HARVARD|BUSINESS 哈佛|商學院

In April 2013, Procter & Gamble (P&G), the world’s largest consumer packaged goods (CPG) company, announced that it would extend its payment terms to suppliers by 30 days, from the current average of approximately 45 to 75 calendar days. At the same time, $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} announced a supply chain financing (SCF) program giving eligible suppliers the ability to contract with one of two global banks to receive discounted payments for their P&G receivables in 15 days or less.
2013 年 4 月，全球最大的消費包裝品 (CPG) 公司寶潔 (P&G) 宣佈將向供應商的付款期限延長 30 天，從目前的平均約 45 天延長至 75 天。與此同時， $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 宣布了一項供應鏈融資（SCF）計劃，讓符合條件的供應商可以與兩家全球銀行之一簽訂合同，在 15 天或更短的時間內獲得寶潔應收賬款的折扣付款。

Brazil’s Fibria Celulose S.A. (Fibria) had joined the SCF program in the middle of 2013, and its managers had been pleased with the program’s results to date. Fibria, a P&G supplier since the 1980s, manufactured bleached eucalyptus pulp in Brazil and shipped it to P&G factories across North America, where it was used to make household products such as tissues and paper towels. Fibria’s U.S. general manager, Mateus Pires De Morais Carmo, managed most operational aspects of the P&G relationship out of his office in Miami, Florida. In August 2015, he and members of Fibria’s treasury group in Brazil were reviewing the costs and benefits of the program, and deciding whether to continue with their current SCF bank, and under what terms, or switch to the other SCF bank in the program.
巴西的Fibria Celulose S.A.公司（Fibria）在2013年年中加入了SCF計劃，其管理者對計劃迄今取得的成果感到滿意。Fibria自1980年代起成為寶潔的供應商，在巴西製造漂白桉木漿，並運往北美各地的寶潔工廠，用於製造紙巾和抹手紙等家用產品。Fibria 的美國總經理 Mateus Pires De Morais Carmo 在佛羅里達州邁阿密的辦公室管理寶潔關係的大部分營運事宜。2015年8月，他和Fibria在巴西的財務小組成員正在檢討該計劃的成本和好處，並決定是否繼續使用其現有的SCF銀行，以及使用何種條款，還是轉用該計劃中的另一家SCF銀行。

Founded in 1837, P&G was one of the world’s most widely recognized and respected companies. Driven by its mission to “improve the lives of the world’s consumers,” P&G manufactured and marketed a wide range of personal care and household goods. Over 20 of its brands-including Always, Bounty, Charmin, Gillette, Olay, Oral-B, and Pampers - generated annual sales in excess of $\mathrm{\$}1$$\mathrm{\$}1$$1\$ 1 billion, and many P&G brands led their product categories. ${}^1$${}^1$^(1){ }^{1} Headquartered in Cincinnati, Ohio, P&G earned $\mathrm{\$}11.6$$\mathrm{\$}11.6$$11.6\$ 11.6 billion on sales of $\mathrm{\$}80.5$$\mathrm{\$}80.5$$80.5\$ 80.5 billion in the fiscal year ending June 2015 (see Exhibits $\mathbf{1}$$\mathbf{1}$1\mathbf{1} and $\mathbf{2}$$\mathbf{2}$2\mathbf{2} for P&G financial data.) P&G had been a constituent of the Dow Jones Industrial Average since 1932, and had maintained a long-term credit rating of AA- from Standard & Poor’s since 2001.
寶潔公司成立於1837年，是世界上最受廣泛認可和尊重的公司之一。寶潔公司以 「改善全球消費者的生活 」為使命，生產和銷售各種個人護理和家庭用品。其20多個品牌（包括Always、Bounty、Charmin、吉列、玉蘭油、Oral-B和幫寶適）的年銷售額超過 $\mathrm{\$}1$$\mathrm{\$}1$$1\$ 1 十億美元，許多寶潔品牌在其產品類別中居首位。 ${}^1$${}^1$^(1){ }^{1} 總部設在俄亥俄州辛辛那提市的寶潔公司，在截至2015年6月的財政年度中，銷售額達到 $\mathrm{\$}80.5$$\mathrm{\$}80.5$$80.5\$ 80.5 億美元，賺取了 $\mathrm{\$}11.6$$\mathrm{\$}11.6$$11.6\$ 11.6 億美元（寶潔公司的財務數據見附表 $\mathbf{1}$$\mathbf{1}$1\mathbf{1} 和 $\mathbf{2}$$\mathbf{2}$2\mathbf{2} ）。自1932年以來，寶潔公司一直是道瓊斯工業平均指數的成份股，並自2001年以來一直保持標準普爾AA-的長期信用評級。

As the economy slowed following the financial crisis in 2008 and fell into a global recession, $\mathrm{P}\mathrm{\&}{\mathrm{G}}^{\prime }$$\mathrm{P}\mathrm{\&}{\mathrm{G}}^{\prime }$P&G^(')\mathrm{P} \& \mathrm{G}^{\prime} s growth and profits stalled. Responding to investor pressure, then-CEO Bob McDonald announced a five-year, $\mathrm{\$}10$$\mathrm{\$}10$$10\$ 10 billion cost-cutting program in 2012, stating: "The opportunity lies in all areas of cost. We currently see at least $\mathrm{\$}3$$\mathrm{\$}3$$3\$ 3 billion of savings in the area of overheads; $\mathrm{\$}6$$\mathrm{\$}6$$6\$ 6 billion in cost of goods sold;
隨著 2008 年金融危機之後的經濟放緩，並陷入全球經濟衰退， $\mathrm{P}\mathrm{\&}{\mathrm{G}}^{\prime }$$\mathrm{P}\mathrm{\&}{\mathrm{G}}^{\prime }$P&G^(')\mathrm{P} \& \mathrm{G}^{\prime} 的成長和利潤停滯不前。為了回應投資者的壓力，當時的首席執行官 Bob McDonald 於 2012 年宣佈了一項為期五年、耗資 $\mathrm{\$}10$$\mathrm{\$}10$$10\$ 10 十億美元的成本削減方案，並表示：「機會在於所有成本領域："機會在於所有成本領域。我們目前看到至少有 $\mathrm{\$}3$$\mathrm{\$}3$$3\$ 3 億的節省在管理費用領域； $\mathrm{\$}6$$\mathrm{\$}6$$6\$ 6 億的節省在銷售成本領域；

and about $\mathrm{\$}1$$\mathrm{\$}1$$1\$ 1 billion from marketing efficiencies." ${}^2$${}^2$^(2){ }^{2} Reacting to the announcement, Bernstein & Co. analyst Ali Dibadj commented, “P&G had promised to ‘rip off the Band-Aid’ in terms of cost, and it certainly did with a $\mathrm{\$}10$$\mathrm{\$}10$$10\$ 10 billion restructuring. . . The cost cutting is very much what we had hoped. Now the hard part is executing.” ${}^3$${}^3$^(3){ }^{3} By April 2015, P&G had eliminated 11,000 office positions over the previous three years, nearly double the 5,700 positions (then $10\mathrm{\%}$$10\mathrm{\%}$10%10 \% of the non-manufacturing workforce) it had pledged to cut in February 2013.4
$\mathrm{\$}1$$\mathrm{\$}1$$1\$ 1 億美元來自於營銷效率"。 ${}^2$${}^2$^(2){ }^{2} 對於這一宣布，Bernstein & Co. 分析師 Ali Dibadj 評論道："寶潔曾經承諾在成本方面「撕下創可貼」，而它也確實做到了 $\mathrm{\$}10$$\mathrm{\$}10$$10\$ 10 十億美元的重組。. .成本削減非常符合我們的期望。現在困難的是執行。 ${}^3$${}^3$^(3){ }^{3} 截至2015年4月，寶潔在過去三年中已經裁減了11,000個辦公室職位，幾乎是2013年2月承諾裁減的5,700個職位（當時 $10\mathrm{\%}$$10\mathrm{\%}$10%10 \% 非製造業勞動力）的兩倍。

As part of the corporate cost initiative, $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} conducted a review of its working capital management practices by comparing its financial metrics against other CPG firms. This benchmarking analysis showed that P&G typically paid its suppliers (known as external business partners) more quickly than its peers. On average, $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} had been paying suppliers in 45 days, compared to 75 to 100 days or more for other firms in the industry. ${}^{\text{a}}$${}^{\text{a }}$^("a "){ }^{\text {a }} (Exhibit 3 shows historical data on P&G’s working capital metrics.) Vice President and Assistant Treasurer Doug Gerstle noted, “The reason our payment terms differed so much was because our buyers had always focused on price, quality, delivery, service, responsiveness, and innovation. The company’s renewed focus on a Total Shareholder Return [TSR] metric, however, brought a new emphasis on cash flow.”
作為企業成本倡議的一部分， $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 通過將其財務指標與其他 CPG 公司進行比較，對其營運資金管理實踐進行了審查。這項基準分析顯示，寶潔支付供應商（稱為外部業務合作夥伴）的速度通常比同行更快。平均而言， $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 已在 45 天內向供應商付款，而同業其他公司則需要 75 到 100 天，甚至更長的時間。 ${}^{\text{a}}$${}^{\text{a }}$^("a "){ }^{\text {a }} （圖表 3 顯示了寶潔營運資金指標的歷史數據）副總裁兼助理財務長 Doug Gerstle 指出："我們的付款期限之所以有如此大的差異，是因為我們的買家一直注重價格、品質、交貨、服務、反應能力和創新。然而，公司對股東總回報 [TSR] 標準的重新重視，帶來了對現金流的新強調"。

The findings from the benchmarking analysis shifted the project’s focus from P&G’s treasury group to its purchasing group, with a corporate mandate to extend contracted payment terms by at least 30 days. Both groups understood that this decision had implications for their suppliers: by taking longer to pay its invoices, $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 's suppliers would need to wait longer to receive funds. For this reason, $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} decided to implement an SCF program along with the payment extension to give suppliers the option to be paid more quickly. Facilitated by P&G’s banking partners (the SCF banks), the program would mitigate the impact of extended payment terms by providing $P\mathrm{\&}{G}^{\prime }$$P\mathrm{\&}{G}^{\prime }$P&G^(')P \& G^{\prime} s suppliers with access to capital on terms that reflected $\mathrm{P}\mathrm{\&}G$$\mathrm{P}\mathrm{\&}G$P&G\mathrm{P} \& G 's AA- credit rating. Gerstle recalled:
基準分析的結果將項目的焦點從寶潔的財務部門轉移到採購部門，因為公司要求將合約付款期限至少延長 30 天。這兩個集團都明白，這個決定對他們的供應商也有影響：如果花更長的時間支付發票， $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 的供應商就需要等待更長的時間才能收到資金。因此， $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 決定在延長付款期限的同時實施SCF計劃，讓供應商可以選擇更快地獲得付款。在寶潔的銀行合作夥伴（SCF銀行）的協助下，該計劃通過向 $P\mathrm{\&}{G}^{\prime }$$P\mathrm{\&}{G}^{\prime }$P&G^(')P \& G^{\prime} 的供應商以反映 $\mathrm{P}\mathrm{\&}G$$\mathrm{P}\mathrm{\&}G$P&G\mathrm{P} \& G AA-信用評級的條款提供資金，從而緩解延長付款期限的影響。Gerstle 回憶說：

The SCF program originated in a longstanding challenge for the treasury group: how to leverage our conservative financial policies to drive economic value for P&G and our business partners. These policies give us very tight pricing on debt issues and commercial paper, but as we extended our payment terms, we wanted to find a way to support our external business partners and strengthen our supply chain.
SCF計劃起源於財務部門的一個長期挑戰：如何利用我們保守的財務政策，為寶潔和我們的業務合作夥伴創造經濟價值。這些政策使我們在債務發行和商業票據方面的定價非常嚴格，但隨著我們付款期限的延長，我們希望找到一種方法來支持我們的外部業務合作夥伴，並加強我們的供應鏈。

To design and implement the SCF program, P&G formed a dedicated, cross-functional team that included members from the firm’s treasury, legal, banking, and purchasing groups, and also formed a project board to oversee implementation. Gerstle stressed: “We were focused on designing a program structure that would be a win for us, a win for our external business partners, and a win for the SCF banks - our so-called ‘win-win-win’ solution.” Although SCF programs had existed for years, the key was to design a version that would work for $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} and its external business partners.
為了設計和實施SCF計畫，寶潔公司成立了一個專門的跨功能團隊，成員包括公司的財務、法律、銀行和採購部門，還成立了一個專案委員會來監督實施情況。Gerstle 強調："我們專注於設計一個能讓我們、外部業務合作夥伴和 SCF 銀行三贏的方案結構，也就是我們所謂的「三贏」解決方案"。雖然 SCF 計劃已存在多年，但關鍵是要設計出一個適用於 $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 及其外部業務合作夥伴的版本。

The objective of the SCF program was to allow both P&G and its suppliers to receive their preferred payment terms. Specifically, P&G’s objective was to pay its invoices, on average, 75 days after receiving them whereas P&G’s suppliers preferred to be paid as soon as possible, sometimes as soon as 15 days
SCF計畫的目的是讓寶潔公司和其供應商都能獲得自己喜歡的付款期限。具體來說，寶潔公司的目標是在收到發票後平均 75 天內支付，而寶潔公司的供應商希望盡快收到付款，有時最快也要 15 天。

2
after invoices were submitted. Both objectives could be met by utilizing the services of an SCF bank as an intermediary.
在提交發票之後。利用 SCF 銀行的中介服務可以達到這兩個目標。

To achieve the dual payment objectives, the SCF program required the respective parties to enter into three bilateral (two-party) contracts. These contracts included: a commercial contract between P&G and the supplier specifying product and payment terms; a service contract between P&G and the SCF banks specifying payment terms for invoices; and a financing contract between participating suppliers and the SCF banks specifying that the SCF banks had the right, but not the obligation, to buy P&G receivables on a non-recourse basis minus a fee (i.e., at a discount to face value) if the suppliers requested advanced payment. ${}^{\mathrm{b}}$${}^{\mathrm{b}}$^(b){ }^{\mathrm{b}} In essence, the supplier’s claim on the P&G invoice would be transferred from the supplier to the SCF bank in exchange for a discounted payment. P&G would then pay the original invoice amount at face value on the date set by the commercial contract. Said Gerstle: “Our AA- rating makes our receivables into short-term, high-quality, liquid assets. The underlying premise is that the higher the differential between our AA- rating and our suppliers’ cost of funds, the more value we can create for our suppliers.” (Exhibit 4 shows the flows between P&G, the suppliers, and the SCF banks.)
為了實現雙重付款目標，SCF計劃要求雙方簽訂三份雙邊（雙方）合同。這些合同包括：寶潔與供應商之間的商業合同，其中規定了產品和付款條件；寶潔與SCF銀行之間的服務合同，其中規定了發票的付款條件；參與的供應商與SCF銀行之間的融資合同，其中規定如果供應商要求提前付款，SCF銀行有權利（但沒有義務）在無追索權的基礎上購買寶潔的應收賬款，並扣除一定的費用（即按面值的折扣）。 ${}^{\mathrm{b}}$${}^{\mathrm{b}}$^(b){ }^{\mathrm{b}} 實質上，供應商對寶潔發票的索賠權將由供應商轉移至 SCF 銀行，以換取折扣付款。之後，寶潔會在商業合同規定的日期按面值支付原始發票金額。Gerstle說："我們的 AA- 評級使我們的應收賬款成為短期、優質、流動的資產。其基本前提是，我們的 AA- 評級與供應商的資金成本之間的差異越大，我們就能為供應商創造更多價值。(附表 4 顯示了 P&G、供應商和 SCF 銀行之間的資金流）。

As P&G’s project team sat down to design the specific details of SCF program, Associate Director of Purchasing Pat Paolino stressed the program’s objectives:
當寶潔的項目團隊坐下來設計SCF計劃的具體細節時，採購副總監Pat Paolino強調了計劃的目標：

Right from the start, we had four design principles for the SCF program: (1) Be lowcost; (2) Don’t accept supplier price increases for longer payment terms since we were starting from below-average payment terms relative to our competitors; (3) Allow local teams to control the implementation rather than corporate staff; and (4) Ensure funding competition by having at least two participating banks for each supplier. Negotiating with several banks in parallel created a lot of complexity and work, but it was a critical design choice. The goal was to make the SCF program holistic and sustainable, and one we could launch globally for our top 3,000-4,000 suppliers on day one.
從一開始，我們就為 SCF 計畫制定了四個設計原則：(1) 低成本；(2) 不接受供應商提高價格以換取更長的付款期限，因為相對於我們的競爭對手，我們的付款期限低於平均水平；(3) 讓當地團隊而非公司員工控制實施；(4) 每家供應商至少有兩家參與銀行，以確保資金競爭。與幾家銀行並行談判產生了很多複雜性和工作，但這是一個關鍵的設計選擇。我們的目標是使 SCF 計畫具有整體性和可持續性，而且我們可以在第一天就在全球範圍內為前 3,000-4,000 家供應商推出該計畫。

As noted, a key design feature of the SCF program was the decision to have two banking partners in each region to ensure competitive financing rates. A team headed by Associate Director of Finance Susan Meeks selected three banks as partners for the SCF program: Citigroup, Deutsche Bank, and JPMorgan Chase. P&G had a longstanding relationship with Citigroup, which won the right to offer SCF worldwide. John Monaghan, Citigroup’s Global Head of Supply Chain Finance, stated, “We help global companies improve the efficiency of their treasury operations and optimize their working capital metrics, and help vendors improve their liquidity and reduce their financing costs.” Citigroup was joined for suppliers located in North and South America and China by JPMorgan Chase, and for suppliers located in Europe and elsewhere in Asia by Deutsche Bank.
如前所述，SCF 計劃的一個主要設計特點是決定在每個地區有兩個銀行合作夥伴，以確保具有競爭力的融資利率。由財務副總監 Susan Meeks 領導的團隊選擇了三家銀行作為 SCF 計劃的合作夥伴：花旗集團、德意志銀行和摩根大通。寶潔與花旗集團有著長期的關係，花旗集團贏得了在全球提供SCF的權利。花旗集團供應鏈財務全球主管 John Monaghan 表示：「我們幫助全球企業提高庫務運作效率，優化營運資金指標，幫助供應商改進流動資金，降低融資成本。」花旗集團與摩根大通共同為北美、南美和中國的供應商評審，德意志銀行則為歐洲和亞洲其他地區的供應商評審。

To communicate the SCF program to its suppliers, P&G created rollout teams that traveled around the world to meet with suppliers and explain the new program. These presentations noted that
為了向供應商傳達SCF計劃，寶潔公司成立了推廣小組，到世界各地與供應商開會並解釋新計劃。這些介紹指出

extended payment terms would become part of every multi-year purchasing contract that P&G negotiated with each of its 75,000 suppliers. They also explained the mechanics of the program, using a detailed example. The example compared the cost of financing a $\mathrm{\$}1,000$$\mathrm{\$}1,000$$1,000\$ 1,000 invoice for 45 days at the borrower’s financing rate to the cost of financing the same invoice through the SCF program. The example showed that both parties could achieve their payment objectives, and do so at a favorable cost: the supplier would receive payment from the SCF bank after 15 days, while P&G would pay the SCF bank after 75 days. Tables A and $\mathbf{B}$$\mathbf{B}$B\mathbf{B} show the economics of the P&G SCF program.
延長付款期限將成為寶潔公司與75,000家供應商協商的每份多年採購合同的一部分。他們還用一個詳細的例子解釋了該計劃的機制。該示例比較了以借款人的融資利率對 $\mathrm{\$}1,000$$\mathrm{\$}1,000$$1,000\$ 1,000 發票進行45天融資的成本與通過SCF計劃對相同發票進行融資的成本。該示例表明，雙方都可以實現其付款目標，並且以有利的成本實現：供應商將在 15 天後從 SCF 銀行收到付款，而寶潔將在 75 天後向 SCF 銀行付款。表 A 和 $\mathbf{B}$$\mathbf{B}$B\mathbf{B} 顯示了 P&G SCF 計劃的經濟性。

Table A P&G Supply Chain Finance Example
表 A P&G 供應鏈財務範例

Source: Calculated by casewriter from company documents.
資料來源：由 Casewriter 根據公司文件計算。
Notes: 注意事項：
[E] Supplier financing cost assumes a $3.50\mathrm{\%}$$3.50\mathrm{\%}$3.50%3.50 \% borrowing rate. The cost to finance the invoice is calculated as $\mathrm{\$}1000\times 3.50\mathrm{\%}\times [D]/360$$\mathrm{\$}1000\times 3.50\mathrm{\%}\times [D]/360$$1000 xx3.50%xx[D]//360\$ 1000 \times 3.50 \% \times[D] / 360.
[E] 供應商融資成本假設為 $3.50\mathrm{\%}$$3.50\mathrm{\%}$3.50%3.50 \% 借貸利率。發票融資成本的計算方式為 $\mathrm{\$}1000\times 3.50\mathrm{\%}\times [D]/360$$\mathrm{\$}1000\times 3.50\mathrm{\%}\times [D]/360$$1000 xx3.50%xx[D]//360\$ 1000 \times 3.50 \% \times[D] / 360 。
[G] Calculated in Table B.
[G] 在表 B 中計算。
[H] Without the SCF program, the net amount to supplier is calculated as $\mathrm{\$}1000$$\mathrm{\$}1000$$1000\$ 1000 - [E].
[H] 如果沒有 SCF 程式，供應商的淨額計算為 $\mathrm{\$}1000$$\mathrm{\$}1000$$1000\$ 1000 - [E]。
With the SCF program, the net amount to supplier is calculated as $\mathrm{\$}1000\times (1-[G])$$\mathrm{\$}1000\times (1-[G])$$1000 xx(1-[G])\$ 1000 \times(1-[G]).
使用 SCF 程式時，供應商的淨額計算為 $\mathrm{\$}1000\times (1-[G])$$\mathrm{\$}1000\times (1-[G])$$1000 xx(1-[G])\$ 1000 \times(1-[G]) 。

Table B Calculation of SCF Invoice Discount
表 B SCF 發票折扣的計算

Source: Calculated by casewriter from company documents.
資料來源：由 Casewriter 根據公司文件計算。
In the example, a supplier would pay $\mathrm{\$}2.92$$\mathrm{\$}2.92$$2.92\$ 2.92 to finance a $\mathrm{\$}1,000$$\mathrm{\$}1,000$$1,000\$ 1,000 invoice for 30 days, meaning that before the extension of payment terms, the supplier would receive a net amount of $\mathrm{\$}997.08$$\mathrm{\$}997.08$$997.08\$ 997.08 for the invoice. The example assumed that the supplier would finance 15 days of receivables in all scenarios. After the extension of payment terms, the suppler would need to pay $\mathrm{\$}5.83$$\mathrm{\$}5.83$$5.83\$ 5.83 to finance the same $\mathrm{\$}1,000$$\mathrm{\$}1,000$$1,000\$ 1,000 invoice for 60 days, receiving a net amount of only $994.17. However, with the SCF program, the supplier could get a discounted payment of $\mathrm{\$}997.83$$\mathrm{\$}997.83$$997.83\$ 997.83 from the SCF bank after only 15 days. Given the
在範例中，供應商將支付 $\mathrm{\$}2.92$$\mathrm{\$}2.92$$2.92\$ 2.92 來為 $\mathrm{\$}1,000$$\mathrm{\$}1,000$$1,000\$ 1,000 發票融資 30 天，這表示在延長付款期限之前，供應商將收到 $\mathrm{\$}997.08$$\mathrm{\$}997.08$$997.08\$ 997.08 發票的淨額。本範例假設供應商會在所有情況下為 15 天的應收帳款融資。在延長付款期限後，供應商將需要支付 $\mathrm{\$}5.83$$\mathrm{\$}5.83$$5.83\$ 5.83 來為相同的 $\mathrm{\$}1,000$$\mathrm{\$}1,000$$1,000\$ 1,000 發票融資 60 天，收到的淨額僅為 994.17 美元。但是，有了 SCF 計劃，供應商只需在 15 天後就可以從 SCF 銀行獲得 $\mathrm{\$}997.83$$\mathrm{\$}997.83$$997.83\$ 997.83 的折扣付款。鑒於

4
relatively small SCF invoice discount (only $0.22\mathrm{\%}$$0.22\mathrm{\%}$0.22%0.22 \% from Table B), the example showed that it was possible for the supplier to actually be better off with extended payment terms using the SCF program than with the original, faster payment terms.
相對較小的 SCF 發票折扣（表 B 中只有 $0.22\mathrm{\%}$$0.22\mathrm{\%}$0.22%0.22 \% ），這個例子顯示供應商實際上有可能在使用 SCF 方案延長付款期限時比使用原始的快速付款期限更好。

The SCF invoice discount was determined by the SCF financing rate and the length of the funding period. The SCF financing rate was set equal to the floating LIBOR rate for a term that matched the funding period plus a fixed spread - fixed for the life of the financing contract-that compensated the SCF bank for P&G’s credit risk and administrative costs, and provided a profit margin. ${}^{\mathrm{c}}$${}^{\mathrm{c}}$^(c){ }^{\mathrm{c}} In the example, the SCF financing rate was $1.30\mathrm{\%}$$1.30\mathrm{\%}$1.30%1.30 \%, which equaled a LIBOR rate of $0.30\mathrm{\%}$$0.30\mathrm{\%}$0.30%0.30 \% plus an SCF bank spread of $1.00\mathrm{\%}$$1.00\mathrm{\%}$1.00%1.00 \%. To fund the invoice for 60 days, the $1.30\mathrm{\%}$$1.30\mathrm{\%}$1.30%1.30 \% financing rate implied an SCF invoice discount of $0.22\mathrm{\%}$$0.22\mathrm{\%}$0.22%0.22 \%. In other words, the SCF bank would pay the supplier $\mathrm{\$}997.83$$\mathrm{\$}997.83$$997.83\$ 997.83 on day 15 , if requested, and would then receive payment of $\mathrm{\$}1,000$$\mathrm{\$}1,000$$1,000\$ 1,000 from $P\mathrm{\&}G$$P\mathrm{\&}G$P&GP \& G on day 75 . Suppliers who chose not to participate in the SCF program could, instead, use P&G’s existing payment discounts: P&G would deduct $1.0\mathrm{\%}$$1.0\mathrm{\%}$1.0%1.0 \% from approved invoices for payment 30 days early and $2.0\mathrm{\%}$$2.0\mathrm{\%}$2.0%2.0 \% for payments made 60 days early.
SCF 發票折扣由 SCF 融資利率和融資期長度決定。SCF 融資利率設定為與融資期相匹配的浮動 LIBOR 利率加上固定利差（在融資合約有效期內固定），以補償 SCF 銀行的 P&G 信用風險和管理成本，並提供利潤率。 ${}^{\mathrm{c}}$${}^{\mathrm{c}}$^(c){ }^{\mathrm{c}} 在這個例子中，SCF 融資利率為 $1.30\mathrm{\%}$$1.30\mathrm{\%}$1.30%1.30 \% ，等於 LIBOR 利率 $0.30\mathrm{\%}$$0.30\mathrm{\%}$0.30%0.30 \% 加上 SCF 銀行利差 $1.00\mathrm{\%}$$1.00\mathrm{\%}$1.00%1.00 \% 。要為發票提供 60 天的資金， $1.30\mathrm{\%}$$1.30\mathrm{\%}$1.30%1.30 \% 融資利率意味著 SCF 發票折扣為 $0.22\mathrm{\%}$$0.22\mathrm{\%}$0.22%0.22 \% 。換句話說，如果供應商提出要求，SCF 銀行將在第 15 天向其支付 $\mathrm{\$}997.83$$\mathrm{\$}997.83$$997.83\$ 997.83 ，然後在第 75 天收到 $P\mathrm{\&}G$$P\mathrm{\&}G$P&GP \& G 支付的 $\mathrm{\$}1,000$$\mathrm{\$}1,000$$1,000\$ 1,000 。選擇不參加SCF計劃的供應商可以使用寶潔公司現有的付款折扣：寶潔將從批准的發票中扣除提前30天付款的 $1.0\mathrm{\%}$$1.0\mathrm{\%}$1.0%1.0 \% 和提前60天付款的 $2.0\mathrm{\%}$$2.0\mathrm{\%}$2.0%2.0 \% 。

In addition to receiving quicker payments, $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} highlighted four other benefits for suppliers who participated in the program:
除了更快收到付款外， $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 還強調了參與該計劃的供應商的其他四個好處：

In early April 2013, P&G Chief Purchasing Officer Richard Hughes announced the extension of payment terms and introduced the SCF program in a letter to P&G suppliers:
2013年4月初，寶潔首席採購官Richard Hughes在致寶潔供應商的一封信中宣佈延長付款期限，並介紹了SCF計劃：

We are investing in a new program to help us win by creating new tools and capabilities that reduce transaction intensity and improve working capital and cash flow. The working capital program will focus on moving to longer payables with our external business partners. We . . . have developed a solution with pre-selected partner-banks that will enable us to offer a financial product called “Supply Chain Financing” (SCF) that can create a win-win-win for our external partners, P&G, and the banks. This approach not only will help mitigate some or all of the negative impact on the working capital of our external partners, but in many cases will create value, by enabling access to low cost capital for reinvestment. This solution demonstrates $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 's commitment to drive sustainable value through improved productivity for $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} and our external business partners. ${}^5$${}^5$^(5){ }^{5}
我們正在投資一項新計劃，透過創造新的工具和能力，降低交易強度，改善營運資金和現金流，幫助我們贏得勝利。營運資金計畫將專注於與我們的外部業務合作夥伴邁向更長的應付帳款。我們......已經與預選的合作銀行制定了一個解決方案，使我們能夠提供一種稱為 「供應鏈融資」（SCF）的金融產品，可以為我們的外部合作夥伴、寶潔和銀行創造三贏。這種方法不僅有助於減輕對我們外部合作夥伴營運資金的部分或全部負面影響，而且在很多情況下，還能通過獲得低成本資金進行再投資而創造價值。此解決方案展現了 $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 透過提高 $\mathrm{P}\mathrm{\&}\mathrm{G}$$\mathrm{P}\mathrm{\&}\mathrm{G}$P&G\mathrm{P} \& \mathrm{G} 和我們外部業務合作夥伴的生產力來推動可持續價值的承諾。 ${}^5$${}^5$^(5){ }^{5}

P&G initially offered a pilot SCF program to 40 North American suppliers, and then launched the full program globally to 3,500 of its largest suppliers. ${}^{\text{d}}$${}^{\text{d }}$^("d "){ }^{\text {d }} These suppliers accounted for $80\mathrm{\%}$$80\mathrm{\%}$80%80 \% of P&G’s $\mathrm{\$}60$$\mathrm{\$}60$$60\$ 60 billion in annual purchases. ${}^e$${}^e$^(e){ }^{e} As part of the rollout, SCF trainers flew around the world to help local teams prepare for discussions with suppliers whose commercial contracts were up for renewal.
寶潔最初向40家北美供應商提供了SCF試點計劃，然後在全球範圍內向3,500家最大的供應商推出了完整的計劃。 ${}^{\text{d}}$${}^{\text{d }}$^("d "){ }^{\text {d }} 這些供應商佔寶潔每年 $\mathrm{\$}60$$\mathrm{\$}60$$60\$ 60 十億採購額的 $80\mathrm{\%}$$80\mathrm{\%}$80%80 \% 。 ${}^e$${}^e$^(e){ }^{e}