亚行财务管理政策知识分享.pptVIP

Session Outline 本节概览 ADB seeks assurance that projects will be sustainable by agreeing financial loan covenants. Why does ADB seek to agree loan covenants? What are financial loan covenants? Common ADB covenants ADB approach to non-compliance Compliance Status 亚行寻求就贷款财务约文达成协议以保证项目的可持续性。 亚行为什么寻求就贷款约文达成协议 什么是贷款财务约文 常见的亚行贷款约文 亚行对不遵守约文情况的处理方法 执行情况 Financial Covenants are Designed to … 财务约文的设计旨在 … Support socioeconomic development Promote financial viability, financial performance and prudent financial management of the executing agency Develop local capability Assist the executing agency to achieve a creditworthy status to facilitate acceptance in capital markets Protect the borrower’s and ADB’s financial interests Provide a basis for monitoring by government regulatory agencies, and ADB, of the EA’s financial performance 支持宏观经济发展 提高执行机构的财务生存能力、增加其财务业绩、加强审慎财务管理 培育当地的财务管理能力 协助执行机构获得信誉，以便其被资本市场所接纳 保护借款人和亚行的经济利益 为政府监管机构和亚行提供监控执行机构财务业绩的依据 Types of ADB Financial Covenants亚行财务约文的种类 Submission of audited financial statements Operating Covenants: Rate of Return (ROR) Self-financing Ratio (SFR) General Price Level Operating Ratio Breakeven Capital Structure Covenants: Debt Service Coverage Debt : Equity Ratio Debt Limitation Capital Adequacy Liquidity Covenants: Current Ratio Quick Ratio 提交已审计财务报表 经营约文: 收益率 (ROR) 自筹资金比率 (SFR) 一般物价水平 营业比率 损益平衡 资本结构约文 : 偿债保证比 借款 : 权益比率 借贷限制 资本充足率 流动性约文 : 流动比率 速动比率 Financial Covenants: Common Issues财务约文方面的常见问题 EA/IAs are not aware of or just ignore the financial covenants执行机构不熟悉财务约文 EA/IAs are not calculating the covenanted ratios correctly 执行机构没有正确地计算财务指标 Auditor didn’t review the compliance status of financial covenants 审计师没有检查财务约文的执行情况 EA/IAs are not able to conduct meaningful financial projections and take actions accordingly 执行机构财务预测能力较弱,不能及时采取措施 Financial Covenants: Common Issues财务约文方面的常见问题 EA/IA’s non/semi-autonomous status 执行机构没有应有的决策权 Policy changes and sector reform 政策改变和行业改革 EA/IA changes 执行机构变更 ADB Policy on N