chFINANCINGFOREIGNRADE跨國公司財務(wù)管理Jose

MultinationalFinancialManagement

AlanShapiro

7thEdition

J.Wiley&Sons

PowerPointsbyJosephF.Greco,Ph.D.CaliforniaStateUniversity,Fullerton1

FINANCINGFOREIGNTRADECHAPTER182CHAPTEROVERVIEW:I. PAYMENTTERMSII. DOCUMENTSIII. FINANCINGTECHNIQUESIV. GOVERNMENTSOURCESOF EXPORTFINANCINGANDCREDIT INSURANCEV. COUNTERTRADE3I. PAYMENTTERMSI. PAYMENTTERMS A. FivePrincipalMeans: 1. Cashinadvance 2. LetterofCredit 3. Drafts 4. Consignment 5. OpenAccount4PAYMENTTERMS B. CashinAdvance 1. Minimalrisktoexporter 2. Usedwherethereis a. Politicalunrest b. Goodsmadetoorder c. Newunfamiliarcustomer5PAYMENTTERMS C. LetterofCredit(L/C) 1. Aletteraddressedtoseller a. writtenandsignedby buyer’sbank b. promisingtohonorseller’s drafts. c. Banksubstitutesitsown commitment d. Sellermustconformto terms6PAYMENTTERMS 2. AdvantagesofanL/CtoExporter a. eliminatescreditrisk b. reducesdefaultrisk c. paymentcertainty d. prepaymentriskprotection e. financingsource7PAYMENTTERMS 3. AdvantagesofL/CtoImporter a. shipmentassured b. documentsinspected c. mayallowbettersalesterms d. relativelylow-costfinancing e. easycashrecoveryif discrepancies 8PAYMENTTERMS 4. TypesofL/Cs a. documentary b. non-documentary c. revocable d. irrevocable e. confirmed f. transferable9PAYMENTTERMSD. DRAFTS 1. Definition: -unconditionalorderinwriting -exporter’sorderforimporter topay -atonce(sightdraft)or -infuture(timedraft)10PAYMENTTERMS2. ThreeFunctionsofDraftsa. clearevidenceoffinancialobliga-tionb. reducedfinancingcostsc. providesnegotiableanduncondi-tionalfinancialinstrument(ie.Maybeconvertedtoabanker’sacceptance)11PAYMENTTERMS3. TypesofDraftsa. sightb. timec. clean(nodocumentsneeded)d. documentary12PAYMENTTERMSE. CONSIGNMENT1. Exporter=theconsignor2. Importer=theconsignee3. Consigneeattemptstosellgoodstoathirdparty;keepssomeprofit,remitsresttoconsignor.4. Use:Betweenaffiliates13PAYMENTTERMSF. OPENACCOUNT1. Createsacreditsale2. Toimporter’sadvantage3. Morepopularlatelybecausea. majorsurgeinglobaltradeb. creditinformationimprovedc. moreglobalfamiliaritywithexporting.14PAYMENTTERMS4. BenefitsofOpenAccounts:a. greaterflexibilityinmakingatradeb. lowertransactionscosts5. Majordisadvantage:highlyvulnerabletogovernmentcurrencycontrols.15II.DOCUMENTSII.DOCUMENTSUSEDININT’LTRADEA. Fourmostuseddocuments1.BillofLading(mostimportant)2.CommercialInvoice3.InsuranceCertificate16DOCUMENTSB. BillofLadingThreefunctions:1. Actsasacontracttocarrythegoods.2. Actsasashipper’’sreceipt3.Establishesownershipovergoodsifnegotiabletype.17DOCUMENTS2. TypeofBillsa. Straightb. Orderc. On-boardd. Received-for-shipmente. Cleanf. Foul18DOCUMENTSC. COMMERCIALINVOICEPurpose:1. Listsfulldetailsofgoodsshipped2. Namesofimporter/exportergiven3. Identifiespaymentterms4. Listchargesfortransportandinsurance.19DOCUMENTSD. INSURANCE1. TwoCategories:a. Marine:transportbyseab. Air:transportbyair2. InsuranceCertificateissuedtoshowproofofinsurance3. Allshipmentsinsuredtoday.20DOCUMENTSE. CONSULARINVOICELocalconsulateinhostcountryissues:avisafortheexporter’sinvoicerequiresfeetobepaidtoconsulate21III.FINANCINGTECHNIQUESIII.FINANCINGTECHNIQUESA. FourTypes:1. Bankers’Acceptancesa.Creation:draftsacceptedb.Terms:Payableatmaturitytoholder22FINANCINGTECHNIQUES2. Discountinga. Convertsexporters’draftstocashminusinteresttomaturityandcommissions.b. Lowcostfinancingwithfewfeesc. Maybewith(exporterstillliable)orwithoutrecourse(banktakesliabilityfornonpayment).23FINANCINGTECHNIQUES3. Factoring-firmssellaccountsreceivabletoanotherfirmknownasthefactor.a. Discountchargedbyfactorb. Non-recoursebasis:Factorassumesallpaymentrisk.c. Whenused:1.)Occasionalexporting2.)Clientsgeographicallydispersed.24FINANCINGTECHNIQUES4. Forfaitinga. Definition:discountingatafixedratewithoutrecourseofmedium-termaccountsreceivabledenominatedinafullyconvertiblecurrency.b. Use:Largecapitalpurchasesc. MostpopularinW.Europe25IV.GOVERNMENTSOURCESOFEXPORTFINANCINGIV.GOVERNMENTSOURCESOFEXPORTFINANCINGANDCREDITINSURANCEA. Export-ImportBankoftheU.S.-knownasEx-ImBank-financesandfacilitatesU.S.exportsonly.26GOVERNMENTSOURCESOFEXPORTFINANCING1. Ex-ImBankPrograms:a. Directloanstoexportersb. Intermediateloanstoexportersc. Loanguaranteesd. Preliminarycommitmentse. Politicalandcommercialinsurance27GOVERNMENTSOURCESOFEXPORTFINANCINGB. PrivateExportFundingCorporation(PEFCO)1. Financeslargesalesfromprivatesources2. MaypurchaseloansofU.S.importers3. ExImBankprovidesloanguarantees.28GOVERNMENTSOURCESOFEXPORTFINANCINGC. ForeignCreditInsuranceAssociation(FCIA)1. Offerscommercialandpoliticalriskinsurance2. Wheninsured,exporteroftenabletoobtainfinancingfaster.29V. COUNTERTRADEV. COUNTERTRADEA. ThreeSpecificForms:1. Barterdirectexchangeinkind2. Count