05第五章企业偿债能力分析——051108.ppt

第五章 企业偿债能力分析 第一节 概述 Credit Analysis Liquidity Ability to meet short-term obligations Focus: Current Financial conditions Current cash flows Liquidity of assets Solvency Ability to meet long-term obligations Focus: Long-term financial conditions Long-term cash flows Extended profitability Credit Analysis Seniority（优先级） - order claims are paid Collateral - asset earmarked for claims Covenants （契约性限制） - constraints on debtors to protect creditors Other provisions - sinking fund requirements, etc. IV. Credit Risk Capital Structure? A. Credit risk refers to the ability and willingness of a borrower to pay its debt. IV. Credit Risk Capital Structure? A. Credit risk refers to the ability and willingness of a borrower to pay its debt. IV. Credit Risk Capital Structure? A. Credit risk refers to the ability and willingness of a borrower to pay its debt. IV. Credit Risk Capital Structure? A. Credit risk refers to the ability and willingness of a borrower to pay its debt. IV. Credit Risk Capital Structure? B. Credit risk analysis using financial ratios typically involves an assessment of liquidity and solvency. IV. Credit Risk Capital Structure? B. Credit risk analysis using financial ratios typically involves an assessment of liquidity and solvency. Derivative Securities Derivative Securities Derivative Securities Long-Lived Asset Introduction Long-Lived Asset Introduction Long-Lived Asset Introduction Record at cost, including purchase price, legal fees, and filing fees. Patents Copyrights Leaseholds Leasehold Improvements Goodwill Trademarks and Trade Names Corporate Debt Bank loans Accounts Payable Commercial Paper Other current liabilities Corporate Bonds Other long-term market debt Other liabilities 第二节 短期偿债能力 一、短期偿债能力的概念 短期偿债能力是指企业用流动资产偿还流动负债的保障程度。 一个企业的短期偿债能力大小，要看流动资产和流动负债的多少和质量状况。 短期偿债能力是企业的任何利益关系人都应重视的问题 对企业的债权人来说，企业短期偿债能力的强弱意味着本金与利息能否按期收回。 对企业的供应商和消费者来说，企业短期偿债能力的强弱意味着企业履行合同能力的强弱。 对投资者