我國金融機構應收帳款承購業務發展之研究

A Study on the Development of Factoring Business in Taiwan

尤雪萍(Peggy Hsueh Ping Yul)

指導教授 ： 蔡揚宗

國立臺灣大學/管理學院/會計學研究所/碩士(2005年)

https://doi.org/10.6342/NTU.2005.03043

摘要

研究動機與目的
台灣是一個高度仰賴進出口的國家。時代劇變，產業型態也跟著改變，從傳統加工業，到現在的高科技代工產業。產業型態的改變也意味著交付帳款的型態也在改變。1985年之前，台灣的出口貿易80%~90%是以信用狀為出口模式。信用狀交易表示進口商透過其銀行是交易中最大的信用提供者。1985年之後，信用狀的比例逐年降低，到目前為止只佔出口貿易的15%。取而代之的是OA及D/A的方式，這種出口方式代表出口商成為交易中最大的信用提供者。出口商面臨資金壓力、買方的信用風險及必需提供帳款管理和收款的工作。此時，台灣的金融政策開放，且為因應出口商的需求於是乎有應收帳款承購業務的產生。本研究的最終目的在於提出一個符合台灣貿易環境，並能與國際接軌的資金管理工具。

研究方法
借由交付帳款的演進過程，參考國內外期刊、雜誌及國內外學者撰寫之論文與書籍，本研究透過對企業、銀行、承購商及保險公司的深入訪談來說明應收帳款承購的意義、功能及演進過程。印證應收帳款承購業務隨時代的演進呈現不同的風貌，突破金融機構承作瓶頸，使大量的金融機構在過去兩年積極參與提供服務為企業提供一有效的資金管理工具。

主要發現與建議
應收帳款承購業務是一個傳統金融產品。在台灣最早出現的為雙向應收帳款承購方式(Two Factor Factoring),即兩個不同的承購商分別承擔進出口雙方的風險。承購商必須參與國際應收帳款之聯盟成為會員之ㄧ方可與聯盟中之其他國會員交換信用資訊以有效處理跨國應收帳款承購業務。因為涉及買方所在地國家不同之文化、法律、語言及商業習慣等條件，有相當高之進入門檻。故提供此項業務者相當有限。直到2002年之後，台灣金融市場更為多元，人才流動頻繁，加速此業務之擴散。甚而國外保險公司或單一國際承購商透過其強大之全球信用資料庫直接提供給本地銀行買方徵信資料、帳款回收保證及收款、理賠服務。也就是最高難度的涉外事務全部委由保險公司或國際承購商處理，簡化資金收付程序。台灣的銀行僅需單純地提供國內客戶名單，並提供融資。故而在2003年參與之銀行及非銀行承購商快速成長至21 家。業務量由1998年之10億歐元成長至2003年之160億歐元。即在過去六年中成長16倍。本文並嘗試以一家成功之銀行實例來做為入門此一業務之參考。

應收帳款承購業務在電子商務的潮流中也不缺席，經濟部於1999年推動「產業自動化及電子化方案」，簡稱AB計劃。以資訊業做為標竿產業，進而推展至各重點行業，以建構一接軌國際採購之電子化供應鏈體系。繼AB計畫後，政府持續推動電子金流C計劃，以串接整合國內大廠與供應商之間的金流、資訊流系統計劃。現有產業體系亟需整合金流的服務，像是應收帳款、應付帳款處理，資金預測、融資服務等。C計劃所建構之銀行間共通平台，節省個別銀行發展時之資源浪費，可望提供以整個供應鏈為基礎之多金融產品、跨國模式、跨行模式及無紙化之服務。應收帳款承購業務也是C計劃中重點發展業務。

應收帳款承購業務在一片證券化的浪潮中也於2004年11月發行本土第一件以應收帳款為基礎之商業本票。應收帳款承購業務證券化的目的在於金融機構能為廠商找到除了向銀行取得貸款之間接金融外之另一直接取得市場資金之直接金融方式，且發行成本較具競爭力，貸款年限增長，並可改善企業之財務結構。

基於本研究之發現，銀行應可積極推展在台灣的應收帳款承購業務，企業也可積極將應收帳款賣斷列入資金管理工具之一。政府單位也可藉此一業務之推廣，建立企業普遍認知應收帳款品質及其流動性之重要性。

關鍵字

應收帳款承購 ； 單向應收帳款承購 ； 雙向應收帳款承購

並列摘要

Taiwan relies heavily on import/export activities. Before 1985, 80-90% of Taiwan exports were made on L/C terms, while this ratio declined gradually year by year. Now, only 15% are made on L/C terms, and the remaining 85% are made on OA and D/A terms. OA and D/A terms mean that exporters are under great funding pressure, have to bear importer’s credit risk and also they have to provide collection and account management services. However, along with Taiwan’s liberalization on financial market, factoring is introduced to answer the need of Taiwan exporters. The purpose of the research is, therefore, aimed to identify a means of fund management, which is suitable to Taiwan business environment.

The research was based on interviews with key persons of companies, banks, factors and insurers etc. It was also based on reports, thesis, and books written by authors in Taiwan or abroad. This research concludes that factoring, one of the fund management tools, may be further promoted by Taiwan business sectors.

Factoring is a traditional financing product. It began with “two factor” concept i.e. two different factors take respective responsibilities of importer and exporter. Under this two factor factoring, factors have to participate in international factors organizations as a member, which imposes high entry barrier. “Two factor” factoring is restructured and becomes a simpler “one factor” concept i.e. only one factor appears in the trading activities and buyer’s risk is passed over to insurance company. As a result, local institutions involved in factoring business increased from 3 in 1998 to 21 currently. Business volume of Taiwan factoring grew substantially from EUR 1 billion in 1998 to EUR 16 billion in 2003, representing 16 times of growth within six years.

Supported by the government’s incentive program, local electronic industry structured an integrated supply chain since 1999 to connect international vendors with local OEM/ODM manufactures (Plan A) and further with medium sized local suppliers (Plan B). Furthermore, banking sectors were invited to add cash flow management capability (Plan C) to the supply chain in 2002. Factoring is included as one of the major financing products in Plan C.

Industrial Bank of Taiwan arranged the first issue of receivable-based commercial paper in Nov. 2004. This issue brought securitization concept to factoring. Through securitization, companies envisage to access funding source aside from banking sector providing more stable, cheaper, longer terms fund.

Based on the above findings, banks will continue to offer factoring product, companies should include factoring as one of their fund management tools and the government is able to gradually educate local companies to realize the importance of receivable quality and liquidity.

並列關鍵字

Factoring ； Two-Tactor Factoring ； One-Factor Factoring

參考文獻

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