论保理与福费廷融资机制的异同

A Research On the Differences Between Factoring and Forfaiting Finance System

第二次世界大战后,传统的国际贸易支付及结算方式开始衰落,保理、福费廷作为新兴的融资工具备受推崇。它们具有帮助进出口商减小交易风险、扩充现金流、压低交易成本等诸多优势。两者由于都以承购应收账款的方式提供融资,因而在兴起背景、产品属性、金融功能、监管制度、社会影响等方面呈现出一定的相同性;但是由于法定功能的不同,致使它们在融资主体、融资客体、融资标准、融资成本、法律关系等诸多方面存在不同点。明确它们的相似性和差异性以及各自的优劣势,可以为进出口商选择恰当的融资工具提供科学的根据。在传统支付方式逐渐衰落、新型融资方式不断兴起的时代背景下,这两种金融工具在我国都有着广泛的应用及推广前景。

The traditional method for buying and paying in the international trade started decaying since the end of the Second World War. As the newly-created financing tools, factoring and forfaiting gained most popularity. They could effectively reduce transaction risk and cost for the importers and exporters. Furthermore,the cash flow could be enlarged either. For they are financing tools both based on the assignments of A/R, they show similar aspects on the forming background, product attribute,financing function,regulatory system and social impact. But for the reason of legal function, they are different on the following aspects like financing body, financing object,financing standard,financing cost, and legal relationship. By making the similarity and difference between these two financing tools, and concluding the advantage and disadvantage of each other, all these academic achievements would serve the importers and exporters nicely on choosing the appropriate financing tools. The traditional method for paying and buying is gradually decaying, and the innovative financing method is developing rapidly at the same time. For reasons above, the two financing tools would probably gain much more domestic popularity in China.