ASSET-BASED

FINANCE:AN

OVERVIEW資產支持融資：總攬Accounts

Receivable

and

InventoryLending

and

Factoring應收賬款和存貨貸款及保理印第安那大學克里（Kelly）商學院Gregory

F.Udell教授Professor

Gregory

F.

Udell,

Kelley

School

of

Business

Indiana

University“物權法與中國動產融資”國際研討會北京2007年4月17日1第一頁，共二十二頁。Two

Forms

of

Asset-Based

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

Lending

(ABL)由應收賬款和存貨擔保的借貸Lending

secured

by

accounts

receivable

and

inventory保理Factoring將應收賬款出售給“保理商”Sale

of

receivables

to

a

“factor”(我會首先著重講資產支持貸款)(I

will

focus

first

on

asset-based

lending.)2第二頁，共二十二頁。Asset-Based

Lending:

Key

Characteristics資產支持貸款：主要特征1.

以應收賬款和存貨為擔保Collateralized

by

both

accounts

receivable

and

inventoryMonthly密切監控擔保品Collateral

intensively

monitored每天對應收賬款進行監控Daily

monitory

of

accounts

receivable每月對存貨進行監控monitoring

of

inventory2.

該產品通常由商業財務公司和銀行里的資產支持貸款部門提供Delivered

by

commercial

finance

companies

and

asset-based

lending

divisions

of

banks由專門的資產支持貸款經營部門提供支持Supportedby

dedicated

ABL

operations

dept.3第三頁，共二十二頁。Asset-Based

Lending:

Key

Characteristics

(cont.)資產支持貸款：主要特征（續）在美國，許多中小企業貸款都是由應收賬款擔保的，但并未進行密切監控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支持貸款(ABL)These

are

not

considered

asset-based

loans.–

這些貸款是運用傳統的信貸技術發放的These

loans

are

originatedusing

traditional

loan

underwriting

techniques.–

應收賬款和存貨僅僅被作為是第二還款來源的擔保品Accounts

receivable

and

inventory

are

taken

as

collateral

only

as

asecondary

source

of

repayment.如今，在澳大利亞、加拿大、英國和美國等普通法國家，資產支持貸款是一種重要的信貸技術。Today

ABL

is

an

important

lendingtechnology

in

the

common

law

countries

of

Australia,

Canada,

UK

and

US.4第四頁，共二十二頁。Terminology術語“資產支持貸款”這一術語往往被誤解。The

term

“asset-based

lending”

is

often

misunderstood.美國的銀行家在使用“資產支持貸款”這個詞的時候，通常是指基于動產且密切和持續地對這些動產進行監控而進行的借貸活動。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.“資產支持貸款”通常不包含用設備或不動產來擔保的貸款。The

term

“asset-based

lending”

typically

does

not

include

lending

against

equipmeor

real

estate.– 當然，資產支持貸款有的時候也和那些貸款產品結合運用。However,asset-basedlending

is

sometimes

combined

with

these

loan

products.資產支持貸款的目標：縮小“融資缺口”The

goal

of

ABL:

close

the

“funding

gap”5第五頁，共二十二頁。財務實力最強的企業由傳統銀行貸款提供融資THE

FIRM

CONTINUUM企業融資能力連續線Highest

FinancialStrength

Firms財務實力最弱的企業Lowest

FinancialStrength

FirmsFinanced

by

TraditionalBank

LoansUnqualified

Borrowers(should

not

receive

financing)不合格的借款人(不應該獲得融資)融資缺口區域The

Funding

Gap

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

funding

gap

=

thedeficiency

in

financing

for

good

companies

who

otherwise

deserve

credit有“融資缺口”的企業類型Types

of

firms

with

a

“funding

gap”–擁有良好經營模式的企業，即現金流凈現值為正的企業Firms

with

good

businessmodels,i.e.,positive

net

present

value

cash

flows–擁有技能豐富的企業家的企業Firms

with

skilled

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

with

high

(and

even

very

high)

growth

potential但是，有融資缺口的企業往往也可能是：BUT,firms

with

a

funding

gap

also

tend

tobe:資本不足Undercapitalized–企業家被有限的財務資源所束縛Entrepreneurs

constrained

by

limited

financial

resourcesSmaller

firms

whose

“smallness”

makes

them

more小型企業們因為規模“小”而不透明opaqueSome

of

thesefirmsmay

not

be

able

to–一些這樣的企業可能無法提供經審計的財務報表afford

audited

financial

statements7第七頁，共二十二頁。The

Funding

Gap

(cont.)融資缺口（續）傳統的放貸技術不能解決融資缺口問題，因為在該臨界區域的企業資本不足（財務實力較弱）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，如果沒有資產支持貸款的話，這些企業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”而產生了“信貸配給”問題of

the

funding

gap.具體說，這類公司的財務比率通常也比較差，如Practically

speaking,these

firms

tendto

have

relatively

weak

financial

ratios.流動比率杠桿比例（債務/權益比）債務/息稅折舊攤銷前利潤稅后凈利/總資產Current

ratioDebt/worth

ratioDebt/EBITDA

ratioNPAT/TA

ratio8第八頁，共二十二頁。Asset-Based

Lending:

An

Important

Solution資產支持貸款：一個重要的解決方案“資產支持貸款”使得面臨“融資缺口”的企業可以獲得信貸

Asset-based

lending

makes

credit

available

to

firms

facing

a

funding

gap“資產支持貸款”如何實現這一點？How

does

asset-basedlending

accomplish

this?–將動產作為擔保品Takes

movable

assets

as

collateralFeasible

for

companies

with–適合于有可用作擔保品較好動產的企業good

movable

assets

that

can

be

pledged

as

collateral一個關鍵的基礎原則是：A

key

underlying

principal:借款人的風險≠貸款風險Borrower

risk

≠

loan

risk9第九頁，共二十二頁。Asset-Based

Lending

as

a

Solution(cont.)作為解決方案的“資產支持貸款”(續)擔保品可以緩釋面臨“融資缺口”的企業所具有的高借款人風險：Collateral

mitigates

the

higher

borrower

risk

associated

with

firms

who

face

a

funding

gap–擔保品可以降低“所有”貸款的風險Collateral

reduces

the

risk

of

any

loan–對擔保品的密切監控也可以降低風險Intensive

monitoring

of

collateral

also

redurisk可以防止擔保品的惡化Prevents

deterioration

of

collateral可以產生關于企業經營狀況的信息Provides

information

on

firm

performance激勵“好的”借款人行為Provides

strong

incentives

to

promote“good”borrowerbehaviorThus,

there

are

two因此，以下兩個因素的凈效應決定貸款風險的高低effects

the

net

of

which

determines

loan

risk–高的借款人風險增加貸款風險

Higher

borrower

risk

increases

loan

risk–擔保品降低貸款風險Collateral

reduces

the

loan

risk10第十頁，共二十二頁。財務實力最強的公司THE

FIRM

CONTINUUM企業融資能力連續線HighestFinancialStrengthFirms財務實力最弱的公司LowestFinancialStrengthFirmsFinanced

byTraditional

Bank

Loans由傳統的銀行貸款提供融資Unqualified

Borrowers(should

not

receive

financing)不合格借款人（不應該獲得融資）Financed

byAsset-Based

Loans由資產支持貸款提供融資11該區域的信貸配給問題減輕=>融資缺口被減小Credit

rationing

in

this

zone

reduced:=>

the

funding

gap

is

reduced.第十一頁，共二十二頁。Asset-Based

Lending

in

the

U.S.美國的“資產支持貸款”概況Rapidly

growing

industryNow是一個快速發展的行業目前，占商業貸款（企業貸款）總額近25%nearly

25%

of

all

commercial

lending過去10年平均年增長12%Growing

by

12%

annually

over

past

10

years主要的增長是對較大公司的較大額交易Much

of

the

growth

is

in

larger

deals

to

larger

companies在為中小企業提供融資方面仍然很重要Still

important

in

financing

SMEs到2005年末，資產支持貸款余額達4200億美元By

the

end

of

2005,

$420

billion

of

asset-based

loans

outstanding12第十二頁，共二十二頁。美國的資產支持貸款余額（10億美元）13資料來源:

美國商業融資協會，年度資產支持信貸和保理調查，2005年S

o

u

rc

e

:

C

o

m

m

e

rc

ia

l

F

in

a

n

c

e

A

s

s

o

c

ia

tio

n

A

n

n

u

a

l

A

s

s

e

t-

B

a

s

e

d

L

e

n

d

in

g

a

n

d

F

a

c

to

rin

g

S

u

rv

e

y

s

,

2

0

0

5第十三頁，共二十二頁。Asset-Based

Lending

in

the

U.S.:Key

Industries美國的“資產支持貸款”

:主要行業食品加工/制造商鋼鐵制品生產商金屬制品生產商汽車零配件生產商批發業——機動車零配件批發業——五金批發業——雜貨及相關產品零售業——木材和其他建筑材料零售業——百貨商店零售業——收音機、電視機及其他消費類電子產品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資料來源：美國商業融資協會，年度資產支持信貸和保理調查，2005年Source:

Commercial

Finance

Association

Annual

Asset-

Based

Lending

and

Factoring

Surveys,

200514第十四頁，共二十二頁。Asset-Based

Lending:The

Mechanics

in

Brief資產支持貸款：原理概要Assure動產的價值會不斷變化Movable

assets

change

value

continuously業務運作的目標是：The

operational

objective:保證擔保品的清算價值超過貸款金額，即保證that

collateral

liquidation

value

exceeds

loanvalue:擔保品價值下降時，貸款（及貸款額度）也下降,而Loan

(and

loan

capacity)

falls

when

collateral

value

decreases

and當擔保品價值上升時，貸款額度也提高Loan

capacityincreases

when

collateral

value

increases

L

er

e

c

e

i

va

b

l

e

s基于應收帳款的貸款Loan

availability

calculated

daily

based

on“eligible”receivableEligibility

of

a

receivable

depe–每天根據“合格”應收帳款的金額計算可提用的貸款數量on

a

variety

of

factors

including

the

age

of

the

invoice–應收帳款“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“合格”存貨的金額來計算可提用的貸款數量Loan

availability

also

calculatedregularlybased

on

“eligible”

inventory對存貨的放貸比例（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，共二十二頁。Factoring:

Key

Characteristics保理：主要特征A

purchase

and

sale

of

a

receivable是對應收帳款的“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，有時存貨貸款與保理結合起來做Sometimes

in

the

U.S.

inventory

loans

are

made

in

conjunction

with

factoringreceivables有追索權vs.無追索權Recourse

vs.

non-recourse–在美國，80%是無追索權的Inthe

U.S.

80%

is

non-recourse–在美國以外，有追索權的比例要大得多Much

more

recourse

outside

of

the

U.S.通知型vs.非通知型Notification

vs.non-notification–在美國，大約85%是通知型的About

85%is

on

a

notification

basis

in

the

U.S.16第十六頁，共二十二頁。Factoring:

Key

Characteristics保理：主要特征在美國，和資產支持貸款相比，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:

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，保理業正在成長、其客戶行業基礎在擴大expanding

its

industry

customer

base還經常作為“外包”的信用管理部門和清收部門提供配套服務

Often

provides

complementary

services

as

an

“outsourced”

credit

department

and

collection

department從全球來看，保理占有一大塊Factoring

dominates

globally在破產體系比較弱的國家（如意大利），可能更有優勢May

be

advantageous

incountries

with

weak

bankruptcy

systems(e.g.,Italy)在不同國家里，其重要性差異很大Big

variance

in

importance

across

countries在為跨境貿易提供融資方面可能有特別的價值May

be

particularlyvaluablein

financingcross-border

trade:例如，在一些東歐國家，增長非常迅速e.g.,growing

rapidly

in

some

Eastern

Europeancountries17第十七頁，共二十二頁。美國的保理業務量（10億美金）18資料來源：美國商業融資協會，年度資產支持信貸和保理調查，2005年Source:

Commercial

Finance

Association

Annual

Asset-

Based

Lending

and

Factoring

Surveys,

2005第十八頁，共二十二頁。摘自Bakker,Klapper

and

Udell

《通過保理為中小企業融資：全球增長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，共二十二頁。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