International-Financial-Management---Bekaert-2e---Solutions---Ch18Word下载.doc

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Chapter 18

FinancingInternationalTrade

QUESTIONS

1.Whatisthefundamentalfinancingproblemininternationaltrade?

Answer:

Whengoodsareshippedinternationally,ittakestimetoshipthem,andsomeonemustownthegoods,whichrequiresfinancing,duringtheirtransitbetweencountries.Theexporterwouldliketobepaidimmediatelyuponcompletionofthegoods,butthisrequiresthattheimporterdoesthefinancing.Theimporterisnotinterestedinpre-payingforgoodsthatmaybedamagedduringshipmentandisgenerallyinterestedinpayingaslateaspossible.Thelessnetworkingcapitalthattheimporterutilizes,themorevaluableishisbusiness.Theseproblemsariseindomesticshipmentsofgoodsaswell,butwhentheshipmentandsaleofgoodsoccurwithinasinglecountry,thereisacommonjurisdictionandsystemofcourtsthatadjudicatescontractualdisputesbetweenbuyersandsellers.Whengoodsareshippedacrossborders,though,additionallegalcomplexitiesarise.

2.Whatisabilloflading?

Explainthedifferencebetweenastraightbillofladingandanorderbilloflading.

Abillofladingisacontractissuedtoanexporterofgoodsbytheshippingcompany（alsocalledacommoncarrier）thatwilltransportthegoodstotheirdestination.Thebillofladingservesseveralpurposes,butmostimportantly,itdocumentsthattheexporter’sgoodshavebeenreceivedbythecarrier.

Thebillofladingcontainsthecontractualtermsbetweenthecarrierandtheshipper（exporter）.Itdescribesthekindandquantityofgoodsbeingshipped,whotheshipper（alsocalledtheconsignor）is,whotheimporter（alsocalledtheconsignee）is,theportsofloadinganddischarge,thecarryingvessel,andthecostoftheshipping.Anegotiablebillofladingisthemostcommonform.Itcanbeusedtotransfertitleorownershipofgoodsbetweendifferentparties.

Astraightbillofladingstatesthatacarrierhasreceivedmerchandisefromashipperandwilldeliverthemerchandisetoadesignatedparty.Astraightbillofladingisnottitletothegoodsandisconsequentlynotrequiredfortheconsigneetoobtaindeliveryofthemerchandise.Becauseitisnotatitletothemerchandise,astraightbillofladingisnotnegotiableandcannotbeusedtotransfertitleofthegoodstoathirdparty.Consequently,itcannotserveascollateralwithacommercialbankandisusedonlywhennoexportorimportfinancingisdesired.Astraightbillofladingisusedwhengoodshavebeenpaidforinadvance,whentheexporterisfinancingtheshipmentandretainingtitletothegoods,orwhentheshipmentisbetweenaffiliatedpartiesofthesamecorporation.

Ifthetransferoftitletogoodsisdesired,orifsomeformofthird-partyfinancingisdesired,anorderbillofladingisused.Becausemostexporttransactionsdoinvolvefinancing,theorderbillofladingisthemostcommonformofbilloflading.Anorderbillofladingconsignsthegoodstoapartynamedinthecontract.Thisisusuallytheexporterbecausetheexporterwantstoretaintitletothegoodsuntilpaymentfromtheimporterhasbeenreceived.Theexportercanendorsetheorderbillofladingonthereversesidetotransfertitleofthegoodstoaspecificpartydesignatedintheendorsement.Atthedestination,thecarrierofthegoodsdeliversthegoodsonlytothepartybearingtheendorsedorderbilloflading,whosurrendersittothecarrier.

Havinganorderbillofladingistantamounttohavingthetitletothegoods.Thismeansthatthegoodscanbeusedascollateralforbankloans.Banksarewillingtolendtothepartybearinganendorsedorderbilloflading.Inaddition,thegoodsareusuallyfullyinsured.Anorderbillofladingisalsorequiredwithadocumentarycreditorfordiscountingdrafts.

3.Whatisthedifferencebetweenacleanbillofladingandafoulbilloflading?

Acleanbillofladingindicatesthatthecarrierbelievesthemerchandisewasreceivedingoodcondition.Thisevaluationisbasedonlyonanexternalvisualinspectionofthemerchandise.Thecarrierisnotresponsibleforconductingaformalevaluationoftheconditionofthemerchandise.Incontrast,afoulbillofladingindicatesthatthecarrier’sinitialinspectionofthemerchandiseuncoveredsomedamagethatoccurredbeforethegoodswerereceivedbythecarrierforshipment.Foulbillsofladingaretypicallynotnegotiablebecausenooneknowstheextentofthedamagetothemerchandise.

4.Whatarethepurposesofacommercialinvoiceandapackinglist?

Acommercialinvoiceisissuedbyanexporterandgiventoanimporter.Acommercialinvoicecontainsadetaileddescriptionofthemerchandiseinquestion,includingtheunitpricesoftheitemsandthenumberofitemsthatarebeingshipped.Theinvoicealsospecifiesthefinancialtermsofthesale,includingtheamountduefromtheimporterandanychargestotheimporterarisingfrominsuranceandshipping.

Apackinglistcontainsadescriptionofthemerchandisetobeexported,includingthecontainersinwhichthegoodsarepacked,thecontentsofeachcontainer,andthetotalnumberofcontainers.

5.WhatdotheINCOTERMacronymsFOB,FAS,CFR,andCIFmean?

TheInternationalChamberofCommerce（ICC）setsstandardsforcommercialcontracts.Thisincludesestablishingthemeaningofacronymsusedinternationally.Theacronymsindicatewhopaysthecostsofshipping,insurance,andimportduties.Forexample,ICCPublicationentitledINCOTERMS,groupsthesetermsintofourdifferentcategories.TheEterms,asinEXWfor“exworks,”indicatethegoodsareavailabletothebuyerattheseller’spremises.TheFterms,suchasFASfor“freealongsideship”andFOBfor“freeonboard,”indicatethatthepricequotedbythesellerincludesdeliveryofthegoodstoacarrierappointedbythebuyer.TheCterms,includingCFRfor“costandfreight,”andCIFfor“cost,insurance,andfreight,”implythattheexporter’squotedpriceincludesthecostoftransportationtothenamedportofdestinationforCFRandthatthecostofinsuranceisalsoincludedintheprice,inadditiontothetransportationchargesforCIF.

6.Howcananexporterinsureagainstthelossofvalueofgoodswhiletheyarebeingshippedinternationally?

Merchandisethatisshippedinternationallyisinvariablyinsured.Theinsurancedocumentsmustbesignedbyanauthorizedrepresentativeoftheinsurancecompany,itsagents,oritsunderwriters.（Aninsurancebroker’ssignatureisunacceptable.）Theinsurancemusteitherbeissuedinthenameoftheconsigneeorinthenameoftheexporter,whocanthenendorsethepolicytotheconsignee.Thevalueoftheinsurancemustbeexpressedinthesamecurrencyasthecurrencyoftheinvoice.Otherwise,therewouldbetransactionforeignexchangerisk.Firmsthatdoasubstantialamountofexportingcanpurchaseinsurancepoliciesthataredescribedas“open,”or“floating.”Suchapolicyautomaticallycoversalltheexportsofafirm,whicheliminatesthenecessityofarrangingcoverageforeachindividualexportorder.Insuchcases,theevidenceofinsuranceisaninsurancecertificatethattheinsurancecompanysupplies.Theentryofinformationontheinsurancecertificateshouldconformexactlytotheinformationdescribingthemerchandiseonthebilloflading,thecommercialinvoice,and,potentially,theconsularinvoice.

7.Whymightacountryrequireanexportertoacquireaconsularinvoiceinordertoclearthecustomsofanimportingcountry?

Importsintomanycountriesrequireaconsularinvoice,whichisadocumentthatmustbefilledoutbytheexporterinconsultationwiththelocalconsulateoftheimportingcountrylocatedintheexportingcountry.Aconsularinvoiceprovidesinformationtocustomsofficialsintheimportingcountry,withthegoalofpreventingfalsedeclarationsofthevalueofthemerchandise.Failingtofilloutsuchformscorrectlycanleadtofinesandsubstantialdelaysintheclearingofgoodsthroughcustoms.

8.Whywouldacertificateofanalysisbeimportantforshippinggoodsinternationally?

Acertificateofanalysisissometimesrequiredtoassureanimporterthatashipmentmeetscertainstandardsofpurity,weight,sanitation,orothermeasurablecharacteristics.Thesedocumentsmayberequiredbythehealthorotherofficialsoftheimportingcountry,especiallywhenitcomestofoodanddrugimports.Certificatesofanalysismaybeissuedbyprivateorganizationsorbygovernments.

9.Whatarefourdifferentmethodsbywhichanimportercanpayanexporter?

Listtheminincreasingorderofrisktotheexporter.

Thereareatleastfourdifferentmethodsavailableforanimportertopayanexporter.Themoststraightforwardmethod,andtheonethatistheleastriskyfromtheexporter’sperspective,istorequirecashinadvance.Thenextleastriskymethodisadocumentarycredit,thenadocumentarycollection,andfinallyanopenaccount,whichisthemostriskymethodofpaymentfromtheexporter’spointofview.

10.Trueorfalse:

Inadocumentarycollection,theremittingbankistheagentoftheimporter.

False,inadocumentarycollectiontheexporterusesaremittingbankasitsagenttocollectthepaymentfromtheimporter.Theexportershipsthemerchandisetotheimporter,buttheexporterretainstitletothegoods.Theexporternextpresentstheshippingdocumentstotheremittingbank.Theseshippingdocumentsincludethebilloflading,thecommercialinvoice,thepackinglist,theinsurancecertificates,andconsularinvoices.Theexporteralsosubmitsadraftorbillofexchangetoth