ch18FINANCINGFOREIGNTRADE(跨国公司财务管理-Josep.ppt

1,MultinationalFinancialManagementAlanShapiro7thEditionJ.Wileykeepssomeprofit,remitsresttoconsignor.4.Use:Betweenaffiliates,14,PAYMENTTERMS,F.OPENACCOUNT1.Createsacreditsale2.Toimportersadvantage3.Morepopularlatelybecausea.majorsurgeinglobaltradeb.creditinformationimprovedc.moreglobalfamiliaritywithexporting.,15,PAYMENTTERMS,4.BenefitsofOpenAccounts:a.greaterflexibilityinmakingatradeb.lowertransactionscosts5.Majordisadvantage:highlyvulnerabletogovernmentcurrencycontrols.,16,II.DOCUMENTS,II.DOCUMENTSUSEDININTLTRADEA.Fourmostuseddocuments1.BillofLading(mostimportant)2.CommercialInvoice3.InsuranceCertificate,17,DOCUMENTS,B.BillofLadingThreefunctions:1.Actsasacontracttocarrythegoods.2.Actsasashippersreceipt3.Establishesownershipovergoodsifnegotiabletype.,18,DOCUMENTS,2.TypeofBillsa.Straightb.Orderc.On-boardd.Received-for-shipmente.Cleanf.Foul,19,DOCUMENTS,C.COMMERCIALINVOICEPurpose:1.Listsfulldetailsofgoodsshipped2.Namesofimporter/exportergiven3.Identifiespaymentterms4.Listchargesfortransportandinsurance.,20,DOCUMENTS,D.INSURANCE1.TwoCategories:a.Marine:transportbyseab.Air:transportbyair2.InsuranceCertificateissuedtoshowproofofinsurance3.Allshipmentsinsuredtoday.,21,DOCUMENTS,E.CONSULARINVOICELocalconsulateinhostcountryissues:avisafortheexportersinvoicerequiresfeetobepaidtoconsulate,22,III.FINANCINGTECHNIQUES,III.FINANCINGTECHNIQUESA.FourTypes:1.BankersAcceptancesa.Creation:draftsacceptedb.Terms:Payableatmaturitytoholder,23,FINANCINGTECHNIQUES,2.Discountinga.Convertsexportersdraftstocashminusinteresttomaturityandcommissions.b.Lowcostfinancingwithfewfeesc.Maybewith(exporterstillliable)orwithoutrecourse(banktakesliabilityfornonpayment).,24,FINANCINGTECHNIQUES,3.Factoring-firmssellaccountsreceivabletoanotherfirmknownasthefactor.a.Discountchargedbyfactorb.Non-recoursebasis:Factorassumesallpaymentrisk.c.Whenused:1.)Occasionalexporting2.)Clientsgeographicallydispersed.,25,FINANCINGTECHNIQUES,4.Forfaitinga.Definition:discountingatafixedratewithoutrecourseofmedium-termaccountsreceivabledenominatedinafullyconvertiblecurrency.b.Use:Largecapitalpurchasesc.MostpopularinW.Europe,26,IV.GOVERNMENTSOURCESOFEXPORTFINANCING,IV.GOVERNMENTSOURCESOFEXPORTFINANCINGANDCREDITINSURANCEA.Export-ImportBankoftheU.S.-knownasEx-ImBank-financesandfacilitatesU.S.exportsonly.,27,GOVERNMENTSOURCESOFEXPORTFINANCING,1.Ex-ImBankPrograms:a.Directloanstoexportersb.Intermediateloanstoexportersc.Loanguaranteesd.Preliminarycommitmentse.Politicalandcommercialinsurance,28,GOVERNMENTSOURCESOFEXPORTFINANCING,B.PrivateExportFundingCorporation(PEFCO)1.Financeslargesalesfromprivatesources2.MaypurchaseloansofU.S.importers3.ExImBankprovidesloanguarantees.,29,GOVERNMENTSOURCESOFEXPORTFINANCING,C.ForeignCreditInsuranceAssociation(FCIA)1.Offerscommercialandpoliticalriskinsurance2.Wheninsured,exporteroftenabletoobtainfinancingfaster.,30,V.COUNTERTRADE,V.COUNTERTRADEA.ThreeSpecificForms:1.Barterdirectexchangeinkind2.Counterpurchasesale/purchaseofunrelatedgoodsbutwithcurrencies3.Buybackrepaymentoforig