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1、Multinational Financial Management Alan Shapiro7th Edition J.Wiley&SonsPower Points byJoseph F.Greco,Ph.D.California State University,Fullerton1 FINANCING FOREIGN TRADECHAPTER 182CHAPTER OVERVIEW:I.PAYMENT TERMSII.DOCUMENTSIII.FINANCING TECHNIQUESIV.GOVERNMENT SOURCES OF EXPORT FINANCING AND CREDIT
2、INSURANCEV.COUNTERTRADE3I.PAYMENT TERMSI.PAYMENT TERMSA.Five Principal Means:1.Cash in advance2.Letter of Credit3.Drafts4.Consignment5.Open Account4PAYMENT TERMSB.Cash in Advance1.Minimal risk to exporter2.Used where there isa.Political unrestb.Goods made to orderc.New unfamiliar customer5PAYMENT TE
3、RMSC.Letter of Credit(L/C)1.A letter addressed to sellera.written and signed by buyers bankb.promising to honor sellersdrafts.c.Bank substitutes its owncommitmentd.Seller must conform to terms6PAYMENT TERMS2.Advantages of an L/C to Exportera.eliminates credit riskb.reduces default riskc.payment cert
4、aintyd.prepayment risk protectione.financing source7PAYMENT TERMS3.Advantages of L/C to Importera.shipment assuredb.documents inspectedc.may allow better sales termsd.relatively low-cost financinge.easy cash recovery if discrepancies8PAYMENT TERMS4.Types of L/Csa.documentaryb.non-documentaryc.revoca
5、bled.irrevocablee.confirmedf.transferable9PAYMENT TERMSD.DRAFTS1.Definition:-unconditional order in writing-exporters order for importer to pay-at once(sight draft)or-in future(time draft)10PAYMENT TERMS2.Three Functions of Draftsa.clear evidence of financial obliga-tionb.reduced financing costsc.pr
6、ovides negotiable and uncondi-tional financial instrument(ie.May be converted to a bankers acceptance)11PAYMENT TERMS3.Types of Draftsa.sightb.timec.clean(no documents needed)d.documentary12PAYMENT TERMSE.CONSIGNMENT1.Exporter=the consignor2.Importer=the consignee3.Consignee attempts to sellgoods to
7、 a third party;keeps some profit,remits rest to consignor.4.Use:Between affiliates13PAYMENT TERMSF.OPEN ACCOUNT1.Creates a credit sale2.To importers advantage3.More popular lately becausea.major surge in global tradeb.credit information improvedc.more global familiarity with exporting.14PAYMENT TERM
8、S4.Benefits of Open Accounts:a.greater flexibility in makinga tradeb.lower transactions costs5.Major disadvantage:highly vulnerable to government currency controls.15II.DOCUMENTSII.DOCUMENTS USED IN INTL TRADEA.Four most used documents1.Bill of Lading(most important)2.Commercial Invoice3.Insurance C
9、ertificate16DOCUMENTSB.Bill of LadingThree functions:1.Acts as a contract to carry the goods.2.Acts as a shippers receipt3.Establishes ownership overgoods if negotiable type.17DOCUMENTS2.Type of Billsa.Straightb.Orderc.On-boardd.Received-for-shipmente.Cleanf.Foul18DOCUMENTSC.COMMERCIAL INVOICEPurpos
10、e:1.Lists full details of goods shipped2.Names of importer/exporter given3.Identifies payment terms4.List charges for transport and insurance.19DOCUMENTSD.INSURANCE1.Two Categories:a.Marine:transport by seab.Air:transport by air2.Insurance Certificateissued to show proof of insurance3.All shipments
11、insured today.20DOCUMENTSE.CONSULAR INVOICELocal consulate in host country issues:a visa for the exporters invoicerequires fee to be paid to consulate21III.FINANCING TECHNIQUESIII.FINANCING TECHNIQUESA.Four Types:1.Bankers Acceptancesa.Creation:drafts acceptedb.Terms:Payable at maturity to holder22F
12、INANCING TECHNIQUES2.Discountinga.Converts exporters drafts to cash minus interest to maturity and commissions.b.Low cost financing with few feesc.May be with(exporter still liable)or without recourse(bank takesliability for nonpayment).23FINANCING TECHNIQUES3.Factoring-firms sell accounts receivabl
13、e to another firm known as the factor.a.Discount charged by factorb.Non-recourse basis:Factorassumes all payment risk.c.When used:1.)Occasional exporting2.)Clients geographically dispersed.24FINANCING TECHNIQUES4.Forfaitinga.Definition:discounting at a fixed rate without recourse of medium-term acco
14、unts receivable denominated in a fully convertible currency.b.Use:Large capital purchasesc.Most popular in W.Europe25IV.GOVERNMENT SOURCES OF EXPORT FINANCINGIV.GOVERNMENT SOURCES OF EXPORTFINANCING AND CREDIT INSURANCEA.Export-Import Bank of the U.S.-known as Ex-Im Bank-finances and facilitates U.S
15、.exports only.26GOVERNMENT SOURCES OF EXPORT FINANCING1.Ex-Im Bank Programs:a.Direct loans to exportersb.Intermediate loans to exportersc.Loan guaranteesd.Preliminary commitmentse.Political and commercial insurance27GOVERNMENT SOURCES OF EXPORT FINANCINGB.Private Export Funding Corporation(PEFCO)1.F
16、inances large sales from privatesources2.May purchase loans of U.S.importers3.ExIm Bank provides loan guarantees.28GOVERNMENT SOURCES OF EXPORT FINANCINGC.Foreign Credit Insurance Association(FCIA)1.Offers commercial and politicalrisk insurance2.When insured,exporter oftenable to obtain financing fa
17、ster.29V.COUNTERTRADEV.COUNTERTRADEA.Three Specific Forms:1.Barterdirect exchange in kind2.Counterpurchasesale/purchase of unrelatedgoods but with currencies3.Buybackrepayment of original purchase through sale of a related product.30COUNTERTRADEB.When to Use Countertrade1.With“soft-currency”developi
18、ngcountries2.When foreign contractor mustperform.311、每一个成功者都有一个开始。勇于开始，才能找到成功的路。11月-2211月-22Tuesday,November 8,20222、成功源于不懈的努力，人生最大的敌人是自己怯懦。13:46:0513:46:0513:4611/8/2022 1:46:05 PM3、每天只看目标，别老想障碍。11月-2213:46:0513:46Nov-2208-Nov-224、宁愿辛苦一阵子，不要辛苦一辈子。13:46:0513:46:0513:46Tuesday,November 8,20225、积极向上的心
19、态，是成功者的最基本要素。11月-2211月-2213:46:0513:46:05November 8,20226、生活总会给你另一个机会，这个机会叫明天。08十一月20221:46:05下午13:46:0511月-227、人生就像骑单车，想保持平衡就得往前走。十一月221:46下午11月-2213:46November 8,20228、业余生活要有意义，不要越轨。2022/11/813:46:0513:46:0508 November 20229、我们必须在失败中寻找胜利，在绝望中寻求希望。1:46:05下午1:46下午13:46:0511月-2210、一个人的梦想也许不值钱，但一个人的努力很值钱。11/8/2022 1:46:05 PM13:46:0508-11月-2211、在真实的生命里，每桩伟业都由信心开始，并由信心跨出第一步。11/8/2022 1:46 PM11/8/2022 1:46 PM11月-2211月-22谢谢大家谢谢大家