This thesis deals with factoring as a short-term debt financing. The theoretical part of the thesis discusses financial analysis of the company, working capital financing and enterprise receivables management, including the possibility of funding claims. The widest part is devoted to the description of factoring, factoring types, features, advantages and disadvantages. We also describe the course of a typical factoring case from the beginning to the end of the contract. Part of this work is devoted to a description accounting for factoring and comparison in factoring and revolving credit. Last part shows the factoring financing impact in specific firm on financial analysis indicators. The positive impact of factoring in the increase primarily reflected the Company's liquidity and payment behavior of customers.

The object of this research was to determine the risks and the rewards of providing reverse factoring as a financing technology for small and mediumsized enterprises (SMEs) in South Africa. There have been a number of financing technologies provided to SMEs in South Africa and reverse factoring has not been taken advantage of. The financing technologies that have been offered range from trade credit, to collateralised loans, overdraft facilities, etc. Most if not all of these technologies are based on some form of security which is usually the SME’s immovable assets. This research project contributes to the body of knowledge that deals with SME finance. A survey was done to find out the views of SME owners, procurement managers, finance managers and financiers concerning the risks and rewards of providing reverse factoring to SMEs. Ten propositions were formulated. A qualitative research methodology, using semi-structured interviews was used to rate the risks and rewards associated with providing reverse factoring. The results showed that the rewards far outweigh the risks by a ratio of 1: 0.6. For reverse factoring as a financing technology this is positive and is worth pursuing. The risks of lack of collateral and the risk of fraudulent invoices are the most prevalent. A boost in economic activity in the SME space and the provision of much needed liquidity were the most noted rewards of providing reverse factoring to SMEs in South Africa. Copyright / Dissertation (MBA)--University of Pretoria, 2012. / Gordon Institute of Business Science (GIBS) / unrestricted

Cílem mé diplomové práce je analyzovat krátkodobé finanční řízení ve zvolené akciové společnosti, konkrétně v letech 2000 - 2008. V teoretické část jsem definovala nejen základní pojmy v oblasti pracovního kapitálu, ale především metody řízení zásob a pohledávek, náklady s nimi spojené, problémy z oblasti řízení zásob a pohledávek, vymezení a řízení peněžních prostředků a krátkodobé financování.Tyto informace jsem převedla do praktické části a uplatnila je při analýze krátkodobého finančního řízení v konkrétním podniku ve sledovaném období 2000 - 2008. Dále jsem zhodnotila pracovní kapitál, kde jsem provedla hodnocení jednotlivých typů podnikových zásob, druhů pohledávek a finančního majetku, který podnik vykazuje. Na závěr jsou shrnuty výsledky jednotlivých analýz a navrhnuta doporučení, týkající se zjištěných nedostatků v oblasti řízení oběžného majetku a jeho financování.

This diploma thesis deals with the short-term methods of export financing and with credit risk management of the exporter. The part of this work desribes the trade credits, bank credits and factoring as a common instruments of international trade financing. The last part of this work try to bring together the impacts of financial crisis on trade credit availability and export credit insurance.

Le financement à court terme est le parent pauvre de la théorie financière. Pourtant, les moyennes entreprises françaises utilisent fortement ce financement. Ce travail a pour objectif d’analyser les déterminants du financement à court terme pour ces entreprises. La première partie vise à établir une revue de littérature des théories permettant d’expliquer l’utilisation du financement à court terme. La deuxième partie vient tester empiriquement ces théories sur deux échantillons, à savoir 201 entreprises familiales et 1 453 entreprises managériales. Il s’agit, d’une part, de caractériser les moyennes entreprises non cotées et d’autres part, de mettre en évidence les déterminants à l’utilisation de financement à court terme. Les principaux résultats indiquent que le financement à court terme est un outil de gestion au service de la moyenne entreprise. Il peut aussi assumer deux rôles, un compensatoire et/ou un de trésorerie passive. Par ailleurs, on met en évidence que les entreprises managériales et familiales exploitent différemment le financement à court terme. / Short-term financing is forgotten by theory of corporate finance. However, French medium-sized firms use a lot this source of funding. The objective of this thesis is to analyze the determinants of short-term financing for these firms. The first part aims to establish a literature review of theories to explain the use of short-term financing. The second part empirically checks these theories on two samples, specifically 201 family businesses and 1,453 managerial firms. On the one hand, it is a question of characterizing the unlisted medium-sized enterprises and on the other hand, highlighting the determinants of the use of short-term financing. The primary results indicate that short-term financing is a management tool for the medium-sized enterprise. It can also have two functions, one compensatory and / or one passive cash. Furthermore, it brings out that managerial and family businesses exploit short-term financing differently.