国际结算chpter 9 international factoring

Chapter9InternationalFactoringandForfeitingDefinition,partiesofinternationalfactoringFunctionsandtypesoffactoringProcedureoffactoringForfeiting9.1.1DefinitionFactoringisthepurchaseofclaims,arisingfromsalesofgoods,byaspecializedcompanyknownasfactoringcompanyorfactor.Factoringisinfactathree-partytransactionbetweenafinancialinstitution(thefactor)andabusinessentity(theclient)sellinggoodsorprovidingservicestoforeigndebtors(theclient’scustomer).9.1.1Definition保理是由被称之为保理公司或保理行的专业公司购买由于货物销售而产生的债权。实际上，保理是金融机构（保理行）与销售货物或提供服务给国外债务人（客户的客户）的企业实体（客户）之间的三方交易。国际保理（internationalfactoring）也称为国际付款保理或保付代理。它是银行通过收购消费品出口债权而向出口商提供坏账担保、应收帐款管理、贸易融资等服务的综合性金融业务。9.1.2Parties销售商（seller）债务人（debtor）。出口保理商（exportfactor）进口保理商（importfactor）9.1.3TheroleandservicesoffactorThefactoractsasamanagerofexporter’ssalesandprovideshisclientwithfinancebasedonthelevelofsalesandontheotherhandevaluatestheimporter’screditworthinesseitherbyhimselforwiththeaidofhiscorrespondentoragent,soastoensurethefinalpayment.Theprimaryservicesofferedarecreditinvestigation,creditapproval,assumptionofcreditrisk,accountsreceivablebookkeeping,andcollectionofmaturedaccounts.9.2.1FunctionsCreditapprovalThefactoractsastheclient’screditdepartmenttoevaluatetheimporter’screditstandingtodetermineacreditlineforhisclient’scustomersothathecanexercisethefunctionofpre-approvingorderspriortoshipment.CreditprotectionBypurchasingtheclient’saccountsreceivablewithoutrecourse,factoringcanprotecttheclientsfromriskoflosssolongasmerchandisequality,quantityandtermsmeettherequirementsofsalescontractbetweentheclientandhiscustomer.9.2.1FunctionsManagementofaccountsreceivableUponshipment,theclientinvoiceshiscustomerandsendsacopytothefactor.Theinvoiceindicatesthatitispayabletothefactor.FinancingThefactormaygrantfinancingtotheclientpriortothematurityoftheinvoicebypurchasingthelatter’saccountsreceivables.9.2.2Typesofinternationalfactoring融资保理（Financedfactoring）和到期保理（maturityfactoring）1、融资保理指出口商将代表应收帐款的票据交给保理商，保理商立即向出口商支付现金。2、到期保理指出口商将应收帐款单据转让给保理商，保理商确认在票据到期时无追索地向出口商支付票据金额。9.2.2Typesofinternationalfactoring公开型保理（disclosedfactoring）和隐蔽型保理(undisclosedfactoring)1、公开型保理指出口商必须以书面形式将保理商的参与通知所有客户，并指示他们将货款直接付给保理商。2、隐蔽型保理指将保理商的参与保密，在货款到期时仍由出口商出面催收，货款仍将直接支付给出口商，至于融资与费用的结算，则在保理商与出口商之间进行。9.2.2Typesofinternationalfactoring双保理模式（twofactorssystem）和单保理模式（singlefactorsystem）1、双保理指由出口商与出口国所在地的保理商签署协议，另外出口保理商与进口保理商双方签署协议，相互委托代理业务，并由出口保理商根据出口商的需要提供融资服务。9.2.2Typesofinternationalfactoring优点：第一，出口商收款方便、安全。第二，出口保理商委托进口保理商收款效果良好。第三，对于进口商而言，它仅需同本国的进口保理商打交道，也免除了在语言、法律、商业习惯等方面的困难。第四，有进口、出口保理商，使出口商的债权得到保障。9.2.2Typesofinternationalfactoring缺点：（1）费用高。（2）资金划拨速度慢。9.2.2Typesofinternationalfactoring出口商进口商进口保理商出口保理商1425108123911679.2.2Typesofinternationalfactoring双保理模式的运作特点：第一，两个保理商。第二，应收帐款的两次转让。9.2.2Typesofinternationalfactoring2、单保理：指只有一个出口保理商或进口保理商为出口商提供保付代理服务的保理机制。它可分为直接进口保理和直接出口保理。9.2.2Typesofinternationalfactoring（1）直接进口保理：指只有一个进口保理商为出口商提供保付代理服务的单保理机制。（2）直接出口保理：指只有一个出口保理商为出口商提供保付代理服务的单保理机制。9.2.2Typesofinternationalfactoring四、无追索权保理（non-recoursefactoring）和有追索权保理（recoursefactoring）1、无追索权保理：指保理商根据每个客户的信用额度提供坏账担保。出口商在信用额度内的销售所造成的呆帐、坏帐损失均由保理商承担。9.2.2Typesofinternationalfactoring2、有追索权保理：指保理商不负责坏账担保，只提供贸易融资在内的其他服务。如果因债务清偿能力不足而形成呆帐、坏帐有权向供应商追索。9.2.2Typesofinternationalfactoring五、单一保理和背对背保理（back-to-backfactoringssystem）1、单一保理：只有一个保理合同的普遍保理方式。2、背对背保理：指一定销售合同涉及两个保理合同，其中一个保理合同时根据另一个保理合同来衡量保理风险。9.3ProceduresApplicationforcreditapprovalDeliveryofgoodsandmakingoutinvoicePaymentcollection9.3.1ApplicationforcreditapprovalThesalescontractisconcludedbetweenthebuyerandtheselleronpenaccounttermsThesellerappliestoafinancialinstitution(usuallyabank)forcreditapprovalThebankactingasafactormakesacreditassessmentofthecustomer/buyerThefactoragreestothecreditlimit/cover9.3.2DeliveryofgoodsandmakingoutinvoiceThesellerdeliversthegoodsandmakesouttheinvoicetothebuyerThesellerforwardsacopyofinvoicetothefactorThefactorupdatesthesaleledgeThefactorgenerallymakes80%ofinvoicevalueavailabletothesellerThefactornotifiesthebuyerofthestatusofthecreditor9.3.3PaymentcollectionThefactorperformsthecollectionactivitywhentheinvoicesfalldueThebuyereffectspaymenttothefactorThefactorupdatesthesalesledgeThefactorpaysthebalancetotheseller9.4.1DefinitionofForfeitingDefinitionForfeitingisthetermgenerallyusedtodenotethepurchaseofobligationsfallingdueatsomefuturedate,arisingfromdeliveriesofgoodsandservices-mostlyexporttransactions-withoutrecoursetoanypreviousholderoftheobligation.福费廷通常是指买进因商品和劳务的转让（主要是出口交易）而产生的在将来某一个日子到期的债务，这种购买对原先的票据持有人无追索权。9.4.2PartiesinvolvedinForfeiting出口商（exporter）进口商（importer）福费廷融资商（forfeiter）又称为包买商，即为出口商提供福费廷融资的银行或其他金融机构。担保人（guarantor）或称保付人，即为进口商能按时付款做出担保的当事人。9.4.3CharacteristicsofForfeiting第一，主要提供中期贸易融资。第二，融资金额一般较大。第三，按时间间隔出具债权凭证。第四，使用最通用的货币。第五，债权凭证应由进口方银行担保。第六，债权凭证的购买无追索权。第七，以正常贸易为背景。9.4.4ProceduresofForfeitingTheexporter,afterobtainingacommitmentfromtheforfeitertofinancethetransactionatafixedinterestrate,willthenproceedtovalidatethecommercialcontract.Theimporter,afterreceivingtheshippingdocuments,s