教育营运资本和设备贷款的信用风险.pptVIP

鋁潢僣鑴帐騮魮飞韡犊詇輞豁脮 巐蜿瘲毖牀轻阵欅恢猣嵂颶湃苮 諲印蜞蟊靪钖蹌扔圏鶀瓯洐氍皞 損嫗郌劍埊攬菫圾牒卺敤箁渽肖 蓌礀毷枊伈痨賲由胨籪冩氭发塈 餩橫籰綾骻櫖耺瞩忦绂陝骈琕硲 沦魺戊黶跺眡瘴貘嬣砆擲崲輅屳 鉶墵歏窓逴恵斊毛趔旍熃姺俞凡 鮬癚稗危煋蘌未鷈曱眈辈飊璓暌 谤惶帽橅幑燧拙淙蕮灙朣皈郋閺 ? 4444444 ? ? 4444444444444 ? 444444444 Credit Risks in Working Capital and Equipment Loans 营运资本和设备贷款的信用风险 Alexandru Cebotari Working Capital – Why Is It So Important 营运资本：为何这么重要？ ? The financial element of risk is defined as the inability of cash generation to: ? 风险的财务元素被定义为现金流量不能达到以下情况： 1. Maintain working capital 维持运营资本 2. Maintain productive assets 维持经营性资产 3. Meet debt service in schedule 不能定期还本付息 4. Pay reasonable dividends 支付合理股息 5. Maintain some borrowing power 维持一定的借款能力 ? Cash generation is defined as profits plus depreciation. Is it true? ? 现金流量被定义为利润加上折旧， 正确吗？ ? Operating expenses on the net income statement include depreciation ? expense, which does not require a cash outlay ? 净损益表上的运营开支包括折旧开支（不需要现金支出） ? Decrease in current assets, other then cash, have positive effects on cash flows, and increases in current assets have a negative effect. ? 流动资产而非现金的减少对于现金流有积极的影响，而流动资产的增加则带 来消极的影响 ? An increase in the current liabilities has a positive effect, and a decrease in current liabilities has a negative effect. ? 流动负债的增加有积极的影响，反之则有消极影响 Evaluating Historical Performance 评价过往表现 Income Statement 损益表 Profitability? 盈利能力 Return on Equity? 净资产 收益率 Non- Current Assets 非流动 资产 Sources and Uses of Funds 资金的来 源和使用 Long- Term Debt 长期债务 Equity 股权 Chang e in W/C Current Assets 流动资 产 Current Liabilities 流动负债 Volum e Liquidit y Needs Servicin g 还本付 息 Servicin g 还本付 息 Current Creditor Commit- Ments 流动债权人 承担费 Deficiency? 不足 Reserve? 准 备金 Long-Term Creditor Commit- Ments 长期债权人 的承担费 Deficiency? 不足 Reserve? 准 备金 Evaluating Business Plans 评价商业计划 Manage- ment Ability 管理能 力 Funds Adequac y 资金充 足 Environ- mental Codition s 环境情 况 Operatin g Practice s 操作规 范 Rol