İhracat finansmanının yapısı ve Türkiye'de uygulanan ihracat finansmanı teknikleri
The Financial structure of export and the financial techniques of export used in Turkey
- Tez No: 39851
- Danışmanlar: PROF.DR. RAMAZAN EVREN
- Tez Türü: Yüksek Lisans
- Konular: Endüstri ve Endüstri Mühendisliği, Industrial and Industrial Engineering
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1993
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Fen Bilimleri Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 126
Özet
Bilindiği gibi. bir ekonominin Bağlıklı bir yapı içinde büyüyüp büyümediğinin en önemli göstergelerinden birini diğer ekonomilerle olan ilişkilerin yaşandığı“Dış Ticaret Sektürü”nün yapısı teşkil etmektedir, Bunun içindir ki dış ticaret paylarının artırılması hemen her ülkenin üzerinde hassasiyetle durduğu bir husus olarak karşımıza çıkmaktadır. Dış ticaret finansmanı denildiğinde, o ülkedeki ihracatçı ve ithalatçıya sağlanan her türlü finansman kastedilmektedir. Gelişmekte olan ülkeler açısından "ihracat finansmanı11 nisbi olarak daha önemli olduğundan, tEZ kapsamı içinde sadece ihracat finansmanı yöntemleri ele alınacaktır. Bu tezin ilk bölümünde ihracata temel bir giriş yapılmakta, bunu takiben ikinci bölümde genel hatlarıyla ihracat işlemleri tanıtılmakta, mal teslimi şekil ve şartlarıyla, uluslararası ödeme şekillerinden bahsedilmektedir. Üçüncü bölümde, ihracatın finansmanına yer verilerek, bunun risk, kullanım yeri ve finansmanın sağlandığı tarafa göre kategorize edilmiş şekli ele alınmaktadır. Dördüncü bölümde ihracatın finansmanında uygulanan factoring ve forfaiting işlemlerine ağırlıklı olarak yer verilmiş, bu yöntemlerle ilgili örnekler açıklanmış, son bölümde ise Türkiye'de uygulanan ihracat finansman türlerinin bir derlemesi bilgilerinize sunulmuştur. VÜİ
Özet (Çeviri)
One frequently hears or reads Df comments, often from politicians, that the country needs to export more to improve the balance af payments. Rhetoric may imply thBt companies are not sufficiently aggressive in seeking international opportunities. Domestic companies, on the ether hand, frequently complain that imports are killing their traditional home market for products and reducing employment opportunities and profits. Both commercial and political interests may join together in a plea for protection, including requests to impose or change import quotas, tariffs and other non-tariff barriers, or to put direct and indirect pressure on the exporting nation to reduce the traae imbalance voluntarily. Historically, in countries and industries where protectionism has been a policy, it has been to protect fledgling or stagnant industries that would otherwise not be competitive and possibly simply have to cease production, or it has been designed to give a degree of protection to assist a domestic industry that is considered essential to the industrial base of the developing ccuntry, such as deference-related industries, heavy equipment producers, possibly even automobile Basembly plants. The governmental abjective here may be to enable the work force to acquire industrial skills and promote diversification and a gradual shift from an agrarian economy and lifestyle. It is customary in most countries that, when an export takes place, the exporter must report to some authority (such as customs and excise) the nature of the product under appropriate customs tariff headings, the volume of exports, and the value. A study home market export statistics will show:. whether exports are taking place already. where they are going. volume and value af exporta » any seasonal pattern to exporta in your product categories. who is exporting. International businessmen, and i*nany wiser members of the political and; governmental circj.sa, realise th&t protectionism is generally not a satisfactory solution to trade imbalances in today's environment öf İncressad International ?' ecaaemia -interdependence- and ixmoral commitments ta developing nations. Moreover, protectionism has often been cited as s cause of inefficiencies in management and production practices, including poorer quality control and higher prices, and reduced rates of technological innovation. Exports benefit the exporter and the importer in the following three areas of concern: (a) political activity, (b) economic activity, and (c) social activity. Politically, international trade ia important in building permanent relationships, loyalties, dependencies and spheres of influence. The major waBtern industrial powers, for example, want to use trade as a medium for extending their influence and countering what they may see as subversive elements opposed to the capitalistic lifestlyle. Governments are usually concerned directly with two main areas of trade: thoBe dealing with mass feeding (often through food aid programmes) in developing nations, and those dealing with technology, training and equipment related to deference or the ongoing supply of eesentil resources such as energy. Economically, trade results in specialization and a cross-flow of goods and services from the country with the greatest economic advantage in production to the country with needs that cannot as efficiently be satisfied domestically. This is cleary evident in the case of commodities such as coffee, wine or oil, where specific climates or environments are needed to produce the products yet the taste or industrial need for these goods have resulted in enormous markets in the non-prcducing world. Levels a F work-force skills and technology also vary to such an extent worldwide that, in general, traditional agrarian and non-industrial economies need an ever- increasing range of industrial products in exchange for their raw materials and commodity-oriented exports. Socially, trade brings about change and progress by transferring skills, services and products from more advanced to less advanced economies. There are those who take the position that the lesa developed countries ara better off and would be happier in the long term without the social change, pressures and. problems considered to be associated with industrialization and consumer societies. in general, this İs a minority view. The population of less advanced nations is mare usually conaidered in contemporary thinking to have the right to develop and improve living standards, including health and education facilities. International trade has its role in contributing to the development of both peoples and nations.. Generally, therefore, if freer trade encourages, better use of the world's resources, and if improvements in technology and product range and quality help advance the Ibbs developed nations by opening new opportunities and creating a greater international interdependence, perhaps reducing the belligerent threats to world peace, surely it Bhould be encouraged. t.Exporting benefits an individual country becBuae it helps improve its own balance of payments and trade through increased foreign sxchance earnings. Exports need not just be physical goods;they can equally beneficially include services such as banking, insurance, consultancy, technology transfer and training. Perhaps the greatest pressure on world trade since the Second World War has been the phenomenal rise in demand for energy resources-mainly oil-and the economic pressures this has placed on nations without domestic oil reserves to produce other goods and services needed in export markets in order tc acquire the requisite foreign currency to pay for energy needs. In the second chapter, the moat common terms used in quoting prices in international trade are explained. These are: c.i.f.: (Cost, insurance, freight) to a named port of import. Under this term, the Beller quotes a price that includes the product, all transportation, and insurance to the point of unloading from the vessel or aircraft at the named destination. c.& f.: (Cast and freight) is similar to the above term c.i.f. except that insurance of the shipment is not included. f.a.s.: (Free alongside) at a named port in the exporter's country. Under this term, the exporter quotes a price that includes the goods and any service and delivery charges to get the shipment alongside the vessel used for further transforation, but now at the buyer's expense. f.o.b.: (Free on board) includes the price of planing the shipment en tq a spectified vessel or aircraft, but further transportation will be the buyer's responsibility. Ex (named point of origin): ApplieB to a price for products at he point of origin and requires that the buyer assumes all transportation charges. Finding available finance to cover the costs of working capital needed by exporters is a continuing problem facing businesses both small and large. The larger businesses with a more established track record of domestic sales achievement Bnd profit performance will find it easier to obtain such finance as may be made available. The small business and new exporter will find it harder to tap sources of funds. However, there are always aveues to be explored. In Beeking to expand exports that put a strain on internal resources the exporter should consider: whether external finance con be obtained at all for hia products or projects; and if so, at what interest rate and for how long} will the interest rate fluctuate overthe period and can it be passed on in the pricing or terms of sale to the customer whilst remaining competitive; is finance needed just for work in proceBa or alBo to extend cUBtomer credit? It is a basic rule in extending credit to a buyer that the time period of the credit should not be greater than the useful life of the product or longer, than the time it may take the customer to resell the product and receive his payment from ubbtb. Assuming that the exporter has xiconsidered all hia options and can still profitably export if finance is made available, then we should look at Borne potential sources. All major exporting countries have arrangements to protect exporters, and the bonks who provide them with funding support, from the risks of exporting. The arrangements are based upon insurance concepts and they also provide a bridge between the buyers and suppliers of internationally traded goods and services, and the banking systems which provide the funding necessary to support such trade. In all cases, governments have-inescapably-become intimately involved in a number of areBB. Finance can be made available as supplier credit or buyer credit; it can be short-term or medium-term; it can be made available by banks, by an export bank, or by both in tandem. A supplier credit is an arrangement under which a supplier agrees to allow deferred payment by his customer of the financed amount of the contract. The supplier will nevertheless want to get his receivables as soon as he can after the performance of the work, and the supplier credit mechanism permits him to do this. The buyer's obligation to make extended payment to the supplier is documented by the issue by the buyer of a stream of promissory notes or the acceptance by the buyer of a atream of bills of exchange. The bills or notes may be interest-bearing (in which case, under certain legal systems, an additional stream of interest notes will also be required) or the interest may have been capitalised within the principal sum financed. Dnce thi bills Dr notes have been received by the supplier, an arrangement can be made between him and his bank under which the bank buys or discounts them, thus effectively providing credit through the supplier to the buyer. The instruments will have been expressed to be“for value received”and thuB will technically acknowledge that the supplier has Blready performed his obligations under the contract. In practice, however, the fact that the direct financial relationship between the supplier and the buyer makes it more likely that the buyer will contest this if for some reason the goods do not“work”. It is common, therefore for a greater degree of recourse to be maintained by the agency (and by the bank if the agency's guarantee to the bank is for less than the whole of the financed amount plus interest) against the supplier under a supplier credit than might be the case if direct financial relationship existed between the bank and the buyer. Under a buyer credit, a specific loan is arranged between the lender and the buyer or some borrower in his country with whom he 1b connected.. This is documented by a direct loan agreement between the lender and the boorwer» Apart from appropriate cross references, the obligations of '.tha parties are independent of the obligations of the parties to the cotfşmspcisl contract.. The loan is usually, drawn down and paid, directly* bo the supplier when the supplier deli vera to the iendef“the documenia spEcified in the loan agreement and the.Domaıercieî contrsot uıhiiîh show that ”bhs supplier is sntiileri ta a payment arrcfer the terms e# tfoe coWteract»* The sredifc psfiöd la defined* unlike the case under a GorrtmBraial loan agreement, as the period following completioh by the supplier of his contracusl obligatiorla xiiuntil the date on which final repayment is due. Because of the separation in legal terms of the loan agreement from the commercial contract, complex arrangements will be needed in the supplier's country to document the obligations of the supplier, the agency, and the banks between themselves before the loan agreement can be signed. Export finance must be funded. Such funding can be provided by an export bank or by commercial banks, and may come from the domestic capital market of the supplier's country, from the international markets, or from the domestic capital market of the buyer's country. Each possible source has implications For the various parties involved. Two distinct approaches have been developed to meet, the funding requirements of export finance. In same countries the export credit agency is structured as an export bank (e.g. the Export-Import Bank) as well as an underwriter of insurance risks. In other countries (e.g. the United Kingdom) the agency is an insurer only, and specific mechanisms have been devised to enable the agency or some other government body to intervene in support of the provision and cost of the funding required. Some systems use elements of both solutions. In the fourth chapter we explained the mechanics of the factoring operation and the operational relationship between the Factor and the supplier. Whilst the analysis that is given is detailed, it does not imply that each factoring company will operate in uniformity as to nil the details which are provided. The relation ship between the Factor and the supplier has two distinct stages and to reflect that the chapter has been divided into two sections: 1) Establishing the factoring operation 2) The mechanics of the factoring operation Dn the other hand, in the fourth chapter we also explained forfeiting techniques. Forfeiting is the non-recourse discounting of export receivables. It is a form of supplier credit, i.e. the supplier offers credit terms to the buyer and then sells the debt to the bank without recourse. Some non-banks also provide this service and this is implied whenever the wards“bank”or“forfaiteur”are used. It is probably more suitable for contracts where the supplier's obligations under the contract have been fulfilled by shipment of goods. Very large and complex contracts are usually better financed by a loan of aome kind. Rather than insure the risk of non-payment by the buyer, the exporter asks for a bank guarantee of the trade paper. Whereas an aval is usually on the bills, a guarantee İb a separate, longer document. This is Bimpler and provides for immediate payment in the event of buyer default* Furthermore, the guarantee is usually given by the importer's own bank which should know his financial condition best. Söch a guarantee makes the debt represented by bills of exchange or promissory notes mora attractive to the forfeiting bank. xiiiForfeiting is appropriate for the medium and larger export contracts, particularly for those involving mEdium-term credit. Shor-term credit or contracts of low value seldom lead to bills or notes and bank guarantees and, without those, s bank cannot satisfactorily execute a discount; There are a number of advantages to the exporter, not all of which will, of course, apply in any given situation. 1) The finance is made without recourse, once the exporter has fulfilled his obligations under the commercial ''contract and submitted the correct documentation to the bBnk. For the exporter, this non-recourse aspect means: a) Fluctuations of interest rates during the credit period do not affect the exporter; b) fluctuations in exchange rates after the discount do not affect the exporter; c) the risk on the buyer, the buyer's bank and the buyer's country has been eliminated; d) the problems of sales ledger administration and payment collection are eliminated, 2) Thus, for the post-shipment period, there is no need to take out insurance, pay premia, make claims or wait during the claims waiting period. 3) The exporter can after 100/% finance, if that will help the importer or make the exporter's bid more competitive, providing the exporter can do without a downpayment. h) The repayment programme can be flexible tG suit. Abe importer and the importing country's regulations. If a longer grace period before the first repayment, or annual repayments or 'some other departure from normal practive will suit the importer's cashflow and is acceptable to the f off siting bank, it can be done. There are, of The advantages to the importer are similar and inter-related : a) speed fexibility and simplicity; b)10D% finance may be available; c) goods sourced from different countries can be financed in the same package; d) the repayment programme and interest rate will conform to import, regulations and can be adapted to cashflow needs; s) if a letter of credit is not used, the related banking charges may be lower; f) finance can be made available in a wide range of currencies; g) availability of finance or credit, despite the absence of insurance cover from the public Dr private sector in the exporter's country. xivThe Finally, in the fifth chapter, we explained the financial techniques of export used in Turkey. These are: a) Export credits 2} Export credits insurance 3) Factoring k) Forfaiting 5) Export leasing 6) Counter trade. xv
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