11.4.1 应收账款购买类别-Receivables purchase category
定义:货物或服务的卖方通过将与这些货物或服务有关的全部或部分应收款出售给融资提供人来获得融资，融资提供人成为应收款的所有人。
The defining characteristic of this category is that the seller of goods or services obtains finance by selling all or part of the receivable relating to those goods or services to the finance provider, who becomes the owner of the receivables.
将资产所有权转让给融资提供人的方法因司法管辖而异，但涉及某种形式的所有权转让。在执行转让时，融资提供人向出卖人支付一笔以应收款面值为依据的款项。
The method by which ownership of the asset is transferred to the finance provider varies depending on the jurisdiction, but involves some form of assignment of title rights. Upon execution of the assignment, the finance provider pays the seller a sum that is based on the face value of the receivable.
主要考虑因素-Key considerations
When a finance provider is contemplating the purchase of receivables, it will take the following into consideration:
• validation that the receivable exists;确认应收款存在;
• verification that the receivable is assignable in the seller’s jurisdiction; 证明应收款在卖方的司法管辖范围内是可转让的
• confirmation that the receivable is enforceable against the debtor in the debtor’s
jurisdiction.确认应收款在债务人的债务人中可对债务人强制执行管辖。
应收款是可由融资提供者购买。严格来说，情况并非如此，因为也可以将库存转让给融资提供者，并创造” 真实出售 “。
The title of this category suggests that the receivable is the only asset that can be purchased by a
finance provider. This is not strictly true as it is also possible to assign inventory库存 to the finance provider and to create a’true sale’.
在实践中，与融资提供人的协议将包括回购条款（称为”回购”），以便将货物卖回给客户，以便他们向最终客户出售货物。
In practice, the agreement with the finance provider will include a repurchase clause (known as a ‘repo’) so that the goods are sold back to the client in order for them to sell goods to their end‑customer.
融资可以”有追索权”或”无追索权”地返还给资产出卖人。然而，在实践中，追索权通常不是那么明确，应收款购买协议通常会具体规定融资提供人可以行使其追索权的情形。
A facility may be granted ‘with recourse’ or ‘without recourse’ back to the seller of the asset. In practice, however, the rights of recourse are not usually quite so clear‑cut, and the receivables purchase agreement will usually specify the circumstances under which the finance provider can exercise their right of recourse.
这将直接影响客户账簿中的资产负债表处理。关于资产负债表处理的决定始终由客户的审计师自行决定，但作为指导原则，如果融资提供者可以完全根据他们的选择行使追索权，那么审计师将认为这是银行债务。换句话说，财务将是”在资产负债表上”。
This will have a direct bearing on the balance‑sheet treatment in the client’s books. The decision regarding balance‑sheet treatment is always at the sole discretion of the client’s auditors but, as a guiding principle, if a finance provider can exercise recourse entirely at their option, then the auditor would regard this as bank debt. In other words, the finance would be ‘on balance sheet’.
**真实出售 True sale
会计和法律用语，意指一方当事人已将金融资产或流通票据出售给另一方当事人，其含义是不再记入出卖人的资产负债表，而是记入买受人的资产负债表。
“[A]n accounting and legal expression connoting that a financial asset or negotiable instrument has been sold by one party to another in the sense of no longer being recorded in the balance sheet of the seller and instead being recorded on the balance sheet of the purchaser.” (GSCFF, 2016)
**追索权Recourse
法律权能：如果当前债务人违约，金融资产的购买者可能不得不需追索原来的债权人。例如，以追索权出售的应收账款，如果应收账款无法收回，则允许应收账款买方向卖方提出索赔。
“[The] legal ability [that] the purchaser of a financial asset may have to fall back on the originalcreditor if the current debtor defaults. For example, an account receivable sold with recourse enables the buyer of the receivable to make claim on the seller if the account doesn’t pay.”
(Dictionary of Finance and Investment Terms, 2014)
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