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1、短期融资及设备融资风险管理,1,短期融资及设备融资风险管理,短期融资及设备融资风险管理,2,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
2、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,短期融资及设备融资风险管理,3,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 financin
3、g and indirect financing,短期融资及设备融资风险管理,4,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,
4、 indirect financing still occupies a leading position.,短期融资及设备融资风险管理,5,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 loa
5、n,Others,短期融资及设备融资风险管理,6,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
6、loan 贷款承诺 Loan commitment,短期融资及设备融资风险管理,7,1、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
7、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,短期融资及设备融资风险管理,8,2、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 nor
8、mal 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,短期融资及设备融资风险管理,9,3、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 tempo
9、rary 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,短期融资及设备融资风险管理,10
10、,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 t
11、he 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,短期融资及设备融资风险管理,11,5、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
12、、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 borro
13、wers 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,短期融资及设备融资风险管理,12,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 P
14、acking 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,短期融资及设备融资风险管理,13,1、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 prope
15、rty 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Th
16、e 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 Pro
17、ducts,短期融资及设备融资风险管理,14,2、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.
18、,第一部分 国内短期融资主要品种Part I The Varieties of Domestic Short-term Financing Products,短期融资及设备融资风险管理,15,3、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
19、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 requi
20、rements: 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
21、资主要品种Part I The Varieties of Domestic Short-term Financing Products,短期融资及设备融资风险管理,16,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
22、risk 银行管理风险 bank management risk,短期融资及设备融资风险管理,17,1、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
23、 risk of short-term capital,Information collection,Financial analysis,Non-financial analysis,Trend analysis,短期融资及设备融资风险管理,18,2、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 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 with the term of one yea
24、r or longer from its shareholders; to transfer receivable payment for lease to commercial bankss 要求建立关联交易的识别、审批及报告制度Required to establish the system to identify, approve and report associated tractions.,第五部分 商业银行设备融资方式Part V Equipment finance of commercial bank,短期融资及设备融资风险管理,46,五家商业银行成立金融租赁公司,多家银行筹备
25、5 commercial banks set up financial leasing company. Several banks are in preparation.,第五部分 商业银行设备融资方式Part V Equipment finance of commercial bank,短期融资及设备融资风险管理,47,二家银行通过股权收购进入金融租赁行业 Two banks enter financial leasing industry by equity buyout.,第五部分 商业银行设备融资方式Part V Equipment finance of commercial ban
26、k,短期融资及设备融资风险管理,48,财务顾问 Financial consultant 提供达到以下目的的融资方案 Provided financing proposal to meet below purposes 针对个性化融资需求focus on customized financing needs 降低融资成本reduce the cost of financing 控制融资风险control the financing risk 改善财务结构Improve the financial structure,第五部分 商业银行设备融资方式Part V Equipment finance
27、 of commercial bank,短期融资及设备融资风险管理,49,融资租赁信托产品的发行 Issue financial leasing trust fund 商业银行与信托公司合作密切close cooperation between commercial banks and trust companies 以信托资金为融资租赁提供资金可行Flexibility of providing financial leasing by trust fund,第五部分 商业银行设备融资方式Part V Equipment finance of commercial bank,短期融资及设备融
28、资风险管理,50,租赁公司,供应商,承租人,代理融资租赁信托产品的发行 Agent to issue financial leasing trust fund,信托公司,支付租金 Pay the rent,商业银行,投资人,理财产品销售款,投资人,发行理财产品,出售租赁收益权 Sell the income right of leasing,获得资金消除负债 Get capital, clear up liabilities,出售租赁收益权 Sell the income right of leasing,为理财产品担保 Provide guarantee,设备回购承诺 Redemption
29、Commitment of the equipment,第五部分 商业银行设备融资方式Part V Equipment finance of commercial bank,信托资金 Trust fund,Commercial bank,Trust company,Leasing company,Lessee,Supplier,Investor,Issue financing products,Sales of the financing products,短期融资及设备融资风险管理,51,风险种类Categories of risks,第六部分 设备融资风险控制Part VI Risk co
30、ntrol of equipment finance,短期融资及设备融资风险管理,52,风险控制 Risk Control 依托原有的客户，做熟悉行业及设备；Depends on original customers; engage in familiar industries and equipments. 大宗及通用设备Big and general equipments 针对业务的重要节点设定条件Set conditions aimed at important sections during the operation 对现金流量的控制Control cash flows 还款能力评估及制定适合的还款计划Evaluation of repayment ability and work out proper repayment schedule 取得设备供应商的回购承诺Obtain the redemption commitments from equipment suppliers,第六部分 设备融资风险控制Part VI Risk control of equipment finance,短期融资及设备融资风险管理,53,谢谢各位 Thank you,