通过应收账款融资【外文翻译】.doc

1、本科毕业论文外文翻译译文标题通过应收账款融资资料来源EBSO数据库作者托马斯乌尔里希中小企业融资并非易事，尤其是当该企业已经把固定资产作为现有债务的担保承诺时。在这种情况下，小型企业的管理者必须谋求其他方法，继而转向以流动资产的担保作为取得融资的手段。就目前来看企业主要是拿流动资产中的库存和应收账款来做抵押物，本文只讨论后者。原因是在很多情况下大部分公司的存货由于其流动性差，不构成可接受的抵押品。本文将介绍应收账款融资的主要特征和这种融资方法的一些优势和劣势，并分析小型企业的行政机关在使用这种类型的资产作为贷款的抵押时，所采取的用来降低财务费用的方法。应收账款融资企业常用的两种应收账款融资类型

2、，包括应收账款抵押和应收账款保理业务。前者创建了一个安全的短期贷款，后者实际上以一定的折扣来出售应收账款。在这里企业可以用应收账款做抵押，通过商业银行或者商业性融资公司得到的融资。一般来说，商业银行比其他商业性质的融资公司有更严格的信贷标准，所以商业银行的融资费用也比较低。通常情况下，出借人对作为抵押的应收账款是有选择性的。出借人有权选择那些可接受的并对他而言安全的账户。逾期性账户和经济薄弱或是付款声誉不佳的公司被排除在担保账户之外。此外，出借人对抵押担保借款的追索权，即一旦应收账款无法收回或收回的数额不足以偿还放款的本息，商业银行或其他金融机构有权向借款人索赔的权，还有就是出借人相应的减少他

3、的贷款。由于企业的信用状况和应收账款账龄等因素使应收账款回收具有相当的风险，所以借款限额通常是应收账款额的60至90。商业银行借款限额通常是60到80，而一些商业性金融公司可能愿意预付达90。作为抵押贷款的应收账款，既可以由出借人收取，也可以由贷款人收取，但通常情况下，贷款人的客户不知道他们的账户已被抵押。如果抵押的应收账款是建立在通知的基础之上，那么客户就会被通知到他的账户已经被抵押。这种安排降低了出借人的风险，但贷款人通常更倾向于一种不通知的安排，因为他们的客户可能会将账户的质押解释成一种企业经济薄弱的迹象。同时为了减少出借人的风险,通常会授权其根据需求来检查贷款人的账簿以核对可接受的抵押

4、的有效性。像一些原始发票或是来自购物商场的有记号的收据都会被要求作为证明文件。应收账款融资优缺点优点首先，应收账款融资最重要的作用是增加了中小企业的融资渠道。其次，应收账款融资增强了企业的灵活性，一方面降低了企业的融资成本，另一方面即是融通资金通过加速资金周转率带来收益。缺点首先，当公司的发票数增加和美元贬值的情况下，行政成本大幅增长。在这种状态下的有选择基础的抵押账户会由于过高的行政成本而受到抑制。然而，面对这种情况的企业，可以设立一个浮动留置权的安排，留置所有公司的应收账款。由于这对出借人而言更具危险性，所以通常这时借款限额少于应收款面值的50。其次，该公司使用的是高流动性资产作为担保贷款

5、，这种行动使得其他债权人可能会觉得他们的信用状况已经被削弱了，因此，拒绝被出售给信贷公司。幸运的是，这种态度多年来一直下降，预计在未来会继续下降。还有近年来计算机技术的使用增加，有可能大大降低了应收账款融资的行政费用，同时也减少了出借人的风险。可以预计，应收账款融资将会继续发展，而这两个主要缺点对其负面的影响也会被削弱。降低融资费用两种方法可用来降低小型企业应收账款的融资费用。第一个方法包括第三方对应收账款质押控制。商业财务公司、团体通常是自给自足地处理应收账款融资,可以保证抵押品的有效性和保证借款人遵守贷款协议。然而，这种贷款需要处理更多文件，是比大多数贷款的过程更加麻烦。它需要专门的知识和

6、程序，目前只有较大的银行提供这类贷款。那对于小企业来说，相比商业财务公司就会选择利率较低的商业银行。那么如果商业银行没有专业人员、专门的设施、专门知识来监视被质押的应收账款怎么办第三方控制应收账款质押提供了一个途径。小型企业行政机关可以建议使用一种抵押品来监视和控制公司保证承诺的有效性和促进汇款账户的收付。以这样的方式小银行能够利用应收账款进行融资，这为小公司提供了一种通过一个商业金融公司或团体以较低的成本获得融资的方式，而对于小企业来说减少了其融资成本。一个附带的好处是，贷款人收到详细的状态信息，例如账龄的增加和应收账款账户状况报告。间接向贷款人提供其应收账款账户的详细的信息。第二种降低融资

7、费用的方法是利用商业银行收取较低的利率。在许多情况下，小型企业没有足够的资格获得传统的银行信贷或由于连续性质的经费筹措不符合相关要求，或因为银行在管理所涉及抵押品时管理成本太高。在这些情况下，行政机关可以提出一个小型企业参与商业银行和金融公司的协议。这份同意书允许银行购买部分由商业金融公司管理和扩展的贷款份额。商业银行的优势在于它是能够为具有潜质但不符合银行信贷标准的企业提供融资。商业金融公司参与为小企业提供融资，其主要是靠是有竞争力的价格优势。同时，这对小企业的来说减少融资费用的总成本。总结应收账款融资为小企业提供了发展资金的来源，特别是那些已经将固定资产作为现有债务的担保承诺企业来说。这种

8、类型的融资有望在将来继续发展，计算机技术的应用可以降低行其行政成本和风险。目前，第三方控制应收账款以及参与质押贷款是小型企业用来降低整体的融资费用的有效方法。外文文献原文TITLEFINANCINGVIAACCOUNTSRECEIVABLEMATERIALSOURCEEBSOAUTHORBYTHOMASAULRICHFINANCINGSMALLBUSINESSGROWTHISNOTANEASYTASK,PARTICULARLYWHENTHEFIRMSFIXEDASSETSAREALREADYPLEDGEDASSECURITYFOREXISTINGDEBTCAUGHTINTHISPOSITION

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