11.5.6 应收账款贷款或预付款
Loan or advance against receivables
定义：This technique is described in the standard definitions as follows:
应收账款贷款或预付款 是向供应链所涉一方提供的融资，基于当前或未来贸易应收账款产生的资金的还款预期，以及通常以此类应收款的担保为抵押，但也可能是无担保的.
“Loan or advance against receivables is financing made available to a party involved in a supply chain on the expectation of repayment from funds generated from current or future trade receivables and is usually made against the security of such receivables, but may be unsecured.”
(GSCFF, 2016, p9)
这是一种贷款或预付款，其中客户是商品或服务的卖方。融资提供人将应收款视为还款来源，但如果应收款未变现或不足以完全清算贷款或预付款，融资提供者也将保留对客户的追索权。(**应用于卖方,保留追索权**)
This is a loan or advance where the client is the seller of the goods or services. The finance provider regards the receivables as the source of repayment but will also retain recourse to the client in the event that the receivables are not realised or are not sufficient to fully liquidate the loan or advance.
这种形式的融资是针对应收款提供的，适用于卖方拥有或将获得出售货物或服务所产生的应收款。
This form of financing is provided against a receivable and is appropriate when a seller has or will acquire receivables arising from its business activities as a seller of goods or services.
典型客户-Typical clients
这种贷款通常提供信誉非常强的卖方，其现有或未来的应收账款没有任何可能影响其有效性和付款的潜在产权负担。
Such loans are generally offered to sellers that are deemed very creditworthy by the finance provider and whose existing or future dated receivable is free from any potential encumbrance that may affect its validity and payment.
因此，贷款更有可能提供给一家成熟的中型市场公司或一家能够表现出良好业绩记录的大型公司。
It is, therefore, more likely that the loan will be provided to a well‑established mid‑market company or a large‑sized corporate that can demonstrate a good track record of performance.
监测-Monitoring
一些融资提供人认识到，应收账款组合随着新发票的开立和持续收到的结算而不断变化，可能会建立一个借款基础，以规范他们愿意在任何时候预付的金额。在使用借款基础的情况下，严格的监测使融资提供人能够看到构成贷款担保的资产。
Some finance providers, recognising that a receivables portfolio is ever‑changing with new invoices raised and settlement received on an ongoing basis, may establish a borrowing base that regulates the amount they are willing to advance at any one time. Where a borrowing base is used, rigorous monitoring gives the finance provider visibility of those assets that constitute the loan’s security.
这种监测可能涉及客户的自我证明。融资提供者将根据其借款基准标准计算其愿意预付的贷款水平。
Such monitoring may involve self‑certification by the client. The finance provider will calculate the level of the loan it is willing to advance based on its borrowing‑base criteria.
信用风险Credit risk
融资提供人亦可就买方的信用风险状况发表意见及评估买家是否对开具发票的金额有利。此外，它们还需要如果有必要在给定的范围内实现应收账款的担保，应收款的支付可以强制执行。一些融资提供商将要求信用保险到位，作为额外的缓解措施。
The finance provider may also take a view on the credit risk standing of the buyers and evaluate whether the buyers are good for the amount being invoiced. In addition, they will also need to be comfortable that, should it become necessary to realise the security in the receivable in a given jurisdiction(管辖), payment of the receivable can be enforced. Some finance providers will require credit insurance to be in place as an added mitigant.
Benefits to sellers
卖方可在得到买家应收账款前获得营运资金。
The primary benefit to sellers is the release of working capital prior to the repayment of the receivable by their buyers.
这种贷款可用于使卖方能够向买方提供更具吸引力的信贷条件为了促进更多的销售，或者为一个机会提供资金，要求卖方在其正常付款条件之前筹集流动性。
Such a loan may be used to enable a seller to offer more attractive credit terms to their buyer in order to promote more sales, or to fund an opportunity that requires the seller to raise liquidity in advance of its normal payment terms.
Benefits to buyers
对买方没有直接好处，但如前所述，他们可能会受益于更长的付款期限，他们的卖方可能能够通过筹集贷款来弥补这一点。
There is no direct benefit to buyers but, as mentioned, they may benefit from longer payment terms,which their seller may be able to cover through the raising of the loan.
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