Financing cycle is the counterpart to the Investment cycle and Business cycle. It covers the period from raising Financial resources to their repayment. This cycle includes capital increases in cash, the payment of dividends (i.e. payment out of the previous year's Net profit) and Share buy-backs, change in Net debt resulting from the repayment of (short-, medium- and long-term) borrowings, new borrowings, changes in Marketable securities (short-term investments) and changes in cash and cash equivalents.

(See Chapters 2, 5 and 12 of the Vernimmen)

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