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.
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