某企業信用風險管理方案（英文版）(ppt 35頁)

某企業信用風險管理方案（英文版）內容提要：
Value Proposition
Credit plays a critical role in “selling” products and services
Expands revenue opportunities with creditworthy, incremental customers
Utilizes innovative structures to support business relationships
Effective credit risk management limits credit losses and provides stable cash flows and earnings
Marketplace rewards companies exhibiting earnings and cash flow stability with higher P/E multiples
Marketplace penalizes credit induced volatility and “surprises”
Raises questions about quality of management
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Credit as a Facilitator
Credit risk management is important
Credit is a facilitator of business growth and performance
High business margins tend to attract lower quality clients and therefore higher risk profile to manage
Clients (buyers) may be concentrated in selected industries and provide limited portfolio diversification opportunity
Poor credit risk management resulting in negative impact to bottom-line is heavily penalized by markets
……

A New Paradigm
A new business paradigm had evolved: causing a lack of reliance on good fundamental analysis
The idea that stock market values would continue to go up indefinitely
Increasingly competitive, complex and volatile market place
Higher than expected actual debt burdens
Extensive reliance on unrealistic future cash flows
Failures in corporate governance
Questionable personal and corporate ethics.

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