为什么公司无法资助早期工资计划（动态折扣+ SCF）

我们对美国公司如何用现金听到这么多。合金书在那里谈论美国的现金公司有多少。

但这个故事是非常误导的。如果您查看以下图表，5％的标准普尔500名公司的总体现金持有超过一半;根据Wells Fargo Research，其他95％的公司的现金到债务水平最低为2004年的数据最低。万博体育下载app我们知道那些5％的人 - 他们是GAFA公司：谷歌，亚马逊，Facebook和苹果公司。

公司债务正在爆炸，并且比裂缝或阿片类药物更具成瘾。当事情进展顺利时，债务很好，但当收入摊位时，糟糕的事情就会发生。

作为Lisa Abramowicz，Bloomberg的固定收入分析师表示：“近年来的大部分债务采取的债务被剥夺金融和股票回购的公司挥霍，超级促进了涉及的公司的账面价值和公司的市场价值，而不会改善他们未来的现金流动。“

资源：https://twitter.com/lisaabramowicz1/status/1098200828010287104/photo/1

为什么现金位置对动态折扣非常重要

思维公司通过动态折扣或自筹资金供应链融资计划在没有明显的事实的情况下投资其供应链。如果公司没有盈余运营现金，那么利用自己的现金，不太可能使用自己的现金。除了缺乏免费经营现金外，还有其他原因，公司可能不想提交现金：

1. A concern about committing their own cash in a material way to fund their supply chain impacts DPO negatively. Companies understand funding suppliers early is not something to do one month but not the next. It is a commitment.
2. The reward structure for treasury does not provide an incentive to be aggressive with early pay solutions. Companies, and the people who run them, are very rational. If there is no clear incentive to do so, they will not pursue early pay solutions.
3. Models are based on looking at cash as a resource. Large company cash priorities are focused on managing the balance sheet and having options. Those options could be share repurchases, committing to dividends, M&A or research.

需要灵活的资金模型

Flexible funding enables a company to have an “option.” Fund early pay finance with your own cash if and when you want, with whatever currencies you want or use a third party.

如果您有季节性或意外的现金需求，您可以关闭自筹资金选项，并让资助者为您的供应商提供提前付款。

If you are flush with cash at your Canadian entity but not in the U.S., you can fund your Canadian suppliers but use a third-party solution elsewhere with one button. That’s how easy it should be.

In my post金融气如何使用非银行供应链金融, I outlined three options that companies have beyond using their own cash. These include:

1. Balance-sheet lending facility
2. Use of some securitization structure with an asset arranger
3. A marketplace-lending model

Some companies may consider a bank line of credit, but that adds to debt levels and, as I said in a previous post, you may prefer a root canal before working with your bank for line set-up and maintenance, so this may not be a preferable option.

Working with a marketplace backed by institutional investors provides a non-balance-sheet option that can fund a company’s total supply chain. Investors look at these assets as short-term fixed income and are hungry for good quality assets that have the proper operational controls.

因此，在考虑动态折扣解决方案时，它似乎必须将第三方解决方案作为灵活选项。因为，虽然似乎美国公司在纸上的现金丰富，但数据可能会误导。

David Gustin runs a research and advisory practice centered on helping financial institutions, vendors and corporations understand the intersection of trade credit, payments and the financial supply chain.This post waswritten while David worked on a special project with The Interface Financial Group. He can be reached at dgustin (at) globalbanking.com