İşletmelerde nakit yönetimi aracı olarak factoring ve Türkiyede uygulanması

Abstract

Gelişmekte alan diğer ülkelere oranla yurdumuzda önemli bir büyüklükte bir iç pazara ve iç ticaret hacmine sahiptir. Özellikle 1980 yılından sonra piyasa ekonomisi bir dünya sistemi almakta ve yeni finans yapı sistemleri ortaya çıkmaktadır. Son yıllarda gelişen Türk Mali Sistemi işletmelere yeni alternatif finans teknikleri sunmak¬ tadır. Dışa açılmada ve Avrupa Topluluğuna girme yolunda-yol kateden Türk işletmeleri yeni finans teknikleri ile finans kolaylıklarına kavuşmuşlardır. İhracatın.finansmanında kullanılan factoring güvence ve istikrarın egemen olduğu bir ekonomi yaratıp, vadeli işlemlerde firmalara sağladığı kolaylıklarla firmaların can damarı alan nakit yönetimini kolaylaştırmaktadır. Çalışmamın birinci bölümünde firmalar için büyük anemi alan işletme sermayesi,unsurları ile tanıtılmış, İkinci bölümünde ise işletme sermayesinin ihtiyacının belirlenmesinde kullanılan yöntemler açıklanmıştır. Üçüncü bölümünde factaring kavramı çeşitleri, avantaj ve dezavantajları ile incelenmiş, dördüncü ve son bölümünde Türkiye'de Factoring'in gelişimi ve anemi, hukuki gelişimi ve sorunları ele alınmıştır.

Liberation and construction term in Turkish economy has affected financial sector of economy since 19BD. A new concept of foreign trade, neui techniques and new fi nancial institutions has appeared. The application of factoring to Turkish trade has showed a rapid improvement since end of 1988 and has ac hieved popularity recently. In 1992, total factoring volume in Turkey was up to 4.8 trillion TL. During "that year num ber of factoring company has increased to 32. Being one of financial tool which brings appropriate solutions and answers to the financial market tightness and to tightened cash follows which has vital importance in companies, at the same time having permanent popularity and huge rapid improvement of factoring had let me choosing "factoring" as one of my master thesis subject. In com panies, credit management use factoring as a tool of short term loans. In first part of my study, working capital management and the components of working capital have been explained. Then in forward parts, factoring and types of it, advanta ges-disadvantages has been wanted to explain as a part of working capital management. Working capital management has vital importance for being able to maintain company activities. Short-term or current assets and liabilities are collectively known as working capital. One important current asset is accounts receivable, when one company sells goods' to another company or a government agency, it does not usually expect to be paid immediately. These unpaid bills, or trade credit, make up the bulk of accounts receivable companies also sell some goods on credit to final consumer. This consumer credit makes up the remainder of accounts receivable. -VI- Another important current asset is inventory. Inven tories may consist of ram materials, work in process, dt finished goods auiating sale and shipment firms invest in inventory. The cost of holding inventory includes not only storage cost and the risk of spoilage or obsoles-^ cence, but also the apportunity cost of capital. That is, the rate of return offered by other, equivalent - risk investment oppurtunities. The benefits of holding inven tory are often indirect. For example a large inventory of finished goods (large relative to expected sales) reduces the chance of a "stockout" if demand is unexpec tedly high. A producer holding a small finished goods inventory is more likelly to be caught short, unable to fill orders promptly. Similarly, large raw materials inventories reduce the chance that an unexpected shortage would force the firm to shot down production or use a more costly substitute material. The task of inventory management is to assess thes-e benefits and costs and ta strike a sensible balance. In manufacturing companies the production manager is. best placed to make this judgment. The remaining current assets are cash and marketable securities. The cash consist, of currency, demand depo sits (funds in checking accounts), and time deposits (funds in savings accounts). The principal marketable security is commercial paper (short-term, unsecured notes sDld by other firms). İn choosing between cash and marketable securities, the financial manager faces a task like that- of the production manager. There are always advantages to hol ding Large "inventory" of cash they reduce the risk of running out of cash and having to raise more on short notice. To finance its invesment in current assets a company may rely on a variety of short term loans. Commercial banks are by far the largest source of such loans, but an industrial firm may also borrow from other sources. Another way of borrowing İs to sell commercial paper. Many short-term loans are unsecured, but sometimes the company may offer its inventory or receivables as security. For example, a firm may decide to borrow short- term money secured by its accounts, receivable. When its customers have paid their bills, it can use the cash to repay the loan. An alternative procedure is to sell the receivables to a financial institution (factoring) and let it collect the money. In other words, some -vii- cûmpanies salve their financing problem by barroujing on the strength of their current assets; others solve it by selling their current -assets. The large firm has soma advantages in managing its accounts receivable. First, it may be possible far divisians ta poal infarmation on the credituıorthiness of their custamer. Second, there are potentîal econamies af scale in record keeping, billing ete, especially if the process can be computerized. Third debt collsction is a specialized business that calls far experience and jua'gement. The small firm.may not be able ta ta hire ar train a specialized credit manager. Hauıever, it may be able ta obtain some of these econamies by farming part of 'the job aut ta a factor. Factaring is nauj a recogniz-ed global trend. This flexible method of managing trade debts enables campanies ta abtain cash far their damestic and international accounts receivable by selling them ta a'factar'. The receivables, normally ouıed on short and öpen terms, can be sald an either a recaurse ar nanrecaurse basis. in addition the factars pravide prafessianal assistance uıith regard ta credit cantrol, callection and sales accaunting. it is generally used far shart term receivables-9D ta 18G day trade credit. Factaring can narmally be obtained far debts in relatively feu currencies and aluays leaves a residual risk ta the firm as the factaring hause ujill usually accept anly abaut BO percent af the demand recaur- se ta him in the event af default. Revolving lines af credit alsa evalve fram factaring relationships. Factar financing cansists af tua seperate services. The credit collection, and baakkseping af the receivables; and the financing af the reciivables. These services include investigatian af creditujarthiness of a client's customers, purchase uitnout recourse of invaices assuming commercial credit risk, ledgering and collactian of accaunts, and, if required, advanclnn funds ta the cliant sscured by the credit-approvad rece¬ ivables, in addition,there are many auxiliary services offered by a factor to assist his client's business. These services include; camputer generated sales management reparts, marketing assistance, över advances, letters of credit and term laans. Factaring is uıidely used in the textile and apparel industries. Several characteristics of the ındustry nake factaring a preferred methad far financing. The high initial cast af develaping industry uıide credit files make diversification in factaring difficult. Selling in the internatianal anviranment is an Lrresistible challenge far many campanies. More and nore imparters insist an apen accaunt terms. Uhereby -viii- payment is not ta be mada until many uıeeks ar manths after actual delivery af the merchandise. The unique cambination af service elements in an expart factaring contract has not gane un naticed in the internatianal trading area and the factaring "package" is aften seen as an excellent alternative ta ather farms af trade financing and/ar expart credit in- surance. Indeed, factaring can no langer be> averlaaked by campanies aiming at a camprehensive expart credit palicy. UJhereas the role af the traditianal letter af credit in internatianal trade is gradu'ally diminishing, expart factaring is rapidly gaining acceptance in the market future prospects far internatianal factaring are very favaurable, not anly in the highly industrialized cauntries but alsa in marry developing cauntries uhere a large number af factaring car-""-'ao >-.-,,,= h = en created during recent years. in 1962 The United States government sncauraged a graup af insurance campanies ta form a cansortium konun as the Fareıgn Credit Insura.nee Assaciatian (FCIA). The FCIA nata accaunts far the bulk af shart term and medium-term insurance af expart credits. Factaring uarks as fallouis. The factar and the client agrae an credit limits far each customer and on the average callectian periad, The client then natifies each custffmer that the factar has purchased the debt. The shipments uıill be autamatically credit approued sa lang as tatal receivablss aut- standing ta a custamer remain uithin the approved credit limit. Custamers not credit appraved can be shipped ta at the client's ouın risk. The factar uill request a list af the praspect's majar custamers including name-, address, bank af accaunt if knaun, terms af sale (anything fram sıght and time drafts ta 1BO days öpen accaunt iuauld be acceptable) and a realistic estimate af a high credit requirement far each accaunt. The factar's credit department mili da an evaluatian af the list ta 'determine its. ability ta service the praspect's needs.,The praspect makes it knaun he uıill require advances an appraved sales as they are created, the -factars's r-epresentative mili rsquest financial in£armatij3n.^nd references ta determine the praspect's aum credituaröniness a bit mare thraughly than be narmally üjuuld. An exporter sıgna a factaring agrement uith an export factar. By virtue af the agreement, ali trade receivables ara assigned ta the factar. The expart factar is -ix- : respansible t o his client far ali, tineşe aspects of the fact oring aper.atian and selects an FCI carrespandent ta serve as import factar "in the cauntry ta uıhich the exparts. the receivables are then assignad ta that impart factar alsa, tha impart factar is alsa respansible far remıttıng the funda callected in the fastest passible uay. Factars assist expartars in calle.cting trade receivables from fareign buyers by appraaching thera in their oun cauntry, in their auın language, and in he lacally accepted uay. The exporter then perfarms the aupply contract and sends an invaice ta his buyer. A capy af the invaice is alsa sent ta the sxpart factar una uııll then discaunt it and finance the-, agreed percentage of the transactian in the currency required. The expart factar then sends a further capy af the invaice ta the import factar uha uill abtain payment fram the buyer. Payment ıs then passed ta the expart factar uha, finally, passes the residual ta the exparter. Factar financing is camparable ta a revalving line af line af credit callateralized by receivables. The factar advaces ta the client a partian af his uncallected receivables, generally SO percent, and interest ıs charged an the advance. The factar purchases the debt fram seller an the shipment date far up ta 8Q percent its face value. Cast ta such an aperatian, and the factar typically charges a fee af l ta 2 percent af the value af the invaica. This finance is made available uithout recouraa ta the - exparter pravided that he has fulfilled his abligatians under the tsrms af the supply cantract. The residual ^u% (ar mare) is usually paid önce the factar has receıved payment fram the buyer. (pay as paid) ar in same cases, after a pre-determined periad fram the due date. The cammissian charge uauld be the anly cast shauld the client not require financing, thus the client avaıds uire transfer and. other bank charges narmally assacıated uith expart transactians uıhen an advance arrangement ıs requested, interest charges can range from prime ta Z * depending upan the average amaunt af maney in use, the quality af the receivable base, the financial strength ot the client and the percentage af advance an receıvables. Three Gamman Types af Factaring; Thers are three camman types af factaring. -x- Regular aldline factaring allaus the client ta barrau against assigned invaices and pay interest on the number af days the loan is autstanding up ta the maturity date af the invaice. The factar then makes a regular manthly settlement and deducts the amaunt already laaned against the amaunt due at maturity. The factar alsa pravides credit pratectian ta the custamer. Maturity Factaring Under maturity factaring the client receives credit callectian, and baakkeeping services anly. There is nat a borraujing relatianship as the factar daes nat advance against receivables. Tuo different bases far 'interest calculatian ar factar/client cash settlement under ROLFA and maturity factaring are (1) callectian accanting and (2) average due date. Under collestion accaunting, the client gets paid uhen the factar gets paid. Only uıhen the factar receives payment is the client credited. The client retains the business risk af the pşyment habits af the custamer. Under average due date, the factar pays the client by the average due date af the receivables, regardless af uıhether the factar has received payment ar nat. The factar's risk is a functian af the length af the callectian periad. Nan-Natificatian: Under this methad, the campany maintains its aun baakkeeping sa the custamer is unauare of the credit pratectian that the factar is praviding. in additian, nan-natif icatian rates are lauıer than ather methads because the campany daes its aun baakkeeping. The main advantages are:.Expand sales in fareign markets by affering campetivs canditians and terms af payment..Offer öpen account terms simply by invaicing the buyer and guranting deferred payment terms, usually af 30 ta 90 days..Be fully cavered against credit lasses..Avaid the delays sa aften encauntered in arranging letters af credit..İmprave cash flau by fast callectian and remittance. -xii- .Cut hack in administr.ation casts..Have access ta a flexibla saurce af uıarking-capital..Expand their purchasing pouer uithaut using existing bank credit lines..Buy gaads uıithaut incurring the delays and comlicatians af apening letters af credit..Generate new saurces af praduct supply..Fareıgn currency facilities are available. The main limitatians are:.Lang credit periada are unusual.Paar cauntry risks are unusual.Pre-credit risk caver is unusual.Factara invalvement is nat silent.