试论农行进口信用证业务的风险防范

信用证业务是国际贸易中广泛采用的一种结算方式 ,对买卖双方而言银行信用代替了商业信用 ,更具保障性 ,因而进一步促进了进出口贸易的顺利进行。但近年来 ,境内外一些不法分子利用信用证诈骗银行资金的事件屡有发生 ,个别行因对进口信用证业务风险控制不当 ,造成信用证项下的垫款增多等 ,严重威胁农行的资金安全。同时也使进口信用证结算方式在银行心目中大打折扣 ,有的分行甚至谈“证”色变。为防止不法分子利用进出口信用证非法融资、诈骗 ,确保我行资金安全 ,保障我行国际业务健康发展 ,必须加强对进口信用证业务的风险防范。以下笔者着…     

警惕信用证业务“陷阱”

要有效防范信用证项下的各种"陷阱",信用证项下的银行就需要改变观念、加强合作,并在遵守国际惯例的同时表现出一定的灵活性。信用证的主要功能应该是更好地促成贸易项下的买卖双方达成交易,顺利结算,通过银行信用的介入,使卖方的收款更有保障;通过对货物单据的具体要求,使买方能够得到自己想要的货物。特别是在国际贸易中,由于买卖双方对彼此了解不够,更需要通过信用证为贸易的     

对信用证项下垫款的管理亟待完善

随着我国进出口业务的迅速增长,信用证结算方式在对外贸易中越来越普遍地被采用,各中资外汇指定银行的信用证结算业务大量上升,由此也产生了数额巨大的信用证垫款,但相当部分的信用证垫款已经形成银行的不良资产,从而危及到银行的外汇资金安全,扰乱了正常的外汇管理秩序.因此,对信用证项下垫款的管理亟待完善.     

议付信用证受益人欺诈风险防范

<正>对于开证行和申请人而言,把控议付信用证受益人欺诈风险的关键在于如何把控开证关,特别要防止申请人与受益人为第一次交易且申请人对受益人的资信完全不了解、受益人存在以往涉嫌欺诈历史记录的两种情况。议付信用证作为一种常见的信用证结算方式,因其能为受益人融资带来便利、提升申请人在贸易谈判中的筹码,得到了业内的普遍认可和广泛使用。目前在各类信用证业务中,议付信用证所占的比重占到80%以上,即远期付款信用证和承兑信用证所占的比重小了很多,保兑信用证及循环信用证所占比重则更小。因此,议付信用证被广泛接受的程度是其他信用证所无法替代的。我们不能忽视对议付信用证潜在的各类风险进行防范,特别不能忽视对受益人欺诈的风险防范。     

常见信用证特殊条款

了解和掌握跟单信用证中各国的特殊条款要求,对促进外贸发展、保障安全收汇大有裨益。从笔者所在银行收到的境外开来的信用证看,由于各国的文化差异,体现在跟单信用证中的特殊条款可谓多种多样。现将在来证通知中对发票等主要单据的特殊要求进行简要归纳和分析。发票要求详细列明各项费用明细条     

外贸英语信用证陷阱研究

信用证结算方式是进出口贸易中比较安全的支付方式,但它也存在风险。出于保护出口商的利益这一目的,从大量来自不同进口国家的信用证原始材料中找出陷阱,应用国际贸易实务I、CC跟单信用证统一惯例以及商务英语语言知识对这些陷阱加以研究,剖析其存在的风险,并给出口商指出规避这些风险的办法。     

浅谈信用证结算方式在出口型生产企业中的应用

信用证（（LETTRE OF CREDIT）作为一种较为安全的结算方式，能够在一定程度上减少买卖双方的贸易风险，尤其是卖方。同时也明确买方在信用证使用的过程中，因银行不过问“单货是否一致”而容易致使买方受到损失，忽视了买方也能从信用证结算中规避一定风险，本文对信用证结算方式在出口型生产企业中的应用进行探讨，分析可能产生的风险和回避措施。     

突围信用证欺诈

信用证曾被誉为英国商人最伟大的商业创造,并因其具有融资便利、交易安全、运作规范等特点,成为国际贸易中应用最为广泛的结算工具之一。然而,正如任何事物都具有两面性一样,信用证在促进国际贸易发展的同时,也因其独特的运行机制为不法商人实施欺诈提供了可乘之机。因此,如何处置和防范信用证欺     

浅析信用证三大基础风险识别与防控

<正>信用证是国际贸易中最常见的结算方式,也是银行重要的结算收入来源。信用证相比电汇、托收等结算方式而言,因其具有银行信用的特性,更具备公平性和安全性,容易被买卖双方共同接受。但是,由于它"单证严格一致"的原则较为机械、呆板,容易被不法分子所利用,本身存在的固有风险也比较突出,并同步传导到由其派生出来的各类贸易融资产品。随着国际、国内市场的不断变化与发展,信用证的风险逐步暴露出来。根据《跟单信用证统一惯例》中对信用证含义的解释,信用证交易的基本原则贯穿于信用证法律关系的始终,对信用证当事人具有普遍的约束力,即所谓的独立性原则(信用证独立性原则是指独立于基础交易合同以外的另一种合同,即银行与基础交易合同无关,也不受其约束)。     

全面审核信用证条款——关于“PROOF OF EVIDENCE”的思考

信用证关于单据的规定，对商业银行核对单证一致、确认单单相符十分重要。在实务操作中，商业银行只有全面、谨慎地对待信用证的所有条款，才能更好地保证款项的安全收汇。     

境内外人民币信用证结算的现状与发展趋势

长期来看,国内信用证和跨境人民币信用证在法律环境和处理模式上都将走向统一,因此,应统一人民币信用证运行规则,完善法律环境,以法律形式来认可国际惯例在国内信用证业务中的法律效力.目前人民币两种信用证采用完全不同的信息传递方式,限制了国内信用证的跨行业务,对中小商业银行国内信用证的开展尤其不利.商业银行应对两种信用证统一管...     

商业银行打包放款业务的运作及其法律风险防范

打包放款是与信用证有关的贸易融资形式之一.国内商业银行在打包贷款的操作上虽然存在一些分歧,但在定性上是基本一致.从法律关系来看,打包放款是一种融资法律关系,实质上是一种信用贷款,它与信用证有密切的关联性.银行在办理打包放款业务中通常都要求申请人提供信用证正本作抵押.打包放款存在诸多风险,尤其是客户的资信能力风险;信用证的真实性、合法性和有效性风险;开证行的偿付能力和开证行所在国家的信用风险以及汇率风险等.商业银行必须高度重视这些风险,并采取严格审查贸易真实性、合法性,留存信用证正本,监督借款用途以及要求第三方担保等措施来加以防范.     

银行信用证业务中检验证书日期法律问题探析

检验证书日期是信用证业务的重要组成部分,具有重要的法律意义。日期上的疏忽和错误将导致信用证受益人的单证被开证行拒付。货物检验证书应该清楚地载明检验日期和检验证书的出具日期。当货物检验证上只有一个出具日期,则应当被认为检验行为和出具检验证书的行为发生在同一天。当国际货物买卖合同约定货物检验应在装船前进行,并且货物检验证书只有一个日期,而且该日期晚于已装船提单的签发日期,则该检验证书是不可接受的,开证行可以据此拒付信用证。     

银行信用证业务中检验证书日期法律问题探析

检验证书日期是信用证业务的重要组成部分，具有重要的法律意义。日期上的疏忽和错误将导致信用证受益人的单证被开证行拒付。货物检验证书应该清楚地载明检验日期和检验证书的出具日期。当货物检验证上只有一个出具日期，则应当被认为检验行为和出具检验证书的行为发生在同一天。当国际货物买卖合同约定货物检验应在装船前进行，并且货物检验证书只有一个日期，而且该日期晚于已装船提单的签发日期，则该检验证书是不可接受的，开证行可以据此拒付信用证。     

商业银行在信用证纠纷中的法律问题

近年来,我国商业银行因开立信用证引发的纠纷越来越多,涉及的法律问题越来越复杂。从法院审理的信用证纠纷案件结果看,有相当一部分是以开证银行败诉告终,商业银行为此付出沉重的代价。因此,信用证纠纷的法律问题研究对于保护商业银行合法权益、防范信用证风险具有重要意义。     

Zwingende Risikoeinschlüsse und Grundfreiheiten am Beispiel der französischen Technologiekatastrophenversicherung

The article deals with the compatibility of compulsory risk extensions with the fundamental freedoms. As an example the French technological disaster insurance referred to art. L. 128-2 al. 1 C. assur. is examined for their compatibility with the freedom to provide services and the right of establishment. Of particular importance becomes the question to what extent restrictions of the fundamental freedoms may be justified by overriding reasons in the general interest. In the course of the article twelve different theses are developed, which are presented summarily at its end.     

The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Romania

Abstract

Romanian accounting rules (RAR) had followed a convergence process with International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) since 1999, and the level of convergence has increased over time. The Romanian accounting regulator continues to follow IAS/IFRS in internalizing the Accounting Directive 2013 Directive 2013/34/EU. Directive 2013/34/EU of the European Parliament and of the Council on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, Official Journal of the European Union, L 182/19. [Google Scholar]/34/EU. Only a few major differences still exist (some of them due the restrictions in the Accounting Directive 2013 Directive 2013/34/EU. Directive 2013/34/EU of the European Parliament and of the Council on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, Official Journal of the European Union, L 182/19. [Google Scholar]/34/EU) between RAR and IFRS. However, RAR lack the level of detail existing in IFRS, and IFRS cannot be used in practice as a source of guidance and interpretation. While major stakeholders have a positive attitude towards the convergence with IAS/IFRS, the Romanian accounting regulator intends to keep the control over RAR and avoid differences in interpretations that might have tax consequences. Despite the good level of convergence of RAR with IFRS, practitioners tend to continue to utilize the tax approach as a source of guidance and interpretation.     

Gain,Loss, and Two-State Modeling

Gain and loss, calculated from the upside and downside portions of return distributions, play a pivotal role in the two-state model. A two-state economy possesses a universal gain-loss ratio (G/L) for all assets that is related to the ratio of state prices and to the familiar risk-neutral probabilities. This paper derives many asset pricing properties in a two-state context and shows the role of gain and loss. Applied to bonds, for example, risky debt yields depend directly on both G/L and a bond's potential loss. Using S&P 500 data over a 72-year period, the market has priced an Arrow-Debreu security in the gain state at approximately $0.36, while the Arrow-Debreu security in the loss state has been priced at $0.61. Historically, the S&P 500's expected gain is about three times its expected loss.     

Improvement in finite sample properties of the Hansen–Jagannathan distance test

Jagannathan and Wang [Jagannthan, R., and Wang, Z., “The conditional CAPM and the cross-section of expected returns.” Journal of Finance, 51 (1996), 3–53] derive the asymptotic distribution of the Hansen–Jagannathan distance (HJ-distance) proposed by Hansen and Jagannathan [Hansen, L.P., and Jagannathan, R., Assessing specific errors in stochastic discount factor models." Journal of Finance, 52 (1997), 557–590], and develop a specification test of asset pricing models based on the HJ-distance. While the HJ-distance has several desirable properties, Ahn and Gadarowski [Ahn, S.C., and Gadarowski, C., “Small sample properties of the GMM specification test based on the Hansen–Jagannathan distance.” Journal of Empirical Finance, 11 (2004), 109–132] find that the specification test based on the HJ-distance overrejects correct models too severely in commonly used sample size to provide a valid test. This paper proposes to improve the finite sample properties of the HJ-distance test by applying the shrinkage method [Ledoit, O., and Wolf, M., “Improved estimation of the covariance matrix of stock returns with an application to portfolio selection.” Journal of Empirical Finance, 10 (2003), 603–621] to compute its weighting matrix. The proposed method improves the finite sample performance of the HJ-distance test significantly.     

Book Reviews

Book reviewed in this article: Futures Markets. By DARRELL DUFFIE. Englewood Cliffs, NJ: Prentice Hall, 1988. Pp. xi + 415. Bank Financial Decision Analysis. By DAVID R. DURST and DONALD G. CONNER. New York: Macmillan Publishing Company, 1989. Pp. viii + 280. Bank Financial Decision Analysis. By DAVID R. DURST and DONALD G. CONNER. New York: Macmillan Publishing Company, 1989. Pp. viii + 280. The S&L Insurance Mess: How Did It Happen? By EDWARD J. KANE. Washington, D.C.: The Urban Institute Press, 1989. Pp. xviii + 181. The S&L Insurance Mess: How Did It Happen? By EDWARD J. KANE. Washington, D.C.: The Urban Institute Press, 1989. Pp. xviii + 181.