短期融资及设备融资风险管理RiskManagementofShortterm

1、短期融资及设备融资风险管理risk management of short-term financing and equipment financing 引言引言 introduction 数据一：上市公司数与中小企业数的比较数据一：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

2、 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%.上市公司数listed companies总市值total market value(rmb, hundred

3、 million)上交所 shanghai stock exchange864家176960.08 深交所shenzhen stock exchange711家43,001.06 中小企业板small and medium-sized enterprise(sme) board246家9,047.55 vs 引言引言 introduction 数据二：直接融资额与间接融资额的比较数据二：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 直接融资direct finan

4、cing间接融资indirect financing2007年直接融资额8710亿元，占当年融资总额的17.5%，比2006年提高5.2个百分点 in 2007, the value of direct financing reached rmb 871 billion, 17.5% of the total value, it increased 5.2% compared with 2006.2007年底，人民币贷款余额达277746.53 亿元at the end of 2007, the loan balance of rmb reached rmb 27774.653 billion

5、.引言引言 introduction 数据分析数据分析 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

6、 leading position. 引言引言 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 loanmedium and long-term loanothers第一部分第一部分 国内短期融资主要品种国内短期融资主要品种part i the varieties o

7、f domestic short-term financing products不基于单笔贸易的短期融资品种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 commitment1 1、营运资金贷款、营运资金贷款1. working c

8、apital loan1. 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 contr

9、act once, draw down several times, repayment by transactions.第一部分第一部分 国内短期融资主要品种国内短期融资主要品种part i the varieties of domestic short-term financing products2 2、周转限额贷款、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 o

10、f 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.第一部分第一部分 国内短期融资主要品种国内短期融资主要品种part i the varieties of domestic short-term financing products3 3、临时贷款、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preparin

11、g 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.第一部分第一部分 国内短期融资主要品种国内短期融资主要品种part i the varieties of domestic short-term financing products4 4、搭桥贷款、搭桥贷款4. bridge loan 满足阶段性的资金需求to fina

12、nce 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

13、, such as school, hospital or other non-profit organizations and urban develop and investment companies.第一部分第一部分 国内短期融资主要品种国内短期融资主要品种part i the varieties of domestic short-term financing products5 5、贷款承诺、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 cont

14、ingent 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, finan

15、cing from a third party, acquiring assets, etc.第一部分第一部分 国内短期融资主要品种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 fin

16、ancing第一部分第一部分 国内短期融资主要品种国内短期融资主要品种part i the varieties of domestic short-term financing products1 1、保理、保理 factoringfactoring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. t

17、he 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 w

18、ith 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第一部分第一部分 国内短期融资主要品种国内短期融资主要品种part i the varieties of domestic short-term financing products2 2、打包贷款、打包贷款2. packing loan2. pa

19、cking 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.第一部分第一部分 国内短期融资主要品种国内短期融资主要品种part i

20、the varieties of domestic short-term financing products3 3、国内发票融资、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 invoi

21、ce 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：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、

22、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. 第一部分第一部分 国内短期融资主要品种国内短期融资主要品种p

23、art i the varieties of domestic short-term financing products第二部分第二部分 短期资金授信风险分析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

24、管理风险 bank management risk 1、债务主体风险、债务主体风险1.debtor risk风险风险识别识别“5c”法则法则5c principles in defining risks特质（特质（character） 资本（资本（capital） 能力（能力（capacity） 环境（环境（condition） 抵押（抵押（collateral） 风险规避措施：means of avoiding risks信信息息收收集集财财务务分分析析非非财财务务分分析析趋趋势势分分析析第二部分第二部分 短期资金授信风险分析短期资金授信风险分析part ii the analysis on

25、 the credit risk of short-term capitalinformation collectionfinancial analysisnon-financial analysistrend analysis 2、市场风险、市场风险 2. market risk市场市场风险风险识别识别define the market risk宏观经济宏观经济 macro economy 行业周期及波动行业周期及波动industry cycle & fluctuation 竞争状况竞争状况competition行业壁垒行业壁垒industry barriers 产品替代性产品替代性prod

26、uct substitutability 风险规避措施：means of avoiding risks行业分析行业分析industry analysis汇汇率率风风险险利利率率风风险险产产品品价价格格波波动动受信人风控水平分析受信人风控水平分析risks of borrower analysis第二部分第二部分 短期资金授信风险分析短期资金授信风险分析part ii the analysis on the credit risk of short-term capitalexchange rate riskinterest rate riskprice fluctuation3、业务风险、业务

27、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

28、the credit quota第二部分第二部分 短期资金授信风险分析短期资金授信风险分析part ii the analysis on the credit risk of short-term capital3、业务风险、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 accord

29、ance 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

30、部分第二部分 短期资金授信风险分析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 ac

31、crued 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第二部分第二部分

32、短期资金授信风险分析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 bu

33、siness + 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第二部分第二部分 短期资金授信风险分析短期资金授信风险分析part ii the analysis on the credit risk of short

34、-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 cu

35、rrent 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第二部分第二部分 短期资金授信风险分析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

36、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

37、 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

38、季节变动性因素 not considering the factor of seasoning第二部分第二部分 短期资金授信风险分析短期资金授信风险分析part ii the analysis on the credit risk of short-term capital4、政策性风险、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 risks1、资质、证照审核check the quali

39、fications and licenses2、实地考察生产、营运设施on-site check the equipment for manufacturing and operating.第二部分第二部分 短期资金授信风险分析短期资金授信风险分析part ii the analysis on the credit risk of short-term capital5、担保风险、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

40、风险： 风险规避措施guaranty riskmeans 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第二部分第二部分

41、 短期资金授信风险分析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 an

42、d punishment第二部分第二部分 短期资金授信风险分析短期资金授信风险分析part ii the analysis on the credit risk of short-term capital第三部分第三部分 短期资金授信风险控制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

43、 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 possibili

44、ties of breach and estimated loss 定性与定量分析 qualitative and quantitative analysis第三部分第三部分 短期资金授信风险控制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 terms1.年资本支出规模限制 restriction

45、 in annual capital investment2.股利分配限制 restriction in dividend distribution3.不得在现有的抵押之外再行对外设定抵押 no re-pledge on current pledge4.未经银行同意不得进行收购、合并行为 no merge and acquisition unless agreed by the banks5.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 per

46、centage of total assets6.高级管理层不得进行人事变动 no personnel change in senior management7.未经银行同意不得增加负债 no increase in liabilities unless agreed by the banks1. 财务指标保持在合理的范围内keep financial ration in a reasonable range2. 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

47、the end of fiscal year.3. 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.4. 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 assets5. 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

48、in time 6. 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 performance7. 债务主体必须保持资产的完好和修缮 debtor must keep assets in good condition第三部分第三部分 短期资金授信风险控制短期资金授信风险控制 part iii the control on the credit risk of short-term capital第四部分第四部分 中国设备融资现状中国设备融资现状part iv the current

49、 status of equipment financing in china652970537786883498841268216527214232556431565284062985532918372144350055567704778877410999813723914%5%10%13%17%28%27%26%24%25%02000040000600008000010000012000014000016000019981999200020012002200320042005200620070%5%10%15%20%25%30%设备投资固定资产投资固定资产投资增幅最近十年固定资产投资规模f

50、ixed assets investment in recent 10 years单位:亿元in rmb, hundred millionequipment investmentfixed assets investmentincrease in fixed assets investment设备融资的方式设备融资的方式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 credityour logo第四部分第四部分 中国设备融资现状中国设备融资

51、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第四部分第四部分 中国设备融资现状中国设备融资现状part iv the

52、current status of equipment financing in china第四部分第四部分 中国设备融资现状中国设备融资现状 part iv the current status of equipment financing in china设备制造商equipment manufacturer租赁公司租赁公司租赁公司leasing companyleasing companyleasing company商业银行commercial bank提供设备融资的主体equipment finance principal parts设备制造商设备制造商 equipment manu

53、facturer 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 w

54、ith the banks for mortgage loan第四部分第四部分 中国设备融资现状中国设备融资现状part iv the current status of equipment financing in china租赁公司租赁公司 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

55、 as law and tax, etc.第四部分第四部分 中国设备融资现状中国设备融资现状part iv the current status of equipment financing in china商业银行商业银行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.第四部分第四部分 中国设备融资现状中国设备融资现状part iv the current status of equipment financing in china第五部分第五部分 商业银行设

56、备融资方式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第五部分第五部分 商业银行设备融资方式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

57、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 submit

58、ted,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第五部分第五部分 商业银行设备融

59、资方式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第五部分第五部分 商业银行设备融资方式商业银行设备融资方式part v equipment finance of commercial bank 开工开工sta

60、rt production下水下水ship launch交船交船deliver and submit the ship合同生效合同生效contract valadity开立预付款保函开立预付款保函open an advance payment guarantee流动资金贷款流动资金贷款current capital loan远期结售汇远期结售汇 forward settlement and surrender exchange开立信用证开立信用证open a credit上船台上船台construction of slipway船东付款进度payment schedule of the own