11.5.8 保理和发票贴现 Factoring and invoice discounting I
定义：
Factoring and its variations are described in the standard definitions as follows:
保理[和保理变种]是应收账款购买的一种形式，灵活适用。其中货物和服务的卖方在向融资提供商获得贴现（通常称为”保理商”）。保理的一个关键区别是，通常融资提供人负责管理债务人投资组合并收取基础应收款的付款。
“Factoring [and factoring variations] is a form of receivables purchase, flexibly applied, in which sellers of goods and services sell their receivables (represented by outstanding invoices) at a discount to a finance provider (commonly known as the ‘factor’). A key differentiator of factoring is that typically the finance provider becomes responsible for managing the debtor portfolio and collecting the payment of the underlying receivables.”
(GSCFF, 2016, p39)
主要特点-Key features
发票贴现是保理的一种变体。两者的主要特点是，它们不涉及贷款，而是要求通过转让或质押来，来购买应收款进行贴现。对于许多公司而言，符合条件的债务上限的80-90%的融资百分比，可能只能获得应收账款总价值的70%或更少。然而，可以根据应收账款价值筹集的资金量一般高于将同一资产获取贷款或透支。
Invoice discounting is a variation of factoring. The main feature of both is that they do not involve a loan but instead require the purchase of a receivable through an assignment or pledge of that receivable at a discount.
For many companies, the headline percentage of funding of 80–90 per cent of eligible debts may represent an actual financing of 70 per cent or less of the total receivables value. Nevertheless, the level of finance that can be raised against the value of receivables will be higher than when trying to utilise the same asset for a loan or overdraft.
大多数保理或发票贴现便利主要面向国内，在提供出口融资的情况下，融资提供者需要确信债务可以在债务人的法域内对债务人强制执行。
The majority of factoring or invoice discounting facilities are predominantly domestically orientated and where export finance is provided, the finance provider needs to be satisfied that the debt can be enforced against the debtor in the debtor’s jurisdiction.
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