The main goal of the thesis is to assess factoring as a tool for small and medium size enterprises financing. Factoring offers receivables management, securing of debtors risk and support of national and international trade. The target is to sum up theoretical approaches in Czech as well as international literature and connect them with practice knowledge and experience that the author have learned during expert experience. Factoring was successfully offered in course of bad economic times during worldwide recession mainly to due easy availability in the markets. Financing via factoring expresses lower risk for financing party, due to transaction risk spread being on the more debtors. In contrast, there is higher demand on administration of every single invoice of company to its debtors. This logically brings higher cost of manpower on the financing party site that has to deal with high proportion of invoices. The thesis is divided into five parts. First parts is taking care about state and private trade supporting tools including Czech Export Bank and its role in creating space for national exporters. Second part deals with forms, in which small and medium size enterprise can find the suitable financial tools and products. Receivables and its main features, receivables live cycle and tools for effective use of receivable in asset based financing, that is all proceeded in part with number three. Whereas chapter four analyze current latest experience with factoring, its forms and way of use including legal and accountancy view. Fifth chapter summarizes theoretical background and uses the application of theory in practice and presents examples, how factoring can help. The thesis found out, that factoring is a suitable financing tool in times of economic crisis and general downturn. The number of factoring transaction grew, as well as the total turnover, but average transaction price went down due to lower cost of traded goods, that was financed via factoring. Thesis also proved that factoring financing is easy to get in the market, as there is large scale of big and small factoring financing providers. Factoring did not improve all significant financial ratios, but increased turnover of assets, mainly receivables, decreased the ratio of indebtedness. Thesis introduced the factoring financing, its use, forms and pros as well as cons. Factoring provided to be sufficient substitute for conventional credit, but bears differences, that have to be taken into account, when deciding on suitable form of receivable financing.
| Identifer | oai:union.ndltd.org:nusl.cz/oai:invenio.nusl.cz:199597 |
| Date | January 2010 |
| Creators | Vlasák, Václav |
| Contributors | Sato, Alexej, Černohlávková, Eva, Králová, Lenka |
| Publisher | Vysoká škola ekonomická v Praze |
| Source Sets | Czech ETDs |
| Language | Czech |
| Detected Language | English |
| Type | info:eu-repo/semantics/doctoralThesis |
| Rights | info:eu-repo/semantics/restrictedAccess |
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