Purpose – The aim of this study is to investigate deeply the Securitization phenomenon in the Supply Chain Finance (SCF) environment and to understand which are the determinants that lead to the choice of this process as a tool that can be used by companies to dispose trade receivable, comparing it with two other possible solutions: Factoring and Invoice Trading. Design/Methodology/Approach – The analysis was firstly realized through articles, practitioners’ reports, providers’ websites and balance sheets. Basing on the information arising from these sources, a Decisional Tree was built. It was then validated and modified through a series of interviews with experts of the credit management field. Findings – Factoring is still the most used solution to sell trade receivables in the SCF sector, but Securitization and Invoice Trading are gaining more and more importance in this environment. These three solutions are characterized by very different processes, benefits and costs; this fact leads to the necessity of correctly evaluating the different features characterizing the company, in order to make the right choice regarding the solution to adopt. Originality/Value – The main contribution of this study is given by the construction of a decisional tree. This tool, applied to the trade receivables perspective, represents a novelty in the SCF studies, and takes into account a large number of variables: the objectives of the company, the typology of customer base and the characteristics of the firm itself and of the credits. The research shows the effect that every single variable has on the final decision. A further contribution is given by the new clusterization of the customers, realized through the conception of a Reverse Kraljic Matrix. Practical and managerial implications – The model can be considered as a useful and generical tool to support companies willing to sell trade receivables in the choice of the most suitable solution. Furthermore, other interesting credit management policies arise by the interviews, that can be applied not in the generical case, but in the specific sector. Limits and future research - In this study, only the options implying a sale of accounts receivable are included, so the field of analysis was restricted to only three solutions. The Decisional Tree could be developed integrating also other SCF solutions, but also the more traditional ones, used in the day-by-day activities.
Scopo - Lo scopo di questo studio è quello di approfondire il fenomeno della Cartolarizzazione nel settore della Supply Chain Finance (SCF) e di individuare quali sono i fattori determinanti che portano alla scelta di questo processo come strumento utilizzato dalle aziende per smobilizzare i crediti commerciali, confrontandolo con altre due possibili soluzioni: Factoring e Invoice Trading. Design / Metodologia / Approccio - L'analisi è stata inizialmente realizzata attraverso articoli, report, siti Web dei fornitori e bilanci di banche e aziende. Sulla base delle informazioni derivanti da queste fonti è stato costruito un albero decisionale. Quest’ultimo è stato quindi validato e modificato attraverso una serie di interviste con esperti del settore della gestione del credito. Risultati - Il Factoring è ancora la soluzione più utilizzata per cedere crediti commerciali nel settore SCF, ma Cartolarizzazione e Invoice Trading stanno acquisendo sempre più importanza in questo contesto. Queste tre soluzioni sono caratterizzate da processi, benefici e costi molto differenti tra loro: diventa quindi necessario valutare correttamente le diverse caratteristiche della specifica azienda, al fine di scegliere la soluzione corretta da adottare. Originalità / Valore - Il contributo principale di questo studio è dato dalla costruzione di un albero decisionale. Questo strumento, applicato alla prospettiva dei crediti commerciali, rappresenta una novità nell’ambito SCF e tiene conto di un gran numero di fattori: gli obiettivi dell'azienda, la tipologia della base clienti e le caratteristiche dell'azienda stessa e dei crediti. La ricerca effettuata mostra l'effetto che ogni singola variabile ha sulla decisione finale. Un ulteriore contributo è dato dalla nuova clusterizzazione dei clienti, realizzata attraverso l'ideazione di una matrice simile a quella di Kraljic. Implicazioni pratiche e manageriali - Il modello può essere considerato uno strumento utile e generico per supportare le aziende che desiderano cedere i propri crediti commerciali nella scelta della soluzione più adatta. Inoltre, dalle interviste sono emerse altre interessanti politiche di gestione del credito, applicabili però non nel caso generico, ma nel settore specifico. Limiti e ricerche future - In questo studio sono presenti solo le opzioni di SCF che implicano la cessione a enti terzi dei propri crediti commerciali, quindi il campo di analisi è limitato alle sole tre soluzioni citate. L'albero decisionale potrebbe essere sviluppato integrando anche altri processi di SCF o metodi di gestione del credito e dei clienti più tradizionali, utilizzati nelle attività quotidiane dell’impresa.
The role of the securitization in supply chain finance
PORCHERA, NICCOLÒ;INVERNIZZI, RICCARDO
2018/2019
Abstract
Purpose – The aim of this study is to investigate deeply the Securitization phenomenon in the Supply Chain Finance (SCF) environment and to understand which are the determinants that lead to the choice of this process as a tool that can be used by companies to dispose trade receivable, comparing it with two other possible solutions: Factoring and Invoice Trading. Design/Methodology/Approach – The analysis was firstly realized through articles, practitioners’ reports, providers’ websites and balance sheets. Basing on the information arising from these sources, a Decisional Tree was built. It was then validated and modified through a series of interviews with experts of the credit management field. Findings – Factoring is still the most used solution to sell trade receivables in the SCF sector, but Securitization and Invoice Trading are gaining more and more importance in this environment. These three solutions are characterized by very different processes, benefits and costs; this fact leads to the necessity of correctly evaluating the different features characterizing the company, in order to make the right choice regarding the solution to adopt. Originality/Value – The main contribution of this study is given by the construction of a decisional tree. This tool, applied to the trade receivables perspective, represents a novelty in the SCF studies, and takes into account a large number of variables: the objectives of the company, the typology of customer base and the characteristics of the firm itself and of the credits. The research shows the effect that every single variable has on the final decision. A further contribution is given by the new clusterization of the customers, realized through the conception of a Reverse Kraljic Matrix. Practical and managerial implications – The model can be considered as a useful and generical tool to support companies willing to sell trade receivables in the choice of the most suitable solution. Furthermore, other interesting credit management policies arise by the interviews, that can be applied not in the generical case, but in the specific sector. Limits and future research - In this study, only the options implying a sale of accounts receivable are included, so the field of analysis was restricted to only three solutions. The Decisional Tree could be developed integrating also other SCF solutions, but also the more traditional ones, used in the day-by-day activities.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/149662