资产支持融资的总揽.ppt

ASSET-BASED FINANCE: AN OVERVIEW资产支持融资：总揽Accounts Receivable and Inventory Lending and Factoring应收账款和存货贷款及保理 印第安那大学克里（Kelly）商学院 Gregory F. Udell教授 Professor Gregory F. Udell, Kelley School of Business Indiana University “物权法与中国动产融资”国际研讨会 北京 2007年4月17日 * 第一页，共二十二页。 Two Forms of Asset-Based Finance两种形式的资产支持融资 资产支持贷款 (ABL) Asset-based Lending (ABL) 由应收账款和存货担保的借贷 Lending secured by accounts receivable and inventory 保理Factoring 将应收账款出售给“保理商” Sale of receivables to a “factor” (我会首先着重讲资产支持贷款) (I will focus first on asset-based lending.) * 第二页，共二十二页。 Asset-Based Lending: Key Characteristics资产支持贷款：主要特征 以应收账款和存货为担保 Collateralized by both accounts receivable and inventory 密切监控担保品 Collateral intensively monitored 每天对应收账款进行监控 Daily monitory of accounts receivable 每月对存货进行监控 Monthly monitoring of inventory 该产品通常由商业财务公司和银行里的资产支持贷款部门提供 Delivered by commercial finance companies and asset-based lending divisions of banks 由专门的资产支持贷款经营部门提供支持Supported by dedicated ABL operations dept. * 第三页，共二十二页。 Asset-Based Lending: Key Characteristics (cont.)资产支持贷款：主要特征（续） 在美国，许多中小企业贷款都是由应收账款担保的，但并未进行密切监控 Many SME loans in the U.S. are secured by accounts receivable but are not monitored intensively. 这些贷款并不属于资产支持贷款(ABL) These are not considered asset-based loans. 这些贷款是运用传统的信贷技术发放的 These loans are originated using traditional loan underwriting techniques. 应收账款和存货仅仅被作为是第二还款来源的担保品 Accounts receivable and inventory are taken as collateral only as a secondary source of repayment. 如今，在澳大利亚、加拿大、英国和美国等普通法国家，资产支持贷款是一种重要的信贷技术。 Today ABL is an important lending technology in the common law countries of Australia, Canada, UK and US. * 第四页，共二十二页。 Terminology术语 “资产支持贷款”这一术语往往被误解。