会计英文文献081保理业务

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1、外文翻译： 保理业务 原文来源：From Wikipedia, the free encyclopedia 译文正文：1.原因保理业务是企业在可用现金余额不足以应付当前现有的企业现金的需要，例如签订了新的合同或者有了新的订单的时候，用保理的方法获得现金以满足公司的持续不断的向前发展。通过降低现金压货的情况，把更多的现金用在企业的成长投资上。一个公司将其销售发票的面值以它认为是能取得最大收益的折扣价格卖出去换现金，这种方法能够更好的为企业自身的发展充当银行的功效。因此，保理业务发生时，用于在生产投资的收益率远远超过了保理业务发生的有关费用。所以，企业赚取的收益成了决定生产投资和使用成本的一个至关

2、重要的因素，并且现金的数量公司持有。许多企业的现金流不同，一个企业在一个时期可能需要比较大的现金流，但是有时候在另一个时期需要的现金流又相对来说比较小，正因为如此，公司均认为有必要保持手上的现金余额，所以会用到保理这些手段。为了应付短期的时期内超过现金流的现金需求。每个企业必须都能够决定它需要通过保理业务获得多少现金以应付短期的现金需求，需要持有多大的一笔现金余额用以保证能够在一个低现金流的时期能够用以支付。总的来说，现金流量的变化将决定企业所持有的现金余额的大小，所有这些都将依赖于保理等金融机制。现金流量的变化直接由以下两个因素决定：（1）现金流能在多大程度上改变。（2）现金流可以维持在平均

3、水平以下的时间长短。如果现金流可以在短时间内锐减，那么在此段时期内，企业会发现它需要大量的现金，不管是从现存的现金余额还是从保理业务等以应对它所需要承担的义务。相同的，在一个相对较低的现金流持续的时间内，企业需要从各种途径获得更多的现金以应对它所需要承担的义务。正如所指出的，企业必须平衡就失去它本来的现金投资回报的机会成本，对使用保理所产生的费用。2.与银行贷款的区别保理提供资金，银行却不这样做，保理更侧重于债务人，谁有义务支付货物或由卖方提供的服务的发票信誉第一。相比之下，在银行借贷关系的基本重点是对借款人的信用，而不是它的客户。虽然银行贷款是比保理便宜，关键条款和条件下，小企业必须经营有很

4、大不同。从综合成本和提供资金和服务的角度来看，保理业务创造了一些，但并非所有小企业的财富。对于小型企业，他们的选择是放缓他们的成长或外部资金的使用超出了银行。在选择使用超出了银行的快速增长公司的选择之间寻求风险资本（即股票）或销售发票，以资助其增长外部资金的成本较低。后者也更容易获得，并且可以在一个星期或两个问题取得，而确保资金从风险资本家通常可以采取长达6个月。保理业务也可作为过渡性融资，而该公司在追求企业与风险资本和资本一起，以提供比单独股权融资的资金平均成本降低。企业也可以结合三种类型的融资，天使/风险，保理和银行的信贷额度，以进一步降低，同时改善现金流量的时间，增加资金总成本的同时。如

5、同任何技术，保理解决了一些问题，但不是全部。与收入之间的传播从一个小销售和企业的销售成本，应限制其使用的保理盈亏平衡销售水平高于其收入减去其中的保理费用，加上销售成本是积极的直接销售。虽然保理业务是一项对提高对中小型企业创新快速发展的极大吸引力的技术，同样的金融资产技术可用于从根本上扭转一个良好的经营管理遇到的一个完美风暴并且取得了显着的成绩，它已经不可能超越银行公约对公司的工作范围内的约束。利用这一目的，保理的价值在于它提供管理所需的时间来执行业务转向周围的变化。该公司支付有一个未来的业主控制选项。与陷入困境的情况下为其中有一半的真理占保理协会被称为最后的融资手段。然而，该技术是只有一个适度

6、传播之间的收入来自出售，其成本是周转可取的。也通常能够周转成为业主在这种情况下的财富。大公司其资产负债表上显示没有任何负面的内涵，而不是现金应收帐款项，特别是从他们的客户欠的钱，特别是当这些款项被用于显示时间的延长期限超过60天或因北美规范少。3.销售发票 卖方最近提出的发票生成发票的因素，金额即超过了发票（s）值减少因汇率一经贴现和预备役同意。阿储备是一项条文，包括短付款，由债务人或支付超过了发票全额收到付款后不超过预期。其结果是初步付款1秒1等于发票的，如果是足额，按时或到与卖家帐户抵免因素储备量之后。在一个正在进行的关系将得到卖方的发票后，其资金的因素之一，两天收到发票。精明的发票卖家可

7、以使用的技术组合，涵盖范围1至5加保费用为50至60天之内或多个支付发票。在许多行业，客户希望付出数个百分点，以获得灵活的销售条款。实际上，客户愿意支付供应商是他们的权益，减少银行的客户需要运行他们的业务。为了解决这个问题，是一个普遍的做法是在发票上提供及时付款折扣。这通常载于一作为一个在10日内付款为2的折扣优惠发票。 （很少有企业能依靠，有系统地采取特别是对低价值的发票贴现， - 下10万美元 - 这样的现金流入估计是充满变数，因此并不是一个可靠的基础，使作出的承诺。）发票卖家还可以寻求现金折扣从供应商的2上升至10（根据行业标准）为迅速报酬。大公司还利用在报告期间内服饰现金，而不是通过显

8、示其资产负债表应收账款保理技术结束。有一些提供给发票取决于它们的具体要求卖方保理安排许多品种。基本的介绍下。4.保理商当最初由潜在卖方接触发票，首先确定的因素是否存在一个基本条件，是否存在债务人的一个按时支付账单的历史？也就是说，他们是否有信用？ （实际获得的一个因素可能对债务人的破产，从而成为不缴纳保险费的发票。）债务人发票是否有信用这个因素是愿意考虑购买发票的所有买家的决定因素。传统的安排，最适合小企业，特别是新的，全面的服务是保当债务人被通知支付的责任也需要收集债务人破产时债务人没有支付风险事件的能力。非追索权保理，这种传统的方法将完全承担不付款的所有风险。如果债务人因为破产无能力支付发

9、票金额，这将是保理人的责任，并不能从卖票方那里追索回以付给的票款。该保理将只能购买具有固定的信用的发票但是往往却步于普通信贷客户。这种保理的费用通常是这个保理业务中更高的，因为承担更大的风险，并提供作为整体的一部分的信贷审查和收款服务。对于正式的管理结构，如公司的董事会（与外部成员），和一个专业的指定控制机构，可能不会通知债务人（即不通知保理）。发票卖方不得保留信用控制功能。如果他们不那么很可能该因素将坚持对卖家的追索权，如果同意没有发票后支付时间的推移，一般是60或90天。有不付款的客户时，卖方必须用其他信贷发票回购这张不付款的发票。尽管大多数大型组织制订了程序，以处理与供应商谁使用第三方融

10、资的安排，并与他们直接接触，许多企业家仍然十分关心他们的客户通知。这是一个销售过程的一部分，从推销发票的好处对保理的一部分，他们的客户以及它的行为。即便如此，在一些行业任有一种观点认为造成企业债务的因素是金融危机。有两种保理方法：追索权和无追索权。有追索权保理业务，客户不能摆脱不良债务的风险。另一方面，根据假定的因素无追索权保理，即整个信用风险，支付发票全额即使成为坏帐事件也不能向客户追索。5.发票付款人大型企业和政府组织，如通常有专门的程序来处理的一个方面保理，付款到收到通知后由第三方的人，他们将支付保理。很多，但并非所有这些组织都明白保理业务对小公司的用处，并明确区别小企业迅速成长和周转这

11、两者的不同。企业从某个原因购买供应商的发票，因此该公司应该坚持相信自己能够履行承诺，坚持完成。不过一旦已进行的工作完成，这是一个关于谁支付的问题。例如，通用电气公司明确应遵循的程序，以区分他们的工作和支付的敏感性。美国政府的直接需要的是一种债权能够转让的合同（修正案允许支付保理）。6.风险保理业务最重要的风险是：(1) 外部欺诈客户：假发票，错误的付款指示，预开发票，未赋值的信用票据，保险等政策的大骗局，客户的审计可能会限制风险。 （2）法律，遵守和税务风险：大量的国家适用的法律法规不同。 （3）经营风险，如合同纠纷 （4）统一商法典（UCC的- 1）确保资产的权利。 （5）国税局与留置权相关

12、的工资税等。 （6）信息和通信技术风险：复杂的，综合保理系统，广泛的数据与客户交流。FactoringFrom Wikipedia, the free encyclopedia1. ReasonFactoring is a method used by a firm to obtain Cash when the available Cash Balance held by the firm is insufficient to meet current obligations and accommodate its other cash needs, such as new orders o

13、r contracts. The use of Factoring to obtain the Cash needed to accommodate the firms immediate Cash needs will allow the firm to maintain a smaller ongoing Cash Balance. By reducing the size of its Cash Balances, more money is made available for investment in the firms growth. A company sells its in

14、voices at a discount to their face value when it calculates that it will be better off using the proceeds to bolster its own growth than it would be by effectively functioning as its customers bank. Accordingly, Factoring occurs when the rate of return on the proceeds invested in production exceed t

15、he costs associated with Factoring the Receivables. Therefore, the trade off between the return the firm earns on investment in production and the cost of utilizing a Factor is crucial in determining both the extent Factoring is used and the quantity of Cash the firm holds on hand.Many businesses ha

16、ve Cash Flow that varies. A business might have a relatively large Cash Flow in one period, and might have a relatively small Cash Flow in another period. Because of this, firms find it necessary to both maintain a Cash Balance on hand, and to use such methods as Factoring, in order to enable them t

17、o cover their Short Term cash needs in those periods in which these needs exceed the Cash Flow. Each business must then decide how much it wants to depend on Factoring to cover short falls in Cash, and how large a Cash Balance it wants to maintain in order to ensure it has enough Cash on hand during

18、 periods of low Cash Flow.Generally, the variability in the cash flow will determine the size of the Cash Balance a business will tend to hold as well as the extent it may have to depend on such financial mechanisms as Factoring. Cash flow variability is directly related to 2 factors:1. The extent C

19、ash Flow can change, 2. The length of time Cash Flow can remain at a below average level. If cash flow can decrease drastically, the business will find it needs large amounts of cash from either existing Cash Balances or from a Factor to cover its obligations during this period of time. Likewise, th

20、e longer a relatively low cash flow can last, the more cash is needed from another source (Cash Balances or a Factor) to cover its obligations during this time. As indicated, the business must balance the opportunity cost of losing a return on the Cash that it could otherwise invest, against the cos

21、ts associated with the use of Factoring.2.Differences from bank loansFactors make funds available, even when banks would not do so, because factors focus first on the credit worthiness of the debtor, the party who is obligated to pay the invoices for goods or services delivered by the seller. In con

22、trast, the fundamental emphasis in a bank lending relationship is on the creditworthiness of the borrower, not that of its customers. While bank lending is cheaper than factoring, the key terms and conditions under which the small firm must operate differ significantly.From a combined cost and avail

23、ability of funds and services perspective, factoring creates wealth for some but not all small businesses. For small businesses, their choice is slowing their growth or the use of external funds beyond the banks. In choosing to use external funds beyond the banks the rapidly growing firms choice is

24、between seeking venture capital (i.e., equity) or the lower cost of selling invoices to finance their growth. The latter is also easier to access and can be obtained in a matter of a week or two, whereas securing funds from venture capitalists can typically take up to six months. Factoring is also u

25、sed as bridge financing while the firm pursues venture capital and in conjunction with venture capital to provide a lower average cost of funds than equity financing alone. Firms can also combine the three types of financing, angel/venture, factoring and bank line of credit to further reduce their t

26、otal cost of funds whilst at the same time improving cash flow.As with any technique, factoring solves some problems but not all. Businesses with a small spread between the revenue from a sale and the cost of a sale, should limit their use of factoring to sales above their breakeven sales level wher

27、e the revenue less the direct cost of the sale plus the cost of factoring is positive.While factoring is an attractive alternative to raising equity for small innovative fast-growing firms, the same financial technique can be used to turn around a fundamentally good business whose management has enc

28、ountered a perfect storm or made significant business mistakes which have made it impossible for the firm to work within the constraints of their bank covenants. The value of using factoring for this purpose is that it provides management time to implement the changes required to turn the business a

29、round. The firm is paying to have the option of a future the owners control. The association of factoring with troubled situations accounts for the half truth of it being labeled last resort financing. However, use of the technique when there is only a modest spread between the revenue from a sale a

30、nd its cost is not advisable for turnarounds. Nor are turnarounds usually able to recreate wealth for the owners in this situation.Large firms use the technique without any negative connotations to show cash on their balance sheet rather than an account receivable entry, money owed from their custom

31、ers, particularly when these show payments being due for extended periods of time beyond the North American norm of 60 days or less.3. Invoice sellersThe invoice seller presents recently generated invoices to the factor in exchange for an amount that is less than the value of the invoice(s) by an ag

32、reed upon discount and a reserve. A reserve is a provision to cover short payments, payment of less than the full amount of the invoice by the debtor, or a payment received later than expected. The result is an initial payment followed by a second one equal to the amount of the reserve if the invoic

33、e is paid in full and on time or a credit to the account of the seller with the factor. In an ongoing relationship the invoice seller will get their funds one or two days after the factor receives the invoices. Astute invoice sellers can use a combination of techniques to cover the range of 1% to 5%

34、 plus cost of factoring for invoices paid within 50 to 60 days or more. In many industries, customers expect to pay a few percentage points higher to get flexible sales terms. In effect the customer is willing to pay the supplier to be their bank and reduce the equity the customer needs to run their

35、 business. To counter this it is a widespread practice to offer a prompt payment discount on the invoice. This is commonly set out on an invoice as an offer of a 2% discount for payment in ten days. Few firms can be relied upon to systematically take the discount, particularly for low value invoices

36、 - under $100,000 - so cash inflow estimates are highly variable and thus not a reliable basis upon which to make commitments. Invoice sellers can also seek a cash discount from a supplier of 2% up to 10% (depending on the industry standard) in return for prompt payment. Large firms also use the tec

37、hnique of factoring at the end of reporting periods to dress their balance sheet by showing cash instead of accounts receivable. There are a number of varieties of factoring arrangements offered to invoice sellers depending upon their specific requirements. The basic ones are described under the hea

38、ding Factors below.4.FactorsWhen initially contacted by a prospective invoice seller, the factor first establishes whether or not a basic condition exists, does the potential debtor(s) have a history of paying their bills on time? That is, are they creditworthy? (A factor may actually obtain insuran

39、ce against the debtors becoming bankrupt and thus the invoice not being paid.) The factor is willing to consider purchasing invoices from all the invoice sellers creditworthy debtors. The classic arrangement which suits most small firms, particularly new ones, is full service factoring where the deb

40、tor is notified to pay the factor (notification) who also takes responsibility for collection of payments from the debtor and the risk of the debtor not paying in the event the debtor becomes insolvent, non recourse factoring. This traditional method of factoring puts the risk of non-payment fully o

41、n the factor. If the debtor cannot pay the invoice due to insolvency, it is the factors problem to deal with and the factor cannot seek payment from the seller. The factor will only purchase solid credit worthy invoices and often turns away average credit quality customers. The cost is typically hig

42、her with this factoring process because the factor assumes a greater risk and provides credit checking and payment collection services as part of the overall package. For firms with formal management structures such as a Board of Directors (with outside members), and a Controller (with a professiona

43、l designation), debtors may not be notified (i.e., non-notification factoring). The invoice seller may not retain the credit control function. If they do then it is likely that the factor will insist on recourse against the seller if the invoice is not paid after an agreed upon elapse of time, typic

44、ally 60 or 90 days. In the event of non-payment by the customer, the seller must buy back the invoice with another credit worthy invoice. Recourse factoring is typically the lowest cost for the seller because they retain the bad debt risk, which makes the arrangement less risky for the factor.Despit

45、e the fact that most large organizations have in place processes to deal with suppliers who use third party financing arrangements incorporating direct contact with them, many entrepreneurs remain very concerned about notification of their clients. It is a part of the invoice selling process that be

46、nefits from salesmanship on the part of the factor and their client in its conduct. Even so, in some industries there is a perception that a business that factors its debts is in financial distress.There are two methods of factoring: recourse and non-recourse. Under recourse factoring, the client is

47、 not protected against the risk of bad debts. On the other hand, the factor assumes the entire credit risk under non-recourse factoring i.e., full amount of invoice is paid to the client in the event of the debt becoming bad.5.Invoice payers Large firms and organizations such as governments usually

48、have specialized processes to deal with one aspect of factoring, redirection of payment to the factor following receipt of notification from the third party (i.e., the factor) to whom they will make the payment. Many but not all in such organizations are knowledgeable about the use of factoring by s

49、mall firms and clearly distinguish between its use by small rapidly growing firms and turnarounds.Distinguishing between assignment of the responsibility to perform the work and the assignment of funds to the factor is central to the customer/debtors processes. Firms have purchased from a supplier f

50、or a reason and thus insist on that firm fulfilling the work commitment. Once the work has been performed however, it is a matter of indifference who is paid. For example, General Electric has clear processes to be followed which distinguish between their work and payment sensitivities. Contracts di

51、rect with US Government require an Assignment of Claims which is an amendment to the contract allowing for payments to third parties (factors).6.RisksThe most important risks of a factor are: Counter party credit risk related to clients and risk covered debtors. Risk covered debtors can be reinsured

52、, which limit the risks of a factor. Trade receivables are a fairly low risk asset due to their short duration. External fraud by clients: fake invoicing, mis-directed payments, pre-invoicing, not assigned credit notes, etc. A fraud insurance policy and subjecting the client to audit could limit the

53、 risks. Legal, compliance and tax risks: large number of applicable laws and regulations in different countries. Operational risks, such as contractual disputes. Uniform Commercial Code (UCC-1) securing rights to assets. IRS liens associated with payroll taxes etc. ICT risks: complicated, integrated factoring system, extensive data exc7