中国中小企业贷款风险管理问题(SMELendingand.pptx

SME LENDING AND CREDIT RISK MANAGEMENT PROBLEMS IN CHINA 中国中小企业贷款风险管理问题 Financial Risk and Corporate Finance Management Forum, Dalian， July 2010 第二届金融风险与公司财务管理国际研讨会 大连2010年7月 ;;;;Western banks generally evaluate business loans by looking at the company’s income and cash flow statements.? Does the borrower earn enough to meet?its obligations?? Can it continue to do so over the life of the loan?? To answer these questions, the lender often uses metrics which measure loan amount to EBITDA (earnings before interest, taxes, depreciation, and amortization) or the debt service coverage ratio. Only then will they consider the question of collateral. Any collateral is regarded as a back-up, a way of mitigating losses if all else fails.? The basis for making the loan is an assessment of the borrower’s ability (and its willingness)?to pay. 西方的银行通常会依据公司的损益表及现金流量表来评估商业贷款。借款人是否能赚足够的钱履行还款义务？在贷款到期前，借款人是否具备持续还款能力？为了解答这些问题，贷款人通常会使用计量模型来测算贷款额与扣除利息、税收、折旧及摊销前的收益的比值或债务偿还能力比率。测算完这些之后，银行才会考虑抵押问题。任何抵押物都只是在贷款无法收回的情况下用来减少损失的备用品。对借款人还款能力（及其还款意愿）的评估是放款的依据。 ;In China, when a company requests a loan, the first thing banks look at is?the borrower’s?balance sheet.? What hard assets does the?business have, in case it fails to pay?? Land is best, in the banks’ eyes, but?a really big, expensive piece of?machinery might suffice.? The lender may or may not actually secure that asset with a lien, but the value of the collateral serves as the basis for making the loan. 在中国，当一家公司申请贷款时，银行首先会看借款人的资产负债表。以防借款人无力偿还贷款，银行要看该公司拥有哪些硬资产。在银行看来，土地是最好的硬资产，但价格不菲的大型机械设备也可满足银行的要求。贷款方可能会用抵押品留置权扣留该硬资产，也可能不会，但该抵押物的价值会是贷款的一大依据。 ? In 2006, an IMF study confirmed that, despite efforts at reform, Chinese banks still “do not appear to take enterprise profitability into account when making lending decisions.”? The reason is that, from a technical and bureaucratic perspective, collateral lending is much easier.? At least superficially, it doesn’t require any business judgment, just tick-the-box procedures to make sure the ban