11.5.10 应付账款融资-Payables finance I
定义：
This technique is described in the standard definitions as follows:
应付账款融资是通过买方主导的计划提供的，在这个计划中，买方供应链中的卖方能够通过应收账款购买获得融资。这种技术为货物和服务卖方提供了在实际到期日之前收到应收款（以未付发票表示）的贴现价值的选择，并且通常以与买方信用风险相一致的融资成本接收应收款。
“Payables finance is provided through a buyer‑led programme within which sellers in the buyer’s supply chain are able to access finance by means of a receivables purchase. The technique provides a seller of goods and services with the option of receiving discounted value of receivables (represented by outstanding invoices) prior to their actual due date and typically at a financing cost aligned with the credit risk of the buyer. The payable continues to be due by the buyer until its due date.”
(GFSCF, 2016, p45)
应付账款融资安排由买方和融资提供方商定。参与买方供应链的卖方被邀请参加该计划。
The payables finance facility is agreed between the buyer and the finance provider. The sellers involved in the buyer’s supply chain are invited to participate in the programme.
以买家为中心的模式A buyer‑centric model
这是一种以买方为中心的模式，买方将寻求与一个或多个融资提供商一起实施应付账款融资计划。这些方案旨在为买方提供无担保和无承诺的资产负债表外解决办法，银行对买方标明信用额度，并以折扣价向卖方提供加速付款，但不得超过方案中规定的限额。
This is a buyer‑centric model where the buyer will look to put in place a payables finance programme with one or a number of finance providers. These programmes are geared to provide the buyer with an off‑balance‑sheet solution on an unsecured and uncommitted basis, with the bank marking a credit limit on the buyer and providing an accelerated payment at a discount to the seller, up to the limits set within the programme.
买方的批准取决于买方与融资提供人之间的协议，该协议包括无条件、不可撤销的承诺，即在发票到期日向融资提供方付款。融资提供人依赖这一承诺，因此无需考虑卖方的信用状况。
The approval by the buyer is predicated by an agreement between the buyer and the finance provider that includes an unconditional, irrevocable commitment to pay the finance provider on the invoice due date. The finance provider relies on this undertaking, obviating the need to consider the credit standing of the seller.
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