什么是企业发展公司 Business Development Company, 简称(BDC)？在大马没有这类型公司，我们大部分人不了解，没有听过什么公司。
根据investopedia的解释：
A business development company (BDC) is an organization that invests in
and helps small- and medium-size companies grow in the initial stages of
their development.
它与风险投资基金 (Capital Venture Fund)* 非常相似。或我们有听过的私募基金相似。（提到“私募基金”，读者可能认为是“老鼠会”，如圆梦集团，未来首富云数贸，JJPTR解救普通人。。。这些高回酬利诱投资者的老鼠会，Ali就这里不谈。）
正规的私募基金是正当投资，我们平常很少听到他们的名字，Ali在下面举例一些公司，你们应该可以大概了解什么是风险投资基金。比如：
+ CVC Capital，前几年收购了万能Magnum，KFC，Nirvana富贵集团。
+ 当然还有著名的Sequoia Capital，从1972投资超过250家创业公司，如Airbnb, Apple, Google, Oracle, PayPal, Stripe, YouTube, Instagram, Yahoo! and WhatsApp。
+ 李嘉诚的维港投资(Horizons Venture)成功投资facebook、Skype、Spotify、Waze、Siri、DeepMind和Summly等案例。
*风险投资基金 (Capital Venture Fund)，别名私募基金Private Fund，天使基金Angel Fund
我们这些“普通人”是不大可能参与以上著名的风险投资基金 。不过我们普通人可以通过股票投资参与类似的公司——企业发展公司 (Business Development Company, BDC)
股息与税务
BDC提供创业融资服务，包括股权，债倦，抵押，等等。一般上，BDC都会把超过90%以上的所得盈利分配给股东。BDC在公司税务上有优势，以MAIN为例，股息可分为 (i) capital gain & qualified dividend; and (ii) ordinary dividend 。其颁发的股息率DY 比100% ordinary dividend 高。在个人股息方面，Ali本身的经验，BDC 比REIT 自动退息率高，BDC 有40-75%退息，而REIT 则20%左右（参考这里）。
成功个案
值得一提的，MAIN在最近公布的消息，MAIN成功投资个案。在2008年12月，MAIN以$8mil债卷及$1mil股权投资一家运输公司Daseke，（更多有关Daseke公司资料，请游览公司网站）过后投资增加到$20mil债卷及$4.8mil股权。如今Daseke公司成功上市(NASDAQ: DSKE) ，并还清MAIN 的债卷及回购股权。而MAIN在这项投资得到$22.9mil，或internal interest of return, IRR 57.7%，大约5.9倍回酬。
1. 一条大路通罗马 (Main Street Capital)
2. 每月发股息的股票Monthly Dividend Stock
3. 最赚钱的股票篇（2）：多元化金融
以下是在美国上市的BDC公司（参考1）
| Ticker | Name | Market Cap | IPO Date |
| ARCC | Ares Capital Corporation | $5,058.7M | 10/05/04 |
| ACAS | American Capital, Ltd. | $3,916.2M | 8/28/97 |
| PSEC | Prospect Capital Corporation | $3,325.1M | 7/27/04 |
| AINV | Apollo Investment Corporation | $1,901.0M | 4/6/04 |
| MAIN | Main Street Capital Corporation | $1,376.3M | 10/05/07 |
| FSC | Fifth Street Finance Corp. | $1,338.4M | 6/12/08 |
| SLRC | Solar Capital Ltd. | $787.3M | 2/9/10 |
| HTGC | Hercules Technology Growth Capital, Inc. | $958.9M | 6/9/05 |
| GBDC | Golub Capital BDC, Inc. | $792.1M | 4/5/10 |
| PNNT | PennantPark Investment Corporation | $810.3M | 4/19/07 |
| TCAP | Triangle Capital Corporation | $708.8M | 2/15/07 |
| NMFC | New Mountain Finance Corporation | $783.0M | 5/20/11 |
| BKCC | Blackrock Kelso Capital Corporation | $643.4M | 6/26/07 |
| TCPC | TCP Capital Corp. | $666.9M | 4/4/12 |
| TCRD | THL Credit, Inc. | $439.4M | 4/21/10 |
| MCC | Medley Capital Corporation | $676.7M | 1/20/11 |
| TICC | TICC Capital Corp. | $520.1M | 11/21/03 |
| CSWC | Capital Southwest Corporation | $558.7M | 7/1/61 |
| TAXI | Medallion Financial Corp. | $285.6M | 5/22/96 |
| MCGC | MCG Capital Corporation | $167.6M | 11/29/01 |
| MVC | MVC Capital, Inc. | $255.4M | 4/27/00 |
| FDUS | Fidus Investment Corporation | $232.8M | 06/21/11 |
| KCAP | KCAP Financial, Inc. | $274.7M | 12/11/06 |
| CPTA | Capitala Finance Corp. | $238.7M | 9/25/13 |
| GSVC | GSV Capital Corp. | $194.2M | 4/28/11 |
| GARS | Garrison Capital Inc. | $243.3M | 3/26/13 |
| WHF | WhiteHorse Finance, Inc. | $200.2M | 12/4/12 |
| SVVC | Firsthand Technology Value Fund, Inc. | $227.4M | 8/4/11 |
| SUNS | Solar Senior Capital Ltd. | $178.4M | 2/24/11 |
| GAIN | Gladstone Investment Corporation | $194.1M | 10/2/12 |
| PFLT | PennantPark Floating Rate Capital Ltd. | $207.2M | 4/8/11 |
| GLAD | Gladstone Capital Corporation | $188.0M | 8/27/01 |
| SCM | Stellus Capital Investment Corporation | $169.5M | 11/7/12 |
| NGPC (now OHAI) | NGP Capital Resources Company (now OHA Investment Corp) | $133.2M | 11/9/04 |
| HRZN | Horizon Technology Finance Corporation | $134.0M | 10/28/10 |
| OFS | OFS Capital Corporation | $110.2M | 11/7/12 |
| MRCC | Monroe Capital Corporation | $130.3M | 10/24/12 |
| TINY | Harris & Harris Group, Inc. | $86.6M | 1/1/83 |
| HCAP | Harvest Capital Credit Corporation | $77.2M | 5/2/13 |
| FSFR | Fifth Street Senior Floating Rate Corp. | $328.0M | 7/11/13 |
| SAR | Saratoga Investment Corp. | $82.9M | 3/23/07 |
| FULL | Full Circle Capital Corporation | $71.8M | 8/31/10 |
| BDCV | BDCA Venture Advisor, LLC | $46.5M | 5/26/10 |
| TPVG | TriplePoint Venture Growth BDC Corp. | $139.2M | 3/6/14 |
| CMFN | CM Finance Inc. | $165.4M | 2/5/14 |
| ACSF | American Capital Senior Floating, Ltd. | $131.2M | 1/15/14 |
| RAND | Rand Capital Corporation | $20.0M | 1/1/01 |
| ABDC | Alcentra Capital Corporation | $166.4M | 5/8/14 |
| TSLX | TPG Specialty Lending Inc. | $888.4M | 3/20/14 |
| EQS | Equus Total Return, Inc. | $26.5M | 8/16/91 |
| FSIC | FS Investment Corp. | $2,479.0M | 4/16/14 |
基金管理费用
要投资BDC前，要看一个重点，就是基金管理费用。以MAIN为例，管理费用大约在1.5%以下，比其他同行（3.2%）和商业银行（2.6%）来得低。如果与投资Unit Trust比较，其管理费用大约1.5%-2.0%。与ETF（主动型）大约1.5%，ETF（被动型）大约0.1%-0.6%。
BDC的风险
每项投资工具都有风险。而BDC的风险包括，他所投资的项目/公司有可能倒闭，违约。另外利率，是双向，可能正面/负面。BDC是属于提供融资服务，利率会影响公司盈利。但是不是利率起就降低其盈利。要注意其浮动利率投资(Floating rate investment) 和固定利率贷款 (Fixed rate borrowing)。
以MAIN在最新的季报里，浮动利率投资占65%，固定利率贷款占60%。根据公司预测如果利率起对投资回报是正面。当起25个基点，每股投资收入提高2sen；50个基点，每股投资收入提高5sen；100个基点，每股投资收入提高11sen，如此类推。
以下是BDC公司的浮动利率投资(Floating rate investment) 和固定利率贷款 (Fixed rate borrowing)。（注：资料2014）
（声明：写的当儿，Ali持有MAIN股票。上述分析是个人了解，如有错漏，多多包涵。）
【十载投资，路在何方，扎根本土，放眼世界】
参考：
1. https://www.forbes.com/sites/advisor/2014/12/01/the-abcs-of-business-development-companies/#511a261369db
2. https://www.investingdaily.com/11059/business-development-companies-bdcs-another-tax-advantaged-investment/
3. http://www.simplysafedividends.com/business-development-companies-bdcs-list/
http://aliinvest.blogspot.my/2017/03/business-development-company-bdc.html
