Credit Risks in Working Capital and Equipment Loans营运资课件.ppt

Cash Flow Quality现金流质量 Qualitative aspect 定性 High quality 质量高 Low quality 质量低 Inventory valuation 存货估值 LIFO understates profits in inflationary period 后进先出方法低估通胀期的利润 FIFO overstates profits in inflationary period 先进先出方法高估通胀期的利润 Depreciation method 折旧方法 Accelerated depreciation more accurately matches replacement cost 更准确地对应加速折旧与替代费用 Straight-line depreciation under-reserves funds for fixed assets: thus, it overstates earnings 直线折旧保留了固定资产资金的追偿权，因此，高估了收益 Deferred assets 递延资产 Intangibles are written off as quickly as possible 尽快注销无形资产 Expenses are capitalized and earnings are overstated 费用资本化，高估收益 Deferred income 递延收益 Income is deferred while expenses are flowed through: for example, benefits of investment tax credits are deferred 收益递延而开支流，例如，投资税收抵免的好处被递延 Expenses are deferred: for example, plant start-up costs and tax credits are taken immediately 开支被递延了：例如，工厂设立成本和税收抵免被立即 Tax rate 税率 “Normal” effective tax rate usually reflects minimal reliance on various tax deferral methods – investment tax credits, capital gains credits, percentage depletion deductions – and therefore, better quality Low effective tax rate usually reflects reliance on various tax deferral methods and therefore, low quality 精品文档 Servicing Current Liabilities流动负债处理 Sales volume, the rate of turnover of current assets, working capital and current creditors’ terms are factors that determine how a firm services current debts 销售量、流动资产周转率、营运资本和当前的贷款人条款等因素决定一个公司如何处理流动负债 Assume that sales double, the firm operates with positive working capital position and the commitments from current creditors do not increase. What scenario do you foresee? 假定销售增加一倍，公司的营运资本为正，而目前的债权人提供的贷款额度没有增加，你能预见什么情景？ What does happen if the rate ot turnover of current assets slows to half its former rate? 如果流动资产周转率降至原先的一半，会发生什么状况？ What does happen if the firm operates with a deficit working capital requirement? 如果公司在营运资本为赤字的条件下运营，会发生什么状况？ 精品文档 Overtrading? 过量交易？ There are four elements of risk associated with overtrading: 与过量交