項(xiàng)目財(cái)務(wù)管理(參考版)
2024-07-28 13:16本頁(yè)面
【正文】 ? 亞行為什么尋求就貸款約文達(dá)成協(xié)議 ? 什么是貸款財(cái)務(wù)約文 ? 常見(jiàn)的亞行貸款約文 ? 亞行對(duì)不遵守約文情況的處理方法 ? 執(zhí)行情況 32 Financial Covenants are Designed to … 財(cái)務(wù)約文的設(shè)計(jì)旨在 ? ? Support socioeconomic development ? Promote financial viability, financial performance and prudent financial management of the executing agency ? Develop local capability ? Assist the executing agency to achieve a creditworthy status to facilitate acceptance in capital markets ? Protect the borrower’s and ADB’s financial interests ? Provide a basis for monitoring by government regulatory agencies, and ADB, of the EA’s financial performance ? 支持宏觀經(jīng)濟(jì)發(fā)展 ? 提高執(zhí)行機(jī)構(gòu)的財(cái)務(wù)生存能力、增加其財(cái)務(wù)業(yè)績(jī)、加強(qiáng)審慎財(cái)務(wù)管理 ? 培育當(dāng)?shù)氐呢?cái)務(wù)管理能力 ? 協(xié)助執(zhí)行機(jī)構(gòu)獲得信譽(yù)，以便其被資本市場(chǎng)所接納 ? 保護(hù)借款人和亞行的經(jīng)濟(jì)利益 ? 為政府監(jiān)管機(jī)構(gòu)和亞行提供監(jiān)控執(zhí)行機(jī)構(gòu)財(cái)務(wù)業(yè)績(jī)的依據(jù) 33 Types of ADB Financial Covenants 亞行財(cái)務(wù)約文的種類(lèi) ? Submission of audited financial statements ? Operating Covenants: ? Rate of Return (ROR) ? Selffinancing Ratio (SFR) ? General Price Level ? Operating Ratio ? Breakeven ? Capital Structure Covenants: ? Debt Service Coverage ? Debt : Equity Ratio ? Debt Limitation ? Capital Adequacy ? Liquidity Covenants: ? Current Ratio ? Quick Ratio 提交已審計(jì)財(cái)務(wù)報(bào)表 經(jīng)營(yíng)約文 : 收益率 (ROR) 自籌資金比率 (SFR) 一般物價(jià)水平 營(yíng)業(yè)比率 損益平衡 資本結(jié)構(gòu)約文 : 償債保證比 借款 : 權(quán)益比率 借貸限制 資本充足率 流動(dòng)性約文 : 流動(dòng)比率 速動(dòng)比率 34 Financial Covenants: Common Issues財(cái)務(wù)約文方面的常見(jiàn)問(wèn)題 ? EA/IAs are not aware of or just ignore the financial covenants執(zhí)行機(jī)構(gòu)不熟悉財(cái)務(wù)約文 ? EA/IAs are not calculating the covenanted ratios correctly 執(zhí)行機(jī)構(gòu)沒(méi)有正確地計(jì)算財(cái)務(wù)指標(biāo) ? Auditor didn’t review the pliance status of financial covenants 審計(jì)師沒(méi)有檢查財(cái)務(wù)約文的執(zhí)行情況 ? EA/IAs are not able to conduct meaningful financial projections and take actions accordingly 執(zhí)行機(jī)構(gòu)財(cái)務(wù)預(yù)測(cè)能力較弱 ,不能及時(shí)采取措施 35 Financial Covenants: Common Issues財(cái)務(wù)約文方面的常見(jiàn)問(wèn)題 ? EA/IA’s non/semiautonomous status 執(zhí)行機(jī)構(gòu)沒(méi)有應(yīng)有的決策權(quán) ? Policy changes and sector reform 政策改變和行業(yè)改革 ? EA/IA changes 執(zhí)行機(jī)構(gòu)變更 36 ADB Policy on Nonpliance 亞行 處理不合規(guī)情況的政策 ? 不能滿(mǎn)足按時(shí)提交可接受的已審計(jì)年度財(cái)務(wù)報(bào)表的情況另行處理 ? 如借款人 /執(zhí)行機(jī)構(gòu)未能滿(mǎn)足某條貸款財(cái)務(wù)約文的規(guī)定 , ? 亞行將確定不合規(guī)的程度 ? 亞行將找出不合規(guī)的原因 ? 亞行將協(xié)商如何糾正不合規(guī)情況 ? 在不合規(guī)情況嚴(yán)重危害項(xiàng)目生存能力的情況下，亞行將考慮，并可能會(huì)采取法律補(bǔ)救措施或進(jìn)行制裁 ? 不合規(guī)可能會(huì)影響貸款支付 ? 當(dāng)約文的合規(guī)情況不能令人滿(mǎn)意時(shí) , 亞行可能會(huì)拒絕提供進(jìn)一步的貸款 37 Financial Ratio Covenants in Selected Projects 幾個(gè)項(xiàng)目中出現(xiàn)的財(cái)務(wù)比率指標(biāo) 執(zhí)行機(jī)構(gòu) 財(cái)務(wù)指標(biāo) 起始 貸款 1797 T S C, TM L 流動(dòng)比率 = 2 償債保證比 = 1. 4 債務(wù) : 權(quán)益 65 : 35 項(xiàng)目實(shí)施 開(kāi)始商業(yè)運(yùn)營(yíng) 貸款1985 M S Cs 流動(dòng)比率 =2 償債保證比 = 1. 2 債務(wù) : 權(quán)益 70 : 30 開(kāi)始商業(yè)運(yùn)營(yíng) 貸款 1995 HM W S CC 流動(dòng)比率 = ( 或速動(dòng)比率 = 1) 償債保證比 = 1. 2 債務(wù) : 權(quán)益 70 : 30 開(kāi)始商業(yè)運(yùn)營(yíng) 貸款1996 W M W C 流動(dòng)比率 = 1. 2 償債保證比 = 1. 2 債務(wù) : 權(quán)益 70 : 30 開(kāi)始商業(yè)運(yùn)營(yíng) 。 and where all EAs submitted acceptable APA/AFS in English by the due date ? Partly Complied is where several EAs are involved and only one or a few submitted acceptable APA/AFS either by the due date or late ? Complied Late is when APA/AFS meets the plied status but is submitted late ? Not Yet Due is w
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