关于贸易融资的研究外文翻译.docx

1、关于贸易融资的研究外文翻译外文翻译原文AN INTRODUCTION TO TRADE FINANCEMaterial Source: Trade Finance-Time Bandits Author: Moiseiwitsch， J.The absence of an adequate trade finance infrastructure is, in effect, equivalent to a barrier to trade. Limited access to financing, high costs, and lack of insurance or guarantees

2、 are likely to hinder the trade and export potential of an economy, and particularly that of small and medium sized enterprises.As explained in Chapter 1, trade facilitation aims at reducing transaction cost and time by streamlining trade procedures and processes. One of the most important challenge

3、s for traders involved in a transaction is to secure financing so that the transaction may actually take place. The faster and easier the process of financing an international transaction, the more trade will be facilitated.Traders require working capital (i.e., short-term financing) to support thei

4、r trading activities.Exporters will usually require financing to process or manufacture products for the export market before receiving payment. Such financing is known as pre-shipping finance. Conversely, importers will need a line of credit to buy goods overseas and sell them in the domestic marke

5、t before paying for imports. In most cases, foreign buyers expect to pay only when goods arrive, or later still if possible, but certainly not in advance. They prefer an open account, or at least a delayed payment arrangement. Being able to offer attractive payments term to buyers is often crucial i

6、n getting a contract and requires access to financing for exporters.Therefore, governments whose economic growth strategy involves trade development should provide assistance and support in terms of export financing and development of an efficient financial infrastructure. There are many types of fi

7、nancial tools and packages designed to facilitate the financing of trade transactions. This Chapter will only introduce three types, namely: Trade Financing Instruments，Export Credit Insurances，and Export Credit Guarantees1. Trade Financing InstrumentsThe main types of trade financing instruments ar

8、e as follows:a) Documentary CreditThis is the most common form of the commercial letter of credit. The issuing bank will make payment, either immediately or at a prescribed date, upon the presentation of stipulated documents. These documents will include shipping and insurance documents, and commerc

9、ial invoices. The documentary credit arrangement offers an internationally used method of attaining a commercially acceptable undertaking by providing for payment to be made against presentation of documentation representing the goods, making possible the transfer of title to those goods. A letter o

10、f credit is a precise document whereby the importers bank extends credit to the importer and assumes responsibility in paying the exporter.A common problem faced in emerging economies is that many banks have inadequate capital and foreign exchange, making their ability to back the documentary credit

11、s questionable. Exporters may require guarantees from their own local banks as an additional source of security, but this may generate significant additional costs as the banks may be reluctant to assume the risks. Allowing internationally reputable banks to operate in the country and offer document

12、ary credit is one way to effectively solve this Problem.b) CountertradeAs mentioned above, most emerging economies face the problem of limited foreign exchange holdings. One way to overcome this constraint is to promote and encourage countertrade. Todays modern counter trade appears in so many forms

13、 that it is difficult to devise a definition. It generally encompasses the idea of subjecting the agreement to purchase goods or services to an undertaking by the supplier to take on a compensating obligation. The seller is required to accept goods or other instruments of trade in partial or whole p

14、ayment for its products. Some of the forms of countertrade include: Barter This traditional type of counter trade involving the exchange of goods and services against other goods and services of equivalent value, with no monetary exchange between exporter and importer. Counterpurchase The exporter u

15、ndertakes to buy goods from the importer or from a company nominated by the importer, or agrees to arrange for the purchase by a third party. The value of the counterpurchased goods is an agreed percentage of the prices of the goods originally exported. Buy-back The exporter of heavy equipment agree

16、s to accept products manufactured by the importer of the equipment as payment.c) FactoringThis involves the sale at a discount of accounts receivable or other debt assets on a daily, weekly or monthly basis in exchange for immediate cash. The debt assets are sold by the exporter at a discount to a factoring house, which will assume all commercial and political risks of the account receivable. In the absence of private sector players, gove