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小企业管理第四讲
SmallBusinessManagement
ProfessorHornadayLecture4
SmallBusinessSourcesof
CommercialCreditCommercialBankLoans-36%CommercialBankMortgages-25%FinanceCompanies-23%VentureCapital-10%SBALoans-6%Source:SBA,1996
GoalsofGovernmentAssistanceEconomicGoalsIncreaseEconomicEfficiencyIncreaseEconomicGrowthProvideFinancingnotAvailablefromthePrivateSectorPoliticalGoalsProvideEmploymentIncreaseBusinessOwnershipNarrowIncomeGapProvideaForumforSmallFirms
1995SmallBusinessAdministration(SBA)LoanPrograms504DevelopmentLoans-$2,5007(a)LoanGuarantees-$7,700SBICSeedMoney-$375Source:SBA,1996($millions)
SBAGuaranteedLoansLenderofLastResortIndependentlyOwnedandOperatedNotDominantInFieldMax$500K,Average$175KSBAGuarantees85-90%ofLoanRequireCollateralandPersonalGuaranteesPrimeRate+2.75%for10-25YearsSource:SBA,1996
1995SBAGovernmentLoansUsedbyLessthan1%ofSmallBusinesses55,600LoansGuaranteedValuedat$9BillionDefaultRateof19%
RisksofBankLending50%ofU.S.Start-UpsGoneafter3yearsBanksUseDepositorFundsforLoansBanksnotVentureCapitalistsLackofBankIndustryandMarketExpertiseBankTransactionCosts
The“5Cs”ofBankLendingCharacterCapacityCapitalCollateralConditions
SmallBanksLendtoSmallBusinesses
Source:WSJ,1996%ofSmallBusinessLoans
OutstandingLoansin1995LargeBanks-$71.9BillionSmallBanks-$212.3BillionsSource:SBA,1996
EarlyFinancingStages
NoRevenues,NoProfitsSeedExpansionLateStageHigherRiskLowerRiskConceptDevelopmentCommercialization
InflowsintoUSVentureCapitalFundsSource:TheEconomist,2000Billions
1995VentureCapitalSeedMoney
Source:BusinessWeek,1996$MillionsCommunicationsInformationSoftwareDistributionProductsHealthCare
U.S.Start-UpVentureCapital
1stQuarter2000Source:WSJ,2000Billions
VentureCapitalandtheInternetSource:WSJ1999Billions
IrreducibleUncertaintyInvestmentBhid
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