Читать книгу Creating Risk Capital - Ian Whalley - Страница 13

A number of principles apply to enterprises of all kinds. When new, they require capital, because they have to spend money before they can earn any; they tend to need more capital as they grow, a constant amount when they are running evenly, and less as they decline. This capital is at risk of loss, because once spent or invested, it may not be easily recovered. Where it comes in different forms or from different sources, some parts of the capital rank behind others and are therefore more at risk when it comes to repayment; and finally the providers of the capital which is most at risk usually take ownership and control of the enterprise.

It is the last of these facts which can cause a major problem if good investors make poor owners or vice versa. Thus, if those who are best equipped to own and control the enterprise cannot provide, borrow or generate the risk capital which is needed, they may have to cede ownership and control in whole or in part to those who can, but who may not necessarily be such good owners.