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Çalışma sermayesi yönetiminde factorıng

Factorıng as a tool for workıng capıtal management

  1. Tez No: 39334
  2. Yazar: TÜLAY YUDATAP
  3. Danışmanlar: PROF.DR. NİYAZİ BERK
  4. Tez Türü: Yüksek Lisans
  5. Konular: Mühendislik Bilimleri, İşletme, Engineering Sciences, Business Administration
  6. Anahtar Kelimeler: Belirtilmemiş.
  7. Yıl: 1993
  8. Dil: Türkçe
  9. Üniversite: İstanbul Teknik Üniversitesi
  10. Enstitü: Fen Bilimleri Enstitüsü
  11. Ana Bilim Dalı: Belirtilmemiş.
  12. Bilim Dalı: Belirtilmemiş.
  13. Sayfa Sayısı: 85

Özet

ÖZET Factoring, kredili satışlarda alacak haklarım bir başkasına (factor veya factoring şirketi) devredilmesi işlemidir. Alacakların satın alınması yanında, kredili satışla ilgili alacakların takibi ve muhasebesinin tutulması, kredi riskinin karşılanması, satıcıya avans verilmesi, bilgi toplanması ve piyasa araştırmaları yapılması gibi hizmetler de yerine getirmektedir. Factoring işlemi ilk defa 14. yy. da İngiltere'de yün mamulleri ticaretinde görülmüş, ABD'de 1830'larda İngiltere'den yapılan tekstil ithalatında uygulanmaya başlanmış, daha sonraları mal çeşidi artmıştır. 1960'lı ve özellikle 1970'li yıllardan sonra factoring hizmetleri oldukça yaygınlık kazanmıştır. Günümüzde esasen ABD ve Batı Avrupa başta olmak üzere gelişmiş ülkelerde uygulanan bir finansman tekniği olan factoring, giderek gelişmekte olan ülkelerde de kullanım alanı bulmaktadır. Factoring hizmetleri sunan kuruluşlar, mülkiyet yapısı itibari ile, genellikle bankaların ve diğer finansal kuruluşların ya ortak ya da bağlı kuruluşlarıdır. Veya bazı bankaların ayrı bir departmanı şeklinde işlemektedir. Çünkü büyük sermaye, iyi yetişmiş personel ve hayli geniş bir muhabirlik ağı gerekir. Factoring hizmetleri sunan bankalar genellikle uzmanlaşmış toptancı bankalardır. Tamamen bağımsız factoring kuruluşlarının sayısı da inanılmaz bir hızla artmaktadır. (v)

Özet (Çeviri)

ÖZET Factoring, kredili satışlarda alacak haklarım bir başkasına (factor veya factoring şirketi) devredilmesi işlemidir. Alacakların satın alınması yanında, kredili satışla ilgili alacakların takibi ve muhasebesinin tutulması, kredi riskinin karşılanması, satıcıya avans verilmesi, bilgi toplanması ve piyasa araştırmaları yapılması gibi hizmetler de yerine getirmektedir. Factoring işlemi ilk defa 14. yy. da İngiltere'de yün mamulleri ticaretinde görülmüş, ABD'de 1830'larda İngiltere'den yapılan tekstil ithalatında uygulanmaya başlanmış, daha sonraları mal çeşidi artmıştır. 1960'lı ve özellikle 1970'li yıllardan sonra factoring hizmetleri oldukça yaygınlık kazanmıştır. Günümüzde esasen ABD ve Batı Avrupa başta olmak üzere gelişmiş ülkelerde uygulanan bir finansman tekniği olan factoring, giderek gelişmekte olan ülkelerde de kullanım alanı bulmaktadır. Factoring hizmetleri sunan kuruluşlar, mülkiyet yapısı itibari ile, genellikle bankaların ve diğer finansal kuruluşların ya ortak ya da bağlı kuruluşlarıdır. Veya bazı bankaların ayrı bir departmanı şeklinde işlemektedir. Çünkü büyük sermaye, iyi yetişmiş personel ve hayli geniş bir muhabirlik ağı gerekir. Factoring hizmetleri sunan bankalar genellikle uzmanlaşmış toptancı bankalardır. Tamamen bağımsız factoring kuruluşlarının sayısı da inanılmaz bir hızla artmaktadır. (v)FACTORING AS A TOOL FOR WORKING CAPITAL MANAGEMENT 'Factor: An agent, particularly a mercantile agent; one of several elements which contribute to result.1 This is the dictionary definition. According to the same dictionary, a factory is an establishment where factors in foreign countries reside to transact business of a factor. Trade credit has been granted by merchants for almost as long as there have been merchants. Evidence exists that in Babylon, Egypt and Asia over 3,000 years ago there was credit from merchants to buyers to stimulate trade. The availability of factoring and invoice discounting does not only stimulate trend in general. It tends to be of greatest value to small and medium sized companies which are seeking to expand and it therefore makes a direct and immediate contribution to the well-being of the economy by assisting traders to maximise their potential through not being constrained in their provision of reasonable credit terms. The several elements of service provided by factoring companies did not all suddenly come together. They developed separetely in different ways and were brought together in the 1950s and 1960s in one complete package. Trade credit itself has been in being for many thousand of years. It is a system whereby buyers of goods are given time in which to make payments. In some cases, the goods can be sold to retail buyers and the cash received from them before the merchant's term of credit expires. In that way, the transaction can be 'self- liquidating'. It is the way many retailers operate today. They take credit from their suppliers but insist on cash (or near cash) from customers. They wery often then have a cash surplus for a time before the merchant of manufacturer has to be paid. Factoring companies contribute in 2 main ways: expertise and funds. By providing a specialist service, greater expertise can be brought to bear. The financial experts do what they are best at- collecting money. The factoring companies also provide finance to their clients more quickly than they would have received otherwise, at more or less the same cost as they would incur dealing with a bank. (vi)The four elements in a factoring service are ledger and collection service, finance, insurance of debt and advice. Every company granting credit has to decide at the outset a number of major points about the way it will do. A Sample Credit Policy Outline 1. Standart credit terms, 2. Settlement discount, 3. Quantity or other debates, 4. Interest on unpaid accounts, 5. Reservation of title, 6. Credit limits, 7. Routines in the credit department, 8. Budget, 9. Responsibility, 10. Training One of the major problems facing a credit manager and the others involved in formulating credit policy is the degree of risk which is acceptable. One of the most difficult things which a supplier has to accept is that the Factor may know best when it comes to the extending of credit to his debtors. Factors generally have better information and this sometimes conflicts with the client's own experience - which, naturally, can lead to debate. The client is always at liberty to grant extra credit over and above the credit limit specified by the Factor, but that is obviously at his own risk. A key point for the Factor is his assessment of the supplier's staff. Where a company has the opportunity to see a cash-flow forecast, this is always useful. Banks and other financial institutions place great emphasis on such statements, more because they demonstrate that the company has tried to plan ahead rather than because they necassarily believe the figures. The first and the main ingredient of a cash-flow forecast is a sales figure, and these tend to be optimistic. However, it is not a bad thing to use a cash-flow forecast as a guide to expected costs. A Factor deciding about a potential client-supplier will always ask for a cash-flow forecast. This is of a special importance, of course, because it provides an (vii)indication of the extent to which the supplier will be likely to draw upon the financial element of the factoring package. It also provides corroboration of the figures which the Factor has calculated in relation to average value of invoices and so on. A key point, also, is that it indicates how well a company would fare without factoring its debts. If it would be able to increase the volume of business written by taking on Factoring then so much the better. Factoring is a legal relationship between a financial institution and a business concern (client) selling goods or providing services to trade customers wherby the Factor purchases the client's book debts either with or without recourse to the client. From this definition one of the most important points about factoring is apperent, which is that factoring is not concerned with sales to consumers, and further, only those clients providing goods and services on credit terms not exceeding four mounths are acceptable to the factor. In order to describe the service given by a factor it is necessary to divide the service into 4 components: a) Sales ledger administration, b) Credit control, c) Credit protection, d) Finance, Only certain types of industry are suitable for factoring. Traditionally, the ideal industry from the factor's point of wiev has been one where the goods are simple and no after-sales service is provided. Essentially factoring is suitable for those who sell raw materials, components or consumer goods. The legal relationship between the Factor and the supplier is governed by the factoring agreement. In the factoring business, the accountant is the king. The whole operation depends on accounting skills, such as interpretation of accounts, debtor and client accounting, management information. (viii)There are three main strands in the accounting functions of a factor: client accounting, debtor accounting and management accounting. The first and possibly most important reason for most parties to become interested in factoring is a need for finance. If we make a simple summary of advantages and disadvantages of Factoring, The list would be as it is below: Advantages: Provides a full ledgger accounting service, Provides automatic guidance on credit limits, Provides advice on all aspects of credit management, Provides finance (up to %80 of amounts invoiced) flexibly Provides credit insurance, Customers tend to pay a Factor more quickly, Provides better management information, Disadvantages: Customers may not like paying a Factor, Less control by the client over the day-to-running of the sales ledger, Shared responsibility for credit limits, Shared responsibility for collections procedures and policies, Export and other International Factoring Advantages Credit insurance Finance, Ability to tap into local knowledge about conditions overseas, Advice and guidance on exporting procedures, Advice and guidance on payment procedures, Advice and guidance about credit limits, Advice and guidance about credit policy (e.g. terms of credit) Disadvantages None Each type of finance has different characteritics and is primarily suitable for different purposes. Some types are obvious: Leasing, for example, may be suitable for the finance of vehicles; hire purchase may be suitable for a particular piece of industrial equipment. (ix)When seeking finance, the potantial borrower should bear in mind a number of facets. He should be seeking low-cost finance for exactly the right period of his needs and a facility whose terms are known precisely in advance. Each of the other types of finance has some of these qualities. Factoring has them all. The factoring industry. has a very rost future if only a few of our expectations come to fruitation. We expect greater support for the Factors from their parent banks and greater demand for factoring as a means of financing. It makes a great deal of sense for certain types of business, mainly those selling to other businesses, to move to factoring their book debts and in the absence of attraction to other types of asset-based finance such as leasing, the growth of factoring in the next few years will be spectacular. We expect the industry to be subject of more research and we recommend that the industry itself should sponsor that research so that the researchers will have ready access to appropriate information about the industry and can speak freely with the leading figures. Finally we regard the expansion of factoring as inevitable, which is fundementally a good thing for the Turkish economy. (x)

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