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 《海归黄埔军校》课程《中国企业资本运营》第二章《债权融资》：保理 |
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安普若
[博客]
[个人文集]
头衔: 海归元勋
声望: 大师
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加入时间: 2004/02/21
文章: 26038
来自: 中国美国的飞机上
海归分: 4196257
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作者：安普若 在 海归黄埔军校 发贴, 来自【海归网】 http://www.haiguinet.com
保理业务
一、保理的概念
保理（Factoring）是“保付代理”的简称。所谓保理是指供应商以赊销、承兑交单等方式销售货物给买方而产生应收帐款，保理商对供应商的应收帐款进行核准和购买，并向其提供资金融通、销售分类帐管理、帐款催收、坏帐担保等一系列服务的综合金融业务。
二、保理的含义
英国保理理论权威Mr. Freddy Salinger在《Factoring Law and Practice》（中文版《保理法律与实务》，刘园、叶志壮译）中将保理界定为“指以提供融资便利，或使卖方免去管理上的麻烦，或使卖方免除坏帐风险，或以上任何两种或全部为目的而承购应收帐款的行为（债务人因私人或家庭成员消费所产生的及长期付款或分期付款的应收帐款除外）。”这个定义基本在英国被采用。而在美国，较为流行的定义是《商业律师》一书中提到的，“保理业务是指承做保理的一方同以赊销方式出售商品或提供服务的一方达成一个带有连续性的协议，由承做保理方针对由出售商品和提供服务而产生的应收帐款提供以下服务：
（一）以即付方式买下所有应收帐款；
（二）负责有关应收帐款的会计分录及其它记帐工作；
（三）到期收回债款；
（四）承担债务人资不抵债的风险（即信用风险）。”上述两个定义很恰当地反映了英美国家对事物描述的界定特征，非常符合FCI对保理业务内容的限定，即保理主要包括四项服务：资金融通、帐务管理、应收帐款收取和坏帐担保。
三、分类
在从事保理的过程中，一个很重要的方面就是对不同的业务给予不同的审查条件。实际上，不同的业务类型蕴含的风险是完全不一样的。保理业务的分类，有助于我们加深对该项业务的认识。
保理业务的类型包括：
（一） 融资保理和非融资保理。
融资保理是指保理商凭供应商发货后提交证明债权转让的发票副本及其他有关文件，向供应商预付货款的60-90%资金，到期后应收帐款的债务人（买方）付款给保理商，保理商扣除垫付款及有关费用后，余款转付给供应商；非融资保理指保理商在业务中不为供应商提供融资，只提供一些服务。根据国内企业的管理观念和自有资金普遍不足的现实，供应商不可能只要求保理商提供资信调查、销售分类帐务管理等非融资性服务。因此，为了推动国内保理业务的发展，保理商只有提供融资保理业务，供应商才会感兴趣。非融资保理实际上是以代理为特征的、提供应收帐款管理和债款回收的保理业务，在国内的开展条件尚不成熟。
（二） 有追索权保理和无追索权保理。
有追索权保理指保理商凭债权转让向供应商融资后，如果买方拒绝付款或无力支付，保理商有权向供应商要求偿还资金。即无论出于何种合理原因，只要有关款项到期未能收回，保理商有权向供应商追索，因而保理商具有全部“追索权”；无追索权保理指保理商凭债权转让向供应商融资后，即放弃对供应商追索的权利，保理商独立承担买方拒绝付款或无力付款的风险。之所以无追索权，主要是因为保理商对买方进行过资信调查，并根据供应商的要求对买方核定相应的信用额度，保理商对信用额度内的销售所产生的应收帐款应该完全承担责任，因此对额度内应收帐款的融资丧失了向供应商追讨的权力（但在供应商或买方发生欺诈行为及出现不可抗力的意外情况下，保理商保留对供应商的追索权）。 通常情况下，采用有追索权保理方式时，保理商不负责为买方核定信用额度或提供坏帐担保。就国内企业目前的信用状况而言，保理商在选择供应商、核准应收帐款方面要特别谨慎，保理合同的签定同样要特别谨慎。如果选择无追索权保理，当买方无力付款或破产时，保理商将独立承担坏帐风险而供应商则置身事外。通常情况下，供应商对买方比较了解，在催收应收帐款时，保理商需要供应商的协助，在这种情况下也能避免保理商采取不适当的催收方式而致使供应商失去客户。如果不能取得供应商的真诚协助，保理商很可能会陷入债务链中。
（三） 公开型保理和隐蔽型保理。
公开型保理是指债权转让一经发生，供应商须以书面形式将保理商的参与情况通知买方，并指示买方将货款直接给付保理商；隐蔽型保理指供应商不将债权转让及保理商参与情况通知买方，买方仍将货款付给供应商，供应商收到货款后转付给保理商，即保理业务的操作过程只在供应商与保理商之间私下进行。
根据《中华人民共和国合同法》第五章第77条至第83条规定：供应商对自有的应收帐款可以转让，但须在购销合同中要约定可以转让，且必须通知买方；债权转让后，保理商同时取得与债权有关的从权利，买方对供应商的抗辩可以向保理商主张。因此，国内保理业务只能是公开型保理，且保理商须在保理合同中明确规定供应商的合同义务如售后服务、产品质量、交货方式、交货期、交货地点等不因债权的转让而转让，从而避免由保理商承担本身无法承担的合同义务，同时在购销合同中规定债权可以转让。为了避免买方将债务转让给资信不明的第三人，在购销合同中最好还规定债务转让须经保理商同意。 除了上述几类外，根据业务所辖地域的范围，保理可分为国内保理和国际保理；根据参与业务的保理商个数，保理可分为单保理和双保理；根据业务的具体服务内容，保理可分为全保理、到期保理和代理保理等。
国际保理(Internattional Factoring)
国际保理又称为承购应收账款。
指在以商业信用出口货物时[如以D／A作为付款方式 承兑后若干天付款 days after acceptance (D/A)]，出口商交货后把应收账款的发票和装运单据转让给保理商，即可取得应收取的大部分贷款，日后一旦发生进口商不付或逾期付款，则由保理商承担付款责任，在保理业务中，保理商承担第一付款责任。若保理商对上述预付款没有追索权，对余款也要担保付款，即称之为无追索权保理，反之则为有追索权保理。
常见的还有融资保理及到期保理(到期保理指出口商将其应收款出售给保理商后，保理商在发票到期日从债务人手中收回债款，扣除服务费后，把款项付给出口商)。 国际保理服务的范围主要有：资金服务、信用保险服务、管理服务、资信调查服务等。
What is Factoring?
Venture Factoring
"A Bridge to Venture Capital"
Question: What do these companies have in common: A Fortune 500 software manufacturer, a venture-backed telco, and a boot-strapped start-up?
Answer:
THEY HAVE ALL ACCESSED VITAL FUNDING THROUGH RECEIVABLES FINANCING. Clearly, companies that are this diverse approach funding for different reasons and in different ways. But firms of every size and description have found that receivables financing—commonly termed “factoring”--can prove vital in achieving individual business goals.
Factoring is essentially the sale or financing of invoices. Most invoices have extended terms --30, 45 or 60 days. A company can either wait for its customer to pay, offer a discount to get the customer to pay early, or finance the invoice. Each option has a cost. By waiting for the customer to pay, particularly if cash is tight, there is an opportunity cost; a company loses the use of these funds during that period. By offering a discount—perhaps two percent for payment in 10 days--you run the risk of having the customer take the discount, while still waiting 30 to 60 days to pay the invoice. By financing the invoice, there is also a cost--a factoring fee--but you are in control. You can decide what invoices to finance, and when. You are not reliant upon your customer’s payment in order to meet your own obligations, or better yet, take advantage of sudden opportunities in the marketplace. This may prove vital for a company contemplating R&D and marketing efforts in advance of a new product launch.
Mechanics of Factoring:
First, the factor (lender) determines if your business fits its profile. The factor then analyzes your receivables, checking the credit of your customers and the validity of the invoice. Once verified, the factor advances 70 percent to 80 percent of the face amount of the invoice. When your customer pays, which is usually to the factor’s lock-box, a factoring fee is deducted from the payment. The fee usually ranges from one percent to four percent of the invoice amount, depending on when the customer pays. If the invoice is disputed by your customer, the invoice must be replaced or repaid.
Cost of Venture Factoring?
Venture Capital vs. Venture Factoring
What is the real cost?
You might have heard individuals talk about how expensive traditional factoring is compared to traditional bank lines of credit.
Of course it is; you have a company with a young operating history, which hasn't turned a profit yet. You can't expect a traditional bank to be able to make a loan to a start-up that is losing money. But consider the real cost of venture capital.
In the February 15, 1999 issue of Business Week, the author, Linda Himelstein wrote an article about Benchmark Venture Capital. She points out an investment that Benchmark made in 1997 when it bought 22% of Internet- auction highflier eBay Inc. for $5 million. In February of 1999, that stake was worth about $2.5 billion. That is a whopping 49,900% return in less than two years, she reports.
Now that may be an extreme example, but it makes you think twice about the true cost of capital. Additionally, be prepared to give up some control of your company to the venture capitalist in the form of Board seats. They want to make sure you spend their money wisely. With Venture Factoring you are not required to grant Board seats.
Frankly speaking, Venture Factoring can cost anywhere from Prime plus 3 or 4 with a warrant play, all the way up to 3% per month. But even 36% annually is a lot more reasonable than 24,950% (half of the 49,900% that eBay gave up in two years).
作者：安普若 在 海归黄埔军校 发贴, 来自【海归网】 http://www.haiguinet.com
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 《海归黄埔军校》课程《中国企业资本运营》第二章《债权融资》：保理 -- 安普若 - (6249 Byte) 2005-5-06 周五, 19:41 (3495 reads)
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