| The international trade competition is becoming more and more furious under the series of macroscopic backgrounds which constitute by the deepening economic globalization, trade barriers reduction, and global buyer market formation. The settlement method of international trade has become one of the most important competition measures. Shares of those traditional settlement methods as L/C are decreasing, while O/A and D/P based on commercial credit are more and more popular nowadays. As a new trade settlement method, through combining trade financing, accounts receivable bookkeeping, credit risk protection, and collection services, factoring offers the necessarily financial services and risk resisting to sellers, playing a significant role in international trade. Since the eighties of the twentieth century, factoring has been developed rapidly around the world. From year 1985 to 2005, the factors increased five multiple to 1066, the global factoring volume in 2006 is 1130 billion Euros, increasing 216 times to the year 1985.Factoring is well-developed in the world, however it is still in the initial stage in China with limited scope and low level. As factoring falls behind gravely, it cannot adapt to the development of national economy and foreign trade. First, after entering into WTO, more enterprises participate in international market and our international trade volume grows rapidly. Our foreign volume in 2006 is 1760 billion US dollars, ranking No.3 in the world. Second, relative data show that our overseas bad debts increase at a pace of 15 billion US dollars per year, until now the accumulative overdue account receivables have exceeded 100 billion US dollars. An effective settlement method is badly needed by foreign trade companies to prevent risk. Third, the factoring volume of China mainland in 2006 is 14.3 billion Euros, only accounting for 8‰of foreign trade volume in the same period. Fourth, factors will face the intense competition and challenge coming from foreign factors with the financial industry opened stage by stage."The first global summit concerning international financial factoring and China import and export economy security, and international factoring seminar"was held in Beijing In May., 2007. As the huge potential development space, the global factors begin to focus on China's factoring market. So it has the importantly realistic significance to explore the path and development mode of international factoring in China. Due to the domestic market particularity, this paper shall be only involved in the research of international factoring.With the global angle of view, this paper objectively analyzes the development of world factoring by plenty of charts and data, through analyzing present status and case study of our country, discusses the following problems existing in international factoring: trade companies know little about factoring; factors are lack of operation experience and competition capacity; simplex factors; deformed relative rules environment. According to the problems, the paper proposes four suggestions: firstly, trade enterprises should upgrade their cognition to international factoring, actively change their conception; secondly, commercial banks should enhance the operation capability, including ensuring the independency of factoring, building up their own factoring brand, learning advanced experience, increasing the risk-proof capability, accurately aiming factoring clients, training good practitioners and establishing a complete information exchange network; thirdly from a developing view, our country should change the simplex factors situation and form a multi-factors pattern; fourthly is to build and complete exterior circumstances as to sustain the operation system of international factoring, including improving credit system, building law environment available to international factoring, establishing adaptable supervision system. The paper's aim is exploring to set up a systematic and scientific basis and framework in order to give suggestions and reference for commercial organizations related to factoring.The paper is divided into three parts, the foreword raises research background and significance. Chapter one briefly introduces international factoring including its definition, category, function, operation and competition advantages. Chapter two is to compare the present factoring situations of global and China through plenty of data, pointing out that our factoring industry is severely underdevelopment. Chapter three is the core of the paper and can be divided into two aspects, the one is to analyze the reasons causing the factoring low level, the other is to propose the solutions according to the existing problems.As to methodologies, the paper involves theory research, demonstration research, and comparative research. Basing on the connotation and advantages of international factoring, and mainly concentrating on the microcosmic factoring main body, the paper explores the mode and path of developing international factoring in our country through investigating and macro system. Factoring study is at a beginning stage in our country, until now"The General Theory of Contemporary International Factoring"written by lixin Yu is the most systemic book expatiating international factoring. Besides reading the book carefully, the author refers many papers and research reports concerning international factoring. The innovation of the paper lies in bringing forward to introduce the insurance company and guarantee company into factoring market, so as to establish a multi-factoring market; adopting many new data from FCI report to strengthen the validity of the paper. Restricted literature and limited data lead to the shortcomings as follows: research on practical operation lacks some depth, suggestive solutions still to be discussed to a certain extent. The exterior environment problems restricting factoring development have been understood in some degree in our country, owing to the length of the paper, the problems is not be discussed in detail and to be researched in the future. |
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