1应收账款及存货担保融资尽职调查、贷款设计和风险控制 .pptxVIP

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. UdellKelley 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企业融资能力连续线 THE FIRM CONTINUUM不合格借款人（不应获得贷款） Unqualified Borrowers(should not receive financing)通过传统银行贷款获得资金Financed by TraditionalBank Loans财务实力最强的企业Highest FinancialStrength Firms财务实力最弱的企业Lowest Financial Strength Firms资金缺口地带 The Funding Gap Zone企业融资能力连续线THE FIRM CONTINUUM不合格借款人（不应获得贷款）Unqualified Borrowers(should