, R., & Kuratko, D. (2001). Effective small business management. New York: Harcourt College Publishers.

Hughes. (2001). The ‘problems’ of finance for smaller businesses. In N. Dimsdale & M. Prevezer (Eds.), Capital markets and corporate governance (pp. 209–234). New York: Oxford University Press.

Humphrey, N. (2000). Worth the risk: How to win venture capital funding. Journal of the Securities Institute of Australia, 3(Spring), 2–6.

Jones, A. (2008). Venture capital in Australia. Chemistry in Australia, 75(6), 12–14.

Keasey, K., & McGuinness, P. (1990). Small new firms and the return to alternative sources of finance. Small Business Economics, 2(3), 213–222.CrossRef

Kenney, M. (2001). Regional clusters, venture capital and entrepreneurship: What can the social sciences tell us about Silicon Valley? (OECD Workshop Proceedings). Davis, CA: University of California.

Landsberg, R. (1986). Negotiating loans for small businesses. Journal of the Institute of Certified Financial Planners, 7(4), 215–219.

Larry, J. (1990). How to obtain a small business loan. Business & Economic Review, 37(1), 21–25.

Leonard, D., & Swap, W. (2000). Gurus in the garage. Harvard Business Review, 78(6), 71–82.

Lister, C. (1991). Borrower’s viewpoint: Are bankers and borrowers speaking the same language? Journal of Commercial Bank Lending, 73(5), 21–27.

MacMillan, I. C., Siegel, R., & Narsimha, P. N. (1985). Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business Venturing, 1(1), 119–128.CrossRef

Martin, F. (1999). Forgotten reforms: The non-GST ANTS [A new tax system] bills. Taxation in Australia, 33(7), 375–380.

Mason, C., & Stark, M. (2004). What do investors look for in a business plan? A comparison of the investment criteria of bankers, venture capitalists and business angels. International Small Business Journal, 22(6), 227–248.CrossRef

McKaskill, T. (2006). Finding the money: How to raise venture capital. Melbourne, Australia: Wilkinson Publishing Pty Ltd..

Megginson, W., Byrd, M., & Megginson, L. (2000). Small business management: An entrepreneur’s guidebook. Boston: McGraw-Hill.

Nichols, D. (1991). How to woo your banker. Small Business Reports, 16(6), 41–43.

NVCA. (2004). Venture impact 2004: Venture capital benefits to the U.S. Economy. Arlington, VA: Global Insight, National Venture Capital Association.

Oats, D. (1992). Vision of angels. Director, 45(11), 34.

OECD. (2004, July 3–5). Financing innovative SMEs in a global economy. Istanbul, Turkey: Organisation for Economic Cooperation and Development.

OECD. (2006). The SME financing gap: Theory and evidence volume 1. Paris: Organisation for Economic Co-operation and Development.CrossRef

OECD. (2009). The impact of the global crisis on SME and entrepreneurship financing and policy responses. Paris: Organisation for Economic Co-operation and Development.

OECD. (2012a). Financing SMEs and entrepreneurs 2012: An OECD scoreboard. Paris: Organisation for Economic Co-operation and Development (OECD) Publishing.CrossRef

OECD. (2012b). Financing SMEs and entrepreneurs 2012: An OECD scoreboard. Paris: Organisation for Economic Co-operation and Development (OECD) Publishing.CrossRef

OECD. (2016a). Financing SMEs and entrepreneurs 2016: An OECD scoreboard. Paris: Organisation for Economic Co-operation and Development (OECD) Publishing.CrossRef

OECD. (2016b). Financing SMEs and entrepreneurs 2016: An OECD scoreboard. Paris: Organisation for Economic Co-operation and Development (OECD) Publishing.CrossRef

OECD. (2016c). Entrepreneurship at a glance 2016. Paris: Organisation of Economic Cooperation and Development (OECD.CrossRef

OECD. (2018a). Financing SMEs and entrepreneurs 2018: An OECD scoreboard. Paris: Organisation for Economic Co-operation and Development (OECD) Publishing.CrossRef

OECD. (2018b). Financing SMEs and entrepreneurs 2018: An OECD scoreboard. Paris: Organisation for Economic Co-operation and Development (OECD) Publishing.CrossRef

Onorato, N. R. (1997). Trends in venture capital funding in the 1990s. Washington, DC: U.S. Small Business Administration Office of Advocacy.

Peel, M. J., Wilson, N., & Howorth, C. (2000). Late payment and credit management in the small firm sector: Some empirical evidence. International Small Business Journal, 18(2), 17–37.CrossRef

Petty, J. W., & Upton, N. (1997). The entrepreneur and the banker: A comparative study of perceptions. Hankamer School of Business, Baylor University.

Productivity Commission. (2015, September 30). Business set-up, transfer and closure: Productivity Commission Inquiry Report No. 75. Canberra, Australia: AGPS.

Rowan, M. (1994, August 17–19). Cash flow is king. Australian Accountant.

Sapienza, H. J., & De Clercq, D. (2000). Venture capital-entrepreneur relationships in technology-based ventures. Enterprise and Innovation Management Studies, 1(1), 57–71.CrossRef

Sensis. (2017). Sensis business index December 2016: A survey of confidence and behaviour of Australian small and medium businesses. www.sensis.com.au. Telstra Sensis.

Smith, J. (2000). What is venture capital. Australian Venture Capital Association (AVCAL). www.avcal.com.au

Snaith, W., & Walker, J. (1999). Planning and financing growth (Financial Management Program). Durham, UK: University of Durham.

Stevenson, H., Grousbeck, I., Roberts, M., & Bhide, A. (1999). New business ventures and the entrepreneur. Boston: McGraw-Hill International.

Stiglitz, J., & Weiss, A. (1981). Credit rationing in markets with incomplete information. American Economic Review, 71(3), 393–410.

Storey, D. (1994). New firm growth and bank financing. Small Business Economics, 6(2), 139–150.CrossRef

Taylor, L. (1989). How to succeed at bank financing. Journal of Business Strategy, 10(2), 58–61.CrossRef

Teten, D., & Farmer, C. (2010). Time for investors to get social. Harvard Business Review, 88(6), 28.

Van Osnabrugge, M. (1998). Do serial and non-serial investors behave differently? An empirical and theoretical analysis. Entrepreneurship Theory and Practice, 22(4), 23–42.CrossRef

VCJ. (1987, March 10–12). What is venture capital? Something old something new: A special report. Venture Capital Journal.

Watson, T. (2003). How to shake the money tree. Canadian Business, 76(23), 147.

Wei, Z., & Lin, M. (2016). Market mechanisms in online peer-to-peer lending. Management Science, 59(1), 1–22.

Wetzel, W. E., & Freear, J. (1994). Promoting informal venture capital in the United States: Reflections on the history of the venture capital network. In R. Harrison & C. M. Mason (Eds.), Informal venture capital: Information, networks and public policy. Hempel-Hempstead, UK: Woodhead Faulkner.

Wiltbank, R., & Sarasvathy, S. (2002). Selection and return in angel investment. Unpublished paper submitted to the Babson conference. Babson College.

Wright, M., Hart, M., & Fu, K. (2015). A nation of angels: Assessing the impact of angel investing across the UK. The Centre for Entrepreneurs, European Research Centre, UK Business Angels Association.

Wright, M., & Robbie, K. (Eds.). (1997). Venture capital. Aldershot, UK: Dartmouth Publishing.

Titel: Debt Versus Equity
verfasst von: Tim Mazzarol
Sophie Reboud
Verlag: Springer Nature Singapore
Buch: Small Business Management
Print ISBN: 978-981-13-9508-6

Electronic ISBN: 978-981-13-9509-3

Copyright-Jahr: 2020
DOI: https://doi.org/10.1007/978-981-13-9509-3_10