新视野商务英语综合教程3 第二版 课件 Unit9 Corporate Finance

Unit9

CorporateFinance中国新政策助力普惠金融发展

China’snewpoliciesboostinclusivefinanceChina’sMinistryofFinanceisintroducingpoliciestobenefitbroaderfinancialinclusionoverthenextfiveyears,startingonOct.1.Thegovernmentwillallocateresourcestohelpcutinterestratesfornewbusinessloans,developinclusivefinancezones,andsubsidizeruralfinancialbodies.Thepoliciesalloweligiblestartupstoapplyfora50%discountonloaninterestratesaspartofChina’sjobcreationaim.Thecountryhasalreadybeensupportingsmallbusinesseswithloans,leadingtoaboostof26.1%insmallbusinesslending,amountingto27.7trillionyuan(3.85trillionU.S.dollars),reportedtheMinistryofIndustryandInformationTechnology.Whatpositiveimpactdoyouthinkreducingloaninterestratesforbusinesseshasontheoveralleconomy?Canyouexplainhowthesenewpoliciescouldinfluencethedevelopmentofcompanies?UnitOverviewBystudyingthisunit,youareexpectedto:understandthebasiccharacteristicsofdifferentfinancingalternatives;learnabouttheadvantagesanddisadvantagesofdebtandequity;knowhowtocomposeanapplicationletterforabusinessloan;knowwhatshouldbeincludedinastandardlettertoshareholders.ContentsLead-inReadingAReadingBListeningCommunicationProjectWritingMoralReflections企业贷款信用卡股票市场个人债务Task1Haveyoueverconsideredsettingupabusinessofyourown?Whatsourcesoffinancingdoyouexpectwouldbeavailabletoyou?Thefollowingaresomeoptions.PutthemintoChinese.Task2Discussinpairs:DoyouhaveanyexperiencesofusingeachofthefinancingsourcesmentionedinTask1?Whataretheadvantagesanddisadvantagesofthem?YoucanstudyReadingAandreturntothisquestionifnecessary.Piscoisahospitalitycompany.Itisnowfacingsomefinancingproblemsduetoitsglobalexpansion.Unit9CorporateFinanceTask1Workinpairs.Doyouthinkcompaniesarelikelytoexperiencefinancingproblemsintheiroperation?Whatmightbesomeofthesituationswhenextracapitalisneeded?Somesituationswhenextracapitalisneeded:DuringbusinessexpansionWhenacompanyencounterscashflowdifficultiesWhenthecompanyisengagedinresearchactivitiesWhenthecompanyisinvolvedinadvertisementorrecruitmentinitiativesSmallbusinessesoftenneedmoney.Thisisespeciallytrueforcompaniesthatstarttodevelopbutfindgettingmoneycanbedifficult.Therearetwobasictypesoffundingavailabletosmallbusinesses:debtfinancingandequityfinancing.SmallBusinessFinancing:DebtorEquity?DebtFinancingMajorpurchasessuchasbuyingahomeoracarwithmortgageorwhenusingacreditcardareallformsofdebtfinancing.Youaretakingaloanfromapersonorbusinessandmakingapledgetopayitbackwithinterest.Debtfinancingforyourbusinessworksinasimilarway.Asabusinessowner,youcanapplyforabusinessloanfromabankorreceiveapersonalloanfromfriends,familyorotherlenders,allofwhichyoumustpayback.Unit9CorporateFinanceTheadvantagesofdebtfinancingarenumerous.First,thelenderhasnocontroloveryourbusiness.Onceyoupaytheloanback,yourrelationshipwiththefinancierends.Secondly,theinterestyoupayistaxdeductible.Finally,itiseasytoforecastexpensesbecauseloanpaymentsdonotfluctuate.Thedownsidetodebtfinancingisveryreal.Debtisabetonyourfutureabilitytopaybacktheloan.Whatifyourcompanyhitshardtimesortheeconomy,onceagain,experiencesameltdown?Whatifyourbusinessdoesnotgrowasfastoraswellasyouexpected?Debtisanexpenseandifyourrevenuesfall,youmayhavetouseprofitstopaybackyourdebt.Thiscouldputadamperonyourcompany’sabilitytoexpandandgrow.Unit9CorporateFinanceEquityFinancingEquityfinancinginvolvesinvestors.Youcouldoffersharesofyourcompanytofamily,friendsandothersmallinvestors,butequityfinancingofteninvolvesventurecapitalistsorangelinvestorswhichmeansyourcompanyhastobelistedonthestockmarket.Thebigadvantageofequityfinancingisthattheinvestortakesalltherisk.Ifyourcompanyfails,youdonothavetopaythemoneyback.Youwillalsohavemorecashavailablebecausetherearenoloanpayments.Finally,investorstakealong-termviewandunderstandthatgrowingabusinesstakestime.Thedownsideisbig.Inordertogetthefunding,youwillhavetogivetheinvestorapercentageofyourcompany.Youwillhavetoshareyourprofitsandconsultwithyournewpartner(s)wheneveryoumakestrategicdecisionsaffectingthecompany.Theonlywaytoremoveinvestorsistobuythemout,butthatwillusuallycostmorethantheiroriginalinvestment.WhichFundingMethodShouldIChoose?Thetypeoffinancingyouseekdependslargelyonyourstart-up.Youwillneedtochoosethefinancingoptionthatsuitsyourindividualneedsbest,basedonyourcapabilitytomakereturnsandthepossibilitythatyourcompanycanbecomeincorporated.Answerthequestionswiththeinformationyoufindinthetext.Task21.Whatarethebasictypesoffundingavailabletosmallbusinesses?Debtfinancingandequityfinancing.2.Whendoestherelationshipwiththefinancierendindebtfinancing?Whentheloanispaidback,therelationshipwiththefinancierends.3.Inordertoobtainequityfinancing,whatmustyourcompanydofirst?Thecompanyhastobelistedonthestockmarketfirstinordertoobtainequityfinancing.4.Ifyourcompanyfails,doyouhavetopaythemoneybacktotheshareholders?No,onedoesnothavetopaythemoneyback.5.Howtoremovetheinvestorsinequityfinancing?Youhavetobuythemoutinordertoremoveinvestors.Thelenderhasnocontroloveryourbusiness.Theinterestyoupayistaxdeductible.Itiseasytoforecastexpensesbecauseloanpaymentsdonotfluctuate.Youwillalsohavemorecashavailablebecausetherearenoloanpayments.Investorstakealong-termviewandunderstandthatgrowingabusinesstakestime.Summarizetheadvantagesanddisadvantagesofdebtfinancingandequityfinancingrespectivelyandcompletethefollowingtable.Task3Unit9CorporateFinanceDebtisanexpenseandifyourrevenuesfall,youmayhavetouseprofitstopaybackyourdebt.Thiscouldputadamperonyourcompany’sabilitytoexpandandgrow.Youwillhavetogivetheinvestorapercentageofyourcompanyinordertogetthefunding.Youwillhavetoshareyourprofitsandconsultwithyournewpartner/swheneveryoumakestrategicdecisionsaffectingthecompany.Theonlywaytoremoveinvestorsistobuythemout,butthatwillusuallycostmorethantheiroriginalinvestment.Thefollowingaresomecommondebtandequityoptions.MatchthemwiththeirEnglishnames.Thenworkinpairsanddiscussinwhatcircumstancestheyareusuallyused.ABCDEFabletobefoundorobtainedtheprocessofbuyingsomethinganamountofmoneythatyouborrowfromabank,financialinstitution,etc.tochangeveryoften,esp.fromahighleveltoalowoneandbackagaintomakepeoplefeellessenthusiasticorhopefulaboutsomethingavailablepurchaseloanfluctuateputadamperonFindwordsorphrasesinthetextwhichmatchthefollowingmeanings.Task4Since1988,theamountofmoney___________tobuybookshasdecreasedby27%.Herlatest___________wasalongblackcoat.Theburglary________________thefamily’sChristmas.Lizisstillpayingoffherstudent___________.Thestate’sincomefromsalestaxes___________withtheeconomy.availablepurchaseputadamperonloansfluctuateCompletethesentenceswiththecorrectformofthewordsandphrasesinTask4.Task5Translatethesentences.Keywordsandphrasesareinbrackets.Task61.叛乱者没有信守诺言释放那两个人。(pledge;release)Therebelshavefailedtokeepapledgetoreleasethetwomen.2.这个计划的缺点就是我们将损失很多时间。(downside)Thedownsideoftheplanisthatwewilllosealotoftime.3.Somepessimisticinvestorsstillhavethefearofaglobalfinancialmeltdown.(悲观的；崩溃)一些悲观的投资者仍然担心全球金融崩溃。4.这些产品将来的外形主要取决于顾客的需要。(dependon)Whattheproductswilllooklikewilldependlargelyonwhatcustomerswant.5.这部电影是根据真实故事改编的。(bebasedon）Thefilmisbasedonatruestory.Thefollowingaresomefactorsworthconsideringbeforeafinancialinstitutionapprovesfinancialloanstoapubliccompany.Workinpairsanddiscusswithyourpartner.Choosethreefactorsthataremostimportanttoyouandexplainwhy.Revenueisanimportantindicatorofthecompany’soperationaloutcomeandisthedirectsourceofprofitorgains.Annualproductionsuggestsnotonlythecompany’sabilitytomakeearningsbutalsowhetherthecapacityofoperationcancutdownthecosts.Productrangegivesanideaaboutthemarketsthatthecompanycompetesinandthediversificationstrategyitpursues.Numberofsubsidiariesindicatesthesizeofoperationthatthecompanyhas.Registeredcapitalrevealstheinitialstart-upcapitalthecompanyhadforinvestment.Numberofstaffrelatestothetotalofmonthlysalaryforalltheemployees.Timeofregistrationhastodowiththehistoryofthecompany.Brandimageisoneofthemostimportantintangibleassetsforthecompany.Creditrecordlimitstheborrowingcapacityofthecompany.Existingdebtsaffectsthepossibilityofthecompanymakingtimelyinterestpayment.Levelofequitydirectlylinkstotheownershipofthecompany.Chiefexecutivesaretheleadersofthecompanywhohaveamajorinfluenceonthecompany’sfuture.Havingconsideredtheprosandconsofeachfinancialalternative,CaroleMonica,theFinanceManagerofPisco,decidedtoobtainfundsthroughabusinessloan.Workinpairsanddiscuss:Whatshouldbeincludedinanapplicationletterforabusinessloan?Task1amountofthebusinessloantheuseoftheloancompanyintroductionbusinessplancollateralLoanRequestDearMr.Smith,Thisapplicationistorequestabusinessloanof$2,500,000forourbusinessgroup,Pisco,toexpandourhospitalitybusinessinSingaporeand3othercities.Ourcorporationhasregistered153hotelsworldwideunderthebrandnameofPiscoHotelGroupandhasgeneratedannualrevenueofmorethan0.5billionUSdollarsinthepastthreeyears.Wehavecontractswithmorethan500companiesinAmericaandarrangeactivitiesforalltheirmeetings,travel,ceremonies,andotherspecialoccasionstheywishtocelebrate.Ourbusinessgrouphasspecialized,professionallytrainedstafffromaroundtheworldsupplyingarangeofservices.Withthecurrentsharepriceof$23.6pershare,wehaveprovedourselvesindelivering

continuousoperationalexcellenceinthemorethan12,000,000eventscatered

foreveryyearwithaprofitmarginofover16%achieved.The$2,500,000willbeusedtosetupanewbranchinSingaporethatwillallowustopenetratetheinternationalmarket.IhaveresearchedthebusinessclimateofourindustryinSingaporeandfoundthatthereisanichemarketthatwillfitouruniquesetofservices.ApartfromtheintentiontosetupoperationsinSingapore,ourcorporationispursuingsimilarapplicationsinthecapitalcitiesofIndia,ChinaandAustralia.OurmajorcompetitorsareXYZGlobalHospitalityandANEHotels.Bothofthesecompaniesarealsotryingtoexpandtheiroperationsintodifferentcountriesandprovidefeaturedservicesinaffordablepriceranges.However,neitherofthesecompaniesiscurrentlyconsideringamovetoSingapore.Withatotalinvestmentestimatedat$130,760,000fromalltheowners,weareabletosupplycollateral

consistingofbusinessassetshavingafairmarketvalueof$1,500,000andpersonalassetsvaluedat$1,000,000.Pleasereviewtheattachedbusinessplandetailshowthemoneywillbeused.Iwouldbemostgratefulifyouwouldconsiderourapplication.Pleasedonothesitatetocontactmeifyourequireanyfurtherinformation.Yourstruly,CaroleMonicaAnswerthequestionswiththeinformationyoufindinthetext.Task21.WhatdoesPiscospecializein?Itspecializesinthehospitalityindustry.2.HowmuchannualrevenuehasPiscoachievedinthepastthreeyears?Ithasgeneratedannualrevenueofmorethan0.5billionUSdollarsinthepastthreeyears.3.WhatisthecurrentpriceofPisco’sshare?Thecurrentsharepriceis$23.6pershare.4.WhoarePisco’smajorcompetitors?ItsmajorcompetitorsareXYZGlobalHospitalityandANEHotel.5.ApartfromSingapore,whatothercountriesisPiscoplanningtoexpanditsoperationto?ItisplanningtoexpanditsoperationinthecapitalcitiesofIndia,ChinaandAustraliabesidesSingapore.TTTFFDecidewhetherthestatementsaretrue(T)orfalse(F)accordingtothetext.Task3Inthe1990stheareabecameamagnetfornew__________.Itisanimportant__________forallthefamilymemberstocelebrate.Theschemehasbeen__________tohelphomelesspeople.Thehouseis__________inhername,notherhusband’s.Thefirstprizewasawardedtotheyoungest__________.We’vediscussedallthemarketing__________anddecidedtogofortelevisionadvertising.investmentoccasionsetupregisteredcompetitoroptionsCompletethesentenceswiththecorrectformofthewordorphrasesinthebox.Task4Translatethesentences.Keywordsandphrasesareinbrackets.Task51.他们用很铺张的仪式庆祝感恩节。(lavishceremony)TheycelebratedtheThanksgivingDaywithlavishceremony.2.这个集团去年的纯利润率为30％。(profitmargin)Thegrouphadanetprofitmarginof30%lastyear.3.Duetothefinancialturmoil,theclothingindustryinthiscountryissufferingfromageneralfallinrevenue.（金融危机）因为这场金融危机，该国服装行业的收入普遍下降。4.他把自己的房子作为贷款的抵押。(collateral)Heputuphishouseascollateralfortheloan.5.我会毫不犹豫地作出这个决定，尽管这个决定并不受欢迎。(nothesitateto)Iwillnothesitatetotakethisunpopulardecision.ListentotheconversationbetweenCaroleandMekhi.Choosetheanswertoeachquestionaccordingtowhatyouhear.Task1Unfortunately,theapplicationforabusinessloanfromABCBankwasunsuccessful.SoCaroleisdiscussingwithanotherseniormanagerMekhiaboutwhetherherassessmentofthemarketwouldallowthecompanytolistonthestockmarketinSingapore.CCCABMaryandJasonaredealersatthestockexchange.Theyarediscussingtherecentchangesinthestockmarket.ListentotheconversationbetweenMaryandJason.Fillintheblankswithwhatyouhear.Task2Mary:Haveyoubeenfollowingthe(1)______________ofPisco’sstock?Jason:Yeah,themarketpriceyesterdayafternoonwas(2)_________butby3pm,ithaddroppedbynearly(3)____________tojustover$13.Mary:Oh,Ididn’tseethatcoming.Doyouthinkit’stherighttimeto(4)__________?Jason:No,notquiteyet,butifthe(5)____________goesbelow$10,wemightneedtoinitiateanothernewrunofbuy-in.Mary:Howmuchcashhavewegotleftinour(6)____________?Jason:Nomorethan(7)____________,I’mafraid.Bytheway,haveyoubeenfollowingthe(8)____________?Howarethepricesdoing?Mary:It’sbeenrisingabit.Infact,oilpricesrosebymorethan(9)________lastweek.Jason:Good,finallysomeexcitingnews.Keepwatchingthepriceofoilandifitgoesupbyanother5dollars,wemightconsidersellingour(10)____________.Mary:Sure,thatwouldmakeupforthe(11)__________inour(12)____________.latestchangestotheprice$15.415%takeactionsharepricecurrentaccount250millionoilmarketthreedollarsfutureoptionsdeficiencycashreserveInvestorswillsoonbeabletobuy(1)s________inFacebookstock,thoughthespecific(2)d________forthestocksalehasyettobeannounced.ExpertsclaimFacebookcould(3)r________aboutfivebilliondollars.ThatwouldbeoneofthebiggestIPOsalesever.AnditwouldbemuchbiggerthanGoogle’s(4)f________publicstocksalein2004.Facebookhasmorethaneighthundredmillionusersintheworld.ItisthesecondmostvisitedwebsiteafterGoogle.Atpresent,expertssaythe(5)s________medianetworkispredictedtobecomeoneofthemost(6)v________Internetcompanies.haresateaiseirstocialaluableListentoanewsbroadcastaboutFacebook’sIPOandcompletethepassagethatsummarizesit.Thefirstletterofeachwordhasalreadybeengiven.Task3Workingroupsanddiscuss:HowmuchdoyouknowaboutthestockmarketinChina?Shareyourexperienceandunderstandingwithyourgroupmembers.JimandJillaretwoengineers.TheyareplanningtoquitthejobinanITcompanyandstarttheirownbusiness.Workingroups.DiscussanddecideonacompanynameandthemainbusinessfieldforJimandJill.Task1Onepossibility:Name:Link&LinkCorporationMainbusinessfield:socialnetworkingsoftwarebasedontheWeChatplatformComparetheprosandconsofdifferentfinancingoptionsandtrytofindtheonethatbestfitsintotheirsituation.Task2Role-playtheconversationbetweenJimandJillandthewould-bedebtor.Trytoconvincethedebtorintosupportingthebusinessofthem.Task3Withthejointeffortofitsstaff,PiscoperformedwellintheSingaporestockmarket.Discussingroups:Whatinformationshouldbeincludedinthelettertoitsshareholdersonceacompanyhasbeenlistedonthestockmarket?Task1Informationtobeincludedinalettertoshareholders:annualbusinessoperationandrevenuebusinessplanfornextyearexpectationsforfuturegrowthCompletethefollowinglettertoshareholdersbyDeuelTospevosky,theGeneralManagerofPiscowiththeoptionsgivenaftertheletter.Task2Key:B-D-E-A-CTask3Discussinpairsandtrytodecideonaproperheadingforeachparagraphoftheletter.Explainhowtheheadingsmatchthemainideasoftheparagraphsindividually.Paragraph1:Lookingbackto2013Paragraph2:FinancialexcellenceachievedParagraph3:Lookingforwardto2014ChineseEconomicKeywordTask1金融标准化

financialstandardizationChina'sfinancialregulatorshaveissuedaplantoadvancestandardizationofthefinancialsectoroverthe14thFive-YearPlanperiod(2021-2025),withthegoalofbasicallyestablishingafinancialstandardsystemthatfitsmodernfinancein2025.ThedocumentwasjointlypublishedbythePeople'sBankofChina,theStateAdministrationforMarketRegulation,theChinaBankingandInsuranceRegulatoryCommission,andtheChinaSecuritiesRegulatoryCommission.【RelatedWords】系统性金融风险

绿色金融

数字货币

systemicfinancialrisksgreenfinancedigitalcurrency【Note】金融标准是金融领域需要统一的技术要求，为金融活动提供规则、指引。“十四五”时期，随着金融供给侧结构性改革不断深化，具有高度适应性、竞争力、普惠性的现代金融体系不断健全，标准化更加有效推动国家综合竞争力提升、促进经济社会高质量发展，金融标准化迎来重要战略机遇期。DiscussionTask2Watchthevideoanddiscussthefollowingquestionsingroups.Whataretheprosandconsofacashlesssociety,especiallywithineconomieslikeChina's?Howdomobilepaymentsimpacttraditionalbankingandhowcouldbanksadapttostaycompetitive?Unit9CorporateFinanceThankyouequity

n.

股票Themergedbanksreckontoraise4billiondollarsofnewequitynextyear.No.

2:

take

down

your

equity

exposure.

mortgagen.抵押借款，按揭Oncetheapplicationisapproved,youwillbetomakemonthlypaymentforyourmortgage.Themortgagelendershavebeenonastriketoprotecttheireconomicinterestinthefinancialtsunami.pledgen.承诺，誓言Themeetingendedwithapledgetostepupcommunicationbetweenthesixcountriesofthecontinent.Sunday’svotewasatestofthenewpresident’spledgeoffairelections.financier

n.金融家，金融组织Hewasverypopular,adistinguishedfashionfigureaswellasfinancier.AlexandMikhailwereinpartnershipthen:Mikhailhandledthecreativeside;Alexwasthefinancier.

deductibleadj.可扣除的Thesecostsaredeductiblefromtaxpaidtothegovernment.Paymentthatisclassifiedascapitalexpenditureisdeductible.fluctuatev.波动Thestockpricecanfluctuatewhenthefutureearningofthecompanyisuncertain.Boththeenergyandradioyieldsfluctuateconsiderably.downsiden.负面，消极面Thedownsideofthisapproachisalackofcleardisciplineandprinciplestogoverntheemployees.Thereisadownsidetothiscure:themoresherecalls,themorebittershefeelsaboutwhatshehasexperienced.meltdownn.崩溃，瘫痪Frequentmeetingsaregoingontostopthemarketfromgoingintofinancialmeltdownduringthewinter.Over-speedingeconomicgrowthmayleadtoanoverextensionofresourcesandaneventualculturalmeltdown.listv.把……列入上市证券表ThecompanywillbecomelistedontheNewYorkStockExchangenextweekwithanestimatedvalueof$0.2billion.start-up

n.新创办的小公司Theyestimatedthatthemarketwasworthabout$1billion,thatstart-upcostswouldbe$7millionto$16million,andthatanewstart-upwouldbeprofitablein1year.

Intheearly1970s,mostpeopleinthebusinesswerenotimpressedwithSmith’sstart-up.

小型企业常常需要资金。融资难的问题对于刚起步的企业来说更为突出。小型企业有两种基本的融资形式——借款筹资和股权融资。小型企业融资：借款筹资还是股权融资?借款筹资

大宗购买，如用分期付款买房或车或者使用信用卡消费等这些都是借款融资的具体形式。在这种方式下，你从个人或企业处取得贷款，并承诺会连本带利归还。商业贷款融资的道理也与此类似。作为企业主，你可以向银行申请商业贷款或者从朋友、家人或其他的债权人那里获取个人贷款，当然最后必须归还。借款融资好处很多。首先，债权人不能控制你的企业。一旦你归还贷款，你和融资方的关系就会终止。其次，你所支付的利息可减免税额。最后，由于还款额不会变化，这使得企业支出处于可预测状态。

借款融资的缺点也确实存在。贷款行为其实是对你未来偿还能力的一种赌注。万一你的公司遇上困难或者经济形势再次经历危机呢?万一你的公司没有像你预期的那样增长得那么快呢？贷款也是费用的一种，当收入减少时，你可能会需要用利润偿还贷款。这无疑就制约了你企业的扩张和发展。股权融资

股权融资牵涉到投资方。你可以将公司的股票（出售）给家人、朋友或者其他的小投资方，但股权融资往往涉及风险投资家或天使投资者，这就意味着你的公司必须在股票市场上市。股权融资最大的好处在于投资方承担所有风险。如果你的公司破产了，你不需要归还投资。因为不需要归还借款，你也将拥有更多的现金。最后一点，投资方具有长远发展的眼光，理解企业发展需要时间。股权融资的缺点也很明显。为了获得融资，你必须将公司的一部分给予投资方。你不得不跟新股东们分享利润，做任何对公司有影响的战略决策时，也必须征求他们的意见。唯一能够与他们脱离关系的方式是购买他们手上持有的股票，但这需要支付的金额往往会多于他们原先的投资额。我该选择哪一种融资方式?你需要根据公司的具体情况选择融资方式。你应结合你公司的收益能力和企业是否有可能成为上市公司等情况，考虑最适合个体需求的融资方式。ceremonyn.典礼，仪式Hedidn’tmanagetosqueezetimetoattendtheceremonyfromhisbusyschedule.Thegraduationceremonywillbeheldintheconferencecentrefrom2:30pmonJune5,2014.caterv.（为……）提供饮食，承办酒席Whoiscateringatyourwedding?Theprizewasapartycateredforthewinnerand50guests.deliverv.提供（服务）Thesereformswillenableustodeliverhealthservicesmoreefficiently.deliverv.兑现（诺言）Nomatterwhatyoupromise,youmustlearntodeliveryourwords.Itlooksliketheleadersofthecompanyarenowbeginningtodelivertheirpromises.penetratev.（尤指十分困难地）打进，进入（某地区或国家的市场）FewU.S.companieshavesuccessfullypenetratedtheJapaneseelectronicsmarket.Topenetrateintothenewmarketsegment,weneedtodeployanotherstrategythatbestfitstheshareholders’interest.affordableadj.平价的，廉价的Thecarsseemfashionableandaffordable.Whetherwewouldeventuallybuythehouseornotreallydependsonhowaffordableitis.collateraln.担保物，抵押品Whattypeofcollateralswillthebankaccept?Mosttypesofcollateralistypicallyintheformoflandorproperty.约翰·史密斯先生ABC银行分行经理帕沙迪尔街343号比弗利山庄加利福尼亚州（90210）贷款申请信尊敬的史密斯先生：为扩展彼斯购集团在新加坡和其他3个城市的酒店业务，特致信向贵行申请250万美元的贷款。我集团在彼斯购酒店集团旗下全球共注册酒店153个，在过去的三年里，年均营业额超过了5亿美元。在美国，我们为超过500家的合约公司安排会议、出差、庆典和其他要庆祝的特别活动。我集团的职员来自全球各地，他们接受过专门职业培训，可为客户提供一系列的专业服务。我们每年组织活动超过1200万场，为客户提供持续而卓越的服务。目前，集团股票价格为每股23.6美元，利润率超过16%。此次申请250万美元的贷款将用于在新加坡建立新分公司，并借此机会打入国际市场。我方已对新加坡酒店行业环境进行过研究，认为我们集团的独特服务可以填补当地的市场空白。除了在新加坡设立分公司的计划之外，我集团也正积极申请在印度、中国和澳大利亚的首都建立类似的分公司。我公司的主要竞争对手为XYZ全球餐饮集团和ANE酒店集团。这两家公司也正在尝试拓展不同国家的业务，在合理价位下提供特色服务。但这两家公司目前在新加坡市场都没有相关动作。目前，我集团所获得所有投资方注资金额约为1亿3076万美元，集团可提供抵押资产为市值150万美元的商业资产和价值100万美元的个人资产。关于此次贷款资金使用的细节，请审阅附件中的商业计划书。如果您能够考虑我们的申请，我方将会万分感激。如需其他信息，请随时与我方联系。此致敬礼克劳尔·莫妮卡Task1Carole:Hi,Mekhi,doyouhaveaminute?Mekhi:Sure.What’sgoingon?Carole:We’reexperiencingtroublegatheringfundsfromthedebtsourcesfortheSingaporeproject,soI’vebeenthinkingthatitmightbereasonabletolistonthestockmarketinSingapore?Mekhi:Oh,really,why?Carole:Well,yousee,theothermajorplayersinourindustryhavebeenexpandingtheirmarketsharerecently.Whilewestillmanagetomeetoursalestargets,ifwedon’texpand,wewillneedextracapitaltofundouroperationsintherecentlyset-upsubsidiaries.Mekhi:Yeah,therisingcostofhumanresourcesispushing