2022年3月 – 第5页

CITF-学习笔记（3.5 间接出口中使用的中间商-Intermediaries used in indirect exporting）

3.5 间接出口中使用的中间商-Intermediaries used in indirect exporting

出口管理公司-Export management companies
出口管理公司将作为卖方的出口部门，并成立以提供全方位的服务。他们将代表卖方行事，以卖方的名义或以自己的名义收取佣金，工资或保留费加佣金。一些较大的出口管理公司可以通过安排融资或直接购买产品为卖方提供即时付款。通常，出口管理公司将拥有产品或市场方面的专业知识，这是对于卖方的主要优势之一。使用这种公司的主要缺点是卖方可能会失去对其产品营销和销售的所有控制权。
Export management companies will act as the export department for the seller and are set up to provide a whole range of services. They will act on behalf of the seller, either in the name of the seller or in their own name for a commission, salary, or retainer fee plus commission. Some of the larger export management companies can provide immediate payment for the seller by either arranging financing or by directly purchasing the product. Typically, the export management company will have expertise either in products or in the market, which is one of the main advantages to the seller. The main disadvantage of using such a firm is that the seller can potentially lose all control over the marketing and sale of its products.

贸易公司-Trading houses
出口贸易公司将直接从制造商处购买商品，并在海外市场销售。它们通常是特定于产品或特定于市场的。一旦他们从制造商那里购买了商品，他们就可以以他们选择的任何价格将它们出售给他们想要的任何人。同样，制造公司将失去所有控制权;但是，好处是会产生额外的销售。
Export trading houses will purchase the goods directly from the manufacturer and sell them on in an overseas market. They are often product‑specific or market‑specific. Once they have purchased the goods from the manufacturer, they are then able to sell them to whoever they wish and at whatever price they choose. Again, the manufacturing company will lose all control; however, the upside is that additional sales are generated.

保付公司-Confirming houses
严格来说，保付公司不是出口公司的入境途径。他们是受外国买家委托从卖家所在国家/地区寻找产品的公司。他们将寻求以最低的价格获得产品，并将由其外国客户支付佣金。在某些情况下，保付公司可能是外国政府机构或准政府机构，其任务是促进其国家的出口贸易。它们提供买方向卖方付款的保证，如果买方的信用评级较差，这将非常有用。一些出口信贷机构可以履行确认机构的角色
Confirming houses are not, strictly speaking, a route to entry for an exporting company. They are firms commissioned by a foreign buyer to find products from the country of the seller. They will seek to obtain the product at the lowest price and will be paid a commission by their foreign client. In some instances, confirming houses may be foreign government agencies or quasi‑government firms that are tasked with promoting export trade for their country. They offer a guarantee of payment to the seller from the buyer, which is useful if the buyer has a poor credit rating. Some export credit agencies can fulfil the role of the confirming house (for more about export credit agencies, see Topic 13).

采购代理（位于卖方所在国家/地区）-
Buying agent (based in the seller’s country)
许多大型海外公司或采购机构将雇用代理商，其职责是为各自的公司或客户寻找产品和购买。他们的立场通常是采购产品并谈判销售合同;但是，由于它们位于买方的母国，因此销售合同将受母国法律的约束。
Many large overseas companies or buying agencies will employ agents whose responsibility is to look for products and buy for their respective companies or clients. Their position is usually to source the product and negotiate the sales contract; however, because they are based in the home country of the buyer, the sales contract would be subject to the home country’s law.

联合营销 Co‑marketing
联合营销是一种安排，其中一个制造商同意分销第二家公司的产品或服务。一个典型的例子是，当一家公司与海外买家签订合同，提供广泛的产品或服务时。供应公司可能没有能力履行整个合同，因此它将转向其他国内公司提供剩余的产品。然后，第二家公司能够将其产品出口到国际市场，这对第二家公司的优势在于，它通常能够出口其产品，分担与出口相关的营销和分销成本。
Co-marketing is an arrangement in which one manufacturer agrees to distribute a second firm’s product or service. A typical example would be when a company has a contract with an overseas buyer to provide a wide range of products or services. The supplying company may not have the capability to fulfil the whole of the contract, so it will turn to other domestic companies to provide the remaining products. This second company is then able to export its products to the international market, which has the advantage to the second company that it is often able to export its product, sharing the marketing and distribution costs associated with exporting.

Check your understanding
What is the difference between direct and indirect exporting?
2.3.1 Direct exporting vs indirect exporting

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CITF-学习笔记（3.4.1 保险合同的种类 Types of insurance contracts）

3.4.1 保险合同的种类 Types of insurance contracts

种类:2种 There are two types of insurance contracts.
1.一次性：保险合同仅针对一次航行或一次特定装运签订。当货物到达合同中指明的地点时，合同即告终止。在这种情况下，被保险人将从保险公司收到一份保险单。
One‑off: an insurance contract is concluded for one voyage or one specific shipment only. The contract ends when the goods have arrived at the point indicated in the contract. In this case, the insured party will receive an insurance policy from the insurance company.
2.预约保单：大多数活跃于国际业务的公司将与保险公司签订预约保单，以明确的条件（例如仓库到仓库）覆盖其所有货物。年费是根据公司的营业额计算的。如果需要，可以获得保险证书，证明货物在未结保单下投保。
Open policy: most corporates active in international business will conclude an open policy with an insurance company covering all their shipments with well‑defined conditions (eg warehouse‑to‑warehouse). An annual fee is calculated based on the turnover of the corporate. If needed, an insurance certificate can be obtained, evidencing that the goods are insured under an open policy.

仓库到仓库 Warehouse-to-warehouse
保险单中的仓库到仓库条款规定，从一个仓库到另一个仓库的运输货物的承保范围。仓库到仓库条款通常涵盖货物从离开原产地仓库的那一刻起，直到货物到达目的地仓库的那一刻。在运输过程之前和之后为货物投保需要单独承保。
“A warehouse‑to‑warehouse clause in an insurance policy provides for coverage of cargo in transit from one warehouse to another. A warehouse‑to‑warehouse clause usually covers cargo from the moment it leaves the origin‑warehouse until the moment it arrives at the destination‑warehouse.Separate coverage is necessary to insure goods before and after the transit process.” (Liberto, 2021)

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3.4 Marine cargo insurance 海运货物保险

CITF-学习笔记（3.4 Marine cargo insurance 海运货物保险）

3.4 Marine cargo insurance 海运货物保险

每当货物在运输过程中时，都存在明显的灭失或损坏风险，这可能会对买方或卖方或两者造成严重的海事事故。
Whenever goods are in transit, there is an obvious risk of loss or damage, which could have serious Marine cargconsequences for either the buyer or the seller, or both.

海运货物保险Marine cargo insurance
涵盖以任何方式（包括公路，铁路，空运和海运）运输时货物丢失或损坏的风险。
Covers the risk of loss or damage to goods while being transported by any method, including road,rail, air and sea.

国际贸易术语解释通则®规则应在商业销售合同中具体规定，它将澄清“交货”的点或地点：风险和责任从卖方转移到买方的时刻。（然而，在2020年国际贸易术语解释通则（Incoterms® 2020）中，成本保险费加运费（CIF）以及运费及保险费付至（CIP）中，11条术语中只这两条实际上规定了谁对提供保险负有具体责任，并且实际上需要文件证据证明保险已经生效。此外，所有Incoterms® rules都规定了货物的赔偿责任从哪一个实体转移到另一个实体。只有CIF和CIP需要卖方保险的证据。
The Incoterms® rule, which should be specified in the commercial contract of sale, will clarify the point or place of ‘delivery’: the point when risk and liability pass from seller to buyer. (However, there are only two out of the 11 Incoterms® 2020 rules Cost,Insurance and Freight (CIF) and Carriage and Insurance Paid To (CIP) that actually state who is specifically liable for providing insurance and which effectively require documentary evidence that insurance has been effected.Furthermore, all Incoterms® rules specify from which point the liability for the goods passes from one entity to the other. Only CIF and CIP require evidence of insurance effected by the seller.

例如，如果适用Incoterms® 2020 rule的 EXW，则一旦卖方向买方发出通知，使他们能够提取货物，卖方的责任即告终止。从那一刻起，货物的风险由买方承担。Incoterms® 2020 rule工厂交货（EXW）没有规定买方必须为货物投保;无论他们是否这样做，都由买方自行决定。如果卖方担心买方可能无法在由其负责的旅程中为货物投保，则卖方可以安排并支付卖方利益的保险。如果货物在运输途中损坏，买方无法支付这些费用，保险将补偿卖方。买方不应被告知存在任何卖方利益保险。
For example, if the Incoterms® 2020 rule EXW applies, the seller’s responsibility ends once the seller has sent a notice to the buyer enabling them to take delivery of the goods. From that moment on, the goods are at the buyer’s risk. Incoterms® 2020 rule Ex Works (EXW) does not stipulate that the buyer has to insure the goods; it is at the buyer’s own discretion whether they do so or not. If the seller fears that the buyer may not insure the goods for the part of the journey that is their responsibility, then the seller could arrange, and pay for, sellers’ interest insurance. Sellers’ interest insurance would compensate the seller if the goods were damaged in transit and as a result the buyer could not pay for them. The buyer should not be advised of the existence of any sellers’ interest insurance.

海运保险是一个专业领域，因此咨询在劳合社注册的专业海事经纪人可能是明智的。或者，可以指示货运代理安排保险。在这种情况下，卖方或买方可能会受益于货运代理的”批量购买力“，他们将为许多客户处理保险。
Marine freight insurance is a specialist area, so it may be wise to consult an expert marine broker registered with Lloyd’s. Alternatively, the freight forwarder could be instructed to arrange the insurance. In such cases, the seller or buyer may benefit from the ‘bulk buying power’ of the freight forwarder, who will be handling insurance for many clients.

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CITF-学习笔记（11.6.1 动态贴现-Dynamic discounting）

11.6.1 动态贴现-Dynamic discounting

定义：动态贴现是动态贴现，它增加了应付账款融资功能的一个有效利用。虽然这不是标准定义中包含的供应链金融技术之一，但这是由金融科技公司（fintechs）领导的积极发展。
One effective use of technology that has added to the functionality of payables finance is dynamic discounting. Although this is not one of the supply chain finance techniques included in the standard definitions, this is a positive development led by financial technology firms (fintechs).

在经济或政治不确定期间，大型企业经常会推迟用于偿还债务或占用现金储备的投资决策。对于一些大型企业公司来说，这导致了动态折扣的采用，应付账款融资的变化。在这里，金融科技公司采用了古老的结算折扣原则（买方同意与供应商提前付款以获得折扣），并使用数据分析为大公司创建工具。
During economic or political uncertainty, it is normal for major corporate businesses to postpone investment decisions with a preference to pay down debt or hold on to their cash reserves.For some major corporate companies this has led to the adoption of dynamic discounting, a variation of payables finance. Here, fintechs have taken the age‑old principle of settlement discount (where a buyer agrees early payment with their supplier for a discount) and used dataanalytics to create tools for the major corporate.

这些软件应用程序使公司能够研究如何在为供应商提供早期付款的同时最好地使用免费现金。此外，一些动态贴现平台已经与银行合作，当大型公司公司希望将其现金部署到其他地方时，银行将成为替代出资者。
These software applications enable companies to look at how best to use free cash while offering suppliers early payment. In addition, some dynamic discounting platforms have teamed up with banks who become substitute funders when the major corporate company wishes to deploy its cash elsewhere.

结论Conclusion
在本主题中，您了解了物理和金融供应链之间的关系。您还了解了贸易周期分析以及GSCFF发布的标准定义中定义的各种供应链金融解决方案和技术。
In this topic you learned about the relationship between the physical and financial supply chains. You were also introduced to trade cycle analysis and various supply chain finance solutions and techniques as defined in the standard definitions published by the GSCFF.

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CITF-学习笔记（11.6 供应链金融创新-Innovation in supply chain finance II）

11.6 供应链金融创新-Innovation in supply chain finance II

分布式账本技术和智能合约的作用
Role of distributed ledger technology and smart contracts
如今的供应链金融解决方案主要是发票驱动的。技术和数字化的进步意味着有机会将供应链融资扩展到提供端到端解决方案，涵盖贸易周期的采购订单和库存阶段。然而，目前大多数分布式账本和智能合约合作更侧重于改善现有贸易和供应链金融解决方案的管理和交付，而不是新产品开发。
Supply chain finance solutions today are predominantly invoice‑driven. The advances in technology and digitisation mean the opportunity to extend supply chain finance to delivering an end‑to‑end solution will be possible, covering the purchase order and inventory stages of the trade cycle. However, most of the distributed ledger and smart contract collaborations in place today are more focused on improving the management and delivery of existing trade and supply chain finance solutions rather than on new product development.

数字颠覆者的进入-Entry of digital disruptors
由于2007-08年全球金融危机，银行被要求对其资本的部署进行战略性审查。这为新进入者创造了机会，成为现状的革新者，利用其敏捷性从银行和现有金融机构捕获业务。许多国家开发或改造了针对中小企业的新技术和电子平台，承诺提供更方便客户和更快捷的服务，而不必经历银行和其他公司雇用的费力的入职和信贷流程。
As a consequence of the 2007–08 global financial crisis, banks have been required to strategically review the deployment of their capital. This has created the opportunity for new entrants to become disrupters of the status quo, using their agility to capture business from banks and existing financial institutions. Many have developed or adapted new technology and e‑platforms aimed at SMEs with a promise to provide a more customer‑friendly and quicker service, without having to go through the laborious onboarding and credit processes employed by banks and others.

高效交付传统解决方案-Efficient delivery of traditional solutions
然而，这些替代融资提供商中的大多数并不一定创建了新的产品解决方案，而是复制了现有的装运后保理和/或应付账款融资解决方案。他们成功地变得更加灵活，并针对上传单个或多个发票提供即时融资，并且通常采用自动信贷算法进行更快的信贷决策。
However, most of these alternative finance providers have not necessarily created new product solutions and have replicated the existing post‑shipment factoring and/or payables finance solutions. They have succeeded in being more flexible and providing immediate finance against an upload of single or multiple invoices, with speedier credit decisions often employing automated credit algorithms.

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CITF-学习笔记（11.6供应链金融创新-Innovation in supply chain finance I）

11.6供应链金融创新-Innovation in supply chain finance I

11.6 Innovation in supply chain finance II
11.6.1 Dynamic discounting

电子发票的发展 Developments in e‑invoicing

实体供应链和金融供应链的数字化一直是大力发展和投资的主题。公司已经以电子方式相互发送采购订单。电子发票的增长也使贸易方之间能够进行更直接的电子通信。
The digitisation of both the physical supply chain and the financial supply chain has been the subject of a great deal of development and investment. Companies already send purchase orders to each other electronically. The growth of e‑invoicing has also enabled a more immediate electronic communication between trading parties.

电子提单和其他电子单据 E‑bills of lading and other electronic documents
正在进行的数字化其他关键文件（如检查报告）的发展以及电子提单的创建将简化向完全数字化和透明的贸易和交易周期的转变。
Ongoing development to digitise other key documents, such as inspection reports, and the creation of an e‑bill of lading will ease the transformation to a completely digitised and transparent trade and transaction cycle.

请注意，在大多数法域，普通法或大陆法不承认电子提单，因此在技术上不是可转让的所有权凭证。没有可供任何人拥有的实际提单，因此不会产生对其中所述货物拥有所有权的”持有人”的概念。此类解决方案的提供商，如Bolero和ESSDOCS，运行着一个基于成员资格的系统，要求所有各方签署一个共同的规则手册。从本质上讲，它们是封闭的生态系统，其中所有权转让记录在数字所有权登记处，所有各方都受制于共同合同。
Note that e-bills of lading are not recognised in common law or civil law in most jurisdictions and are not, therefore, technically negotiable documents of title. There is no actual bill of lading for anyone to possess, therefore the concept of a ‘holder’ having title rights to the goods described therein does not arise. Providers of such solutions, such as Bolero and ESSDOCS, operate a membership-based system whereby all parties are required to sign-up to a common rulebook. In essence, they are closed ecosystems in which transfers of title are recorded in a digital title registry and all parties are subject to a common contract.

最近的技术发展现在使创建“数字原始文档”成为可能它区分了原件和副本，允许持有人拥有原始数字文件并通过交付转移原始文件。这复制了纸面文档的特性，但避免了与纸面文档相关的许多缺点（例如，易受欺诈影响、文档管理成本、与在当事方之间传输文档相关的成本和延迟以及原始文档丢失的风险）。这项技术有可能制作真正的数字提单，即可转让的所有权凭证。由于海事法的复杂性，这些障碍现在主要是法律上的，而不是技术上的。
Recent technological developments now make it possible to create a ‘digital original document’which distinguishes between an original and a copy, allows a holder to have possession of the original digital document and to transfer the original by delivery. This replicates the properties of paper documents but avoids the many disadvantages associated with paper documents (e.g. susceptibility to fraud, cost of document management, cost and delay associated with transferring documents between parties and risk of loss of the original document). This technology has the potential to enable the creation of genuine digital bills of lading which are negotiable documents of title. The obstacles are now primarily legal rather than technological, due to the complexity of maritime law.

这种技术的早期应用可能是提单和本票等可转让支付票据的数字化。法律挑战不那么复杂，几个司法管辖区正在取得进展，以更新管理可转让支付工具的立法，以明确允许数字版本。
An earlier application of this technology is likely to be the digitisation of negotiable payment instruments such as bills of lading and promissory notes. The legal challenges are less complex and progress is being made in several jurisdictions to update the legislation governing negotiable payment instruments to explicitly allow digital versions.

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