分类：CITF

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.

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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.

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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.

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返回: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、库存阶段和发票阶段。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

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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

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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.

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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.

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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’.

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**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)

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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

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