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金融代写|公司金融学代写Corporate Finance代考|Bank Loans

如果你也在 怎样代写公司金融学Corporate Finance 这个学科遇到相关的难题,请随时右上角联系我们的24/7代写客服。公司金融学Corporate Finance是金融的一个领域,涉及资金来源、公司的资本结构、管理者为增加公司对股东的价值而采取的行动,以及用于分配金融资源的工具和分析。公司金融的主要目标是最大化或增加股东价值。

公司金融学Corporate Finance相应地,公司财务包括两个主要的分支学科。[引用]资本预算涉及到设定标准,以确定哪些增值项目应该获得投资资金,以及是否用股权或债务资本为该投资融资。营运资金管理是对公司货币资金的管理,涉及流动资产和流动负债的短期经营平衡;这里的重点是管理现金、存货和短期借贷(如提供给客户的信贷条件)。

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金融代写|公司金融学代写Corporate Finance代考|Bank Loans

金融代写|公司金融学代写Corporate Finance代考|Bank Loans

Loans are usually made to companies by banks, either by one bank or a number of banks. ${ }^{130}$ It is, of course, possible for a company to borrow from other parties, such as individuals (for example, directors) or from other companies (for example, parent companies or others in the same group). Such loans are quite likely to be subordinated, ${ }^{131}$ but will still contain both contractual and maybe proprietary protection for the lender, as discussed below in relation to bank loans.

One main distinction to be drawn in relation to loans to companies is between committed and on-demand lending. ${ }^{132}$ The most common example of on-demand lending is an overdraft, which, together with credit card finance, is the most common form of debt finance for SMEs. ${ }^{133}$ Once agreed between the bank and the customer, ${ }^{134}$ the customer can draw more money from its current account with the bank than it has paid in, up to the agreed limit. Normally, an overdraft is repayable on demand, although this can be varied by contrary agreement. Whether there is contrary agreement depends on the interpretation of the particular facility letter: the mere fact that the overdraft is available for a period of time does not mean that a provision that it is repayable on demand is ineffective. ${ }^{135}$ This means that, unless the company takes specific steps to ensure appropriate wording in the overdraft documentation, it is in danger of the finance being withdrawn without notice when it itself is not in breach. ${ }^{136}$ In theory this makes an overdraft a risky form of financing for a company, despite its popularity among small businesses. ${ }^{137}$ There are, however, two ameliorating factors. First, generally a bank will not demand repayment of an overdraft without reason, and is, in fact, usually keen to continue the lending relationship with a company that is able to service its debts, since the interest payable on the overdrawn account is a source of income for the bank. ${ }^{138}$ Second, the bank is obliged to honour cheques drawn on the account before demand. ${ }^{139}$

A committed facility is where the bank is committed to lend throughout a certain period, usually subject to the fulfilment of certain conditions. ${ }^{140}$ It may be a term loan, where the amount lent is advanced all at once or in successive tranches, repayable in a single (‘bullet’) repayment or according to a payment schedule (‘amortising’). ${ }^{141}$ It may have more flexibility, as in a revolving facility, which is similar to an overdraft in that the company can draw down, repay and draw down again, up to the date the facility ends, when the borrowings have to be repaid. A company is more likely to use a term loan for a one-off purchase, such as land, or in an acquisition, and a revolving facility to raise working capital. ${ }^{142}$ An even more flexible loan is a standby credit ${ }^{143}$ or ‘swingline, ${ }^{144}$ which is often used to support an issue of commercial paper. ${ }^{145}$ This is a short-term advance which may not be used at all, but can be used to tide the company over if it has to repay some commercial paper but does not want to issue another batch immediately because of market conditions.

金融代写|公司金融学代写Corporate Finance代考|Multiple Lenders

Where the loan required is large, the risk of making it is usually spread among a number of lenders, through syndication and/or through the use of subordination. Syndication involves one bank, mandated by the company to arrange the loan, preparing an information memorandum about the company and soliciting other banks to join it in making the loan. Each bank in fact makes a separate loan to the company, so that their liability is several. This has the effect that no bank is liable if another bank fails to lend or becomes insolvent, ${ }^{147}$ and also enables individual banks to exercise set-off rights against individual borrowers. It also means that each bank can enforce the debt due to it itself. As mentioned above, the administrative duties of the syndicated loan are carried out by an agent (usually one of the banks making the loan). Syndicated loans are discussed in detail in 7.4 below.

In many financing structures, for example in an acquisition or leveraged buy-out, it is usual for the amount of finance available to be increased using subordination. ${ }^{148}$ Subordination may be achieved by the junior creditor agreeing not to recover until the senior creditor has been paid in full, or that it will hold any recoveries on trust for the senior creditor. ${ }^{149}$ The senior creditor is encouraged to lend more, as the junior debt provides a ‘cushion’ which will be lost first in the event of the insolvency of the borrower, and the junior creditors obtain a much higher interest rate, which compensates them for the extra risk they carry. ${ }^{150}$ Sometimes the subordination is structural. ${ }^{151}$ The junior debt layer may also be financed by the issuing of high-yield bonds rather than by a loan. ${ }^{152}$

It should be remembered that all debt can be sold, and so any bank making one of the loans described above can, if it wishes, pass on the credit risk of the loans it makes by transferring the debts represented by those loans. As mentioned above, there is a strong market in syndicated loans, and other loans can be disposed of by securitisation. ${ }^{153}$ By transferring the loans they make, banks can obtain more capital to make more loans, and can reduce the amount of capital they have to hold under the capital adequacy requirements of Basel III.

金融代写|公司金融学代写Corporate Finance代考|Bank Loans

公司金融学代写

金融代写|公司金融学代写Corporate Finance代考|Bank Loans

贷款通常是由一家银行或多家银行向公司提供的。${}^{130}$当然,公司也可以向其他方借款,例如个人(例如,董事)或其他公司(例如,母公司或同一集团的其他公司)。这种贷款很可能是从属的,${}^{131}$,但仍将包含对出借人的合同保护和可能的所有权保护,如下文将讨论与银行贷款有关的问题。

对公司贷款的一个主要区别是承诺贷款和按需贷款。按需借贷最常见的例子是透支,它与信用卡融资一起,是中小企业最常见的债务融资形式。${}^{133}$一旦银行和客户达成协议,${}^{134}$客户可以在约定的限额内从银行的活期账户中提取比已支付的更多的钱。通常情况下,透支是按需偿还的,尽管这可以通过相反的协议来改变。是否存在相反的协议取决于对特定便利函的解释:透支在一段时间内可用的事实并不意味着一项要求即付的规定无效。${}^{135}$这意味着,除非公司采取具体步骤确保在透支文件中使用适当的措辞,否则它有可能在自己没有违约的情况下,在没有通知的情况下提取资金。理论上,这使得透支成为公司的一种风险融资形式,尽管它在小企业中很受欢迎。${}^{137}$然而,有两个改善因素。首先,一般来说,银行不会无故要求偿还透支,事实上,银行通常热衷于继续与有能力偿还债务的公司保持贷款关系,因为透支账户的应付利息是银行的收入来源。第二,银行有义务承兑在付款人要求付款前开出的支票。$ {} ^ {139} $

承诺贷款是指银行承诺在一定期限内提供贷款,通常须满足某些条件。${}^{140}$这可能是一种定期贷款,其中借出的金额一次性或连续分期预付,在一次(“项目”)还款或根据付款时间表(“摊销”)偿还。${}^{141}$它可能具有更大的灵活性,就像循环贷款一样,它类似于透支,因为公司可以提取,偿还和再次提取,直到工具结束之日,借款必须偿还。公司更有可能将定期贷款用于一次性购买,如土地,或在收购中,以及循环设施来筹集营运资金。更灵活的贷款是备用信贷${}^{143}$或’swingline ‘, ${}^{144}$,通常用于支持商业票据的发行。${}^{145}$这是一笔短期垫款,可能根本不会使用,但如果公司必须偿还一些商业票据,但由于市场情况而不想立即发行另一批票据,则可以用于渡过难关。

金融代写|公司金融学代写Corporate Finance代考|Multiple Lenders

如果需要的贷款数额很大,放贷的风险通常通过银团和(或)使用从属关系在若干贷方之间分摊。辛迪加是指一家银行受公司委托安排贷款,准备一份关于公司的信息备忘录,并邀请其他银行参与贷款。实际上,每家银行分别向公司提供贷款,因此它们的负债是多重的。这样做的结果是,如果另一家银行不能贷款或破产,没有银行承担责任,而且还使个别银行能够对个别借款人行使抵销权。这也意味着每家银行都可以强制执行自己欠下的债务。如上所述,银团贷款的管理职责由代理机构(通常是发放贷款的银行之一)执行。银团贷款将在下文7.4中详细讨论。

在许多融资结构中,例如在收购或杠杆收购中,通常使用从属关系来增加可用的融资额。${}^{148}$次级债权人可以通过以下方式实现从属:同意在优先债权人得到全额偿付之前不追偿,或者它将以信托方式为优先债权人持有任何追偿款项。${}^{149}$高级债权人被鼓励借出更多的钱,因为次级债务提供了一个“缓冲”,在借款人破产的情况下,它将首先失去,而且次级债权人获得了更高的利率,这补偿了他们所承担的额外风险。${}^{150}$有时从属关系是结构性的。${}^{151}$次级债务

金融代写|公司金融学代写Corporate Finance代考

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微观经济学代写

微观经济学是主流经济学的一个分支,研究个人和企业在做出有关稀缺资源分配的决策时的行为以及这些个人和企业之间的相互作用。my-assignmentexpert™ 为您的留学生涯保驾护航 在数学Mathematics作业代写方面已经树立了自己的口碑, 保证靠谱, 高质且原创的数学Mathematics代写服务。我们的专家在图论代写Graph Theory代写方面经验极为丰富,各种图论代写Graph Theory相关的作业也就用不着 说。

线性代数代写

线性代数是数学的一个分支,涉及线性方程,如:线性图,如:以及它们在向量空间和通过矩阵的表示。线性代数是几乎所有数学领域的核心。

博弈论代写

现代博弈论始于约翰-冯-诺伊曼(John von Neumann)提出的两人零和博弈中的混合策略均衡的观点及其证明。冯-诺依曼的原始证明使用了关于连续映射到紧凑凸集的布劳威尔定点定理,这成为博弈论和数学经济学的标准方法。在他的论文之后,1944年,他与奥斯卡-莫根斯特恩(Oskar Morgenstern)共同撰写了《游戏和经济行为理论》一书,该书考虑了几个参与者的合作游戏。这本书的第二版提供了预期效用的公理理论,使数理统计学家和经济学家能够处理不确定性下的决策。

微积分代写

微积分,最初被称为无穷小微积分或 “无穷小的微积分”,是对连续变化的数学研究,就像几何学是对形状的研究,而代数是对算术运算的概括研究一样。

它有两个主要分支,微分和积分;微分涉及瞬时变化率和曲线的斜率,而积分涉及数量的累积,以及曲线下或曲线之间的面积。这两个分支通过微积分的基本定理相互联系,它们利用了无限序列和无限级数收敛到一个明确定义的极限的基本概念 。

计量经济学代写

什么是计量经济学?
计量经济学是统计学和数学模型的定量应用,使用数据来发展理论或测试经济学中的现有假设,并根据历史数据预测未来趋势。它对现实世界的数据进行统计试验,然后将结果与被测试的理论进行比较和对比。

根据你是对测试现有理论感兴趣,还是对利用现有数据在这些观察的基础上提出新的假设感兴趣,计量经济学可以细分为两大类:理论和应用。那些经常从事这种实践的人通常被称为计量经济学家。

MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中,其中问题和解决方案以熟悉的数学符号表示。典型用途包括:数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发,包括图形用户界面构建MATLAB 是一个交互式系统,其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题,尤其是那些具有矩阵和向量公式的问题,而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问,这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展,得到了许多用户的投入。在大学环境中,它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域,MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要,工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数(M 文件)的综合集合,可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

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