點揭模式：空白處點一下就顯示該格答案，再點可藏起。適合投影提問。Click mode: tap a blank to reveal that answer; tap again to hide it. Useful when projecting questions.
畫筆已開：可在筆記任何位置書寫。關閉畫筆後才可捲動、放大、點揭或開連結。筆跡會跟住文字，放大縮小都不會走位。寫完請按「分享」，在 iPad 選郵件寄出。Pen is on: write anywhere on the notes. Turn the pen off to scroll, pinch-zoom, tap blanks, or open links. Ink stays glued to the text when you zoom. When finished, tap Share and choose Mail on iPad.
HTMS 企會財科課堂筆記 | 編輯：Mr. Sam Wong | 重要聲明：本課堂筆記僅供已購買課本之學生使用，並僅限內部參考。HTMS BAFS Lesson Notes | Editor: Mr. Sam Wong
Important: These lesson notes are intended only for students who have purchased the textbook and are for internal use only.
對齊中五選修財務管理 503（課堂筆記《融資方式》）。預算編製、資本投資評估、營運資金管理、風險管理不在本章，見 502、504–506。 Aligned with F5 Elective Financial Management 503 (class notes Sources of Financing). Budgeting, capital investment appraisal, working capital management and risk management are not in this chapter; see 502 and 504–506.
讀完本章，應能：
After this chapter you should be able to:
三種分類。考試寫某一種融資方法時，三軸都要分得清。
Three categories. In the exam, one financing method must be placed on all three axes.
短期籌資是指獲得短期資金的融資方式，所得的資金可供企業使用不足一年。
Short-term financing refers to the sources of financing that provide capital for a period of less than one year.
長期籌資是指獲得長期資金的融資方式，所得的資金可供企業使用一年以上。
Long-term financing refers to the sources of financing that provide capital for a period of more than one year.
股本融資代表資金由企業東主提供。
Equity financing means that funds are supplied by the owners of the firm.
舉債融資代表資金由企業東主以外的人提供。
Debt financing means that funds are supplied by people other than the owners.
內部籌資代表企業以內部產生的現金流量來應付資金需要。
Internal financing means that funds are obtained from the firm’s internally generated cash flows.
向外籌資代表企業向外界籌集資金。
External financing means that funds are obtained from sources outside the firm.
正確：10 年銀行貸款 = 長期融資 + 舉債融資 + 外界融資。易錯：只寫「貸款＝舉債」就停筆，漏了時間和內外。
Correct: a 10-year bank loan = long-term financing + debt financing + external financing. Trap: stopping at “loan = debt” and leaving out time and internal / external.
樂澄父母要為屯門請茶翻新舖面，向銀行借一筆 10 年期裝修貸款。錢不是股東掏腰包，也不是店裡賺回來的留存利潤，所以三個標籤一齊寫：長期、舉債、向外。
Chloe’s parents renovate the Tuen Mun Try Tea shop with a 10-year bank loan. The money is not from the owners’ pockets and not from retained profits, so write all three labels: long-term, debt, external.
不要把「股本融資」當成「內部籌資」的另一個名字。發行新普通股是股本、也是向外；只有留存利潤才是內部股本。
Do not treat equity financing as another name for internal financing. Issuing new ordinary shares is equity and external; only retained profits are internal equity.
小練習 503.1Quick check 503.1
題 1Q1
銀行透支讓請茶在往來帳戶透支應付週末進貨。按時間、提供者、來源，三個標籤是甚麼？
A bank overdraft lets Try Tea draw on its current account to pay for weekend stock. What are the three labels by time, fund supplier and source?
答案：短期；舉債；向外
Answer: short-term; debt; external
透支通常不足一年；錢來自銀行（東主以外）；不是店內現金流量。
An overdraft is typically for less than one year; the bank is not an owner; the funds are not internally generated cash flows.
題 2Q2
梓軒說：「向股東發行新股就是內部籌資，因為錢來自東主。」錯在哪裡？
Tsz Hin says: “Issuing new shares to owners is internal financing, because the money comes from the owners.” Where is he wrong?
答案：股本融資 ≠ 內部籌資；發行新股是向外籌資
Answer: equity ≠ internal; issuing new shares is external financing
以下都是金融工具。中文筆記把這一組叫短期籌資方式；英文筆記標作短期舉債融資。
These are financing instruments. The English notes group them as short-term debt financing; the Chinese notes head them as short-term financing methods.
貿易賒帳從供應商中取得。企業延遲支付購貨款項，並須在信用期限（又稱賒帳期間）內任何時候結清債務。
Trade credit is obtained from its suppliers. The firm can defer payments for its purchases and settle anytime within the credit period.
請茶向元朗茶葉批發商入貨，發票寫 30 日內付款。這 30 日店裡可以先賣珍珠奶茶，再才結帳——不是銀行借貸，是供應商給的貿易賒帳。
Try Tea buys from a Yuen Long tea wholesaler on 30-day invoices. For those 30 days the shop can sell cups first and pay later — not a bank loan, but trade credit from the supplier.
銀行短期貸款是向銀行借取的小額款項，用以解決短期的資金需要。例子：銀行透支——企業從往來存款帳戶提取的金額超出其存款額。
Short-term bank loans meet short-term needs. An overdraft allows a firm to draw a cheque on its current account for more than it has deposited.
如果企業的規模較小或剛開業，銀行可能要求它以資產作抵押品（例如存貨、應收帳款或物業）。
If the firm is small or newly established, creditworthiness is low and collateral is demanded.
請茶兼職週五出糧，學生客卻週六才湧現。文諾建議開一個透支額度，週末銷售入帳後自動填回——這是短期需要，不是買舖。
Try Tea pays part-timers on Friday, but student customers peak on Saturday. Marcus suggests an overdraft that fills back when weekend sales hit the account — a short-term need, not a shop purchase.
商業票據由大型銀行和知名企業所發行的短期債務。
Commercial paper is a short-term debt obligation issued by large banks and well-known corporations.
請茶這種新開的地區茶飲店不能當「知名企業」去發行商業票據。不要在小店個案寫商業票據。
A new neighbourhood drinks shop such as Try Tea is not a well-known corporation. Do not write commercial paper for a small-shop case.
應計費用是企業在某期間招致，但在期末尚未繳付的費用（例：應計工資）。屬流動負債。企業可以在限期前運用那筆資金，而無須就此支付利息。
Accrued expenses are expenses incurred during a period but not paid by the end of that period (e.g. accrued wages). They are current liabilities and usually involve no interest costs.
請茶兼職這個月已經上了更，工資卻要月尾才出。這筆應計工資在出糧前仍留在公司戶口，短期可用，通常也不另計利息。
Try Tea’s part-timers have already worked this month, but wages are paid at month-end. Until payday those accrued wages stay in the firm’s account — short-term funds, usually with no extra interest.
企業把應收帳款售予財務機構（應收帳款收購商），以提早收回現金。售價通常低於到期日可收取的金額，這是提早收回現金的代價。
Factoring is selling accounts receivable at a discount to a financial institution for cash.
家明替請茶接了一單學校旅行團茶點，校務處 60 日後才付款。若下週就要付租金，可以把這張應收帳款折價賣給財務公司，先拿現金——少收的那截就是提早套現的代價。
Ka Ming booked a school-tour drinks order for Try Tea; the office pays in 60 days. If rent is due next week, the receivable can be sold at a discount to a factor for cash now — the discount is the price of getting cash early.
小練習 503.2AQuick check 503.2A
題 1Q1
欣怡把「週五先用、月尾才出的兼職薪金」寫成銀行透支。正確名稱是甚麼？為甚麼通常沒有利息？
Yan labels “part-time wages used this week but paid at month-end” as a bank overdraft. What is the correct name, and why is there usually no interest?
答案：應計費用／應計工資；限期前可運用而無須支付利息
Answer: accrued expenses / accrued wages; usually no interest costs before the due date
題 2Q2
剛開業的請茶信用較低，要透支時銀行最可能要求甚麼？
Newly established Try Tea has low creditworthiness. What is the bank most likely to demand for an overdraft?
答案：抵押品
Answer: collateral
有限公司（通常大型企業）可以發行債券來籌集資金。通常到期日大概十年或以上。
Limited companies (especially large corporations) can issue bonds to raise capital. The maturity is normally 10 years or longer.
企業向銀行借取的大額款項，通常用來投資固定資產，例如廠房和機器。
Usually involve a large amount of money for investment in fixed assets.
請茶要買一台貴的製冰機。樂澄不應用週末透支去買會用五年的機器，而應談一筆銀行長期貸款，用機器未來幾年幫店賺錢來還。
Try Tea needs an expensive ice machine. Chloe should not buy a five-year asset with a weekend overdraft; she should raise a long-term bank loan and repay it from the cash the machine helps the shop earn.
租購：買方租用物品，並同時分期付款購買該物品。在租購期間，買方可以使用物品，但只有在付清全額後，該物品才歸其所有。
Hire purchase is an arrangement by which a buyer rents goods and pays by instalments. The buyer can use the goods but does not own them until full repayment is made.
租賃：與租購相似，但企業只可以使用而非擁有該物品。只有某些須要使用昂貴資產的行業會較常採用。
Leasing is similar to hire purchase, but the firms do not own the goods they lease — they only use them.
嘉欣建議請茶用租購買封口機：每月供一筆，機器現在就能封杯，供完才算店的資產。若改租賃，用完年期機器仍不是請茶的。
Eslyn suggests hire-purchase for Try Tea’s cup sealer: pay by instalments, use it now, own it only after the last payment. A lease would let the shop use it without ever owning it.
按揭是以房地產作抵押的長期貸款。買家現時資金不足時，可用按揭購買物業。
A mortgage is a long-term loan secured by a real property. Property buyers can use a mortgage to purchase properties when they do not have enough funds now.
若請茶要買下現時租用的屯門舖，而不是繼續交租，可以用該物業作抵押向銀行做按揭——長期、舉債、向外。
If Try Tea buys the Tuen Mun shop it now rents, it can mortgage that property as security — long-term, debt, external.
小練習 503.2BQuick check 503.2B
題 1Q1
租購期間，封口機的擁有權在誰？何時才轉移？
During hire purchase, who owns the sealer, and when does ownership pass?
答案：賣方／融資方；付清全額後才歸買方
Answer: the seller / financier; the buyer owns it only after full repayment
題 2Q2
請茶要買舖，最貼切的長期舉債工具是債券、商業票據還是按揭？
Try Tea wants to buy the shop. Which long-term debt tool fits best: bonds, commercial paper, or a mortgage?
答案：按揭
Answer: mortgage
按揭以房地產作抵押；商業票據是短期、且只限大型知名企業；發行債券通常是大型有限公司。
A mortgage is secured by real property. Commercial paper is short-term and for large well-known firms; bonds are typically for large limited companies.
有限公司可以透過發行優先股（不是常用）及普通股籌集資金。沒有到期日，因此企業可以永遠使用從發行股票籌集的資金。
Limited companies can issue preference shares and ordinary shares to raise capital. Ordinary shares have no maturity date. Thus, capital raised from issuing ordinary shares can be used by the company forever.
留存利潤是尚未分派給股東作股息的利潤。企業可以削減分派給股東的股息，從而增加留存利潤。
Retained profits are profits that have not been distributed to shareholders as dividends.
想一想：以上有哪些例子是內部籌資？哪些是外部籌資？
Think about it: which of the above examples belong to internal or external financing?
| 方法Method | 時間Time | 股本／舉債Equity / debt | 內部／向外Internal / external |
|---|---|---|---|
| 貿易賒帳、透支、商業票據、應計費用、出售應收帳款Trade credit, overdraft, commercial paper, accrued expenses, factoring | 短期short-term | 舉債debt | 向外external |
| 債券、銀行長期貸款、租購／租賃、按揭Bonds, long-term bank loans, hire purchase / leasing, mortgage | 長期long-term | 舉債debt | 向外external |
| 發行普通股／優先股Issuing ordinary / preference shares | 長期long-term | 股本equity | 向外external |
| 留存利潤Retained profits | 長期long-term | 股本equity | 內部internal |
本章例子裡，只有留存利潤是內部籌資。
Among the examples in this chapter, only retained profits are internal financing.
請茶今年賺到錢。家欣建議少派股息，把留存利潤用來在元朗再開一間分店——這是內部股本，沒有新股東，也不用向銀行申請。
Try Tea made a profit this year. Eslyn suggests paying a smaller dividend and using retained profits to open a Yuen Long branch — internal equity, no new shareholders, no bank application.
小練習 503.2CQuick check 503.2C
題 1Q1
上面各例之中，哪一項同時是股本融資和內部籌資？
Which item above is both equity financing and internal financing?
答案：留存利潤
Answer: retained profits
題 2Q2
為甚麼發行普通股籌到的資金，企業可以永遠使用？
Why can capital from issuing ordinary shares be used by the company forever?
答案：沒有到期日
Answer: no maturity date
比較角度：成本、靈活性、風險。
Comparing aspects: (a) cost of capital, (b) flexibility, (c) refinancing risk.
| 好處Advantages | 壞處Disadvantages | |
|---|---|---|
| 短期籌資Short-term financing |
（a）較低成本。短期籌資的流動性比長期籌資的高，回報率較低，所以企業可以支付較低的利息。 (a) Less costly. Liquidity of short-term investment is higher, so the required rate of return is lower and firms usually pay a lower interest rate. （b）更具靈活性。企業可以根據短期需要改變資金的總值。 (b) More flexible. The firm can adjust the amount of capital according to its short-term need. |
（c）較大的風險（較不穩定的資金來源）。須要頻繁地再融資；利率及可使用的資金不確定，故須承擔較大風險。 (c) Higher refinancing risk and thus a less stable source of capital. Frequent refinancing is needed; availability and interest rates are uncertain. |
| 長期籌資Long-term financing |
（c）提供較穩定的資金來源，因此較低風險。企業不用考慮利率及資金將來的變化。 (c) Provides a stable source of capital and thus is less risky. The firm need not worry about refinancing and fluctuations in future short-term interest rates. |
（a）較高成本。 (a) More costly. （b）較低靈活性。即使企業在一年後不再需要資金，在到期日前也不可以減少籌集的資金總值。 (b) Less flexible. Even if the firm no longer needs the funds one year later, it cannot reduce the amount until they are due. |
正確：問「成本」寫短期較低；問「風險／穩定」寫短期較大風險。易錯：把「便宜」寫成「較低風險」。
Correct: for cost, short-term is less costly; for risk / stability, short-term has higher refinancing risk. Trap: writing “cheaper” as if it meant “safer”.
若請茶用透支買製冰機，每幾個月都要再商量額度。萬一銀行收緊、息率急升，機器還在、現金卻斷。這就是短期籌資的再融資風險。
If Try Tea buys the ice machine on overdraft, the limit must be renewed again and again. If the bank tightens or the rate jumps, the machine is still there but the cash stops. That is refinancing risk.
小練習 503.3AQuick check 503.3A
題 1Q1
為甚麼短期籌資的利息通常較低？
Why is the interest on short-term financing usually lower?
答案：流動性較高，投資者要求的回報率較低
Answer: higher liquidity → lower required rate of return
題 2Q2
長期貸款未到期，請茶一年後已不需要那筆錢。可不可以提早把籌集總值減下來？說明哪一項壞處。
A long-term loan is not yet due, and Try Tea no longer needs the funds a year later. Can it cut the amount raised? Which disadvantage is this?
答案：不可以（到期前）；較低靈活性
Answer: no (not until due); less flexible
比較角度：控制權、破產風險、成本。
Comparing aspects: (a) dilution effect, (b) bankruptcy risk, (c) cost of capital, (d) tax consideration.
| 好處Advantages | 壞處Disadvantages | |
|---|---|---|
| 股本融資Equity financing |
（b）較低的破產風險。沒有到期日（不需償還本金）及財務負擔（不需支付利息）。普通股的股息率不是固定的，企業甚至可以不派發股息。發行新普通股不會為企業帶來財政負擔。 (b) Lower bankruptcy risk. There is no maturity and no interest burden for shares. |
（a）削弱東主對企業的控制權。新股東可利用投票權影響公司決策，並增加公司被收購的風險。 (a) More dilution effect. New shareholders have voting rights which dilute existing shareholders’ control and may raise the risk of a takeover. （c）較高成本。普通股股息不是固定的；若有損失就沒有股息，投資者風險較高，要求的回報也較高（風險和回報呈正向關係）。 (c) More costly. Shareholders may get no dividends and may shoulder capital loss, so their required rate of return — and the cost of equity capital — is higher. |
| 舉債融資Debt financing |
（a）不會影響東主對企業的控制權。債權人沒有投票權，不能在股東周年大會上投票。 (a) Less dilution effect. Creditors do not have voting rights, so existing shareholders’ control is unaffected. （c）較低成本。（1）債券利息是固定的，公司必須發放，投資者風險較低。（2）利息支出是可扣稅的，有助減少舉債融資的成本。 (c) Less costly: the firm must pay periodic fixed interest and principal at maturity, so bondholders’ risk and required return are lower. (d) Interest expenses are tax deductible, so tax expenses can be lowered. |
（b）較高的破產風險。無論是否錄得利潤，都必須按時支付利息和償還本金，增加財政負擔；若不能支付，可能會被迫清盤。 (b) Higher bankruptcy risk. Interest must be paid periodically whether the firm makes a profit or not, and the principal must be repaid at maturity. |
控制權：股本有投票權會稀釋；舉債沒有投票權。
Control: equity dilutes via voting rights; debt does not.
破產風險：股本無固定利息、無到期日；舉債無論盈虧都要付息還本。
Bankruptcy: equity has no fixed interest and no maturity; debt must pay interest even in a loss year, and repay principal.
成本：股本較高（投資者風險高）；舉債較低，且利息可扣稅。股息不可扣稅。
Cost: equity is more costly; debt is less costly and interest is tax deductible. Dividends are not tax deductible.
若請茶為開分店發行新普通股，新股東可以在股東周年大會投票，樂澄父母的控制權會被削弱。若改向銀行借五年貸款，銀行沒有投票權，但即使淡季虧損也要照付利息。
If Try Tea issues new ordinary shares to fund a branch, new shareholders can vote at the AGM and Chloe’s parents lose some control. A five-year bank loan does not give the bank votes, but interest is still due even in a quiet, loss-making season.
小練習 503.3BQuick check 503.3B
題 1Q1
為甚麼舉債融資的成本通常低於股本融資？寫出兩點（風險回報、稅）。
Why is the cost of debt financing usually lower than equity? Give two points (risk-return and tax).
答案：債權人風險較低故要求回報較低；利息可扣稅
Answer: bondholders bear less risk so required return is lower; interest is tax deductible
題 2Q2
請茶今年虧損。普通股是否仍必須派息？債券是否仍必須付息？
Try Tea makes a loss this year. Must it still pay an ordinary dividend? Must it still pay bond interest?
答案：普通股可以不派；債券必須付息
Answer: ordinary dividend can be skipped; bond interest must be paid
比較角度：靈活性、成本、決策自由、集資額（所籌得的金額）。
Comparing aspects: (a) flexibility, (b) cost, (c) freedom in decision making, (d) amount of capital raised.
| 好處Advantages | 壞處Disadvantages | |
|---|---|---|
| 內部籌資Internal financing |
（a）更具靈活性。企業可以自行決定何時使用留存利潤，而不須要事前獲取批准。 (a) More flexible. The company can use retained profits anytime without approval from external parties. （b）較低成本。不牽涉交易成本或利息支出。 (b) Less costly. No transaction costs or interest expense. （c）決策更自由。使用內部資金不用事先取得外界批准。 (c) Greater freedom in decision making. Internal financing does not require approval from external parties. |
（d）集資額有限。企業能動用的留存利潤有限。 (d) The amount of capital raised is limited, constrained by retained profits. |
| 外部籌資External financing |
（d）集資額更多。 (d) A greater amount of capital can be raised. |
（a）較低靈活性。手續繁複（企業需要得到股東的同意）。 (a) Less flexible. The company has to get approval from stockholders and comply with regulations to issue debt or equity. （b）較高成本。通常涉及交易成本，例如支付給投資銀行和會計師樓的服務費用。 (b) More costly. Involves transaction costs, e.g. flotation cost. （c）決策更不自由。須向投資者披露集資目的，以及須事先獲股東批准。 (c) Less freedom in decision making. The firm may have to disclose its purposes for raising funds; new investors may affect decisions. |
正確：內部較靈活、較低交易成本、決策較自由，但留存利潤有限。易錯：寫「內部籌資沒有機會成本」或把發行新股當成內部。
Correct: internal is more flexible, avoids transaction / interest costs, and leaves more freedom, but retained profits are limited. Trap: writing that internal funds have no opportunity cost, or treating a new share issue as internal.
請茶戶口裡的留存利潤只夠換封口機，不夠在元朗租舖加裝修。樂澄可以先用內部資金換機器；開分店就要向外——借貸或找新股東，並接受審批和披露。
Try Tea’s retained profits can replace the sealer but cannot cover a Yuen Long lease plus fitting-out. Chloe can fund the machine internally; the branch needs external finance — a loan or new shareholders — with approval and disclosure.
小練習 503.3CQuick check 503.3C
題 1Q1
內部籌資為甚麼成本較低？
Why is internal financing less costly?
答案：不牽涉交易成本或利息支出
Answer: no transaction costs or interest expense
題 2Q2
外部籌資的集資額較大，但決策為甚麼較不自由？
External financing can raise more capital. Why is there less freedom in decision making?
答案：須披露集資目的／事先獲股東批准（新投資者可影響決策）
Answer: must disclose purposes / get stockholder approval (new investors may affect decisions)
整體而言，企業應盡量使用內部融資。
A firm should use internal financing as far as possible.
如果內部融資籌集不足資金，企業應該選擇外部籌資。
If internal financing is not able to generate sufficient funds, firms should turn to external financing.
壞處提醒：內部的集資額有限。
Reminder: the amount raised internally is limited.
如果破產的風險低，應該使用舉債融資。
If the risk of bankruptcy is low, debt financing should be used.
適合沒有什麼向外融資的企業；較低成本。
Suitable for a firm not using debt financing extensively; the firm can normally obtain debts at low costs.
如果破產的風險高，應該使用股本融資。
If the risk of bankruptcy is high, equity financing should be used.
適合本來已經債台高築的企業。再舉債須支付利息及償還本金；股本融資不會再增加財務壓力或破產風險。
Suitable for a firm already borrowing too much. More debt means high interest cost; equity will not further increase the financial burden or bankruptcy risk.
長期籌資適用於有關固定資產的融資。
Long-term financing should be used to finance non-current assets.
企業不用經常再融資。若用短期籌資購買固定資產，又找不到再融資渠道或融資成本激增，便可能出現財政困難。
Matching principle: match the flows of income and the expenditure of the non-current assets. Short-term cash flows are unlikely to pay for the asset; the loan may not be renewed, or the interest rate may be higher when renewed.
短期籌資適用於滿足短期資金需要。
Short-term financing should be used to meet short-term needs.
企業一般能在短期內售出存貨套現，所收取的現金可用來償還短期債務。用長期融資來應付短期需要，企業須支付不必要的融資成本。
Matching principle: inventory is expected to be sold for cash in a short period, and the cash receipts can settle the accounts payable. Long-term financing would mean unnecessary financing costs.
（1）有留存利潤先用內部。
(1) Use internal financing as far as possible.
（2）負債仍低 → 舉債（便宜、不稀釋）；已經債台高築 → 股本（不再加破產風險）。
(2) Low bankruptcy risk → debt; already borrowing too much → equity.
（3）買機器／物業 → 長期；入貨、出糧空檔 → 短期。不要用透支買舖，也不要用十年貸款付今週牛奶帳。
(3) Non-current assets → long-term; inventory and wage gaps → short-term. Do not buy a shop on overdraft, and do not take a ten-year loan for this week's milk bill.
樂澄先把今年留存利潤用來換封口機（內部）。元朗分店裝修費遠超留存利潤，公司現時幾乎沒有銀行借款，破產風險低，故向外舉債而不是找新股東。製冰機用五年貸款；茶葉繼續用 30 日賒帳，不要為一週的存貨去借十年。
Chloe first uses this year’s retained profits to replace the sealer (internal). The Yuen Long fitting-out costs far more than retained profits; the firm has little existing debt, so bankruptcy risk is low and she raises external debt rather than new shareholders. The ice machine takes a five-year loan; tea leaves stay on 30-day credit — do not take a ten-year loan for a week of stock.
小練習 503.4Quick check 503.4
題 1Q1
請茶留存利潤 $80,000，換封口機只需 $25,000。應先內部還是外部？為甚麼？
Try Tea has $80,000 retained profits; a new sealer costs $25,000. Internal or external first, and why?
答案：內部；盡量使用內部融資（更靈活、成本較低、決策更自由）
Answer: internal; use internal financing as far as possible (more flexible, less costly, greater freedom)
題 2Q2
請茶已借下多筆須付息還本的貸款。再開分店應較傾向量股本還是再舉債？
Try Tea already has several loans that require interest and principal. For a new branch, should it lean to equity or still more debt?
答案：股本融資（破產風險已高，股本不會再增加財務壓力）
Answer: equity financing (bankruptcy risk is already high; equity does not add further burden)
題 3Q3
用銀行透支為購買舖位融資，主要違反哪一條原則？風險在哪？
Financing a shop purchase with a bank overdraft breaks which principle, and what is the risk?
答案：固定資產應用長期籌資；再融資可能失敗或息率急升
Answer: non-current assets should use long-term finance; the loan may not be renewed / the rate may jump