商业银行学答案 第八版 罗斯Chap017.docx
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商业银行学答案 第八版 罗斯Chap017.docx
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商业银行学答案第八版罗斯Chap017
CHAPTER17
LENDINGTOBUSINESSFIRMSANDPRICINGBUSINESSLOANS
GoalofThisChapter:
Thepurposeofthischapteristoexplorehowbankerscanrespondtoabusinesscustomerseekingaloanandtorevealthefactorstheymustconsiderinevaluatingabusinessloanrequest.Inaddition,weexplorethedifferentmethodsusedtodaytopricebusinessloansandtoevaluatethestrengthsandweaknessesofthesepricingmethodsforachievingafinancialinstitution’sgoals.
KeyTopicsinThisChapter
∙TypesofBusinessLoans:
Short-TermandLong-Term
∙AnalyzingBusinessLoanRequests
∙CollateralandContingentLiabilities
∙SourcesandUsesofBusinessFunds
∙PricingBusinessLoans
∙CustomerProfitabilityAnalysis
ChapterOutline
I.Introduction
II.BriefHistoryofBusinessLending
III.TypesofBusinessLoans
IV.Short-TermLoanstoBusinessFirms
A.Self-LiquidatingInventoryLoans
B.WorkingCapitalLoans
C.InterimConstructionFinancing
D.SecurityDealerFinancing
E.RetailerandEquipmentFinancing
F.Asset-BasedFinancing
G.SyndicatedLoans(SNCs)
V.Long-TermLoanstoBusinessFirms
A.TermBusinessLoans
B.RevolvingCreditFinancing
C.Long-TermProjectLoans
D.LoanstoSupporttheAcquisitionofOtherBusinessFirms-LeveragedBuyouts
VI.AnalyzingBusinessLoanApplications
A.MostCommonSourcesofLoanRepayment
B.AnalysisofaBusinessBorrower'sFinancialStatements
VIIFinancialRatioAnalysisofaCustomer'sFinancialStatements
A.TheBusinessCustomer'sControloverExpenses
B.OperatingEfficiency:
MeasureofaBusinessFirm'sPerformanceEffectiveness
C.MarketabilityoftheCustomer'sProductorService
D.CoverageRatios:
MeasuringtheAdequacyofEarnings
E.LiquidityIndicatorsforBusinessCustomers
F.ProfitabilityIndicators
G.TheFinancialLeverageFactorasaBarometerofaBusinessFirm'sCapitalStructure
VIIIComparingaBusinessCustomer’sperformancetothePerformanceofItsIndustry
A.ContingentLiabilities
B.EnvironmentalLiabilities
C.UnderfundedPensionLiabilities
IX.PreparingStatementsofCashFlowsfromBusinessFinancialStatements
A.CashFlowStatements
B.ProFormaStatementsofCashFlowandBalanceSheets
C.TheLoanOfficer'sResponsibilitytotheLendingInstitutionandtheCustomer
X.PricingBusinessLoans
A.TheCost-PlusLoanpricingMethod
B.ThePriceLeadershipModel
C.Below-PrimeMarketPricing
D.CustomerProfitabilityAnalysis(CPA)
1.AnExampleofAnnualizedCustomerprofitabilityAnalysis
2.EarningsCreditsforCustomerDeposits
3.TheFutureofCustomerProfitabilityAnalysis
XI.SummaryoftheChapter
ConceptChecks
17-1.Whatspecialproblemsdoesbusinesslendingpresenttothemanagementofabusinesslendinginstitution?
Whilebusinessloansareusuallyconsideredamongthesafesttypesoflending(theirdefaultrate,forexample,isusuallywellbelowdefaultratesonmostothertypesofloans),theseloansaveragemuchlargerindollarvolumethanotherloansand,therefore,cansubjectaninstitutiontoexcessiveriskoflossand,ifasubstantialnumberofloansfail,canleadtofailure.Moreover,businessloansareusuallymuchmorecomplexfinancialdealsthanmostotherkindsofloans,requiringlargernumbersofpersonnelwithspecialskillsandknowledge.Theseadditionalresourcesrequiredincreasethemagnitudeofpotentiallossesunlessthebusinessloanportfolioismanagedwithgreatcareandskill.
17-2.Whataretheessentialdifferencesamongworkingcapitalloans,opencreditlines,asset-basedloans,termloans,revolvingcreditlines,interimfinancing,projectloans,andacquisitionloans?
a.WorkingCapitalLoans--Loanstofundthecurrentassetsofabusiness,suchas
accountsreceivable,inventories,ortoreplenishcash.
b.OpenCreditLines--Acreditagreementallowingabusinesstoborrowuptoa
specifiedmaximumamountofcreditatanytimeuntilthepointintimewhenthecredit
lineexpires.
c.Asset-basedLoans--Creditsecuredbytheshorter-termassetsofafirmthatareexpectedtorolloverintocashinthefuture.Creditwhoseamountandtimingisbaseddirectlyuponthevalue,condition,andmaturityofcertainassetsheldbyabusinessfirm(suchasaccountsreceivableorinventory)withthoseassetsusuallybeingpledgedascollateralbehindtheloan.
d.TermLoans--Businessloansthathaveanoriginalmaturityofmorethanoneyearandnormallyareusedtofundthepurchaseofnewplantandequipmentortoprovideforapermanentincreaseinworkingcapital.Termloansusuallylooktotheflowoffutureearningsofabusinessfirmtoamortizeandretirethecredit.
e.RevolvingCreditLines--Linesofcreditthatpromisethebusinessborroweraccesstoanyamountofborrowedfundsuptoaspecifiedmaximumamount;moreover,thecustomermayborrow,repay,andborrowagainanynumberoftimesuntilthecreditlinereachesitsmaturitydate.
f.InterimFinancing--Bankfundingtostartconstructionortocompleteconstructionofabusinessprojectintheformofashort-termloan;oncetheprojectiscompleted,long-termfundingwillnormallypayoffandreplacetheinterimfinancing.
g.ProjectLoans--Credittosupportthestartupofanewbusinessproject,suchastheconstructionofanoffshoredrillingplatformortheinstallationofanewwarehouseorassemblyline;oftensuchloansaresecuredbythepropertyorequipmentthatarepartofthenewproject.
h.AcquisitionLoans--Loanstofinancemergersandacquisitionsofbusinesses.Amongthemostnoteworthyoftheseacquisitioncreditsareleveragedbuyoutsoffirmsbysmallgroupsofinvestors.
17-3.Whataspectsofabusinessfirm'sfinancialstatementsdoloanofficersandcreditanalystsexaminecarefully?
Loanofficersandcreditanalystsexaminethefollowingaspectsofabusinessfirm'sfinancialstatements:
a.ControlOverExpenses?
Keyratioshereincludecostofgoodssold/netsales;selling,administrativeandotherexpenses/netsales;wagesandsalaries/netsales;interestexpensesonborrowedfunds/netsales;overheadexpenses/netsales;depreciationexpenses/netsalesandtaxes/netsales.
b.OperatingEfficiency?
Importantratiosherearenetsales/totalassets,annualcostofgoodssolddividedbyaverageinventorylevels,netsales/netfixedassetsandnetsales/accountsandnotesreceivable.
c.MarketabilityofaProduct,Service,orSkill?
Keyratiomeasuresinthisareaarethegrossprofitmargin,ornetsaleslesscostofgoodssoldtonetsales,andthenetprofitmargin,ornetincomeaftertaxestonetsales.
d.Coverage?
Importantmeasureshereincludeinterestcoverage(suchasincomebeforeinterestandtaxesdividedbytotalinterestpayments),coverageofinterestandprincipalpayments(suchasearningsbeforeinterestandtaxesdividedbyannualinterestpaymentsplusprincipalpaymentsadjustedforthetaxeffect),andthecoverageofallfixedpayments(suchasincomebeforeinterest,taxesandleasepaymentsdividedbyinterestpaymentsplusleasepayments).
e.ProfitabilityIndicators?
Keybarometersinthisareacanincludesuchratiosasbefore-taxnetincomedividedbytotalassets,networth,orsales,andafter-taxnetincomedividedbytotalassets(orROA),networth(orROE),ortotalsales(orROS)orprofitmargin.
f.LiquidityIndicators?
Importantratiomeasureshereusuallyincludethecurrentratio(currentassetsdividedbycurrentliabilities),andtheacid-testratio(currentassetslessinventoriesdividedbycurrentliabilities).
g.Leverageindicators?
Ratiosindicatingtrendsinthisdimensionofbusinessperformanceusuallyincludetheleverageratio(totalliabilities/totalassetsornetworth),thecapitalizationratio(oflong-termdebtdividedbytotallong-termliabilitiesandnetworth),andthedebt-to-salesratio(oftotalliabilitiesdividedbynetsales).
Oneproblemwithemployingratiomeasuresofbusinessperformanceisthattheyonlyreflectsymptomsofapossibleproblembutusuallydon'ttellusthenatureoftheproblemoritscauses.Managementmustlookmuchmoredeeplyintothereasonsbehindanyapparenttrendinaratio.Moreover,anytimethevalueofaratiochangesthatchangecouldbeduetoashiftinthenumeratoroftheratio,inthedenominator,orboth.
17-4.Whataspectofabusinessfirm'soperationsisreflectedinitsratioofcostofgoodssoldtonetsales?
Initsratioofnetsalestototalassets?
InitsGPMratio?
Initsratioofincomebeforeinterestandtotaxestototalinterestpayments?
Initsacid-testratio?
Initsratioofbefore-taxnetincometonetworth?
Initsratiooftotalliabilitiestonetsales?
Whataretheprincipallimitationsoftheseratios?
Theratioofcostofgoodssoldtonetsalesisawidelyusedindicatorofabusinessfirm'sexpensecontrolsandoperatingefficiency.Theratioofnetsalestototalassetsreflectsactivityoroperatingefficiency,whilethegrossprofitmargin(GPM)measurereflectsthemarketabilityofthecustomer'sproductsorservices.Afirm'sratioofincomebeforeinterestexpenseandtaxestototalinterestpaymentsindicateshoweffectivelyabusinessiscoveringitsinterestexpensesthroughthegenerationofbefore-taxincome.Theacid-testratioprovidesaroughmeasureofafirm'sliquidityposition,whiletheratioofbefore-taxincometonetworthrepresentsameasureofprofitability.Finally,theratioofliabilitiestosalesisanindicatorofmanagement'suseoffinancialleverage.Theseratiosareaffectedbychangesinthenumeratororthedenominatororboth;afinancialorcreditanalystwouldwanttoknowthesourceofanychangeinaratio'svalue.Theseratiosonlymeasureproblemsymptoms;youmustdigdeepertofindthecause.
17-5.Whatarecontingentl
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