11.5.1 基于采购订单的融资-Purchase order‑based finance II
再融资机会-Opportunities for refinancing
有时，融资提供人可能会提供基于定购单的融资，以便在将制成品出售给卖方客户之前为库存品融资。一旦货物售出，融资提供商可以使用基于发票的融资解决方案对装运前预付款进行再融资。或者，基于采购订单的融资可以通过专用的库存融资解决方案进行再融资，如果融资提供商更容易接受的话。
On occasion, a finance provider may provide purchase order‑based finance to finance inventory pending the sale of finished goods to the seller’s customer. The finance provider may refinance the pre‑shipment advance with an invoice‑based finance solution once goods are sold. Alternatively, purchase order‑based finance can be refinanced by a dedicated inventory finance solution if this is more acceptable to finance providers.
客户简介-Client profile
优势/适用:环节资金压力
Purchase order‑based finance is an invaluable funding solution for sellers that:
1.现金转换周期长，特别是在装运前
have a long cash conversion cycle, particularly during the pre‑shipment period;
2.订单不断增长，在销售给最终买家有巨大的营运资金压力
have a growing order book, putting pressure on working capital prior to the point of sale to end‑buyers; and
3..接收大额一次性订单
receive large, one‑off orders.
如何有效运用?
It works best for sellers when they:
1.已确认大部分营业额的采购订单
have confirmed purchase orders for the majority of their turnover;
2.产品转换流程短（如果他们是制造商）或正在为最终买家有效地采购成品（如果他们是批发分销商）
have short product conversion processes (if they are a manufacturer) or are effectively procuring finished goods for their end‑buyers (if they are a wholesale distributor); and
3.知道最终买家的信用质量是可以接受的，或者可以提高。
对卖家的好处 卖家能够为采购和转换商品提供资金，以便将其出售给客户
know the credit quality of the end‑buyers is acceptable or can be enhanced.
Benefits to sellers
卖方能够为采购和转换商品提供资金，以便将其销售给客户。
Sellers are able to finance the sourcing and conversion of goods for on‑sale to their customers.
Benefits to buyers
**买方不是基于采购订单的财务解决方案的一方，但间接受益，因为：
**Buyers are not a party to purchase order‑based finance solutions but benefit indirectly because:
1.他们的供应商可以接受他们的更高价格订单
their suppliers can accept higher‑value orders from them;
2.降低了供应商在装运前资金不足而无法交付的风险
the risk that their suppliers fail to deliver, having run out of money before shipment, is reduced; and
3.可以减少或消除向供应商支付预付款的需要
the need for advance payments to suppliers may be reduced or eliminated.
Benefits to finance providers
融资提供人从这一解决办法而不是非结构化债务中获益的程度取决于装运前融资机制的结构和条件。融资提供商将从双方之间成功的贸易关系、卖方履行合同的良好记录以及最终买方的信用状况中得到补偿。
The extent to which finance providers benefit from this solution, as opposed to unstructured debt, is dependent on the structure and conditionality of the pre‑shipment finance facility. Finance providers will take comfort from the successful trading relationships between parties, good track record of contractual fulfilment by sellers and the credit standing of end‑buyers. They have the opportunity to derive the following benefits:
1.可见性 – 他们知道进步的用途和最终的来源偿还
visibility – they know what the advance is to be used for and the eventual source of repayment;
2.控制性 – 他们可能能够控制向供应商支付资金和从买家那里收取资金
control – they might be able to control the disbursement of funds to suppliers and collection of funds from buyers; and
3.担保 – 他们可能在库存品和最终应收账款中拥有担保权益。
security – they might have a security interest in the inventory and the eventual receivable.
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