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2014, vol. 43, br. 3, str. 96-127
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Finansiranje lanca snabdevanja
Supply chain finance
Sažetak
Koncept finansiranja lanca snabdevanja (supply chain finance) predstavlja odgovor na globalnu nelikvidnost, intenziviranu svetskom ekonomskom krizom i globalizaciju poslovnih i finansijskih tokova. Rastuća nelikvidnost urušava kreditne rejtinge privrednih subjekata smanjujući potencijale ostvarivanja projektovanih ciljeva (profitabilnost i kvalitet portfolija). Kako bi to prevazišle banke uvode proizvode koji su fleksibilni zahtevima spedfičnih transakcija. Predmetni proizvodi prenose fokus sa kreditnog rejtinga i rizika klijenta na kreditni rejting i rizik poslovnog partnera (kupca) donoseći benefite svim učesnicima transakcije ('win-win-win'). Takođe, aktivnosti su usmerene ka analizi transakcije, tj. izolaciji i zaštiti novčanog toka kao izvora otplate finansijskog instrumenta. S druge strane sve više su zastupljene transakcije bazirane na riziku poslovne banke klijentovog poslovnog partnera ili pak riziku instrumenta obezbeđenja (zalihe). Fokus je upravo na finansiranju adekvatnih faza lanca snabdevanja, jer je dokazano da je upravljanje odnosom sa poslovnim partnerom ključno za efikasno upravljanje sopstvenim poslovanjem. Na tenzijama koje postoje u odnosima između partnera (sve duži rokovi plaćanja), nastaje koncept finansiranja lanca snabdevanja. Odluke banaka su bazirane na celokupnom lancu snabdevanja (široka informaciona osnova) pomerajući fokus sa proizvoda (zastupljeno pre krize) na potrebu klijenta. Na taj način odluke postaju sveobuhvatnije, brže, i preciznije, a portfolio manje rizičan. Preko individualnog portfolija banaka i tržište nacionalnih ekonomija postaje sigurnije i likvidnije. U pitanju su veoma profitabilne transakcije jer transferom rizika omogućavaju finansiranje preduzeća kojima klasično kreditiranje u najvećem broju slučajeva nije dostupno.
Abstract
The concept of supply chain finance is a response to global illiquidity, intensified through the global economic crisis and globalization of commercial and financial flows. The growing illiquidity undermines credit ratings of economic entities, thereby reducing the potential for achieving the projected goals (profitability and portfolio quality). In order to overcome this, banks have introduced certain products flexible to the requirements of specific transactions. The concerned products redirect the focus from a client's credit rating and risk to the credit rating and risk of a business partner (buyer), resulting in benefits for all transaction participants ('win-win-win'). Moreover, the activities are targeted at transaction analysis, i.e. the isolation and protection of the cash flow as the source of financial instrument's repayment. On the other hand, there has been an increasing number of transactions based on the risk of the commercial bank of the client's business partner, or on the risk of collateral (inventory). The focus is actually placed on the financing of adequate supply chain stages, given that counterparty relationship management has been proven to be crucial for efficient management of one's own business. The tensions existing in the relations between partners (increasingly long payment deadlines) are in the basis of the supply chain finance concept. Decisions made by banks are based on the entire supply chain (wide information basis), thereby shifting the focus from the product (as was the case before the crisis) to the client's needs. Thus, decisions become increasingly comprehensive, quicker, and more precise, and portfolios less risky. Through the individual portfolio of banks, the market of national economies also becomes safer and more liquid. These are rather profitable transactions, because, due to the risk transfer, financing is enabled to companies to whom classic crediting in most cases is not available.
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