Factoring
Factoring
- Tez No: 39898
- Danışmanlar: DOÇ.DR. ERTUĞRUL TOKDEMİR
- Tez Türü: Yüksek Lisans
- Konular: Mühendislik Bilimleri, İşletme, Engineering Sciences, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1994
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Fen Bilimleri Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 99
Özet
ÖZET Son yılların yaşadığımız 20. yüzyılın en önemli özelliklerinden birtanesi, gerek ulusal gerek ise uluslararası ticaretin ve yatırımın gelişmesi yönünde, finans dünyasında yeni enstrümanların ortaya çıkması ve bazılarının çok yaygın şekilde kullanılma sıdır. Bu yöndeki son gelişmelerden birisi de factoring alanıûda yaşanmaktadır. Bu tezde konular yedi bölümde incelenmiştir. Birinci ve ikinci bölümlerde factoring*in tanımı, felişimi ve işleyişi hakkında bilgi verilmiştir, çüncü ve dördüncü bölümlerde factoring%in ulusal ve uluslararası yapısı hakkında bilgi verilmeye çalışıl mıştır. Beşinci bölümde ise factoring"in modern finans yöntemleri içindeki yeri ve farklılıkları ortaya kon muştur. Son olarak altıncı ve^yedinci bölümlerde ise factoring*in dünya ve Türkiye *deki uygulamaları hakkın da bilgi verilmeye çalışılmıştır. vnı
Özet (Çeviri)
FACTORING SUMMARY Modem factoring is a credit management financing technique that had its origins in the Morth American Textile market about 200 years ago. The first factors were the American sales representatives of British woolen mills who, for a fee, guaranteed payment of purchases made by American customers. In many instance, the factors also financed these transections by advancing funds to the mills following shipment. In the dictionary, the definition of the factoring is“factoring is a financial service in which credit apporaced accounts receivable are purchased by a factor on a non-recource basis”. Funds may or may not be advanced prior to maturity of the invoices. Factoring three party transections among a financial institution“the factor”and a business entity“ the client ”selling goods or providing services to trade debtors“the customers”whereby the factor purchases client *s accounts receivable normally without recourse, and thereby controls the credit extended to customers as well as the administration of bookkeeping and collections. It is a short term, asset based, trade finance product, targeted at overseas exporters. In order to describe the functions of factoring given by a factor it is necessary to devide functions into four companents : 1.) Credit Apporovel : The factor, under a contractual arrangement, pre-approves orders prior to shipment, either on per order basis or under pre- established customer credit lines. The factor thus acts as the client* s credit department. VXll2.) Credit Guaranty : The factor, by purchasing trade receivables without recources, assumes responsibility for the financial commitment of customers to pay as agreed. This credit indemnification protects the client from risk of loss so long as merchandise quality, quantity and terms are met between the client and customer. 3.) Accounts Receivable Management : upon shipment, the client invoices its customer and sends a copy to the factor. The invoice bears a legend that it is payable to the factor. At maturity of the invoice the factor collects from the customer and credits the collection to the client. 4.) Financing : The factor may grant financing to the client prior to the maturity of the invoices. The cost of the factoring is expressed in two forms : 1.) Commission : The factor charges the client a fee for his services based on four basic elements ; annual sales volume, average invoice size, quality of customer list and length of trade terms. Mormal range 0.75 % to 1.75 % 2.) Interest : The rates, for those who take advances ( borrowings ), tend to be 2-3 % above prime. Since charged soleyl on a money in use basis. To evaluate whether factoring cm be granted, the following step by step must occur : - Prospect provides a detailed list of customers names adresses and credit requirement for approval by factor* s credit department. - Prospect provides financial statements to substantiate a sound financial position. - If customer list is approved, factor submits quotation for factoring commission. - Prospect accepts proposals - Execution of factoring contract below : The benefits of the factoring will be as its 1.) Make exports more competitive : A piece goods manufacturer demands letters of credit from his IXoverseas customers. He loses sales because his customers can buy elsewhere on open account. With a factor's credit indemnification and financing, he is able to meet competition by offering open account terms. He not only regains old customers, but expands export sales. 2.) Protection from bad debt losses : A succesful textile company relies on its internal credit and collection department as annual sales grow. During one of the industry's cyclical downturns, however, bad debts one year soar to more than 3 % of sales. By factoring its account receivable on a non-borrowing basis, the company fixes its credit and collection costs, reduces its administirative expenses and relieves management of the risk of selling on credit in a volatile industry. 3.) Provide credit management and credit cortrol: A newly established U.S. subsidiary of a ABC company wants to capitalize the U.S. piece goods market by selling direct to a diversified customers base on open account basis. The company has a very good product but lack of credit information on each customer. Using the factor's vast recources for credit management and freeing itself of bad debts risk on factored sales, allows management to concentrate more on selling rather than worring the credit related problems. 4.) Time/expenses saved by transfering credit control and administration to the factor. Stuff devotes full time to sales development and marketing. 5.) Provides finance ( up to 80 % amount invoices) flexibility. 6.) Increased sales throug factors knowledge of the market and ability to offer realistic credit lines. On the otherhand, the disadvantages of factoring: The lost trust in the market The high cost Factoring is not a substitute for an importer's letter of credit. It is a useful tool for exporter's to reach the large market sector of U.S. and European customers that are either unwillingly to open letters of credit for competitive reasons or are unable to do so.Factoring is particularly useful for experienced exporter who has achieved a degree of succes distributing though European importers- and who are nowready to establish their own precence in the European market. Although it requires the greatest commitment of resources, the establishment of a local commercial office is advised for exporters who are serious about U.S. market development. Through direct contact with the market, the exporter is constantly aware of customer preferences. This approach permits maximum control over product distribution and customer servicing. With good management, it maximizes the opportunity for profit through the elimination of middlemen. It is worth noting that in the last two years, a rapid increase has taken place in the number of foreign companies opening their own sales offices in New York and Los angeles. Just as high tariffs on low-end merchandise forced exporters into higher priced items a number of years ago, today, quotas and the threat of protectionism are forcing them closer to the consumer. In our Judgement, the exporter that takes control of its destiny by opening its own sales subsidiary in the U.S. and European markets is greatly enhancing its chances for succes. Most domestic firms (and many banks) are unfamiliar with letters of credit unless they are directly involved in international trade. This liberal business enviroment coupled with preference for open account selling creates a requirement for credit management. Someone must evaluate the credit-worthiness of the buyer and be sure that payment is made. Factoring fills this need. When seeking finance, the potential borrower should bear in mind a number of facts. He should be seeking low-cost finance for exactly the right priod of his needs and a facility whose- terms are know precisely in advance. Each of the other types of finance has some of these qualities. Factoring has them all. However, exporters who want to profit by factoring must posses the following characteristic s - Prospects should be selected from financially sound companies firmly committed to U.S. and European market development and capable of generating at least one million dolar in annual seles to a diversified customers base. XIrequired. you - Selling terms not in excess of 180 days. - Average invoice size not less than 500 dolar. - Direct presence in the U.S. and European is How how do you know whether factoring is for - If you have problems obtaining adequate and current customer credit information. - If customers credit exposure concerns you and you would like to be protected against bad debt losses. - If your own credit, collection and bookkeeping resources can not deliver the sophisticated management that your industry demands. - If you have problems with collections and slow paying customers. Factored companies don"t worry about : - Increased levels of accounts receivable - When they will be paid - If they will be paid If we make a list of industries commonly use factoring services : 'o - Textile mill products - Apparel and other finished products - Sporting supplies - Hobby and toy supplies - Furniture and home furnishing - Carpet and housewares - Footwear and luggage - Consumer electrical goods. In conclusion, the factoring may appear complex, but there are many professionals available tc help; Lawyer, Accountants, Management concutants, Banker and Factors. The factoring industry has a very near future in Turkey. Turkey that take place among developing courtries will be able to begin to apply the mod#rn finance techniques. In addition to this, with factoring, Turkish exporters catch a chance of entering European market that they will never ever dream of entering. xia.
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