国际财务管理双语ppt14

(2)Time Draft
A written order instructing the importer or his agent, the importer’s bank, to pay the amount specified on its face on a certain date.
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Chapter Outline
A Typical Foreign Exchange Transaction Forfaiting Countertrade
Forms of Countertrade Generalizations about Countertrade
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3 Letter of Credit
46 9
Importer’s Bank
7
Shipping Documents and
time draft accepted
Exporter’s Bank
8 Payment-discounted value of B/A
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(3)Bill of Lading
A document issued by the common carrier specifying that it has received the goods for shipment; it can serve as title for the goods.
(1)Letter of Credit (L/C)
A guarantee from the importer’s bank that it will act on behalf of the importer and pay the exporter for the merchandise if all relevant documents specified in the letter of credit are presented according to the terms of the letter of credit.
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Key terms
Banker’s acceptance (B/A) 银行承兑汇票 Bill of lading (B/L) 提单 Countertrade 对销贸易 Forfaiting 福费廷 Letter of credit (L/C) 信用证 Time draft 远期汇票
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(4)Banker’s Acceptances
The exporter’s bank presents the shipping documents and the time draft to the importer’s bank.
basic documents: Letter of credit (L/C), time draft, and bill of lading (B/L)
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Chapter Objective:
14
Chapter Fourteen
This chapter discusses the microstructure of international trade.
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In essence the importer’s bank is substituting its creditworthiness for that of the importer.
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1.A Typical Foreign Exchange Transaction
Over the years, (centuries, really) an elaborate process has evolved for handling exports and imports.
Figure 20.1 illustrates this process A typical foreign trade transaction requires three
Process of a Typical Foreign Trade Transaction
1
Importer
5
Purchase order Shipment of goods
Exporter
B/A 12
Money Market Investor
2 10 11 14 13
15
16
B/A presented at maturity
INTERNATIONAL FINANCIAL
MANAGEMENT
Fourth Edition EUN / RESNICK
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International Trade Finance