22-资产支持融资的总揽

ASSET-BASED

FINANCE:AN

OVERVIEW资产支持融资：总揽Accounts

Receivable

and

InventoryLending

and

Factoring应收账款和存货贷款及保理印第安那大学克里（Kelly）商学院Gregory

F.Udell教授Professor

Gregory

F.

Udell,

Kelley

School

of

Business

Indiana

University“物权法与中国动产融资”国际研讨会北京2007年4月17日1第一页，共二十二页。Two

Forms

of

Asset-Based

Finance两种形式的资产支持融资资产支持贷款(ABL)Asset-based

Lending

(ABL)由应收账款和存货担保的借贷Lending

secured

by

accounts

receivable

and

inventory保理Factoring将应收账款出售给“保理商”Sale

of

receivables

to

a

“factor”(我会首先着重讲资产支持贷款)(I

will

focus

first

on

asset-based

lending.)2第二页，共二十二页。Asset-Based

Lending:

Key

Characteristics资产支持贷款：主要特征1.

以应收账款和存货为担保Collateralized

by

both

accounts

receivable

and

inventoryMonthly密切监控担保品Collateral

intensively

monitored每天对应收账款进行监控Daily

monitory

of

accounts

receivable每月对存货进行监控monitoring

of

inventory2.

该产品通常由商业财务公司和银行里的资产支持贷款部门提供Delivered

by

commercial

finance

companies

and

asset-based

lending

divisions

of

banks由专门的资产支持贷款经营部门提供支持Supportedby

dedicated

ABL

operations

dept.3第三页，共二十二页。Asset-Based

Lending:

Key

Characteristics

(cont.)资产支持贷款：主要特征（续）在美国，许多中小企业贷款都是由应收账款担保的，但并未进行密切监控Many

SME

loans

in

the

U.S.

are

secured

by

accounts

receivable

but

are

notmonitored

intensively.– 这些贷款并不属于资产支持贷款(ABL)These

are

not

considered

asset-based

loans.–

这些贷款是运用传统的信贷技术发放的These

loans

are

originatedusing

traditional

loan

underwriting

techniques.–

应收账款和存货仅仅被作为是第二还款来源的担保品Accounts

receivable

and

inventory

are

taken

as

collateral

only

as

asecondary

source

of

repayment.如今，在澳大利亚、加拿大、英国和美国等普通法国家，资产支持贷款是一种重要的信贷技术。Today

ABL

is

an

important

lendingtechnology

in

the

common

law

countries

of

Australia,

Canada,

UK

and

US.4第四页，共二十二页。Terminology术语“资产支持贷款”这一术语往往被误解。The

term

“asset-based

lending”

is

often

misunderstood.美国的银行家在使用“资产支持贷款”这个词的时候，通常是指基于动产且密切和持续地对这些动产进行监控而进行的借贷活动。As

used

by

bankers

in

the

U.S.,

“asset-based

lending”

usually

refers

only

to

lending

against

movable

assetprogram

to

intensively

and

continuously

monitor

these

assets.“资产支持贷款”通常不包含用设备或不动产来担保的贷款。The

term

“asset-based

lending”

typically

does

not

include

lending

against

equipmeor

real

estate.– 当然，资产支持贷款有的时候也和那些贷款产品结合运用。However,asset-basedlending

is

sometimes

combined

with

these

loan

products.资产支持贷款的目标：缩小“融资缺口”The

goal

of

ABL:

close

the

“funding

gap”5第五页，共二十二页。财务实力最强的企业由传统银行贷款提供融资THE

FIRM

CONTINUUM企业融资能力连续线Highest

FinancialStrength

Firms财务实力最弱的企业Lowest

FinancialStrength

FirmsFinanced

by

TraditionalBank

LoansUnqualified

Borrowers(should

not

receive

financing)不合格的借款人(不应该获得融资)融资缺口区域The

Funding

Gap

Zone6第六页，共二十二页。融资缺口融资缺口=原本可以获得信用的好企业却不能获得的融资The

funding

gap

=

thedeficiency

in

financing

for

good

companies

who

otherwise

deserve

credit有“融资缺口”的企业类型Types

of

firms

with

a

“funding

gap”–拥有良好经营模式的企业，即现金流净现值为正的企业Firms

with

good

businessmodels,i.e.,positive

net

present

value

cash

flows–拥有技能丰富的企业家的企业Firms

with

skilled

entrepreneursSome–一些拥有高（和甚至非常高）成长潜力的企业firms

with

high

(and

even

very

high)

growth

potential但是，有融资缺口的企业往往也可能是：BUT,firms

with

a

funding

gap

also

tend

tobe:资本不足Undercapitalized–企业家被有限的财务资源所束缚Entrepreneurs

constrained

by

limited

financial

resourcesSmaller

firms

whose

“smallness”

makes

them

more小型企业们因为规模“小”而不透明opaqueSome

of

thesefirmsmay

not

be

able

to–一些这样的企业可能无法提供经审计的财务报表afford

audited

financial

statements7第七页，共二十二页。The

Funding

Gap

(cont.)融资缺口（续）传统的放贷技术不能解决融资缺口问题，因为在该临界区域的企业资本不足（财务实力较弱）并且不透明。Traditional

loanunderwriting

can

notsolve

thefunding

gap

problem

because

firms

in

the

critical

zone

are

undercapitalized(lowfinancial

strength)and

opaque.–因此，如果没有资产支持贷款的话，这些企业将不能得到足够的融资或者根本得不到融资。Thus,without

asset-based

lending

these

firms

get

insufficient

financing--or

nofinancing

at

all.That

is,

there

is

credit

rationing

because－即，由于“融资缺口”而产生了“信贷配给”问题of

the

funding

gap.具体说，这类公司的财务比率通常也比较差，如Practically

speaking,these

firms

tendto

have

relatively

weak

financial

ratios.流动比率杠杆比例（债务/权益比）债务/息税折旧摊销前利润税后净利/总资产Current

ratioDebt/worth

ratioDebt/EBITDA

ratioNPAT/TA

ratio8第八页，共二十二页。Asset-Based

Lending:

An

Important

Solution资产支持贷款：一个重要的解决方案“资产支持贷款”使得面临“融资缺口”的企业可以获得信贷

Asset-based

lending

makes

credit

available

to

firms

facing

a

funding

gap“资产支持贷款”如何实现这一点？How

does

asset-basedlending

accomplish

this?–将动产作为担保品Takes

movable

assets

as

collateralFeasible

for

companies

with–适合于有可用作担保品较好动产的企业good

movable

assets

that

can

be

pledged

as

collateral一个关键的基础原则是：A

key

underlying

principal:借款人的风险≠贷款风险Borrower

risk

≠

loan

risk9第九页，共二十二页。Asset-Based

Lending

as

a

Solution(cont.)作为解决方案的“资产支持贷款”(续)担保品可以缓释面临“融资缺口”的企业所具有的高借款人风险：Collateral

mitigates

the

higher

borrower

risk

associated

with

firms

who

face

a

funding

gap–担保品可以降低“所有”贷款的风险Collateral

reduces

the

risk

of

any

loan–对担保品的密切监控也可以降低风险Intensive

monitoring

of

collateral

also

redurisk可以防止担保品的恶化Prevents

deterioration

of

collateral可以产生关于企业经营状况的信息Provides

information

on

firm

performance激励“好的”借款人行为Provides

strong

incentives

to

promote“good”borrowerbehaviorThus,

there

are

two因此，以下两个因素的净效应决定贷款风险的高低effects

the

net

of

which

determines

loan

risk–高的借款人风险增加贷款风险

Higher

borrower

risk

increases

loan

risk–担保品降低贷款风险Collateral

reduces

the

loan

risk10第十页，共二十二页。财务实力最强的公司THE

FIRM

CONTINUUM企业融资能力连续线HighestFinancialStrengthFirms财务实力最弱的公司LowestFinancialStrengthFirmsFinanced

byTraditional

Bank

Loans由传统的银行贷款提供融资Unqualified

Borrowers(should

not

receive

financing)不合格借款人（不应该获得融资）Financed

byAsset-Based

Loans由资产支持贷款提供融资11该区域的信贷配给问题减轻=>融资缺口被减小Credit

rationing

in

this

zone

reduced:=>

the

funding

gap

is

reduced.第十一页，共二十二页。Asset-Based

Lending

in

the

U.S.美国的“资产支持贷款”概况Rapidly

growing

industryNow是一个快速发展的行业目前，占商业贷款（企业贷款）总额近25%nearly

25%

of

all

commercial

lending过去10年平均年增长12%Growing

by

12%

annually

over

past

10

years主要的增长是对较大公司的较大额交易Much

of

the

growth

is

in

larger

deals

to

larger

companies在为中小企业提供融资方面仍然很重要Still

important

in

financing

SMEs到2005年末，资产支持贷款余额达4200亿美元By

the

end

of

2005,

$420

billion

of

asset-based

loans

outstanding12第十二页，共二十二页。美国的资产支持贷款余额（10亿美元）13资料来源:

美国商业融资协会，年度资产支持信贷和保理调查，2005年S

o

u

rc

e

:

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o

m

m

e

rc

ia

l

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in

a

n

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e

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s

s

o

c

ia

tio

n

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n

n

u

a

l

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s

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t-

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a

s

e

d

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a

c

to

rin

g

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u

rv

e

y

s

,

2

0

0

5第十三页，共二十二页。Asset-Based

Lending

in

the

U.S.:Key

Industries美国的“资产支持贷款”

:主要行业食品加工/制造商钢铁制品生产商金属制品生产商汽车零配件生产商批发业——机动车零配件批发业——五金批发业——杂货及相关产品零售业——木材和其他建筑材料零售业——百货商店零售业——收音机、电视机及其他消费类电子产品Food

processors/manufacturersSteel

products

manufacturersMetal

goods

manufacturersAutomobile

parts

&

supplies

manufacturesWholesale

–

Motor

vehicle

supplies

&

partsWholesale

–

Metal

service

centersWholesale

–

Groceries

and

related

productsRetail

–

Lumber

and

other

building

productsRetail

–

Department

storesRetail

–

Radio,

television,

consumer

electronics资料来源：美国商业融资协会，年度资产支持信贷和保理调查，2005年Source:

Commercial

Finance

Association

Annual

Asset-

Based

Lending

and

Factoring

Surveys,

200514第十四页，共二十二页。Asset-Based

Lending:The

Mechanics

in

Brief资产支持贷款：原理概要Assure动产的价值会不断变化Movable

assets

change

value

continuously业务运作的目标是：The

operational

objective:保证担保品的清算价值超过贷款金额，即保证that

collateral

liquidation

value

exceeds

loanvalue:担保品价值下降时，贷款（及贷款额度）也下降,而Loan

(and

loan

capacity)

falls

when

collateral

value

decreases

and当担保品价值上升时，贷款额度也提高Loan

capacityincreases

when

collateral

value

increases

L

er

e

c

e

i

va

b

l

e

s基于应收帐款的贷款Loan

availability

calculated

daily

based

on“eligible”receivableEligibility

of

a

receivable

depe–每天根据“合格”应收帐款的金额计算可提用的贷款数量on

a

variety

of

factors

including

the

age

of

the

invoice–应收帐款“合格”与否取决于一系列因素，包括“帐款”的帐龄基于存货的贷款Lending

against

inventory也是定期根据“合格”存货的金额来计算可提用的贷款数量Loan

availability

also

calculatedregularlybased

on

“eligible”

inventory对存货的放贷比例（折扣率）一般较低L

o

a

n

a

d

v

a

nc

e

s

a

g

a

in

st

in

v

e

n

to

ry

a

re

ty

p

ic

a

lly

lo

w

e

r某些种类的存货比其它种类的要好Some

types

of

inventory

are

better

than

others15第十五页，共二十二页。Factoring:

Key

Characteristics保理：主要特征A

purchase

and

sale

of

a

receivable是对应收帐款的“买”和“卖”

保理本身并不提供存货融资Does

not

provide

inventory

financing

perse–但在美国，有时存货贷款与保理结合起来做Sometimes

in

the

U.S.

inventory

loans

are

made

in

conjunction

with

factoringreceivables有追索权vs.无追索权Recourse

vs.

non-recourse–在美国，80%是无追索权的Inthe

U.S.

80%

is

non-recourse–在美国以外，有追索权的比例要大得多Much

more

recourse

outside

of

the

U.S.通知型vs.非通知型Notification

vs.non-notification–在美国，大约85%是通知型的About

85%is

on

a

notification

basis

in

the

U.S.16第十六页，共二十二页。Factoring:

Key

Characteristics保理：主要特征在美国，和资产支持贷款相比，保理的重要性要差得多Factoringmuch

less

important

in

the

U.S.

than

ABLPrimary–

主要的客户行业:

纺织品和服装

（占保理总额的59%）customer

industries:

textiles

and

apparels

(

59

%

of

all

factoring)Nevertheless,

it

is

growing

and–不过，保理业正在成长、其客户行业基础在扩大expanding

its

industry

customer

base还经常作为“外包”的信用管理部门和清收部门提供配套服务

Often

provides

complementary

services

as

an

“outsourced”

credit

department

and

collection

department从全球来看，保理占有一大块Factoring

dominates

globally在破产体系比较弱的国家（如意大利），可能更有优势May

be

advantageous

incountries

with

weak

bankruptcy

systems(e.g.,Italy)在不同国家里，其重要性差异很大Big

variance

in

importance

across

countries在为跨境贸易提供融资方面可能有特别的价值May

be

particularlyvaluablein

financingcross-border

trade:例如，在一些东欧国家，增长非常迅速e.g.,growing

rapidly

in

some

Eastern

Europeancountries17第十七页，共二十二页。美国的保理业务量（10亿美金）18资料来源：美国商业融资协会，年度资产支持信贷和保理调查，2005年Source:

Commercial

Finance

Association

Annual

Asset-

Based

Lending

and

Factoring

Surveys,

2005第十八页，共二十二页。摘自Bakker,Klapper

and

Udell

《通过保理为中小企业融资：全球增长状况及其在东欧的潜力》（2004

）)From

Bakker,

Klapper

and

Udell,

Financing

Small

and

Medium-

sizeEnterpriseswith

Factoring:

Global

Growth

inand

its

Potentail

in

Eastern

Europe,

200419第十九页，共二十二页。From

Bakker,

Klapper

and

Udel,

Financing

Small

and

Medium-

size

Enterprises

with

Factoring:

Global

Growth

inand

its

Potentail

inEastern

Europe,

20040.00%16.00%14.00%12.00%10.00%8.00%6.00%4.00%2.00%Czec