Disadvantages of the Assets in Raising Capital
大学英语综合教程4(Unit3)教程答案
1)reached / secured2) achieved/ attained3） attained / reached
4)reach / secure 5) achieved / realized/ fulfilled6） fulfill / meet / satisfy
3。Fill in the blanks in Column B with an adjective in Text A. The target adjective must be opposite in meaning to the one in Column A and must form a correct collocation with the noun in Column C.
▆ Answers for reference：
Many people want to be famous because fame can bring them both honor and respect from the public.In most cases， fame can also help them gain wealth。But， after all， very fewpeoplecan really become famous while mostpeople, including most artists， are unlikely to become famous。
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保护名胜古迹的英语作文
保护名胜古迹的英语作文Protecting historical sites and cultural relics is of great importance to our society. These sites and relics are not only a representation of our history and culture, but also a valuable asset that needs to be preserved for future generations. Without proper protection, these sites and relics could be lost forever, taking away a part of our identity and heritage.There are various ways to protect historical sites and cultural relics. One of the most effective ways is through legislation and regulations. Governments can enact laws to protect these sites and relics, and impose strict penalties on those who violate the regulations. In addition, public awareness and education play a crucial role in protecting these sites and relics. By raising awareness about the importance of preserving our history and culture, we can encourage people to take action to protect these valuable assets.Another important aspect of protecting historical sites and cultural relics is proper maintenance and conservation. It is essential to regularly inspect and maintain these sites and relics to prevent deterioration and damage. Conservation efforts, such as restoration and repair, are also vital in preserving the authenticity and integrity of these historical treasures.Furthermore, promoting sustainable tourism can also contribute to the protection of historical sites and cultural relics. By promoting responsible and sustainable tourism, we can minimize the negative impact of tourism on these sites and relics, while also generating revenue for their preservation and maintenance.In conclusion, protecting historical sites and cultural relics is a collective responsibility that requires the efforts of governments, organizations, and individuals. By enacting legislation, raising public awareness, maintaining and conserving these sites and relics, and promoting sustainable tourism, we can ensure that our history andculture are preserved for future generations to appreciate and cherish.。
缺点介绍 英语作文
缺点介绍英语作文Certainly, here's an essay addressing the topic "Introducing Disadvantages" in English:---。
Exploring the Downsides: An Insight into Limitations。
In the vast spectrum of human experiences and endeavors, it's not uncommon to encounter a myriad of challenges and setbacks. These setbacks, often referred to as disadvantages, can hinder progress, dampen spirits, andpose significant hurdles in various aspects of life. Inthis discourse, we delve into the realm of disadvantages, exploring their nature, impact, and potential avenues for mitigation.First and foremost, it's imperative to acknowledge that disadvantages manifest in multifarious forms, ranging from personal limitations to systemic barriers. At theindividual level, factors such as lack of skills, inadequate resources, and inherent biases can impede one's journey towards success and fulfillment. Moreover, societal structures and institutional practices may perpetuate inequalities, disenfranchising certain segments of the population and exacerbating disparities in opportunities and outcomes.One prominent disadvantage that pervades contemporary society is the digital divide. As the world becomes increasingly reliant on technology for communication, education, and economic participation, individuals and communities without access to reliable internetconnectivity and digital devices are left at a considerable disadvantage. This digital divide not only widens existing gaps in education and employment but also undermines social inclusion and civic engagement.Furthermore, economic disparities pose significant challenges for socio-economic mobility and equitable development. In many societies, marginalized communities face systemic barriers to accessing quality education,healthcare, and economic opportunities, perpetuating cycles of poverty and inequality. Limited access to essential services and resources not only constrains individual potential but also undermines the overall social cohesion and stability.Another critical area where disadvantages manifest is environmental degradation. The adverse impacts of climate change, pollution, and resource depletiondisproportionately affect vulnerable communities, exacerbating existing socio-economic inequities. Environmental degradation not only threatens livelihoods and ecosystems but also exacerbates health disparities and undermines the well-being of future generations.Moreover, in the realm of education, the traditional assessment-centric approach often fails to accommodate diverse learning styles and aptitudes, disadvantaging students who may excel through alternative means of expression and comprehension. The emphasis on standardized testing may overlook the creative potential and unique strengths of individuals, perpetuating a narrow definitionof academic success and limiting opportunities for holistic development.In addressing these disadvantages, a multi-faceted approach is imperative, encompassing policy interventions, community empowerment, and individual agency. Governments and policymakers must prioritize equitable access to education, healthcare, and economic opportunities, dismantling systemic barriers and fostering inclusive growth. Civil society organizations play a crucial role in advocating for marginalized communities and amplifyingtheir voices in decision-making processes.At the individual level, resilience and resourcefulness are invaluable assets in navigating adversities and harnessing opportunities for growth and empowerment. Cultivating a growth mindset, seeking mentorship, and leveraging available resources can empower individuals to overcome limitations and chart their paths towards success and fulfillment.In conclusion, while disadvantages pose significantchallenges in various spheres of life, they also present opportunities for resilience, innovation, and collective action. By acknowledging the complexities of disadvantage and adopting a holistic approach to addressing them, we can strive towards a more inclusive and equitable society, where every individual has the opportunity to thrive and contribute to the common good.--。
外文翻译--欧元区跨国公司的现金管理和集团内的折扣
本科毕业论文（设计）外文翻译原文：Multinational Cash Management and Conglomerate Discounts in theEuro ZoneIntroductionWe discuss in this paper the consequences of the changing financial market circumstances for multinational companies. In particular we will concentrate on the consequences for cash management within multinational euro zone firms.Cash management is a topic that is addressed mainly by practitioners and by scholars who study cash management practices or conduct financial modelling, but it can also be approached from a theoretical perspective. In this respect two distinct approaches can be distinguished. Firstly, cash management can be considered as a stand-alone topic within the management of short-term assets and the question is addressed how much cash is needed in comparison to other liquid assets. It is the main approach in textbooks on short-term financial management (e.g. Hill and Sartoris, 1995; Maness and Zietlow, 1998). Secondly, cash management theories can start with the perfect markets assumptions of Modigliani and Miller (Modigliani and Miller, 1958; Miller and Modigliani, 1961). The theory then suggests that companies need no cash at all unless market imperfections urge companies to hold it (Van Horne, 2002). Transaction costs involved in frequently attracting additional debt and/or equity -e.g. if cash funds are needed to pay suppliers or employees- are high. Therefore it may be worthwhile to hold cash funds, even if these funds do not generate any return. Also bankruptcy costs come to the fore as a reason for cash holdings. If creditors are not paid in time, they may force the company into bankruptcy and the shareholders and managers try to avoid the concomitant costs.In this paper we follow the latter approach. The developments within the eurozone have reduced market imperfections and we evaluate how these have affected cash management in multinationals. We add the context of a multinational, a firm that has operating subsidiaries in at least four countries, because major developments in the financial markets of the euro zone have their impact across countries and do not only affect local companies. Moreover, multinationals are more complex than single country companies and it is usual to find a corporate headquarter and local subsidiaries. Managers of local subsidiaries can be considered to be the agents of the board members at the multinational headquarter, while the board members in their turn are agents of the shareholders. In particular the agency relationships between local and headquarter managers is important here because the control of cash is a determinant in exercising power. Managers of local subsidiaries might like to keep as much cash as possible within their realm. According to Jensen (1986), free cash (flows) may introduce agency costs. Moreover, the investment in cash, bank accounts and short term paper does not give high returns. For these reasons the value of the multinational may decline if unnecessary amounts of cash are left at the local level. In that case the internal financial market within the multinational is inadequate and the company may show a "conglomerate discount" when compared to a comparable set of stand-alone companies.Centralization and disintermediationTypically, the cash management system of a multinational in the euro zone has traditionally been structured in a simple way. In every country where the company had substantial operating facilities, the treasury of the affiliate often largely did its own cash management (Soenen and Aggarwal, 1989; Tse and Westerman, 1997). This was a rational approach because of the imperfections in the European capital markets. After liberalization, deregulation and the introduction of a single currency, these market imperfections have diminished quite significantly along with the costs of centralizing the finance function.CentralizationCentralization offers various advantages (Kenyon et. al., 1992; Brown, 1997; Miles,1997). Firstly, concentrating financing gives economies of scale and negotiatingpower. Secondly, because cash balances, cash flows and risk exposures are decreased, financing costs are reduced further. Thirdly, leading and lagging of intracompany cash flows can more easily be traced and controlled. Fourthly, an overall reduction of treasury personnel throughout the firm may be possible. Fifthly, the services of banks in transferring cash may be reduced and the concomitant costs can be reduced. Moreover, the benefits of internal financing may be more easily reaped, as the concentration of financial know-how helps to improve investment decision making.There are, however, also various disadvantages. Local managers may lose the motivation to control cash flows adequately. When the cash management and finance functions are in the hands of headquarters, the co-ordination between the financial disciplines and the local knowledge may more easily be frustrated. Moreover, a centralized cash system requires a highly formalized cash balance control system, thus raising regulative, administrative and information costs. Finally, internalizing and reorganizing the cash balances may disturb relationships of subsidiaries with local banks.The disadvantages of centralized European cash management, however, decline (Van Alphen, 1998). Moreover, netting and pooling of cash positions gain attractiveness and a trend towards centralized treasuries is already apparent (Peters, 1999). In fact even non-European multinationals have reorganized their European treasury operations along Pan-European lines. For example, the Goodyear Tyre and Rubber Company formally incorporated a European treasury centre in Luxembourg. That treasury now provides access to capital markets, establishes and maintains bank relationships, manages currency exchange risk, develops intercompany transaction strategies, negotiates credit terms with banks, evaluates cash utilization and establishes guidelines for SBU cash management, among others (Brown, 1997, p.36). We expect that deregulation and liberalization as well as the introduction of the Euro may have helped to tip the balance in favour of centralization and may still be continuing to do so.DisintermediationThe form a cash management system takes is not only determined by internalcharacteristics. It also involves external relationships, in particular with banks and it is not surprising that European firms consider their relationship with a bank almost as important as banks’ prices and service quality (Tse and Westerman, 1997).The external relationships evolve with centralization over time. First the banking system is used to collect receivables and to pay accounts. The relationship with the "house banks" is asymmetrical: the house bank provides a wide array of products that firms can use. Then the tendency may evolve to centralize cash management and the multinational will aim at processing efficiently the various financial transactions of the operational units. This may lead to a substantial decrease in the number of bank accounts, since little used accounts will be closed. The finance department of a multinational will be starting to act as a purchasing unit and the relationships with banks will be loosened as "shopping" with other banks grows and financial knowledge at headquarters is enlarged.Still later, the cash function within the multinational may develop into a corporate finance function that acts in balancing conflicting objectives like minimizing tax and interest payments, reducing interest risks and providing liquidity. Banks with international networks, know-how and information systems skills may then shift to providing services instead of products to such departments. In fact, some large financial institutions have picked up the recent trends, by expanding their services to more countries and by investments in sophisticated information systems to be used in the operation of European cash management systems. Finally, the corporate finance function of a multinational may act as an in house bank (Hagemann, 1991). Such an in-house bank provides intra company products and services by itself, issues short-term financial instruments like commercial paper, competes with other banks for the business of third-party customers and has thus become an equal partner for licensed banks. It will be clear that the aforementioned centralization trend goes to the detriment of the intermediary function of banks.Headquarters' control and conglomerate discountsThe joint trends of centralizing the cash function and of disintermediation will have their impact on the power of the Multinational's headquarter. Centralization will,generally, take place at headquarters, and may positively influence the power of headquarters with respect to cash management. As the headquarters' lack of power in financing and investing was a major reason for corporate discounts, the centralization of cash management may reduce these discounts.Headquarters' power may further increase with disintermediation. Firstly because fewer banks are involved and the bank that remains most relevant for the multinational will have its main ties with headquarters. Secondly, if the cash management function develops into a corporate finance function also external financing will be channelled through headquarters and then -again- the financial power of headquarters will increase. For these reasons, we expect that the liberalization, deregulation and introduction of a single currency will improve the internal financing function and that conglomerate discounts will decrease.However, not all multinationals will be able to centralize the cash function directly (Gruiters and Bergen, 1998) and the centralization of European cash management still differs between companies (Tse and Westerman, 1997). Moreover, not all multinationals will be able or willing to develop the cash management function into a corporate finance function. Finally, even if a corporate finance function is managed centrally at the corporate headquarter, it is not necessarily the case that also decisions on fixed assets will -or should- be centralized. Conglomerate discounts based on a lack of power of headquarters with respect to internal financing and investments will thus not vanish within all multinationals. Nevertheless, it is likely that the developments in the financial markets assist in reducing conglomerate discounts for some multinationals in the euro zone.ConclusionsLiberalization and deregulation of financial markets as well as the introduction of the single currency in Europe will reduce transaction and bankruptcy costs for multinationals. This gives rise to two trends in Europe. Firstly, internal transfers of cash and the management of residual cash positions will become cheaper and easier. Therefore, the centralization of cash management activities gains attractiveness. This may even result into a full-fledged corporate finance function at headquarters.Secondly, the centralization will affect the relationship of multinationals with banks. It is likely that the number of bank relations will be reduced, as more money is managed internally within multinationals and that one major bank will provide most of the cash management services to the treasuries at multinationals' headquarters.These trends will have an impact on the internal financing function of multinationals and if cash management is centralized, conglomerate discounts may diminish. Multinationals in the euro zone may benefit further if they also operate in countries that will join the European Union or the euro zone in the future. Because multinationals have different backgrounds and different reasons for empowering subsidiaries, the corporate discounts will not vanish completely.Until now, academics have largely focused on cash management models and on cash management surveys. Our paper is different as we link the cash management function to mainstream theory of corporate finance. First we suggest that institutional changes within the euro zone have reduced market imperfections. Then we show that the reduction of these imperfections could trigger centralization and disintermediation. Finally, we suggest that centralization followed by disintermediation may improve the internal financing function within multinationals. This may eventually diminish conglomerate discounts and improve the value of the multinational.It is outside of the scope of this paper to answer the empirical question whether the centralization of cash management is beneficial to multinationals. Nevertheless, further empirical research might be interesting. In particular, it would be interesting to learn whether multinationals that centralize their cash management function do indeed outperform in terms of value the comparable multinationals that did not. Our analysis not only suggests that centralization creates value, but that the concomitant disintermediation adds value too. Researchers could therefore, also try to measure the amount of disintermediation and study its impact on conglomerate discounts. Of course, such research may create multicollinearity problems because disintermediation will be related to centralization. Moreover, econometric simultaneity problems may arise: disintermediation is considered to create value, but at the same time higher valued companies may be better able to avoid bankingproducts. Despite of these problems, we hope that our qualitative approach may not only trigger related theoretical but also empirical research.Source: Henk von Eije and Wim Westerman,2002.“Multinational Cash Management and Conglomerate Discounts in the Euro Zone”.International Business Review. August. pp.453-464.译文：欧元区跨国公司的现金管理和集团内的折扣简介本文我们讨论了不断变化的金融市场的情况，给跨国公司现金管理所带来的后果。
商务英语复习题3
increased chance for success. An existing business will have established working relationships with lenders, suppliers, and the community. The track record of an existing business gives potential buyers a much clearer picture of what to expect thanhelp, the benefits of the selling corporation's expertise and experience, and reduced chances of failure. The disadvantages of franchising include significant startup costsentrepreneurs have created and expanded new businesses faster and easier than evermarket demand for products or services being provided; managerial competence; andand tax benefits. A sole proprietor is free to operate his or her business as he or she desires. There are few legal requirements for startup, and low startup costs. Losses from a sole proprietorship can offset income from personal sources, providing taxof continuity, and limited financing options. A sole proprietor is totally responsible for all of the debts of the business and may have to give up personal assets to repay those debts. A sole proprietorship lacks continuity because the business dissolves with the death of the owner. Finally, sole proprietors have a limited ability to secureof new talent and money, ease of organization, and independent legal status. Disadvantages are unlimited liability, potential lack of continuity, difficulty ofis limited to personal investment (through stock ownership) in the corporation. In the event of failure, the courts may seize and sell a corporation's assets but cannot touchdirectly to a corporation's shareholders. A corporation can be taken over against themanagers in corporate decision making and accountability. This governance is established by a firm's bylaws and usually involves stockholders, the board ofoperations to another corporation, for example to focus more specifically on its corespin-off. A spin-off may also mean that a firm deems a business unit more valuable asresources, bank loans, venture capital firms, or SBICs. The most important source of financing for a small business is the owner's personal resources. Bank loans are a second source of financing. Venture capital firms invest money in a business in return for stock. These firms are groups of small investors seeking to make profits on companies with rapid growth potential. Small Business Investment Companies (SBICs) take a more balanced approach in their choices than do venture capital firms. SBICs are federally licensed to borrow money from the SBA to invest in or lend to small businesses.sole proprietorship multiplied by the number of partner-owners. There is no legal limit to the number of parties who may form a general partnership. Partners may invest equal or unequal sums of money and may earn profits that bear no relation tomoney. Among the disadvantages are transferring ownership such as through a tenderThe board of directors is a group of people elected by stockholders to oversee the management of the corporation. Corporate officers are top managers hired by theEntrepreneurship is the process of seeking business opportunities under conditions of risk. Some entrepreneurs have a goal of independence and financial security, whereas others want to launch a new venture that can be grown into a large business. Most successful entrepreneurs are resourceful and concerned for customer relations. They have a strong desire to be their own bosses and can handle ambiguity and surprises. Today's entrepreneur is often an open-minded leader who relies on networks, business plans, and consensus and is just as likely to be female as male. Finally, although successful entrepreneurs understand the role of risk, they do not necessarily regardwhich the entrepreneur summarizes business strategy for the new venture and shows how it will be implemented. Entrepreneurs must also decide whether to buy an existing business, operate a franchise, or start from scratch. Further, common funding source include personal funds, family and friends, savings, lenders, investors, and government agencies. Venture capital companies are groups of small investors seeking to make a profit on companies with rapid growth potential. Most of these firms do not lend money but rather invest it, supplying capital in return for partial ownership. Lending institutions are more likely to finance an existing business than aAnswer: The sole proprietor is owned and usually operated by one person. There are tax benefits for new businesses that are likely to suffer losses in early stages. One drawback is unlimited liability. Another disadvantage is lack of continuity. Finally, a sole proprietorship depends on the resources of a single individual. The general partnership is a sole proprietorship multiplied by the number of partner-owners. The biggest advantage is its ability to grow by adding new talent and money. A partnership is not a legal entity. It is just two or more people working together. Partners are taxed as individuals, and unlimited liability is a drawback. Partnerships may lack continuity, and transferring ownership may be hard. No partner may sell outits owners. They may sue and be sued; buy, hold, and sell property; make and sell products; and be tried and punished for crimes. An advantage of incorporation is limited liability: Investor liability is limited to personal investments in the firm. Another advantage is continuity. Corporations also have advantages in raising money. By selling stock, they expand the number of investors and available funds. One disadvantage is that a corporation can be taken over against the managers' will. Also, start-up costs are high. Corporations are regulated and must meet legal requirements in the states in which they are chartered. A drawback to incorporation is double taxation. Different kinds of corporations help businesses take advantage ofstockholders and the real owners. Profits are distributed among stockholders in the form of dividends, and managers serve at their discretion. The governing body of a corporation is its board of directors. Most board members do not participate inday-to-day management but rather hire a team of managers. This team, called officers, is usually headed by a chief executive officer, or CEO, who is responsible for overallvalued. However, in some Asian countries, the entrepreneurial spirit is often tempered by the need for consensus.。
中国专有名词的翻译
中国专有名词的英语翻译1. 素质教育：Quality Education2. EQ：分两种，一种为教育商数Educational quotient，另一种情感商数Emotional quotient3. 保险业：the insurance industry4. 保证重点指出：ensure funding for priority areas5. 补发拖欠的养老金：clear up pension payments in arrears6. 不良贷款：non-performing loan7. 层层转包和违法分包：mutlti-level contracting and illegal subcontracting8. 城乡信用社：credit cooperative in both urban and rural areas9. 城镇居民最低生活保障：a minimum standard of living for city residents10. 城镇职工医疗保障制度：the system of medical insurance for urban workers11. 出口信贷：export credit12. 贷款质量：loan quality13. 贷款质量五级分类办法：the five-category assets classification for bank loans14. 防范和化解金融风险：take precautions against and reduce financial risks15. 防洪工程：flood-prevention project16. 非法外汇交易：illegal foreign exchange transaction17. 非贸易收汇：foreign exchange earnings through nontrade channels18. 非银行金融机构：non-bank financial institutions19. 费改税：transform administrative fees into taxes20. 跟踪审计：foolow-up auditing21. 工程监理制度：the monitoring system for projects22. 国有资产安全：the safety of state-owned assets23. 过度开垦：excess reclamation24. 合同管理制度：the contract system for governing projects25. 积极的财政政策：pro-active fiscal policy26. 基本生活费：basic allowance27. 解除劳动关系：sever labor relation28. 金融监管责任制：the responsibility system for financial supervision29. 经济安全：economic security30. 靠扩大财政赤字搞建设：to increase the deficit to spend more on development31. 扩大国内需求：the expansion of domestic demand32. 拉动经济增长：fuel economic growth33. 粮食仓库：grain depot34. 粮食收购企业：grain collection and storage enterprise35. 粮食收购资金实行封闭运行：closed operation of grain purchase funds36. 粮食销售市场：grain sales market37. 劣质工程：shoddy engineering38. 乱收费、乱摊派、乱罚款：arbitrary charges, fund-raising, quotas and fines39. 骗汇、逃汇、套汇：obtain foreign currency under false pretenses, not turn over foreign owed to the government and illegal arbitrage40. 融资渠道：financing channels41. 商业信贷原则：the principles for commercial credit42. 社会保险机构：social security institution43. 失业保险金：unemployment insurance benefits44. 偷税、骗税、逃税、抗税：tax evasion, tax fraud and refusal to pay taxes45. 外汇收支：foreign exchange revenue and spending46. 安居工程：housing project for low-income urban residents47. 信息化：information-based; informationization48. 智力密集型：concentration of brain power; knowledge-intensive49. 外资企业：overseas-funded enterprises50. 下岗职工：laid-off workers51. 分流：reposition of redundant personnel52. 素质教育：education for all-round development 53. 豆腐渣工程：jerry-built projects 54. 社会治安情况：law-and-order situation 55. 民族国家：nation state56. “台独”："independence of Taiwan" 57. 台湾当局：Taiwan authorities58. 台湾同胞：Taiwan compatriots59. 台湾是中国领土不可分割的一部分：Taiwan is an inalienable part of the Chinese territory.60. 西部大开发：Development of the West Regions61. 可持续性发展：sustainable development 62. 风险投资：risk investment63. 通货紧缩：deflation 64. 扩大内需：to expand domestic demand65. 计算机辅助教学：computer-assisted instruction ( CAI )66. 网络空间：cyberspace 67. 虚拟现实：virtual reality 68. 网民：netizen ( net citizen ) 69. 电脑犯罪：computer crime 70. 电子商务：the e-business71. 网上购物：shopping online 72. 应试教育：exam-oriented education73. 学生减负：to reduce study load 74. “厄尔尼诺”：（EL Nino）75. “拉尼娜”：（La Nina）76. “智商”：（IQ）77. “情商”：（EQ）78. “第三产业”：（third/tertiary industry,service sector,third sequence of enterprises）79．“第四产业”：（quaternary/inFORMation industry）79. “军嫂”：（military spouse）80. “峰会”（香港译“极峰会议”）”：summit(conference)81. “克隆”：clone 82. “冰毒”：ice83. “摇头丸”：dancing outreach84. “传销”：multi level marketing85. “（计算机）2000年问题”：Y2K problem(y for year, k for kilo or thousand)86. “白皮书”：white paper(不是white cover book)87. “傻瓜相机”：Instamatic(商标名，焦距、镜头均固定，被称为foolproof相机)；88. “白条”：IOU note（IOU：债款、债务，由I owe you 的读音缩略转义而来）89. “巡回招聘”：milk round（一种招聘毕业生的方式，大公司走访各大学及学院，向求职者介绍本公司情况并与报名者晤谈）。
用英语关于筹钱的方式写作文
用英语关于筹钱的方式写作文Raising money can be a daunting task, but with the right strategies and determination, it is certainly achievable. Whether you are trying to fund a personal goal, a charitable cause, or a business venture, there are various methods you can explore to secure the necessary financing. In this essay, we will delve into several effective ways to raise money and discuss the pros and cons of each approach.One of the most traditional and widely-used methods for raising money is through personal savings. By diligently setting aside a portion of your income over time, you can gradually accumulate the funds needed for your endeavor. This approach requires discipline, patience, and a long-term commitment, but it has the advantage of not relying on external sources of funding. Additionally, the money you save is entirely your own, which means you maintain full control over its use and do not incur any debt or interest payments.Another common method for raising money is through crowdfunding platforms. These online platforms allow you to create a campaign and reach out to a wide audience of potential supporters,who can contribute small amounts to help you reach your fundraising goal. Crowdfunding has become increasingly popular in recent years, as it offers a convenient and accessible way for individuals and organizations to raise funds for a variety of projects, from creative endeavors to social initiatives. The beauty of crowdfunding lies in its ability to tap into the collective power of a community, leveraging the generosity and support of many people to achieve a common goal.Seeking funding from friends and family is another option worth considering. Approaching your loved ones and asking for financial assistance can be a delicate matter, but it can also be a valuable source of support. When done thoughtfully and with clear communication, borrowing from friends and family can provide you with the necessary funds without the formal constraints or credit requirements of traditional lenders. However, it's important to establish clear repayment terms and maintain open and honest dialogue to preserve these personal relationships.For those with a strong credit history and a stable financial situation, taking out a loan from a bank or other financial institution can be a viable option. Loans can provide you with a lump sum of money that you can then use for your specific purpose. The advantage of this approach is that it often comes with lower interest rates compared to alternative financing options, such as credit cards. However, it'scrucial to carefully consider the repayment terms and ensure that you have the capacity to make the required monthly payments on time to avoid any negative impact on your credit score.Another potential avenue for raising money is through the sale of personal assets. This could involve selling valuable items you own, such as jewelry, electronics, or collectibles. While this may not be a sustainable long-term solution, it can provide a quick influx of cash when you need it most. Additionally, you could consider renting out a spare room or your home through platforms like Airbnb, which can generate passive income to help you reach your financial goals.For those with a unique skill or expertise, offering freelance or consulting services can be an effective way to generate additional income. By leveraging your talents and expertise, you can provide valuable services to clients and earn money in the process. This approach allows you to work on your own terms and potentially earn a higher hourly rate compared to traditional employment.If you have a business idea or a product or service to offer, seeking investment from angel investors or venture capitalists can be a strategic way to raise money. These individuals or organizations are often willing to provide funding in exchange for equity in your company or a share of future profits. While this option may involve relinquishing some control over your venture, it can provide you withthe necessary capital to bring your idea to fruition and potentially scale your business.Finally, applying for grants or scholarships can be a valuable resource for raising money, especially for individuals or organizations pursuing specific projects or educational goals. These forms of funding are often provided by government agencies, nonprofit organizations, or private institutions, and they do not require repayment, making them a highly attractive option. However, securing grants or scholarships can be highly competitive, and the application process may be time-consuming and require extensive documentation.In conclusion, there are numerous ways to raise money, each with its own advantages and considerations. Whether you choose to rely on personal savings, crowdfunding, borrowing from friends and family, taking out a loan, selling assets, offering freelance services, seeking investment, or applying for grants and scholarships, the key is to carefully evaluate your options, weigh the risks and benefits, and select the approach that best aligns with your specific needs and goals. By employing a strategic and multifaceted approach, you can increase your chances of successfully securing the necessary funds to bring your aspirations to life.。
会计 英文版 十四单元 答案
Solutions Manualto accompanyPrinciples of Accounting2nd editionbyJerry Weygandt, Keryn Chalmers, Lorena Mitrione Michelle Fyfe, Susana Yuen, Donald Kieso, Paul KimmelChapter 14Companies: share capitalJohn Wiley & Sons Australia, LtdCHAPTER 14Companies: Share Capital ASSIGNMENT CLASSIFICATION TABLELearning Objectives QuestionsBriefExercises Exercises Problems1. Identify the majorcharacteristics of acompany.1, 2, 3, 4, 9 12. Differentiate betweenshare capital andretained earnings. 5, 6, 8, 10,11, 14, 152 3A, 4A3. Record the issue ofordinary shares. 7, 11, 12,133, 4, 5, 6 1, 2, 3, 4,5, 61A, 2A, 3A,4A, 6A, 7A4. Explain the accountingfor share buy-backs.15, 16 7 2, 4, 6, 8 6A5. Differentiate preferenceshares from ordinaryshares. 17 4, 8 3, 5, 8 1A, 4A, 6A,7A6. Prepare a shareholder s’equity section. 20 9 2, 7, 8, 9,10, 111A, 2A, 3A,4A, 5A, 6A,7A7. Compute book valueper share.18, 19 10 12, 13ASSIGNMENT CHARACTERISTICS TABLEProblemNumber Description DifficultyLevelTimeAllotted (min.)1 Journalise shares transactions, post, and prepare sharecapital section.Simple 30-402 Journalise share transactions, and prepareshareholder s’ equity section.Moderate 30-403 Journalise and post transactions, and prepare theshareholder s’ equity section.Moderate 30-404 Journalise and post ordinary and preference sharetransactions, and prepare shareholder s’ equity section.Moderate 30-405 Prepare shareholder s’ equity section.Simple 20-306 Prepare entries for share transactions and prepareshareholder s’ e quity section.Moderate 20-307 Journalise share transactions and prepare share capitalsection.Moderate 40-50BLOOM’S TAXONOMY TABLECorrelation Chart between Bloom’s Taxonomy, Learning Objectives and End-of-Chapter Exercisesand ProblemsANSWERS TO QUESTIONS1.(a) Separate legal entity. A company is separate and distinct from its owners and it acts inits own name rather than in the name of its shareholders. In contrast to a partnership, the acts of the owners (shareholders) do not bind the company unless the owners are duly appointed agents of the company.(b) Limited liability of shareholders. Because of its separate legal existence, creditors of acompany ordinarily have recourse only to company assets to satisfy their claims. Thus,the liability of shareholders is normally limited to their investment in the company.(c) Transferable ownership rights. Ownership of a company is held in shares. The sharesare transferable units. Shareholders may dispose of part or all of their interest by simplyselling their shares. The transfer of ownership to another party is entirely at thediscretion of the shareholder.2.(a) The separation of ownership and management is an advantage to a company becauseit can hire professional managers to run the company. It is also a disadvantage to a company because it prevents owners from having an active role in directly managingthe company.(b) Two other disadvantages of a company form of ownership are government regulationsand company taxation. A company is subject to numerous regulations. Companies must pay income taxes. These taxes are substantial. Publicly owned companies are alsorequired to make adequate disclosures of their financial affairs.3.(a) (1) The articles of incorporation is a document that creates a company.(2) The company constitution is the internal rules and procedures for conducting theaffairs of a company. They also indicate the powers of the shareholders, directorsand senior executives.(3) Preliminary expenses are costs incurred in the formation of a company. Thesecosts include legal fees and promotional expenditure involved in the organisationof the business. Preliminary costs are capitalised as it would be expected thatthese costs will provide future economic benefits to the company.4.In the absence of restrictive provisions, the basic ownership rights of ordinary shareholdersare the rights to:(1) vote in the election of a board of directors and in company actions that requireshareholder s’ approval.(2) share in company profits through the receipt of dividends.(3) keep the same percentage ownership when new shares of ordinary shares are issued(the preemptive right).(4) share in assets upon liquidation.5.(a) The two principal components of shareholder s’ equity for a company are share capital(the investment of cash and other assets in the company by shareholders in exchange for shares) and retained earnings. The principal source of retained earnings is profit.(b) Share capital is the term used to describe the total amount paid-up on shares. Sharecapital may result through the issue of ordinary shares and/or preference shares.6.Each of the three basic financial statements for a company differs from those for aproprietorship. The income statement for a company will have income tax expense. For a company, a retained earnings statement is prepared to show the changes in retained earnings during the period. In the statement of financial position, the owner’s equity section is called the shareholder s’ e quity section.7.Shareholders’ EquityShare Capital100 000 ordinary shares, fully paid ............................................................... 500 00050 000 ordinary shares, paid to $4 ................................................................ 200 000Total Share Capital .............................................................................. 700 000 Retained Earnings ........................................................................................ 44 000 Total Shareholders’ Equity......................................................................... $744 000 8.Par value is an arbitrary amount assigned to each share. The share issue price is the pricerequired to be paid in order to purchase the shares. Countries like Australia and New Zealand have removed the use of par value because par value is an immaterial value in relation to the issue price with no relationship with the market value of the share issued.9.Among the factors which influence the market value of shares are the company’s profits andanticipated future earnings, its expected dividend rate per share, its current financial position, the current state of the economy, and the current state of the share markets.10.When a company issue shares, cash is received by the company and the share capitalaccount is credited with the amount of shares issued, therefore increasing share capital.This is very different to stock exchange transactions where one shareholder sells some or all of their shares to another shareholder or investor. These type of transactions, known as stock exchange transactions, are not recorded by the company and therefore share capital remains the same. In these transactions, the company simply records the change in ownership of those shares often via the share registry service.11.When the board of directors of Unforgettable Houseboats Ltd makes the call theshareholders are obliged to pay the amount called. When shares are allotted, a legally binding contract is created, therefore shareholders are required to pay the amount owing as and when required. The amount per share required to be paid is $2 per share.12. If a shareholder fails to pay a call on a share the company can do one of two things:(a) take legal action against the shareholder to ensure the money is paid; or,(b) forfeit the shares. If the shares are forfeited, the shareholder who owned the sharesloses any amount paid to the company and is no longer a shareholder of the company.13.When shares are issued for services or non-cash assets, the cost should be measured at thefair value of the consideration given up (in this case, the shares). The fair value of the shares is objectively determinable than that of the land, since the shares are actively traded on the stock exchange. Therefore, the land should be recorded at $90 000.14. A company may repurchase its own shares for one of the following reasons:1. The company has surplus cash, and it does not have or is not aware of a sufficientprofitable investment opportunity.2. Management may want to avoid a takeover of the company by an outside party.3. The buy back of shares may support the shares’ market price by decreasing thenumber of shares available.4. Management may be making a financing decision, that is, it may wish to replace someof the company’s share capital with borrowed funds.15.When a company buys back its shares, the cost of the share buy-back is debited againstshareholders’ equity, normally to the sha re capital account. Cash is credited at the cost of the buy-back. Thus, this transaction: (a) has no effect on profit, (b) decreases total assets,(c) reduces share capital, and (d) decreases total shareholder s’ equity.16.Under the accounting standards, namely IAS 1 101 and AASB 101Presentation of FinancialStatements,when a company buys back its shares it requires the following disclosures:∙number of shares bought back∙price paid per share bought back∙amount debited to the shareholders’ equity accounts.The disclosure would normally be made in the notes to the financial statements.17.(a) Ordinary shares and preference shares both represent ownership of the company.Ordinary shares signifies the basic residual ownership; preference shares is ownershipwith certain privileges or preferences. Preference shareholders typically have apreference as to dividends and as to assets in the event of liquidation. However,preference shareholders generally do not have voting rights.(b) Some preference shares possess the additional features of being cumulative. Ifpreference shares are cumulative, the preference shareholders must be paid bothcurrent-year dividends and unpaid prior year dividends before ordinary shareholdersreceive any dividends.(c) Dividends in arrears are disclosed in the notes to the financial statements.18.The formula for computing book value per share when a company has only ordinary sharesissued is:TotalShareholder s’Equity ÷Number ofOrdinary SharesIssued=BookValueper ShareBook value per share represents the equity an ordinary shareholder has in the net assets of the company from owning one share.19.Book value per share represents the equity an ordinary shareholder has in the net assets ofthe company from owning one share. Market value is generally only remotely related to book value. A shares market value will reflect many factors, including the company’s profits and anticipated future earnings, its expected dividend rate per share, its current financial position, the current state of the economy, and the current state of the securities or share markets.20.The answers are summarised in the table below:Account Classification(a)(b)(c)(d)(e)(f) Ordinary sharesShare CapitalRetained EarningsPreference SharesOrdinary Share CapitalOrdinary Share CapitalShare capital — ordinary sharesShare capitalRetained earningsShare Capital — Preference SharesShare capital — Ordinary SharesShare capital — Ordinary Shares partly paidSOLUTIONS TO BRIEF EXERCISES BRIEF EXERCISE 14-1The advantages and disadvantages of a company are as follows:Advantages DisadvantagesSeparate legal existenceLimited liability of shareholders Transferable ownership rights Ability to acquire capital Continuous lifeNo mutual agency for shareholders Professional managers Separation of ownership and management Government regulationsCompany taxationBRIEF EXERCISE 14-230 June Profit and Loss Summary ............................................................ 450 000Retained Earnings ............................................................. 450 000BRIEF EXERCISE 14-310 May Cash (1000 × $10) ...................................................................... 10 000Ordinary share capital (1000 × $10)................................... 10 000BRIEF EXERCISE 14-4Cash (10 000 × $6) ................................................................................... 60 000 Ordinary Share Capital .................................................................... 60 000 Cash (3000 × $12) .................................................................................... 36 000 Preference Share Capital ................................................................ 36 000BRIEF EXERCISE 14-520 June Cash (Trust Account) .................................................................. 12 000Application ......................................................................... 12 000(Record of receipt of application monies)25 June Application (3000 × $4) ............................................................... 12 000Allotment (3000 × $2) ................................................................. 6 000Ordinary Share Capital ...................................................... 18 000(To record issue of 3000 shares)25 June Cash .......................................................................................... 12 000Cash (Trust Account) ......................................................... 12 000(Transfer application money to bank account)BRIEF EXERCISE 14-6Land (5000 × $8) .......................................................................................... 40 000 Ordinary share capital (5000 × $8) ...................................................... 40 000 BRIEF EXERCISE 14-71 May Ordinary Share Capital (500 × $9) .............................................. 4 500Cash ................................................................................. 4 500 Record buy-back of sharesBRIEF EXERCISE 14-8Cash (5000 × $60) ........................................................................................ 300 000 Preference Share Capital (5000 × $60) ............................................... 300 000 BRIEF EXERCISE 14-9INGHAM LTDStatement of Financial Position (partial)as at 30 JuneShareholders’ equityShare capitalShares5000 Ordinary shares, fully paid ..................................................... $ 50 0003000 Preference shares, fully paid .................................................. 300 000 Total share capital ................................................................. 350 000 Retained earnings ...................................................................................................... 45 000 Total Shareholders’ equity .............................................................. $395 000 BRIEF EXERCISE 14-10Book value per share = $20.25 or ($810 000 ÷ 40 000).SOLUTIONS TO EXERCISESEXERCISE 14-1(a) 10 Jan Cash (70 000 × $10) .......................................................... 700 000Ordinary share capital(70 000 × $10)....................... 700 00010 June Cash (40 000 × $16) .......................................................... 640 000Ordinary share capital(40 000 × $16)....................... 640 000(b) Share Capital70 000 Ordinary Shares, fully paid ..................................... 700 00040 000 Ordinary Shares, fully paid ..................................... 640 000 1340 000EXERCISE 14-2(a)10 July Cash (Trust Account) (100 000 × $10) ..................... 1 000 000Application ...................................................... 1 000 00010 Aug Application (100 000 × $10) ..................................... 1 000 000Allotment (100 000 × $10) ........................................ 1 000 000Ordinary Share Capital .................................... 2 000 00010 Aug Cash ....................................................................... 1 000 000Cash (Trust Account) ...................................... 1 000 00030 Aug Cash ....................................................................... 1 000 000Allotment ......................................................... 1 000 00010 Sep Call (100 000 × $10)................................................. 1 000 000Ordinary Share Capital .................................... 1 000 00030 Sep Cash ....................................................................... 1 000 000Call ................................................................. 1 000 000(b)XYZ LIMITEDStatement of Financial Position (partial)as at 30 JuneShareholders’ equityShare capital100 000 ordinary shares, fully paid .................................................. $3 000 000 Total share capital ............................................................... 3 000 000 Retained earnings ......................................................................................... 70 000 Total shareholders’ equity.................................................... $3 070 0001 July Cash (Trust Account) (40 000 × $4) .......................... 160 000Application..................................................... 160 0001 Aug Application (40 000 × $4) ......................................... 160 000Allotment (40 000 × $4) ............................................ 160 000Ordinary Share Capital .................................. 320 0001 Aug Cash ...................................................................... 160 000Cash (Trust Account) .................................... 160 00015 Aug Cash ...................................................................... 160 000Allotment ....................................................... 160 00030 Aug Call (40 000 × $4) ..................................................... 160 000Ordinary Share Capital .................................. 160 00015 Sep Cash ...................................................................... 160 000Call ................................................................ 160 0001 Jan Cash ...................................................................... 1 000 000Preference Share Capital .............................. 1 000 0001 March Land ...................................................................... 140 000Ordinary Share Capital .................................. 140 0001 June Ordinary Share Capital (5000 x $10) ........................ 50 000Cash.............................................................. 50 000 (b)A. LIMITEDStatement of Financial Position (partial)as at 30 JuneShareholders’ e quityShare capital45 000 ordinary shares, fully paid .......................................................... $ 570 00040 000 preference shares, fully paid ...................................................... 1 000 000Total share capital ...................................................................... 1 570 000 Retained earnings ............................................................................................. 45 000 Total shareholders’ equity .......................................................... $1 615 00015 May Call (10 000 × $4) .............................................................. 40 000Ordinary Share Capital ........................................... 40 00030 May Cash (8000 × $4) ............................................................... 32 000Call ......................................................................... 32 00030 May Ordinary Share Capital (2000 × ($8 + $8 +$4)) .................. 40 000Call (2000 × $4) ...................................................... 8 000Forfeited Shares Account (2000 × ($8 + $8) ........... 32 00010 June Cash (2000 × $16) ............................................................. 32 000Forfeited Shares Account (2000 × $4) ............................... 8 000Ordinary Share Capital (2000 × $20) ...................... 40 000 (b)Forfeited Shares AccountNo. 612 Date Explanation Ref. Debit Credit Balance30 May 32 000 32 000 10 June 8 000 24 000EXERCISE 14-52 March Equipment .................................................................................. 60 000Ordinary Share Capital (5000 × $12) ................................. 60 000 12 June Cash .......................................................................................... 750 000Ordinary Share Capital (60 000 × $12.50) ......................... 750 000 11 July Cash (1000 × $55) ...................................................................... 55 000Preference Share Capital (1000 × $55) ............................. 55 000 28 Nov. Ordinary Share Capital (2000 × $10) .......................................... 20 000Cash ............................................................................ 20 000EXERCISE 14-6(1) Land ................................................................................................... 110 000Ordinary Share Capital ............................................................... 110 000 (2) Land (20 000 × $11) ............................................................................ 220 000Ordinary Share Capital (20 000 × $11) ....................................... 220 000(a) Mar. 1 Ordinary Share Capital (25 000 × $8.50) ......................... 212 500Cash....................................................................... 212 500 (b)SMALL LTDStatement of Financial Position (partial)as at 1 May 2010Shareholders’ equityShare Capital75 000 ordinary shares, fully paid ............................................................ 37 500Retained earnings ............................................................................................. 125 000 Total Shareholders’ equity .............................................................. 162 500 EXERCISE 14-8(a) 1 Feb. Cash (20 000 × $51) ..................................................... 1 020 000Preference Share Capital .................................... 1 020 000(20 000 × $51)1 June Cash (10 000 × $57) ..................................................... 570 000Preference Share Capital .................................... 570 000(10 000 × $57)(b)Preference Share CapitalDate Explanation Ref. Debit Credit BalanceFeb. 1 June 1 1 020 000570 0001 020 0001 590 000(c) Preference Share Capital — listed under Share Capital in the shareholders’ equity section ofthe balance sheet.EXERCISE 14-9CORAL LTDPartial Statement of Financial Positionas at 30 June 2010Shareholders’ equityShare capital100 000 Ordinary shares, fully paid........................................................ 1 500 00030 000 Ordinary shares, partly paid ....................................................... 280 00050 000 Preference shares, 8% dividend, fully paid ................................. 500 000Total share capital ......................................................... 2 280 000 Retained earnings ........................................................................... 1 134 000 T otal shareholders’ equity............................................. $3 414 000MEMOTo: CEO __________________________From: Your name , Chief AccountantRe: Questions about Shareholders’ Equity SectionYour memorandum about the shareholders’ equity section was received this morning. I hope the following will answer your questions.(a) 600 000 ordinary shares have been issued.(b) The issue price is $4 per share. (Ordinary shares issued $2 400 000 ÷ 600 000 shares.)(c) The issue price of the preference shares is $100 per share. (Preference share $1 200 000 ÷12 000 shares.)(d) The dividend rate is 5% or ($60 000 ÷ $1 200 000).(e) The Retained Earnings balance is still $3 716 000. Cumulative dividends in arrears are onlydisclosed in the notes to the financial statements.If I can be of further help, please contact me.COMMUNICATIONS LTDStatement of Financial Position (partial)Shareholde rs’ equityShare capital60 000 ordinary shares, fully paid1 ................................................ $ 925 00015 000 preference shares, fully paid ............................................. 300 000Total share capital ............................................................... 1 225 000 Retained earnings .................................................................................. 120 000 Total shareholders’ equity ............................................................. $1 345 0001 Ordinary share capital made up as follows:30 000 issued at $15 per share $450 00020 000 issued at $16 per share 320 00010 000 issued at $15.50 per share 155 000$925 000EXERCISE 14-12Total shareholders’ equity................................................................................. $2 500 000 Ordinary shares issued ..................................................................................... ÷ 125 000 Book value per share ........................................................................................ $ 20 EXERCISE 14-13Total shareholders’ equity (after deducting preference share capital) ................ $300 000 Ordinary shares issued ..................................................................................... ÷ 100 000 Book value per ordinary share .......................................................................... $ 3SOLUTIONS TO PROBLEMSPROBLEM 14-1(a) Jan. 10 Cash (100 000 × $6) ........................................................ 600 000Ordinary Share Capital (100 000 × $6) ..................... 600 000 Mar. 1 Cash (10 000 × $55) ........................................................ 550 000Preference Share Capital (10 000 × $55) ................. 550 000 Apr. 1 Land ................................................................................ 180 000Ordinary Share Capital (25 000 × $7.20) .................. 180 000 May 1 Cash (75 000 × $8) .......................................................... 600 000Ordinary Share Capital (75 000 × $8) ....................... 600 000 Aug. 1 Equipment ....................................................................... 100 000Ordinary Share Capital (10 000 × $10) ..................... 100 000 Sept. 1 Cash (5000 × $12)........................................................... 60 000Ordinary Share Capital (5000 × $12) ........................ 60 000 Nov. 1 Cash (2000 × $58)........................................................... 116 000Preference Share Capital (2000 × $58) .................... 116 000 (b)Preference Share CapitalDate Explanation Ref. Debit Credit BalanceMar. 1 Nov. 1 J1J1550 000116 000550 000666 000Ordinary Share CapitalDate Explanation Ref. Debit Credit BalanceJan. 10 Apr. 1 May 1 Aug. 1 Sept. 1 J1J1J1J1J1600 000180 000600 000100 00060 000600 000780 001380 0001 480 0001 540 000(c) HOUMBLE LTDStatement of Financial Position (partial)as at 31 Dec 2010Shareholders’ equ ityShare capital215 000 ordinary shares, fully paid ............................................. $ 1 540 00012 000 preference shares, fully paid ........................................... 666 000Total share capital ............................................................. $2 206 000。
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非专利技术出资
• 这种技术在权益占有和权益为维护方面的 困难，故而在技术贸易中所占的比重不高， 在股东出资形式中意义并不突出。
非货币出资
• 与货币出资不同，非货币出资的财产价值无法直 接由其自身客观表现，而必须依赖人的主观评价， 不同的人，基于不同的立场，使用不同的方法， 会对同一项出资做作出不同、甚至差额甚大的价 值判断，出资者往往会对其出资作出正面的、较 高的评价，而他人则往往会作出相反的、较低的 评价。同时，非货币出资的价值又具有较强的变 动性，除其自身可能发生的自然增值或贬值、添 附或毁损外，因时间、地点和其他外界因素、环 境的变化，也会引起非货币出资价值的重大变化。 这些都决定了对货币出资必须在确定一个具体日 期的基础上进行客观的价值评估。
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A、B、C三人经协商，准备成立一家有限责任公司甲，主要从事家具的生产，其中A为 公司提供厂房和设备，经评估作价25万元，B从银行借款20万元现金作为出资，C原为 一家国、B、C签订协议后，向工商局申请注册。请问： （1）本案包括哪几种出资形式？并分析A、B、C的出资效力。
• 1、出资额是否可以每个地方都不一样，可 询问工商登记机关。 • 2、商标专用权出资是可以，但应该出具股 东的协议。 • 3、公司登记一般是谁出资股东写谁的名字, 如果公司出资股东栏里就应写三个公司名 字,不能指定代表,因为这里涉及到股东承担 的法律责任问题。公司注册后各股东公司 各指定代表来共同管理公司。
债券出资
• 债券出资的特殊性与股权出资类似，虽然债权的价值或债 权金额是确定无疑的，但债权的实现却具有较大的或然性， 债务人的商业信用或支付能力对债权的实现起着决定性的 作用，除债务人对债权本身的存在和数额可能存有异议、 必须通过司法或仲裁程序加以裁决的情形外，即使已经获 得司法或仲裁胜诉裁决的债权，甚至已经处于法院强制执 行之下的债权，都可因债务人丧失客观的偿付能力或陷入 破产而无法实现，在债务人恶意逃债成习的恶劣商业环境 下，债权更具有很大的落空风险。而在股东有意将已经无 望实现的债权、甚至连债务人都不见踪影的不良债权充作 出资的时候，相应部分的资本事实上就变成了虚假资本， 因此，对债权出资的价值评估应充分考虑其不能实现的风 险。债权出资后的因各种情况变化导致债权最终不能实现 的，也不应因此而认定出资为不真实。
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• A。B。C三家公司准备共同出资30万人民币成立 一家有限公司，从事服装生产。其中A公司以注 册商标专用权作为出资，价值9万元人民币。B公 司以机器设备出资11万元人民币。C公司出资10 万元人民币。其后，三个股东各指定一名代表向 公司登记机关申请设立登记，但未予以登记。 • 1，这家有限责任公司的出资额时候符合法定资本 最低限额？ • 2，股东的出资方式是否合法？ • 3，股东全部出资后能否可以由各自的指定代表向 公司登记机关申请设立登记？为什么？
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（2）甲公司能否成立？为什么？
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[析]：本案例中有三种出资形式：即实物，现金，无形资产。其中A的出资为 实物出资，符合我国《公司法》的规定；B虽然是从银行借的资金，当并不影 响其出资能力，故属货币出资，符合我国《公司法》的规定；C的出资是无 形资产，但我国《公司法》只规定工业产权和非专利技术可作为无形资产出 资，以管理能力作为出资不符合我国《公司法》的规定。 （2）甲公司不能成立。因为作为生产型公司的注册资金必须50万元以上，而 C的出资不符合公司法要求，A、B出资相加不足50万元，没有达到法定最低 资本额。
Disadvantages of the Assets in Raising Capital
货币出资
• 在中国，货币出资对许多当事人来说又往 往是最困难的出资形式，一些投资者拥有 大量的实物、土地、工业产权等，但惟独 缺少货币资金，尤其是某些国有企业，资 产雄厚，规模巨大，但现今流量却严重不 足，甚至连工资的支付都发生严重困难， 其对外投资、公司改制和上市的主要目的 恰是向社会募集资金，摆脱资金的困境。 因此，实践中，越是大型企业的巨额出资， 货币出资所占比例越小，越是小型公司的 小额出资，货币出资所占比例越大。
实物出资
• 实物出资在外商投资公司中的认定存在较 为复杂的情况。一些中外合资公司虽然在 合同和章程中规定外国投资者以外汇货币 出资，但实际上往往是由外国投资者在中 国境外购买设备或生产线向合资公司投入， 此种情况下需根据资金的流动和支付确定 属于货币出资还是实物出资。
股权出资
• 股权有其特殊性，由于股权的价值并不取 决于其自身，也不取决于股东获得股权时 原始投入的出资额，而取决于股权所在公 司总资产减去总负债的余额，即公司的净 资产或股东权益，同时，股权的价值又不 稳定，是随其所在公司的经营结果和资产 变化而随时变动的。