22-資產(chǎn)支持融資的總攬

ASSET-BASED

FINANCE:AN

OVERVIEW資產(chǎn)支持融資：總攬Accounts

Receivable

and

InventoryLending

and

Factoring應(yīng)收賬款和存貨貸款及保理印第安那大學(xué)克里（Kelly）商學(xué)院Gregory

F.Udell教授Professor

Gregory

F.

Udell,

Kelley

School

of

Business

Indiana

University“物權(quán)法與中國(guó)動(dòng)產(chǎn)融資”國(guó)際研討會(huì)北京2007年4月17日1第一頁(yè)，共二十二頁(yè)。Two

Forms

of

Asset-Based

Finance兩種形式的資產(chǎn)支持融資資產(chǎn)支持貸款(ABL)Asset-based

Lending

(ABL)由應(yīng)收賬款和存貨擔(dān)保的借貸Lending

secured

by

accounts

receivable

and

inventory保理Factoring將應(yīng)收賬款出售給“保理商”Sale

of

receivables

to

a

“factor”(我會(huì)首先著重講資產(chǎn)支持貸款)(I

will

focus

first

on

asset-based

lending.)2第二頁(yè)，共二十二頁(yè)。Asset-Based

Lending:

Key

Characteristics資產(chǎn)支持貸款：主要特征1.

以應(yīng)收賬款和存貨為擔(dān)保Collateralized

by

both

accounts

receivable

and

inventoryMonthly密切監(jiān)控?fù)?dān)保品Collateral

intensively

monitored每天對(duì)應(yīng)收賬款進(jìn)行監(jiān)控Daily

monitory

of

accounts

receivable每月對(duì)存貨進(jìn)行監(jiān)控monitoring

of

inventory2.

該產(chǎn)品通常由商業(yè)財(cái)務(wù)公司和銀行里的資產(chǎn)支持貸款部門提供Delivered

by

commercial

finance

companies

and

asset-based

lending

divisions

of

banks由專門的資產(chǎn)支持貸款經(jīng)營(yíng)部門提供支持Supportedby

dedicated

ABL

operations

dept.3第三頁(yè)，共二十二頁(yè)。Asset-Based

Lending:

Key

Characteristics

(cont.)資產(chǎn)支持貸款：主要特征（續(xù)）在美國(guó)，許多中小企業(yè)貸款都是由應(yīng)收賬款擔(dān)保的，但并未進(jìn)行密切監(jiān)控Many

SME

loans

in

the

U.S.

are

secured

by

accounts

receivable

but

are

notmonitored

intensively.– 這些貸款并不屬于資產(chǎn)支持貸款(ABL)These

are

not

considered

asset-based

loans.–

這些貸款是運(yùn)用傳統(tǒng)的信貸技術(shù)發(fā)放的These

loans

are

originatedusing

traditional

loan

underwriting

techniques.–

應(yīng)收賬款和存貨僅僅被作為是第二還款來(lái)源的擔(dān)保品Accounts

receivable

and

inventory

are

taken

as

collateral

only

as

asecondary

source

of

repayment.如今，在澳大利亞、加拿大、英國(guó)和美國(guó)等普通法國(guó)家，資產(chǎn)支持貸款是一種重要的信貸技術(shù)。Today

ABL

is

an

important

lendingtechnology

in

the

common

law

countries

of

Australia,

Canada,

UK

and

US.4第四頁(yè)，共二十二頁(yè)。Terminology術(shù)語(yǔ)“資產(chǎn)支持貸款”這一術(shù)語(yǔ)往往被誤解。The

term

“asset-based

lending”

is

often

misunderstood.美國(guó)的銀行家在使用“資產(chǎn)支持貸款”這個(gè)詞的時(shí)候，通常是指基于動(dòng)產(chǎn)且密切和持續(xù)地對(duì)這些動(dòng)產(chǎn)進(jìn)行監(jiān)控而進(jìn)行的借貸活動(dòng)。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.“資產(chǎn)支持貸款”通常不包含用設(shè)備或不動(dòng)產(chǎn)來(lái)?yè)?dān)保的貸款。The

term

“asset-based

lending”

typically

does

not

include

lending

against

equipmeor

real

estate.– 當(dāng)然，資產(chǎn)支持貸款有的時(shí)候也和那些貸款產(chǎn)品結(jié)合運(yùn)用。However,asset-basedlending

is

sometimes

combined

with

these

loan

products.資產(chǎn)支持貸款的目標(biāo)：縮小“融資缺口”The

goal

of

ABL:

close

the

“funding

gap”5第五頁(yè)，共二十二頁(yè)。財(cái)務(wù)實(shí)力最強(qiáng)的企業(yè)由傳統(tǒng)銀行貸款提供融資THE

FIRM

CONTINUUM企業(yè)融資能力連續(xù)線Highest

FinancialStrength

Firms財(cái)務(wù)實(shí)力最弱的企業(yè)Lowest

FinancialStrength

FirmsFinanced

by

TraditionalBank

LoansUnqualified

Borrowers(should

not

receive

financing)不合格的借款人(不應(yīng)該獲得融資)融資缺口區(qū)域The

Funding

Gap

Zone6第六頁(yè)，共二十二頁(yè)。融資缺口融資缺口=原本可以獲得信用的好企業(yè)卻不能獲得的融資The

funding

gap

=

thedeficiency

in

financing

for

good

companies

who

otherwise

deserve

credit有“融資缺口”的企業(yè)類型Types

of

firms

with

a

“funding

gap”–擁有良好經(jīng)營(yíng)模式的企業(yè)，即現(xiàn)金流凈現(xiàn)值為正的企業(yè)Firms

with

good

businessmodels,i.e.,positive

net

present

value

cash

flows–擁有技能豐富的企業(yè)家的企業(yè)Firms

with

skilled

entrepreneursSome–一些擁有高（和甚至非常高）成長(zhǎng)潛力的企業(yè)firms

with

high

(and

even

very

high)

growth

potential但是，有融資缺口的企業(yè)往往也可能是：BUT,firms

with

a

funding

gap

also

tend

tobe:資本不足Undercapitalized–企業(yè)家被有限的財(cái)務(wù)資源所束縛Entrepreneurs

constrained

by

limited

financial

resourcesSmaller

firms

whose

“smallness”

makes

them

more小型企業(yè)們因?yàn)橐?guī)?！靶　倍煌该鱫paqueSome

of

thesefirmsmay

not

be

able

to–一些這樣的企業(yè)可能無(wú)法提供經(jīng)審計(jì)的財(cái)務(wù)報(bào)表afford

audited

financial

statements7第七頁(yè)，共二十二頁(yè)。The

Funding

Gap

(cont.)融資缺口（續(xù)）傳統(tǒng)的放貸技術(shù)不能解決融資缺口問(wèn)題，因?yàn)樵谠撆R界區(qū)域的企業(yè)資本不足（財(cái)務(wù)實(shí)力較弱）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，如果沒(méi)有資產(chǎn)支持貸款的話，這些企業(yè)將不能得到足夠的融資或者根本得不到融資。Thus,without

asset-based

lending

these

firms

get

insufficient

financing--or

nofinancing

at

all.That

is,

there

is

credit

rationing

because－即，由于“融資缺口”而產(chǎn)生了“信貸配給”問(wèn)題of

the

funding

gap.具體說(shuō)，這類公司的財(cái)務(wù)比率通常也比較差，如Practically

speaking,these

firms

tendto

have

relatively

weak

financial

ratios.流動(dòng)比率杠桿比例（債務(wù)/權(quán)益比）債務(wù)/息稅折舊攤銷前利潤(rùn)稅后凈利/總資產(chǎn)Current

ratioDebt/worth

ratioDebt/EBITDA

ratioNPAT/TA

ratio8第八頁(yè)，共二十二頁(yè)。Asset-Based

Lending:

An

Important

Solution資產(chǎn)支持貸款：一個(gè)重要的解決方案“資產(chǎn)支持貸款”使得面臨“融資缺口”的企業(yè)可以獲得信貸

Asset-based

lending

makes

credit

available

to

firms

facing

a

funding

gap“資產(chǎn)支持貸款”如何實(shí)現(xiàn)這一點(diǎn)？How

does

asset-basedlending

accomplish

this?–將動(dòng)產(chǎn)作為擔(dān)保品Takes

movable

assets

as

collateralFeasible

for

companies

with–適合于有可用作擔(dān)保品較好動(dòng)產(chǎn)的企業(yè)good

movable

assets

that

can

be

pledged

as

collateral一個(gè)關(guān)鍵的基礎(chǔ)原則是：A

key

underlying

principal:借款人的風(fēng)險(xiǎn)≠貸款風(fēng)險(xiǎn)Borrower

risk

≠

loan

risk9第九頁(yè)，共二十二頁(yè)。Asset-Based

Lending

as

a

Solution(cont.)作為解決方案的“資產(chǎn)支持貸款”(續(xù))擔(dān)保品可以緩釋面臨“融資缺口”的企業(yè)所具有的高借款人風(fēng)險(xiǎn)：Collateral

mitigates

the

higher

borrower

risk

associated

with

firms

who

face

a

funding

gap–擔(dān)保品可以降低“所有”貸款的風(fēng)險(xiǎn)Collateral

reduces

the

risk

of

any

loan–對(duì)擔(dān)保品的密切監(jiān)控也可以降低風(fēng)險(xiǎn)Intensive

monitoring

of

collateral

also

redurisk可以防止擔(dān)保品的惡化Prevents

deterioration

of

collateral可以產(chǎn)生關(guān)于企業(yè)經(jīng)營(yíng)狀況的信息Provides

information

on

firm

performance激勵(lì)“好的”借款人行為Provides

strong

incentives

to

promote“good”borrowerbehaviorThus,

there

are

two因此，以下兩個(gè)因素的凈效應(yīng)決定貸款風(fēng)險(xiǎn)的高低effects

the

net

of

which

determines

loan

risk–高的借款人風(fēng)險(xiǎn)增加貸款風(fēng)險(xiǎn)

Higher

borrower

risk

increases

loan

risk–擔(dān)保品降低貸款風(fēng)險(xiǎn)Collateral

reduces

the

loan

risk10第十頁(yè)，共二十二頁(yè)。財(cái)務(wù)實(shí)力最強(qiáng)的公司THE

FIRM

CONTINUUM企業(yè)融資能力連續(xù)線HighestFinancialStrengthFirms財(cái)務(wù)實(shí)力最弱的公司LowestFinancialStrengthFirmsFinanced

byTraditional

Bank

Loans由傳統(tǒng)的銀行貸款提供融資Unqualified

Borrowers(should

not

receive

financing)不合格借款人（不應(yīng)該獲得融資）Financed

byAsset-Based

Loans由資產(chǎn)支持貸款提供融資11該區(qū)域的信貸配給問(wèn)題減輕=>融資缺口被減小Credit

rationing

in

this

zone

reduced:=>

the

funding

gap

is

reduced.第十一頁(yè)，共二十二頁(yè)。Asset-Based

Lending

in

the

U.S.美國(guó)的“資產(chǎn)支持貸款”概況Rapidly

growing

industryNow是一個(gè)快速發(fā)展的行業(yè)目前，占商業(yè)貸款（企業(yè)貸款）總額近25%nearly

25%

of

all

commercial

lending過(guò)去10年平均年增長(zhǎng)12%Growing

by

12%

annually

over

past

10

years主要的增長(zhǎng)是對(duì)較大公司的較大額交易Much

of

the

growth

is

in

larger

deals

to

larger

companies在為中小企業(yè)提供融資方面仍然很重要Still

important

in

financing

SMEs到2005年末，資產(chǎn)支持貸款余額達(dá)4200億美元By

the

end

of

2005,

$420

billion

of

asset-based

loans

outstanding12第十二頁(yè)，共二十二頁(yè)。美國(guó)的資產(chǎn)支持貸款余額（10億美元）13資料來(lái)源:

美國(guó)商業(yè)融資協(xié)會(huì)，年度資產(chǎn)支持信貸和保理調(diào)查，2005年S

o

u

rc

e

:

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o

m

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e

rc

ia

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F

in

a

n

c

e

A

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c

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tio

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A

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a

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a

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e

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to

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5第十三頁(yè)，共二十二頁(yè)。Asset-Based

Lending

in

the

U.S.:Key

Industries美國(guó)的“資產(chǎn)支持貸款”

:主要行業(yè)食品加工/制造商鋼鐵制品生產(chǎn)商金屬制品生產(chǎn)商汽車零配件生產(chǎn)商批發(fā)業(yè)——機(jī)動(dòng)車零配件批發(fā)業(yè)——五金批發(fā)業(yè)——雜貨及相關(guān)產(chǎn)品零售業(yè)——木材和其他建筑材料零售業(yè)——百貨商店零售業(yè)——收音機(jī)、電視機(jī)及其他消費(fèi)類電子產(chǎn)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資料來(lái)源：美國(guó)商業(yè)融資協(xié)會(huì)，年度資產(chǎn)支持信貸和保理調(diào)查，2005年Source:

Commercial

Finance

Association

Annual

Asset-

Based

Lending

and

Factoring

Surveys,

200514第十四頁(yè)，共二十二頁(yè)。Asset-Based

Lending:The

Mechanics

in

Brief資產(chǎn)支持貸款：原理概要Assure動(dòng)產(chǎn)的價(jià)值會(huì)不斷變化Movable

assets

change

value

continuously業(yè)務(wù)運(yùn)作的目標(biāo)是：The

operational

objective:保證擔(dān)保品的清算價(jià)值超過(guò)貸款金額，即保證that

collateral

liquidation

value

exceeds

loanvalue:擔(dān)保品價(jià)值下降時(shí)，貸款（及貸款額度）也下降,而Loan

(and

loan

capacity)

falls

when

collateral

value

decreases

and當(dāng)擔(dān)保品價(jià)值上升時(shí)，貸款額度也提高Loan

capacityincreases

when

collateral

value

increases

L

er

e

c

e

i

va

b

l

e

s基于應(yīng)收帳款的貸款Loan

availability

calculated

daily

based

on“eligible”receivableEligibility

of

a

receivable

depe–每天根據(jù)“合格”應(yīng)收帳款的金額計(jì)算可提用的貸款數(shù)量on

a

variety

of

factors

including

the

age

of

the

invoice–應(yīng)收帳款“合格”與否取決于一系列因素，包括“帳款”的帳齡基于存貨的貸款Lending

against

inventory也是定期根據(jù)“合格”存貨的金額來(lái)計(jì)算可提用的貸款數(shù)量Loan

availability

also

calculatedregularlybased

on

“eligible”

inventory對(duì)存貨的放貸比例（折扣率）一般較低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某些種類的存貨比其它種類的要好Some

types

of

inventory

are

better

than

others15第十五頁(yè)，共二十二頁(yè)。Factoring:

Key

Characteristics保理：主要特征A

purchase

and

sale

of

a

receivable是對(duì)應(yīng)收帳款的“買”和“賣”

保理本身并不提供存貨融資Does

not

provide

inventory

financing

perse–但在美國(guó)，有時(shí)存貨貸款與保理結(jié)合起來(lái)做Sometimes

in

the

U.S.

inventory

loans

are

made

in

conjunction

with

factoringreceivables有追索權(quán)vs.無(wú)追索權(quán)Recourse

vs.

non-recourse–在美國(guó)，80%是無(wú)追索權(quán)的Inthe

U.S.

80%

is

non-recourse–在美國(guó)以外，有追索權(quán)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–在美國(guó)，大約85%是通知型的About

85%is

on

a

notification

basis

in

the

U.S.16第十六頁(yè)，共二十二頁(yè)。Factoring:

Key

Characteristics保理：主要特征在美國(guó)，和資產(chǎn)支持貸款相比，保理的重要性要差得多Factoringmuch

less

important

in

the

U.S.

than

ABLPrimary–

主要的客戶行業(yè):

紡織品和服裝

（占保理總額的59%）customer

industries:

textiles

and

apparels

(

59

%

of

all

factoring)Nevertheless,

it

is

growing

and–不過(guò)，保理業(yè)正在成長(zhǎng)、其客戶行業(yè)基礎(chǔ)在擴(kuò)大expanding

its

industry

customer

base還經(jīng)常作為“外包”的信用管理部門和清收部門提供配套服務(wù)

Often

provides

complementary

services

as

an

“outsourced”

credit

department

and

collection

department從全球來(lái)看，保理占有一大塊Factoring

dominates

globally在破產(chǎn)體系比較弱的國(guó)家（如意大利），可能更有優(yōu)勢(shì)May

be

advantageous

incountries

with

weak

bankruptcy

systems(e.g.,Italy)在不同國(guó)家里，其重要性差異很大Big

variance

in

importance

across

countries在為跨境貿(mào)易提供融資方面可能有特別的價(jià)值May

be

particularlyvaluablein

financingcross-border

trade:例如，在一些東歐國(guó)家，增長(zhǎng)非常迅速e.g.,growing

rapidly

in

some

Eastern

Europeancountries17第十七頁(yè)，共二十二頁(yè)。美國(guó)的保理業(yè)務(wù)量（10億美金）18資料來(lái)源：美國(guó)商業(yè)融資協(xié)會(huì)，年度資產(chǎn)支持信貸和保理調(diào)查，2005年Source:

Commercial

Finance

Association

Annual

Asset-

Based

Lending

and

Factoring

Surveys,

2005第十八頁(yè)，共二十二頁(yè)。摘自Bakker,Klapper

and

Udell

《通過(guò)保理為中小企業(yè)融資：全球增長(zhǎng)狀況及其在東歐的潛力》（2004

）)From

Bakker,

Klapper

and

Udell,

Financing

Small

and

Medium-

sizeEnterpriseswith

Factoring:

Global

Growth

inand

its

Potentail

in

Eastern

Europe,

200419第十九頁(yè)，共二十二頁(yè)。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