文档介绍：ASSET-BASED FINANCE: AN OVERVIEW 资产支持融资:总揽 Accounts Receivable and Inventory Lending 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
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
Asset-Based Lending: Key Characteristics 资产支持贷款:主要特征
以应收账款和存货为担保 Collateralized by both accounts receivable and inventory
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 Monthly monitoring of inventory
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 mercial panies 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Supported by dedicated ABL operations dept.
3
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 . are secured by accounts receivable but are not monitored 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 originated using 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 a secondary 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 lending technology in mon law countries of Australia, Canada, UK and US.
4
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 ., “asset-based lending” usually refers only to lending against movable assets with a program 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 len