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。
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