营运资本和设备贷款的信用风险.pptxVIP

会计学;Evaluating Historical Performance 评价过往表现;Role of Working Capital营运资本的角色;Asset Conversion Cycle资产转换周期;The ACC has three components: 资产转换周期有三个部分： Days Receivables Outstanding 应收帐款收款天数 Measures the average number of days from the sale of goods to the collection of receivables 衡量从货物的出售到回收应收账款的平均天数 (Average Accounts Receivables/Sales)*365 days （平均应收账款/销售）* 365 天 Days Inventory Held 库存持有天数 Measures the average length of time between acquisition and sale of merchandise 衡量从获得商品到出售商品之间的平均时间长度 (Average Inventories/Cost of Goods Sold)*365 （平均库存/出售货物的成本）* 365 Days Accounts Payable Outstanding 应付账款付款天数 Measures the average length of time between the purchase of goods and payment for them 衡量从购买商品到支付款项之间的平均时间长度 (Average Accounts Payable/Purchases)*365, where （平均应付账款/采购）* 365 在这里， Purchases = Cost of Goods Sold+Ending Inventory–Beginning Inventory 采购=出售商品的成本+ 期末存货-期初存货;Cash Cycle Illustration现今周期说明;Cash Flow Quality现金流质量;Servicing Current Liabilities流动负债处理;Overtrading? 过量交易？;Sustainable Growth可持续增长;;Sustainable Growth Rate (2)可持续增长率(2);Example: Sustainable Growth Rate in Loan Appraisal举例：贷款评估中的可持续增长率;Short-term lending: What does short-term mean?短期贷款：短期是什么意思？ ;Characteristics of working capital loans营运资本贷款的特征;;Short-Term Commercial Loans (1) ;Short-Term Commercial Loans (2)短期商业贷款;Short-Term Commercial Loans (3)短期商业贷款;Short-Term Commercial Loans (4)短期商业贷款;Short-Term Commercial Loans (5)短期商业贷款;Short-Term Commercial Loans (6)短期商业贷款;Short-Term Commercial Loans (7)短期商业贷款