1應(yīng)收賬款及存貨擔(dān)保融資盡職調(diào)查、貸款設(shè)計(jì)和風(fēng)險(xiǎn)控制

30三月20241應(yīng)收賬款及存貨擔(dān)保融資盡職調(diào)查、貸款設(shè)計(jì)和風(fēng)險(xiǎn)控制資產(chǎn)支持貸款：主要特征

Asset-BasedLending:KeyCharacteristics由應(yīng)收賬款和存貨進(jìn)行擔(dān)保Collateralizedbybothaccountsreceivableandinventory對(duì)擔(dān)保物密切監(jiān)控Collateralintensivelymonitored對(duì)應(yīng)收賬款每日監(jiān)控Dailymonitoringofaccountsreceivable對(duì)存貨每月監(jiān)控Monthlymonitoringofinventory在美國(guó)由商業(yè)財(cái)務(wù)公司和銀行的資產(chǎn)支持貸款部門提供DeliveredintheU.S.bycommercialfinancecompaniesandasset-basedlendingdivisionsofbanks有專門的資產(chǎn)支持貸款運(yùn)營(yíng)部門提供支持SupportedbydedicatedABLoperationsdept.2資產(chǎn)支持貸款透視

Asset-BasedLendinginPerspective資產(chǎn)支持貸款是8種商業(yè)性“貸款技術(shù)”之一Asset-basedlendingisoneofeightcommercial“l(fā)endingtechnologies”關(guān)系貸款Relationshiplending財(cái)務(wù)報(bào)表貸款Financialstatementlending小企業(yè)信用評(píng)分Smallbusinesscreditscoring設(shè)備貸款Equipmentlending租賃Leasing不動(dòng)產(chǎn)擔(dān)保貸款Realestate-basedlending保理Factoring資產(chǎn)支持貸款A(yù)sset-basedlending3資產(chǎn)支持貸款的目標(biāo)客戶：高風(fēng)險(xiǎn)借款人

TargetABLCustomers:HighRiskBorrowers目標(biāo)企業(yè)面臨“融資缺口”，可能只有資產(chǎn)支持貸款這一融資渠道Targetfirmsfacea“fundinggap”andarenotlikelytogetfinancingwithoutasset-basedlending企業(yè)主能力很強(qiáng)、也有好的商業(yè)模式Strongentrepreneurswithgoodbusinessmodels多數(shù)為快速增長(zhǎng)企業(yè)Manyarerapidlygrowingfirms但經(jīng)營(yíng)者資源有限，財(cái)務(wù)壓力大Thesefirms,however,arefinanciallyconstrainedbylimitedentrepreneurresourses即，資本不足i.e.,undercapitalized這些資本不足的目標(biāo)企業(yè)通常財(cái)務(wù)比率也比較差，例如Theseundercapitalizedtargetfirmstendtoshowweakfinancialratios,e.g.,流動(dòng)比率Currentratio負(fù)債/凈值比率Debt/worthratio負(fù)債/息稅折舊攤銷前利潤(rùn)比率

Debt/EBITDAratio稅后凈利潤(rùn)/總資產(chǎn)比率NPAT/TAratio4財(cái)務(wù)實(shí)力最強(qiáng)的企業(yè)HighestFinancialStrengthFirms財(cái)務(wù)實(shí)力最弱的企業(yè)LowestFinancialStrengthFirms通過(guò)傳統(tǒng)銀行貸款獲得資金FinancedbyTraditionalBankLoans不合格借款人（不應(yīng)獲得貸款）UnqualifiedBorrowers(shouldnotreceivefinancing)資金缺口地帶TheFundingGapZone企業(yè)融資能力連續(xù)線

THEFIRMCONTINUUM5財(cái)務(wù)實(shí)力最強(qiáng)的企業(yè)HighestFinancialStrengthFirms財(cái)務(wù)實(shí)力最弱的企業(yè)LowestFinancialStrengthFirms通過(guò)傳統(tǒng)銀行貸款獲得資金FinancedbyTraditionalBankLoans不合格借款人（不應(yīng)獲得貸款）UnqualifiedBorrowers(shouldnotreceivefinancing)通過(guò)資產(chǎn)支持貸款獲得資金FinancedbyAsset-BasedLoans企業(yè)融資能力連續(xù)線THEFIRMCONTINUUM該區(qū)域的信貸配給問(wèn)題減弱=〉資金缺口減小Creditrationinginthiszonereduced:=>thefundinggapisreduced.6資產(chǎn)支持貸款和貸款風(fēng)險(xiǎn)

Asset-BasedLendingandLoanRisk擔(dān)保能降低有融資缺口的企業(yè)的較高借款人風(fēng)險(xiǎn)

Collateralmitigatesthehigherborrowerriskassociatedwithfirmsinthefundinggap擔(dān)保能降低所有貸款的風(fēng)險(xiǎn)

Collateralreducestheriskofanyloan對(duì)擔(dān)保物的密切監(jiān)控可以：Intensivemonitoringofcollateral防止擔(dān)保物狀況惡化

Preventsdeteriorationofcollateral提供有關(guān)企業(yè)經(jīng)營(yíng)狀況的信息

Providesinformationonfirmperformance激勵(lì)“良好借款人行為”

Providesstrongincentivestopromote“good”borrowerbehavior因此，這兩種作用的凈效應(yīng)決定貸款風(fēng)險(xiǎn)的高低

Thus,therearetwoeffectsthenetofwhichdeterminesloanrisk較高的借款人風(fēng)險(xiǎn)使貸款風(fēng)險(xiǎn)增加

Higherborrowerrisk

increasesloanrisk擔(dān)保能降低貸款風(fēng)險(xiǎn)

Collateralreducestheloanrisk7資產(chǎn)支持貸款：細(xì)節(jié)

Asset-BasedLending:TheDetails資產(chǎn)支持貸款的借款人具有較高的風(fēng)險(xiǎn)Asset-basedborrowershavehigherriskprofile保守制造公司（例1）ConservativeMfg,Inc.適宜于財(cái)務(wù)報(bào)表型貸款goodcandidateforfinancialstatementlending

相比于

vs.激進(jìn)制造公司（例2）AggressiveMfg,Inc.

適宜于資產(chǎn)支持貸款goodcandidateforasset-basedlending89101112資產(chǎn)支持貸款：細(xì)節(jié)（續(xù)）

Asset-BasedLending:TheDetails(cont.)良好擔(dān)保物應(yīng)具有的主要特征Thekeycharacteristicsofgoodcollateral變現(xiàn)時(shí)必須易于出售Mustbemarketablewhenliquidated與企業(yè)經(jīng)營(yíng)狀況的相關(guān)性不能太高（相關(guān)性越低越好）Mustnotbetoohighlycorrelatedwiththeperformanceofthefirm(lowercorrelationisgood)例如，如果貸款給石油鉆探企業(yè)，石油鉆井平臺(tái)就不能算作理想的擔(dān)保物（鉆探企業(yè)和鉆探平臺(tái)的價(jià)值相關(guān)性太高）e.g.,oildrillingrigsarenotgoodcollateralinaloantoanoildriller(boththedrillingfirmandthedrillingrigarehighlycorrelatedinvalue)13資產(chǎn)支持貸款：細(xì)節(jié)（續(xù)）

Asset-BasedLending:TheDetails(cont.)將應(yīng)收賬款作為擔(dān)保物的價(jià)值在于Thevalueofaccountsreceivableascollateral變現(xiàn)較容易R(shí)elativelyeasytoliquidate與企業(yè)經(jīng)營(yíng)狀況的相關(guān)性一般較低Generallylowcorrelationwithfirmperformance將存貨作為擔(dān)保物的價(jià)值在于Thevalueofinventoryascollateral變現(xiàn)能力取決于擔(dān)保物的類型Liquidationdependsontypeofcollateral例1，半成品——可能有問(wèn)題e.g.,workinprogress-maybeproblematic可能變現(xiàn)比較困難maybedifficulttoliquidate與企業(yè)經(jīng)營(yíng)相關(guān)性可能很高Likelyhighlycorrelatedwithfirm例2，原材料——可能是較理想的擔(dān)保物e.g.,rawmaterials–maybebetterascollateral作為商品可能變現(xiàn)相對(duì)容易Mayberelativelyeasytoliquidateasacommodity可能與企業(yè)經(jīng)營(yíng)相關(guān)性較低Maynotbehighlycorrelatedwithfirm職業(yè)的清算人員如今在美國(guó)發(fā)揮著非常重要的作用ProfessionalliquidatorsnowplayasignificantroleintheU.S.清算人員也對(duì)設(shè)備進(jìn)行清算和估價(jià)Liquidatorsalsoliquidateandappraiseequipment14資產(chǎn)支持貸款：細(xì)節(jié)（續(xù)）

Asset-BasedLending:TheDetails(cont.)主要區(qū)別：所有資產(chǎn)支持貸款都屬于擔(dān)保貸款，但并不是所有擔(dān)保貸款都是資產(chǎn)支持貸款

Keydistinction:Allasset-basedlendingiscollateralized,butallsecuredlendingisnotasset-based資產(chǎn)支持貸款要求對(duì)擔(dān)保品的密切監(jiān)控

Asset-basedlendingrequiresintensivemonitoring主要挑戰(zhàn)1：區(qū)分“優(yōu)質(zhì)”（即，合格）和“劣質(zhì)”（即，不合格）動(dòng)產(chǎn)Keychallenge#1:distinguishbetween“good”(i.e.,eligible)and“bad”(i.e.,ineligible)movableassets主要挑戰(zhàn)2：動(dòng)產(chǎn)的價(jià)值不斷變化Keychallenge#2:movableassetschangevaluecontinuously而貸款金額不能超過(guò)合格資產(chǎn)的價(jià)值Loanadvancesshouldnotexceedeligibleassets15資產(chǎn)支持貸款：運(yùn)營(yíng)原理

Asset-BasedLending:TheMechanics運(yùn)營(yíng)目標(biāo)：Theoperationalobjective:確保擔(dān)保物的清算價(jià)值超過(guò)貸款金額Assurethatcollateralliquidationvalueexceedsloanvalue:擔(dān)保物價(jià)值減少，則貸款余額（和貸款額度）也應(yīng)降低Loan(andloancapacity)fallswhencollateralvaluedecreases 而and擔(dān)保物價(jià)值增加時(shí)，則提高貸款額度Loancapacityincreaseswhencollateralvalueincreases16資產(chǎn)支持貸款：運(yùn)營(yíng)原理

（續(xù)）

Asset-BasedLending:TheMechanics(cont.)應(yīng)收賬款A(yù)ccountsreceivable可用貸款額度報(bào)告Availabilityreport不合格應(yīng)收賬款I(lǐng)neligiblereceivables帳齡超過(guò)90天Over90days交叉“逾期”應(yīng)收帳款Crossage對(duì)銷（軋差）賬戶Contraaccounts境外應(yīng)收賬款Foreignaccounts其它類別VariousothersXYZ印刷廠（例）XYZPrintingexample17181920資產(chǎn)支持貸款：運(yùn)營(yíng)原理（續(xù)）

Asset-BasedLending:TheMechanics(cont.)每日記錄DailyRecord每日記錄貸款余額和擔(dān)保物的變化，以確保貸款與擔(dān)保物相匹配（即，合格擔(dān)保物價(jià)值總是大于貸款余額）Recordsloanchangesandcollateralchangestoinsurethatloanisinbalance(i.e.,thatcollateralalwaysexceedsloanbalance)2122資產(chǎn)支持貸款：運(yùn)營(yíng)原理（續(xù)）

Asset-BasedLending:TheMechanics(cont.)存貨Inventory貸款比率（折扣率）取決于存貨類型和產(chǎn)品類型Advancesdependontypeofinventoryandtypeofproduct現(xiàn)場(chǎng)檢查Fieldexaminations資產(chǎn)支持貸款的貸款人對(duì)擔(dān)保物的審計(jì)Auditsofcollateralconductedbyasset-basedlender23資產(chǎn)支持貸款實(shí)踐：案例分析

Asset-BasedLendinginPractice:ACaseStudy案例分析Casestudy:ABC瓦楞紙箱廠（例）TheABCCorrugatedBoxCompany業(yè)務(wù)Thebusiness:壓紋（即，生產(chǎn)紙板箱）Corrugating(i.e.,manufacturescardboard)組織架構(gòu)特征Organizationcharacteristics私有Privatelyowned業(yè)主為經(jīng)理人Owner-managed24ABC瓦楞紙箱廠（例）（續(xù)）

ABCCorrugatedBoxCompany(cont.)簡(jiǎn)史Briefhistory由兩兄弟在1967年創(chuàng)立Foundedbytwobrothersin19671995年以杠桿收購(gòu)的方式收購(gòu)了另一家瓦楞紙箱廠Acquiredanothercorrugatingcompanyin1995inaleveragedbuyout1998年公司經(jīng)歷重創(chuàng)Companysufferedadisastrousyear1998Midstates銀行將關(guān)系轉(zhuǎn)到資產(chǎn)支持貸款部門MidstatesBankmovedrelationshiptoitsABLdivisionMidstates銀行被GrandAmerican銀行收購(gòu)MidstatesBankacquiredbyGrandAmericanBankcorpGrandAmerican銀行不提供資產(chǎn)支持貸款GrandAmericandoesnotdoABLGrandAmerican銀行要求ABC瓦楞紙箱廠另外尋找一家銀行GrandAmericanhasaskedABCtofindanewbank25ABC瓦楞紙箱廠（例）（續(xù)）

ABCCorrugatedBoxCompany(cont.)目前狀況（2001年11月）Currentsituation(November2001):ABC與另外一家銀行——LakeSuperiorFinance銀行商談資產(chǎn)支持貸款A(yù)BCnegotiatesanasset-basedloanwithanewbank–LakeSuperiorFinance這筆貸款資金將用于償付GrandAmerican銀行的貸款ProceedsfromnewloanwouldpayoutGrandAmerican’sloan貸款要求Theloanrequest:1,200萬(wàn)美元循環(huán)授信$12,000,000revolvingcredit用應(yīng)收賬款和存貨擔(dān)保Securedbyaccountsreceivableandinventory財(cái)務(wù)狀況（參見財(cái)務(wù)報(bào)表）Thefinancialsituation(seefinancialstatements)杠