Butler Lumber Company

Satisfactory Essays
BUTLER LUMBER COMPANY

關於Butler Lumber Company(以下簡稱BLC)的借貸案,我們選擇站在Northrop National Bank(以下簡稱NNB)的角度來看是否該提供借貸,共考慮三個部份:1)BLC的徵信程度,2)BLC的財務報表狀況,3)BLC的擔保品品質。以下將針對這三方面來探討:

一、BLC的徵信程度

在評估借貸案時,NNB向幾家BLC的往來廠商發函調查,以作徵信之用。回函廠商皆對經營者有信心,以及對BLC本身的營運情況有著正面的看法。

接下來NNB需要評估BLC的財務報表,以了解實際的營運情況。

二、BLC的財務報表狀況

BLC

1988

1989

1990

負債比率

54.55%

58.70%

62.70%

流動比率

180.00%

158.93%

145.05%

速動比率

88.08%

72.00%

66.92%

現金對流動負債比率

22.31%

12.80%

7.66%

存貨週轉天數

71.755

69.631

應收帳款週轉天數

35.630

36.514

應付帳款週轉天數

40.132

41.928

現金轉換天數

67.253

64.216

來源:以個案裡提供的損益表、資產負債表中的數據計算而來

首先從資本結構來觀察,BLC的負債比率逐年增加,主要來自於短期負債的增加,可看出BLC短期資金需求旺盛。接著使用流動性分析,BLC的流動比率由180%遞減至145%,流動性逐年變差;速動比率更明顯小於一,顯示存貨占流動資產比率極大,BLC極有可能發生因為無法償還短期負債而產生黑字倒閉。從現金對流動負債比率更能看出BLC沒有足夠的現金償付流動負債。

計算BLC的現金轉換天數,因為沒有與同產業平均比較,無法知道此現金轉換天數是否合理。BLC現金轉換天數在1989以及1990大致相同,可以得知在存貨管理、收帳能力及付帳方式沒有很大的改變。約65天的現金轉換天數代表BLC需要花65天才能夠將預付在外的現金回收,假設突然有短期負債出現,BLC可能需要額外舉債或是變賣流動資產來償還債務。在存貨、應收帳款及應付帳款管理上,BLC仍然有很大的改善空間。

雖然往來廠商皆對BLC持有正面態度,但BLC帳上的現金逐年減少及應收帳款不斷攀升,看出BLC在營運方面的成績不甚理想。加上BLC的負債程度過高且逐年上升,和短期償債能力不斷下降的情形,未來NNB債權收回的可能會出現問題。

三、BLC的擔保品品質

目前BLC為一人獨資企業,在擔保品部份,除了公司本身持有的土地和倉庫外,也須評估老闆Mr. Mark Butler本身的資產。總借貸案金額上限為465,000美金,而Mr. Mark Butler和妻子共同擁有一棟房子,成本72,000美金,已抵押38,000元美金,無其他投資。由於Mr. Mark Butler自有資產佔總借貸案金額比例相當低,假設公司倒閉或清算時債權尚未完全收回,NNB能向Mr. Mark Butler追討的金額恐怕不多。

從上述三點來看,雖然BLC徵信結果良好,但因為還款能力較弱、且Mr. Mark Butler自有資產又太少,債款完全收回的可能性大減,因此不建議NNB借款給BLC。

以下幾點為組員們討論可以改善BLC營運的方法:

1.透過權益證券增資

尋找願意投資BLC的投資者,因為此產業仍然看好,如果透過權益資金的募集,可以使負債比率下降,也能夠讓BLC償還負債的壓力降低,資金使用能夠有效率。

2.現金管理

站在投資報酬率的觀點,持有現金的機會成本不小。但也不能沒有現金支付公司的活動所需。如何持有最少的現金使公司的活動有效率的運作,就是現金管理的目標。BLC明顯現金部位降低,可以透過(1)現金流量同步化:藉由讓現金流入量與流出量發生時間一致,維持較低的現金部位,但BLC必須加強對現金流量的預測才能夠達到此一要求。(2)加速現金收款以及控制現金流出:可以選擇較快的資金收受方式,減少銀行收到支票到現金入帳的時間;另外也可以把付款票據開立時間固定,簡化帳務處理程序。

如果現金管理佳,也能減少因為拖延付款造成無法享受在一定期間內付款的折扣,如此便能減少應付帳款。

3.應收帳款管理

個案上提到BLC有提供三十天的信用給客戶,此部分能改善的方法為依照客戶的信用評等給予不同的信用期間,例如如果無擔保品或是財務狀況不健全,信用期間就給予縮短,避免壞帳的產生。

4.存貨管理

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