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Erschienen in:
2012 | OriginalPaper | Buchkapitel
Financing the Four Sectors: Companies, Households, Governments and Overseas Through Credit and Capital Markets
verfasst von : Brian Scott-Quinn
Erschienen in: Commercial and Investment Banking and the International Credit and Capital Markets
Verlag: Palgrave Macmillan UK
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Financing involves two stages: 1. First, project evaluation, which means calculating whether or not a proposed project is financially viable, i.e. will it, probabilistically, generate the returns that a bank lender or investors expect for the level of risk it presents? This is generally done using the discounted cash flow approach to project evaluation which in the case of a company is part of the capital budgeting process. 2. Second, the pooling (collection) of small savings into a unit of financing large enough to meet the needs of the project.