Factoring is a financial transaction whereby a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount in exchange for immediate money with which to finance continued business. 中间商向工商企业购买应收帐款, 从中取得商定的贴现, 但必须承担亏损的风险
Factoring differs from a bank loan in three main ways. First, the emphasis is on the value of the receivables (essentially a financial asset)[1], not the firm’s credit worthiness. Secondly, factoring is not a loan – it is the purchase of a financial asset (the receivable). Finally, a bank loan involves two parties whereas factoring involves three.
It is different from the forfaiting in the sense that forfaiting is a transaction based operation while factoring is a firm based operation - meaning, in factoring, a firm sells all its receivables while in forfaiting, the firm sells one of its transactions.
Factoring is a word often misused synonymously with invoice discounting - factoring is the sale of receivables whereas invoice discounting is borrowing where the receivable is used as collateral.
The three parties directly involved are: the one who sells the receivable, the debtor, and the factor. The receivable is essentially a financial asset associated with the debtor’s Liability to pay money owed to the seller (usually for work performed or goods sold). The seller then sells one or more of its invoices (the receivables) at a discount to the third party, the specialized financial organization (aka the factor), to obtain cash. The sale of the receivables essentially transfers ownership of the receivables to the factor, indicating the factor obtains all of the rights and risks associated with the receivables.[2] Accordingly, the factor obtains the right to receive the payments made by the debtor for the invoice amount and must bear the loss if the debtor does not pay the invoice amount. Usually, the account debtor is notified of the sale of the receivable, and the factor bills the debtor and makes all collections. Critical to the factoring transaction, the seller should never collect the payments made by the account debtor, otherwise the seller could potentially risk further advances from the factor. There are three principal parts to the factoring transaction; a.) the advance, a percentage of the invoice face value that is paid to the seller upon submission, b.) the reserve, the remainder of the total invoice amount held until the payment by the account debtor is made and c.) the fee, the cost associated with the transaction which is deducted from the reserve prior to it being paid back the seller. Sometimes the factor charges the seller a service charge, as well as interest based on how long the factor must wait to receive payments from the debtor. [3] The seller also estimates the amount that may not be collected due to non-payment, and makes accommodation for this when determining the amount that will be given to the seller. The factor's overall profit is the difference between the price it paid for the invoice and the money received from the debtor, less the amount lost due to non-payment
关于non-service company和service company.很多人认为，non-service company不注重marketing connection，而service company都特别重视marketing connection, because the service provided by service company is intangible, 所以servcie company作marketing connection有很大困难，这也就是为什么service company不做MC的原因。
2007081， 关于non-service company和service company.很多人认为，non-service company不注重marketing connection，而service company都特别重视marketing connection, because the service provided by service company is intangible, 所以servcie company作marketing connection有很大困难，这也就是为什么service company不做MC的原因。
200708服务也与非服务业那一题，关于market communications，这篇文章虽然短，但我做的比较吃力，因为，全部理论，没活物，(比如恐龙，死鸟之类)， 也没啥例子，也更没故事。说一个H does research, surprisingly found out that the return of MC (Marketcommunication) is actually higher for service companies than non-service companies in consumer market, equal in industry market, and equal in long term perspective. 最后一段speculate the reason of the lower cost of MC in service companies. More efficient?
200708Sevice company 和non-service company 的，前面JJ满详细了
Marketing communication对于service firms跟non-serivice firms的影响。通常认为MC对non-service firms更有作用，说了一堆。。。第二段说对service firms的影响，举了一堆理由。最后一句说alternatively, service firms can apply MC more efficiently than non-service firms can.（这个地方有题，问这个alternatively是account for什么？）
问题还有：（1）文章主题。
[版本3] （11/21 北美 710 1st 作者：lazyhh）
Passage four, 机井题 45行 about return of MC (market capital investment) of service industry.
人们认为， because the service industry produce intangible goods, it is difficult to do advertising, and the return of MC will be small, generally people will expect the return of MC in service industry is smaller compared to production industry.
But study shows, the return of MC in service industry is not necessarily smaller even if the MC is smaller compared to production industry. Why is that, it can be explained that because the service industry know it’s difficult to do advertising, that’s why they use the MC more efficiently.
200411
A-6[1次]Marketing communication 【本月机经】 【版本1】（zhuzhu_1979 12.8 北美 jj ) ［第一段］non-servicecompany通常比service company 倾向于Marketing communication., 因为service company 具有一些很难衡量的features．而且通常认为service company 的return会少一些（第一段结尾作者用一个反问句质疑，有题目）。[第二段］后来某个人研究两种公司在两种市场（customer and industrial）上的funding and return，发现在customer这个市场，service company 反而得到更多的return，而在industrial中，两种公司没有明显差距。（对研究内容出了两道题目，一道是问这个人的研究与其他人的不同，选有方法论的那个，not sure，因为第二段开头作者提到以前的人侧重于immediate and long term）.［第三段］作者总结以前的解释是不正确的，应该有别的解释（有题目） 【版本2】（sasakiliu 12.17 北京 jj）第四篇见A-6[1次]Marketing communication
【本月机经】 【版本1】（zhuzhu_1979 12.8 北美 jj ) 写的很详细了。
【版本3】（tempture 12.23 北美 jj） 2.阅读24－26（差不多这个顺序）JJ题
A-6[1次]Marketing communication
[tempture版本3]
D1 because of some intangible features, service company难以衡量其quality。和那些non-service（不使用的这个词，是firm with。。。我ZT忘记了）的产品有明显的市场特征相比，service company have to communicate with its intangible features to its customers.（有题，问为什么提到intangible） 一个调查认为（或是专家认为）service company在MC上的投入小于non－service company。Because of service company难于控制MC，所以他们对MC的汇报预期较少（这句话出了两道题）。但是这个假设是正确的么？——基本是逐句翻译的。
D2 通常情况下，对MC的衡量是从short term和long term的return进行衡量。大部分专家的观点是service company的return要低。Contrary to such assumption，一项有K et al所作的调查发现，根据对non-service和service公司在customer和industry两个market的short term和long term的统计，在customer市场上，service company的return要高于non-service company，而在industry market，两种都差不多。在long term的调查中，他们的结果是相似的。——全段翻译，应该不差句子。
D3 那么是什么原因造成了service company的investment in MC少呢？一个可能的假设就是service company MC budget更有效率。问题1. 第一段because of那句话是什么意思。我选的可能是D，provide a possible explanation for 前一句话所说的现象。（大家原谅我的英语比较土―0―！）
【版本7】（maxiaoxie923 12.23 北美 JJ）我的第1篇RC是:about service and Non service firms,why severcie firms seldom use MC(because intangible, hard to communication with customers); However, some recent rearch shows it benefits the service firms also; Please refer to 12JJ, it is detailed.
【版本8】（liuminghui 12.27 北美 JJ） NON-SERVICE AND SERVICE ABOUT MARCKET COMMUNICATION , 老JJ
Our results show that a voice with faster-than-normal syllable speed and low pitch produces less negative advertisement-directed cognitive responses and more favorable ad attitudes, as well as more favorable brand attitudes, lending support to a motivational process explanation.
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发表于 2009-5-16 22:52:00
