The balance management of accounts receivable pool is the basis of pool financing business and the main means of risk prevention. Under the fund pool financing mode, it is necessary to monitor the changes of the balance of customer accounts receivable fund pool in real time to ensure that all eligible accounts receivable balances transferred by the seller to the factoring company can cover the factoring financing balance discounted by the seller in the factoring company at any time. Second, the characteristics of factoring pool financing. If an enterprise has accounts receivable with scattered buyers, frequent transactions and different payment periods, if each account receivable is factoring once, the workload will be greatly increased and the efficiency will be very low. At this time, factoring pool financing business came into being.
The financing mode of factoring pool means that the seller transfers one or more accounts receivable with different buyers and trading conditions to the factor, that is, these accounts receivable are aggregated into a pool for enterprise financing, and the factor provides a certain proportion of financing business to the seller according to the amount of funds in the pool.
The characteristic of this financing model is that all small and medium-sized enterprises with good transaction records and relatively stable balance of accounts receivable can transfer one or more accounts receivable from different buyers, different maturities and different amounts to the factor, thus obtaining financing support from the factor. In addition, the circular financing advantage of this product can provide long-term financing services for SMEs. As long as the balance of accounts receivable can be kept above the minimum balance, enterprises can obtain long-term financing within the credit line and use it continuously. The term of factoring credit can exceed the term and amount of each account receivable, as shown in Figure 2-3. img src = '/large/PGC-image/a 530347 b 89 a 6496 1 b 1d 8 13 F3 badf 0 C4 e '/
Figure 3 Basic flow of factoring pool financing business. Advantages of factoring collective financing (1) circulating financing: Under the collective financing mode, if an enterprise has accounts receivable higher than the minimum balance at any time during the credit validity period, it can recover the financing amount, and the financing period and amount are not limited by the amount and period of a single account receivable, so the financing method is extremely flexible. For financial institutions, the process is greatly simplified and the lending efficiency is greatly improved.
(2) Simplify procedures and reduce costs: By canceling the relevant procedures of factoring business for many times and simplifying the procedures of accounts receivable transfer, financing costs and operating costs can be greatly reduced.
(3) Various ways: not only working capital loans, but also bank acceptance bills, commercial bills, letters of credit, letters of guarantee, etc. It can be opened according to the needs of enterprises, effectively meeting the financing needs of enterprises.
(4) Low capital cost. During the credit period, enterprises can recycle the credit line, and there is no need to go through the repayment procedures repeatedly in the re-factoring business, which greatly shortens the occupation time of invalid funds.
(5) Low personnel cost: For financial institutions, there is no need for a special person to track the lending process. If the ordinary re-factoring business model is adopted, the financier needs a special person to connect with the financial institution to collect and integrate relevant information, and the staff will spend a lot of time on this business, resulting in higher personnel costs.
Related questions and answers: What does factoring financing mean? Refers to the accounts receivable generated by the seller's application to the factoring bank to buy goods sold on credit between him and the buyer. The seller shall be jointly and severally liable for the payment due by the buyer, and shall be liable for the repurchase of accounts receivable at the request of the factoring bank. Commercial factoring is a financial scheme based on the factoring contract signed by the factor and the supplier, including financing, credit risk management, accounts receivable management and collection service. Specifically, the seller transfers the accounts receivable generated from the goods sales (service) contract concluded with the buyer to the factoring company, which provides comprehensive business services such as trade financing, accounts receivable management and collection. According to the factoring contract, the factor accepts the accounts receivable from the supplier and pays on behalf of the buyer. If the buyer cannot pay, the factor will pay the supplier. Factoring contract refers to a contract in which the supplier transfers the accounts receivable (hereinafter referred to as "accounts receivable" or part of accounts receivable, depending on the context) that have been or will be formed to the factor in order to realize one or more functions of household management of accounts receivable, collection of accounts and prevention of bad debts, whether for financing purposes or not. Establish a working mechanism. The competent commercial department in the pilot area is the competent commercial factoring department. The competent department shall strengthen communication and coordination with the relevant departments of the people's governments of Tianjin and Shanghai, and the people's governments of Binhai New Area and Pudong New Area, and establish a working mechanism. Strengthen access management. Investors of commercial factoring companies should have the corresponding asset scale and financial strength to carry out factoring business, and should not invest with borrowed funds or funds entrusted by others, have a sound corporate governance structure and a sound risk internal control system, and have no recent record of violations. To apply for the establishment of a commercial factoring company, it shall have registered capital commensurate with its business scale, and senior management personnel with experience in factoring business management and no bad credit record. We should establish the corresponding factoring business management system, improve the relevant business processes and operational norms, and report the business development to the competent authorities regularly. Commercial factoring is a mysterious industry with many trade secrets. "Engaged in accounts receivable business involves many industries, and all enterprises involved in trade credit sales will need factoring companies." With the development of the market, credit sales are becoming more and more common in transactions, which has laid a good market foundation for the development of factoring business. Related Q&A: How to do factoring financing well? I. Overview of due diligence
For traditional factoring business, understanding the project is the premise of all business, and it is also one of the basic jobs of front-end market personnel. Facing the surging projects every day, facing the complicated industries and enterprises with mixed quality, how to quickly and accurately judge whether the target business has the possibility of factoring operation, whether it meets the ready-made business products, and what details can judge the possibility of fraud need to be carefully analyzed and summarized, so as to improve work efficiency, better tap the effective market, and avoid unnecessary workload brought by front-end mistakes to the middle and back offices to the greatest extent.
The following is a brief overview of due diligence investigative steps, part of which belongs to personal experience, and the analysis is not comprehensive. I hope everyone can give me suggestions and help me improve.
Second, basic due diligence.
1, actual controller interview
At present, private enterprises occupy an important position in the whole social economy in terms of quantity and volume. Compared with state-owned enterprises and central enterprises, private enterprises generally have compensation problems such as short establishment time, small scale, tight capital chain and lack of mature fund management system, especially in the market where factoring business focuses on development.
Different from the state-owned enterprise system, the core business and finance of a large number of private enterprises are controlled by actual controllers. Although some large private enterprises have formed a mature management team, the actual controller's control over the general direction of the enterprise still determines the future development of the enterprise, so it is particularly important to interview the actual controller of the private enterprise.
The actual controller of a private enterprise is generally the largest shareholder of the enterprise, and most of them have existed since the establishment of the enterprise, and are responsible for the core business and payment decisions of the enterprise. Because the business changes and personnel changes since the establishment of the enterprise are very clear, interviewing it is the most direct way to understand the historical evolution of the enterprise. The key contents of the interview can be referred to as follows:
2. The origin of the establishment of the enterprise and the changes of shareholders over the years.
Analysis of the current industry in which the enterprise is located, judgment of the market position of the enterprise, and prediction of the future of the industry and the enterprise.
Details of upstream and downstream customers, years of cooperation, ways to establish and maintain relationships with core upstream and downstream customers, etc.
Thoughts on the future development direction of enterprises, such as whether there are listing plans and specific measures, the direction and methods of expanding the market, etc.
The principles to be followed are: first, understand the whole context of the enterprise from its emergence to development on the time axis, and judge whether it is a shell bought for financing; Secondly, put the enterprise into the whole industry and even the market, and see the actual controller's grasp and judgment of the overall situation. An entrepreneur who is short-sighted and has no overall situation can hardly feel at home in the choppy market. Then find several points that are crucial to enterprises in the industrial chain, that is, the upstream and downstream of the core, and see the boss's control and negotiation status of these enterprises, so as to judge whether the enterprises can operate normally and benign in a short time; Finally, go back to the timeline and see if he has any deeper and more grand ideas about the enterprise, and how many grand elements these ideas have.
On the other hand, it is necessary to know the personal situation of the actual controller through various channels, including but not limited to family situation, marriage situation, assets situation, hobbies, criminal records, personal credit information, etc. A boss who is addicted to alcohol, gambling or has a chaotic private life will still bury many hidden dangers for the enterprise even if he has excellent resources and extraordinary courage, and once these hidden dangers break out, the consequences will be fatal.
Private entrepreneurs have different qualities and characteristics. It is also necessary to analyze specific problems to see what type of entrepreneur he belongs to. Technology-based, resource-based and diligent entrepreneurs should have different investigation focuses to avoid making survey errors by generalizing.
3, material collection
Data collection is the next contact part of the enterprise, and there are many detailed functions that can make the enterprise understand more clearly. The following are some characteristics of material collection.
In a short time after the material demand application was issued, the enterprise provided a set of detailed and complete materials. Most of these enterprises have dealt with banks before, and the managers have prepared a full set of materials in advance. This kind of enterprise is a mature case in the field of financing, so it will pay more attention to the cross-checking relationship between the materials provided to avoid major inconsistencies. The financial statements provided also meet the needs of bank rating, so special attention should be paid to the comparison with the actual situation, including but not limited to the comparison between the cash flow statement and the bank statement, the comparison between the fixed assets and the actual situation, the number of employees payable, the social security payment, etc.
After the enterprise submits the supplementary materials, the reply is slow or unable to provide them. It may be because the staff of the enterprise don't know the enterprise deeply enough, and the loss of some information also reflects the management level of the enterprise. For an enterprise that has survived for many years, this will also reduce points to some extent.
Under normal circumstances, enterprises need to provide complete basic licensing materials, financial information, complete business materials, actual controller related materials, etc. , slightly different according to different types of enterprises.
Three. Due Diligence Investigation
1. The audit report and financial statements are complete and compliant.
Financial data is an important medium to analyze the short-term operating results of enterprises. Although the current financial statements of enterprises contain a large degree of moisture, it is undeniable that these financial data do play an important role in judging enterprises.
Generally speaking, for enterprises that have survived for many years, it is necessary to provide financial reports audited by accounting firms in the past three years, issue unqualified audit opinions on the affairs, and disclose all the topics of the reports in detail. For enterprises that have not been audited or audited in a mere formality, it is especially necessary to investigate their financial standardization.
Be clear about the data in financial statements, such as cash, accounts receivable, inventory, fixed assets, income, profits, etc. Secondary account details should be obtained.
2. Check the relationship between the reported data and the actual situation.
As a direct embodiment of the production and operation of enterprises, financial statements reflect the operating conditions of enterprises from the past to the present, which is of great significance. The attitude of some enterprises towards financial statements is a mere formality or deliberate fraud, which leads to deviation from the actual business situation and affects the investigation effect. Some common questions are:
False high of fixed assets and inventory: In order to increase the number of assets and improve the quality of assets, enterprises often tamper with some asset subjects, and false high of fixed assets and inventory is one of the means. In this case, it is necessary to carefully check the fixed assets and inventory on the spot, pay attention to reviewing their property rights, and get a fair price through a third party organization to prove the authenticity of the statement.
The financing scale does not match the financial expenses: the short-term loans of enterprises are mainly debt financing from formal financial institutions such as banks, and the financial expenses are the difference between loan interest and deposit interest. According to the market interest rate level, enterprises with high financial costs should consider the possibility of private lending.
False high income and false high (low) profit: enterprises falsely report their income and profits out of their own image propaganda. At this time, they should carefully read the collection records of enterprises to support the income data, and the profit rate should be compared with the general market level or the profits of large enterprises like listed companies, and the differences should also be carefully analyzed. In addition, the low profits of enterprises are mostly due to tax avoidance considerations, which can be understood within a reasonable range, but the big difference from the actual situation also shows that enterprises are not benign operations.
3, other materials to help report data.
Other materials supporting the report data include, but are not limited to, bank statements and running details, tax declaration materials, employee social security payment documents, water and electricity rents, bank loan contracts and loan vouchers, business contracts and invoices.
4. Due diligence of main business
Production enterprises mainly investigate the following aspects:
Raw materials: raw materials are the basis of the operation of production enterprises, and the price and acquisition largely determine the survival and development of enterprises. Whether the cooperative relationship with upstream enterprises is stable determines the stability of raw material supply; The negotiation status determines the cost and payment method; Quality control system determines product quality and sales.
Production and processing technology: advanced production and processing equipment and the quality of employees determine whether an enterprise can produce and process products superior to the average market level, and then determine its position in the market. Advanced equipment and excellent technicians should have low substitutability, equipment should have the advantage of channel purchase, employees should be the backbone of the company, and the company's own patents and other factors also greatly add points to it.