Abstract:
Under current conditions of economic development, an important factor in the
effective functioning of any enterprise is sound financial management - a strategy
aimed at ensuring maximum efficient use of the company’s financial resources. Of
paramount importance this factor is for startup - newly formed business with
intention to grow rapidly as a result of offering something that addresses a
particular market gap. Its peculiarities (small size, young age, lack of capital and
credit history) almost completely exclude using bank credits or internal resources
for accelerated development. In the USA and Europe such companies usually
attract funds from business angels (issuing convertible notes) and from venture
capital or private equity funds (issuing preferred shares); both ways of raising
funds are connected with dilution of capital and loss of control over company.
Alternative option – unaided emission of own corporate bonds. Master
qualification work presents comparative analyses of the advantages and
disadvantages of issuing analyzed securities by LLC “TERMION-PLUS,
substantiating recommendation for the company to issue corporate bonds. Besides
a decision-making mechanism of choosing appropriate terms and conditions of
bond issue it disclosed.
