关于贸易融资的研究外文翻译.docx

关于贸易融资的研究外文翻译.docx

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关于贸易融资的研究外文翻译

外文翻译

原文

ANINTRODUCTIONTOTRADEFINANCE

MaterialSource:

TradeFinance-TimeBandits

Author:

Moiseiwitsch，J.

Theabsenceofanadequatetradefinanceinfrastructureis,ineffect,equivalenttoabarriertotrade.Limitedaccesstofinancing,highcosts,andlackofinsuranceorguaranteesarelikelytohinderthetradeandexportpotentialofaneconomy,andparticularlythatofsmallandmediumsizedenterprises.

AsexplainedinChapter1,tradefacilitationaimsatreducingtransactioncostandtimebystreamliningtradeproceduresandprocesses.Oneofthemostimportantchallengesfortradersinvolvedinatransactionistosecurefinancingsothatthetransactionmayactuallytakeplace.Thefasterandeasiertheprocessoffinancinganinternationaltransaction,themoretradewillbefacilitated.

Tradersrequireworkingcapital（i.e.,short-termfinancing）tosupporttheirtradingactivities.Exporterswillusuallyrequirefinancingtoprocessormanufactureproductsfortheexportmarketbeforereceivingpayment.Suchfinancingisknownaspre-shippingfinance.Conversely,importerswillneedalineofcredittobuygoodsoverseasandselltheminthedomesticmarketbeforepayingforimports.Inmostcases,foreignbuyersexpecttopayonlywhengoodsarrive,orlaterstillifpossible,butcertainlynotinadvance.Theypreferanopenaccount,oratleastadelayedpaymentarrangement.Beingabletoofferattractivepaymentstermtobuyersisoftencrucialingettingacontractandrequiresaccesstofinancingforexporters.

Therefore,governmentswhoseeconomicgrowthstrategyinvolvestradedevelopmentshouldprovideassistanceandsupportintermsofexportfinancinganddevelopmentofanefficientfinancialinfrastructure.Therearemanytypesoffinancialtoolsandpackagesdesignedtofacilitatethefinancingoftradetransactions.ThisChapterwillonlyintroducethreetypes,namely:

TradeFinancingInstruments，ExportCreditInsurances，andExportCreditGuarantees

1.TradeFinancingInstruments

Themaintypesoftradefinancinginstrumentsareasfollows:

a）DocumentaryCredit

Thisisthemostcommonformofthecommercialletterofcredit.Theissuingbankwillmakepayment,eitherimmediatelyorataprescribeddate,uponthepresentationofstipulateddocuments.Thesedocumentswillincludeshippingandinsurancedocuments,andcommercialinvoices.Thedocumentarycreditarrangementoffersaninternationallyusedmethodofattainingacommerciallyacceptableundertakingbyprovidingforpaymenttobemadeagainstpresentationofdocumentationrepresentingthegoods,makingpossiblethetransferoftitletothosegoods.Aletterofcreditisaprecisedocumentwherebytheimporter’sbankextendscredittotheimporterandassumesresponsibilityinpayingtheexporter.

Acommonproblemfacedinemergingeconomiesisthatmanybankshaveinadequatecapitalandforeignexchange,makingtheirabilitytobackthedocumentarycreditsquestionable.Exportersmayrequireguaranteesfromtheirownlocalbanksasanadditionalsourceofsecurity,butthismaygeneratesignificantadditionalcostsasthebanksmaybereluctanttoassumetherisks.AllowinginternationallyreputablebankstooperateinthecountryandofferdocumentarycreditisonewaytoeffectivelysolvethisProblem.

b）Countertrade

Asmentionedabove,mostemergingeconomiesfacetheproblemoflimitedforeignexchangeholdings.Onewaytoovercomethisconstraintistopromoteandencouragecountertrade.Today’smoderncountertradeappearsinsomanyformsthatitisdifficulttodeviseadefinition.Itgenerallyencompassestheideaofsubjectingtheagreementtopurchasegoodsorservicestoanundertakingbythesuppliertotakeonacompensatingobligation.Thesellerisrequiredtoacceptgoodsorotherinstrumentsoftradeinpartialorwholepaymentforitsproducts.Someoftheformsofcountertradeinclude:

•Barter–Thistraditionaltypeofcountertradeinvolvingtheexchangeofgoodsandservicesagainstothergoodsandservicesofequivalentvalue,withnomonetaryexchangebetweenexporterandimporter.

•Counterpurchase–Theexporterundertakestobuygoodsfromtheimporterorfromacompanynominatedbytheimporter,oragreestoarrangeforthepurchasebyathirdparty.Thevalueofthecounterpurchasedgoodsisanagreedpercentageofthepricesofthegoodsoriginallyexported.

•Buy-back–Theexporterofheavyequipmentagreestoacceptproductsmanufacturedbytheimporteroftheequipmentaspayment.

c）Factoring

Thisinvolvesthesaleatadiscountofaccountsreceivableorotherdebtassetsonadaily,weeklyormonthlybasisinexchangeforimmediatecash.Thedebtassetsaresoldbytheexporteratadiscounttoafactoringhouse,whichwillassumeallcommercialandpoliticalrisksoftheaccountreceivable.Intheabsenceofprivatesectorplayers,gove