11.5.10 应付账款融资-Payables finance II
典型客戶-Typical clients
大多数买方主导的方案都是由投资级买方实施的，这些买方正在寻找融资提供者与其供应商签署应收账款购买协议，以购买其买方所欠的应收账款。通过这种方式，主要企业买家希望实现资产负债表外的解决方案，并避免银行债务水平的增加。
The majority of buyer‑led programmes are put in place by investment grade buyers that are looking for finance providers to sign a receivable purchase agreement with their suppliers to purchase receivables owed by their buyers. In this way, major corporate buyers are hoping to achieve an off‑balance‑sheet solution and avoid an increased level of bank debt.
流程启动-Onboarding
对于融资提供商来说，这通常是一个具有挑战性和复杂的过程，因为必须对供应商进行全面的客户尽职调查，包括了解您的客户（KYC）和反洗钱（AML）检查。供应商不太可能是现有客户，并且可能位于银行未开展业务的地区。
This is often a challenging and complex process for finance providers as full customer due diligence involving know your customer (KYC) and anti‑money‑laundering (AML) checks must be carried out on suppliers. Suppliers are unlikely to be existing customers and may be domiciled in a territory that the bank does not operate in.
非银行提供商的吸引力- Attractiveness of non‑bank providers
非投资级购买者倾向于与非银行融资提供者签订方案，因为资产负债表处理方面的考虑不那么迫切。然而，债务能力和信贷偏好的考虑因素仍然存在。非银行融资提供商通常会获得信贷针对买方义务的保险或与其他方签订有资金的风险参与投资者。
Non‑investment grade buyers tend to enter into programmes with non‑bank finance providers as the balance sheet treatment considerations are less acute. However, debt capacity and credit appetite considerations still arise. Non‑bank finance providers will often obtain credit insurance against the buyer’s obligations or enter into funded risk participations with other investors.
对买家的好处Benefits to buyers
Buyers putting in place a payables finance programme will often do so as part of their drive to:
1.通过延长商定的付款条件来优化流动性
optimise liquidity through an extension of agreed payment terms;
2.在整个供应商群中实现条款标准化
standardise terms across their supplier base; and
3.通过降低供应商的财务成本，降低供应链内的成本。
achieve cost reductions within their supply chain by enabling a lower cost of finance for their Suppliers.
对买方来说，另一个潜在的好处与会计处理有关。目标通常是确保应付账款融资方案不会导致将贸易债权人重新分类为银行债务。这对于被投资者分析资产负债表比率的投资级买家尤其重要。任何银行债务的增加都可能对市场情绪产生不利影响。
A further potential benefit for buyers relates to the accounting treatment. The aim is typically to ensure that the payables finance programme does not result in the reclassification of trade creditors as bank debt. This is particularly important for investment grade buyers whose balance sheet ratios are analysed by investors. Any perceived increase in bank debt can have a detrimental effect on market sentiment.
对卖家的好处Benefits to sellers
These include:
1.立即获得现金收益，因为知道这类方案提供的资金成本将反映其买方的信用状况，并且对大多数供应商而言，将比其正常资金成本便宜
an immediate cash benefit with the knowledge that the cost of finance provided by this type of programme will reflect their buyer’s credit‑standing and for most suppliers will be cheaper than their normal cost of funds; and
2.将主要客户转变为相当于现金提供方，降低卖方的风险。
a reduction in the seller’s risk by, in effect, turning a major customer into the equivalent of a cash sale.
但是，卖家还必须考虑，与买家的紧密联系可能意味着降低价格的压力更大，因为他们的买家将影响他们的融资成本。
However, sellers will also have to consider that the increased tie‑in with their buyers may mean more pressure to reduce their prices as their buyers will have influenced their cost of finance.
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