大宗商品结构化贸易融资的国际经验及其服务资源保供的思考OACHSSCDCSTPCD
International experience in structured bulk commodity trade finance and reflections on its service to guarantee for supply of resources
大宗商品结构化贸易融资作为一种创新、灵活的融资方式,能够在能源资源供应保障方面发挥作用.大宗商品结构化贸易融资以商品销售合同项下的未来收入作为主要还款来源,常见的融资产品包括出运前融资、预付款融资、借款基础融资、储量融资等.结构化贸易融资通过结构设计,兼顾不同参与主体的需求,在各主体之间分配风险,实现利益共享、风险共担.结构化贸易融资与公司融资、项目融资及传统贸易融资有所区别.大宗商品结构化贸易融资在资源丰富的国家应用广泛,对于促进所在国资源生产出口、支持基础设施建设起到了重要作用,对于国际大宗商品贸易商来说也是重要的采购支持手段.建议中资企业和商业银行发挥产业和金融合力优势,通过"贸易+融资"模式拓展采购渠道,在海外产业链供应链的上、中、下游延伸,提升保障供给能力,实现产业优化布局,用好国际国内两个市场、两种资源,实现互联互通、合作共赢.
Structured bulk commodity trade finance,as an innovative and flexible financing method,can play a role in guarantee for supply of energy resources.It takes future revenue under the commodity sales contract as the main source of repayment,and common financing products include pre-shipment financing,prepayment financing,borrowing base financing,and reserve financing.Through structural design,it takes into account the needs of different participating entities,allocates risks among them,and realizes benefit sharing and risk sharing.Structured trade financing is different from corporate financing,project financing,and traditional trade financing.It is widely used in resource-rich countries,plays an important role in promoting the production and export of resources in the host country and supporting infrastructure construction,and is also an important procurement support tool for international bulk commodity traders.It is suggested that Chinese enterprises and commercial banks can give full play to the advantages of industrial and financial synergy,expand procurement channels through the mode of"trade+financing",extend the supply chain of the overseas industrial chain in the upstream,midstream,and downstream,enhance the ability to guarantee supply,realize the optimization of the layout of the industry,make use of the two international and domestic markets and two kinds of resources,and realize interconnection and win-win cooperation.
刘威;黄金铭
中国工商银行总行专项融资部
大宗商品结构化贸易融资资源保供贸易+融资产业链供应链延伸
structured trade finance for bulk commoditiesguarantee for supply of resourcestrade+financingextension of industrial chains and supply chains
《国际石油经济》 2024 (007)
76-83 / 8
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