国际贸易支付方法的风险及防范策略研究

IIIChapterOneIntroductionInthedigitaltransformationofglobaltrade,paymenttoolinnovationandriskevolutionexhibitdual-trackcharacteristics:technologieslikeBlockchainenhanceefficiency,yetriskssuchassoftclausesinlettersofcreditandCBDCsovereigntyconflictsfrequentlyemerge.Traditionalstaticanalysisframeworksproveinadequate.Groundedindual-trackevolutiontheoryandcomplexadaptivesystemstheory,thisstudybuildsathree-dimensional“enterprise-government-international”preventionsystemtoresolvetheimbalancebetweentechnologyandinstitutions.Thisstudyinnovativelypositsthatpaymentrisksstemfromtheimbalancebetweentechnologicaliterationvelocityandinstitutionaladaptationcycles,necessitatingtripartiteenterprise-government-internationalcollaborationfordynamicgovernance.1.1ResearchObjectivesToexplorethedynamicsynergisticrelationshipbetweentechnologicaliterationandinstitutionalevolution.FocusingonscenariossuchasL/Coperations,thisstudycombinestheoreticalandempiricalmethodsto,firstofall,revealthenonlinearcharacteristicsofrisktransmissionindigitalpaymenttoolinnovation.Thenitconstructasystematicriskpreventionandcontrolstrategyadaptedtodynamicenvironments,providingsolutionsforpaymentsystemtransformation.Byapplyingempiricalmethodssuchascaseanalysisandintegratingrelevanttheories,thisstudydeeplyanalyzesrisktransmissionmechanismsindifferentscenarios.Achievingtheseobjectivesisexpectedtoprovidepreciseriskpreventionguidelinesforenterprises,assistgovernmentsinformulatingmorepracticalregulatorypolicies,andpromotetheinternationaltradepaymentsystemtowardgreaterefficiencyandsecurity.1.2SignificanceoftheResearchExistingstudiesoftendiscusstechnicaldefectsandinstitutionallagsinisolation.Thisstudyinnovativelyincorporatesbothintoaunifiedanalyticalframework.Theoretically,thisrevealsthetensionbetweentechnologicalprogressandinstitutionaladaptability,offeringanewandcomprehensiveperspectiveforunderstandingtheevolutionrulesofdigitalpaymentrisksandpotentiallyfillingacademicgaps.Practically,theproposedhierarchicalpreventionstrategies,suchasAI-basedmonitoringmechanismsandcross-borderpaymentdual-trackmechanisms,providefeasiblereferencepathsforbalancingtechnologicalinnovationandriskcontrol,whichisofgreatsignificanceforpromotingthestabledevelopmentofthecross-borderpaymentindustry.1.3StructureoftheThesisThefulltextisdividedintosixchapters,focusingonthetransformationpathofpaymentriskpreventionandcontrolparadigmsdrivenbydigitaltechnologies,unfoldingaccordingtothelogicoftheoreticalconstruction,mechanismanalysis,andstrategydesign.Thespecificcontentisasfollows:Chapter1elaboratesontheresearchpositioning,clarifiescoreissues,andlaysthefoundationforsubsequentresearch.Chapter2systematicallyreviewsrelevantdomesticandforeignliterature,deeplyanalyzesresearchachievementsandshortcomingsinthetechnicalandinstitutionalcoordinationmechanism,andhighlightsthenecessityandinnovationofthisstudy.Chapter3integratestheDual-TrackEvolutionTheoryandComplexAdaptiveSystemsTheorytoestablishananalyticalframework,providingtheoreticalsupportforsubsequentriskanalysisandstrategyformulation.Chapter4analyzesrisktransmissionpathsfrombothcommonandspecificdimensions.Chapter5proposestargetedhierarchicalpreventionstrategiesbasedonpreviousanalyses,explainingtheexpectedeffectsandadvantagesofthestrategiesinpracticalapplications.Chapter6summarizestheoreticalcontributionsandpracticalinsights.Thecontentsofeachchapterareinterrelated,focusingonthetransformationpathofpaymentriskpreventionandcontrolparadigmsdrivenbydigitaltechnologies.ChapterTwoLiteratureReviewWiththeaccelerationofglobalization,theimportanceofcross-borderpaymentininternationaltradehasbecomemoreandmoreprominent,andrelatedresearchhasalsoattractedmuchattention.Atpresent,mostoftheresearchonthepaymentriskofinternationaltradebyforeignscholarsfocusesonpaymentmethods,whiledomesticresearchfocusesontechnologyapplicationcases.Thisarticlewillsummarizetheresearchsituationathomeandabroad,summarizetheshortcomings,andexplaintheinnovationofthisstudy.2.1OverseasResearchForeignscholars’researchoninternationaltradepaymentrisksmainlyfocusesonpaymentmethodselection,risktypes,andpreventionstrategies,butwithcertainlimitations.Inpaymentmethodselection,BacchettaandVanWincoop(2005)exploredtheimpactofexportmarketshareonsettlementcurrencychoicein

ATheoryoftheCurrencyDenominationofInternationalTrade.Theyfoundthatcountrieswithlargeexportsharespreferdomesticcurrencysettlementtomitigateexchangeraterisks,butthestudyoverlookscurrencylimitationsfacedbydevelopingeconomies;In

InternationalTradeFinance:DataGapsandMeasurementChallenges,

NiepmannandSchmidt-EisenlohrproposethatbanktradefinanceproductsmitigatetransactionrisksbutfailtoaddressthehighfinancingcostsforSMEs,particularlyinemergingmarkets(2017:3).RegardingL/Cpayments,Alavi(2016)analyzedthelegalframeworkandrisksofdocumentarylettersofcreditin

MitigatingtheRiskofFraudinDocumentaryLettersofCredit.Whileacknowledgingtheroleofbankcreditinriskreduction,hehighlighteddisputesarisingfromlegaldiscrepanciesandclausecomplexity(Alavi,2016:48).;HwangandImattributethedeclininguseofL/Cstocumbersomeproceduresandhighcostsbutprovidenoactionablesolutionsforprocessoptimization,particularlythroughdigitaltools(2019:577).Foremergingpaymentmethods,Giovannucci(2001)comparedtraditionalpaymentmethodswithinternationalfactoringin

BasicTradeFinanceTools:PaymentMethodsinInternationalTrade.Henotedthat“factoringacceleratescapitalturnoverbutreliesonfactorreputation,limitingitsapplicabilityindevelopingcountries”(Giovannucci,2001:15);Tuncempiricallyexaminesexchangeratevolatilityandadvocatesportfoliopaymentstrategiestodiversifyrisks.However,hisresearchneglectsemergingtechnologiessuchasblockchain-basedsettlements(2018:5).Inpoliticalandcreditriskresearch,opkovaandSukhodolovemploySWOTanalysistoassesspoliticalrisksinSino-Russiantradecooperationbutoffernotailoredstrategiesfornavigatingdiversepoliticalregimes;Hoefeleetal.(2016)studiedpaymentchoicesusingmultinationalenterprisedatain

PaymentChoiceinInternationalTrade.Theyidentifiedcreditriskas“acoreconsiderationbutfailedtodistinguishriskpreferencesacrossindustries”(Hoefeleetal.,2016:301).2.2DomesticResearchDomesticscholars’researchoninternationaltradepaymentrisksmostlyfocusesontraditionalpaymentmethods,withsomeexplorationofemergingscenarios.Thefollowingpartdiscussesspecificstudiesandlimitations.FortraditionalpaymentmethodslikeL/C,remittance,andcollection,WangZhenhuaandCuiLei(2013)pointedoutinRisksandcountermeasuresofletterofcreditpaymentininternationaltradethat“althoughlettersofcreditarebasedonbankcredit,therearerisksinactualoperationssuchasexporter’sgoodsdonotmatchthedocuments,forgeryofdocumentsandissuingbankcredit.Theysuggestthatexportersshouldstrictlyreviewthetermsoftheletterofcredit,payspecialattentionto‘softterms’andcarefullychoosereputableissuingbanks”(WangZhenhua&CuiLei,2013:45).However,thisstudydidnotspecifytheidentificationmethodofsoftclausesandhadlimitedpracticalguidanceforenterprises.DongQin(2014)furtheremphasizedintheComparisonandanalysisofinternationaltradepaymentmethodsthat“remittanceandcollectionreliesoncommercialcredit,andenterprisesneedtoinvestigatecustomercreditthroughthird-partyinstitutionsandclarifydisputeresolutionclausesinthecontracttoreducerisks.However,thisstudydidnotthoroughlyexplorethebalancepathbetweencreditinvestigationcostsandriskcontrolofsmallandmedium-sizedenterprises”(DongQin,2014:58)..Somescholarsproposedcomprehensivestrategies.ChenWei(2018)tookYanbianCGEconomicandTradeCompanyastheresearchobject,andproposedintheResearchontheselectionstrategyandrisksofinternationaltradesettlementmethodsforYanbianCGTradingCo.,Ltdthat“enterprisesshoulddesignacombinationpaymentplanbasedoncustomercreditratings,commoditycharacteristicsandtransportationmethods(suchascombininglettersofcreditandremittancepayment),andestablishaninternalmanagementsystemincludingriskassessmentandprocessmonitoring”(ChenWei,2018:67).However,theresearchconclusionsofasingleenterprisecasearesubjecttoverificationofuniversalityindifferentindustriesandtradescales.Foremergingpaymentscenarios,BaiXiaolingandMaGuohua(2020)proposedthatthesmallandhigh-frequencytransactioncharacteristicsofcross-bordere-commercemakeitdifficulttoadapttotraditionallettersofcreditinRisksandcountermeasuresofthird-partypaymentinthecontextofcross-bordere-commerce.Itisrecommendedtouseinternationalfactoring,e-walletsandothertoolstoimprovesettlementefficiency(2020:38).However,thestudydidnotfullydiscussthelegalregulatorydifferencesfacedbyemergingpaymentmethods(suchascross-borderdatacomplianceissues)andtechnicalsecurityrisks(suchaspaymentsystemvulnerabilities).2.3SummaryOnthewhole,scholarsathomeandabroadhavecarriedoutmulti-dimensionalresearchoninternationaltradepaymentrisk.Foreignresearchmainlyfocusesonthechoiceofpaymentmethods,typesofrisksandpreventionstrategies,andthetheoryisrelativelymature,buttherearestillshortcomings.First,manystudiesarebasedondatafromdevelopedcountries,andnotenoughattentionispaidtothespecialrisksofdevelopingcountries,suchasforeignexchangecontrol.Second,researchonemergingmodessuchascross-bordere-commerceandBlockchainpaymentisrelativelylaggingbehind.Finally,afterriskidentification,thereisalackofpracticalpreventivemeasures,suchasspecificavoidancemethodsforsofttermsinlettersofcredit.Domesticresearchmostlyfocusesontraditionalpaymentmethodsandalsoinvolvestheexplorationofemergingscenarios,buttherearesomeproblems.Ontheonehand,theempiricalanalysismostlyreliesonindividualcasesandlackslarge-scaledatasupport.Ontheotherhand,thedynamicimpactofexternalvariablessuchasexchangeratefluctuationsandpolicychangesislessanalyzed.Inaddition,theresearchontheapplicationofnewtechnologiessuchasBlockchaininriskpreventionandcontrollagsbehind.Thisstudyinnovativelyintegratesbothaspectsintoaunifiedanalyticalframework,withparticularemphasisonpracticalscenariossuchasletterofcreditoperations.Bycombiningtheoreticalanalysiswithempiricalapproaches,wesystematicallyinvestigatethesynergisticrelationshipbetweentechnologicaliterationandinstitutionalevolution,dissectthecharacteristicsofrisktransmissiondynamics,andconstructcorrespondingriskmitigationstrategies.

ChapterThreeTheoreticalFrameworkandBasicConceptsExistingresearchhasinsufficientattentiontothedynamicsynergybetweentechnologyandinstitutionsandtheinteractionmechanismsofmicro-levelactors,necessitatingadynamicframeworkthatintegratesmacrorulesandmicrobehaviors.ThischapterrevealsthetransmissionlogicandpreventionpathsofpaymentrisksbasedontheDual-TrackEvolutionTheoryandComplexAdaptiveSystemsTheory.3.1TheoreticalFoundationsofRiskPreventionAgainstthebackdropofdigitaltransformationintheglobaltradepaymentsystem,ascientifictheoreticalframeworkisthelogicalstartingpointforanalyzingrisktransmissionmechanisms.TheDual-TrackEvolutionTheoryandComplexAdaptiveSystemsTheoryprovidecognitiveparadigmsfromthedimensionsof“rule-toolsynergy”and“actor-systeminteraction,”jointlyformingthetheoreticalcornerstoneforunderstandingthegenerationandevolutionofpaymentrisks.3.1.1Dual-TrackEvolutionTheoryTraditionalstaticanalysisstrugglestorevealtheinteractionlogicbetweentechnologicalinnovationandinstitutionalchangeinpaymentrisks.TheDual-TrackEvolutionTheorypositsthattechnologyandinstitutionsachievesynergisticevolutionthroughacycleof“institutionalempowerment→technologicalinnovation→institutionaladaptation,”manifestedasregulatoryframeworksdefiningthe“safetyboundaries”fortechnologicalapplications.

Forexample,Singapore’s2023revisionoftheElectronicTransactionsActtorecognizethelegalvalidityofsmartcontractsprovidedaninstitutionalfoundationforBlockchain-basedtradefinanceplatformpilots,reducingdocumentprocessingtimeby70%.Technologicalinnovation,inturn,providesempiricalevidenceforinstitutionaloptimization:China’scentralbankusesBlockchainsupervisionplatformstomonitorcapitalflowsinrealtime,upgradingcross-borderregulatoryrulesfromlaggingreportstoreal-timeinterventions,amodelthatachievedcompliance-efficiencybalanceintheGuangdong-HongKong-MacaoGreaterBayArea’sBlockchainL/Cpilot.Differenteconomiesexhibitdivergentpathsof“institution-technologysynergy”:Singaporeadoptsa“rules-first”model,perfectinglegalrulesbeforepromotingtechnologyadoptiontoreduceinnovationrisksthroughinstitutionalcertainty;theEUusesa“regulatorysandbox”model,allowingfinancialinstitutionstotesttechnologieswithindefinedboundariesanddynamicallyrevisingrulesbasedonpilotdata(e.g.,theECB’sdiscoverythroughsandboxesthatBlockchainsettlementefficiencyincreasedby40%butanti-moneylaunderingclauseswereinsufficient,leadingtotheadditionofdistributedledgertechnologycomplianceguidelinesinPSD2),forminga“technologytrial-error→ruleiteration”loop.Thecurrentchallengeliesinthemismatchbetweentechnologicalinnovationandinstitutionalupdatespeeds,suchasconflictsbetweenBlockchainreal-timesettlementandtraditionalregulatoryrules,withtheabovemodelsofferingpracticalsolutionstothe“institutionallag”problem.3.1.2ComplexAdaptiveSystemsTheoryTheComplexAdaptiveSystems(CAS)theory,proposedbyU.S.scholarHollandinthe1990s,definesenterprises,banks,andregulatoryagenciesas“adaptiveactors”thatproactivelyadjuststrategiesinresponsetoenvironmentalchanges(e.g.,policyadjustments,technologicalinnovations).Theinteractionofindividualstrategiescantriggersystemicriskevolutionatthemacrolevel.Forinstance,whenanewtechnology(e.g.,Blockchainpayments)emerges,differentactorsmayadoptoravoiditbasedonself-interest,withtheaccumulationofsuchmicrobehaviorspotentiallyalteringtheriskstructureoftheentirepaymentsystem.

Inpractice,thelinkbetweenmicro-actorbehaviorandmacro-systemeffectsinrisktransmissionisevident:First,initialtechnicaldefects(e.g.,Blockchainsmartcontractvulnerabilities)canbeexploitedmaliciously,causingsettlementanomalies.Second,withouttimelyinstitutionalresponses(e.g.,unclearlegalstatusofsmartcontracts),enterprisesmayavoidnewtechnologiesduetolegalrisks,leadingtounderutilizationoftechnicalresourcesandcumulativerisks.Additionally,synchronizedrisk-avoidancestrategiesamongnumerousactorscantriggerchainreactions—duringthe1997SoutheastAsianfinancialcrisis,enterprisescollectivelyshiftedfromcollectiontoL/CstatementduetoThaibahtdepreciation,causinga300%surgeinbankL/Cworkloadsandtriggeringaliquiditycrisis,illustratinghowsynchronizedmicro-strategiescanexceedsystemthresholdsandescalatelocalrisksintomacrocrises.Notably,adaptiveactorsarenotpassive;theyexplorestrategiesthrough“rulediscovery.”Forexample,exportersmaycombineL/Cwithdigitalyuantohedgeexchangerateandliquidityrisks,whileregulatorsuse“regulatorysandboxes”topilotemergingtechnologiesanddynamicallyadjustrules,forminga“practice-exploration→rule-optimization”cyclethatreflectssystemadaptability.Themulti-CBDCbridge(mBridge)platform,developedbythePeople’sBankofChina,theBankofThailand,andothers,exemplifiesCAStheoryinpractice.Participatingbanksredirectlarge-valuetransactionsfromtraditionalSWIFTtomBridge,reducingsettlementtimefrom2daysto4hoursandcostsby50%,whileenterprisesadopt“digitalcurrency+advancepayment”modelsduetoreal-timetracking.Macroscopically,centralbanksharmonizetechnicalstandardsandregulatoryrules(e.g.,anti-moneylaunderingdatasharing),enhancingsystemstability—duringcurrencyfluctuations,multi-CBDCreal-timeconversionbuffersrisksandpreventsspillover.CAStheoryhighlightsthatpaymentriskpreventionrequiresdynamicalignmentoftechnology,institutions,andactorbehavior.PromotingBlockchainpayments,forinstance,mustinvolvenotonlytechnicaldebuggingbutalsolegalframeworkdevelopment(e.g.,smartcontractlegislation)andactorcapabilitybuilding,achieving“technology-institution”dual-driventransformationfrompassiveriskresponsetoactivesystemoptimization.3.2ClassificationandCharacteristicsofInternationalTradePaymentMethodsThetheoreticalframeworkprovidesmethodologicaltoolsforriskanalysis,whiletheriskcharacteristicsofpaymenttoolsaredirectlydeterminedbytheirfunctionaldifferences.Guidedbythe“technology-institutioncompatibility”principleoftheDual-TrackEvolutionTheoryandthe“actoradaptability”perspectiveofCAStheory,thissectionsystematicallydissectsbasicconceptofL/C,collection,remittance,anddigitalcurrencypayments,revealingtheinternallinksbetweeninstitutionalandtechnicalvulnerabilities.3.2.1LetterofCreditTheLetterofcreditplaysanimportantroleininternationaltrade,anditsemergenceoriginatedfromthepracticaldemandininternationaltradeinthe19thcentury.Atthattime,buyersandsellersfacedatrustdilemmainthetransaction:theimporterwasreluctanttopayforthegoodsinadvance,andtheexporterwasworriedthathewouldnotreceivethemoneyaftertheshipment.Inordertosolvethisproblem,thebankintervenesasacreditintermediarytoprotecttherightsandinterestsofbothpartiesbyissuingaconditionalpaymentcommitmentdocument,whichistheprototypeoftheletterofcredit.Fromtheperspectiveoflegalrelationship,theL/Cinvolvesthreeparties:theimporterentruststhebanktoissuetheL/C,thebankpromisestopaytheexporter,andtheexporterdeliversthegoodsandsubmitsthedocumentsaccordingtothecontract.Thisstructureisabitlikea“middlemanhelpsmanagethemoney”–thebankreducessuspicionandriskinthetransactionbystandardizingthedocumentreviewprocesstoensurethatbothpartiesmeettheirobligationsasagreed.Inordertoharmonizetheoperationsofbanksacrosscountries,theInternationalChamberofCommerceestablishedtheUniformRulesforDocumentaryCreditsin1930,whichhavebeenupdatedseveraltimesandarenowcommonlyusedinthe2007version(UCP600).Therearetwokeyprinciplesinthissetofrules,oneistheprincipleofindependence,thatis,thebankisonlyresponsibleforreviewingwhetherthedocumentsmeettherequirementsoftheletterofcredit,regardlessofwhetherthereisaproblemwiththeactualgoodsandthecontractdisputebetweenthebuyerandtheseller;Thesecondistheprincipleofstrictconformity,thatis,thedocumentmustbeexactlythesameasthetermsintheletterofcredit,evenifthereisaspellingmistakeorpunctuationiswrong,thebankmayrefusetopay.Table3-1MaintypesofL/CTypeDefinition&PurposeSightLetterofCredit(SightL/C)Banksmakeimmediatepaymentstoexportersafterthesubmissionofdocuments,whichisapplicabletotransactionsrequiringurgentcapitalturnover.UsanceLetterofCredit(UsanceL/C)Banksdeferpaymentstoimporters(e.g.,30or90days)uponacceptanceofdocuments,whichisapplicabletotransactionsneedingfinancingflexibility.TransferableLetterofCredit(TransferableL/C)BanksenablebeneficiariestotransferL/Crightstothirdpartiesthroughcontractualterms,whichisapplicabletotransactionsinvolvingintermediaries.StandbyLetterofCredit(StandbyL/C)Banksissueconditionalguaranteesthattakeeffectonlyincasesofdefault,whichisapplicabletohigh-risktransactionsrequiringcollateral(LiuLulu,2016).Tosumup,theletterofcredithasdevelopedfromitsembryonicformtothepresent,hasaclearlegalrelationshipsubject,undertheframeworkoftherulesformulatedbytheInternationalChamberofCommerce,followstheprincipleofindependenceandstrictconformity,formsavarietyofmaintypes,andplaysanimportantroleininternationaltrade.3.2.2CollectionCollectionisasettlementmethodinwhichtheexporterentruststhebanktocollectthepaymentfromtheimporterininternationaltrade,anditsprototypecanbetracedbacktothe18thand19thcenturiesduringtheindustrializationofEurope.Withtheexpansionofcross-bordertrade,buyersandsellersneedtousebankintermediariestocompletetransactionsduetogeographicaldistanceandlackoftrust,andcollectionhasgraduallybecomeasettlementtooldominatedbycommercialcredit.Atpresent,theICCUniformRulesforCollections(URC522)provideastandardizedoperatingframeworkforglobalcollectionoperations,clarifyingthatbanksareonlyresponsibleforthetransmissionofdocumentsanddonotinterveneinthecreditguaranteeoftheunderlyingtransaction.Theoperationprocessofcollectionrevolvesaround“documentdelivery”and“paymentcollection”:first,thebuyerandselleragreeinthecontracttousecollectionsettlement,andaftertheexportercompletesthedelivery,thebilloflading,invoiceandotherdocumentsaresubmittedtothelocalbank(collectingbank),andtheconditionsofthedocuments(documentagainstpaymentD/PordocumentagainstacceptanceD/A)areinstructed.Subsequently,thecollectingbanksendsthedocumentstothecollectingbankatthelocationoftheimporter,andthecollectingbanknotifiestheimportertofulfillthepaymentoracceptanceobligation.UndertheD/Pmodel,theimporterneedstopayinfulltoobtainthedocumentstopickupthegoods;UndertheD/Amodel,theimportercanpickupthegoodsafteracceptingtheusancebill,andpaythepaymentwhendue.Finally,thecollectingbanktransfersthereceivedmoneytotheexporterthroughthecollectingbanktocompletethesettlement.Thecorelogicofcollectionisbasedontwoprinciples.Thefirstistheprincipleofcommercialcredit,thatis,unliketheletterofcredit,whichreliesonbankcredit,thepaymentguaranteeofcollectioncompletelydependsonthecreditworthinessoftheimporter,andthebankonlyactsasanagenttohandlethedocumentsanddoesnotbeartheresponsibilityforpayment.Thesecondistheprincipleofcontrollingtherighttogoodsunderthetermsofdelivery.Thatistosay,undertheD/Pmethod,theexportercontrolstherighttothegoodsbyretainingthedocumentsuntilthepaymentisreceived;UndertheD/Amode,therighttothegoodsistransferredwhentheimporteracceptsthebill,andtheexporterneedstobeartheriskofforwardpayment.Table3-2MaintypesofCollectionTypeDefinitionandPurposeCleanCollectionBanksprocesscollectionswithfinancialdocumentsonly(e.g.,billsofexchange),whichisapplicabletosmalltransactionsorsubordinatefeesettlementsrequiringminimaldocumentation.DocumentaryCollection(D/P)Banksreleasedocumentstoimportersonlyafterfullpaymentisreceived,whichisapplicabletotransactionsrequiringsynchronizedtransferofgoodsownershipandpayment.DocumentaryCollection(D/A)Banksreleasedocumentsuponacceptanceofthebillbyimporters(paymentdeferredtoafixeddate),whichisapplicabletotransactionsacceptingdelayedpaymentrisks(DongXuanren,2014).Collectionisasettlementmethodinwhichtheexporterentruststhebanktocollectmoneyfromtheimporter.Relyingoncommercialcredit,thebankhelpstoprocessthedocuments,whichislowcostbuthastheriskofnon-payment.3.2.3RemittanceRemittanceisapurefundtransfermethodbasedoncommercialcreditininternationaltrade,inwhichthepayertransfersthepaymenttothepayeethroughthebank,andthebankonlyplaystheroleof“errand”anddoesnotinterveneinthecreditguaranteeofthetransactionitself.Forexample,ifthebuyerprepaysforthegoodsandthesellerrunsaway,orifthesellerrefusestopayafterthesellerdeliversthegoods,thebankwillnotbearanyresponsibility,anditdependsonthetrustofbothpartiesinadvance.Theadvantagesofremittancearemainlyreflectedintwoaspects.First,itiseasytooperate,thereisnoneedtosubmitmorethanadozencomplexdocumentsliketheletterofcredit,andthebuyeronlyneedstofillinthetelegraphictransferapplicationform,whichisespeciallysuitableforlighttransactionscenariossuchascross-bordere-commerce,savingtimeandeffort.Second,thecostislow,thewiretransferfeeisusuallyonly100-500yuan,andtheletterofcreditissuancefeemaybeashighas1%ofthepurchaseprice(forexample,10,000USdollarsfora1millionUSdollarorder),soSMEsaremoreinclinedtochooseremittance.Table3-3MaintypesofRemittanceTelegraphicTransfer(T/T)InstructionsaretransmittedviatelegramorSWIFT,andthearrivalisfast(usually1-3days),butthefeeishigher;MailTransfer(M/T)Notificationofpaymentbymail,whichislowcostbutslowandhasbeengraduallyreplacedbywiretransfer;Billofexchange(D/D)Thebankissuesabillofexchange,andthepayeesubmitsthewithdrawalbyhimself,whichishighlyflexiblebuthastheriskofloss.Openaccount(O/A)isahigh-riskremittancemodelwheretheexportershipsfirstandtheimporterpayslater,pronetodelaysordefaults.Whilemixedpaymentmodelsreducerisks,theyremainsubjecttotheimporter’spoliticalandeconomicenvironment,suchaswarorcurrencydevaluation,whichmayleaveexportersunabletocollect