A liquidity loans, "Interim Measures for the administration" promulgated

Form China Banking Regulatory Commission on 0 February 12th two 0 years to China Banking Regulatory Commission promulgated the "Interim Measures" the management of the liquidity loans, measures sixth requirements: "the loan should reasonably prudent borrower working capital needs, determine the total amount of liquidity loan borrowers and loans the amount, not exceeding the actual demand of working capital loans." The file; and after a "reference for measuring the demand of working capital loans.". It should be said, the documents adopted, it has very important significance for the future of the borrowers of commercial banks liquidity loan demand amount determination and liquidity loans is undoubtedly.

The demand of working capital loans should balance their daily production and operation based on the required working capital with the existing liquidity (i.e., liquidity gap) to determine. Generally speaking, the key factors affecting liquidity demand for inventories (raw materials, semi-finished products, finished products), cash, accounts receivable and accounts payable. At the same time, will be the important factors affecting the industry, business scale, development stage, the bargaining position.The banking financial institutionsAccording to the prediction of the current financial reporting and business development, measuring the demand of working capital loans according to the following method:

1, the amount of working capital estimation

Factors affecting the amount of operating funds mainly includes cash, inventory, accounts receivable, accounts payable, accounts receivable, prepayments. Based on the investigation, prediction of the capital turnover time changes, reasonable estimates the working capital amount. In the actual calculation, the working capital requirements may refer to the following formula:
Working capital = annual sales income * (1 - on year sales profit rate) x (1 + expected sales revenue growth rate) / number of working capital turnover
Among them: the number of working capital turnover = 360/ (Inventory turnover days+ accounts receivable turnover days of accounts payable turnover days + receivables turnover days of accounts receivable turnover days) Pre
The number of days of turnover of =360/ turnover
Should the number of accounts receivable turnover = sales /Average accounts receivableBalance
The number of accounts receivable turnover = sales / average balance of accounts in advance
　　Stock turnover= cost of sales / average inventory balance
The number of receivables turnover = sales / average cost of prepaid account balance
To cope with the number of accounts receivable turnover = cost of sales / average payable balance

2, estimated to add liquidity loans

To estimate the borrower BFR deducting the borrower's funds, the existing liquidity loans and other financing, it can estimate the new liquidity loans.
The new liquidity loan amount = working capital quantity of borrowers own funds - existing liquidity loans and other channels to provide working capital

3, other factors to consider

(a) the banking financial institutions should be based on the actual situation and the future development of the situation (such as the borrower industry, scale, development stage, the bargaining position) are reasonable forecast the borrower accounts receivable, inventory and accounts payable turnover days, and may consider certain insurance coefficient.
(two) for group affiliated clients, liquidity loans can be estimated by the consolidated financial statements, in principle included in the consolidated financial statements within the scope of the member enterprises liquidity loans can not exceed the estimated value of the sum.
(three) for small enterprise financing, purchase order financing, prepaid rent or temporary large debt financing and so on, can be based on the authenticity of transactions, ensure the effective control of the use and payment conditions, determine the liquidity lines according to the actual transaction demand.
(four) the borrower to the seasonal production, according to the time of continuous production every year as the calculation period estimation liquidity requirements, the term of the loan should be reasonably determined according to cycle back.

Two, "the demand of working capital loans measurement reference" problems

"Reference" measuring the demand of working capital loans still exist some problems, and will affect the actual operation.

Application of funds 1, the calculation formula of narrow. Careful study can be found, the capital calculation formula is derived from the past in widespread use of bank "quota loan approved", the provisions of the contents of a file is easy to apply to some traditional industry, business enterprise etc.. In recent years, with the development of banking, bank customers are increasingly wide range change, enterprise and financial system, so "reference for measuring the demand of working capital loans" to many current bank customers is not applicable. As we now have a legal cause a lot of customers, its financial structure, different from the past traditional industry, business enterprise, is not suitable for use file approach for money demand estimates. Furthermore, due to the complexity of financial status of the enterprises, such as the customer group consolidated statements, will be "enterprise financial index average", the enterprise capital demand results such estimates out will be distorted in the very great degree.

The floating capital loan demand calculation formula 2, CBRC has, is entirely based on the ideal of enterprise financial statements, is apart from the account formula in the inventory, accounts receivable, accounts receivable, accounts payable, prepayment subjects, and moving items such as cash, notes receivable, other receivables, bills payable, other payables, accrued payroll, taxes payable, but did not consider the other streams, in reality the statements are often these do not consider the subject larger proportion, therefore fully in accordance with the demand of the CBRC, measured and the actual gap. Mentioned in the past generally use the bank's "quota loan approved" later, the real work is not applicable, because it is not fully taken into account along with the change of environment of market economy of our country, the proportion of funds in the settlement enterprise all funds occupation has been a very large increase. In the new approach to this problem is still not fully resolved. The formula contains accounts receivable, accounts payable and other factors, the formula of the designers to take into account the settlement funds occupation and settlement funds business problems, but the formula of the angle and the method, logic is not completely correct; in practice, impossible also settlement funds occupation and settlement funds source the accurate expression, the settlement funds occupation and source of factors is not sufficient. Therefore, to be sure, use the formula results, most of the enterprises are no loan demand. In addition, the proposed formulae in the file, inventory, accounts receivable, accounts payable turnover days of addition and subtraction is not technically correct.

3, measures mentioned in "the formula of its own funds, should be" refers to the borrower its liquidity, there is no way to know how to confirm. And in the financial system of existing enterprises, the rights and interests of the owners of the borrower (all of its own capital) should be in proportion respectively the borrower of current assets and fixed assets capital source. If there is no clear standard in this problem, also cannot use the file given accurate calculation formula.

4, the documents referred to in the "other channels to provide working capital" concept, in fact is too broad, no specific points, not easy to grasp the actual operation. Whether other channels here refers only to banks and other financial institutions, and if so, in the actual operation process, is not good grasp of. For example, the customers often have a lot of banks, the credit is very big, not used by letter of credit is very big, the possibility that other banks to provide loans to customers at any time, in this case, for those customers other channels can provide working capital is often can not be accurately determined, "other channels provide working capital" also can be a measurement of random and very strong factor, therefore, the given approach actually has no meaning. If the other channels to provide working capital, not only refers to the provision of banks and other financial institutions, it shall also settlement funding sources include enterprises, if so, the formulas given in the file is already included in the accounts payable, prepayment factors, so the calculation method from logic and incorrect.

Funds about the borrower, the average occupancy of 5 documents, time occupancy, total demand of capital amount, average demand does not distinguish and explained, so the demand for capital calculation formula at this point is chaotic, the results can not be accurately. In fact, the operation of funds of enterprises is very complex, the average occupancy of funds, a one-time point needs of enterprises and over a period of time the average demand problem, if not the problem clear, measure of corporate demand for funds is not consistent with the real situation of enterprises. Calculation of capital demand the same enterprise in different time points of the different results, even there is a big gap, and the CBRC "liquidity loan management Interim Measures" on the calculating methods should be adopted which standard time on enterprise financial statements did not make provisions when in use, the wrong tool!

Application of guide three, liquidity measurement methods

Although the liquidity measure the CBRC also has many problems, but in reality we are not a more appropriate measure, so to solve the problem in the reality, we still can refer to the calculations, but should be based on the estimation of understanding, the calculation method of reasonable use according to the the specific circumstances of each borrower. I personally to the estimation of appropriate amendments.

1, the average occupancy of funds

In order to improve the accuracy of the calculation results, the turnover number, average balance with the best monthly figures for the arithmetic average calculation, with the beginning and end of the year the average number of simple, error. If the enterprises set up a short time, from the enterprise to the enterprise production trial operation on the right track, accounts receivable, inventory, during the accounts payable subjects vary greatly, so can't simply use the beginning and ending phase averaging.

2, notes receivable

If the larger numerical borrowers "receivable" account, and borrowers generally do not need to discount, direct transfer, which can be regarded as "accounts receivable", so in times of calculation of working capital turnover, should put the "times" notes receivable turnover into consideration.

3, the capital calculation

Since it is computing liquidity lines, so we need to know is that the funds for the normal production turnover part. Its own funds reflects the owner's equity in the report, this part of the funds in the balance sheet is in the form of a liquid and illiquid assets, I found online calculation borrowers own funds, with the owner's equity minus the non current asset is used for daily business capital funds, personal feel this calculation less about a key factors: long-term loan. Long term borrowing enterprises are generally used for fixed asset investment, so the calculation borrowers own funds, should be: the owner's equity - (non current assets, long-term loans).

4, other channels to provide working capital calculation

Other sources of working capital: all except the funds and the existing liquidity loans and other non main business capital, including enterprise capital operation margin to obtain cash, shareholders, loan recovery, new capital investment income, rental income, funding, policy. Company business activities, non main business income can be credited to the other channel to provide working capital.

5, notes payable

Now the banks to raise the deposit, like open acceptance for borrowers, if the borrower "deal with numerical bill" subject is larger, should consider the borrower's note in the margin, occupy much of the paper, numerical deducting margin, the rest is equivalent to the enterprise short-term borrowing, in the calculation of the new liquidity loan quota formula "in the current liquidity loans" shall be the acceptance into consideration.