distributor finance – 考试.net

CITF-学习笔记（11.5.4经销商融资 II Distributor finance II）

11.5.4经销商融资 II Distributor finance II

适用性:这种融资解决方案满足了一种特殊需求，即在分销商必须向供应货物的制造商付款的日期与货物可以出售的日期之间存在重大时间差距，从而将由此产生的应收账款转换为现金之间存在重大时间差距。
This finance solution addresses a particular need where there is a material timing gap between the date the distributor has to pay the manufacturer supplying them and the date the goods can be sold, and the resulting receivables converted to cash.

以下是分销商融资的主要特点：
The following are the main features of distributor finance:
制造商和融资提供商之间的主分销商融资协议通常将概述该计划的指标，包括：
Master distributor finance agreement between the manufacturer and the finance provider that will typically outline the parameters of the programme, including:
1.商定的参与条款-the agreed terms of engagement;
2.所涵盖的地理区域-the geographies being covered;
3.适用于财务提供商的运营模式和流程，锚和分销商
the operating model and processes applying to the finance provider, anchor ？？and the distributors; and
4.风险分担或同意回购或寻找替代分销商失败的网点？
any risk sharing or agreement to buy back or find alternative outlets 网点？ for inventory where a distributor fails.
•
融资提供商和分销商之间的融资协议，通常包括对库存品和应收款的权利转让。
Finance agreement between the finance provider and distributor that will normally include an assignment of rights over inventory and receivables.

对制造商的好处-Benefits to manufacturers
制造商受益于能够将其产品推向其分销商网络，并由其财务提供商保证和即时付款。他们还能够对其分销商网络行使更多的控制权和影响力，从而支持他们在新领域的销售增长。
Manufacturers benefit from being able to push their products out into their distributor network with guaranteed and immediate payment from their finance providers. They are also able to exercise more control and influence over their distributor network and consequently support their sales growth into new territories.
此外，一些金融提供商提供专门为跨国锚？？量身定制的基于网络的平台，这些平台向分销商提供计划信息，并可用作载入工具，在锚？？，其分销商和财务提供商之间建立可见性。其中一些平台还有助于采购订单批准，发票确认和处理和跟踪付款和回撤。
Additionally, some finance providers offer web‑based platforms specifically tailored to a multinational anchor that provide programme information to distributors and can be used as an onboarding vehicle that creates visibility between the anchor, its distributor and finance provider.Some of these platforms also facilitate purchase order approvals, invoice confirmations and the handling and tracking of payments and drawdowns.

对分销商的好处-Benefits to distributors
分销商通常是中小企业，可能位于融资渠道有限的国家，它们受益于反映制造商参与的资金和定价。(制造商的参与有助于融资)
Distributors, which are often SMEs and may be in countries with restricted access to finance, benefit from the availability of finance and pricing that reflects the involvement of the manufacturer.

与分销商可能自行安排的资金成本相比，这种定价通常更便宜。
Such pricing will often be cheaper when compared with the cost of funding that the distributor may be able to arrange for itself.

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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！

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。