11.5.4 分销商融资-Distributor finance I
定义:This technique is described in the standard definitions as follows:
分销商融资是为大型制造商的分销商提供融资，以支付转售货物的持有费用，并弥合流动性缺口，直到在向零售商或最终客户出售货物后收到应收账款的资金。“Distributor finance is the provision of financing for a distributor of a large manufacturer to cover the holding of goods for re‑sale and to bridge the liquidity gap until the receipt of funds from receivables following the sale of goods to a retailer or end‑customer.”
(GSCFF, 2016, p52)
分销商融资计划旨在支持制造商与其分销商之间的关系。融资的存在是为了促进分销商增加库存和向最终客户的销售。它通常作为贷款或预付款提供（主要由银行提供），其中客户是货物的转售卖方，与主要制造商生成的销售发票相对应。
Distributor finance programmes are designed to support the relationship between the manufacturer and its distributors. The finance is there to facilitate increased stocking by the distributor and onward sales to end customers. It is typically offered (primarily by banks) as a loan or advance, where the client is the onward seller of the goods, against the sales invoice generated by a major manufacturer.
被这种安排所吸引的分销商通常是中小企业，它们会被更便宜的融资定价所吸引，并可能被与制造商的”合作”所吸引。
Distributors attracted to this type of arrangement are typically SMEs that will be drawn to the cheaper pricing of the finance and possibly the increased ‘tie‑in’ with the manufacturer.
方案核心角色-制造商:在这种情况下，制造商通常被称为”锚方“，尽管它不一定是安排本身融资的一方。制造商是该计划的核心，并且由于制造商在其分销商网络的成功表现中具有既得利益，因此它通常会通过与融资提供商签订主分销商融资协议来赞助融资安排。
The manufacturer is often called the ‘anchor party’ in this context, although it is not necessarily party to the financing of the arrangement itself. **The manufacturer is central to the programme and, Because it has a vested interest in the successful performance of its distributor network, it will typically sponsor the financing arrangement by having a master distributor finance agreement with the finance provider.
融资方式:这种融资通常通过贷款或预付款直接提供给分销商，以便在短期内为库存和应收账款提供资金。
Such finance is typically provided by way of a loan or advance directly to the distributor to fund inventory and receivables on a short‑term basis.
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