充分条件与必要条件教学ppt课件

The business strategies and objectives drive the establishment of credit policies and procedures. Measurement and reporting as well as the use of current technologies enhance credit decision-making and improve risk management. The entire process is continually re-evaluated and improved.
；假
(6)若方程
有两个不等
的实数解，则
．真
二、新知识：
1、推断符号： 的含义
若p 则q 为真，记作 若p 则q 为假，记作
1.8.1充分条件与必要条件
(1)若
，则
可记为：
；真
(2)若 可记为：
，则
；假
(3)全等三角形的面积相等；
真
可记为： 两三角形全等 两三角形面积相等
(4)对角线互相垂直的四边形是菱形； 假 可记为：四边形的对角线相互垂直 这个四边形是菱形
Corporate Credit Risk
• Companies are exposed to significant levels of credit risk emanating from different sources
l Accounts Receivables l Other Notes Receivables l Buyer and Franchise Financing l With Recourse Financing
The AFP 23rd Annual Conference New Orleans November 3-6, 2002
• Ebrahim Shabudin • Managing Director • Deloitte & Touche LLP
Credit Background
• Thorough identification and accurate measurement of credit risk, supported by strong risk management can help improve the bottom line
• Credit Approval
– Aggregation
n Portfolio Management
n Risk Strategy
Authority
– Control
n Concentration
n Underwriting Standards
• Limit Setting • Periodic Account n Diversification
Credit Strategy & Risk Tolerance
u Credit Strategy Statement and Risk Tolerance
u Coordination with Business Plan
u Specific Quantifiable Objectives
u Management Review Methodology
– 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
• Pricing Terms
Reviews
n Credit Application
n Analysis
and Conditions
– Payments/Agingn Allowance for
•
Documentation: Contracts and • Covenants
– Credit Condition
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
– Note also that Critical Suppliers to the company may pose specific credit risk
DSO Impact … an example
Actual Q3 A/R Q3 Sales ：DSOs =
Company A $295,396,000 $261,201,000 124*
2、四种命题之间的真假关系
(1)原命题为真，
(2)逆命题不一定为真，
(3)否命题也不一定为真，(4)逆否命题一定为真。
1.8.1充分条件与必要条件
例1、判断下列命题是真命题还是假命题：
(1)若
，则
；真
(2)若
，则
；假
(3)全等三角形的面积相等；
真
(4)对角线互相垂直的四边形是菱形； 假
(5)若
，则
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
1.8.1充分条件与必要条件
学习目标： (1)正确理解充分条件、必要条件和充要条件的概念； (2)能正确判断是充分条件、必要条件还是充要条件；
1.8.1充分条件与必要条件
一、复习回顾： 1、四种命题的关系
原命题 若p则q
互否
否命题 若 p则 q
互逆
互 为
互为
逆否 逆否
互逆
逆命题 若q则p
互否
逆否命题 若 q则 p
(4)即不充分又不必要条件：即
4、充分பைடு நூலகம்与必要性的判断步骤：
(1) 认清已知命题的条件和结论；
(2) 考察
的真假。
课堂小结： (1)正确理解充分条件、必要条件和充要条件的概念； (2)能正确判断是充分条件、必要条件还是充要条件；
Credit Risk Management
Enhancing Your Bottom Line
n Type of
u Financial
u Credit
• Collections,
n Credit Scoring
Delinquencies
– Risk-adjusted
Exposure
Return
n Instruments or Methods
and Ratings
and Workouts
Performance Management
Credit Risk Areas to Consider
Origination/ Assessment
Administration
Monitoring/ Control
Risk Management
n Sales Channels
• Credit Policy • Exposure
Management
Performance-based management utilizes metrics that measure actual performance against predetermined thresholds. The thresholds are established taking into account the organization’s strategy, operating environment and process controls.
(1)
(2) p：三角形的三条边相等； q：三角形的三个角相等．
解：(1) 由于 的充分条件 的必要条件
(2)三角形的三条边相等 三角形的三个角相等 “三角形的三条边相等”是“三角形的三个角相等”的充分条件． “三角形的三条边相等”是“三角形的三个角相等”的必要条件
1.8.1充分条件与必要条件
3、充分性与必要性分类： (1)充分不必要条件：即 (2)必要不充分条件：即 (3)既充分又必要要条件：即
• 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” l Raises questions about quality of management
– Project Finance – Structured Transactions – Leases with Recourse
l Derivatives Exposures
– FX, Interest Rate Risk, Commodities etc.
l Collateral Risk
– Parent or Third Party Guarantees – Commercial and Standby Letters of Credit
• … ..An uncertain and volatile economic environment significantly impacts this ability
• … ..The desire to grow and turn in outstanding results has a tendency to put pressure on the checks and balances within businesses
nBusiness Strategy
Systems
Operation s Finance
Business Performance
Compliance with n Covenants, Terms
Bad Debts
Risk Mitigation
u Business/
• Collateral and
•
Technology/Reports – Transactions/ n
Objectives
Industry
Security
Bookings
两三角形面积相等是两三角形全等的必要条件．
注意：条件和结论是相对而言的，由于
的等价命题是：
即，若q不成立，则p就不成立，故q是p成立的必要条件，但必须注意
q成立时， p可能成立，也可能不成立，即q成立不保证p一定成立。
1.8.1充分条件与必要条件
例2 、指出下列各组命题中， p 是q 的什么条件， q 是p 的什么条件：
(5)若
，则
可记为：
；假
(6)若方程 的实数解，则 可记为：
有两个不等 ．真
有两个不等的实数解
1.8.1充分条件与必要条件
2、充分条件与必要条件：
一般地，如果已知
那么就说， p 是q 的充分条件， q 是p 的必要条件．
例如：
的充分条件 的必要条件
两三角形全等
两三角形面积相等
两三角形全等是两三角形面积相等的充分条件．
Peer Average 51.3
Hypothetical
D Cash
DSOs
51.3
Q3 Sales
$261,201,000
：Q3 A/R = $122,002,230 +$173,393,770
* Equals 295.4M/261.2M x 90(or number of days in sales period)