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The concept of factoring is not new. Itsorigins can be traced back to ancient Romewhere rich manufacturers and merchantsused a mercantile agent or factor toadminister the sales of their merchandise. Inthose times without air transport, telephonesand faxes, the exporters knew little aboutthe market and the customers. They neededto maintain stocks in the country to provideprompt delivery. However, when the timecomes to the 20th century, factoring firmswere freed to specialise in financial creditand collection services centred on theirpurchase of accounts receivable of clientcompanies.