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
1. 资产支持贷款 (ABL) Asset-based Lending (ABL)
1. 由应收账款和存货担保的借贷
Lending secured by accounts receivable and inventory
2. 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
1. 以应收账款和存货为担保
Collateralized by both accounts receivable and inventory
2. 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
3. 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
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 the common 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 lending
against equipment or 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-based lending 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
财务实力最强的企业
财务实力最弱的企业
由传统银行贷款提供融资
不合格的借款人
(不应该获得融资)
THE FIRM CONTINUUM
企业融资能力连续线
融资缺口区域
Highest Financial
Strength FirmsLowest Financial
Strength Firms
Financed by Traditional
Bank Loans
Unqualified Borrowers
(should not receive financing)
The Funding Gap Zone
6
The Funding Gap
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
= the deficiency 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 business models, ., positive net present value cash flows
–拥有技能丰富的企业家的企业 Firms with skilled entrepreneurs
–一些拥有高（和甚至非常高）成长潜力的企业
Some 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 to be:
• 资本不足Undercapitalized
–企业家被有限的财务资源所束缚Entrepreneurs constrained by limited
financial resources
• 小型企业们因为规模“小”而不透明 Smaller firms whose “smallness” makes
them more opaque
–一些这样的企业可能无法提供经审计的财务报表 Some of these firms
may not be able to afford audited financial statements
7
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 loan
underwriting can not solve the funding gap problem because firms in the
critical zone are undercapitalized (low financial 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 no financing at all.
－即，由于“融资缺口”而产生了“信贷配给”问题 That is, there is
credit rationing because 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 tend to 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 ratio
– Debt/worth ratio
– Debt/EBITDA ratio
– NPAT/TA ratio
8
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-
based lending accomplish this?
–将动产作为担保品 Takes movable assets as collateral
–适合于有可用作担保品较好动产的企业 Feasible for
companies with 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 risk
9
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 reduces risk
• 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”
borrower behavior
• 因此，以下两个因素的净效应决定贷款风险的高低 Thus,
there are two 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 risk 10
财务实力
最强的公司
财务实力
最弱的公司
由传统的银行贷款提供融资
不合格借款人
（不应该获得融资）
该区域的信贷配给问题减轻
=> 融资缺口被减小
由资产支持贷款提供融资
THE FIRM CONTINUUM
企业融资能力连续线
Highest
Financial
Strength
Firms
Lowest
Financial
Strength
Firms
Financed by
Traditional Bank Loans
Unqualified Borrowers
(should not receive financing)
Credit rationing in this zone reduced:
=> the funding gap is reduced.
Financed by
Asset-Based Loans
11
Asset-Based Lending in the .
美国的“资产支持贷款”概况
• 是一个快速发展的行业 Rapidly growing industry
• 目前，占商业贷款（企业贷款）总额近 25%
Now 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 outstanding
12
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
美国的资产支持贷款余额（10亿美元）
Source: Commercial Finance Association Annual Asset-Based Lending and Factoring Surveys, 2005
13
Asset-Based Lending in the .: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/manufacturers
Steel products manufacturers
Metal goods manufacturers
Automobile parts & supplies manufactures
Wholesale – Motor vehicle supplies & parts
Wholesale – Metal service centers
Wholesale – Groceries and related products
Retail – Lumber and other building products
Retail – Department stores
Retail – 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, 2005
14
Asset-Based Lending:The Mechanics in Brief
资产支持贷款：原理概要
• 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
Assure that collateral liquidation value exceeds loan value:
• 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 capacity increases when collateral
value increases Lending against receivables
• 基于应收帐款的贷款 Loan availability calculated daily based on “eligible”
receivables
–每天根据“合格”应收帐款的金额计算可提用的贷款数量 Eligibility of a
receivable depends 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 calculated regularly based on “eligible” inventory
–对存货的放贷比例（折扣率）一般较低
Loan advances against inventory are typically lower
–某些种类的存货比其它种类的要好
– Some types of inventory are better than others 15
Factoring: Key Characteristics
保理：主要特征
• 是对应收帐款的“买”和“卖” A purchase and sale of a
receivable
• 保理本身并不提供存货融资 Does not provide inventory
financing per se
– 但在美国，有时存货贷款与保理结合起来做
Sometimes in the . inventory loans are made in conjunction with
factoring receivables
• 有追索权 vs. 无追索权 Recourse vs. non-recourse
– 在美国，80%是无追索权的 In the . 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 .
• 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 .
16
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
Factoring much less important in the . than ABL
–主要的客户行业: 纺织品和服装 （占保理总额的59%）
Primary customer industries: textiles and apparels (59% of all factoring)
–不过，保理业正在成长、其客户行业基础在扩大 Nevertheless, it is
growing and 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 in countries with weak bankruptcy systems (., 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 particularly valuable
in financing cross-border trade:
• 例如，在一些东欧国家，增长非常迅速 ., growing rapidly in some Eastern
European countries
17
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
美国的保理业务量（10亿美金）
Source: Commercial Finance Association Annual Asset-Based Lending and Factoring Surveys, 2005
18
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）
Figure 6. Factoring Volume in Selected EU 15 Countries as a percent of GDP (percentage of GDP)
图表6：部分欧盟国家的保理业务量（占GDP的百分比）
资料来源: 国际保理商联盟（FCI），世界银行 SIMA 数据库
From Bakker, Klapper and Udell, Financing Small and Medium-size Enterprises with Factoring: Global Growth in
and its Potentail in Eastern Europe, 2004 19
From Bakker, Klapper and Udel, Financing Small and Medium-size Enterprises with Factoring: Global Growth in
and its Potentail in Eastern Europe, 2004
%
%
%
%
%
%
%
%
%
Czech Republic Estonia Hungary Latvia Lithuania Poland Slovakia Slovenia
1996 1997 1998 1999 2000 2001 2002
捷克 爱沙尼亚 匈牙利 拉脱维亚 立陶宛 波兰 斯洛伐克 斯洛文尼亚
Factoring Volume in Eastern Europe (EU8) as Fraction of GDP
东欧8国的保理业务量（占GDP的百分比）
摘自 Bakker, Klapper and Udell 所著《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）
20
Asset-Based Finance in China:The Potential
资产支持融资在中国：未来的潜力
• 可以提升面临“融资缺口”但有好的动产作为担
保品的企业的信贷可获得性 Increase credit availability to
firms that face a funding gap that have collateral-good moveable assets
–减少中国存在的“信贷配给”问题 Reduction of credit
rationing in China
• 根据美国的经验，可能会对一些关键的特定行业
有特别强的影响，例如：May have a particularly strong effect
on key specific industries in China based on . experience. For example:
–批发业 —— 杂货和相关产品 Wholesale – Groceries and
related products
–零售业 —— 音响、电视机及其他消费电子产品
Retail – Radio, television, consumer electronics
21
