反向保理在我国中小企业供应链融资中的应用研究-工商管理专业论文.docxVIP

摘 要 随着我国经济对外依存度的不断提高，金融危机后各类企业通过供应链融资 寻求资本优化配置，保理融资逐渐兴起。在世界范围内，反向保理逐渐成为许多 大型公司与中小型企业外部融资渠道的一种重要渠道。反向保理的独特之处在 于，出借方（如银行）判断一笔交易的可信度仅仅依赖供应商的应收账款，即客 户的已到期应付款，而非供应商本身的信用程度。因此，反向保理允许高风险供 应商将风险转嫁到其有资质的客户身上。在法律环境较为薄弱、破产保护系统不 够健全、抵押品赔付记录不完善的国家，反向保理或许是更为有效的融资方式， 因为无追索权的应收账款保理已不再属于破产公司的资产，即公司破产后无需偿 付已申请保理的应收账款。同时，反向保理可以降低借款人信息不透明带来的负 面影响，只要供应商的应收账款来源于高质量、信誉好的客户，那么对于该笔应 收账款的保理就基本不存在风险，而这正是“反向保理”的最大优势。 本文介绍了反向保理模式的源起、运作机制及相对于普通保理的优势，从供 应商、购货商及银行三个角度分析反向保理如何实现“多赢”，以及实施过程中 可能存在的问题；针对国内中小企业融资难的现状，提出如何运用核心企业的信 誉优势，以及将反向保理与其他融资模式相结合的手段获得资金，并且应当注意 哪些风险；通过结合墨西哥国家金融发展银行开展线上反向保理业务的案例，深 入分析该案例的背景、实施方式和政策支持，挖掘该案例对我国商业银行开展反 向保理业务的积极意义，并提出该项目的成功离不开政策和法规的支持，其中墨 西哥政府完善电子签名系统和证券法的经验值得我们借鉴。 关键词：保理， 反向保理，中小企业融资，供应链融资 Abstract With the increasing interdependency between China and Global economy and the development of supply chain financing after post-financial crisis, factoring has become an important tool among all other financial instruments. Around the world, reverse factoring has become an important source for external financing of large companies and SMEs. The unique feature of reverse factoring is that the lender (usually the bank) decides the reliability of a transaction only by the account receivable of a supplier, in other words, the account payable of a customer, instead of the creditworthiness of the supplier itself. Thus the supplier is allowed to transfer its risk to its creditable buyers. Reverse factoring may be more applicable in countries with weak legal environment, incomplete bankruptcy protection system and imperfect collateral compensation record, since the account receivable of non-resource factoring doesnt belong to the bankrupt supplier any more, that is, when the supplier is bankrupt, it doesnt need to repay the factored receivables. Furthermore, reverse factoring will reduce the negative effect of opaque information. Once the account receivable comes from a high quality and credit buyer, factoring the receivables can be highly ensured, which is the most charming advantag