11.3.1 交易周期分析-Trade cycle analysis II
定性细节-Qualitative detail
这为风险评估提供了基础，包括：
This provides a basis for risk assessment and includes the:
1、 任何售前协议的可靠性-reliability of any pre‑sale agreements (eg is the purchase order robust?);
2 、货物的性质、易腐性（可贮存性？）和可销售性（还款的替代来源）nature, perishability and saleability of the goods (alternative sources of repayment);
3 、货物价格波动price volatility of the goods;
4 、从供应商成功采购的跟踪记录（履约风险）track record of successful sourcing from suppliers (performance risk);
5 、向买家成功销售的记录（信用风险和履约风险）track record of successful sale to buyers (credit risk and performance risk); and
6 、争议和争议解决的历史history of disputes and dispute resolution.
为了实现这种定量和定性分析，需要从采购、库存和销售数据中捕获物理和金融供应链中的不同”事件”，以及资金流动的细节。除上述内容外，还应花时间研究客户所在的行业，并在可能的情况下，从客户的同行群体中获取相关的财务指标。
To achieve such quantitative and qualitative analysis will require capturing the different ‘events’ in the physical and financial supply chain from sourcing, inventory and selling data, together with the detail of financial flows. The events to be evaluated include those from past performance but also the expected pattern of trade over the period to which the finance will refer. In addition to the preceding, time should be taken to research the sector the client operates in and, if possible, obtain relevant financial metrics from the client’s peer group.
应提供以下指标-The following metrics should be sourced:
1 、Days sales outstanding (DSO) – a metric used to measure a company’s average sales payment terms.
未结销售额 （DSO） – 用于衡量公司平均销售付款条件的指标。
2、 Days purchasing outstanding (DPO) – a metric used to measure a company’s average supplier payment terms.
未清偿采购天数 （DPO） – 用于衡量公司平均供应商付款期限的指标。
3 、Days inventory outstanding (DIO) – a metric used to measure a company’s average rate of stock turnover.未清存量 （DIO） – 用于衡量公司平均存货周转率的指标。
This information can be revealing for the client during future playback if, for example, the financier can point to sector trends that are different to the client’s metrics.例如，如果融资人可以指出与客户指标不同的行业趋势，则在将来的回放期间，这些信息可能会向客户揭示。
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