Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as commissioned merchants for manufactures in distant, unfamiliar markets. These factors relieved manufacturers of selling and credit collection responsibilities and specialized in assessing the market's risk and collecting monies due. While demand fo...

In this article, we put forward the small and middle-sized enterprises (SMEs) credit guarantee is the effective measure to solve the financing difficulty for SMEs. Through the analysis of the actuality of Chinese SMEs credit guarantee legal system, we try to find the shortages such as the deficiency of the SMEs special guarantee legislation, the unreasonable capital financing structure, the ris...

Enterprise credit rating is an important issue in finance field. Small and Medium Enterprises are playing more and more important role in world economy development. Especially, China SMEs has gained rapid development in recent years. However, financing difficulty is a predominant and common problem for the SMEs in China. It needs joint effort to solve the SMEs financing embarrassment. One of th...

Reverse factoring—a financial arrangement where a corporation facilitates early payment of its trade credit obligations to suppliers—is increasingly popular in industry. Many firms use the scheme to induce their suppliers to grant them more lenient payment terms. By means of a periodic review base stock model that includes alternative sources of financing, we explore the following question: wha...

the letter of credit as a method of smoothing international payment is a conditional security and obligation to pay the customer bank (issuing bank) to seller (applicant). for this purpose, the letters of credit may be considered as the most usual method of payment of goods price in international trade. the classic form of letters of credit is the commercial letters of credit whose financial ob...

China’s rapid industrialization despite the lack of a well developed financial system seems to defy the conventional thinking on the role of finance in development. This paper tries to explain the puzzle from the clustering point of view. Based on firm-level data from two recent censuses, we find that within industrial clusters: finer division of labor lowers the capital barriers to entry; clos...