11.5.7 应收账款贴现-Receivables discounting
定义：This technique is described in the standard definitions as follows:
应收款贴现是应收款购买的一种形式，可灵活适用，其中货物和服务的卖方以折扣价向融资提供人出售单个或多个应收款（以未结发票表示）。
“Receivables discounting is a form of receivables purchase, flexibly applied, in which sellers of goods and services sell individual or multiple receivables (represented by outstanding invoices) to a finance provider at a discount.”(GSCFF, 2016, p28)
任何应收账款可购买的基本要素
The fundamentals of any receivables purchase facility are that the receivable:
1.exists; 存在
2.can be clearly identified and validated;可以清楚地识别和验证
3.is assignable; and 可转让的
4.is enforceable against the debtor in that debtor’s jurisdiction.
在债务人的法域内可对债务人强制执行。
特点:应收账款贴现解决方案的主要特点是它不是贷款，而是购买通过转让或质押的应收款
The main feature of a receivables discounting solution is that it is not a loan but the purchase of a receivable through an assignment or pledge of that receivable.
典型客户-Typical clients
该方案通常提供给希望从资产负债表中移除贸易应收账款的大型公司，并避免将预付款归类为银行债务（即从资产负债表上取下融资）。
The facility is generally offered to major corporates looking to remove the trade receivable from their balance sheet and avoid having the advance classified as bank debt (ie taking the financing off balance sheet).
这意味着公司将要求该方案未向其买家披露，并在真实销售的基础上构建，没有或有限的追索权。它们还将按应收账款面值的100%预付款。
This means that the corporates will require that the facility is undisclosed to their buyers and structured on a true‑sale basis with no or limited recourse back to them. They will also push for an advance based on 100 per cent of the face value of the receivable.
然而，实现所需的会计处理由卖方的审计师自行决定，虽然融资提供人可以构建贷款以履行他们和买方认为将符合资产负债表外解决方案标准的内容，但不能保证。
Achieving the desired accounting treatment is, however, at the discretion of the seller’s auditor and, while the finance provider can structure the facility to fulfil what they and the buyer believe will meet the criteria for an off‑balance‑sheet solution, it cannot be guaranteed.
更高的复杂性Greater complexity
这种类型的安排通常相当复杂，因为大公司可能希望在多个司法管辖区构建一个方案，涉及其自己的海外子公司作为应收款的卖方，买方也在多个国家。这将需要各法域进行高水平的法律和监管尽职调查，以确保应收款在其管辖范围内存在、可以转让和能够对债务人强制执行。
It is common for this type of arrangement to be fairly complex as the major corporate may wish to structure a facility over multiple jurisdictions, involving its own overseas subsidiaries as sellers of the receivable with buyers that are also in multiple countries. This will entail a high level of legal and regulatory due diligence across the jurisdictions to ensure that the receivable exists, can be assigned and can be enforced against the debtor in their jurisdiction.
资产负债表外处理并不总是一个关键要求，特别是对于次级投资级或中型公司。融资提供人可能愿意在实际销售的基础上构建融资，但出于信用风险目的，将要求应收款披露给有关公司的买受人。在这种情况下，应收款的清收可由融资提供人承担，也可由出卖人作为融资提供人的代理人进行。
Off‑balance‑sheet treatment is not always a key requirement, especially with sub‑investment grade or medium‑sized companies. The finance provider may be willing to structure a facility on a true‑sale basis but, for credit risk purposes, will require that the receivable is disclosed to the buyers of the company concerned. In such cases, the collection of the receivable may be undertaken by the finance provider or by the seller as agent for the finance provider.
对卖家的好处Benefits to sellers
对于面临全球竞争加剧、市场审查和资本充足性监管压力的大型企业来说，应收账款贴现计划提供了一种替代方法，可以为企业财务主管提供比传统银行融资更具成本效益的解决方案。
For major corporates that face the pressures of increased global competition, market scrutiny and capital adequacy regulation, receivables discounting programmes offer an alternative approach that can provide the corporate treasurer with a more cost‑effective solution than is possible with more traditional bank funding.
许多应收账款贴现计划现在都得到了以技术为主导的平台的支持，这些平台允许在设施内更好地查看和共享数据以及自动计算可用性。因此，交易控制和抵押品管理已成为一个更加易于管理的过程。
Many of the receivables discounting programmes are now supported by technology‑led platforms that allow for the greater visibility and sharing of data and automated calculation of availability within the facility. As a result, transactional control and collateral management has become a more manageable process.
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