Factoring ve yeniden yapılanma
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- Tez No: 55646
- Danışmanlar: Y.DOÇ.DR. MEHMET BOLAK
- Tez Türü: Doktora
- Konular: Mühendislik Bilimleri, İşletme, Engineering Sciences, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1996
- Dil: Türkçe
- Üniversite: İstanbul Teknik Üniversitesi
- Enstitü: Fen Bilimleri Enstitüsü
- Ana Bilim Dalı: Belirtilmemiş.
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 281
Özet
Years 1988 Volume (Mü S) Growth% In the recent years, it has been observed that while many of the new factoring companies have emerged as subsidiaries or participations of banks in Turkey, there have been cases where independent new entries have penetrated to the factoring market. Factoring, viewed as a progressive financial instrument in the sector, had set on a growth trend in 1991 which was continued also in the recent years. International factoring, still the locomotive of growth, is gradually coupled by the growth in the domestic non recourse basis factoring. XXI
Özet (Çeviri)
SUMMARY FACTORING AND REENGINEERING The use of a factor, in the sense of 'mercantile agent', by merchants and manufacturers is as old as any historical records of business. Owing to slow communications and transport of goods, a business selling in another territory had perforce to appoint such an agent to find customers, hold the principal's goods on consignment, seli and deliver the goods for the principal and collect such proceeds. This method of doing business developed strongly during the great period of colonisation by European countries from the 16th century onwards. The system was especially marked on the eastern seaboard of the United States. Later, as the factors prospered, they were able to make early payments to their principals before the customers setded. As communications and transportation improved, it was no longer necessary for the manufacturer to send the goods on a consignment basis to a mercantile agent. Goods could be sold by sample through the agent and despatched to the customer direct. The principals wished to retain this aspect of the agent's service which meant the creation of factoring in its modem sense. The factor, in the old sense, provided services under the headings of marketing, distribution, administration, and finance.Factoring is a financiaHervice designed to improve the cash flow of healthy growing companies, enabüng them to make better use of management time and the money tied up in trade credit to customers. it involves the provision of finance, secured against the outstanding invoices of a business. Under a continuous arrangement, a factoring company buys the unpaid invoices due to a client as they arise. These then act as security, thereby easing the client's cash flow and freeing funds for further working capital investment. Factoring plays an increasingly important role in the development of the enterprise economy. The increase in the number of small businesses has served as a catalyst for grovrth, with this new breed of entrepreneur has come an increasedwillingness to take on board new ideas and exploit the benefits offered by the services. Factoring ofTers companies a flexible means of growth by maximum use of an asset - the unpaid invoices which businesses have issued to their customers. Factors provide four related services: *Chasing up the issued invoices and ensuring that they are paid. 4 Providing immediate finance of up to 80% of the value of the client's invoices, with the balance (minus administration charge and fînance charges ) payable after a set of period, ör when the invoice is paid. *Taking över a client's sales ledger and provide administration *Advising on credit risks, and insuring clients against bad debts. The most important benefit of factoring is the elimination of delays in the collection of payments from customers which are experienced almost in every sector. Furthermore the average period of time that businesses have to wait for invoices to be paid could drarnatically be reduced. in many instances, Factoring allows users to capitalise on that unrealised asset to achieve profîtable expansion, coupled with effective cash flow management. Factoring is a majör source of fînance for small and growing businesses. This demonstrates growth throughout ali sectors of the factoring industry, and endorses the increasing acceptance and understanding of the important roles that factoring plays in stimulating the economic activiry of the business and commerce. Factoring means that growth is tied to sales - the more sales a company makes, the more money the factor is able to advance against unpaid invoices. it allovvs companies to trade profitably and grow quickly, confident they can always finance the next sale. By contrast, companies don't use factoring can be constrained by extemal borrowing limits which stifle growth. Companies using factoring receive finance against their current level of business. in contrast, overdraft limits are set on historical criteria. Factoring enables management's to concentrate their efforts on what they do best - running the business - rather than chasing debtors, ör running an expensive sales ledger. Many companies have 20 - 25 % of annual tumover tied up in trade credit. The great attraction of factoring is flexibility; providing a range of services that can be tailored to meet each individual requirement. in general, the services could be xviidescribed as follows:.Full service factoring: in a fiili service contract, factors assume the responsibility for both the administration of the sales ledger and credit management. *Non-recourse : Full service offered with protection against bad debt *Recourse: Full service with no bad debt protection.Invoice Discounting ör confidential factoring: This service is suited to companies who want finance in exchange for their invoices, but litüe else..Undisclosed factoring: This type is applied to invoice discounting arrangement whereby the factor will provide protection against bad debts to a limited extent..Maturity Factoring: Where finance is not required an arrangement, used by small businesses as an alternative to credit insurance, comprises sales ledger administration, collection from debtors and protection against bad debts. Factoring is an extremely cost effective service, providing finance when it is needed, and sales ledger and credit control fünctions - ali of which would othenvise have to be paid for in increased staff and overhead costs by the companies concerned. Charges for factoring are made in two ways: a fee for the services taking into account such information as the volume of sales, number of invoices and average invoice values and whether credit protection is provided, and a separate charge for the finance made available against sales, geared to current base rates. Service fees normally fail into the follovving bands:.Full factoring: domestic, 1-2 % of tumover.Full factoring: export, 1-3% of turaover.invoice discounting: disclosed, 0.5 - 0.75% of tumover.invoice discounting: confidential, 0.25 - 0.5% of turnover.Credit protection: on any service, 0.4 - 0.8 percent of turnover Factoring have traditionally been utilised by small and medium sized companies in manufacturing, service and distribution whose annual turnovers vary from less than USD 150,000 to many millions. Among the main industries which perfectiy fit to factoring are textiles, sporting xviiisupplies, houseware, furaiture and carpets, footwear and luggage, consumer goods and hobby and toy supplies. Factoring causes companies to lose the control över their credit decisions. Secondly, factoring is not a panacea for debtors of poor quality. in factoring arrangements, the role of factors could be misjudged which can create very unpleasant situations between the client-customer-factor triangle. Similarly factoring benefits could be miscalculated which would create legal problems, if they are realised after the agreement is signed. Factoring may also seem expensive when misused by unsuitable customers operating in industries that do not süit to factoring. Because factor performs additional services besides the lending function, a comparison of the costs of factoring with those of borrowing against receivables is difficult. The image of factoring as the last resort before receivership is outmoded but factors can indeed be a lifeline for many small companies. in spite of the growth of export-import factoring, its importance in the world trade is stili relatively modest which is about 6 % över the years. The follovving tables help the reader to have an idea of the development of factoring in the world.,i. ^VjOiöv -rp4p£l\m$Wm&fwmWMç^isSp“!”:. IİKWV.' WM?mMm'-^'^'**:..“^V ;'”.'.-“ ?* Domestic102 131 151 179 231 241251 International8_9_9_1113_14_15_ Totall 110 l 140| 160 | 190 | 244 | 255 | 266 Amounts in billions of US dollarsSource: Factors Chain International On the international ground, through factoring, payments and disputes could be resolved in the customers/non payer's own language, using if necessary local legal expertise. Other common problems faced in the export factoring are the delays occurring in the transfer of money across frontiers via the international banking system and losses due to fluctuating exchange rates. Therefore, export factoring is ideal for companies exporting regularly on öpen account terms, but is not suitable for irregular exports ör for exports of capital goods ör high value machinery. xixWorld Factoring Volume Growth över Years 300 -m.~«~~-y.nr-r-;;........Tr;--j- 30% 86878889909192 Volume (Billion DoUar) The internationalisation of factoring was a natural development for the progressive American and British factors used to deal with companies separated by long distances, establishing credit ratings for buyers across many borders and making collections in areas demanding special knowledge. Thanks to the extensive penetration of factoring, much of the globe is now covered by the four international networks. These are namely, International Factors Group (IFG), Walter. E. Keller Overseas Corporation, Credit Factoring international (CFI), ali three being classified as the 'closed network'( direct financial ünk exists) and Factors Chain international (FCI) represents the only 'öpen' network which means that ahnost any factoring house can become a member so long as the ultimate ownership does not change. Some Turkish factoring companies have become members of FCI. Factoring was introduced to Turkish financial and commercial markets in 1990 with the establishment of FactoFinans A.Ş., a subsidiary of İktisat bank. Since then, both the number of factors and the number of those who receive factoring services have grown considerably. The unique characteristic of the development of factoring in Turkey lies in the fact that its kick off and growth have been realised through the export factoring, whereas totally the contrary, factoring being provided in domestic markets, took place in other parts of the world. Therefore, in the past few years, Turkey is ahvays ranked among the top 10 in the international factoring around the world. in 1992, rank No. 5 has been achieved in export related transactions. The table presented below shows the rapid growth of factoring by year in Turkey. XXYears Vohıme fMil S> Growth% lyoo ____/%ıs%. \j^p*ı5^”. - 62 -. sis“ \ L', 1991 ”, ' 183“,.”1S5-^f**^ i1992 ' 454J^r/1^1^ Y 1993:- ! y^f'^A in the recent years, it has been observed that while many of the new factoring companies have emerged as subsidiaries ör participations of banks in Turkey, there have been cases where independent new entries have penetrated to the factoring market. Factoring, viewed as a progressive financial instrument in the sector, had set on a growth trend in 1991 which was continued also in the recent years. International factoring, stili the locomotive of growth, is gradually coupled by the growth in the domestic non recourse basis factoring.
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