月份：2022年2月

11.3.2 交易周期分析的应用-Application of trade cycle analysis

贸易周期分析的输出用于最终确定供应链融资机制结构，并指定可能需要的任何非标准操作或抵押品管理控制。
The output from trade cycle analysis is used to finalise the supply chain finance facility structure and to specify any non‑standard operational or collateral management controls that may be required.

了解客户贸易周期的自然过程是选择最适合满足客户需求的供应链金融解决方案。The natural progression from understanding a client’s trade cycle is to then choose which supply chain finance solution will be most suitable to meet the client’s needs.

应当指出，贸易周期分析可能会突出仅靠供应链融资无法解决的风险和资金要求。在这种情况下，融资提供者可能会得出结论，将贸易融资和供应链融资结合起来的结构提供了最佳解决方案。
It should be noted that the trade cycle analysis might highlight risks and funding requirements that cannot be addressed using supply chain finance alone. In such cases, a finance provider might conclude that a structure incorporating trade finance as well as supply chain finance provides the optimum solution.

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11.3.1 交易周期分析-Trade cycle analysis I

对公司贸易周期的深入分析使融资提供商能够了解客户在风险缓解，融资和支付方面的需求。
The in‑depth analysis of the trade cycle of a company enables the finance provider to understand  the needs of its clients in terms of risk mitigation, finance and payments.

然而，进行有效的贸易周期分析也直接使客户受益。通过向客户”回放”交易周期分析的结果，融资提供商使客户能够看到他们的交易安排对其现金转换周期的影响。
However, undertaking effective trade cycle analysis also directly benefits the client. By ‘playing back’ the outcome of the trade cycle analysis to the client, the finance provider is enabling the client to see the impact of their trading arrangements on their cash conversion cycle.

贸易周期分析过程从对物理供应链的详细分析开始。该分析的范围将取决于客户的规模及其经营所在的行业。
The trade cycle analysis process starts with a detailed analysis of the physical supply chain. The scope of this analysis will depend on the size of the client and the sector it operates in.

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了解中小企业-Understanding SMEs
例如，如果一个中小企业客户从某一特定地区的几家主要供应商那里购买成品，并在其本国市场以标准付款条件销售这些产品，那么在单一视图中对中小企业客户的整个业务进行分析是可行的。
For example, if an SME client is purchasing finished products from a few major suppliers in one particular region and selling those products on standard payment terms in its home market, it will be feasible to undertake an analysis of the SME client’s entire business in a single view.

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了解大型企业-Understanding larger corporates
另一方面，一家较大的公司可能有多个贸易周期，这取决于它在哪里以及如何采购其产品，组件或原材料，以及在哪里以及如何销售其成品或”子组件”。
On the other hand, a larger corporate may have multiple trade cycles depending on where and how it is sourcing its products, components or raw materials, and where and how it is selling its finished products or ‘sub‑assemblies’.

在这种情况下，贸易周期分析将在”业务线”级别进行，并且可能需要编制许多不同的分析。
In such a case, the trade cycle analysis will be pitched at the ‘line of business’ level and may require a number of different analyses to be compiled. These will then have to be weighted and placed into a comprehensive summary that gives a clear picture of the client’s overall business. No matter which approach is appropriate, the intention is to add quantitative and qualitative detail to the high‑level view of the client’s role in the physical supply chain.

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定量细节-Quantitative detail
这为资金缺口、风险敞口和付款流向提供了明确性。应检查的领域包括：
This provides clarity regarding funding gaps, risk exposures and payment flows. Areas that should be examined include:
1.event timings;活动时间
2.values;
3.credit periods;
4.lead times (the period between commitment and shipment);交货时间（承诺和装运之间的期限）
5.transit times;运输时间
6.shipment methods;
7.suppliers (including manufacturers, wholesalers, producers, growers, extractors – who they are and where they come from);供应商（包括制造商，批发商，生产商，种植者，提取者 – 他们是谁以及他们来自哪里）
8.buyers (who they are and where they come from);
9.inspection; and
10.insurance.

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11.3 了解客户需求-Understanding the customer need

11.3.1 Trade cycle analysis I
11.3.1 Trade cycle analysis II
11.3.2 Application of trade cycle analysis

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Supply chain finance is relevant for all segments 细分(major corporates, mid‑market companies and SMEs). Though supply chain finance is primarily a financing solution, in some cases it can also provide a degree of risk mitigation and may incorporate the settlement process. **虽然供应链融资主要是一种融资解决方案，但在某些情况下，它也可以提供一定程度的风险缓解，并可能包含结算流程。

The benefits that companies are looking for when they adopt a supply chain finance solution depend on the segment that they occupy. While SMEs are primarily driven by the need to access finance, larger corporates tend to have a more varied set of drivers. In the mid‑market segment, balance‑sheet efficiency is often the primary driver.

Regardless of the segment, it is necessary to understand the business of each company and its trade cycle in order to determine which supply chain finance solution will be of most benefit to it. **无论哪个细分市场，都有必要了解每家公司的业务及其贸易周期，以确定哪种供应链金融解决方案将对其最有利。

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11.2.4 物理供应链与金融供应链的关系 III
-The relationship between the physical and financial supply chain III

绩效（履约）是实体供应链成功的关键。
Performance is key to the success of the physical supply chain. A company receiving a purchase order from its customer and then having the need to purchase raw materials and parts to fulfil that order from its suppliers has to carefully manage its activities to ensure that a failure on the part of itself or its suppliers does not result in the purchase order not being fulfilled as per the required specifications and timeframes.

在供应链的一个部分表现不佳可能会对其他部分产生连锁反应。例如，找到特定零件的汽车制造商不是可用于支持其装配线可能不得不停止生产，直到零件交付。
Failure to perform in one part of the supply chain can have a knock‑on effect on other parts. For example, a car manufacturer that finds a specific part is not
available to support its assembly line may have to halt production until the part is delivered.

Similarly, the company should employ an equal amount of effort and planning in managing the implications of financial supply chain events. In particular, it needs to manage the risk, working capital and cash‑flow implications so as not to disrupt the flow in the physical supply.

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11.2.4 物理供应链与金融供应链的关系 II
The relationship between the physical and financial supply chain II

对流动性和营运资本的影响-Impact on liquidity and working capital
We will now look at how contracted terms of payment coupled with the practical realities of the physical supply chain have a material effect on a company’s liquidity and working capital.

For example, let us take a scenario where a buyer has agreed to pay 30 per cent of the invoice value with the order (ie pre‑shipment) and the remaining 70 per cent immediately upon shipment. The financial implications for the buyer will depend on a number of factors driven by the physical supply chain. These are the:
1. pre‑shipment lead time (ie the time between the order being placed and the goods being shipped);装运前交货时间（即下订单和发货之间的时间）
2. transit time (ie the time taken for the goods to arrive after despatch);
运输时间（即货物发货后到达所需的时间）
3. production time (ie the time taken by the buyer to convert the goods sourced from their supplier into finished goods that can then be sold to their customers);
生产时间（即买方将来自其供应商的货物转换为成品，然后可以出售给其客户所花费的时间）;
4. stockholding time (ie the time that finished goods have to be stored by the client in
anticipation of orders or call‑off instructions from their customers);
库存时间（即成品必须由客户存储的时间预期客户的订单或取消指示）;
5. time taken for their customers to pay for the goods, once delivered.
一旦交付，他们的客户支付货物所需的时间。

Figure 11.2 plots the physical and financial events on a single timeline. In this example, the client receives a purchase order from their buyer before placing an order for the required goods with their supplier. The selling and buying events are shown in parallel. This is a typical closed loop scenario(sometimes referred to as self‑liquidating) where goods are sourced to meet specific purchase orders

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11.2.4 物理供应链与金融供应链的关系 I
-The relationship between the physical and financial supply chain I

The physical supply chain reflects the physical production, movement and storage of raw materials, components and finished goods while the financial supply chain reflects the financial events that support it.

物理和金融供应链中的事件对风险、营运资本和现金流方面都具有财务影响和后果。决定物理和金融供应链之间关系的主要要素**来自供应链中主要各方（即买方和卖方）商定的销售合同/采购订单条款**。
The events in both the physical and the financial supply chain have financial implications and consequences in terms of risk, working capital and cash flows. The main elements that dictate the relationship between the physical and financial supply chain are derived from the sales contract/purchase order terms agreed by the primary parties in the supply chain, namely the buyers and sellers.

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销售合同-Sales contract
When sellers and buyers have agreed to trade, the terms will often be encapsulated （包含） in a sales contract. This is a legal agreement for the sale of goods or services by the seller and the purchase of the goods or services by the buyer.

A sales contract can cover a single consignment or a number of consignments over a period of time, in which case it is common for each consignment to be the subject of an individual purchase order.**销售合同可以涵盖一段时间内的单批货物或若干批货物，在这种情况下，每批货物通常都是对应单个采购订单。

In some cases, sellers and buyers do not sign a formal contract but operate on the basis of a quotation by the seller (often known as a ‘pro forma invoice’) and an acceptance by the buyer in the form of a purchase order.**在有些情况下，卖方和买方不签署正式合同，而是根据卖方的报价（通常称为”形式发票“）和买方以采购订单形式接受的报价进行操作。

**注意 Sales contract、purchase order、pro forma invoice

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采购订单-Purchase order
A purchase order may be issued in respect of individual consignments under a sales contract or may, effectively, perform the function of a sales contract on its own. In the absence of a formal sales contract, the terms that would normally appear in the sales contract will be incorporated into the purchase order, albeit in abbreviated form（尽管是缩写形式）. As a minimum, a purchase order will include:
1 details of seller and buyer; 买卖方
2 description of goods or services;货描
3 price and payment terms;价格和支付条款
4 delivery details and shipping terms; 交货详情和运输条款
5 a unique purchase order number.唯一的采购订单号

The purchase order is generally regarded as the first event in the financial supply chain and, as such, is an important document. The purchase order number is a unique reference that enables the reconciliation of invoices and other shipping data with the purchase order. As we look at the digitisation of the financial supply chain, you will see why the ability to match shipment data with purchase order data is a fundamental enabler for many supply chain finance solutions.

**注意 -Purchase order 最基本的内容、purchase order number 唯一且重要

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商业发票-Commercial invoice
The invoice is also an important legal document. It is a commercial document raised by the seller and addressed to the buyer which describes the goods or services that have been delivered or despatched to the buyer and specifies the amount due by the buyer to the seller in payment. When the invoice is issued, this is reflected in the seller’s accounts as a receivable (ie a debtor in their balance sheet).**当开具发票时，这反映在卖方的账户中作为应收款（即资产负债表中的借方）。

At the same time, the goods that have been sold to the buyer are removed from the seller’s balance sheet. Once the invoice is approved by the buyer, a payable is created in their accounts (ie a current liability) and the goods are added to their balance sheet (ie a current asset is created).**一旦发票被买方接受，就会在其账户中生成应付账款（即流动负债），并将货物添加到其资产负债表中（即生成流动资产）。

此时，买方有义务在到期日向卖方付款。
At this point, the buyer has an obligation to pay the seller on the due date.

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11.2.3 信息供应链-The information supply chain

信息供应链代表了有效收集、转换和分发信息所需的流程和组织。
The information supply chain represents the processes and organisation that are necessary to collect, transform and distribute information efficiently.
As noted previously, there are many stakeholders （利益相关者） in the physical supply chain. Each stakeholder has a role to play and each action is an ‘event’ that generates information. Each event impacts on the seller and/or the buyer to some degree and the information relating to the event can also be relevant to the finance provider.

For example, when a carrier accepts goods for shipment and loads them onto the vessel, we can see that there is an event and there is also the related information:

• the loading on board is the ‘event’; and（装船是行为）
• the document (providing details of the shipment) to the seller confirming that the goods have been loaded on board the vessel is the ‘information’.（单据是信息）

Using another example, when an inspection agency undertakes pre‑shipment inspection of the seller’s goods on behalf of the buyer, there is once again an event and there is also the related information:

• the execution of the inspection itself is the ‘event’; and（执行检查是事件）
• the inspection report is the ‘information’.（检查报告是信息）

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11.2.2  金融供应链-The financial supply chain

术语”金融供应链“用于描述与物理供应链并行发生的金融事件。
The term ‘financial supply chain’ is used to describe the financial events that take place in parallel  with the physical supply chain. The financial events commence as soon as a party in a supply chain takes an action that changes their financial position. For example, when a seller contractually commits to deliver their goods to a buyer, their financial position has changed because they are now required to source goods, undertake production, maintain inventory, undertake shipment and account for the resulting receivable.

财务状况的变化不仅与流动性和营运资本有关，还与风险敞口有关。
Each event has financial consequences: sourcing has to be paid for, production costs are incurred and inventory has to be funded. The changes in financial position are not just related to liquidity and working capital, but also to risk exposure. Once a party is contractually committed to do something, they are potentially liable for failing to do it.

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11.2.1 物理供应链-The physical supply chain

物理供应链代表与成品相关的原材料，零件和货物的移动，涉及采购，制造/加工，分销安排和交货时间，最终货物在最终买方手中。
The physical supply chain represents the movement of raw materials, parts and goods associated with a finished product and involves the procurement, manufacture/processing, distribution arrangements and lead times that end with the goods being in the hands of the end buyer.

物理供应链通常涉及链中的至少三个环节，主要还是买方和卖方，他们共同生产最终产品。为什么至少三个？原因是卖方必须采购原材料，组件或成品，然后将其出售给买方。在实践中，供应链扩展到多方
A physical supply chain usually involves at least three links in the chain, with the primary parties always being the buyer and seller who combine to produce the end product. Why three links instead of two? The reason is that the seller has to source raw materials, components or finished goods that they then sell to the buyer. In practice, supply chains extend to multiple parties

Party	Supply chain role供应链角色
Seller	Raw material producer 原料生产商	Extraction 提取
Buyer and seller	Manufacturer 制造者	Manufacture制造者 Inventory (raw material, work-in-progress and finished goods) 库存（原材料、在制品和成品）
Buyer and seller	Wholesale distributor 批发分销商	Distribution分销 Inventory (bulk finished goods) 库存（散装成品）
Buyer and seller	Retailer 零售商	Retail inventory (unit-level finished goods) 零售库存（单位级成品）
Buyer	Consumer 消费者	Consumption 消费品

在实践中，供应链往往更为复杂。过去，供应链是以本地或区域供应商网络为基础的，但多年来的趋势是在贸易壁垒减少和国际贸易倾向的推动下，通过全球化提高效率。
In practice, supply chains tend to be more complex. Whereas, in the past, supply chains were based around a local or regional network of suppliers, the trend over many years, driven by reduced trade barriers and a greater inclination to trade internationally, has been to gain efficiencies through globalisation.

话虽如此，近年来，由于技术发展降低了低劳动力成本经济相对于较短的运输时间和更低的货运成本的优势，我们看到在可能的情况下，向近岸和在岸的转变。
That said, in recent years we have seen a move towards nearshoring and onshoring, where possible, as a result of technology developments reducing the advantage of low‑labour cost economies relative to shorter transit times and lower freight costs.

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