Video bài nghe Market Leader Upper Intermediate – Unit 9: Raising finance – HocHay
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Market Leader Upper Intermediate – Unit 9: Raising finance - Listening
A. Simon Davies is Managing Director (Restructuring) at the Blackstone Group, a leading private equity firm. Listen to the first part of the interview and answer these questions.
1. Which three ways of raising finance does he mention?
2. What are the advantages of:
a) private markets?
b) public markets?
c) borrowing money?
1. equity shares, borrowing, hybrid (convertible bonds: starts out as borrowing but converts to equity)
a) confidentiality, remains 'below the radar screen' (teach this expression)
b) more funds available
c) more funds available
B. Listen to the second part and answer this question.
What are the disadvantages of:
c) public markets?
d) private markets?
a) significant capital cost; investors expect a return that reflects the risk
b) interest burden required to be paid over time, reducing cash the company has available for investment
c) no private relationship with investors; dispersed (i.e. widely-spread) shareholder base
d) possible lack of capital available; investors want a significant return and some control over the management of the business
C. Listen to the final part. Simon says there are four reasons why finance has become a short-term business. What are they?
1. Breadth of opportunity gives investors a range of investment choices.
2. The speed and quality of information makes it easier to make a decision.
3. Banks are less relationship-driven for financing; loans are a more tradable feature. (Explain that loans are sold on by the original lender and then traded [= bought and sold] between financial institutions that have nothing to do with the original lending.)
4. Easy to buy and sell shares, so the 'churn' (or turnover) of shares is high.
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Vocabulary Market Leader Upper Intermediate – Unit 9: Raising finance – HocHay
A. Choose the correct word to complete each sentence.
1. Customers not paying on time often leads to ............ problems.
2. Our state-of-the art machinery is our major .............
3. The ............ rate on the loan was 12%.
4. They could not pay their debts and faced .............
5. Sorbat has gone into ............ with debts of about £20 million.
6. The finance a company raises from issuing shares rather than taking out loans is known as ............ capital.
7. The ............ is the original amount of a loan not including any interest charged.
8. A/ An ............ is a particular type of loan for the purchase of property.
9. If a company defaults on a loan, it means they miss a/an .............
10. Money lent to start-up businesses is known as risk or ............ capital.
B. Choose the correct words to complete each definition.
1. Being in the red / black means you are in credit.
2. A loan / grant is money which doesn't need to be repaid.
3. A creditor / debtor owes money.
4. An interest / A dividend payment is part of a profit paid to shareholders.
5. Assets / Liabilities are the total amounts of money owed by a business.
6. An overdraft / A return is the amount of profit made on an investment.
7. To go into liquidation / debt is when a company stops operating because of financial difficulties.
8. A deposit / Collateral is security for a loan in the form of assets which could be sold if the debt is unpaid.
4. A dividend
6. A return
Language Review Market Leader Upper Intermediate – Unit 9: Raising finance – HocHay
A. Complete the extract from the article with suitable words and dependent prepositions from the box.
access to investing in looked into pitch to settled on turned down
First, she ............ (1) ‘angel' networking clubs, which provide entrepreneurs with ............ (2) large numbers of wealthy individuals interested in ............ (3) early-stage ventures. However, she ............ (4) a number of these for reasons of cost: they were charging £1,500 ($2,488) just to submit a business plan.
Eventually, she ............ (5) London Business Angels, through which she could ............ (6) roughly 100 'angels'.
1. looked into
2. access to
3. investing in
4. turned down
5. settled on
6. pitch to
B. Match these halves of sentences. They are all from newspaper articles or headlines.
|1. EFM, the struggling investment house, yesterday became vulnerable||a) for Dubai World's debt problems.|
|2. The government refuses to take responsibility||b) to the major publishing houses?|
|3. Deputy Prime Minister invites Japan to invest||c) to takeover bids.|
|4. Does Lulu.com pose a serious threat||d) on being paid the interest on the loan.|
|5. She is going to complain||e) to angel investors, venture firms and other private equity investors.|
|6. The banks insisted||f) in high-tech sector.|
|7. Our programme offers access||g) of providing both financial and strategic direction.|
|8. The new Director of Finance must be capable||h) about her solicitor.|
|9. Teenagers need to develop a healthy respect||i) of their responsibilities.|
|10. All financial supervisors should be fully aware||j) for money from an early age.|
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