CITF-学习笔记(11.5.4 分销商融资-Distributor finance I)

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.


注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录
返回:供应链金融解决方案-Supply chain finance solutions

CITF-学习笔记(11.5.3 Loan or advance against inventory)

11.5.3 Loan or advance against inventory

定义:This technique is described in the standard definitions as follows:
库存品贷款或预付款是向供应链中涉及的买方或卖方提供的融资,用于持有或仓储货物(预售、未售出或对冲),融资提供人通常对此取得担保权益或权利转让并行使一定程度的控制权
“Loan or advance against inventory is financing provided to a buyer or seller involved in a supply chain for the holding or warehousing of goods (either pre‑sold, unsold, or hedged) and over which the finance provider usually takes a security interest or assignment of rights and exercises a measure of control.

库存融资可被视为装运前(即客户是卖方)或装运后(即客户是买方)。
Inventory finance may be regarded as either pre‑shipment (ie the client is the seller) or post‑shipment (ie the client is the buyer).
融资提供人将在库存品中取得担保权益,并对其行使一定程度的控制权。还款来源将来自向最终买受人出售库存品的收益。因此,还款来源的可靠性对于解决方案的可行性至关重要**
The finance provider will take a security interest in, and exercise a measure of control over, the inventory. The source of repayment will be derived from the proceeds of sale of the inventory to end‑buyers. The reliability of the source of repayment is, therefore, critically important to the viability of the solution.

影响因素:货物的性质-Nature of the goods  
The nature of the goods has a material impact on the reliability of the source of repayment.
1.大宗商品 – 融资提供者可能乐于接受以下大宗商品:在终端交易所报价,易于出售,并且可以作为证券进行对冲以防止价格波动。
Commodities – finance providers are likely to readily accept commodities that are
quoted on a terminal exchange, are readily saleable, and can be hedged to protect against price volatility as security.
2.已经预售的成品是一个更具吸引力,因为至少有合同承诺的买家至少(消耗)大部分库存。融资提供者可能对一定比例的未售出商品(通常称为缓冲库存)感到满意,甚至可能准备为完全未售出的库存提供资金,如果商品是通用的,并且有多个买家的定期需求,使商品相对可销售。
Finished goods that have been pre‑sold are a more attractive proposition where there are contractually committed buyers for at least the majority of the inventory. Finance providers may be happy with a percentage of unsold goods (often known as buffer stock) and may even be prepared to finance stock that is entirely unsold if the goods are generic and there is regular demand from multiple buyers, making the goods relatively saleable.
3.在制品是最难估价的库存类型,通常对融资提供商没有吸引力。当然,也有例外,如果有制成品的合同订单,并且客户是具有成功生产相对通用商品的良好记录的制造商,则融资提供商可能准备继续进行,尽管贷款价值比百分比可能相对较低。Work‑in‑progress is the hardest type of inventory to value and is usually not attractive to finance providers. There are, of course, exceptions, and if there are contracted orders for the finished goods and the client is a manufacturer with a strong track record of successful production of relatively generic goods, the finance provider might be prepared to proceed,although the loan‑to‑value percentage is likely to be relatively low.

Benefits to sellers
如果卖方拥有适合此类融资的库存,并且具有可接受的还款来源,则可以使用此解决方案获得装运前资金。If a seller has inventory that is suitable for this type of finance and has an acceptable source of repayment it can obtain pre‑shipment funding using this solution.

Benefits to buyers
如果买方持有待售库存,并且已满足适用性标准,则可以使用此解决方案获得资金以向其供应商付款。If a buyer is holding inventory pending sale, and the suitability criteria has been met, it can use this solution to obtain funding to pay its suppliers.

Benefits to finance providers
这种解决方案提供了一个机会,可以从预售或易售货物的担保权益和控制以及可接受的还款来源中受益。This solution provides an opportunity to benefit from a security interest in and control of pre‑sold or readily saleable goods coupled with an acceptable source of repayment.


**贷款价值比-Loan to value
贷款与价值比率的放贷风险比率?
The amount advanced relative to the value of the asset securing the advance.

注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录
返回:供应链金融解决方案-Supply chain finance solutions

CITF-学习笔记(11.5.2 基于库存的融资-Inventory‑based finance)

11.5.2 基于库存的融资-Inventory‑based finance

库存的定义:Inventory is created when goods are:
1.由零售经销商持有出售-held for sale by a retail dealer;
2.由分销商存储在仓库中-stored in a warehouse by a distributor;
3.由制造商在工厂中待转换为成品-being converted into finished goods in a factory by a manufacturer; or
4.在出售给买家之前的运输中-in transit prior to being sold to buyers

库存本身可能包括原材料,在制品和成品(如果客户是制造商),或者只是成品,如果他们是批发分销商或零售商。在实践中,基于库存的融资通常用于为处于准备作为成品或商品出售的状态的货物提供资金。
The inventory itself may comprise raw materials, work‑in‑progress and finished goods (if the client is a manufacturer) or just finished goods if they are a wholesale distributor or a retailer. In practice, inventory‑based finance will usually be used to finance goods that are in a condition whereby they are ready for sale as finished goods or commodities.

Inventory finance is offered in various forms and is thus quite bespoke in its nature. 如标准定义中所强调的,变体包括-As highlighted in the standard definitions, variations include:
1.基于资产的贷款 – “借款基础计算融资额是根据商品市场价值最高水平减去保证金,保证金将根据货物的性质和可销售性以及预售的程度而有所不同
asset‑based lending – “a borrowing base is [created] whereby a maximum level of finance is made available against a calculated market value of goods [. . .] being financed less a margin which will vary according to” the nature and saleability of the goods and the extent to which they are pre‑sold;
2.真正的销售——”如果库存品从(原始)库存品所有人的资产负债表上移开,[并且]融资提供人就所融资的货物订立了”保留所有权协议
true sale – “where the inventory is removed from the (original) inventory owner’s balance sheet [and] the finance provider enters into a” retention of title agreement for the goods being financed; and
3.平面图融资 – 制造商将成品库存交给分销商或经销商,资金由融资提供商提供。floor plan finance – a manufacturer places finished stock in the hands of a distributor or dealer with funding provided by the finance provider.
(GSCFF, 2016)

In the sections that follow, you will learn about the following techniques:
1.loan or advance against inventory; 库存贷款或预付款
2.distributor finance.分销商融资。


注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录
返回:供应链金融解决方案-Supply chain finance solutions

CITF-学习笔记(11.5.1 基于采购订单的融资-Purchase order‑based finance II)

11.5.1 基于采购订单的融资-Purchase order‑based finance II
再融资机会-Opportunities for refinancing

有时,融资提供人可能会提供基于定购单的融资,以便在将制成品出售给卖方客户之前为库存品融资。一旦货物售出,融资提供商可以使用基于发票的融资解决方案对装运前预付款进行再融资。或者,基于采购订单的融资可以通过专用的库存融资解决方案进行再融资,如果融资提供商更容易接受的话。
On occasion, a finance provider may provide purchase order‑based finance to finance inventory pending the sale of finished goods to the seller’s customer. The finance provider may refinance the pre‑shipment advance with an invoice‑based finance solution once goods are sold. Alternatively, purchase order‑based finance can be refinanced by a dedicated inventory finance solution if this is more acceptable to finance providers.


客户简介-Client profile

优势/适用:环节资金压力
Purchase order‑based finance
is an invaluable funding solution for sellers that:
1.现金转换周期长,特别是在装运前
have a long cash conversion cycle, particularly during the pre‑shipment period;
2.订单不断增长,在销售给最终买家有巨大的营运资金压力
have a growing order book, putting pressure on working capital prior to the point of sale to end‑buyers; and
3..接收大额一次性订单
receive large, one‑off orders.

如何有效运用?
It works best for sellers when they:
1.已确认大部分营业额的采购订单
have confirmed purchase orders for the majority of their turnover;
2.产品转换流程短(如果他们是制造商)或正在为最终买家有效地采购成品(如果他们是批发分销商)
have short product conversion processes (if they are a manufacturer) or are effectively procuring finished goods for their end‑buyers (if they are a wholesale distributor); and
3.知道最终买家的信用质量是可以接受的,或者可以提高。
对卖家的好处 卖家能够为采购和转换商品提供资金,以便将其出售给客户
know the credit quality of the end‑buyers is acceptable or can be enhanced.


Benefits to sellers
卖方能够为采购和转换商品提供资金,以便将其销售给客户。
Sellers are able to finance the sourcing and conversion of goods for on‑sale to their customers.

Benefits to buyers
**买方不是基于采购订单的财务解决方案的一方,但间接受益,因为:
**Buyers are not a party to purchase order‑based finance solutions but benefit indirectly because:
1.他们的供应商可以接受他们的更高价格订单
their suppliers can accept higher‑value orders from them;
2.降低了供应商在装运前资金不足而无法交付的风险
the risk that their suppliers fail to deliver, having run out of money before shipment, is reduced; and
3.可以减少或消除向供应商支付预付款的需要
the need for advance payments to suppliers may be reduced or eliminated.

Benefits to finance providers
融资提供人从这一解决办法而不是非结构化债务中获益的程度取决于装运前融资机制的结构和条件。融资提供商将从双方之间成功的贸易关系、卖方履行合同的良好记录以及最终买方的信用状况中得到补偿。
The extent to which finance providers benefit from this solution, as opposed to unstructured debt, is dependent on the structure and conditionality of the pre‑shipment finance facility. Finance providers will take comfort from the successful trading relationships between parties, good track record of contractual fulfilment by sellers and the credit standing of end‑buyers. They have the opportunity to derive the following benefits:
1.可见性 – 他们知道进步的用途和最终的来源偿还
visibility – they know what the advance is to be used for and the eventual source of repayment;
2.控制性 – 他们可能能够控制向供应商支付资金和从买家那里收取资金
control – they might be able to control the disbursement of funds to suppliers and collection of funds from buyers; and
3.担保 – 他们可能在库存品和最终应收账款中拥有担保权益。
security – they might have a security interest in the inventory and the eventual receivable.

 

注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录
返回:供应链金融解决方案-Supply chain finance solutions

CITF-学习笔记(11.5.1 基于采购订单的融资-Purchase order‑based finance I)

11.5.1 基于采购订单的融资-Purchase order‑based finance I

装运前融资在传统的贸易融资领域相对常见,融资解决方案通常基于借款公司向其客户出售货物的采购订单的有效性发起。在贸易融资中,装运前解决方案可能是贷款或有条件承诺,如信用证。
Pre‑shipment finance is relatively common in the traditional trade finance space, where the finance solution is usually initiated by the availability of a purchase order for the sale of goods by the borrowing company to their customer. In trade finance, the pre‑shipment solution may be structured as either a loan or a conditional undertaking such as a letter of credit.

由于难以确保和控制还款来源,基于采购订单的融资在赊账环境中不太常见。因此,**它是一个相对不发达供应链金融技术。
Purchase order‑based finance is less common in an open account context due to the difficulty in securing and controlling the source of repayment. It is therefore relatively underdeveloped as a supply chain finance technique.


Common uses of pre‑shipment finance
装运前融资的常见用途

用途:
装运前融资,特别是基于采购订单的融资,用于为原材料和组件的采购和转换成成品以出售给买家提供资金。
Pre‑shipment finance, and specifically purchase order‑based finance, is used to finance the sourcing and conversion of raw materials and components into finished goods for sale to buyers.

风险:
买方购买货物的合同化承诺是一个很大的风险缓解因素,但融资提供商仍然需要批判性地评估:
The presence存在 of contractually committed buyers for the goods is a strong risk mitigant, but finance providers still need to critically evaluate:
1.履约风险(即买方没有义务支付的风险)
performance risk (ie the risk that the buyer is not obliged to pay);
2.信用风险(即买方无法支付的风险,因此客户无法偿还从自己的资源中前进)。
credit risk (ie the risk that the buyer cannot pay, and the client cannot, as a result, repay the advance out of their own resources).

装运前融资通常基于是否存在证明合同承诺的最终买方,结合存货融资和/或应收账款
财务的解决方案。要确保还款来源可靠,并确保出售货物的现金正确用于装运前的预付款,就需要有效的结构和交易控制。
Pre‑shipment finance is usually based on the existence of a purchase order evidencing a
contractually committed end‑buyer, structured with an inventory finance and/or a receivables
finance solution. Ensuring that the source of repayment can be relied upon and that the cash from the sale of goods is correctly applied to the pre‑shipment advance requires effective structuring and transactional control.


重要考虑因素:还款来源
Important considerations: sources of repayment

存在可接受的还款来源(例如对卖方客户的货物销售)是提供贷款给基于采购订单的预付款给客户的重要考虑因素。
The existence of an acceptable source of repayment (ie through the sale of goods to the seller’s customers) is an important consideration for a finance provider contemplating provision of a purchase order‑based advance to a client.

在许多情况下,融资提供人期望对还款来源有可见性和一定程度的控制权,并在可能的情况下对相关资产(如应收款)的担保权益进行控制。通常,它们会要求提高源还款(即货物买方)的信用质量。这可以通过使用信用证、备用信用证、银行担保或信用保险来实现。
In many cases, the finance provider will expect to have visibility of, and a measure of control over the source of repayment and, if possible, a security interest in the associated asset (such as the receivable). Often, they will require that the credit quality of the source repayment (ie the buyer of the goods) be enhanced. This can be achieved through the use of a letter of credit, a standby letter of credit, a bank guarantee or credit insurance.


注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录
返回:供应链金融解决方案-Supply chain finance solutions

CITF-学习笔记(11.5 供应链金融解决方案-Supply chain finance solutions)

11.5 供应链金融解决方案-Supply chain finance solutions

供应链分为三个阶段:采购订单阶段库存阶段发票阶段。发票阶段是装运后阶段,采购订单阶段是装运前阶段。库存阶段可能被视为装运前或进口后,取决于客户的想法和角色。
The supply chain is segmented into three stages: the purchase order stage, the inventory stage and the invoice stage. The invoice stage is post‑shipment and the purchase order stage is pre‑shipment. The inventory stage may be perceived as either pre‑shipment or post‑import,
depending on the perspective and role of the client.

11.5.1 Purchase order‑based finance I
11.5.1 Purchase order‑based finance II
11.5.2 Inventory‑based finance
11.5.3 Loan or advance against inventory
11.5.4 Distributor finance I
11.5.4 Distributor finance II
11.5.5 Receivables based finance
11.5.6 Loan or advance against receivables
11.5.7 Receivables discounting
11.5.8 Factoring and invoice discounting I
11.5.8 Factoring and invoice discounting II
11.5.9 Forfaiting I
11.5.9 Forfaiting II
11.5.10 Payables finance I
11.5.10 Payables finance II


注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录

CITF-学习笔记(11.4.3 Enabling framework category)

11.4.3 Enabling framework category

定义:顾名思义,此类别不是产品或直接客户解决方案,但已包含在标准定义中指银行付款义务(BPO)。
As its name suggests, this category is not a product or direct client solution but has been included in the standard definitions to make mention of the bank payment obligation (BPO).It is worth noting that the BPO:
• is an interbank instrument, not a product;是银行间工具,而不是产品
• prescribes that the buyer and seller are not actually parties to the BPO itself (contrary to the indication in the standard definitions) but are able to benefit from the BPO via separateagreements with their respective banks;规定买方和卖方实际上不是BPO本身的当事方(与标准定义中的指示),但能够通过单独的BPO从中受益与各自银行的协议;
• is a conditional undertaking designed to enable a bank to provide finance on a transactionalbasis, similar in principle to a letter of credit;是一项有条件承诺,旨在使银行能够为交易提供融资基础,原则上类似于信用证
• has conditionality that, unlike a letter of credit, is based on the matching of data rather than the presentation of conforming shipping documents; 具有条件性,与信用证不同,它基于数据的匹配而不是符合要求的装运单据的出示
• is subject to ongoing development to enhance its acceptability and value to clients and banks.需要持续开发,以提高其对客户的接受度和价值,以及银行


注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录
返回: 技术分类-Categorisation of techniques

 

CITF-学习笔记(11.4.2 贷款或预支类-Loan or advance-based category)

11.4.2 贷款或预支类-Loan or advance-based category

定义:货物或服务的卖方向融资提供者借款。贷款或预付款是期望从销售商品或服务的收益中偿还的。
The defining characteristic of this category is that the seller of goods or services obtains finance by borrowing from the finance provider. The loan or advance is made in the expectation that it will be repaid from proceeds of the sale of goods or services.

融资提供人可能准备在不转让应收账款的情况下发放贷款。应收账款只是一个好的还款来源。或者,融资提供人可以通过应收款的转让获得担保。
The finance provider may be prepared to grant the loan without taking an assignment of the receivable, deriving comfort from the knowledge that there is a good source of repayment. Alternatively, the finance provider may be secured by the assignment of the receivable.

虽然转让应收款的过程类似于应收款购买类别中规定的真正销售模式,但在这种情况下,资产的所有权不会转移给融资提供人。取而代之的,融资提供人是在资产中获得担保权益。
Though the process of assigning the receivable is similar to the true‑sale model set out in the receivables purchase category, in this case, ownership of the asset does not transfer to the finance provider.Instead, the finance provider gets a security interest in the asset.


注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录
返回: 技术分类-Categorisation of techniques

 

CITF-学习笔记(11.4.1 应收账款购买类别-Receivables purchase category)

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)

注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录
返回: 技术分类-Categorisation of techniques

CITF-学习笔记(11.4 技术分类-Categorisation of techniques)

11.4 技术分类-Categorisation of techniques

This hierarchical model segments the techniques into three categories:
• receivables purchase;应收账款购买
• loan/advance-based; 贷款/预付款
• enabling framework.赋能框架?

11.4.1 Receivables purchase category
11.4.2 Loan or advance‑based category
11.4.3 Enabling framework category


注意事项:
1.本学习笔记仅用于本博客的交流学习,相关学习笔记均为本站整理资料。
2.欢迎读者交流分享,转载请注明出处“WWW.考试.NET”并严禁用于商业用途。
3.欢迎在博客下端评论、提出学习见解,本博客将尽快回复,对好的意见进行收录整理!

推荐链接:
本站主页
CITF学习笔记目录