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1、Multinational Financial Management（跨国公司财务管理）ch18 International Trade FinancingPAYMENT TERMSI.PAYMENT TERMSA.Four Principal Means:1.Cash in advance2.Letter of Credit3.Drafts4.Open AccountPAYMENT TERMSB.Cash in Advance1.Minimal risk to exporter2.Used where there isa.Political unrestb.Goods made to ord
2、erc.New and unfamiliar customerPAYMENT TERMSC.Letter of Credit(L/C)1.A letter addressed to sellera.written and signed by buyers bankb.promising to honor sellers drafts.c.Bank substitutes its own commitmentd.Seller must conform to termsPAYMENT TERMS2.Advantages of an L/C to Exportera.eliminates credi
3、t riskb.pre-shipment(cancellation of the order)risk protectionPAYMENT TERMSD.DRAFTS1.Definition:-unconditional order in writing-exporters order for importer to pay-at once(sight draft)or-in future(time draft)PAYMENT TERMS2.Three Functions of Draftsa.clear evidence of financial obligationb.reduced fi
4、nancing costsc.Can be a financial product for investors(i.e.May be converted to a bankers acceptance)PAYMENT TERMS3.Types of Draftsa.sightb.timePAYMENT TERMSF.OPEN ACCOUNT1.Creates a credit sale2.To importers advantage3.More popular lately becausea.major surge in global tradeb.credit information imp
5、rovedc.more global familiarity with exportingPAYMENT TERMS4.Benefits of Open Accounts:a.greater flexibility in making a tradeb.lower transactions costs5.Major disadvantage:highly vulnerable to government currency controls.DOCUMENTSII.DOCUMENTS USED IN INTL TRADEA.Three most used documents1.Bill of L
6、ading(most important)2.Commercial Invoice3.Insurance CertificateDOCUMENTSB.Bill of LadingThree functions:1.Acts as a contract to carry the goods.2.Acts as a shippers receipt3.Establishes ownership over goods if negotiable type.DOCUMENTSC.COMMERCIAL INVOICEPurpose:1.Lists full details of goods shippe
7、d2.Names of importer/exporter given3.Identifies payment terms4.List charges for transport and insurance.DOCUMENTSD.INSURANCE1.Marine Insurance Policycovers sea as well as air transport2.Insurance Certificate issued to show proof of insuranceSHORT-TERM FINANCING TECHNIQUESIII.FINANCING TECHNIQUESA.Fo
8、ur Types:1.Bankers Acceptancesa.Creation:drafts acceptedb.Terms:Payable at maturity to holderSHORT-TERM FINANCING TECHNIQUES2.Discountinga.Converts exporters drafts to cashminus interest to maturity and commissions.b.Low cost financing with few feesc.May be with(exporter still liable)or without reco
9、urse(bank takesliability for nonpayment).SHORT-TERM FINANCING TECHNIQUES3.Factoringfirms sell accounts receivable to another firm known as the factor.a.Discount charged by factorb.Non-recourse basis:Factor assumes all payment risk.c.When used:1.)Occasional exporting2.)Clients geographically disperse
10、d.SHORT-TERM FINANCING TECHNIQUES4.Forfaitinga.Definition:discounting at a fixed rate without recourse for medium-term accounts receivable b.Use:Large capital purchasesc.Most popular in W.EuropeGOVERNMENT SOURCESIV.GOVERNMENT SOURCES OF EXPORTFINANCING AND CREDIT INSURANCEA.Export-Import Bank of the
11、 U.S.-known as Ex-Im Bank-finances and facilitates U.S.exports only.GOVERNMENT SOURCES1.Ex-Im Bank Programs:a.Direct loans to exportersb.Intermediate loans to exportersc.Loan guaranteesd.Preliminary commitmentse.Political and commercial insuranceGOVERNMENT SOURCES2.Restrictions:At least 51%U.S.conte
12、ntNo armaments Must be environmentally friendlyCOUNTERTRADEV.COUNTERTRADEA.Three Specific Forms:1.Barterdirect exchange in kind2.Counterpurchasesale/purchase of unrelated goods but with currencies3.Buybackrepayment of original purchase through sale of a related productCOUNTERTRADEB.When to Use Countertrade1.with developing countries with“soft-currency”2.when tariffs or quotas prevent trade