1应收账款及存货担保融资尽职调查、贷款设计和风险控制

1应收账款及存货担保融资：尽职调查、贷款设计和风险控制ReceivableFinancing:DueDiligence,StructuringandRiskControl印第安纳大学凯利（Kelly）商学院教授格里高利乌代尔ProfessorGregoryF.UdellKelleySchoolofBusiness,IndianaUniversity应收帐款及存货担保融资业务国际研讨班北京2007年4月18日Workshopon“AccountsReceivableandInventoryFinancing”BeijingApril18,20072资产支持贷款：主要特征Asset-BasedLending:KeyCharacteristics1.由应收账款和存货进行担保Collateralizedbybothaccountsreceivableandinventory2.对担保物密切监控Collateralintensivelymonitored•对应收账款每日监控Dailymonitoringofaccountsreceivable•对存货每月监控Monthlymonitoringofinventory3.在美国由商业财务公司和银行的资产支持贷款部门提供DeliveredintheU.S.bycommercialfinancecompaniesandasset-basedlendingdivisionsofbanks•有专门的资产支持贷款运营部门提供支持SupportedbydedicatedABLoperationsdept.3资产支持贷款透视Asset-BasedLendinginPerspective•资产支持贷款是8种商业性“贷款技术”之一Asset-basedlendingisoneofeightcommercial“lendingtechnologies”–关系贷款Relationshiplending–财务报表贷款Financialstatementlending–小企业信用评分Smallbusinesscreditscoring–设备贷款Equipmentlending–租赁Leasing–不动产担保贷款Realestate-basedlending–保理Factoring–资产支持贷款Asset-basedlending4资产支持贷款的目标客户：高风险借款人TargetABLCustomers:HighRiskBorrowers•目标企业面临“融资缺口”，可能只有资产支持贷款这一融资渠道Targetfirmsfacea“fundinggap”andarenotlikelytogetfinancingwithoutasset-basedlending–企业主能力很强、也有好的商业模式Strongentrepreneurswithgoodbusinessmodels–多数为快速增长企业Manyarerapidlygrowingfirms–但经营者资源有限，财务压力大Thesefirms,however,arefinanciallyconstrainedbylimitedentrepreneurresourses•即，资本不足i.e.,undercapitalized•这些资本不足的目标企业通常财务比率也比较差，例如Theseundercapitalizedtargetfirmstendtoshowweakfinancialratios,e.g.,–流动比率Currentratio–负债/净值比率Debt/worthratio–负债/息税折旧摊销前利润比率Debt/EBITDAratio–税后净利润/总资产比率NPAT/TAratio5财务实力最强的企业HighestFinancialStrengthFirms财务实力最弱的企业LowestFinancialStrengthFirms通过传统银行贷款获得资金FinancedbyTraditionalBankLoans不合格借款人（不应获得贷款）UnqualifiedBorrowers(shouldnotreceivefinancing)资金缺口地带TheFundingGapZone企业融资能力连续线THEFIRMCONTINUUM6财务实力最强的企业HighestFinancialStrengthFirms财务实力最弱的企业LowestFinancialStrengthFirms通过传统银行贷款获得资金FinancedbyTraditionalBankLoans不合格借款人（不应获得贷款）UnqualifiedBorrowers(shouldnotreceivefinancing)通过资产支持贷款获得资金FinancedbyAsset-BasedLoans企业融资能力连续线THEFIRMCONTINUUM该区域的信贷配给问题减弱=〉资金缺口减小Creditrationinginthiszonereduced:=thefundinggapisreduced.7资产支持贷款和贷款风险Asset-BasedLendingandLoanRisk•担保能降低有融资缺口的企业的较高借款人风险Collateralmitigatesthehigherborrowerriskassociatedwithfirmsinthefundinggap–担保能降低所有贷款的风险Collateralreducestheriskofanyloan–对担保物的密切监控可以：Intensivemonitoringofcollateral•防止担保物状况恶化Preventsdeteriorationofcollateral•提供有关企业经营状况的信息Providesinformationonfirmperformance•激励“良好借款人行为”Providesstrongincentivestopromote“good”borrowerbehavior•因此，这两种作用的净效应决定贷款风险的高低Thus,therearetwoeffectsthenetofwhichdeterminesloanrisk–较高的借款人风险使贷款风险增加Higherborrowerriskincreasesloanrisk–担保能降低贷款风险Collateralreducestheloanrisk8资产支持贷款：细节Asset-BasedLending:TheDetails•资产支持贷款的借款人具有较高的风险Asset-basedborrowershavehigherriskprofile–保守制造公司（例1）ConservativeMfg,Inc.•适宜于财务报表型贷款goodcandidateforfinancialstatementlending相比于vs.–激进制造公司（例2）AggressiveMfg,Inc.•适宜于资产支持贷款goodcandidateforasset-basedlending9资产Assets负债和股东权益LiabilitiesandStockholders'Equity应收账款Accountsreceivable4,500,000$应付账款Tradepayables1,250,000$存货Inventory3,000,000短期贷款Shorttermloans2,250,000长期负债Long-termDebt1,250,000固定资产Fixedassets2,500,000股东权益StockholdersEquity5,250,000总资产Totalassets10,000,000$总负债和股东权益TotalLiabilitiesandS.E.10,000,000$损益表（2000年1月1日~2000年12月31日）IncomeStatement(January1,2000-December31,2000)销售收入Revenues20,000,000$销售成本Costofgoodssold15,000,000毛利润Grossprofit5,000,000经营费用Operatingexpenses3,250,000利息费用Interestexpense350,000折旧Depreciation400,000税前净利润Netprofitbeforetaxes1,000,000所得税Taxes350,000净利润Netprofit650,000$2000年12月31日12/31/2000保守制造公司（例1）ConversativeManufacturingCompany资产负债表BalanceSheet10资产Assets负债和股东权益LiabilitiesandStockholders'Equity应收账款Accountsreceivable4,500,000$应付账款Tradepayables3,000,000$存货Inventory3,000,000短期贷款Shorttermloans4,000,000长期负债Long-termDebt1,500,000固定资产Fixedassets2,500,000股东权益StockholdersEquity1,500,000总资产Totalassets10,000,000$总负债和股东权益TotalLiabilitiesandS.E.10,000,000$损益表（2000年1月1日~2000年12月31日）IncomeStatement(January1,2000-December31,2000)销售收入Revenues20,000,000$销售成本Costofgoodssold15,000,000毛利润Grossprofit5,000,000经营费用Operatingexpenses3,250,000利息费用Interestexpense660,000折旧Depreciation400,000税前净利润Netprofitbeforetaxes690,000所得税Taxes300,000净利润Netprofit390,000$2000年12月31日12/31/2000资产负债表BalanceSheet激进制造公司（例2）AggressiveManufacturingCompany11保守公司（例）激进公司（例）ConservativeMfgAggressiveMfg比率分析RatioAnalysis流动比率（流动资产/流动负债）CurrentRatio(CurrentAssets/CurrentLiabilities)2.141.07负债/净值（总负债/股东权益）Debt/Worth(TotalLiabilities/StockholdersEquity)0.904.67负债/息税折旧摊销前利润）Debt/EBITDA(TotalLiabilities/Earningsbefore2.714.00Interest,Taxes,DepreciationandAmortization)税后净利润/总资产NPAT/TotalAssets0.070.0412流动比率负债/净值负债/息税折旧摊销前利润税后净利润/总资产CurrentRatioDebt/WorthDebt/EBITDANPAT/TA弱Weak2.140.072.710.90强Strong流动比率负债/净值负债/息税折旧摊销前利润税后净利润/总资产CurrentRatioDebt/WorthDebt/EBITDANPAT/TA弱Weak1.074.674.000.04保守制造公司（例）ConservativeManufacturingCompany激进制造公司（例）AggressiveManufacturingCompany13资产支持贷款：细节（续）Asset-BasedLending:TheDetails(cont.)•良好担保物应具有的主要特征Thekeycharacteristicsofgoodcollateral1.变现时必须易于出售Mustbemarketablew