The Role of Factoring For Financing Small And Medium Enterprises:
Around the world, factoring is a growing source of external financing for corporations and small and medium-size enterprises (SMEs). What is unique about factoring is that the credit provided by a lender is explicitly linked to the value of a supplier's accounts receivable and not the supplier&...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2005
|
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | Around the world, factoring is a growing source of external financing for corporations and small and medium-size enterprises (SMEs). What is unique about factoring is that the credit provided by a lender is explicitly linked to the value of a supplier's accounts receivable and not the supplier's overall creditworthiness. Therefore, factoring allows high-risk suppliers to transfer their credit risk to their high-quality buyers. Factoring may be particularly useful in countries with weak judicial enforcement and imperfect records of upholding seniority claims because receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt SME. Empirical tests find that factoring is larger in countries with greater economic development and growth and developed credit information bureaus. In addition, the author finds that creditor rights are not related to factoring. The author also discusses reverse factoring, which is a technology that can mitigate the problem of borrowers' informational opacity in business environments with weak information infrastructures if only receivables from high-quality buyers are factored. She illustrates the case of the Nafin reverse factoring program in Mexico and highlights how the use of electronic channels and a supportive legal and regulatory environment can cut costs and provide greater SME services in emerging markets |
| Beschreibung: | 1 Online-Ressource (39 Seiten)) |
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| spelling | Klapper, Leora Verfasser aut The Role of Factoring For Financing Small And Medium Enterprises Klapper, Leora Washington, D.C The World Bank 2005 1 Online-Ressource (39 Seiten)) txt rdacontent c rdamedia cr rdacarrier Around the world, factoring is a growing source of external financing for corporations and small and medium-size enterprises (SMEs). What is unique about factoring is that the credit provided by a lender is explicitly linked to the value of a supplier's accounts receivable and not the supplier's overall creditworthiness. Therefore, factoring allows high-risk suppliers to transfer their credit risk to their high-quality buyers. Factoring may be particularly useful in countries with weak judicial enforcement and imperfect records of upholding seniority claims because receivables are sold, rather than collateralized, and factored receivables are not part of the estate of a bankrupt SME. Empirical tests find that factoring is larger in countries with greater economic development and growth and developed credit information bureaus. In addition, the author finds that creditor rights are not related to factoring. The author also discusses reverse factoring, which is a technology that can mitigate the problem of borrowers' informational opacity in business environments with weak information infrastructures if only receivables from high-quality buyers are factored. She illustrates the case of the Nafin reverse factoring program in Mexico and highlights how the use of electronic channels and a supportive legal and regulatory environment can cut costs and provide greater SME services in emerging markets Online-Ausg Bank Banking Law Bankruptcy Banks and Banking Reform Collateralization Collection Services Credit Risk Debt Markets Emerging Markets Enterprises Factoring Finance Finance and Financial Sector Development Financial Intermediation Financial Literacy Financial Systems Interest Law and Development Laws Private Sector Development Klapper, Leora Sonstige oth Klapper, Leora The Role of Factoring For Financing Small And Medium Enterprises http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3593 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Klapper, Leora The Role of Factoring For Financing Small And Medium Enterprises Bank Banking Law Bankruptcy Banks and Banking Reform Collateralization Collection Services Credit Risk Debt Markets Emerging Markets Enterprises Factoring Finance Finance and Financial Sector Development Financial Intermediation Financial Literacy Financial Systems Interest Law and Development Laws Private Sector Development |
| title | The Role of Factoring For Financing Small And Medium Enterprises |
| title_auth | The Role of Factoring For Financing Small And Medium Enterprises |
| title_exact_search | The Role of Factoring For Financing Small And Medium Enterprises |
| title_exact_search_txtP | The Role of Factoring For Financing Small And Medium Enterprises |
| title_full | The Role of Factoring For Financing Small And Medium Enterprises Klapper, Leora |
| title_fullStr | The Role of Factoring For Financing Small And Medium Enterprises Klapper, Leora |
| title_full_unstemmed | The Role of Factoring For Financing Small And Medium Enterprises Klapper, Leora |
| title_short | The Role of Factoring For Financing Small And Medium Enterprises |
| title_sort | the role of factoring for financing small and medium enterprises |
| topic | Bank Banking Law Bankruptcy Banks and Banking Reform Collateralization Collection Services Credit Risk Debt Markets Emerging Markets Enterprises Factoring Finance Finance and Financial Sector Development Financial Intermediation Financial Literacy Financial Systems Interest Law and Development Laws Private Sector Development |
| topic_facet | Bank Banking Law Bankruptcy Banks and Banking Reform Collateralization Collection Services Credit Risk Debt Markets Emerging Markets Enterprises Factoring Finance Finance and Financial Sector Development Financial Intermediation Financial Literacy Financial Systems Interest Law and Development Laws Private Sector Development |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-3593 |
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