К э. н., старший преподаватель Казахского Национального Университета имени аль-Фараби, Казахстан, г. Алматы

өлшемі69.91 Kb.
1   2   3   4   5   6   7
Keywords. factoring, risk management, financial market, the methods of minimizing risks.

Factoring as a financial instrument for business began the formation in Kazakhstan not so long ago. This type of operation provides collection of receivables of the client, crediting and a guarantee from currency and credit risks. Practice showed that factoring proved as the effective tool for financing of small and medium business. According to the experts International Factors Group, it is possible to estimate volume of the Kazakhstan market of factoring at $2 billion. Services of factoring assume fast receiving the most part of payment on debts, decrease in expenses on maintaining accounts, improvement of control of receivables. Thus the factoring structure (bank or the company) plays a role of the credit manager, operating risks on this service, the account and collection of accounts payable and control over the payment scheme of the debtor.

In the conditions of the competition the factoring companies expand the range of offered products, and the organizations representing other segments of the financial market (for example, insurance companies, banks, сolleсtor agencies, etc.), start to develop the specialized directions for mutually beneficial cooperation with the factoring companies. Thus, naturally, there is a need for a return assessment from investments and efficiency of activity in the factoring market, to carry out which it is impossible without an assessment of the corresponding risks. Absence of significant researches on the matter even more raises a problem urgency. First of all, we will list the main participants of factoring operation (see drawing 1). In the standard transaction participate a factor (the factoring company or bank), rendering services to the client, the client and his buyers receivables on which the client transfers to a factor. Two main types of factoring are widespread in Kazakhstan: factoring with recourse and factoring without recourse. In the first case a factor, without having received in time payment from buyers – debtors, has the right after a certain period (so-called preferential) to demand duty payment in the full size from the client (the supplier to whom financing was provided). Respectively, as recourse with reference to factoring understand the right of the return requirement of a factor to the supplier in case of insolvency of the debtor.

In case of factoring without recourse (sometimes it call factoring with the guarantee) the factor takes up all risks connected with non-payments. The factor can involve the insurer and insure a part of risk of non-payment. It is natural that this scheme is more risky for factoring, and as a result, factoring cost for the client is quite high.

Client (supplier of the goods, works, services)


buyer (debtor)







Figure 1. The scheme of factoring services

It is also important to note the substantial differences in the factoring and its main "competitor" - credit. In lending transactions are only two players (the lender and the borrower), while the factoring of a minimum of three (the client, the creditor and the debtor). The recipient of the money when factoring is one person - the customer (supplier), and their return by another person (the buyer). Thus, the time for completion of the factoring operation is always associated with the term of execution of the transaction for the sale of goods with deferred payment. In principle, the actual user of the loan is the buyer of goods, since it was he interested in obtaining trade credit. Taking the goods, he becomes a debtor in relation to the supplier, who in turn assigns the factor of the right to receive money due to him. This is reflected in the formation of specific risk factors in the provision of factoring services.

Besides, within factoring operation there are risks, not characteristic for crediting. The main difference of factoring from the credit is distribution of a source of credit risk between the client and the buyer whereas when crediting it arises only from the borrower.

So, we will list main types of risks for participants of the factoring transaction. Risks of the factoring company:

1) Credit risk (risk of a non-payment) which source is either the buyer or the client (in case of presentation to it recourse)

2) Risk of loss of liquidity from - for untimely payment of the buyer or the client

3) The risk of fraud caused by difficult structure of the factoring transaction that complicates the full preliminary analysis of all his participants.

The main risks of factoring operations: del credere risk, currency and political. The risk due to the possibility of default del credere / incomplete or late repayment due to dishonesty or breach of the buyer's solvency or exporter contract conditions (in the case of international factoring). Parties to the transaction face two major types of risk: credit risk and liquidity risk. Credit risk means that the participants in the transaction may not obtain payment of a monetary demand. This risk usually arises when a participant becomes (in the case of factoring, accounts receivable, or a client, which is also important when factoring with recourse).

The risk of liquidity is a risk of that the party – the debtor can't carry out of the obligations in due time, having worsened, thus, liquid position of the recipient of means. In case of factoring, the debtor usually is the buyer. The factoring companies face this type of risk most often as according to the developed trading practice of a delay at payment of deliveries with a delay of payment is a commonplace. The factoring company initially allows possibility of a small delay from the buyer called so-called «the technical reasons» i.e. actually standard practice not to pay precisely in time. It should be noted that the risk of liquidity only in the presence of a number of additional circumstances can develop into credit risk.

Currency risks are caused by change of exchange rates that leads to losses when translating means from currency of the buyer in currency of the seller. Now all calculations between the Kazakhstan companies it is carried out to tenge therefore the currency risk can arise only at transactions of the international factoring. Political risks are connected with impossibility to execute the export contract or to carry out calculations for it from – for changes of a political situation in the country of the seller or in the country of the buyer.

It should be noted that for the factoring business as a sphere characterized by the same risks as the business services sector. All risks of business, depending on the factors influencing their occurrence can be divided into external and internal. External risks from macroeconomic factors, in the case of factoring businesses do not differ fundamentally from those that arise under any other business. To a large extent we are interested in specific internal risks.

So, risks are identified, the following stage is their assessment. As it was already noted, specifics of factoring transactions is that risks proceed not only from the borrower (plus external risks), as in usual crediting, but also also from the client, which can appear unfair, not execute the contract provision with the buyer etc. Therefore it is necessary to estimate all these risks in aggregate. One of weak lines of a risk management of many factoring companies is that at the conclusion of the contract with the client they, first of all, estimate his own reliability and solvency, without giving sufficient attention to quality of transferred receivables.

For a start on available for the supplier or bank to statistics of payments the payment discipline of the debtor is estimated. The probability of failure to pay of debt can be measured as a share of unpaid accounts (S unpaid) in total of the conceded accounts (S) in a money equivalent:

Каталог: sites -> default -> files -> publications
publications -> Мысыр араб республикасының лаңкестікке қарсы күрес жүргізу тәжірибесі
publications -> Орталық Азиядағы ядролық қарудан азат аймаққа қатысты ядролық державалардың ұстанымы Аңдатпа
publications -> Ғылыми жетекші: Омарова А. К. «Қаржы» кафедрасының оқытушысы
publications -> Қазақстан Республикасының экологиялық жағдайы
publications -> Профессор Қ. Жұбанов және қазақ терминологиясындағы мәселелер
publications -> Интерактивті маркетингтің артықшылықтары мен кемшіліктері
publications -> Экология ғылымы және негізгі бөлімдері. Мақсаты
publications -> Экология ғылымы және негізгі бөлімдері. Аплатин Қарақат Ақпараттық жүйелер-16 тобының студенті
publications -> Білімнің биік ордасы. Высокий центр знании.)
publications -> МӘС бөлімінде куәландыру (қайта куәландыру)тәртібі

Достарыңызбен бөлісу:
1   2   3   4   5   6   7

©melimde.com 2022
әкімшілігінің қараңыз

    Басты бет
Сабақтың тақырыбы
бойынша жиынтық
жиынтық бағалау
Сабақ тақырыбы
Сабақтың мақсаты
ғылым министрлігі
тоқсан бойынша
рсетілетін қызмет
бағалауға арналған
Сабақ жоспары
Жалпы ережелер
Қазақстан республикасы
қызмет стандарты
бекіту туралы
жиынтық бағалауға
жиынтық бағалаудың
республикасы білім
тоқсанға арналған
бағалау тапсырмалары
Қазақстан республикасының
арналған тапсырмалар
Реферат тақырыбы
білім беретін
арналған жиынтық
бағдарламасына сәйкес
Әдістемелік кешені
болып табылады
мерзімді жоспар
бағалаудың тапсырмалары
туралы хабарландыру
Қазақстан тарихы
сәйкес оқыту
пәнінен тоқсанға
арналған әдістемелік
республикасының білім
Қазақ әдебиеті
оқыту мақсаттары
Мектепке дейінгі
нтізбелік тақырыптық
қазақ тілінде
Жұмыс бағдарламасы
жалпы білім
оқыту әдістемесі
білім берудің
Республикасы білім
әдістемелік ұсыныстар
Инклюзивті білім
пәнінен тоқсан
туралы анықтама
тақырыптық жоспар
Қысқа мерзімді