國(guó)際貿(mào)易融資

INTERNATIONALFINANCIALMANAGEMENT EUN RESNICK FourthEdition INTERNATIONALFINANCIALMANAGEMENT EUN RESNICK FourthEdition ChapterOutline ATypicalForeignExchangeTransactionForfaitingCountertradeFormsofCountertradeGeneralizationsaboutCountertrade 1 ATypicalForeignExchangeTransaction Overtheyears centuries really anelaborateprocesshasevolvedforhandlingexportsandimports Figure20 1illustratesthisprocessAtypicalforeigntradetransactionrequiresthreebasicdocuments Letterofcredit L C timedraft andbilloflading B L ProcessofaTypicalForeignTradeTransaction Importer sBank Exporter sBank Importer Exporter MoneyMarketInvestor 1 LetterofCredit L C Aguaranteefromtheimporter sbankthatitwillactonbehalfoftheimporterandpaytheexporterforthemerchandiseifallrelevantdocumentsspecifiedintheletterofcreditarepresentedaccordingtothetermsoftheletterofcredit Inessencetheimporter sbankissubstitutingitscreditworthinessforthatoftheimporter 2 TimeDraft Awrittenorderinstructingtheimporterorhisagent theimporter sbank topaytheamountspecifiedonitsfaceonacertaindate 3 BillofLading Adocumentissuedbythecommoncarrierspecifyingthatithasreceivedthegoodsforshipment itcanserveastitleforthegoods 4 Banker sAcceptances Theexporter sbankpresentstheshippingdocumentsandthetimedrafttotheimporter sbank Aftertakingtitletothegoodsviathebilloflading theimporter sbankacceptsthetimedraft Atthispointthebanker sacceptanceiscreated Itisanegotiablemoneymarketinstrument Asecondarymarketexistsforbanker sacceptances Banker sAcceptances Banker sacceptancescanbeheldtomaturitybytheexporter Theexportercanalsosellit atadiscount inthemoneymarket Sincetherisksaresimilar B Astradeatratescomparabletocertificatesofdeposit 2 Forfaiting Forfaitingisatypeofmedium termfinancingusedtofinancethesaleofcapitalgoods Itinvolvesthesaleofpromissorynotessignedbytheimporterinfavoroftheexporter Theforfait usuallyabank buysthenotesatadiscountfromfacevaluefromtheexporter Theexportergetspaidanddoesnothavetocarrythefinancing 3 Countertrade Countertradeisatermusedtodescribemanydifferenttypesoftransactionseachin whichthesellerprovidesabuyerwithgoodsorservicesandpromisesinreturntopurchasegoodsorservicesfromthebuyer Countertrademayormaynotinvolvetheuseofcurrency asinbarter FormsofCountertrade Barter易貨貿(mào)易Clearingarrangement結(jié)算協(xié)議Switchtrade轉(zhuǎn)手貿(mào)易Buy back回購(gòu)貿(mào)易Counterpurchase互購(gòu)Offset補(bǔ)償貿(mào)易 DisadvantagesofCountertrade Itisinefficient Someclaimthatsuchtransactionstamperwiththefundamentaloperationoffreemarkets andthereforeresourceswillbeusedinefficiently Transactionsthatdonotmakeuseofmoneyrepresentahugestepbackwardsineconomicdevelopment AdvantagesofCountertrade Countertradeconservescashandhardcurrency Advantagesalsoincludetheimprovementoftradeimbalances themaintenanceofexportprices enhancedeconomicdevelopment increasedemployment technologytransfer marketexpansion increasedprofitability lesscostlysourcingofsupply reductionofsurplusgoodsfrominventory andthedevelopmentofmarketingexpertise GeneralizationsaboutCountertrade Thereareadvantagesanddisadvantagesassoc