chapter 8 internationa factoring and forfeiting国际保理和福费廷
国际结算全集合(英文版)
From cash settlement to non-cash settlement From goods trading to documents trading From direct payment between traders to payment effected through a financial intermediary
to maximize revenues; credit risks associated with financing extended to buyers or sellers
Factors in the payment decision
To exporters: protection against non-payment risks by the importers, such as: commercial risks, financial risks; political risks; risks in control of title to the goods,etc. convenience; cost; commercial competitiveness
Characteristics and developing trend
1. 2. the scale and scope of international settlement get greater and greater International lending and financing is closely combined with international payments On the basis of international customs and practice International guarantees applied to international settlement More diversified vehicle currencies The proportion of commercial credit in international settlement gets bigger A much facilitated international banking network connected with electronic telecommunication
国际支付与结算课后答案8-13
Chapter Seven1. Fill in the blanks to complete each sentence.(1) completeness, correctness, consistency(2) underlying transaction(3) authorized signatures, test key(4) comply with(5) ISO currency code2. Translate the following terms or sentences into English.(1) 信用证表面的真实性〖the apparent authenticity of the credit 〗(2) 标准国际银行惯例〖international standard banking practice〗(3) 信息交换系统〖data communication network 〗(4) 有足够的资金来支付信用证〖to have sufficient funds to cover the credit〗(5) 买方考虑自己的要求也同样的重要〖It is equally importa nt that the buyer’s own requirements be taken into account.〗3. Decide whether the following statements are true or false.(1) F (2) F(3) F (4) T (5) T(6) T (7) F (8) T (9) F (10) T4. Choose the best answer to each of the following statements(1)-(5) CDCBC (6)-(10) CAADD(11)-(15) ADDABChapter Eight1. Define the following terms:(1) Commercial invoice 〖The commercial invoice is the key accounting document describing the commercial transaction between the buyer and the seller. It is a document giving details of goods, service, price, quantity, settlement terms and shipment. 〗(2) Export license 〖An export license is a document prepared by a government authority of a nation granting the right to export a specific quantity of a commodity to a specified country. 〗(3) Bill of lading 〖A bill of lading is a document issued by a carrier to a shipper, signed by the captain, agent, or owner of a vessel, providing written evidence regarding receipt of the goods, the conditions on which transportation is made, and the engagement to deliver goods at the prescribed port of destination to the lawful holder of the bill of lading. 〗(4) Inspection certificate 〖A document issued by an authority indicating that goods have been inspected prior to shipment and the results of the inspection. 〗(5) Consular invoice 〖A consular invoice is an invoice covering a shipment of goods certified in the country of export by a local consul of the country for which the merchandise is destined. 〗II. Translate the following into English:(1) 战略产品〖strategic commodity〗(2) 普惠制〖General System of Preference〗(3) 有预订的泊位〖with reserved berth〗(4) 多式联运提单〖multi-modal transport bill of lading〗(5) 抽样方式〖sampling methodology〗3. Decide whether the following statements are true or false.(1) F (2) F(3) T (4) T (5) F(6) F (7) F (8) T (9) T (10) F4. Choose the best answer to each of the following statements(1)-(5) ABDAC (6)-(10) CCCDA(11)-(15) DDAAA(16)-(20) ABACDChapter Nine1. Fill in the blanks to complete each sentence.(1) acceptable accounts receivable / non-recourse and notification(2) collection as well as the risk of credit losses(3) the level of sales(4) changes in the world economic structure(5) growing demands(6) purchasing the client’s accounts receivables(7) financial and administration(8) the invoice date / the customer makes his payment(9) market conditions and his assessment of the risks involved in a particular transaction(10) fluctuations in the exchange rate / in the status of the debtor2. Define the following terms(1) Factoring is a form of trade financing that allows sellers to sell their products to overseas buyers essentially on an open account basis. In simple terms, factoring is the purchase of claims, arising from sales of goods, by a specialized company known as factoring company or factor. Factoring is in fact a three-party transaction between the factor and a business entity, i.e. the exporter selling goods or providing services to foreign the importer.(2) Forfaiting is the term generally used to denote the purchase of obligations falling due at some future date, arising from deliveries of goods and services--mostly export transactions--without recourse to any previous holder of the obligation. Simply speaking, forfaiting is the business of discounting medium-term promissory notes or drafts related to an international trade transaction.3. Translate the following terms into English.(1)或有负债contingent liability (2)信用额度credit limit(3)卖方信贷supplier credit (4)无追索权的without recourse(5)信用审定credit approval (6)资本货物capital goods(7)买方信贷担保buyer credit guarantee (8)福费廷融资便利forfaiting facility (9)贸易壁垒trade barrier (10)大宗采购折扣bulk purchase discount 4. Choose the best answer to each of the following statements(1) B (2)A(3) D (4) C (5) DChapter 101. Fill in the blanks to complete each sentence.(1) secure mechanism for payment / default instrument(2) party tendering / the contract has been awarded(3) presentation of the beneficiary’s demand and stipulated documentation(4) issue a guarantee directly to the beneficiary(5) Unconditional bonds(6) withdraw its bid / accept the award of contract in its favor / between 2% and 5%(7) UCP for documentary credits / Uniform Rules for Demand Guarantee.(8) An advance payment(9) borrower (the principal) / the lender (the beneficiary)(10) counter indemnity2. Define the following terms(1) A bank guarantee is an instrument for securing performance or payment especially in international business. It is a written promise issued by a bank at the request of its customer, undertaking to make payment to the beneficiary within the limits of a stated sum of money in the event of default by the principal. It may also be defined as an independent obligation where the guarantor has to make a special agreement with its customer, ensuring that it will be refunded by him for any payment to be effected under the contract of guarantee.(2) A beneficiary is the party in whose favor the guarantee is issued. He is secured against the risk of the principal’s not fulfilling his obligations towards the beneficiary in respect of the underlying transaction for which the demand guarantee is given. He will not obtain a sum of money if the obligations are not fulfilled.(3) An indirect guarantee is a guarantee where a second bank, usually a foreign bank located in the beneficiary’s country of domicile, will be requested by the initiating bank to issue a guarantee in return for the latter’s counter-guarantee.(4) A performance bond is an undertaking given by the guarantor at the request of a supplier of goods or services or a contractor to a buyer or beneficiary, whereby the guarantor undertakes to make payment to the beneficiary within the limit of a stated sum of money in the event of default by the supplier or the contractor in due performance of the terms of a contract between the principal and the beneficiary.(5) A standby letter of credit is a clean letter of credit that generally guarantees the payment to be made for an unfulfilled obligation on the part of the applicant. It is payable on presentation of a draft together with a signed statement or certificate by the beneficiary that the applicant has failed to fulfill his obligation.3. Translate the following terms into English.(1)履约保函performance bond (2)担保书，保函letter of guarantee(3)反赔偿counter indemnity (4)附属保函accessory guarantee(5)备用信用证stand-by letter of credit (6)工程承包engineering contracting(7)基础交易underlying transaction (8)见索即付保函demand guarantee(9)延期付款保函deferred payment bond (10)反担保counter guarantee4. Choose the best answer to each of the following statements(1)-(5) BAADC (6)-(10) BCDBAChapter 111. Fill in the blanks to complete each sentence.(1) collection operations for drafts and for documentary collections(2) all collections / collection instruction(3) all Documentary Credits / Credit(4) all Bank-to-Bank Reimbursements / Reimbursement Authorization.(5) any demand guarantee and amendment thereto / Guarantee or any amendment thereto.(6) documents / goods / terms and conditions(7) codification of rules / banking practice regarding documentary credits(8) international finance, trade, transportation and computer technology(9) quite different from the practice of guarantee / banking and commercial(10) bank-to-bank reimbursements2. Translate the following terms into English.(1)索偿reimbursement claim(2)仲裁书arbitral award(3)银行委员会banking commission(4)多式联运multi-model transport(5)偿付保证reimbursement undertaking(6)银行惯例banking practices(7)集装箱运输containerized traffic(8)非转让运输单据non-negotiable waybill(9)远期托收提示tenor collection presentation(10)国际商会International Chamber of Commerce4. Choose the best answer to each of the following statements.(1) B (2) D (3) C (4) A(5) DChapter 121. Fill in the blanks to complete each sentence.(1) payment information / transfer value(2) confirmation number / confirmation help and notification(3) for procedures and message formats / computer readable(4) information / value / net amount(5) high speed and accuracy(6) access to the system for the settlement of international money transfers(7) faster, more reliable communication / lower transmission costs(8) the international clearing house(9) standardized formats(10) Clearing House Automated Payment System / CHIPS2. Define the following terms(1) A payment system is the means whereby cash value i s transferred between a payer’s bank account and a payee’s bank account.(2) SWIFT (Society for Worldwide Inter-bank Financial Telecommunication) is a computerized international telecommunications system which, through standardized formatted messages, rapidly processes and transmits financial transactions and information among its members around the world.(3) CHIPS (Clearing House Inter-bank Payment System) is a pseudo-wire system in New Y orkCity that handles an enormous volume of cash flow between local financial institutions. CHIPS is a settlement system involving primarily about 135 New Y ork City financial institutions and is operated by the New Y ork Clearing House Association.(4) Clearing House Automated Payments System (CHAPS) is a system of sending and clearing payments on a same-day basis that is available nationwide in Britain and is operated by a number of settlement banks that communicate directly through computers.(5) Fed Wire is a fund-transfer system operated nationwide in the USA by the Federal Reserve System (the Fed, Central Bank of the USA) that handles transfer from one financial institution to another with an account balance held with the Fed.3. Translate the following terms into English.(1) 现金头cash positions(2) 簿记入账bookkeeping entry(3) 金融中介financial intermediary(4) 客户汇款customer transfers(5) 账目核对account reconciliation(6) 联储银行支付系统Fed Wire(7) 非结算银行non-settlement bank(8) 资金调拨系统fund transfer system(9) 次支付体系secondary payment system(10) 储备余额账户reserve balance account(11) 自动票据交换所automated clearing house(12) 银行头寸调拨financial institution transfers(13) 非盈利性合作协会non-profit cooperative society(14) 外汇买卖和存放款foreign exchange deal and loan(15) 票据交换所银行同业清算系统Clearing House Inter-bank Payments System4. Decide whether the following statements are true or false.(1) T (2) T (3) F (4) T (5) F5. Choose the best answer to each of the following statements.(1) B (2)A(3)D (4) B (5) CChapter 131. Fill in the blanks to complete each sentence.(1) purchaser or the holder / replaced(2) clerk or the teller / a small commission(3) the initial signature / the countersignature(4) banking instruments / retailing(5) (assigned) merchant(6) annual income and the credit standing(7) issuance, application and clearing(8) consumer’s credit / current account(9) separate listing of their cheque numbers(10) paying the bill in full / drawing revolving credit2. Define the following terms(1) A traveler’s cheque is a specially printed form of cheque issued by a financial institution,leading hotels, and other agencies in preprinted denominations for a fixed amount to a customer for use when he is going to travel abroad. A traveler’s cheque is actually a draft of a bank or other agency, which is self-identifying and may be cashed at banks, hotels, etc., either throughout the world or in particular areas only.(2) A paying agent is one that undertakes by arrangement with the issuer to pay the latter’s traveler’s cheques when presented by the holder.(3) Credit cards are instruments issued by banks to carefully selected customers with a line of credit ranging from several hundred to several thousand dollars based on the latter’s financial status for use in obtaining, on credit, consumer goods, services and other things when necessary.(4) A cardholder is the customer who has a current account with the card-issuing bank and whose credit is good, and who based on his financial status can obtain, on credit, consumer goods, services and other things when necessary.(5) A merchant is a store, hotel or restaurant that is bound to have a pre-arrangement with the card-issuing bank and is willing to accept the credit card for payment of commodities sold or services rendered3. Translate the following terms into English.(1) 初签initial signature(2) 入会费entrance fee(3) 销售代理selling agent(4) 商户assigned merchant(5) 旅行支票traveler’s cheque(6) 购货收据purchase receipt(7) 往来账户current account(8) 签购单，购物单sales slip(9) 兑付代理人paying agent(10) 会员费membership dues/fee(11) 消费者信贷consumer’s credit(12) 签字印鉴authorized signature(13) 美国运通卡American Express Card(14) 非贸易结算non-trade settlement(15) 零售银行业务retailing banking business4. Decide whether the following statements are true or false.(1) T (2)F (3)T (4) T (5)F5. Choose the best answer to each of the following statements.(1) B (2) D (3) A(4) C (5) BChapter 141. Fill in the blanks to complete each sentence.(1) medium of high-speed digital transactions(2) business-to-business commerce / its breadth of coverage and ease of use(3) Putting up a Web site / luring online shoppers in(4) “e-cash”, “cyber-money”(5) stored-value products and access products (such as a bank A TM card)(6) transfer of financial value(7) advertising purposes(8) phone orders and credit card orders(9) digital signatures(10) debit card account.2. Define the following terms(1) Electronic commerce is the ability to purchase goods and services electronically over the Internet from around the world at any time of day or night.(2) Cyber-payment means the methods that have been implemented to transfer money, new methods of financial transactions as today banks already can transfer money with computers. (3) SET is a single technical standard for safeguarding credit (and in the near future debit) card purchases made over the open networks of the Internet. It is an international protocol that details how credit card (and debit card) transactions on the Internet will be secured using encryption technology and digital certification.(4) A digital signature is a way to encrypt a message so that the recipient can decode it and be certain of the authenticity of the transaction.(5) Smart cards are micro- processor-equipped cards that work with card readers installed in the computers of consumers.3. Translate the following terms into English.(1) 电子支付cyber-payment(2) 电子现金e-cash(3) 信用额度line of credit(4) 数字化货币digital currency(5) 电子钱包electronic wallet(6) 自动出纳机automated teller machine(7) 商务的全球化globalization of commerce(8) 个人身份识别号personal identification number(9) 微芯片埋置式灵通卡microchip-embedded smart card(10) 电子交易安全标准Secured Electronic Transactions Standards(11) 电子商务electronic commerce(12) 加密的磁条encoded magnetic stripe(13) 存取设备access device(14) 借记卡debit card(15) 虚拟指纹virtual fingerprint4. Decide whether the following statements are true or false.(1) F (2) T (3) T (4) F (5)T(6) T (7) T (8) F (9) F (10) F5. Choose the best answer to each of the following statements.(1) A(2) B (3) C (4) D (5) D(6) C (7) B (8) A(9) D (10) B。
International finance chapter 8 (国际金融英文版课件)
The marginal propensity to consume domestic
product (1-s-m)
The spending multiplier in a small, open economy
THE PERFORMANCE OF A NATIONAL ECONOMY
We
judge a country’s macroeconomic performance against a number of broad objectives or goals. We can usefully divide these broad goals into two categories: internal balance and external balance.
Chapter 8 HOW DOES THE OPEN MACROECONOMY WORK?
HOW DOES THE OPEN MACROECONOMY WORK?
This
chapter develops a general framework for analyzing the performance of a national economy that is open to international transactions.
The value of this multiplier is the same whether the
initial extra spending is made by the government or a surge in consumption, a rise in private investment spending, or a rise in exports.
international(国际经济学)课后习题及答案
international（国际经济学）课后习题及答案----------------------- Page 1-----------------------Review Questions and Condensed Answers forInternational Trade TheoriesChapter 1 World Trade and the National EconomyReview Questions::::1( What features distinguish international from domestic transactions?2( What can you say about the growth of world trade in both nominal and real terms? Was itfaster than the growth of output?3( Evaluate the statement,” the United States is a closed economy, hence foreign trade is ofno consequence to it.”4( Distinguish between export industries, import-competing industries and nontraded goods.Give examples of each.5( Using the figure in table 1-3, what can you say about the trade structure of the USA andJapan.Condensed Answers to Review Questions::::1. The text discusses ways that international transactions differfrom domestic ones.i. International trade requires that transactions be conductedbetween twocurrencies mediated by an exchange rate. Domestic transactions are conductedin a single currency.ii. Commercial policies that operate to restrict international transactions cannot, ingeneral, be imposed on domestic trade. Such policies include tariffs, quotas,voluntary export restraints, export subsidies, and exchange controls.iii. Countries pursue different domestic macroeconomic policieswhich result indivergent rates of economic growth, inflation, and unemployment.iv. More statistical data exist on the nature, volume, and value of internationaltransactions than exist in domestic trade.v. Factors of production are more mobile domestically than internationally.vi. Countries exhibit different demand patterns, sales techniques,and marketingrequirements. Many of these are due to culture and custom. Someresult fromdifferences in government regulations. Included here are health, safety,environmental, and technical rules.2. The real volume of world exports grew at an annual rate of more than 6 percent between1950 and 2000. Global output grew at an annual rate of 4 percent. Export growth inexcess of output growth reflects the increased openness to trade of many countries.3. The United States is a relatively closed economy since the share of trade in GDP issmaller than that of most other industrial nations. In 2000, U.S. exports of goods andservices were 11 percent of GDP. The U.S. economy is less dependent on the foreignsector than other major economies, but to say that foreign trade is of no consequence is anexaggeration. The U.S. economy has become increasingly open and, therefore, moreimpacted by trade developments over time. This trend is likely to continue. Curtailingimports would, for example, have a big effect on consumers' ability to buy some goods----------------------- Page 2-----------------------(e.g. tropical products) and would raise the prices of others. The absence of certain keycommodities and material inputs would greatly disrupt areas of U.S. industry.4. a. Export industries send a substantial share of their output abroad. Ratios ofexports to GDP are much higher than the average ratio for all industries. Netexporting industries are those for which exports exceed imports. U.S. netexporting industries include farm products, chemicals, certain types of machinery,and aerospace products.b. Import-competing industries are domestic industries that sharethe domesticmarket with a substantial import presence. These activities haveratios ofimports to GDP that are much higher than the average ratio for all industries.U.S. import-competing industries include fuels, automobiles,clothing, footwear,and iron and steel.c. Nontraded goods are those which, because of their nature and characteristics, arenot easily exported or imported. Examples are hair-dressing, movie theaters,meals, construction activity, and health-care.5. Table 1.3 contains figures on the trade structure of the U.S. and Japan. The U.S. is a netexporter of food, certain ores, chemicals, and other machinery and transport equipment,and is a net importer of raw materials, mining products, fuels, nonferrous metals, iron andsteel, semimanufactures, office and telecommunications equipment, automotive products,textiles and clothing, and other consumer goods. Japan is a net exporter of iron and steel,chemicals, semimanufactures, office and telecommunications equipment, automotiveproducts, other machinery and transport equipment, and other consumer goods. Importsexceed exports in food, raw materials, and textiles and clothing.----------------------- Page 3-----------------------Chapter 2 Why Nations TradeReview Questions::::1( a. In what sense are the cost data of footnote 4 related to the figures of scheme 1?b. Based on the figures of footnote 4, determine the:Direction of trade once it develops.Limits to mutually beneficial trade.Limits to a sustainable exchange trade.2. Evaluate the following statements:a. In international trade, domestic cost ratios determine the limits of mutually beneficial trade,whereas demand considerations show where, within these limits, the actual exchange ratio will lie.b. Comparative advantage is a theoretical concept. It cannot be used to explain any real-worldphenomena.c. The opening up of trade raises the price of export goods; hence trade is inflationary.d. The concept of absolute advantage offers explainations for East Germany’s high unemploymentrates in the 1990s.3. a. Use the theory of comparative advantage to explain why it pays for:The USA to export grains and import oil.Russia to export oil and import grains.b. Why does the popular press believe that grain exports are inflnationary? What is wrongwith this porposition?Condensed Answers to Review Questions:1. a. Scheme 1 is based on labor productivity comparisons, while Footnote 4presentsper unit cost data. Production cost ratios are inversely related to productivitymeasures.b. i. Textiles will be exported from the U.K. and wheat from the U.S.ii. The U.S. will trade only if one yard of textiles costs less than3 bushels ofwheat. The U.K. will trade only if 1 yard of textiles can be exchangedfor more than 2 bushels of wheat.iii. The value of the ? must be between $1 and $1.502. a. Consider Figure 2.2. The domestic cost ratios define limits of mutually beneficialtrade. Within the region of mutually beneficial trade the actual exchange rate willbe determined by the relative intensity of each country's demand for the othercountry's product. A full analysis requires an understanding of reciprocal demandcurves, but the following general principle might help heuristically. If the Britishare more eager to buy U.S. wheat than the Americans are eager for British textiles,the exchange ratio falls close to the U.K. domestic cost ratio and the U.S. can beviewed as capturing a greater share of the gains from trade.b. Since the real world does not conform to the convenienttwo-country, two-goodassumptions, the simple theoretical model is not immediately applicable.However, we can generalize the model to many goods and many nations. Thefundamental truth remains. Countries export those goods in which their relativeproduction costs are lower and import those goods for which the relative costs arehigher.----------------------- Page 4-----------------------c. While trade tends to raise the prices of exportables in the domestic economy, theeffect of trade is to lower the average price level of all goods. Trade givesconsumers an opportunity to consume at lower world prices. Many goods will becheaper when purchased from foreign supply sources. Trade also conveysprocompetitive effects, stimulates the adoption of new technologies, and allowsfirms to achieve efficient scale production levels. Thus, trade is anti-inflationary.d. The reunification of the Germany economy in 1990 was undertaken on the basisthat a unit of the deutschmark, the West German currency, should be equal in valueto a unit of the ostmark, the East German currency. At this exchange rate, goodsproduced in East Germany were almost universally more expensive to producethan their counterparts in the West. Labor productivity in East Germanmanufacturing was found to be about 35% of the West German level. Underthese conditions the East German manufacturing sector collapsed. Investors werereluctant to purchase East German factories and large scale closures and dismissalsresulted.3. a. The U.S. enjoys a comparative advantage in grains. It also produces oil, but will gain byspecializing in grain production and using proceeds of exported agriculturalproducts to purchase oil from nations that produce oil relatively more efficiently.Russia is relatively more efficient in the production of oil and will gain bypurchasing grain from the U.S. in exchange for oil.b. The popular press asserts that by exporting grain from the U.S. (say to the former U R)we are lowering the domestic supply of grain and raising the domestic U.S. price of grain. Sincegrain is an important ingredient in many food products, grain exports are believed to increase theprice of those products. However, the price of grain is determined in world markets. U.S.exports alone cannot permanently raise the domestic U.S. price. If the domestic U.S. grainpricerose above the world price, the U.S. would be a net importer of grains and the domestic price wouldfall.----------------------- Page 5-----------------------Chapter 3 The Commodity Composition of TradeReview Questions::::1( Does the factor proportions theory provide a good explanation of intraindustry trade? Ifnot, can you outline an alternative explaination for the growing phenomenon?2( Explain the dynamic nature of comparative advantage using Japan’s experience as anexample.3( Once the United States acquires a comparative advantage in jet aircraft production it canbe sure of a dominant position in the global market forever. Do you agree with thisstatement? Explain.Condensed Answers to Review Questions1. The factor proportions theory is better suited to explain interindustry trade, or the exchangebetween countries of totally different commodities, than intraindustry trade, which is thetwo-way trade of similar commodities. The growth of intraindustry trade is greatest inimperfectly competitive industries characterized by economies of scale. Here, scaleeconomies force firms in each industry to specialize in a narrow range of products withineach industry to achieve efficient scale operations. Intraindustry specialization combinedwith diverse consumer tastes gives rise to two-way trade within the same industryclassification.2. Japan's comparative advantage in the immediate post-war period was in labor intensivegoods. The high level of saving and investment transformed Japan into a relatively capitalabundant country. Its advantage in the labor-intensive industries was lost as wages rose.Moreover, Japan increased its technological capability through high spending on R&D.Now Japan's advantage lies in the production of high-tech, capital intensive goods similar tothe U.S. This in large part explains the increasing trade friction between the twocountries.3. Once the U.S. acquires a comparative advantage in jet aircraft, it is likely to enjoy a dominantposition in the global marketplace for years, but not forever. Jet aircraft production is characterizedby huge economies of scale due largely to research and development costs. High capitalrequirements and scale economies pose large entry barriers. It is extremely difficult for a countryto enter into aircraft production once the U.S. has the lead. The new firm would initially have asmall market share and would be unable to compete on a cost basis. The new market entrant wouldrequire considerable government support and encouragement. This was the case with the EuropeanAirbus.----------------------- Page 6-----------------------Chapter 4 Protection of Domestic Industries: The TariffReview Questions::::1( A tariff on textiles is equivalent to a tax on consumers and a subsidy to the textileproducers and workers.2( Explain the concept of effective rate of protection.a. What does the effective rate on final goods depend upon and how?b. In what way does the effective rate analysis help to illuminate these policy issues:Deepening of production in LDCsEscalation of tariff rates by degree of processing in industrial countries3. A tariff lowers the real income of the country, while at the same time it distributes income fromconsumers to the governments and to the import-competing industry.Condensed Answers to Review Questions:1. The effect of a tariff is comparable to the combined effects of a tax on consumers and a subsidy toproducers. Using Figure 4.3, one can show a tariff results in a transfer of resources from theconsumers (who lose P P fd ) to the producers (who gain P P ec). With a non-prohibitive tariff, the2 3 2 3government will also gain revenue efmn. Whether the two schemes are equivalent depends on theexact nature of the tax and subsidy scheme.2. a. The effective rate of protection measures the percentage increase in domesticvalue added per unit of output made possible by tariffs on the output and onmaterial inputs. Determinants of the effective rate include thetariff on the finalproduct, tariffs on the imported material inputs, and the free trade value added perunit of output which is influenced by intermediate input coefficients. Effectiverates are positively related to the tariff on the final product and negatively related toboth tariffs on imported inputs and the free trade value added. A derivation ofthe formula appears in footnote 10, and footnote 12 interprets that formula.b. "Deepening" of production in LDCs involves import substitution industrializationpolicy. A final assembly plant is given a protective tariff and imported inputs areaccorded duty free treatment. As a second stage, the LDC begins to deepenproduction by manufacturing inputs and according them protection. By imposingtariffs on imported inputs, the LDC is reducing effective protection for the finalgood.Because of relatively high rates of protection on finished goods and low protectionon unfinished goods and raw materials, effective tariff rates in developed countriesmay be as much as double their nominal counterparts. Developing countriesmaintain that such tariff structures fatally harm their efforts to increase exports offinished manufactures.3. Again using Figure4.3, the loss in real income is shown by triangles cen and mfd.Redistribution has been given in 8a.----------------------- Page 7-----------------------Chapter 5 Nontariff Barriers (NTBs) to TradeReview Question::::Suppose the USA steel industry is seeking protection from foreign imports. Compare andcontrast the following measures of restricting steel industries: a tariff, a quota, and voluntaryexport restraints.Condensed Answers to Review Question:There are a variety of ways in which a tariff may be considered to be less harmful than an equivalentquota:i. The revenue effect. Tariffs provide revenue. Quotas do not automatically providerevenue. Under a quota, revenue accrues to holders of import licenses.Depending on the quota scheme, licenses may be held by domestic importers, foreign exporters, foreign governments, or domestic officialswho may use them to encourage bribery. Only through auctioning or selling licenses can the government capture quota rents.ii. Performance under demand and supply changes. Any amount of imports can enterunder a tariff, but with a quota import volumes are fixed. When demandgrows, or there is a shortfall in supply, the quota does not permit a quantityadjustment. The domestic price can depart significantly from the worldprice. Under a tariff, the domestic price cannot rise above the worldprice by more than the tariff rate. Thus, a tariff is less harmful than aquota.iii. Impact on Exporters. When a tariff is levied on an imported good it is usually rebatedwhen the good is exported. The same is not true for a quota. Quotas maytherefore be more harmful to export performance.iv. Curbing monopoly power. Quotas curtail monopoly power less than an equivalent tariff.v. Terms of Trade Effects. Quotas provide no incentive for exporting nations to absorb partof the price increase; tariffs do if the exporting nation wishes to retainmarket share.vi. Quality Upgrading. Quotas give an incentive for the exporting country to engage in qualityupgrading. Ad valorem tariffs do not provide an incentive for this behavior but specific duties do.VERs share all of the undesirable effects of quotas. When the exporter does the restricting, there isno opportunity to sell import licenses. Quota rents accrue toforeign exporters orgovernments under a VER. Therefore, VERs are more costly to society than anequivalent quota with licenses sold or a tariff. Quantitative restrictions like VERsare discriminatory. VERs are also hard to monitor. Since shipments from thirdparty countries are unrestricted, transshipment throughnonrestricted countries is amajor problem. One advantage of VERs is they do not invite retaliation sincethey are profitable to foreign exporters and governments.Tariffs, quotas and VERs may be equivalent in terms of effects on the domestic price and thevolumeof imports. This may be shown using diagram 5-1. However, there are important differencesdiscussed in 1a. above.----------------------- Page 8-----------------------Chapter 6 International and Regional Trade Organizations Among Developed CountriesReview Questions::::1. Explain the following terms:Trade creation of a customs union.Trade diversion of a customs union.2.What are the conflicts between the WTO and the environmental movement?Condensed Answers to Review Questions:1. Trade creation refers to the replacement of high cost production in each member by importsfrom another member. This effect is favorable to world welfare. Tradediversion is the diversion of trade from a nonmember to a higher cost member.This is unfavorable because it reduces worldwide resource allocative efficiency(See Figure 4-8).The basic approach to calculating welfare effects associated with customs union formation is toconstruct hypothetical estimates of what member country trade patterns wouldhave been in the absence of integration, comparing these with actual trade flows,and attributing any difference to integration. Effects ofintegration can be isolatedby using trade flow data pertaining to nonmember "normalizer" countries over thesame period to suggest what trade patterns would have been expected for memberswithout integration. Assume, in the absence of integration, both total (internalplus external) and external member imports would have grown at the same rates asthe corresponding imports in the normalizer. The normalizer's external importsrefer to its imports from third countries (i.e. intra-trade is excluded). Thenormalizer's internal imports are imports of normalizer countries from each other(e.g. intra-trade). The preintegration member country total import level ismultiplied by the corresponding normalizer import growth rate to yield an estimateof hypothetical total imports without integration. When compared with actualtotal imports, an estimate of trade creation is obtained. Trade diversion isestimated by multiplying the member country preintegration external import levelby the normalizer's rate of change of external imports to yield hypothetical membercountry external imports. The excess of hypothetical over actual external importsconstitutes trade diversion. The European Union (EU) is a customs unioncomprised of 15 West European countries.2. WTO rules often conflict with both international environmental agreements and nationalenvironmental laws. For example, a 1991 GATT panel upheld a Mexican challenge to aU.S. law banning importation of tuna caught indolphin-killing purse-seine nets.GATT/WTO provisions are concerned with products and not production methods.----------------------- Page 9-----------------------Chapter 7 International Mobility of Productive FactorsReview Question::::What is the meaning of DFI? List some of the factors that induce companies to invest abroad.Condensed Answers to Review Question:Direct Foreign Investment refers to international capital movement that gives a company controlover a foreign subsidiary. It may be the purchase of an existing company, a substantial part of itsshares, or the establishment of a new enterprise. It should be contrasted with portfolio investmentthat gives, by and large, no control over foreign assets.The motives are diverse and any particular investment may involve one or more of the followingi. investment in extractive industries to secure raw material supplies;ii. investment in manufacturing industry to take advantage of cheaper foreign labor;iii. to locate production close to foreign markets and avoid transportation costs;iv. to take advantage of incentives offered by host countries;v. to circumvent tariff barriers;vi. changes in the exchange values of currencies; andvii. marketing considerations.。
《国际结算：理论·实务·案例(双语教材)》Chapter 11
Chapter 11Chapter11International Trade FinanceImportance of financing in aninternational settlement transactionLetter of Credit issuance（开立信用证）Inward Bill（进口押汇）Shipping guarantee（提货担保）International Trade FinanceTrust receipts（信托收据）Financing from export promotion agency（出口促进机构融资）C di d d i（信用卡透支）Facility on import financeTrade Finance Credit card overdrawing（信用卡透支）P ki l（打包贷款）Packing loan（打包贷款）Outward bills（出口押汇）Bill Discounting（票据贴现）Factoring（保理）Factoring （保理）Forfeiting（福费廷）Export-tax-return loanFacilities on export finance（出口退税抵押贷款）Export guarantee and insurance（出口担保和保险）11.1 Importance of financing in an 111Importance of financing in an international settlement transaction Financing is very important for both the buyer and the seller in an international settlement transaction in that it can ease the transaction, transaction in that it can ease the transaction, reach an agreement and increase sales opportunities.t itia Facilities on import financea Facilities on export finance11.2 Facility on import financeLetter of Credit issuance（开立信用证）Inward Bill（进口押汇）pp g gShipping guarantee（提货担保）Trust receipts（信托收据）Financing from export promotion agencyFinancing from export promotion agency（出口促进机构融资）Credit card overdrawing（信用卡透支）1. Letter of credit issuanceBy issuing a documentary credit, the bank is obliged to pay upon the documents complied with the L/Cp pA documentary credit issuance can be regarded as afinancing arrangement for the customerfinancing arrangement for the customerBased on the creditworthiness of the applicant,the issuing bank will approve a credit line for him,under thehimapproved credit line,the issuing bank will charge no deposit for issuing a L/C from importer.d it f i i f i tCredit Line Granted by BankCompany B Company A Company B 30000 Dollars50000000 DollarsCompany C 5000D ll 5000 DollarsCredit Line ManagementC A l i•State-owned, collectively owned, private ¾Company Analysis ,y ,p •Industry position•History in the industry y y •History with the bank •Corporate strategy p gy •Internal control •Management‘s track record of honoring and Management s track record of honoring and dishonoring obligation•Academic background and experience g p•Decision making process: centralized or decentralized.Capacity to Repay¾Capacity to RepayThe bank must study carefully the auditedfinancial statements, in-house and unaudited financial statementfinancial statement¾Trade AnalysisMarket price and seasonal goods or not•Market, price and seasonal goods or not.•Buyers/suppliers powerDistribution channel•Distribution channel•Goods to be warehoused and insuredCurrency convertibility•Currency convertibility•Any quota requirement and restrictionShi t d it d ti ti•Shipment and its destination2. Inward billsAn inward bill (imported bill purchased) is the issuingbank effects payment to the beneficiary upon presentation of the required documents before the applicant actually pays.p,p yz Under the operation of the L/C, the importer can only obtain the documents of goods title upon the payment.However banks can deal with the importer’s bills andz However, banks can deal with the importer s bills and documents when the importer has difficulties in effectingpaymentt3. Shipping guarantee3Shipping guaranteeWhen the goods arrived at destination before they y g documents, the buyer may obtain a bank guarantee from issuing bank and submit it to the carrier in order to obtain the goods for sale.to obtain the goods for sale.The banks must require the importer to fulfill these ÕTransfer the fund as per the invoice in copy into an escrow The banks must require the importer to fulfill these obligation:Transfer the fund as per the invoice in copy into an escrow account of the issuing bankPresent copies of bill of lading ÕPresent copies of bill of ladingÕWaive the right of rejecting the documents even if there are di idiscrepancies ÕRedeem the shipping guarantee from the shipping company by original bill of lading to return to the bank within 7 working days after the arrival of the original bill of lading ÕBe fully responsible for any loss of the shipping guarantee issued by the bank yShipping Guarantee Flow4. Trust Receipts (T/R)4Trust Receipts(T/R)y p yBefore the buyer effects the payment to the issuing bank, the buyer may borrow the documents from the issuing bank against T/R and obtain the from the issuing bank against T/R and obtain the goods from the carrier.¾A trust receipt is a kind ofimport financing facilityi t fi i f ilit¾The importer will fulfill hisobligation for payment underbli ti f t dthe L/C after he sells thegoods.5. Financing from export promotion agencyFinancing support from export trade promotioni i th ll’t f i iagency services in the seller’s country of origin may include the buyer credit from the seller’s bankwhich makes the late payment of the buyer possible.6. Credit card overdrawingCredit cards can be used by the buyer as a meansof payment for international trade, and at the same of payment for international trade and at the sametime, they can also be used as an option of financingby means of overdrawing for payment. But thelimitations are: some sellers in some countries may ynot accept the credit card payment , and the creditcard payment is only available within a certain card payment is only available within a certain “credit limit”.11.3 Facilities on export finance 113F iliti t fiW Packing loan（打包贷款）Outward billsW Outward bills（出口押汇）W Bill Discounting（票据贴现）W Factoring （保理）W Forfeiting（福费廷）W Export-tax-return loan（出口退税抵押贷款）Export guarantee and insuranceW Export guarantee and insurance （出口担保和保险）g1. Packing loanExporters use the credit as a collateral to apply for a loan, and the funds will be only used forp p g gpreparing the goods under the credit.Packing loan is an export financing provided by banks for exporters preparing goods before shipmentfor exporters preparing goods before shipmentThe exporter must present its credit to the bank from which he gets the loan, and the bank will negotiate the documents and deduct the amount for the purpose of packing goodsThe amount for packing loan is70%-80%of the L/C The amount for packing loan is 70%-80% of the L/CThe procedure of Packing Loan Th d f P ki Lg pThe bank should take the following points into account before making a packing loan to his customer:¶Credit investigation on issuing bank and importer ¶Careful study on L/CBe careful of transferable credit¶¶Know the trade and the marketSupervision and risk mitigation¶Supervision and risk mitigation¶Comparison between packing loan and anticipatory L/Cti i t L/C2. Outward billsOutward bills (export bills purchased) refers afinancing facility that the bank will purchase the financing facility that the bank will purchase theexport bill and documents upon the request of aexporter if the documents presented comply with if i the terms and conditions of the L/C.Four factors are considered by the bank before F f t id d b th b k b fit decides to purchase the bill:Credits of iss ing banksÂCredits of issuing banksÂConformity of documents with L/C“Soft Clauses” of creditgÂInvestigation on trade and tradersThe procedure of Outward bills The procedure of Outward bills3. Bill Discounting3Bill DiscountingBill discount is an act of bill, and is a kind of financing. The bill to be discounted must be a time financing The bill to be discounted must be a time bill, and it can be discounted after its acceptance.4. Factoring4F t iFactoring contract means a contract concluded“Factoring contract”means a contract concludedbetween the supplier and the factor pursuant withwhichÎThe supplier may assign to the factor receivables;Th f t i t f fi i f th llÎThe factor is to perform financing for the seller, maintenance of accounts, collection of receivables andprotection against default in payment by the buyers;ÎNotice of the assignment of the receivables is to be given in writing to the debtorsThe operation of Factoring1.Goods & InvoiceBuyer Seller2. Copiesof Invoice 3. a. Prepayments b. Credit Cover 5. DebitCollection6. Payment 4. Send InvoiceImport Export7. a. Paymentb. Credit Cover FactoringFactoring b C ed t Co eFunction of factoringU FinanceU Sales ledger administrationU Collection of A/RU Credit cover5. ForfeitingForfeiting is the term generally used to denote the purchase of obligation falling due at somefuture date arising from deliveries of goods and future date, arising from deliveries of goods andservice-mostly export transactions-withoutrecourse to any previous holder of the obligation.Procedure of Forfeiting Procedure of Forfeiting1Contract Drawing Draft2. Issue Note 1. Contract /Drawing Draft Importer Exporter6. Payment 4.Discount Note or Draft3.DeliverNote orf InstallmentwithoutRecourse Draft F f i i B k I ’B k5. Guarantee Note or Draft Forfeiting BankImporter’s BankRisk in forfeiting gThe risks of export finance connected with anyf b d fi i ll d fi d type of cross-border financing are usually defined as political, transfer, commercial and currency risks.Advantages for exportersRelieves the balance sheet of contingent liabilities;D Relieves the balance sheet of contingent liabilities;D Improves liquidity of possible losses through only partial state or private insurance cover and the negation of possible liquidity problems which are negation of possible liquidity problems which are unavoidable during the claim period withi nsurance coverD There is no interest rate riskD There is no risk of fluctuations in the exchange rate nor changes in the status of the debtort h i th t t f th d btComparison between factoring and forfeitingp g gItems Factoring ForfeitingNature New and comprehensive method oftSimilarities paymentContent Risk protection and trade financingMethod Purchase of export receivablesPurchase target Consumer goodsreceivables Capital goods receivablesPurchase percentage Entire or partialPurchase percentage Entire or partial EntireReceivable nature General receivables Bills or certificateBank guarantee No Import bank Differences guaranteePurchase nature With or withoutdiscourse Without discourseOth i With t Other services With WithoutRisk control and transfer Credit ranking Syndicated ormarket transfer(negotiable)Basic method O/A, D/A Clean collection,L/C6. Export-tax-return loanThis is a short-term loan offered by a bank to the seller by using its export-tax-returny g preceivables or account as collateral.This type of export financing may be necessary when the export tax return needs some time to be when the export-tax return needs some time to be completed by the taxation authority and the seller needs immediate money even after the payment needs immediate money even after the payment has been completed in an international settlement transaction.transaction7. Export guarantee and insuranceIn order to promote export, many government In order to promote export many government have established some financial institutions providing export guarantee and insurance, e.g. in idi d i i China, we have China Import and Export Bank; in U.K., they have Export Credit Guarantee Bureau; in France, they have The Foreign Trade Bureau;in France,they have The Foreign Trade Insurance Corporation, etc. They are actually “liti l”t t d fi i l i tit ti “political” or state-owned financial institutions established to encourage and support national export.A bank guarantee may also be defined as anA b k t l b d fi d independent obligation where the guarantor ( a bank/ financial institution/ surety) has to make a special agreement with its customer, ensuring that special agreement with its customer,ensuring that it will be refunded by him for any payment to be effected under the contract of guarantee.ff t d d th t t f t（一）开证额度的使用案例介绍假设进口企业A在银行B开户。
Chapter 5 Forfeiting and factoring
国际保理的含义
LOGO
是保付代理的简称, 英文为factoring。系指卖
方与保理商间存在一种契约关系。根据该契约，卖方
将其现在或将来的基于其与买方(债务人)订立的货物 销售/服务合同所产生的应收帐款转让给保理商，由 保理商为其提供贸易融资、销售帐务处理、收取应收 帐款，及买方信用担保合为一体的金融服务。
serves as the guarantor and issues a letter of guarantee to provide guarantee for the instruments.
5.1.4 Procedure of Forfeiting
1 2
LOGO
出口商
进口商
6 1 4 5 1 3
LOGO
中国银行于1993年加入国际保理商联合 会，简称FCI。 目前中国银行与FCI会员间的业务往来完 全通过FCI开发的保理电子数据交换系统进行， 实现了作业无纸化，提高了业务效率，降低 了业务风险。25个国家和地区的近50家保理 公司签署了国际保理协议，业务遍及五大洲。
DEFINITION •保理商向出口商提供保理服务，包 括调查进口商的资信，并为相应的信 用额度提供付款保证、无追索权的资 金融通以及代办托收和财务管理。
5.1.5 Risks of Forfeiting and it Prevention
LOGO
political issues
currency rate interest rate importer's credit
Risks
进出口双方的利弊分析
LOGO
利用福费廷融资的好处体现在以下几个方面 (1) 在商务谈判中通过采用福费廷方式为国外 买方提供延期付款的信贷条件，从而增强商品 的出口竞争力。 (2) 变远期票据为即期收汇，变延期付款为现 金交易，减少了资金占压，提高了资金使用率。 (3) 以无追索权方法买断远期票据，将与票据 支付有关的政治、商业、利率和汇率风险转嫁 给了包买商，却又可将转嫁风险所付的代价通 过商品价格或延付利息转嫁给进口商。
第八讲 国际贸易融资
Affiliated Party
This is a foreign subsidiary of Trident, a business unit of Trident Corporation
Requires: 1. A contract
Requires: 1. A contract
Requires: 1. No contract
– All companies must search out suppliers for goods and services – Must determine if supplier can provide products at required specifications and quality – All must be at an acceptable price and delivered in a timely manner
Importer
Exporter Preference
Exporter
2nd: Exporter ships the goods after being paid
The Bank as the Import/Export Intermediary
Importer
6th: Importer pays the bank. 2nd: Bank promises exporter to pay on behalf of importer. 1st: Importer obtains bank‟s promise to pay on importer‟s behalf.
– Unaffiliated unknown party – Unaffiliated known party – Affiliated partu
国贸课后练习答案全 周瑞琪
acceptance 承兑actual total loss 实际全损ad valorem 从价运费additional 附属费advanced B/L 预签提单air transportation 空运air waybill 空运单ante-dated B/L 倒签提单anticipatory credit 预支信用证back-to-back credit 背对背信用证basic freight 基本运费beneficiary 受益人bill of exchange 汇票charter party 租船契约charter transportation 租船运输charter(tramp) 不定期货船check 支票claimant 索赔人clean B/L 清洁提单clean bill 光票clean collection 光票托收clean credit 光票信用证combined certificate 联合凭证confirmed L/C 保兑信用证constructive total loss 推定全损containerization 集装箱运输contribution 分摊deferred payment 延期付款demurrage 滞期费discount 折扣，贴现documentary bill 跟单汇票documentary letter of credit 跟单信用证endorsement 背书exclusions 除外责任external risks 外来风险extraneous risks 外来风险factoring 保理业务forfeiting 包买票据fortuitous accidents 意外事故franchise 免赔率freight rates 运费率freight ton 运费吨general average 共同海损general risks 一般外来风险indemnity 赔偿insurable interest 可保利益insurance certificate 保险凭证insurance claim 保险索赔insurance cover(age) 保险险别insurance policy 保险单insurance premium 保险费insurance rate 保险费率irrevocable L/C 不可撤销信用证lay day 装卸天数liner/gross terms 班轮条件liners transportation 班轮运输measurement ton 尺码吨natural calamity 自然灾害open policy 预约保单optional port 选择港order B/L 指示提单partial loss 部分损失partial shipments 分批装运particular average 单独海损paying instrument 支付工具payment by installments 分期付款payment in advance 预付payment term 支付方式perils of the sea 海上风险port of destination 目的港port of shipment 装运港presentation 提示presenting bank 代收行promissory note 本票proximate cause 近因原则rail(way) transportation 铁路运输reciprocal credit 对开信用证red clause credit 红条款信用证remittance 汇付revocable L/C 可撤销信用证revolving credit 循环信用证road transportation 公路运输sea transportation 海运sea waybill 海运单sight draft 即期汇票sight L/C即期信用证special risks 特殊外来风险stale B/L 过期提单standby L/C 备用信用证straight B/L 记名提单subject matter 保险标的subrogation 代位求偿权sum insured 保险金额surcharge 附加费tenor 汇票期限the insured/insurant 被保险人the insurer 承保人，保险公司time charter 期租船time of delivery 交货期time/usance draft 远期汇票total loss 全部损失transferable L/C 可转让信用证transshipment 转船underwriter 承保人unexpected accidents 意外事故utmost good faith 最大诚信原则voyage charter 程租船weight ton 重量吨CFS (Container Freight Station) 集装箱货运站CIC (China Insurance Clauses) 中国保险条例CP (Charter Party) 租船契约CY (Container Yard) 集装箱堆场D/A (documents against acceptance) 承兑交单D/D (demand draft) 即期汇票D/P (documents against payment) 付款交单DR to DR (Door to Door) 门到门运输F. I. (Free In) 船方管卸不管装F. I. O. (Free In and Out) 船方不管装卸F. I. O. S. T. (Free In and Out, Stowed ＆ Trimmed) 船方不管装卸，理舱和平舱F. O. (Free Out) 船方管装不管卸FCI (Factors Chain International) 国际保理联合会FCL (Full Container Load) 整装箱FPA (Free from Particular Average) 平安险GA (General Contribution) 共同分摊ICC (Institute Cargo Clause) 协会货物运输保险条款IMT (International Multimodal Transportation) 国际多式联运L/C (letter of credit) 信用证L/G (letter of guarantee) 保函LCL (Less than Container Load) 拼装箱M (Measurement) 尺码M/T (mail transfer) 信汇MTO (Multimodal Transportation Operator) 多式联运经营人PICC (the People’s Insurance Company of China) 中国人民保险公司SRCC (strikes, riots and civil commotions) 罢工，暴动，民变脸T/T (telegraphic transfer) 电汇TPND (theft, pilferage and non-delivery) 偷窃提货不着险UCP 600 (Uniform Customs and Practice for Documentary Credit 600) 跟单信用证统一惯例 600URC 522 (Uniform Rules for Collection 522) 托收统一规则W (Weight) 重量W/W Clause (Warehouse to Warehouse Clause) 仓至仓条款WPA (With Particular Average) 水渍险Chapter 51. In international cargo transportation, the most widely adopted bill of lading is D. order bill oflading.2. In DES contracts, a reasonable order for time of shipment and time of delivery is B. June 1 andJuly 1.3. A bill of lading is C. ante-dated B/L when its date of shipment is indicated earlier than the actualtime of shipment.4. A (An) D. bill of lading represents title to the cargo.5. In the import and export business, B. an ocean B/L can be made out to negotiable document.6. The bill of lading presented to the consignee or buyer or his bank after the stipulated expiry dateof presentation or after the goods are due at the port of destination is a A. stale B/L.7. A “freight to be collected” B/L is acceptable to the buyer when the contract is based on A. FOB.8. A C. conference liner normally has regular scheduled departures, specified routes andcomparatively fixed freight rates.9. An order B/L with blank endorsement is a B/L showing B. neither the name of consignee northe name of transferee.10. A(n) A. straight B/L refers to one that is made out to a designated consignee.Chapter 61. The main document adopted by the insured to make claims against the insurer is D. insurancedocument.2. Perils of the sea, such as vessel being stranded or grounded covered in an insurance policy areone kind of B. fortuitous accidents.3. According to “Ocean Marine Cargo Clause of the People’s Insurance Company of China”, thecoverage which cannot be effected independently is C. War Risk.4. Company A exported 5 metric tons of tea. The tea suffered heavy storm in transit. The sea waterin the ship’s hold led to the deterioration in the quality of part of the tea exported. This kind of loss is D. particular average.5. The insurance document that is acceptable mostly in Hong Kong of China, Singapore andMalaysia is C. combined certificate.6.7. Risks such as “failure to delivery risk” or “rejection risk” fall within the category of B. specialextraneous risks.8. According to “Ocean Marine Cargo Clause of the People’s Insurance Company of China”, thebasic coverage that is the least extensive is A. FPA.9. In the case of air freight, if the subject matter insured failed to reach the warehouse at destinationstipulated in the insurance policy, the expiration of the insurance is B. 30 days after completion of discharge overside from the overseas vessel at the final port of discharge.10. Under C. ICC(C) coverage of London Institute Cargo Clause, only major casualties are covered,but not natural calamities.1. If there is no specific provision, the draft under a letter of credit should draw on the B. issuingbank.2. The draft used in collection is D. a commercial draft, based on commercial credit.3. A standby credit B. is a special clean credit.4. Under collection once the importer refuses to pay, the C. principal will be responsible for thecargo release, customs clearance, warehousing, and reselling in the importing country.5. The bill of exchange used in D/A must be a D. usance bill.6. If a bank other than the issuing bank guarantees the payment under an L/C, this L/C is A. aconfirmed credit.7. A C. reciprocal credit is normally used in processing trade.8. Which of the following statements is NOT true about remittance? A. It provides highest securityto the buyer but not the seller.9. B. packing loan is a L/C based financing which will provide the exporter funds before the goodsare produced.10. If the exporter finds out mistakes on a received L/C, he should contact the B. importer at the firstplace.Chapter 5T 1 .Liner freight has covered the loading and unloading fee.F 2. When the ship-owner speeds up his ship and arrives at the destination at an earlier date than stipulated, he can obtain dispatch money from the charterer.T 3. When the charterer fails to load or unload the goods within the stipulated period of time, he has to pay demurrage to the ship owner.F 4. Ocean bills of lading, air waybills and rail waybills are property documents presenting title to cargoes, so they are all negotiable.T 5. Bills of lading are usually made out in a full set including several originals and copies.F 6. Since straight B/L bears higher risk than the open B/L , it is rarely used in international transportation.F 7. A clean B/L is issued by the seller to the buyer to certify that the goods delivered are in apparent goods condition.F 8. In international trade practice, the time of shipment is actually the time of delivery.T 9. Sometimes when the buyer cannot determine a specific port of discharge during negotiation, he may require two or three ports to be written on the contract as optional ports.T 10. UCP 600 stipulates that partial shipment and transshipment are allowed unless it is stipulated otherwise.Chapter 6F 1. In marine cargo insurance, general average is to be borne by the carrier, who may, upon presentation of evidence of the loss, recover the loss from the insurance underwriter.F 2. In Chinese insurance practice, open policy is the same as the insurance certificate.T 3. Special additional coverages such as war risks, strikes and so on must be taken out together with FPA, WPA or ALL Risks.F 4. In ocean marine insurance, natural calamities include heavy weather, earthquake, tsunami, flood, collision, etc.T 5. The coverage of Land Transportation Risk and Air Transportation Risk are almost equivalent to WPA in marine cargo insurance.F 6. Subrogation Principle states that in the event of loss of or damage to the subject matter insured resulting from an insured peril, the insured is placed in the same position that he enjoyed immediately before the loss occurred.T 7. The 10% markup rate of the commercial invoice value in an insurance policy is to cover an anticipated profit as well as other additional costs involved.T 8. Under a deductible franchise, where the loss or damage exceeds the percentage allowed, the insurance company needs merely indemnify the exceeding part to the insured.F 9. Ocean marine insurance covers ships and their cargo only on the high seas and not on inland waterways.F 10. The claimant is the party who suffers loss of or damage to the subject matter insured byChapter 7F 1. If the remittance is m ade by a banker’s demand draft, this payment is based on bank credit.T 2. For a confirmed credit, the confirming bank holds the same liability as the issuing bank.T 3. A letter of credit which does not indicate whether it is revocable or not is regarded as irrevocable.F 4. A letter of credit not mentioning ti is non-transferable will be seen as transferable.F 5. Using a third currency in collecting payment is the best protection against currency risk for the seller.T 6. Since under L/C the seller gets payment from a party independent of the buyer, it is the safest mode for him.T 7. Open account and payment in advance indicate the minimum and maximum risk for the importer.F 8. Dishonor only refers to the rejection to the presentation for payment, but not rejection to the presentation for acceptance.T 9. Under collection though the seller collects payment through banks, it is not guaranteed that he will receive the money as collection is still based on commercial credit.F 10. In international trade clean collection is more frequently used than documentary collection. Chapter 51. Under what circumstances does the time of shipment equal to the time of delivery?Time of shipment refers to the time limit for loading the goods on board the vessel at the port of shipment while time of delivery refers to the time limit during which the seller shall deliver the goods to the buyer at the agreed place.For all shipment contracts, time of shipment equals to time of delivery, and according to Incoterms 2010, contracts concluded on the basis terms like FOB, CFR, CIF, FCA, CPT, CIP are shipment contracts. Under the shipment contract, the seller fulfills his obligation of delivery when the goods are shipped on board the vessel or delivered to the carrier and the seller only bears all risks prior to shipment.2. What are the functions of a bill of a lading?A cargo receipt, evidence of a contract of carriage, a document of title to the goods.3. What are the main types of bills of lading?·According to whether the goods have been loaded on board the carrying vessel: Shipped B/L and received for shipment B/L·According to the apparent condition of the received cargo: Clean B/L and Unclean B/L,·According to the address of the consignee: Straight B/L, Order B/L and Bear B/L,·According to whether transshipment is involved in transit: Direct B/L and Transshipment B/L, ·According to the perplexity or simplicity of the bill content: Long term B/L and Short term B/L, ·According to the payment condition of freight: Freight prepaid B/L and Freight to be Collected B/L ·According to the validity: Original B/L and Copy B/L·Other forms of bill of lading also exist according to different circumstances: Stale B/L, Ante-dated B/L, Advanced B/L, On-deck B/L.4. What are the ways of dividing charges of loading and unloading in a charter party?·Liner Terms/ Gross Terms or In and out: The ship-owner bears loading and unloading cost.·Free in: The ship-owner is only responsible for unloading cost.·Free out: The ship-owner is only responsible for loading cost.·Free in and out: The ship-owner does not bear loading and unloading cost. OR F. I. O. S. T.: The ship-owner does not bear loading and unloading cost, not even bear the expenses of stowing and trimming.Time of delivery(time of shipment), port (place) of shipment and port (place) of destination, partial shipment, transshipment, or lay days, demurrage and dispatch money.Chapter 61. What are the differences between general average and particular average?Although both general average and particular average belong to the category of partial loss, there is still some differences between them:·Causes: Particular average is a kind of cargo loss usually caused directly by sea perils, while general average is caused by intentional measures taken to save the common interest. ·Indemnification: Particular average is often borne by the party whose cargo is damaged, while general average should be proportionally contributed among all parties benefited from the intentional measures.2. What are the conditions for general average?·The danger that threatens the common safety of cargo and/or vessel shall be materially existent and is not foreseen.·The measures taken by the master shall be aimed to remove the common danger of both vessel and cargo and shall be undertaken deliberately and reasonably for common safety.·The sacrifice shall be specialized and not caused by perils directly and the expense incurred shall be additional expense which is not within the operation budget.·The actions of the ship’s master shall be successful in saving the voyage3. What are the differences between the scope of ICC(B) and ICC(C)?The scope of ICC(C) covers loss of damage to the cargo attributable to fire or explosion, vessel of craft being stranded, grounded, sunk or capsized, overturning or derailment of land conveyance, collision or contract of vessel, craft or conveyance with any external object other than water, or discharge of cargo at a port of distress, general average sacrifice, or jettison.Apart from those covered under ICC(C), the scope of ICC(B) also covers loss of or damage to the subject matter insured attributable to earthquake, volcanic eruption or conveyance, container, liftvan or place of storage, or total loss of any package lost overboard or dropped whilst loading onto or unloading form, vessel or craft.4. What are the risks that are known as general additional coverage1)T.P.N.D(Theft, Pilferage and Non-delivery), 2)Fresh Water Rain Damage, 3)Risk of Shortage,4)Risk of Inter Mixture and Contamination, 5)Risk of Leakage, 6)Risk of Clash and Breakage,7)Risk of Odor, 8)Heating and Sweating Risk, 9)Hook Damage, 10)Risk of Rust, 11)Breakage ofPacking Damage5. What are the main expenses involved in ocean marine insurance? How to define them?Marine cargo insurance also covers the expenses incurred to avoid or reduce the damage to or loss of the subject matter insured. There are mainly two types of expenses. One is Sue and labor expense, the other is salvage charges.Sue and labor expense are extraordinary expenses made in a time of peril by the insured to act to avert, or minimize any loss of or damage to the subject matter insured. Salvage charges are expenses resulting from measures properly taken by a third party other than the insured, his agent, or any person employed by them to preserve maritime property from peril at sea.6. What documents are needed when an insurance claim is made?·Original bill of lading or other transport document·Commercial invoice·Packing list·Certificate of Loss(Survey)·The landing account or weight notes(notes on weight) at destination·Any correspondence with the carrier or any other party who could be responsible for the loss or damage·Master’s protest.Chapter 71. After Bank X advised exporter Y of the L/C, the shipment was made. When the cargo was onthe way, the importer filed for bankruptcy. Is Y out luck of collecting the payment? Can the opening bank refuse to make reimbursement to the negotiating bank? Why or why not?No, exporter Y does not need to worry about the payment. Because the payment is by L/C, the issuing bank is responsible for making payment regardless of the importer’s situation. But the condition is that exporter Y can fulfill all the requirements listed on the L/C. According to UCP600,a credit constitutes a definite undertaking of the opening bank to pay or to pay at maturity in caseof acceptance. Therefore once the stipulated documents are presented to the opening bank and the terms and conditions of the credit are complied with, the opening bank cannot refuse to make reimbursement to the negotiating bank.2. An L/C does not indicate whether it is revocable or not. Is it revocable? Can a revocablecredit be transferable?According to UCP600, if an L/C does not indicate whether it is irrevocable or not, it will beconsidered as irrevocable. And a transferable L/C must be irrevocable.3. After a gullible importer paid Bank C against the seemingly correct shipping documents, hewent to take the delivery, but found out that the goods were inferior counterfeits. Is Bank C liable under UCP600? Can the importer do anything in order to recover the loss?Bank C is not liable in this case because UCP600 stipulates that in credit operations all parties concerned deal with documents, and not with goods, services and/or other performances to which the documents may relate. In order to recover the loss, the importer should rely on the sales contract and seek for solution.4. An exporter, Wu Co., received an L/C issued by Bank B and confirmed by Bank K. After Wushipped the goods, Bank B declared bankruptcy. Will Wu have sleepless nights?No, Wu Co. Does not need to worry about the payment. When the L/C is confirmed, the confirming bank holds the same definite undertaking as the issuing bank to pay or to pay at maturity in case of acceptance.5. Does a payment credit differ from a sight credit?A payment credit could be settled by sight payment or deferred payment. In both cases, a draftdrawn on the issuing bank may not be necessary. While when a sight credit is used, payment would be made immediately against a sight draft and required commercial documents.6. Are the following credits transferable? (A)This L/C assignable; (B)This L/C is transmissible;(C)This L/C is fractionable; (D)This L/C is divisible.According to UCP600, a credit can be transferred only if it is expressly designated as“transferable” by the issuing bank. Terms such as “divisible”, “fractionable”, “assignable”, and “transmissible” do not render the Credit transferable.7. Under an anticipatory credit, the exporter made an advance, but disappeared withoutpresenting the documents as required. Who is liable for repayment of the advance?The special clause is required by the applicant, as a result he has to make repayment of the advances if the beneficiary fails to present documents for settlement.8. Why a back-to-back credit is needed? Give an example.A back-to-back credit is normally used by middleperson for the protection of his interest. Forexample, agent A received a documentary credit from the end buyer B, A can use this credit as a backup to apply for the opening of a new credit in favor of the end supplier C. By doing so A can be sure that neither B nor C would know each other, therefore well protecting A’s businessconfidentiality.9. What is the difference between a back-to-back credit and a transferable credit?When a back-to-back credit is used, there actually involve two credits. When a transferable credit is used, operation is based on only one credit.Chapter 51. The price quoted by an exporter was “USD38 per case FOB Liverpool”. The importerrequested a revised CFR Liverpool price. If the size of each case was 50cm*40cm*30cm, gross weight per case was 40kg, freight basis was W/M and the quotation for London is USD100 per ton of carriage, plus 20% bunker adjustment factor (BAF) and 10% currency adjustment factor (CAF), what would be the CFR price?W=40kg=0.04M/T M=50cm*40cm*30cm=0.5*0.4*0.3=0.06cm3 M>WM will be used as freight basis for freight calculation.Freight per case=M*basic freight*(1+BAF rate)=0.06*100*(1+20%)=USD 7.2Total freight per case=7.2*(1+10%)=USD 7.92CFR=FOB+Freight=38+7.92=USD 45.92The CFR price would be USD 45.92 per case CFR Liverpool2. There is one consignment of 10 cartons of leather shoes, measurement of each carton is50*50*50cm, gross weight of each is 15KG. The air freight are quoted for the flight required is USD1.3KG. How much air freight should be paid to the carrier?W=15kg M= (50*50*50)/6000=20.83kg M>WFreight=USD 1.3/kg*20.83*10 cartons=USD 270.79The air freight is USD 270.793. Suppose: Company A exports 1000 cases of Commodity Y to London. The volume per caseis 40cm x 30cm x 20cm, and the gross weight is 30kg per case. For Commodity Y, the freight rate basis is W/M, and the Freight Tariff (China —London) is USD230, with a 10% port surcharge. How much is the total freight?Total weight: 0.03 M/T*1000 cases=30M/T Total measurement: 0.4x0.3x0.2*1000cases=24M3W > M, “W” is the freight basisTotal Freight=Total weight× Basic Freight Rate×(1+ Surcharge)=30×230×(1+10%)= USD 7590 The total freight cost is USD7590.4. Company A wants to send one consignment to Sydney, Australia. The goods are packed in50 cartons, each weighing 15kgs, with measurement as 50 x 40 x 30cm. The air freight rateis quoted at USD2.00/KG (W/M). How much would the total air freight cost?W: 15 kg M: (50x40x30)/6000=10kg W> M, so W will be adopted for the calculation of air freightAir freight=Total Quantity× Basic Freight Rate=50 cartons×15kg×USD2.00/kg =USD 15005. Suppose the working period at Port X is 8 hours a day and 7 days in a week. If there are four rainy hours unable for loading and unloading in a week, how many standard days are there under the above three methods of stipulation for lay time respectively?Days or Running Days or Consecutive Days=7 days Weather Working Days of 24 Hours=8*7- 4(rainy hours)=52 hours=2 61 days Weather Working Days of 24 Consecutive Hours=7*24-4=164 hours=6 65 days Chapter 611. A Chinese company offered to a British counterpart at USD500 per case FOB Shanghai. The British importer asked the exporter to offer a CIF price. Suppose the freight is USD 50 per case and premium rate is 0.6%, what would the new offer be?CIF=(FOB+F)/(1-110%*R)=(500+50)/(1-110%*0.5%)=USD 533The new offer is USD 533 per case CIF Shanghai.12. Company A transacted with Company B, exporting frozen food under CIF. The total amount of the invoice value was USD 10 000. The premium rate was 0.4% and the goods were insured for FPA with a markup of 10%. Please calculate the insurance amount and insurance premium respectively?Insurance amount=CIF*(1+markup rate)=10 000*110%=USD 1100Insurance premium=CIF insurance amount*insurance rate=1100*0.4%=USD 44The insurance amount and insurance premium are USD 1100 and USD 44 respectively.13. Our exporting company offered light industrial products to a British importer at GBP10 000 per metric ton CIF London (insurance for All Risks with 10% markup and 1% premium rate). However, the importer intended to effect insurance by himself, as a result, he count-offered CFR price. What is the CFR price? How much premium should the exporter need to deduct from the CIF price?CFR=CIF*(1-110%*R)=10 000*(1-110%*1%)=GBP 9890Insurance premium=CIF-CFR=10 000-9890=GBP 110The CFR price is GBP 9890 per metric ton CFR London and the exporter need to deduct GBP 110 from the CIF price as the premium.14. Suppose a cargo vessel loaded with cargo of Party A and Party B stranded in transit. To save the vessel as well as the goods on it, the master ordered to throw 1000 cases of goods to the sea. The value of the goods thrown overboard for Party A is 20% of his goods (the total value of his goods is CNY20000) and that for Party B is 10% of his goods (the total value of his goods is CNY60000). Extra wages for the seamen to perform the act amounted to CNY5000. The value of the vessel is about CNY5000000. Based on the information above what is the G.A. contribution for each party involved?Total GA loss=20000x20%+60000x10%+5000=CNY 15000Total GA contributory value=20 000x 80%+ 60 000x90%+5 000 000+15 000= CNY 5 080 000 GA percentage = (Total GA loss / GA Total Benefit) x 100%=(15 000/5 080 000)x100%=0.295% GA Contribution by Party A=20 000 x 0.295% = CNY 59GA Contribution by Party B=60 000 x 0.295% = CNY 177GA Contribution by the Carrier=5 000 000x0.295% =CNY 1475015. Suppose the CIF invoice value is USD50 000 and goods are insured against All Risks and War Risks with premium rate to be 0.5% and 0.05% respectively. If markup rate is 10%, the insurance premium will be:Insurance Premium (I)=50 000*(1+10%)*(0.5%+0.05%)=55 000*0.0055=USD 302.5Chapter 51. ABC Co. signed a contract to export 200 M/T of beans. The letter of credit stipulated, “Partial shipment not allowed”. When the shipment was being made, the exporter loaded 100 M/T each on board the same vessel for the same voyage at the port of Shanghai and the port of Dalian. The shipment document was clearly marked with the ports of shipment and the dates of shipment. Did the exporter violate the terms of the L/C?析:No, 卖方没有违反信用证“不允许装船” 的规定。
《国际结算(英)》教学大纲
《国际结算（英）》教学大纲二、The feature and students of the courseThe course is open for the students majoring in International Finance, Accounting and International Trade. It will provide the students with a comprehensive overview of bank practices in international payments and settlements and introduce various techniques in international trade finance.三. The aim and requirements of the courseAim of the course：The overall aim of this course is to develop the students’understanding in international payments and settlements and to increase the students’ ability to conduct international banking practices. The students will develop a better understanding of the advantages as well as the risks involved in using these payments methods. By the end of the course, the students will be able to understand the documentation, international rules and regulations regarding international trade finance; to understand the principles of letter of credit, documentary collections, drafts, etc.; to understand the different types of letters of credit and their usages in practice. This course will also keep the students well informed of the latest developments in international finance.Requirements：In the course，the students are required to be able to draw a draft, issue and examine documents under a letter of credit, and apply the terms of UCP 500 and the upcoming UCP600 to analyze cases.四、Method of teachingThis course is mainly delivered by lectures and incorporates the use of exercises, cases and discussions.五、Content of the course and time allocationChapter One IntroductionClass hour :1Requirements：This chapter will make a general introduction of the course , the rough content of the international trade finance and its evolvement. The students are required to be familiar with the characteristics of the course and the main terms of trade such as in intercom 2000.Priority: feature of the international payments and settlementsContent:1.What are international payments and settlements2.Evolution of international payments and settlements3.Basic points for attention in international payments and settlements4.Characteristics of modern international payments and settlementsChapter Two Credit InstrumentsClass hour: 1Requirements：to understand the features, function and the parties of the negotiable instruments and to have a good grasp of the principle of the negotiable instruments.Priority：negotiation of instrumentContent :1.Characteristics of a negotiable instrument2.Functions of a negotiable instrument3.Parties to a negotiable instrumentChapter Three Bill of Exchange---Definition, Acts Class hour: 2Requirements：to learn the definition, principle and acts of the draft.Priority：feature of a bill of exchangeContent:1.What is a bill of exchange: As defined in the Bills of Exchange Act 1882 of the United Kingdom, a bill of exchange is an unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person or to bearer.2.Acts of a bill of exchangeIssueEndorsementPresentmentAcceptancePaymentDishonourNotice of dishonourProtestRight of recourseAcceptance for honour supra protestPayment for honour supra protestGuaranteeChapter Four Bill of Exchange---Lost Bill, Discounting, Acceptingand Forfaiting a Bill, ClassificationClass hour:1.5Requirements：to grasp the discounting and acceptance of a draft and identify various types of draft.Priority：discounting and acceptance of a bill of exchangeContent:1.Lost bill of exchange2.Discounting, accepting and forfeiting a bill of exchange3.Classification of a bill of exchangeChapter Five Promissory NoteClass hour: 0.5 hourRequirements：have a better understanding of the feature of a promissory note and distinguish the difference of promissory note and draft.Priority: difference from bill of exchangeContent:1.What is a promissory note2.Characteristics of a promissory note3.Essentials to a promissory note4.Difference between a bill of exchange and a promissory noteChapter Six ChequeClass hour: 1Requirements：to understand the feature of a cheque and distinguish it from a draft.Priority：feature of a chequeContent:1.What is a cheque2.Essentials to a cheque3.Features of a cheque4.Countermand of payment5.Wrongful dishonour of a cheque6.Crossed cheques7.Difference between a bill of exchange and a chequeChapter Seven Correspondent Banking Relationships Class hour: 1Requirements：to realize the importance and necessity of establishing correspondent relationship.Priority：control documentsContent:1.Correspondent bank, branch, representative office, agency, banking subsidiary and affiliate2.Why establish correspondent banking relationship3.Which banks should become the correspondents4.How to establish correspondent banking relationship5.Control documents6.Expanding international banking business with the aid of foreign correspondentsChapter Eight RemittanceClass hour: 1Requirements：to understand the principle of remittance and the practices.Priority：advantage and disadvantage of remittanceContent :1.Parties related to a remittance2.Accounts between international banks3.Ways of transfer4.Methods of reimbursement5.Cancellation of the remittance6.Advantages and disadvantages of different ways of transferChapter Nine Terms and Methods of Payment in InternationalTrade---Payment in Advance, Open Account Business, Factoring,CollectionClass hour:2Requirements：have a better understanding of various methods of payment.Priority：factoring and collectionContent :1.Payment in advance2.Open account business3.Factoring4.CollectionWhat is a collectionParties to a collectionTypes of collections: Documents against payment (D/P)Documents against acceptance (D/A)Collection procedureRisks and advantages of collection methodLiability and responsibility of the banks doing collection businessChapter Ten Terms and Methods of Payment in International Trade-----Letters of Credit(L/C)Class hour: 6Requirements：to understand the principle of the letters of credit, to be acquainted with the rights and obligations of various parties of the L/C. to understand the features of different types of letters of credit and the procedure of issuing and usage of a credit and the practice of amendment of a credit.Priority：Characteristics of a letter of creditContent:1.What is L/C2.Characteristics of a letter of credit3.Functions, advantages and disadvantages of a letter of credit4.Parties to a letter of credit5.Contents of a letter of credit6.Classification of letters of creditDocumentary credit:Irrevocable creditConfirmed creditUnconfirmed creditSight creditUsance or time creditPayment creditDeferred payment letter of creditAcceptance letter of creditNegotiation creditRevolving creditTransferable creditBack to back letter of credit7.Procedures of letter of credit operations8.Amendment under a letter of creditChapter Eleven Terms and Methods of Payment in InternationalTrade---Letters of GuaranteeClass hour: 1Requirements：to understand the feature of a letter of guarantee, and its difference from a letter of credit. To be familiar with various types of letters of guarantee.Priority：nature of a letter of guaranteeContent:1.Nature of demand guarantee2.Parties to a letter of guarantee3.Contents and clauses under a guarantee4.Types of guarantees5.Points for attention in establishing a letter of guarantee6.Forms of a letter of guarantee7.Difference between a letter of guarantee and a letter of credit8.Cancellation of a guarantee9.Standby letter of creditChapter Twelve Documents-Draft, Invoice, Insurance PolicyClass hour: 1Requirements：to understand the feature of various documents, content and their functions and learn to make and examine various documents.Priority：to draw a draftContent:1.Draft2.Invoice3.Insurance policy or certificateChapter Thirteen Documents---Air Waybill, Road Waybill, Cargo Receipt, Parcel Post Receipt, Bill of LadingClass hour: 3Requirements: to understand the three functions of ocean B/L and distinguish it from other transport documents.Priority: Characteristics of the ocean B/LContent:1.Air waybill2.Road waybill, consignment note3.Cargo receipt, railway bill4.Courier receipt and post receipt5.Bill of ladingWhat is a bill of ladingThe functions of a bill of ladingParties to a bill of ladingTypes of bill of lading(1)Shipped on board bill of lading(2)Received for shipment bill of lading(3)Direct bill of lading(4)Transshipment bill of lading(5)Straight bill of lading or named consignee bill of lading(6)Order bill of lading, or negotiable bill of lading(7)Clean bill of lading and unclean bill of lading(8)Stale bill of ladingChapter Fourteen Documents—Combined Transport Documents,Miscellaneous DocumentsClass hour: 2Requirements：to understand multi-mode transportation documents and various export documents.Priority：combined transport documents and the difference between CTD and ocean B/LContent:bined transport documents2.Miscellaneous documentsConsular invoiceCertificate of origin and A GSP Certificate of origin Form ACustoms invoiceInspection certificatePacking listBeneficiary’s statementChapter Fifteen Documents examination and ReimbursementClass hour: 2Requirements：learn to examine documents against L/C and learn how to handle discrepant documents so as to better understand and apply UCP500 or upcoming UCP600.Priority：to grasp the skill of examining documentsContent:1.General principle2.Examining a draft3.Examining a commercial invoice4.Examining a certificate of origin5.Examining Marine Insurance Documents6.Examining a bill of lading7.Examining other documents8.Most common discrepancies9.Bank’s common practice if the documents presented do not meet the credit requirement10.Payment refused by the issuing bank11.Payment and reimbursement under a letter of creditChapter Sixteen Supplementary material: Uniform Customs and Practice for Documentary Credits-----1993 Revision (Publication No.500)Class hour: 4Requirements：In order to be familiar with the international regulations and uniform practices, we require the students to understand the mains articles of UCP 500 and learn application of the terms in banking practice.Content:all the articles of UCP 500 and introduction of upcoming UCP 600六. Practice and case discussionRequirements: In order to let students have an real experience in bank’s documentary credit operation, we’ll organize the students to issue a set of shipping documents according to an L/C and examine the documents. Finally the students will have a seminar dealing with cases of L/Cs subject to UCP 500.Class hour: 2 hours。
国际结算(双语版)
2.1.1 Definition of Remittance 2.1.2 Basic parties of Remittance
1. Remitter and payee 2. Remitting bank and paying bank 2.1.3 Characteristics of Remittance 1. High risk. 2. Fast speed and low cost.
Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter Chapter
1 Negotiable Instrument 2 Remittance 3 Collection 4 Letter of credit 5 Types of letter of credit 6 Introduction of UCP600 7 Documents in credit 8 Standby letter of credit 9 Letter of Guarantee 10 Forfaiting 11 International Factoring
3.2.2 Documents against Acceptance (D/A)
3.3.1 The risk of collection. 1. Risk for seller 2. Risk for buyer 3.3.2 The risk management of collection 3.3.3 Financing under collection 1. Outward bill purchasing 2. Trust Receipt (T/R) 3. Delivery against Bank Guarantee
有追索权的国内保理合同英文版(Domestic Factoring Contract with Re
Domestic Factoring Contract with RecourseParty A：＊＊* Co.，LtdAddress:Post Code：Legal Representative：Responsible person:Tel: Tel:Fax: Fax：Party B:China Construction Bank Co。
, Ltd，*** Sub—branchAddress:Post Code：Legal Representative:Responsible person:Tel:Tel：Fax：Fax:WHEREAS:Party Asales goods/provides services on credit, and applies to Party B for factoring service with recourse。
With reference to relevant laws and regulations，Party Aand Party B after reaching an agreement through negotiations，hereby enter into this Domestic Factoring Contract （the “Contract"）.Chapter One DefinitionsArticle 1In this contract and other files for this service，unless otherwise stated，terms are defined as follows：1。
Factoring with recourse：Party A transfers to Party B its account receivables that originate from product sales to purchasers, provision of services by Party A as well as based upon other reasons。
rsa算法中的p和q应满足的要求
rsa算法中的p和q应满足的要求RSA算法中的p和q是两个不同的大质数，它们是生成RSA 密钥对的重要组成部分。
下面是这两个质数应满足的要求以及相关参考内容。
1. 质数：p和q必须是质数，也就是只能被1和自身整除的整数。
质数在密码学中具有重要的作用，因为它们的因子较少，难以被分解。
2. 随机性：p和q应该是随机选择的，并且不能通过简单的推导或计算得到。
选择明确的规则生成p和q可能会导致密钥弱化，易受攻击。
3. 相对大小：选择的p和q应具有适当的大小差异，以增加其安全性。
如果两个质数相差太小，可能会遭受攻击，因为攻击者可以通过枚举所有可能的质数对来轻易找到p和q。
4. 安全性：p和q的长度越大，RSA算法越安全。
推荐的长度是2048比特或更高，以防止被破解。
一般而言，RSA密钥长度至少应达到1024比特。
5. 独立性：p和q之间应该是独立选择的，即使知道了其中一个质数也不能得到另一个质数。
这是为了增加攻击者根据已知信息推导出另一个质数的难度。
6. 固定位数：p和q生成的位数应该具有一定的固定性，以便进行加密和解密操作。
如果位数不一致，可能会导致计算错误或其他问题。
参考内容：[1] Menezes, Alfred; van Oorschot, Paul C.; Vanstone, Scott A. (1996). "Chapter 8: Factoring Methods". Handbook of Applied Cryptography. CRC Press. pp. 287–288. ISBN 978-0-8493-8523-0.[2] Boneh, Dan; Shoup, Victor (2000). "Chapter 8: Factoring and Discrete Logarithms". A Graduate Course in Applied Cryptography. CRC Press. ISBN 978-0-387-22799-8.[3] Rivest, Ronald L.; Shamir, Adi; Adleman, Leonard M. (1978). "A method for obtaining digital signatures and public-key cryptosystems". Communications of the ACM. 21 (2): 120–126. doi:10.1145/359340.359342.[4] Kaliski, Burt (2009). "RSA and its security", RSA Laboratories.。
chapter1 International Settlement
• 60多年前，钱钟书先生在《围城》中曾对一个旧时上海滩的洋买 办张先生有一段描述，充满辛辣讽刺：“跟外国人来往惯了 ，说 话有个特征——喜欢中国话里夹无谓的英文字。他并无中文难达的 新意，需要借英文来讲；所以他说话里嵌的英文字，还比不得嘴 里嵌的金牙，因为金牙不仅妆点，尚可使用，只好比牙缝里嵌的 肉屑，表示饭菜吃得好，此外全无用处。”
(30%) ✓ Average Performance (30%) = Quizzes (10%)+ Class
Participation (10%) + Class Activities (10%) Note : Miss One Class= Final Grade – 5; The other note: Miss 1/3 of the Class = Quit the Class
There are three parties to a negotiable instrument: drawer drawee payee
14
(2) Payment methods
Traditional payment methods: Remittance, collection, letter of credit
Insurance documents: Insurance Policy, Insurance Certificate
Official documents: Import License, Export License, Customs Invoice, Certificate of Origin, Inspection of Certificate Issued by Government Organizations.
分解多项式Factoring-全英文笔记
This one looks a little odd in comparison to the others. However, it works the same way. There is a
3x in each term and there is also a 2x + 7 in each term and so that can also be factored out. Doing
ab + ac = a (b + c)
Let’s take a look at some examples.
Example 1 Factor out the greatest common factor from each of the following polynomials. (a) 8x4 − 4x3 +10x2 (b) x3 y2 + 3x4 y + 5x5 y3 (c) 3x6 − 9x2 + 3x
( ) 8x4 − 4x3 +1= 0x2 2x2 4x2 − 2x + 5
Note that we can always check our factoring by multiplying the terms back out to make sure we get the original polynomial.
x4 −16 = ( x2 + 4)( x + 2)( x − 2)
The purpose of this section is to familiarize ourselves with many of the techniques for factoring polynomials.
国际贸易实务英文版课后练习答案
练习参考答案Chapter 1流动性过剩excess liquidity自给自足self-sufficient经济资源economic resources直接投资direct investment国际收支balance of payments易货交易barter出口退税export tax rebate倾销dumping出口型经济增长export-driven economic growth东道国host country贸易差额balance of trade贸易顺差／贸易逆差favorable ／unfavorable balance of trade欧盟European Union国际收支顺差／国际收支逆差favorable ／unfavorable balance of payments 有形贸易visible trade无形贸易invisible trade货物贸易trade in goods效劳贸易trade in servicesⅢThe chart above shows the U.S.imports from China,U.S.exports to China and thetrade balance.The U.S.has a negative trade balance with China,and it has been growing. During the period from 1997 to 2003,imports from China have grown 244％while exports toChina have grown 221％，indicating that the trade deficit is increasing.There had alreadybeen a sizeable trade balance deficit with China in 1996,totalling ＄39.5 billion at the end of theyear.Ⅳ1.Export goods are tangible goods sent out of countries.2.Trade in services are international earnings other than those derived from the exporting andimporting of tangible goods．3.Import goods are tangible goods brought in.4.International trade is all business transactions that involve two or more countries.5.FDI is one that gives the investor a controlling interest in a foreign pany.6.Investment is used primarily as financial means for a pany to earn more money on itsmoney with relative safety.Ⅴ1.International trade,is the fair and deliberate exchange of goods and ／or services acrossnational boundaries.It concerns trade operations of both import and export and includesthe purchase and sale of both visible and invisible goods.2.In today’s plex economic world,neither individuals nor nations are self-sufficient. Nations participate in the international trade for many reasons.As to the economicreasons,no nation has all of the economic resouces 〔land,labor and capital〕that it needsto develop its economy and culture,and no country enjoys a particular itemsufficientenough to meet its needs.As for the preference reasons,international trade takes placebecause of innovation of style.Besides,every nation can specialize in a certain field andenjoy a parative advantage in some particular area in terms of trade so that they needto do business with each other to make use of resources more efficiently and effectively.3.In measuring the effectiveness of global trade,nations carefully follow two key indicators,namely,balance of trade and balance of payments.4.FDI,the abbreviation form Foreign Direct Investment,means buying of permanent property and business in foreign nations.It occurs when acquisition of equity interest in a foreign pany is made.The great significance of FDI for China might be that：FDIsolve the problem of capital shortage for China so that China may spend the money onimporting advanced equipment and technologies for its infrastructure,national supportingindustry,key projects,etc.Chapter 2关税壁垒tariff barriers非关税壁垒non-tariff barriers从量税specific duties配额quota保护性关税protective tariff市场失灵market failure幼稚产业infant industry许可证制度licensing system财政关税revenue tariff政府采购government procurement贸易保护主义trade protectionism从价税Ad valorem Duties最低限价floor price本地采购规那么“buy local〞rules增加需raise domestic demandDomestic content 国含量Red-tape barriers 进口环节壁垒Export susidies 出口补贴Binding quota 绑定配额Absolute quotas 绝对配额VER 自愿出口限制Tariff-rate quotas 关税配额Zero quota 零配额“Buy local〞rules 本地采购原那么Ⅱ1.Protectionism means the deliberate use or encouragement of restrictions on imports toenable relatively inefficient domestic producers to pete successfully with foreign producers.保护主义是指蓄意使用或鼓励进口限制，以此使本国相对效率低的产品能成功地和外国产品竞争。
国际贸易简答essay
CHAPTER 1—THE INTERNATIONAL ECONOMY AND GLOBALIZATION SHORT ANSWER1. What is the most important factor which contributes to competitiveness?ANS:Key to the concept of competitiveness is productivity, or output per worker hour.PTS: 12. What are the challenges of the international trading system?ANS:Among the challenges that the international trading system faces are dealing with fair laborstandards and concerns about the environment.PTS: 1ESSAY1. Does exposure to competition with the world leader in a particular industry improve a firm'sproductivity?ANS:The McKinsey institute found that higher productivity rested on the ability of mangers to invent new and ever more efficient ways of making products and on the ability of engineers to design products that are easy to make. The institute researchers observed that in the auto industry in Japan or the food industry in the United States, managers and engineers do not achieveinnovations because they are smarter work harder or are better educated than their peers. They do so because they are subjected to intense global competition, where improving laborproductivity is the key to success.PTS: 12. What are the essential arguments in favor of free trade?ANS:Proponents of an open trading system contend that international trade results in higher levels of consumption and investment, lower prices of commodities, and a wider range of productchoices for consumers. Trade also enables workers to become more productive, and wages of workers whose skills are more scarce internationally tend to rise.PTS: 1CHAPTER 2—FOUNDATIONS OF MODERN TRADE THEORY: COMPARATIVE ADVANTAGESHORT ANSWER1. Is it possible to add up the preferences of all consumers in an entire nation?ANS:No. It is impossible to make interpersonal comparisons of satisfaction, and thus it is notpossible to add up preferences.PTS: 12. Who gains more from trade, when nations are of unequal economic size?ANS:If one nation is significantly larger than the other, the larger nation attains fewer gains from trade, while the smaller nation captures most of the gains from trade.PTS: 13. Is it possible for comparative advantage to change, thus changing the direction of trade?ANS:Lagging productivity growth may cause a country to lose its comparative advantage. In a two-product, two-country model, this would change the direction of trade.PTS: 14. Do national security concerns lead to incomplete specialization?ANS:Yes. National security concerns may lead a country to produce some of the commodity in which it has comparative disadvantage, thus leading to incomplete specialization.PTS: 1ESSAY1. Will it be impossible to keep low-skilled jobs in the U.S.?ANS:If tax credits or other incentives are made available to U.S. companies, it would be possible for those companies to invest in training or technology for low-skilled workers. That wouldimprove the efficiency of the workers. Such improvements in productivity can more than outweigh the wage advantage that is enjoyed by low-skilled workers overseas. New Balance Athletic Shoe Co. Inc., headquartered in Boston, Massachusetts, has been successful inretaining low-skilled production in the United States by increasing worker productivity.PTS: 12. Is it possible to estimate the gains from trade?ANS:When a nation trades, it enjoys a larger income, owing to a wider range of goods available to consumers. Trade also has a positive influence on productivity levels. However, it is extremely difficult to measure these gains, since it requires knowledge of what a nation's imports would cost if it produced them itself, instead of purchasing them from a less expensive source abroad.PTS: 1CHAPTER 3—SOURCES OF COMPARATIVE ADVANTAGESHORT ANSWER1. Does factor price equalization occur in the real world?ANS:In the real world, differences in factor prices tend to exist. Different technologies, imperfect markets, transportation costs, and trade barriers may prevent factor prices from equalizingamong nations.PTS: 12. What is the focus of the product life cycle theory, and where is it applicable?ANS:The product life cycle theory focuses on the role of technological innovation as a keydeterminant of trade patterns. It applies to manufactured goods.PTS: 1ESSAY1. Explain how immigration and trade may worsen wage inequality, and how college educationmay mitigate against that.ANS:Trade tends to increase the demand for skilled workers relative to unskilled workers, thusworsening wage inequality. Immigration of unskilled workers decreases the supply of skilled workers relative to unskilled workers, thus worsening wage inequality. Alternatively, college education increases the supply of skilled workers relative to unskilled workers, thus reducing wage inequality.PTS: 12. How does Staffan Linder explain world trade patterns?ANS:Linder offers two explanations of world trade patterns. Trade in primary products conforms well to the factor-endowment theory. However, trade in manufactured goods is best explained by overlapping demand structures among nations. For manufactured goods, the basis for trade is stronger when the structure of demand in two nations is more similar, due to similarper-capita incomes.PTS: 1CHAPTER 4—TARIFFSSHORT ANSWER1. Can import duties have unintended side effects?ANS:Yes. Duties may discourage a company from importing goods in amounts large enough to take advantage of quantity discount pricing. Also, up-front payment of these duties may imposefinancial hardships on importers.PTS: 12. What happens to effective protection when the value added by the domestic producer declines?ANS:The degree of effective protection increases.PTS: 1ESSAY1. Is it possible for a low nominal tariff rate to understate the effective rate of protection? What istariff escalation?ANS:Yes. In some countries, the effective rate of protection is more than twice the nominal rate. The effective rate of protection takes into account the effects of tariffs levied on raw materials and intermediate goods. Tariff structures of industrialized nations have generally beencharacterized by rates that give greater protection to intermediate and finished products than to primary commodities. This is referred to as tariff escalation.PTS: 12. How can tariffs be justified?ANS:Tariffs are justified on the grounds that they protect domestic employment and wages, helpcreate a level playing filed for international trade, equate the cost of imported products with the cost of domestically produced goods, and allow domestic industries to be insulated temporarily from foreign competition until they can grow and develop or protect industries necessary for national security.PTS: 1CHAPTER 5—NONTARIFF TRADE BARRIERSSHORT ANSWER1. Is a tariff-rate quota a two-tier tariff? Why?ANS:Yes. It allows a specified number of goods to be imported at one tariff rate, whereas anyimports above this level face a higher tariff rate.PTS: 12. What is an OMA?ANS:An OMA involves limitations on export sales administered by one or more exporting nations.PTS: 1ESSAY1. Describe some of the differences between tariffs and quotas?ANS:Tariffs and quotas differ in their revenue effects and restrictive impacts on the volume of trade.While quotas are easier to administer and manage, they do not provide the government with revenue.PTS: 12. What are the intent and impact of domestic content requirements?ANS:Domestic content requirements try to limit the practice of job outsourcing and also encourage the development of domestic industry. They stipulate the minimum percentage of a product's value that must be produced in the home country for that product to be sold there. Domestic content protection tends to impose welfare losses on the domestic economy in the form ofhigher production costs and higher-priced goods.PTS: 1CHAPTER 6—TRADE REGULATIONS AND INDUSTRIAL POLICIES SHORT ANSWER1. What is the essential idea behind strategic trade policy?ANS:The essential notion underlying strategic trade policy is imperfect competition.PTS: 12.What is the basis for trade adjustment assistance?ANS:The rationale of trade adjustment assistance is that if society in general enjoys welfare gains from the increased efficiency stemming from trade liberalization, some sort of compensation should be provided for those who are temporarily injured by import competition.PTS: 1ESSAY1. Has industrial policy contributed significantly to Japan's economic growth?ANS:The extent to which industrial policy has contributed to Japan's economic growth is unclear.Japan has benefited from a high domestic savings rate, an educated and highly motivated labor force, good labor management relations, a shift of labor from low-productivity sectors tohigh-productivity manufacturing, entrepreneurs willing to assume risks, and the like. Thesefactors have enhanced Japan's transformation from a low-technology nation to ahigh-technology nation. It is debatable how rapidly this transformation would have occurred in the absence of an industrial policy. Although Japan has the most visible industrial policy of the industrial nations, the importance of that policy to Japan should not be exaggerated.PTS: 12. Explain how advocates of strategic trade policy differ from the classical free traders in theirtreatment of externalities?ANS:Advocates of strategic trade policy recognize that the classical argument for free trade considered externalities at length. The difference, they maintain, is that the classical theory was based on perfect competition and thus could not appreciate the most likely source of the externality, whereas modern theories based on imperfect competition can. The externality in question is the ability of companies to capture the fruits of expensive innovation. Classical theory based on perfect competition neglected this factor because large fixed costs are involved in innovation and research and development, and such costs ensure that the number of competitors in an industry will be small.PTS: 1CHAPTER 7—TRADE POLICIES FOR THE DEVELOPING NATIONS SHORT ANSWER1. What are some major trade problems faced by developing nations?ANS:Trade problems include lack of diversification of economies, unstable export markets,declining terms of trade over time, and lack of access to markets of advanced countries.PTS: 12. Are economic downturns helpful to cartels?ANS:No they are generally problematic for cartels. As market sales dwindle in a weakeningeconomy, profits fall. Cartel members may conclude that they can escape serious decreases in profits by reducing prices, in expectation of gaining sales at the expense of other cartelmembers.PTS: 1ESSAY1. What are some of the growth strategies that have been employed by the developing nations?How successful are these strategies?ANS:Besides attempting to stabilize commodity prices, developing nations have promoted internal industrialization through policies of import substitution and export promotion. Countriesemphasizing export promotion have tended to realize higher rates of economic growth thancountries emphasizing import-substitution policies.PTS: 12. Describe the flying-geese pattern of economic growth? What countries have pursued thisstrategy?ANS:It is widely recognized that East Asian economies have followed the flying-geese pattern of growth. This pattern of growth occurs when countries gradually move up in technologicaldevelopment by following in the pattern of countries ahead of them in the development process.For example, Malaysia and Taiwan take over leadership in apparel and textiles from Japan as Japan moves into higher-technology sectors of automotive and electronic products.PTS: 1CHAPTER 8—REGIONAL TRADING AGREEMENTSSHORT ANSWER1. What is meant by economic integration?ANS:The term refers to the process of eliminating restrictions on international trade, payments, and factor input mobility.PTS: 12. What factors influence the extent of trade creation and trade diversion?ANS:Trade creation and diversion are influenced by the degree of competitiveness thatmember-nation economies have prior to formation of the customs union, the number and size of its members, and the size of its external tariff against non-members.PTS: 1ESSAY1. Explain the theory of optimum currency areas.ANS:Much of the analysis of the benefits and costs of Europe's common currency is based on the theory of an optimum currency area. According to this theory, the gains to be had from sharinga currency across countries' boundaries include more uniform prices; lower transaction costs,greater certainty for investors, and enhanced competition. These gains must be comparedagainst the loss of an independent monetary policy and the option of changing the exchange rate.PTS: 12. Concerning transition economies, what do the advocates of shock therapy propose?ANS:Advocates of shock therapy maintain that economies in transition should proceed immediately on all fronts. That is, they should privatize, abandon price controls, liberalize trade, and develop market institutions, and so on as quickly as possible. Although the initial economic pain may be severe, it will subside as the transition to the market economy leads to rising living standards.PTS: 1CHAPTER 9—INTERNATIONAL FACTOR MOVEMENTS AND MULTINATIONAL ENTERPRISESSHORT ANSWER1. What are the typical ways in which multinational enterprises have diversified their operations?ANS:Multinational enterprises have diversified their operations along vertical, horizontal, andconglomerate lines.PTS: 12. What are Mexican maquiladoras?ANS:Maquiladoras are assemblages of foreign-owned companies that use foreign parts and Mexican assembly to produce goods that are exported to the United States.PTS: 1ESSAY1.Are there any differences between the theory of multinational enterprises and conventionaltrade theory?ANS:There are major differences. The conventional model assumes that commodities are tradedbetween independent, competitive businesses. However, multinational enterprises are oftenvertically integrated businesses with substantial intrafirm sales. Also, multinational enterprises may use transfer pricing to maximize overall company profits of any single subsidiary.PTS: 12. What are the disadvantages of forming joint ventures?ANS:A joint venture is a cumbersome organization compared with a single organization. Control isdivided, creating problems of "two masters." Success or failure depends on how wellcompanies work together despite having different objectives, corporate cultures and ways of doing things. The action of corporate chemistry is hard to predict, but it is critical becausejoint-venture agreements usually provide both partners an ongoing role in management. When joint-venture ownership is divided equally, as often occurs, deadlocks in decision making can take place. Even when negotiated balance is achieved, it can be upset by changing corporate goals or personnel.PTS: 1。
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Definition of Factoring Functions of Factoring Acts of Factoring Procedure Advantages to the exporters Costs of Factoring
⑹通知核准信用额度 ⑷传递信用额度申请表 ⑴签订保理代理合约
进 口 保理商
Advantages to exporters
• Getting access to finance linked to his current levels of business. • Saving the cost of maintaining his own administrative department. • Getting more useful information of the importer. • Removing the seller’s risks. • Maintaining and increasing the seller’s creditiness. • Good relationship with the seller’s suppliers and the buyers.
⑻签订贸易合同（也可在3之前签订）
出口商
⑼履约交单将提单发票 等单据直接寄进口方
⑽ 发 票 副 本 和 应 收 账 款 转 让 通 知 书 可 以 预 付 融 资 ＊ 成
进口商
承运人海运公司
⑿ 传 递 发 票 副 本 信 息 注 视 到 期 日 以 前 的 动 态
⑵ 订 立 出 口 保 理 业 务 协 议
Definition
• Factoring is the purchase of claims, arising from sales of goods, by a specialized company known as factoring company or factor,who offers primary financial services such as export trade finance, maintenance of sales ledger, collection of receivables and protection for buyer’s credit. • The sale of goods is always based on O/A or D/A.
Costs of Factoring
Commission interest
Forfeiting
• • • • • • Definition of Forfeiting The currency and costs in forfeiting Procedure Characteristics of Forfeiting Advantages and disadvantages Case discussion
包买人
⒅到期日的本票提 示要求付款
担保行
⒄ 净 款
⒃ 做成无追索 权背书后提 示要求贴现
⑴ 询 价ຫໍສະໝຸດ ⑵不承担责 任地报出贴 现价格供提 高售价参考
⑷ 负责 任地 报出 贴现 价格
⑸ 接受 ⑹ 报价 发出 达成 承担 包买 书 交易
⑾ 签发本票 要求担保
⑿ 已担保 的本票
出口商 ⒂已担保 的本票 托收行 ⑻全套 单据
Characteristics
1.The goods are usually capital goods. 2.A medium-term business from six months to five or six years. 3.The purchase of promissory notes or drafts is without recourse to any previous holder. 4.A collateral security in the form of an “aval” or an unconditional and irrecocable bank guarantee. 5.The purchase of promissory notes or drafts is carried out by discounting.
Definition
• Forfeiting is a business in which the banks or their subsidiaries discount medium-term promissory notes or drafts related to an international trade transaction without recourse.The promissory note or draft is accepted by the importer and guaranteed by an importer’s bank ensuring the holder therof that the importer will pay it at maturity.
Exporter factor
finance
approval Subsequent assignment
importer factor
Functions
• export trade finance • 出口贸易融资 • maintenance of sales ledger • 销售账务处理 • collection of receivables • 收取应收账款 • protection for buyer’s credit • 买方信用担保
Acts of Factoring
• • • • • Approval Assignment Finance Subsequent Assignment Issuing Credit Note
exporter
assignment
Issuing credit note
importer
approval
• Forfaiter
• Exporter • Remitting bank
avalizing bank
importer collecting bank
• The currency in forfeiting • Costs in forfeiting For the importer For the exporter:discount charges, option fee,commitment fee. Discount for days of grace.
⑶提价后与其达成10 次分期付款贸易合同 ⑺发运货物 ⑼寄送单据 ⒁寄送已担保的本票
进口商
⑽通知他凭 ⒀ 本票交单据 单据 ⒀已担保 的本票
代收行 back
Advantages to the exporter
• 1.Forfaiting relieves the balance sheet of contingent liabilities. • 2.The exporter recieves cash in full at the outset. • 3.No interest rate risk for the exporter. • 4.No risk of fluctuations in the exchange rate and no changes in the status of the debtor. • 5.No credit administration and collection problems. • 6.The facility is flexible.
⑶ 申 请 进 口 商 的 信 用 额 度
⑺ 通 知 核 准 信 用 额 度
⒃ 结 汇 将 已 融 资 款 项 还 预 付 本
⒀ 到 期 日 ⒁ 索 付 取 款 应 收 账 款
息 ⒂用EDI将汇款信息发至
⑸ 对 进 口 商 进 行 信 用 评 估
出 口 保理商
⑾发票副本及应收账款转让通知书转为EDI信息发出
法庭的判决
• 1.福费廷概念 • 福费廷业务中各当事人处理的是债权凭证和其他单据，这 些凭证和单据与福费廷项下的基础交易是相互独立的。包 买商不必评估和考虑是否要投资一家造船企业，而是必须 评估能否接受担保银行的风险。 • 2.有保留地买断 • Petra Bank的声明的正确性并不是保留事项的一部分， Amro没有权利要求Petra Bank 提供Central Bank of Jordan出具的证实书。 • 3.无追索权条款 • 除非：票据无效，担保无效，所涉及的基础交易存在欺诈。
Disadvantages
• 1.Costs can be high. • 2.Difficult to find an institution willing to be prepared to guarantee the importer’s liabilities.
一希腊造船商签署了10张本票，Petra Bank对这10张本票进 行了保付。 Petra Bank是约旦安曼的一家商业银行。 Centro是 福费廷二级市场上的一家包买商，该银行从另一家银行买断了由 Petra Bank保付的这10张本票，并准备同时卖给Amro。 通过电话沟通，Amro和Centro达成一致意见，Amro在给 Centro的书面确认书中同意在收到合格的单据后贴现 10张本票。 稍后，Amro书面同意在收到某些特别的单据之前，如 Petra Bank 关于某些事实的确认证明，有保留地付款给Centro。 Centro同意 接受这些保留事项，并签署了确认书。Amro接到确认书后，贴现 了本票并向Centro进行了付款。 一段时间后， Amro对该福费廷业务项下的基础交易产生了 怀疑，要求Centro提供Central Bank of Jordan出具的支持Petra Bank保付的证实书。这一要求不是保留事项中所约定的条款，因 此， Centro没有提供这样的证实书。在票据到期日之前， Petra Bank的业务被终止，Amro因此而无法获得付款。最终Petra Bank 进入破产清算程序。 于是， Amro在维也纳起诉了Centro，声称由于Centro未能提 供Central Bank of Jordan出具的支持Petra Bank保付的证实书， 因而其未收到合格的单据，根据所约定的保留事项条款， Centro 必须退还相应的款项。 Amro的抗辩理由含蓄地表明关于保留事项 的约定不是固定不变的。 • 如果你是维也纳法庭，你会如何处理该案件，为什么？