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

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,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,Kelly, 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,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,D,aily,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.,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,4,财务实力最强的企业,Highest,Financial,Strength Firms,财务实力最弱的企业,Lowest,Financial Strength Firms,通过传统银行贷款获得资金,Financed by Traditional,Bank Loans,不合格借款人（不应获得贷款）,Unqualified Borrowers,(should not receive financing),资金缺口地带,The Funding Gap Zone,企业融资能力连续线,THE FIRM CONTINUUM,5,财务实力最强的企业,Highest,Financial,Strength Firms,财务实力最弱的企业,Lowest,Financial,Strength Firms,通过传统银行贷款获得资金,Financed by,Traditional Bank Loans,不合格借款人（不应获得贷款）,Unqualified Borrowers,(should not receive financing),通过资产支持贷款获得资金,Financed by,Asset-Based Loans,企业融资能力连续线THE FIRM CONTINUUM,该区域的信贷配给问题减弱,=,资金缺口减小,Credit rationing in this zone reduced:,= the funding gap is reduced.,6,资产支持贷款和贷款风险,Asset-Based Lending and Loan Risk,担保能降低有融资缺口的企业的较高借款人风险,Collateral mitigates the higher borrower risk associated with firms in the funding gap,担保能降低所有贷款的风险,Collateral reduces the risk of any loan,对担保物的密切监控可以,：,Intensive monitoring of collateral,防止担保物状况恶化,Prevents deterioration of collateral,提供有关企业经营状况的信息,Provides information on firm performance,激励“良好借款人行为”,Provides strong incentives to promote “good” borrower behavior,因此，这两种作用的净效应决定贷款风险的高低,Thus, there are two effects the net of which determines loan risk,较高的借款人风险使贷款风险增加,Higher borrower risk,increases loan risk,担保能降低贷款风险,Collateral reduces the loan risk,7,资产支持贷款：细节,Asset-Based Lending: The Details,资产支持贷款的借款人具有较高的风险,Asset-based borrowers have higher risk profile,保守制造公司（例,1,）,Conservative Mfg, Inc.,适宜于财务报表型贷款,good candidate for financial statement lending,相比于,vs.,激进制造公司（例,2,）,Aggressive Mfg, Inc.,适宜于资产支持贷款,good candidate for asset-based lending,8,9,10,11,12,资产支持贷款：细节（续）,Asset-Based Lending: The Details (cont.),良好担保物应具有的主要特征,The key characteristics of good collateral,变现时必须易于出售,Must,be,marketable,when liquidated,与企业经营状况的相关性不能太高（,相关性,越低越好）,Must,not be too highly correlated with the performance of the firm (lower,correlation,is good),例如，如果贷款给石油钻探企业，石油钻井平台就不能算作理想的担保物（钻探企业和钻探平台的价值相关性太高）,e.g,., oil drilling rigs are not good collateral in a loan to an oil driller (both the drilling firm and the drilling rig are highly correlated in value),13,资产支持贷款：细节（续）,Asset-Based Lending: The Details (cont.),将应收账款作为担保物的价值在于,The value of accounts receivable as collateral,变现较容易,Relatively easy to liquidate,与企业经营状况的相关性一般较低,Generally low correlation with firm performance,将存货作为担保物的价值在于,The value of inventory as collateral,变现能力取决于担保物的类型,Liquidation depends on type of collateral,例,1,，半成品,可能有问题,e.g., work in progress - may be problematic,可能变现比较困难,may be difficult to liquidate,与企业经营相关性可能很高,Likely highly correlated with firm,例,2,，原材料,可能是较理想的担保物,e.g., raw materials may be better as collateral,作为商品可能变现相对容易,May be relatively easy to liquidate as a commodity,可能与企业经营相关性较低,May not be highly correlated with firm,职业的清算人员如今在美国发挥着非常重要的作用,Professional liquidators now play a significant role in the U.S.,清算人员也对设备进行清算和估价,Liquidators also liquidate and appraise equipment,14,资产支持贷款：细节（续）,Asset-Based Lending:,The Details (cont.),主要区别：,所有资产支持贷款都属于担保贷款，但并不是所有担保贷款都是资产支持贷款,Key distinction:,All asset-based lending is collateralized, but all secured lending is not asset-based,资产支持贷款要求对担保品的,密切监控,Asset-based lending requires intensive monitoring,主要挑战,1,：区分“优质”（即，合格）和“劣质”（即，不合格）动产,Key challenge #1: distinguish between “good” (i.e., eligible) and “bad” (i.e., ineligible) movable assets,主要挑战,2,：动产的价值不断变化,Key challenge #2: movable assets change value continuously,而贷款金额不能超过合格资产的价值,Loan advances should not exceed eligible assets,15,资产支持贷款：运营原理,Asset-Based Lending:,The Mechanics,运营目标：,The operational objective:,确保担保物的清算价值超过贷款金额,Assure that collateral liquidation value exceeds loan value:,担保物价值减少，则贷款余额（和贷款额度）也应降低,Loan (and loan capacity) falls when collateral value decreases,而,and,担保物价值增加时，则提高贷款额度,Loan capacity increases when collateral value increases,16,资产支持贷款：运营原理,（续）,Asset-Based Lending:,The Mechanics (cont.),应收账款,Accounts receivable,可用贷款额度报告,Availability report,不合格应收账款,Ineligible receivables,帐龄超过,90,天,Over 90 days,交叉“逾期”应收帐款,Cross age,对销（轧差）账户,Contra accounts,境外应收账款,Foreign accounts,其它类别,Various others,XYZ,印刷厂（例）,XYZ Printing example,17,18,19,20,资产支持贷款：运营原理（续）,Asset-Based Lending:,The Mechanics (cont.),每日记录 Daily Record,每日记录贷款余额和担保物的变化，以确保贷款与担保物相匹配（即，合格担保物价值总是大于贷款余额）,Records loan changes and collateral changes to insure that loan is in balance (i.e., that collateral always exceeds loan balance),21,22,资产支持贷款：运营原理（续）,Asset-Based Lending: The Mechanics (cont.),存货,Inventory,贷款比率（折扣率）取决于存货类型和产品类型,Advances depend on type of inventory and type of product,现场检查,Field examinations,资产支持贷款的贷款人对担保物的审计,Audits of collateral conducted by asset-based lender,23,资产支持贷款实践：案例分析,Asset-Based Lending in Practice: A Case Study,案例分析,Case study:,ABC,瓦楞纸箱厂（例）,The ABC Corrugated Box Company,业务,The business:,压纹（即，生产纸板箱）,Corrugating (i.e., manufactures cardboard),组织架构特征,Organization characteristics,私有,Privately owned,业主为经理人,Owner-managed,24,ABC,瓦楞纸箱厂（例）（续）,ABC Corrugated Box Company (cont.),简史,Brief history,由两兄弟在,1967,年创立,Founded by two brothers in 1967,1995,年以杠杆收购的方式收购了另一家瓦楞纸箱厂,Acquired another corrugating company in 1995 in a leveraged buyout,1998,年公司经历重创,Company suffered a disastrous year 1998,Midstates,银行将关系转到资产支持贷款部门,Midstates Bank moved relationship to its ABL division,Midstates,银行被Grand American银行收购,Midstates Bank acquired by Grand American Bankcorp,Grand American,银行不提供资产支持贷款,Grand American does not do ABL,Grand American,银行要求,ABC,瓦楞纸箱厂另外寻找一家银行,Grand American has asked ABC to find a new bank,25,ABC,瓦楞纸箱厂（例）（续）,ABC Corrugated Box Company (cont.),目前状况（,2001,年,11,月）,Current situation (November 2001):,ABC,与另外一家银行,Lake Superior Finance,银行商谈资产支持贷款,ABC negotiates an asset-based loan with a new bank Lake Superior Finance,这笔贷款资金将用于偿付,Grand American,银行的贷款,Proceeds from new loan would pay out Grand Americans loan,贷款要求,The loan request:,1,200,万美元循环授信,$12,000,000 revolving credit,用应收账款和存货担保,Secured by accounts receivable and inventory,财务状况（参见财务报表）,The financial situation (see financial statements),杠杆水平很高,Highly leveraged,1998,年之后部分恢复盈利,Some return to profitability after 1998,26,27,28,29,ABC,瓦楞纸箱厂（例）（续）,ABC Corrugated Box Company (cont.),财务状况在,1998,年表现出严重恶化,Financials show drastic deterioration in 1998,Midstates,银行仍根据资产支持贷款协议，继续提供应收账款和存货支持贷款,Nevertheless Midstates Bank continued to lend against A/R and inventory under an asset-based lending arrangement,财务状况在,2001,年第三季度有所改善,Financials show improvement through 3rd quarter 2001,但是，有些比率仍然很弱,However, some ratios still quite weak,流动比率 Current ratio,杠杆比率 Leverage ratios,财务状况虽有改善，但还不足以好到获得传统贷款,Probably not enough improvement to borrow under a traditional loan arrangement,资产支持贷款的贷款人主要是根据应收账款和存货来判断,Asset-based lenders, however, look primarily to the accounts receivable and the inventory,应收账款和存货周转比率,A/R and inventory turnover ratios,贷款可用额度清单,Availability schedule,30,31,ABC,瓦楞纸箱厂（例）（续）,ABC Corrugated Box Company (cont.),主要最终贷款条款,Key final loan terms,1200,万美元循环贷款,$12,000,000 revolving loan,350,万美元的存货子限额,$3,500,000 inventory sub-limit,对合格应收账款的放款率为,80%,80% advance on eligible receivables,对原材料和产成品的放款率为,60%,60% advance on raw materials and finished goods,现场检查,每年,3,次,Field examinations 3 times per year,注,Note:,在该循环授信下，贷款提用额不得超过“可用贷款额度”：即，,Loan advances under the revolver can not exceed “loan availability”: i.e.,总贷款余额 ,可用贷款额度，,1200,万 ,二者中较小者,total loan advances minimum loan availability, $12 million,32,