Dış ticaret finansmanında alternatif bir yöntem factoring
Başlık çevirisi mevcut değil.
- Tez No: 43787
- Danışmanlar: PROF.DR. NİYAZİ BERK
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1994
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Sosyal Bilimler Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 91
Özet
ÖZET Factoring, kredili satışlarda alacak haklarını bir başkasına devredilmesi işlemidir. Alacakların satın alın ması yanında, kredili satışlarla ilgili alacakların taki bi ve muhasebesinin tutulması, kredi riskinin karşılanması, satıcıya avans verilmesi, bilgi toplanması ve piyasa araş tırmaları yapılması gibi hizmetler de yerine getirilmekte dir. Factoring işlemi ilk defa 14. yy'da İngiltere'de yün mamulleri ticaretinde görülmüş, ABD'de 1930'larda İngilte re'den yapılan tekstil ithalatında uygulanmaya başlanmış daha sonraları mal çeşitleri artmıştır. 1960'lı ve özellik le 1970'li yıllardan sonra factoring hizmetleri oldukça yaygınlık göstermiştir. Günümüzde özellikle gelişmiş ül kelerde uygulanan bir finansman tekniği olan factoring, gi derek gelişmekte olan ülkelerde de kullanım alanı bulmaktadır. Türkiye'de ise., 1980 yılından itibaren başlayan dışa açılma ile birlikte ihracata dayalı büyüme modelinin benim senmesi ve bankacılık sektörünün gelişme ivmesinin hızla narak yeni bankacılık hizmetlerinin sunulmaya başlaması ile 1988 yılında uygulanmaya başlanan factoring son beş yıl içinde hızlı bir gelişme göstermiştir. 1990 yılında şirketleşmelerin başlamasından sonra önceleri sadece ulus lararası işlemlerde kullanılmakta olan factoring iç piyasa işlemlerinde de yoğun olarak kullanılmaya başlanmıştır. (vı)
Özet (Çeviri)
AN ALTERNATIVE METHOD IN FOREIGN TRADE FINANCING: FACTORING Some firms sell their accounts receivable to a factor, instead of pledging accounts receivale for aloan. The sale of accounts receivable is called factoring. The factor is a financial firm that specializes in this business. Because the factoring firm assumes the risk of default on bad accounts, it must make the credit check. Factors provide not only money but also a credit department for the borrower. Historically, factoring had been most common in the North American Textile industry, about 200 years ago. The first factors were the American sales representatives of British woolen mills, who guaranteed payment of purchases made by American customers, for a fee. The factors also financed these transactions by advancing funds to the mills following shipment. Factoring enables a buseness to finance the period between selling its products and receiving payment. The business does this by assigning its sales invoices to a factoring company which then makes available up to 80 per cent of the invoice valve. The factoring company is then responsible for collecting payment on the invoices and passes the balance due back to the business on receipt of payment or on an agreed date. 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. The procedure fort factoring is comewhat different from that for simply using accounts receivable as collateral for a loan. Again, an agreement between the seller and the factor is made to specify legal obligations and procedural arrangements. When the seller receives an order from a buyer, a credit approval slip is written and immediately sent to the factoring company fort a credit check. If the factor does not approve the sale, the seller generally refuses to fill the order This procedure informs the seller, prior (vii)to the sale, about the buyer's creditworthiness and accep tability to the factor. If the sale is approved, shipment is made and the invoice is stamped to notify the buyer to make payment directly to the factoring company. The factor performs three functions the procedure: (1) credit checking, (2) 1 risk bearing. However, the seller can se binations of these functions by changing the factoring agreement. For example, a sized firm can avoid establishing a credi factoring receivables The factor's charg may well be less costly than maintaining ment that may have excess capacity for th credit volume. At the same time, if the an unqualified person to act as a credit that person's lack of education, training could result in excessive losses. The se factor to perform the credit-checking and tions but not the lending function. in carrying out ending, and (3) lect various corn- provisions in small or medium- t department by e for this service a credit depart- e firm's small selling firm uses analyst, then, and experience Her may use the risk-taking func- Factoring is normally a continuous process instead of the single cycle described here. The firm selling the goods receives orders; it transmits the purchase orders to the factor for approval; uyon approval, the goods are shipped; the factor advances to the seller the invoice amount minus withholdings; the buyers pay the factor when payment is due; and the factor periodically remits any excess reserve to the seller of the goods. Once a routine has been established, a continunous circular flow of goods and funds takes place between the seller, the buyers of the goods, and the factor. Thus, once the factoring agree ment is in force, funds from this source are spontaneous, in the sense that an increase in sales will automatically generate additional credit. The cost of a factoring arrangement consists of two elements : - The Commission Charge which covers the cost of the sales ledger administration and credit protection. This is fixed at the beginnig of the contract, is expressed as a percentage of total factored sales, and is normally in the range of 0.75 % and 2 %, The final quotation depends on the quality of the debtors, the sales volume and the average invoice size. Generally speaking the larger the volume and the better the debtors the lower the cost. ( viii)The Financing Charge, which is only payable if prepay ments are required, is charged on a day-to-day basis calcu lated on the amount taken. Rates are appropriate to the currency of the prepayment and will be negotiated at the start of the arrangements. Advantages and disaduantages of factoring system may be listed in the following way: Advantages - A full ledger accounting service, - New markets and increased sales possiblities, - Time expenses saving by transferring credit control and administration to the factor, - Elimination of the risk, - Finance possiblities, - Increased liquidity for the short-term depts. Disadvantages - The lost trust in the market, - The high cost. List of industries commonly using factoring services: - Textile mill products, - Toy and hobby supplies, - Footwear and luggage, - Carpets and housewares, - Consumer electrical goods, - Furniture and home furnishing, - Sporting supplies. (ix)There is a good reason why many small firms find that using a factor's services is indeed an economical alterna tive; the small firm has itsown special expertise, whereas the factor has its own profession. Because managerial talent is often especially limeted in small firms, it may turn out that the factor' services are a bargain in compa rison with the cost of the firm's maintaining its own credit services and exposing itself to credit risks. Although new to Turkey factoring is now a well estab lished service in most of the rest of the industrialised world. In many countries it is used domestically as well as internationally by the growing number of companies that have come to appreciate this valuable, cost effective aid to profitable growth. At the present time factoring is only available to those Turkish companies who are exporting The range of goods and services factored is enormous; varying from raw material to finished goods and crossing the whole manuf acturging spectrum. The major industries involved in factoring throughout the world are; textiles, metals, chemicals, food, electronics and a whole range of consumer goods. The full list is a much longer one becauce almost any product that is sold on short term credit and without a guarantee as atter sales service may be factored to advantage. International factoring works on a correspondent system where export factors subcontract part of their service to a factor in the importer's country. The rela tionship of supplier-factor-customer is replaced by that of supplier-export factor-import factor-customer. The import factor deals with what is effectively a domestic receivable. The export factor otherwise would face the problems of operating in a second language and a less familiar legal system. The import factor underwrites customer trade credit risk, collects receivables (taking legal action where necessary), covers any unpaid credits, and transfers funds to the export factor in the currency of the invoice. (x)The flow of paper and receivables follows a set pattern. - The client informs the export factor of his desire to trade with the importer. - The export factor asks the import factor to assess the creditworthiness of the importer. - Upon satisfactory credit clearance the client delivers the goods and raises an invoice, a copy of which is given to the export factor. - The export factor prepays the invoice and a further copy of the invoice is sent to the import factor. - The import factor collects the puyment from the importer and pays the export factor in the currency of the invoice. The supplier has no legal relationship with the import factor (ilthough he will be aware of the factor's role). All legal responsibility rests with the export factor. Export factoring fees are determined on an individval company basis and are related to the annual turnover, the average invoice size (smaller invoices are more expensive because of the fixed information-gathering costs), the creditability of the daims, and the terms of sale. In general, these fees run from w,75 % to 2 % of sales. In general, factoring is most useful for (1) the occa sional exporter and (2) the exporter having a geographically diverse portfolio of accounts receivable. In both cases, it would be organizationally difficult and expensive to internalize th,e accounts receivable collection process. Such companies would generally be small or else be involved on a limited scale in foreign markets. In 1992, most countries in Europe began selling goods on open account to the other countries as xf they were trading domestically. In this system factoring is more and more important for all the countries in Europe and Turkey. (xi)
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