How Creative Financing Can Ease Supply Chain Strains
Summary
TLDR在这段视频中,John Felix,作为White Oak Global Advisors的董事总经理,讨论了中型企业在供应链中断、运输问题和疫情影响下所面临的财务挑战。他强调了创造性融资解决方案的重要性,如通过加速应收账款的回收或将应收账款变现来改善现金流。Felix还提到了风险评估在融资决策中的作用,并建议企业在融资时考虑成本、风险容忍度以及资本用途。此外,他强调了为应对未来不确定性,企业需要在供应商、分销渠道、运输提供商和融资方面创造选择性,以保持运营和财务的灵活性。
Takeaways
- 😀 中间市场公司在过去18到24个月面临了供应链、运输和疫情等多方面的挑战。
- 💰 这些挑战导致许多中间市场公司现金流紧张,急需找到资本和改善现金流管理的方法。
- 🔍 公司需要找到理解其困境并提供合适产品方案的融资方。
- 🚀 加速现金流是这些公司目前的主要目标,可以通过多种方式实现,如加速应收账款的回收。
- 🔄 客户也可能因为多种因素而寻求延长付款期限,这要求供应商提供融资支持。
- 📈 中间市场公司可以通过出售或变现应收账款来加速现金流。
- 🏦 融资方会对债务人的信用风险进行评估,以确定应收账款的变现价值和可收回性。
- 💼 动态贴现是一种融资方式,企业可能无法获得全部欠款,但可以更快地获得支付。
- 📊 融资成本与企业的盈利能力、信用质量和杠杆水平有关,这些因素决定了资本成本。
- 📈 通货膨胀和利率上升增加了企业的资本成本,给企业带来了额外的挑战。
- 🚨 使用贷款加速供应商支付虽然短期内有效,但长期可能带来债务累积的风险。
- 🔑 企业在评估非银行融资方时,需要衡量其可靠性与传统银行融资的对比。
- 🛡️ 中间市场公司应准备应对未来不确定性,通过创造性融资增加运营和财务灵活性。
- 🌐 企业应建立长期资产与长期债务、工作资本资产与短期债务的匹配,以提高灵活性。
Q & A
什么是中型企业目前面临的主要挑战?
-中型企业在过去18至24个月中面临了供应链中断、运输中断、天气相关中断以及疫情等多方面的挑战,导致许多企业现金流紧张,需要寻找资本和改善现金流管理的方法。
如何理解所谓的“创造性供应链融资”?
-创造性供应链融资是指通过创新的金融手段来解决供应链中的资金问题,比如加速应收账款的收集,或者通过出售或变现应收账款来改善现金流。
为什么中型企业需要找到理解其困境的融资方?
-找到理解中型企业困境的融资方可以确保融资方提供的产品能够满足企业的实际需求,避免将企业硬塞进固定的融资模式中。
加速现金流周期对中型企业来说为什么很重要?
-加速现金流周期可以帮助中型企业解决当前的现金流紧张问题,提高资金的流动性,从而更好地应对市场变化和经营挑战。
企业如何通过供应链融资来加速应收账款的收集?
-企业可以通过出售或变现应收账款来加速收款,这取决于企业的规模和最终付款方的信用质量,以及融资方对信用风险的评估。
什么是动态折扣,它如何帮助企业改善现金流?
-动态折扣是一种融资手段,企业通过放弃部分应收账款的金额来换取更快的收款,这有助于降低企业的资本成本并改善现金流。
企业在考虑供应链融资时,如何评估融资方的信用风险?
-企业需要评估融资方的财务实力和信用状况,比如是否是大型连锁企业或有足够财务保障的公司,还是信用状况较差的小型企业。
在当前经济环境下,企业如何平衡债务和资本成本?
-企业需要根据盈利能力、债务水平和最终客户的信用质量来评估资本成本,并在债务和资本成本之间找到平衡,避免因债务过多而增加财务风险。
非银行融资方在供应链融资中扮演什么角色?
-非银行融资方提供了传统银行之外的融资选择,它们可能提供更灵活的融资方案,但成本可能更高,适合那些在传统银行难以获得融资的中型企业。
企业应如何准备应对未来可能的不确定性?
-企业应通过创造可选性来准备应对未来不确定性,包括对供应商、分销渠道、运输提供商和制造分销设施的可选性,以及在融资方面的可选性,确保长期资产与长期债务相匹配,工作资本资产与短期债务相匹配。
Outlines
💬 供应链融资的创意解决方案
约翰·菲利克斯讨论了中型市场公司在过去18到24个月中面临的供应链、运输和天气相关的破坏。这些公司通常资金紧张,急需资金来管理现金周期。约翰强调,找到一个理解借款人需求并能提供合适产品的融资方是至关重要的。他提到加快现金周期是关键,通过出售或变现应收账款等方式可以实现这一目标,具体方式取决于应收账款的规模和信用质量。
📈 资本成本与风险管理
在讨论供应链融资时,约翰提到了借款人的资本成本。对于利润高且杠杆率低的借款人,资本成本较低;而对于初创企业或信用质量较差的借款人,资本成本较高。随着通货膨胀的增长,资本成本也在上升,这增加了公司的负担。在使用贷款加速供应商付款时,约翰提醒需要考虑借款的用途和风险容忍度,因为增加债务会带来额外的财务负担。
🏦 非银行融资与创意选择
约翰解释了非银行贷款方如何在供应链融资中发挥作用。虽然传统的商业银行仍然是主要的资金提供者,但新兴的非银行贷款方逐渐占据更多市场份额,因为它们能为表现不佳的中型市场借款人提供资金,尽管成本较高。约翰建议中型市场公司通过创造融资选择权,平衡长期资产和短期资产的融资需求,从而提高运营和财务的灵活性。
Mindmap
Keywords
💡供应链融资
💡中型企业
💡现金周期
💡动态贴现
💡债务
💡风险评估
💡非银行贷款机构
💡资本成本
💡通货膨胀
💡可选性
Highlights
中间市场公司在过去18至24个月面临供应链、运输和疫情等多重挑战。
许多中间市场公司因这些事件而资金紧张,寻求资本和管理现金流的方法。
供应链融资可以帮助解决中间市场公司的困境。
找到理解借款人困境并提供合适产品的融资方是首要任务。
加速现金流是中间市场公司目前的主要目标。
通过出售或变现应收账款来加速收款。
最终客户的支付能力影响应收账款的出售或变现方式。
通过资产基础融资设施进行应收账款的循环创造和变现。
动态折扣实践允许企业以较低的价格更快地获得付款。
借款人的资本成本受其盈利能力、信誉和杠杆率影响。
通货膨胀导致资本成本上升,给公司带来额外的复杂性。
使用贷款加速供应商付款需考虑债务累积和利率上升的风险。
评估非银行融资方的可信度需要考虑其市场份额和可靠性。
中间市场公司需要为意外情况准备,使用创造性融资策略。
创造选择性是借款人的关键,包括供应商、分销渠道和融资。
资产负债表的长期资产应与长期债务相匹配,以提供灵活性。
Transcripts
[Music]
how creative financing can ease supply
chain strains my guest is john felix he
is managing director of white oak global
advisors hi john good afternoon how are
you doing bob good thanks very much for
being with me today so describe for me
as you see it
the plot to the plight today of middle
market companies in terms of being able
to gain leverage with suppliers and
transportation providers
well i'll tell you the
the middle market companies today have
had just one heck of a ride over the
course of the last 18 to 24 months if
it's not
supply chain disruptions it's it's
transportation disruptions it's
weather-related disruptions the pandemic
transportation everything has wreaked
havoc on these middle market providers
and so many of them are
cash strapped as a result of these this
confluence of events and many of them
are kind of scratching their heads going
where can we find some capital how can
we better manage our cash cycle and a
lot of them are just scratching their
heads because they haven't been exposed
to what the market has to offer for them
of course they could always
you know short short change or or
stretch out payment terms with their
suppliers but that isn't very a very uh
long-term very good long-term strategy
i'm guessing
um but let's talk about how supply chain
financing actually comes into the
picture and more specifically how
so-called creative supply chain
financing could be implemented to solve
some of these problems how can they turn
to supply chain financing to address the
woes that you have just laid out for us
well first and foremost you've got to
find a good financing party that
understands the plight of you as a
potential borrower and make sure that
that party has the appropriate product
offering to meet your meet your needs
many lenders
of of these supply chain products have a
box that they're trying to fit you in so
first get to know your borrower your
lender to make sure they have the
capabilities to provide you with a menu
of options but in reality
accelerating the cash cycle is really
the objective that these middle market
companies are fighting for right now and
that comes in a variety of forms
first and foremost as you work as if you
are a smaller company and you have you
are selling a product
you would like to find an ability to
accelerate the collection of those
receivables now i will tell you and many
of these companies are well aware of
this
their ultimate customers customers as
well have been impacted by a variety of
factors so they too are looking to use
you as a vendor
uh to finance their operations so
they're stretching out their payables as
well but there are products there are
means for you as a middle market
borrower to either sell or monetize
your receivables now how you go about
that is going to be a function of scale
and the credit quality of the ultimate
payor the debtor of those receivables
and an analysis is undertaken by the the
party who will be lending you this
capital to ascertain okay is this a
walmart is this a large national chain
or company that has tremendous comfort
in their financial wherewithal or is it
yet another
smallish
credit where there might be some risk
associated with that so an analysis is
undertaken to assess that what we call
credit risk of the debtor and you can
either sell that receivable outright to
a party or monetize it through the
installation of an asset based a
receivable based financing facility that
would result in a reoccurring creation
of receivables and monetization of those
receivables and that's more of a pooled
analysis that is undertaken however
oftentimes there are one-off larger
transactions that are undertaken by
borrowers and lenders
to facilitate a single receivable now
each of those of course has pricing
components structural elements and risk
associated with them
but many uh lenders such as white oak
will conduct a risk assessment to
determine whether or not we're going to
get our money
and ultimately how much we pay you for
the value of that receivable and
ascertain the collectibility of that
receivable
does it involve within case of
receivables to practice so-called
dynamic discounting where you may not
get a hundred percent of what is owed
you but in exchange for that you get
paid faster that that's exactly right
and that i use the phrase that's the
cost of doing business and what it
really comes down to is what is your
cost of capital as a borrower now if you
are a highly profitable
well-established
borrower with a fairly low leverage
profile your cost of capital is going to
be much lower you know two to four to
five percent on an annual basis however
if you are a startup if you've had some
performance uh
variability uh if your ultimate
customers may not be the best credit
quality well that will translate into a
higher risk for the lender and then
ultimately result in you paying more for
that capital
not to mention even as we speak the cost
of capital is going up rather
precipitatively with the you know with
the growth of inflation
which becomes a concern that a lot of
companies haven't had for a number of
years so that makes it more you know
that adds another complication to the
issue right oh yeah there's that too
the overall macro factors that we're all
fighting against uh are going to
translate and we're starting to see now
those interest rates whether it be your
home mortgage your bank line of credit
what have you start to creep up and cost
all of the consumers and borrowers more
than it had as recently as a month ago
yeah now in this
when it comes to using loans to speed up
vendor payments which may be in the
short term or i don't know even in the
long term a good way to go in selected
cases
is there then a risk though of amassing
too much debt especially at a time when
interest rates are going up you know
you're exactly right and the way i
describe it to our borrowers it's a
function of what is your mr borrower
what is your risk tolerance and what
will you be using this capital for are
you going to be taking out a dividend
are you going to be financing working
capital are you going to be growing your
business investing in equipment
investing in new technologies you know
with incremental debt
comes obviously the incremental
obligation and burden of servicing that
debt
and these operational um or these risk
tolerances come in the form of
operational risk financial risk
technological risk all of them have to
be ascertained and evaluated before you
determine how much if any incremental
debt you put on your balance sheet how
do companies go about assessing the the
usability or the trust of non-bank
parties involved in supply chain
financing today which there are quite a
few um
how do we measure that against
traditional bank financing you know it's
interesting that you bring that up
because there are more and more what we
call unregulated lenders entering into
the space every day
and where traditionally banks commercial
banks be it regional or large national
banks have been the go-to provider of
capital however they too are under
they've been on a
10-year bull run
of of credit and performance as the
economy has continued to operate on a
very robust basis but they too are
starting to read the tea leaves and are
starting to tighten up on their credit
uh tolerance their credit filter is
getting more fine and more fine so in
comes this new breed now it's not
relatively new these unregulated lenders
have been around for a couple of decades
now but these unregulated lenders are
taking more market share and wallet
share away from the commercial banks
because they have become time and time
again proven to be a little bit less
reliant or a little bit less reliable
for the middle market borrower who may
have had some you know performance
challenges over the course of the last
24 months with the trifecta of
pandemic
supply chain transportation tariff
impacts that have all been
affecting these middle market borrowers
so the unregulated lenders now
oftentimes they're a little bit more
expensive
but they provide you the capital that is
needed to grow your business or simply
maintain your business
so bottom line how can middle market
companies prepare for the unexpected
which i guess is just another way of
saying the future i mean
how can they use creative financing to
do that you know it's interesting um i i
i mentioned many many days a week about
creating optionality
in you as a borrower and sharing with
them you need to have optionality
whether it be your suppliers suppliers
excuse me optionality for your
distribution channels your
transportation providers and your
manufacturing distribution facilities
and that also goes with having
optionality with regard to your
financing
you should have a balance sheet that has
a matching of long-term assets financed
with long-term debt
your working capital assets of of
inventory and receivable should be
financed with short-term
debt and maximizing that matching allows
you as a borrower to have the
optionality provide the operational um
flexibility that you need and the
financial flexibility that you need
because if you find yourself leveraging
up your current assets to invest in
long-term assets like real estate
machinery and equipment and such that
mismatch ultimately will create um a
challenge for you when you actually do
have a cash crunch and you can't you
can't monetize those liquid assets when
you need them yeah
well it is good to know that there are
creative financing options out there for
the middle market companies which as you
say are being so terribly squeezed today
but there is a possibility for relief in
the form of these of these uh particular
offerings so john felix of white oak
global advisors thanks so much for your
little uh giving us a little bit of
education on this topic just for these
few minutes thanks very much for being
with me today appreciate it bob my
pleasure happy holidays to you and you
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