短期融资及设备融资风险管理.ppt

短期融资及设备融资风险管理 Risk Management of Short-term Financing and Equipment Financing,引言 Introduction,数据一：上市公司数与中小企业数的比较 Data I: Comparing the number of public companies and small and medium-sized enterprises (SME) 截止2008年6月5日 国内中小企业数 As of June 5, 2008 the number of small and medium-sized enterprises 2006年底3151.8万家，较上年增长 11.2% ，预计2012年将达到5000万 家，年均增长率 7%-8% There were 31.518 million SMEs at the end of 2006, an increase of 11.2% year-on-year. It is estimated to be up to 50 million SMEs by 2012, a yearly average increase of 7%-8%.,VS,引言 Introduction,数据二：直接融资额与间接融资额的比较 Data II: Comparing of the value of direct financing and indirect financing,引言 Introduction,数据分析 Data Analysis 能直接融资的企业仍为少数，大多数企业需依赖自有资金及银行融资 Few enterprises are able to finance directly. Most of the enterprises depends on owned-capital and bank financing. 直接融资比例虽有所提高，但间接融资仍居于主导地位。 Though the percentage of direct financing increased, indirect financing still occupies a leading position.,引言 Introduction,中国金融机构贷款余额及构成 Loan Balance and break down of China Financial Institutions,单位:亿元 In RMB, Hundred Million,贷款余额年平均增长16% The yearly average increase of 16% in the loan balance.,Short-term loan,Medium and long-term loan,Others,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,不基于单笔贸易的短期融资品种 The varieties of short-term financing products based on non-single trade transaction 营运资金贷款 Working capital loan 周转限额贷款 Revolving line of credit loan 临时贷款 Temporary loan 搭桥贷款 Bridge loan 贷款承诺 Loan commitment,1、营运资金贷款 1. Working capital loan 满足借款人日常经营中合理的连续使用需求 The borrower uses for normal business operations or to meet continuous need for capital 未来综合收益和其他合法收入等作为还款来源 Future income and other legal income are the resources for repayment. 可采用循环贷款方式，一次签约、多次提款、逐笔归还，循环使用 It could be revolving loans. Sign contract once, draw down several times, repayment by transactions.,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,2、周转限额贷款 2. revolving line of credit loan 满足借款人日常经营中确定产品用途项下的资金短缺需求 Finance confirmed products in normal operation when borrower are short of capital 以约定的、可预见的经营收入作为还款来源 The agreed predicted operating income is the repayment resource.,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,3、临时贷款 3. Temporary loan 满足季节性或临时性的资金需求 To finance the seasonal or temporary capital needs. 依据订单组织备货和生产 Preparing the material and production according to the order. 以对应的产品（商品）销售收入和其他合法收入等作为还款来源 The sales of relevant products and other legal income are the repayment resources.,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,4、搭桥贷款 4. Bridge loan 满足阶段性的资金需求 To finance the interim capital needs. 以未来所获政府拨款等非经营性现金流作为还款来源 The cash flow from non-operation is the repayment resource, such as government funding. 主要适用已落实计划内资金暂时无法到位，需要先行垫付资金的借款人（学校、医院等事业法人或城市建设投资公司等企业法人） It is mainly to finance the borrowers until permanent or the next stage of financing can be obtained, such as school, hospital or other non-profit organizations and urban develop and investment companies.,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,5、贷款承诺 5. Loan commitment 满足借款人未来一定时期内或有的融资需求，向其出具的具有法律约束力、允许其在需要时按照合同约定条件提取贷款的信贷承诺 To meet the contingent financing needs in a certain period in the future, the a lender makes commitments that are contractual obligations for future funding to a borrower on specific terms in return for a fee 为借款人提供信用支持（发行债券或商业票据、向第三方融资、收购资产） Provide credit support to borrowers such as bonds, commercial paper, financing from a third party, acquiring assets, etc.,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,基于单笔贸易的短期融资品种 The varieties of short-term financing products based on single trade transaction 保理 Factoring 打包贷款 Packing loan 国内发票融资 Domestic invoice financing,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,1、保理 Factoring 应收账款须符合以下条件： The accounts receivable (AR) should meet the following requirements: 1.应收账款权属清楚，销货方未将其转让给任何第三人，也未在其上为任何第三人设定任何质权和其他优先受偿权； The property of the AR should be clear. The seller neither sell it to any other third party nor set any other pledge right or priority right to be repaid on the AR. 2.销货方与购货方在合同中未约定应收账款不得转让的条款 There are not any terms that the AR couldt be sold in the contract between the seller and debtor. 3.应收账款账期与行业特征相吻合 The period of AR should be accord with the industry.,销货方 Seller,购货方 Debter,购销合同 Contract,银行（保理商） Bank (Factor),应收账款转让 Sells its accounts receivable,融资、账款 管理 Financing and account managmeent,还款 repayment,资信 调查 Credit investigation,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,2、打包贷款 2. Packing loan 用于出口商装船前生产、收购、运输等费用的支出 provide support to export enterprise to finance the expenses of production, acquisition, transportation before shipping. 出口商以收到的信用证项下的预期收汇款项作为还款来源 The predicted remittance under L/C from export enterprise is the repayment resource.,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,3、国内发票融资 3. Domestic invoice financing 境内销货方（借款人）在不让渡应收账款债权情况下，以其在国内商品交易中所产生的发票为凭证向银行融资 If the seller doesnt sell its AR, the seller get loan from the bank by the invoice of domestic trade. 发票所对应的应收账款为第一还款来源 The amount of the AR on the invoice is the first repayment resource. 适用于与银行核心客户具有稳定购销关系、并为其提供上游配套产品的中小客户或中低端客户 It applies to medium and small customers who has a stable relationship between the key customers of the banks. 发票及其对应的应收账款须符合以下条件： The invoice and the AR should meet the following requirements: 1. 发票真实、合法、有效；The invoice is authentic, legal and effective. 2. 发票所列商品为销货方的主营产品 The product listed in the invoice should be the main product of the seller. 3. 应收账款还款期限一般不超过半年；The account period of the AR cant exceed half a year. 4. 应收账款权属清楚 The property of the AR should be clear.,第一部分 国内短期融资主要品种 Part I The Varieties of Domestic Short-term Financing Products,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,短期资金授信相关风险 The credit risks of short-term capital 债务主体风险 debtor risk 市场风险 market risk 业务风险 operation risk 政策风险 policy risk 担保风险 guarantee risk 银行管理风险 bank management risk,1、债务主体风险 Debtor risk 风险 识别 “5C” 法则 5C principles in defining risks,特质（Character）,资本（Capital）,能力（Capacity）,环境（Condition）,抵押（Collateral）,风险规避措施： Means of avoiding risks,信 息 收 集,财 务 分 析,非 财 务 分 析,趋 势 分 析,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,Information collection,Financial analysis,Non-financial analysis,Trend analysis,2、市场风险 2. Market risk 市场 风险 识别 Define the Market risk,宏观经济 Macro economy,行业周期及波动 Industry cycle & fluctuation,竞争状况 competition,行业壁垒 Industry barriers,产品替代性 Product Substitutability,风险规避措施： Means of avoiding risks,行业分析 Industry analysis,汇 率 风 险,利 率 风 险,产 品 价 格 波 动,受信人风控水平分析 Risks of borrower analysis,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,Exchange rate risk,Interest rate risk,Price fluctuation,3、业务风险 3. Operation risk,不基于单笔贸易的短期融资业务风险 The risks of short-term financing products based on non-single trade transaction 用途合理性 Fair in the usage 金额合理性 Fair in the amount 还款来源的可靠性 Reliability of repayment 风险规避措施： Means of avoiding risks 加强贷后检查 Strengthen the check after the loans 合理计算授信额度 rational calculate the credit quota,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,3、业务风险 3. Operation risk,基于单笔贸易的短期融资业务风险： The risks of short-term financing products based on single trade transaction 贸易背景的真实及公允性 True and fair in trading background 融资额与信用证、发票金额的匹配性 The accordance among financing value, L/C and invoice 融资期限与物流、资金流周转期限的匹配性 The accordance among financing terms, logistic and turnover of capital. 风险规避措施： Means of avoiding risks 认真审查业务相关合同及发票 Careful checking on related contract and invoice 关注货物运输及资金划转路径 Pay more attention to transportation and capital transfer,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,授信额度合理性计算举例 Example: rational calculation of the credit quota 资产负债表 Balance Sheet 资产 Assets 负债及权益Liabilities & Shareholders Equity 现金 cash 80 应付账款 accounts payable 400 应收账款 accounts receivable 700 应付费用 accrued expenses 80 存货 inventory 500 短期借款 short-term liabilities 450 流动资产 current assets 1280 一年内到期的长期负债 long-term liability due within one year 50 固定资产 fixed assets 1220 流动负债 current liabilities 980 总资产 total assets 2500 长期负债 long-term liabilites 550 所有者权益 shareholders equity 970 负债及所有者权益 2500,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,损益表 Income Statement 主营业务收入 Revenue of main business 9125 主营业务成本 Cost of main business 6100 营业费用 Operating expenses 2550 假设年采购金额为 6430（主营业务成本期末存货-期初存货），则根据上述报表中数据， Suppose the annual purchase is 6430 (Revenue of main business + ending inventory beginning inventory), according to the above data in the financial report, 日均销售额 daily sales 25 日均销售成本 daily cost of goods sold 16.71 日均营业费用 daily operating expenses 6.99 日均采购额 daily purchase 17.62,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,营运资金转换周期 Turnover of operating capital 流动资产 Current assets 流动负债 Current liabilities 现金周转天数 Cash conversion cycle 3.2 应付账款周转天数 Days payable 22.71 应收账款周转天数 Days receivable 28 应付费用周转天数 Days expenses outstanding11.45 存货周转天数 Days inventory 29.92 流动资产周转天数 Current assets turnover 61.12 流动负债周转天数 Current liabilities turnover 34.16 流动资产转换周期与流动负债转换周期的时间差 Delta of current assets turnover and current liabilities turnover 61.1234.1626.96 营运资金需求量 Working capital needed26.9616.71450.53,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,根据上述财务数据计算的营运资金需求量，即企业需向银行融资的金额，与资产负债表中的短期借款450相核对： The working capital calculated from above financial data is the amount that the enterprise needs from the bank. Compared the number with the short-term liabilities in the Balance Sheet, 若企业向银行融资额450，则银行资金存在被挪用的风险。 If the financing amount is more than 450, there will be risk of peculating the funding from the bank. 上述融资额的计算为理想状态下的融资额，由于依赖于如下假设条件，在实际运用中会产生一定的偏差： The above method is an ideal way to calculate the financing amount. There will be difference in practice because of the below assumptions: 未考虑企业资本结构因素；Not considering the structure of capital 销售采用赊销方式；Account sales 未考虑季节变动性因素 Not considering the factor of seasoning,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,4、政策性风险 4. Policy risk,经营范围 Business scope,经营资质 Operation qualification,特许行业标准 Concessionary industry standard,风险规避措施 Means of avoiding risks,1、资质、证照审核 Check the qualifications and licenses 2、实地考察生产、营运设施 On-site check the equipment for manufacturing and operating.,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,5、担保风险 Guarantee risk 保证人的担保风险同债务主体分析 The analysis of guarantee risk is the same as the one of debtor risk 抵质押物风险： 风险规避措施 Guaranty risk Means of avoiding risks ？权属 Property right ？变现 The ability to convert to cash ？善意第三人bona fide third party,一、二还款来源的相关性 The relativity in the first and second repayment resources. 权属证书审核 Check the proof of property right 相关部门抵质押登记手续 Legal procedure of pledge in administration,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,“5C”风险源 5C risk sources,自负 Complacency,疏忽 Carelessness,沟通 Communication,意外事件 Contingencies,竞争 Competition,规避措施 Means of avoiding risks,信贷文化 Credit culture 执行力 Executive power 教育与培训 Training and education 考核及奖惩 Performance review, reward and punishment,第二部分 短期资金授信风险分析 Part II The analysis on the credit risk of short-term capital,第三部分 短期资金授信风险控制 Part III The control on the credit risk of short-term capital,风险敞口控制 Control of risk exposure 对单一客户、行业、地域设定最高额限制。 Set top limitation to single customer, industry and region. 风险敞口根据客户、行业、地域的风险度水平及银行股权资本对风险的保障程度而定。 Risk exposure depends on the risks of customers, industries and regions as well as the stock equity of the banks.,贷款风险评级 Ranking of the loan risk 分析客户及贷款的特征 Analyze the features of the customers and the loans 评估违约的可能性及预期损失。 Evaluate the the possibilities of breach and estimated loss 定性与定量分析 Qualitative and quantitative analysis,第三部分 短期资金授信风险控制 Part III The control on the credit risk of short-term capital,授信限制性条款 Credit restrictive terms,消极性限制条款 Negative restrictive terms,积极性限制条款 Positive restrictive terms,年资本支出规模限制 Restriction in annual capital investment 股利分配限制 Restriction in dividend distribution 不得在现有的抵押之外再行对外设定抵押 No re-pledge on current pledge 未经银行同意不得进行收购、合并行为 No merge and acquisition unless agreed by the banks 出售、租赁、转移现有资产的比例不得超过资产总额的一定比例 The proportion to sell, lease and transfer assets cant exceed certain percentage of total assets 高级管理层不得进行人事变动 No personnel change in senior management 未经银行同意不得增加负债 No increase in liabilities unless agreed by the banks,财务指标保持在合理的范围内 keep financial ration in a reasonable range 财政年度结束的某一段时间之内必须提供审计的财务报表 Must provide audited financial report within a certain period at the end of fiscal year. 对实际控制人及主要经营者投保，受益人为银行 Insure for the management, the beneficiary is the bank. 允许银行定期现场检查存货、应收帐款和其他主要资产 Allow the banks to periodically on-site check in inventory, accounts receivable and other main assets 债务主体必须按时支付税款和其他政府规定的费用 Debtor should pay taxes and other expenses in time 债务主体必须将影响业绩的诉讼告知银行 Debtor must inform the bank of lawsuit which will influence the performance 债务主体必须保持资产的完好和修缮 Debtor must keep assets in good condition,第三部分 短期资金授信风险控制 Part III The control on the credit risk of short-term capital,第四部分 中国设备融资现状 Part IV The Current Status of Equipment Financing in China,最近十年固定资产投资规模 Fixed assets investment in recent 10 years,单位:亿元 In RMB, Hundred million,Equipment investment,Fixed assets investment,Increase in fixed assets investment,设备融资的方式 Methods of equipment finance 租赁 Leasing 分期付款 Pay by installment 银行（抵押）贷款 Mortgage 出口买方信贷 Export buyers credit,Your Logo,第四部分 中国设备融资现状 Part IV The Current Status of Equipment Financing in China,设备融资所能覆盖的设备种类 Equipment category under equipment finance 飞机 Aircraft 船舶 Ship 营运车辆 Business vehicles 工程机械 Engineering machinery 医疗设备 Medical equipment 成套大型设备 large complete - set equipment,Your Logo,第四部分 中国设备融资现状 Part IV The Current Status of Equipment Financing in China,第四部分 中国设备融资现状 Part IV The Current Status of Equipment Financing in China,设备制造商 Equipment Manufacturer,租赁公司 Leasing Company,商业银行 Commercial Bank,提供设备融资的主体 Equipment Finance Principal Parts,设备制造商 Equipment manufacturer 问题：Questions 占用自身经营性现金流量 Use its own operating cash flow 信用风险难以控制 Difficult to control the credit risk 首付比例高、期限短不利于用户资金安排 High down payment, short term which is not convenient for client to arrange the capital 改善途径: Means of improvement 成立融资租赁公司 Set up financial leasing company 与银行合作开展银行按揭 Cooperate with the banks for mortgage loan,第四部分 中国设备融资现状 Part IV The Current Status of Equipment Financing in China,租赁公司 Leasing company 中国租赁行业现状 Current status of leasing industry in China 业务规模小 Small business scale 信用环境有待改善 Credit environment needs improving 缺乏法律和税收等政策支持 short of policy support such as law and tax, etc.,第四部分 中国设备融资现状 Part IV The Current Status of Equipment Financing in China,商业银行 Commercial bank 对设备买方、卖方及租赁公司进行融资 Finance among equipment seller, buyer and leasing company.,第四部分 中国设备融资现状 Part IV The Current Status of Equipment Financing in China,第五部分 商业银行设备融资方式 Part V Equipment finance of commercial bank,信贷 Credit loan 成立金融租赁公司 Set up financial leasing company 财务顾问服务 Financial consultant service 代理信托产品发行 Agent to issue trust fund,第五部分 商业银行设备融资方式 Part V Equipment finance of commercial bank,信用证及进口押汇 Letter of Credit/Import Bill Advance,保函 L/G,银行承兑 Bank acceptance,贷款 Loan,向买方提供的信贷 Credit loans provided for buyers,飞机预付款贷款 Aircraft advance payment loan 贷款金额飞机目录价格的25% The amount of the credit: 25% of listed price 贷款期限2年，按合同约定的预付款支付进度 Credit period: 2 years, subject to the contract 还款来源飞机交付后，以飞机抵押进行融资 Repayment resource: when the aircraft is submitted,the pledging of aircraft to get loan. 贷款前提 premises to get loan 已签定购买协议，且已支付1%的订金 Already signed the purchase agreement, and paid 1% as subscription 银行、客户、制造商三方签定回购及转让飞机购买权协议 Already signed the agreement of redemption and transfer right of the aircraft 第三方担保 The third-party guarantee,第五部分 商业银行设备融资方式 Part V Equipment finance of commercial bank,向卖方提供的信贷 Credit provided to the seller 固定资产项目贷款 Fixed asset loan 流动资金贷款和银行承兑汇票 Current capital loan and bank acceptance 预付款保函 Advance payment guarantee 进口信用证 Import L/C,第五部分 商业银行设备融资方式 Part V Equipment finance of commercial bank,船舶融资重要节点 Important sections of ship finance,船舶融资品种 Ship finance,船东付 款进度 Payment schedule of the Owner,20%,20%,20%,20%,20%,船厂银行开立 预付款保函 Open advance guarantee by ship manufacturer and bank,80%,第五部分 商业银行设备融资方式 Part V Equipment finance of commercial bank,向租赁公司融资 Financing from leasing company 应租赁的受让 Leasing tranfer 流动资金贷款 Current capital loan 按揭贷款 Mortgage loan 提供担保 Provide guarantee,第五部分 商业银行设备融资方式 Part V Equipment finance of commercial bank,租赁公司,供应商 Supplier,承租人,签订租赁协议 Sign leasing contract,选购设备 交货及验收,购买租赁物,向租赁公司融资 Financing from leasing company,商业银行,支付租金 Pay the rent,按照单笔租赁协议发放贷款 Issue loan according to the contract,按照租金收取进度还款 Repayment to banks according to the rent payment schedule,第五部分 商业银行设备融资方式 Part V Equipment finance of commercial bank,Commercial bank,Purchase leased property,Leasing company,Lessee,Choose and buy the equipment, deliver, check and accept the goods,成立金融租赁公司 Set up financial leasing company 金融租赁公司管理办法(修订)相关规定: Measures for the Administration of Financial Leasing Companies (revised) 商业银行可作为出资人 Commercial bank could be the contributor of a financial leasing company 最低注册资本金1亿元人民币或等值外币 The minimum registered capital of a finance leasing company is 100 million yuan or any freely convertible currency with equivalent value 满足8的资本充足率； its capital adequacy ratio is not lower than 8%; 可吸收股东一年期（含）以上定期存款，向商业银行转让应收租赁款； to absorb time deposits