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.pdf

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 F. 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 1 资产支持贷款：主要特征 Asset-Based Lending: Key Characteristics 1. 由应收账款和存货进行担保Collateralized by both accounts receivable and inventory 2. 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 3. 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. 2 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 3 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