应收账款及存货担保融资尽职调查贷款设计和风险控制.ppt

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ReceivableFinancing:DueDiligence,StructuringandRiskControl,印第安纳大学凯利（Kelly）商学院教授格里高利乌代尔ProfessorGregoryF.UdellKelleySchoolofBusiness,IndianaUniversity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Workshopon“AccountsReceivableandInventoryFinancing”BeijingApril18,2007,2,资产支持贷款：主要特征Asset-BasedLending:KeyCharacteristics,由应收账款和存货进行担保Collateralizedbybothaccountsreceivableandinventory对担保物密切监控Collateralintensivelymonitored对应收账款每日监控Dailymonitoringofaccountsreceivable对存货每月监控Monthlymonitoringofinventory在美国由商业财务公司和银行的资产支持贷款部门提供DeliveredintheU.S.bycommercialfinancecompaniesandasset-basedlendingdivisionsofbanks有专门的资产支持贷款运营部门提供支持SupportedbydedicatedABLoperationsdept.,3,资产支持贷款透视Asset-BasedLendinginPerspective,资产支持贷款是8种商业性“贷款技术”之一Asset-basedlendingisoneofeightcommercial“lendingtechnologies”关系贷款Relationshiplending财务报表贷款Financialstatementlending小企业信用评分Smallbusinesscreditscoring设备贷款Equipmentlending租赁Leasing不动产担保贷款Realestate-basedlending保理Factoring资产支持贷款Asset-basedlending,4,资产支持贷款的目标客户：高风险借款人TargetABLCustomers:HighRiskBorrowers,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Targetfirmsfacea“fundinggap”andarenotlikelytogetfinancingwithoutasset-basedlending企业主能力很强、也有好的商业模式Strongentrepreneurswithgoodbusinessmodels多数为快速增长企业Manyarerapidlygrowingfirms但经营者资源有限，财务压力大Thesefirms,however,arefinanciallyconstrainedbylimitedentrepreneurresourses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Theseundercapitalizedtargetfirmstendtoshowweakfinancialratios,e.g.,流动比率Currentratio负债/净值比率Debt/worthratio负债/息税折旧摊销前利润比率Debt/EBITDAratio税后净利润/总资产比率NPAT/TAratio,5,财务实力最强的企业HighestFinancialStrengthFirms,财务实力最弱的企业LowestFinancialStrengthFirms,通过传统银行贷款获得资金FinancedbyTraditionalBankLoans,不合格借款人（不应获得贷款）UnqualifiedBorrowers(shouldnotreceivefinancing),资金缺口地带TheFundingGapZone,企业融资能力连续线THEFIRMCONTINUUM,6,财务实力最强的企业HighestFinancialStrengthFirms,财务实力最弱的企业LowestFinancialStrengthFirms,通过传统银行贷款获得资金FinancedbyTraditionalBankLoans,不合格借款人（不应获得贷款）UnqualifiedBorrowers(shouldnotreceivefinancing),通过资产支持贷款获得资金FinancedbyAsset-BasedLoans,企业融资能力连续线THEFIRMCONTINUUM,该区域的信贷配给问题减弱=资金缺口减小Creditrationinginthiszonereduced:=thefundinggapisreduced.,7,资产支持贷款和贷款风险Asset-BasedLendingandLoanRisk,担保能降低有融资缺口的企业的较高借款人风险Collateralmitigatesthehigherborrowerriskassociatedwithfirmsinthefundinggap担保能降低所有贷款的风险Collateralreducestheriskofanyloan对担保物的密切监控可以：Intensivemonitoringofcollateral防止担保物状况恶化Preventsdeteriorationofcollateral提供有关企业经营状况的信息Providesinformationonfirmperformance激励“良好借款人行为”Providesstrongincentivestopromote“good”borrowerbehavior因此，这两种作用的净效应决定贷款风险的高低Thus,therearetwoeffectsthenetofwhichdeterminesloanrisk较高的借款人风险使贷款风险增加Higherborrowerriskincreasesloanrisk担保能降低贷款风险Collateralreducestheloanrisk,8,资产支持贷款：细节Asset-BasedLending:TheDetails,资产支持贷款的借款人具有较高的风险Asset-basedborrowershavehigherriskprofile保守制造公司（例1）ConservativeMfg,Inc.适宜于财务报表型贷款goodcandidateforfinancialstatementlending相比于vs.激进制造公司（例2）AggressiveMfg,Inc.适宜于资产支持贷款goodcandidateforasset-basedlending,9,10,11,12,13,资产支持贷款：细节（续）Asset-BasedLending:TheDetails(cont.),良好担保物应具有的主要特征Thekeycharacteristicsofgoodcollateral变现时必须易于出售Mustbemarketablewhenliquidated与企业经营状况的相关性不能太高（相关性越低越好）Mustnotbetoohighlycorrelatedwiththeperformanceofthefirm(lowercorrelationisgood)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.,oildrillingrigsarenotgoodcollateralinaloantoanoildriller(boththedrillingfirmandthedrillingrigarehighlycorrelatedinvalue),14,资产支持贷款：细节（续）Asset-BasedLending:TheDetails(cont.),将应收账款作为担保物的价值在于Thevalueofaccountsreceivableascollateral变现较容易Relativelyeasytoliquidate与企业经营状况的相关性一般较低Generallylowcorrelationwithfirmperformance将存货作为担保物的价值在于Thevalueofinventoryascollateral变现能力取决于担保物的类型Liquidationdependsontypeofcollateral例1，半成品可能有问题e.g.,workinprogress-maybeproblematic可能变现比较困难maybedifficulttoliquidate与企业经营相关性可能很高Likelyhighlycorrelatedwithfirm例2，原材料可能是较理想的担保物e.g.,rawmaterialsmaybebetterascollateral作为商品可能变现相对容易Mayberelativelyeasytoliquidateasacommodity可能与企业经营相关性较低Maynotbehighlycorrelatedwithfirm职业的清算人员如今在美国发挥着非常重要的作用ProfessionalliquidatorsnowplayasignificantroleintheU.S.清算人员也对设备进行清算和估价Liquidatorsalsoliquidateandappraiseequipment,15,资产支持贷款：细节（续）Asset-BasedLending:TheDetails(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Keydistinction:Allasset-basedlendingiscollateralized,butallsecuredlendingisnotasset-based资产支持贷款要求对担保品的密切监控Asset-basedlendingrequiresintensivemonitoring主要挑战1：区分“优质”（即，合格）和“劣质”（即，不合格）动产Keychallenge#1:distinguishbetween“good”(i.e.,eligible)and“bad”(i.e.,ineligible)movableassets主要挑战2：动产的价值不断变化Keychallenge#2:movableassetschangevaluecontinuously而贷款金额不能超过合格资产的价值Loanadvancesshouldnotexceedeligibleassets,16,资产支持贷款：运营原理Asset-BasedLending:TheMechanics,运营目标：Theoperationalobjective:确保担保物的清算价值超过贷款金额Assurethatcollateralliquidationvalueexceedsloanvalue:担保物价值减少，则贷款余额（和贷款额度）也应降低Loan(andloancapacity)fallswhencollateralvaluedecreases而and担保物价值增加时，则提高贷款额度Loancapacityincreaseswhencollateralvalueincreases,17,资产支持贷款：运营原理（续）Asset-BasedLending:TheMechanics(cont.),应收账款Accountsreceivable可用贷款额度报告Availabilityreport不合格应收账款Ineligiblereceivables帐龄超过90天Over90days交叉“逾期”应收帐款Crossage对销（轧差）账户Contraaccounts境外应收账款Foreignaccounts其它类别VariousothersXYZ印刷厂（例）XYZPrintingexample,18,19,20,21,资产支持贷款：运营原理（续）Asset-BasedLending:TheMechanics(cont.),每日记录DailyRecord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）Recordsloanchangesandcollateralchangestoinsurethatloanisinbalance(i.e.,thatcollateralalwaysexceedsloanbalance),22,23,资产支持贷款：运营原理（续）Asset-BasedLending:TheMechanics(cont.),存货Inventory贷款比率（折扣率）取决于存货类型和产品类型Advancesdependontypeofinventoryandtypeofproduct现场检查Fieldexaminations资产支持贷款的贷款人对担保物的审计Auditsofcollateralconductedbyasset-basedlender,24,资产支持贷款实践：案例分析Asset-BasedLendinginPractice:ACaseStudy,案例分析Casestudy:ABC瓦楞纸箱厂（例）TheABCCorrugatedBoxCompany业务Thebusiness:压纹（即，生产纸板箱）Corrugating(i.e.,manufacturescardboard)组织架构特征Organizationcharacteristics私有Privatelyowned业主为经理人Owner-managed,25,ABC瓦楞纸箱厂（例）（续）ABCCorrugatedBoxCompany(cont.),简史Briefhistory由两兄弟在1967年创立Foundedbytwobrothersin19671995年以杠杆收购的方式收购了另一家瓦楞纸箱厂Acquiredanothercorrugatingcompanyin1995inaleveragedbuyout1998年公司经历重创Companysufferedadisastrousyear1998Midstates银行将关系转到资产支持贷款部门MidstatesBankmovedrelationshiptoitsABLdivisionMidstates银行被GrandAmerican银行收购MidstatesBankacquiredbyGrandAmericanBankcorpGrandAmerican银行不提供资产支持贷款GrandAmericandoesnotdoABLGrandAmerican银行要求ABC瓦楞纸箱厂另外寻找一家银行GrandAmericanhasaskedABCtofindanewbank,26,ABC瓦楞纸箱厂（例）（续）ABCCorrugatedBoxCompany(cont.),目前状况（2001年11月）Currentsituation(November2001):ABC与另外一家银行LakeSuperiorFinance银行商谈资产支持贷款ABCnegotiatesanasset-basedloanwithanewbankLakeSuperiorFinance这笔贷款资金将用于偿付GrandAmerican银行的贷款ProceedsfromnewloanwouldpayoutGrandAmericansloan贷款要求Theloanrequest:1,200万美元循环授信$12,000,000revolvingcredit用应收账款和存货担保Securedbyaccountsreceivableandinventory财务状况（参见财务报表）Thefinancialsituation(seefinancialstatements)杠杆水平很高Highlyleveraged1998年之后部分恢复盈利Somereturntoprofitabilityafter1998,27,28,29,30,ABC瓦楞纸箱厂（例）（续）ABCCorrugatedBoxCompany(cont.),财务状况在1998年表现出严重恶化Financialsshowdrasticdeteriorationin1998Midstates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NeverthelessMidstatesBankcontinuedtolendagainstA/Randinventoryunderanasset-basedlendingarrangement财务状况在2001年第三季度有所改善Financialsshowimprovementthrough3rdquarter2001但是，有些比率仍然很弱Howev