应收账款及存货担保融资：尽职调查丶贷款设计和风险控制_[全文].doc

应收账款及存货担保融资：尽职调查、贷款设计和风险控制 Receivable Financing: Due Diligence, Structuring and Risk Control 印第安纳大学凯利（Kelly）商学院教授 格里高利 ?? 乌代尔 Professor Gregory F1/a. Udell Kelley School of Business, Indiana University 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 Workshop on “Accounts Receivable and Inventory Financing” Beijing April 18, 2007 资产支持贷款：主要特征 Asset-Based Lending: Key Characteristics 由应收账款和存货进行担保 Collateralized by both accounts receivable and inventory 对担保物密切监控 Collateral intensively monitored 对应收账款每日监控 Daily monitoring of accounts receivable 对存货每月监控 Monthly monitoring of inventory 在美国由商业财务公司和银行的资产支持贷款部门提供 Delivered in the U.S. by commercial finance companies and asset-based lending divisions of banks 有专门的资产支持贷款运营部门提供支持 Supported by dedicated ABL operations dept. 资产支持贷款透视 Asset-Based Lending in Perspective 资产支持贷款是8种商业性“贷款技术”之一 Asset-based lending is one of eight commercial “lending technologies” 关系贷款 Relationship lending 财务报表贷款 Financial statement lending 小企业信用评分 Small business credit scoring 设备贷款 Equipment lending 租赁 Leasing 不动产担保贷款 Real estate-based lending 保理 Factoring 资产支持贷款 Asset-based lending 资产支持贷款的目标客户：高风险借款人 Target ABL Customers: High Risk Borrowers 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 Target firms face a “funding gap” and are not likely to get financing without asset-based lending 企业主能力很强、也有好的商业模式 Strong entrepreneurs with good business models 多数为快速增长企业 Many are rapidly growing firms 但经营者资源有限，财务压力大 These firms, however, are financially constrained by limited entrepreneur resourses 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 These undercapitalized target firms tend to show weak financial ratios, e.g., 流动比率 Current ratio 负债/净值比率 Debt/worth ratio 负债/息税折旧摊销前利润比率 Debt/EBITDA ratio 税后净利润/总资产比率 NPAT/TA ratio 财务实力最强的企业 Highest Financial Strength Firms 财务实力最弱的企业 Lowest Financial Strength Firms 通过传统银行贷款获得资金 Financed by Traditional Bank Loans 不合格借款人（不应获得贷款） Unqualified Borrowers (should not receive financing) 资金缺口地带 The Funding Gap Zone 企业融资能力连续线 THE FIRM CONTINUUM 财务实力最强的企业 H