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11.4.2 贷款或预支类-Loan or advance-based category

定义:货物或服务的卖方向融资提供者借款。贷款或预付款是期望从销售商品或服务的收益中偿还的。
The defining characteristic of this category is that the seller of goods or services obtains finance by borrowing from the finance provider. The loan or advance is made in the expectation that it will be repaid from proceeds of the sale of goods or services.

融资提供人可能准备在不转让应收账款的情况下发放贷款。应收账款只是一个好的还款来源。或者，融资提供人可以通过应收款的转让获得担保。
The finance provider may be prepared to grant the loan without taking an assignment of the receivable, deriving comfort from the knowledge that there is a good source of repayment. Alternatively, the finance provider may be secured by the assignment of the receivable.

虽然转让应收款的过程类似于应收款购买类别中规定的真正销售模式，但在这种情况下，资产的所有权不会转移给融资提供人。取而代之的，融资提供人是在资产中获得担保权益。
Though the process of assigning the receivable is similar to the true‑sale model set out in the receivables purchase category, in this case, ownership of the asset does not transfer to the finance provider.Instead, the finance provider gets a security interest in the asset.

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11.4.1 应收账款购买类别-Receivables purchase category

定义:货物或服务的卖方通过将与这些货物或服务有关的全部或部分应收款出售给融资提供人来获得融资，融资提供人成为应收款的所有人。
The defining characteristic of this category is that the seller of goods or services obtains finance by selling all or part of the receivable relating to those goods or services to the finance provider, who becomes the owner of the receivables.

将资产所有权转让给融资提供人的方法因司法管辖而异，但涉及某种形式的所有权转让。在执行转让时，融资提供人向出卖人支付一笔以应收款面值为依据的款项。
The method by which ownership of the asset is transferred to the finance provider varies depending on the jurisdiction, but involves some form of assignment of title rights. Upon execution of the assignment, the finance provider pays the seller a sum that is based on the face value of the receivable.

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主要考虑因素-Key considerations
When a finance provider is contemplating the purchase of receivables, it will take the following into consideration:
• validation that the receivable exists;确认应收款存在;
• verification that the receivable is assignable in the seller’s jurisdiction; 证明应收款在卖方的司法管辖范围内是可转让的
• confirmation that the receivable is enforceable against the debtor in the debtor’s
jurisdiction.确认应收款在债务人的债务人中可对债务人强制执行管辖。

应收款是可由融资提供者购买。严格来说，情况并非如此，因为也可以将库存转让给融资提供者，并创造” 真实出售 “。
The title of this category suggests that the receivable is the only asset that can be purchased by a
finance provider. This is not strictly true as it is also possible to assign inventory库存 to the finance provider and to create a’true sale’.

在实践中，与融资提供人的协议将包括回购条款（称为”回购”），以便将货物卖回给客户，以便他们向最终客户出售货物。
In practice, the agreement with the finance provider will include a repurchase clause (known as a ‘repo’) so that the goods are sold back to the client in order for them to sell goods to their end‑customer.

融资可以”有追索权”或”无追索权”地返还给资产出卖人。然而，在实践中，追索权通常不是那么明确，应收款购买协议通常会具体规定融资提供人可以行使其追索权的情形。
A facility may be granted ‘with recourse’ or ‘without recourse’ back to the seller of the asset. In practice, however, the rights of recourse are not usually quite so clear‑cut, and the receivables purchase agreement will usually specify the circumstances under which the finance provider can exercise their right of recourse.

这将直接影响客户账簿中的资产负债表处理。关于资产负债表处理的决定始终由客户的审计师自行决定，但作为指导原则，如果融资提供者可以完全根据他们的选择行使追索权，那么审计师将认为这是银行债务。换句话说，财务将是”在资产负债表上”。
This will have a direct bearing on the balance‑sheet treatment in the client’s books. The decision regarding balance‑sheet treatment is always at the sole discretion of the client’s auditors but, as a guiding principle, if a finance provider can exercise recourse entirely at their option, then the auditor would regard this as bank debt. In other words, the finance would be ‘on balance sheet’.

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**真实出售 True sale
会计和法律用语，意指一方当事人已将金融资产或流通票据出售给另一方当事人，其含义是不再记入出卖人的资产负债表，而是记入买受人的资产负债表。
“[A]n accounting and legal expression connoting that a financial asset or negotiable instrument has been sold by one party to another in the sense of no longer being recorded in the balance sheet of the seller and instead being recorded on the balance sheet of the purchaser.” (GSCFF, 2016)

**追索权Recourse
法律权能：如果当前债务人违约，金融资产的购买者可能不得不需追索原来的债权人。例如，以追索权出售的应收账款，如果应收账款无法收回，则允许应收账款买方向卖方提出索赔。
“[The] legal ability [that] the purchaser of a financial asset may have to fall back on the originalcreditor if the current debtor defaults. For example, an account receivable sold with recourse enables the buyer of the receivable to make claim on the seller if the account doesn’t pay.”
(Dictionary of Finance and Investment Terms, 2014)

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11.4 技术分类-Categorisation of techniques

This hierarchical model segments the techniques into three categories:
• receivables purchase;应收账款购买
• loan/advance-based; 贷款/预付款
• enabling framework.赋能框架？

11.4.1 Receivables purchase category
11.4.2 Loan or advance‑based category
11.4.3 Enabling framework category

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11.3.2 交易周期分析的应用-Application of trade cycle analysis

贸易周期分析的输出用于最终确定供应链融资机制结构，并指定可能需要的任何非标准操作或抵押品管理控制。
The output from trade cycle analysis is used to finalise the supply chain finance facility structure and to specify any non‑standard operational or collateral management controls that may be required.

了解客户贸易周期的自然过程是选择最适合满足客户需求的供应链金融解决方案。The natural progression from understanding a client’s trade cycle is to then choose which supply chain finance solution will be most suitable to meet the client’s needs.

应当指出，贸易周期分析可能会突出仅靠供应链融资无法解决的风险和资金要求。在这种情况下，融资提供者可能会得出结论，将贸易融资和供应链融资结合起来的结构提供了最佳解决方案。
It should be noted that the trade cycle analysis might highlight risks and funding requirements that cannot be addressed using supply chain finance alone. In such cases, a finance provider might conclude that a structure incorporating trade finance as well as supply chain finance provides the optimum solution.

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11.3.1 交易周期分析-Trade cycle analysis I

对公司贸易周期的深入分析使融资提供商能够了解客户在风险缓解，融资和支付方面的需求。
The in‑depth analysis of the trade cycle of a company enables the finance provider to understand  the needs of its clients in terms of risk mitigation, finance and payments.

然而，进行有效的贸易周期分析也直接使客户受益。通过向客户”回放”交易周期分析的结果，融资提供商使客户能够看到他们的交易安排对其现金转换周期的影响。
However, undertaking effective trade cycle analysis also directly benefits the client. By ‘playing back’ the outcome of the trade cycle analysis to the client, the finance provider is enabling the client to see the impact of their trading arrangements on their cash conversion cycle.

贸易周期分析过程从对物理供应链的详细分析开始。该分析的范围将取决于客户的规模及其经营所在的行业。
The trade cycle analysis process starts with a detailed analysis of the physical supply chain. The scope of this analysis will depend on the size of the client and the sector it operates in.

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了解中小企业-Understanding SMEs
例如，如果一个中小企业客户从某一特定地区的几家主要供应商那里购买成品，并在其本国市场以标准付款条件销售这些产品，那么在单一视图中对中小企业客户的整个业务进行分析是可行的。
For example, if an SME client is purchasing finished products from a few major suppliers in one particular region and selling those products on standard payment terms in its home market, it will be feasible to undertake an analysis of the SME client’s entire business in a single view.

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了解大型企业-Understanding larger corporates
另一方面，一家较大的公司可能有多个贸易周期，这取决于它在哪里以及如何采购其产品，组件或原材料，以及在哪里以及如何销售其成品或”子组件”。
On the other hand, a larger corporate may have multiple trade cycles depending on where and how it is sourcing its products, components or raw materials, and where and how it is selling its finished products or ‘sub‑assemblies’.

在这种情况下，贸易周期分析将在”业务线”级别进行，并且可能需要编制许多不同的分析。
In such a case, the trade cycle analysis will be pitched at the ‘line of business’ level and may require a number of different analyses to be compiled. These will then have to be weighted and placed into a comprehensive summary that gives a clear picture of the client’s overall business. No matter which approach is appropriate, the intention is to add quantitative and qualitative detail to the high‑level view of the client’s role in the physical supply chain.

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定量细节-Quantitative detail
这为资金缺口、风险敞口和付款流向提供了明确性。应检查的领域包括：
This provides clarity regarding funding gaps, risk exposures and payment flows. Areas that should be examined include:
1.event timings;活动时间
2.values;
3.credit periods;
4.lead times (the period between commitment and shipment);交货时间（承诺和装运之间的期限）
5.transit times;运输时间
6.shipment methods;
7.suppliers (including manufacturers, wholesalers, producers, growers, extractors – who they are and where they come from);供应商（包括制造商，批发商，生产商，种植者，提取者 – 他们是谁以及他们来自哪里）
8.buyers (who they are and where they come from);
9.inspection; and
10.insurance.

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11.3 了解客户需求-Understanding the customer need

11.3.1 Trade cycle analysis I
11.3.1 Trade cycle analysis II
11.3.2 Application of trade cycle analysis

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Supply chain finance is relevant for all segments 细分(major corporates, mid‑market companies and SMEs). Though supply chain finance is primarily a financing solution, in some cases it can also provide a degree of risk mitigation and may incorporate the settlement process. **虽然供应链融资主要是一种融资解决方案，但在某些情况下，它也可以提供一定程度的风险缓解，并可能包含结算流程。

The benefits that companies are looking for when they adopt a supply chain finance solution depend on the segment that they occupy. While SMEs are primarily driven by the need to access finance, larger corporates tend to have a more varied set of drivers. In the mid‑market segment, balance‑sheet efficiency is often the primary driver.

Regardless of the segment, it is necessary to understand the business of each company and its trade cycle in order to determine which supply chain finance solution will be of most benefit to it. **无论哪个细分市场，都有必要了解每家公司的业务及其贸易周期，以确定哪种供应链金融解决方案将对其最有利。

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11.2.4 物理供应链与金融供应链的关系 III
-The relationship between the physical and financial supply chain III

绩效（履约）是实体供应链成功的关键。
Performance is key to the success of the physical supply chain. A company receiving a purchase order from its customer and then having the need to purchase raw materials and parts to fulfil that order from its suppliers has to carefully manage its activities to ensure that a failure on the part of itself or its suppliers does not result in the purchase order not being fulfilled as per the required specifications and timeframes.

在供应链的一个部分表现不佳可能会对其他部分产生连锁反应。例如，找到特定零件的汽车制造商不是可用于支持其装配线可能不得不停止生产，直到零件交付。
Failure to perform in one part of the supply chain can have a knock‑on effect on other parts. For example, a car manufacturer that finds a specific part is not
available to support its assembly line may have to halt production until the part is delivered.

Similarly, the company should employ an equal amount of effort and planning in managing the implications of financial supply chain events. In particular, it needs to manage the risk, working capital and cash‑flow implications so as not to disrupt the flow in the physical supply.

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返回上一级：了解供应链-Understanding supply chains

11.2.4 物理供应链与金融供应链的关系 II
The relationship between the physical and financial supply chain II

对流动性和营运资本的影响-Impact on liquidity and working capital
We will now look at how contracted terms of payment coupled with the practical realities of the physical supply chain have a material effect on a company’s liquidity and working capital.

For example, let us take a scenario where a buyer has agreed to pay 30 per cent of the invoice value with the order (ie pre‑shipment) and the remaining 70 per cent immediately upon shipment. The financial implications for the buyer will depend on a number of factors driven by the physical supply chain. These are the:
1. pre‑shipment lead time (ie the time between the order being placed and the goods being shipped);装运前交货时间（即下订单和发货之间的时间）
2. transit time (ie the time taken for the goods to arrive after despatch);
运输时间（即货物发货后到达所需的时间）
3. production time (ie the time taken by the buyer to convert the goods sourced from their supplier into finished goods that can then be sold to their customers);
生产时间（即买方将来自其供应商的货物转换为成品，然后可以出售给其客户所花费的时间）;
4. stockholding time (ie the time that finished goods have to be stored by the client in
anticipation of orders or call‑off instructions from their customers);
库存时间（即成品必须由客户存储的时间预期客户的订单或取消指示）;
5. time taken for their customers to pay for the goods, once delivered.
一旦交付，他们的客户支付货物所需的时间。

Figure 11.2 plots the physical and financial events on a single timeline. In this example, the client receives a purchase order from their buyer before placing an order for the required goods with their supplier. The selling and buying events are shown in parallel. This is a typical closed loop scenario(sometimes referred to as self‑liquidating) where goods are sourced to meet specific purchase orders

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11.2.4 物理供应链与金融供应链的关系 I
-The relationship between the physical and financial supply chain I

The physical supply chain reflects the physical production, movement and storage of raw materials, components and finished goods while the financial supply chain reflects the financial events that support it.

物理和金融供应链中的事件对风险、营运资本和现金流方面都具有财务影响和后果。决定物理和金融供应链之间关系的主要要素**来自供应链中主要各方（即买方和卖方）商定的销售合同/采购订单条款**。
The events in both the physical and the financial supply chain have financial implications and consequences in terms of risk, working capital and cash flows. The main elements that dictate the relationship between the physical and financial supply chain are derived from the sales contract/purchase order terms agreed by the primary parties in the supply chain, namely the buyers and sellers.

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销售合同-Sales contract
When sellers and buyers have agreed to trade, the terms will often be encapsulated （包含） in a sales contract. This is a legal agreement for the sale of goods or services by the seller and the purchase of the goods or services by the buyer.

A sales contract can cover a single consignment or a number of consignments over a period of time, in which case it is common for each consignment to be the subject of an individual purchase order.**销售合同可以涵盖一段时间内的单批货物或若干批货物，在这种情况下，每批货物通常都是对应单个采购订单。

In some cases, sellers and buyers do not sign a formal contract but operate on the basis of a quotation by the seller (often known as a ‘pro forma invoice’) and an acceptance by the buyer in the form of a purchase order.**在有些情况下，卖方和买方不签署正式合同，而是根据卖方的报价（通常称为”形式发票“）和买方以采购订单形式接受的报价进行操作。

**注意 Sales contract、purchase order、pro forma invoice

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采购订单-Purchase order
A purchase order may be issued in respect of individual consignments under a sales contract or may, effectively, perform the function of a sales contract on its own. In the absence of a formal sales contract, the terms that would normally appear in the sales contract will be incorporated into the purchase order, albeit in abbreviated form（尽管是缩写形式）. As a minimum, a purchase order will include:
1 details of seller and buyer; 买卖方
2 description of goods or services;货描
3 price and payment terms;价格和支付条款
4 delivery details and shipping terms; 交货详情和运输条款
5 a unique purchase order number.唯一的采购订单号

The purchase order is generally regarded as the first event in the financial supply chain and, as such, is an important document. The purchase order number is a unique reference that enables the reconciliation of invoices and other shipping data with the purchase order. As we look at the digitisation of the financial supply chain, you will see why the ability to match shipment data with purchase order data is a fundamental enabler for many supply chain finance solutions.

**注意 -Purchase order 最基本的内容、purchase order number 唯一且重要

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商业发票-Commercial invoice
The invoice is also an important legal document. It is a commercial document raised by the seller and addressed to the buyer which describes the goods or services that have been delivered or despatched to the buyer and specifies the amount due by the buyer to the seller in payment. When the invoice is issued, this is reflected in the seller’s accounts as a receivable (ie a debtor in their balance sheet).**当开具发票时，这反映在卖方的账户中作为应收款（即资产负债表中的借方）。

At the same time, the goods that have been sold to the buyer are removed from the seller’s balance sheet. Once the invoice is approved by the buyer, a payable is created in their accounts (ie a current liability) and the goods are added to their balance sheet (ie a current asset is created).**一旦发票被买方接受，就会在其账户中生成应付账款（即流动负债），并将货物添加到其资产负债表中（即生成流动资产）。

此时，买方有义务在到期日向卖方付款。
At this point, the buyer has an obligation to pay the seller on the due date.

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返回上一级：了解供应链-Understanding supply chains