浅谈信用证结汇方式下风险规避.docVIP

浅谈信用证结汇方式下风险规避 　　摘要：信用证曾是国际贸易中最安全的结算方式，由于其在实际操作中风险防范的难度，导致许多商人不愿再用。传统的信用证正在越来越多地被更安全更方便的信用证变形形式所取代。 　　关键词：国际结算 信用证 风险规避 　　L/C， one of the main payment terms favored by sellers and buyers， developed greatly in the past due to its safty. Compared with “remittance” or “collection”， L/C reduces risks in settlement.（侯颖：123） So L/C was once called “the genius creation of the traders” and “the blood of the int’l trade”.（马嫦娥：9） It was reported that 85% of the int’l trade transaction was settled by L/C in 1960s 70s.（侯颖：5） 　　However， there is still risks in practice and hard to avoid under L/C payment. Thus， recently， variations forms of L/C occurs to avert these risks. 　　1. Forfeiting 　　Forfeiting is a method of export trade financing， especially when dealing in capital goods （which have long payment periods） or with high risk countries. In forfeiting， a bank advances cash to an exporter against invoices or promissory notes guaranteed by the importers bank. The amount advanced is always without recourse to the exporter， and is less than the invoice or note amount as it is discounted by the bank. The discount rates depend on the terms of the invoice/note and the level of the associated risk. 　　Under settlement by forfeiting， exporters needn’t bear the potential risks of interest rates， exchange rates， credit， nation and others for long-term receivables any longer. 　　Forfeiting business originated in Switzerland in the late 50s， because of the declining trade barriers set up by the Cold War， the trade among the Western countries and the Eastern Europe， Asia， Africa and other regions revitalized. The exporter from developing countries often requires the deferred payment facilities over 180 days to import large capital goods. In such conditions， forfeiting market emerged accordingly. Currently， forfeiting business is common in the United States， Germany， Britain， Switzerland and other developed countries， and it is still expanding. 　　2. Intl factoring 　　Intl factorin