Source: Debt Credit
Summary
The current development trend of trade flow of goods from simple to trade finance evolution of a variety of directions, trade financing, financial speculation, etc., which have shown the complexity of the trading process, a wide variety of trading tools, resulting in the trading business has a more subtle form of risk . In determining trade business aspects of risk, often in conjunction with trade varieties, analyze real trading business background, trade patterns and other aspects of the process of multiple factors.
Credit debt in the near future will launch a series of trade patterns and risk analysis to identify topics, including commodity class, the class finished products and supply chain trade. The series of studies has the following characteristics: 1, according to trade categories of species classification, targeted; 2, deep pattern of trade aspects of the process; 3, to the authenticity of the trading business analysis as a starting point to help identify false trade; 4, aimed at providing risk identification method in practical operation.
This article first series of research papers, mainly from trade-based domestic commodity trade patterns start to gradually derivatives to trade financing and trade financing business model, estimates the real trading business of combing through trade finance and working capital demand flow mode efficiency Finally, combined with risk-prone point link mode, summary risk identification method.
A commodity trading process
(A) The basic flow of commodities trade
Generally refers to commodities can enter the circulation, but non-retail sectors, with product attributes, for high-volume industrial and agricultural production and consumption of substances used in the sale of goods, including bulk raw materials (such as iron and steel, nonferrous metals, ores, chemicals, etc.) , bulk energy (oil, coal), bulk agricultural products (soybeans, wheat) and the like. Commodities tend to have huge trading volume, price volatility significantly, global distribution and other characteristics, but also the development trend of its trade from simple materials circulation before the evolution of the various directions of trade finance, financial speculation, etc., which have shown the complexity of the trading process, the type of variety of trading tools, resulting in the trading business have more subtle forms of risk.
Traditional trade patterns are mainly self-employed and agents in two ways: self-mode generally refers to traders from upstream suppliers to downstream customers purchase goods from the extension channel sales, traders and the use of asymmetric information in space and time difference to earn into the sales price. Acting procurement, traders and customers after signing an agency contract, receive 15% --20% margin, after purchasing goods from upstream suppliers and downstream customers according to their needs traders to pay the balance within the stipulated delivery time.
The main difference between self and proxy mode is that the agency model is based on sales orders, namely locking house and the next house, signed a purchase contract and the contract of sale when determining the price, sales settlement price plus related costs essentially on the basis of the purchase price ( generally about five thousandths) in order to lock in profits, inventory turnover faster.
Self mode for the first pick and then sell, traders bear the risk of price fluctuations and inventory turnover period of pressure. In addition, self-employed and agency business can be divided into the basic aspects of trade buying and selling, here we are on the buying and selling links is described.
1, the procurement chain
⑴ signed a procurement contract
Traders understand the situation supplier qualification, reputation, delivery capability with the signing of procurement contracts, the contract includes the name of the seller and the buyer, address, description of the goods (name, type, quantity, specifications, price, etc.), as well as payment other terms. Some companies because of long-term procurement needs while maintaining a stable and cooperative relations with suppliers and upstream suppliers will be signed annual supply agreement, the agreement to pay an annual deposit, the amount of annual purchases roughly lock, according to the actual situation in batches after purchase.
⑵ payment and settlement
Traders in the procurement to pay the purchase price, in accordance with agreements with suppliers or pay in advance a certain percentage of the full purchase price, the supplier usually relatively strong, in addition to stand outside in a dominant position on pricing, traders will be asked to pay for performance bonds, and payment harsh conditions, often required to pay the full purchase price in advance. Settlement payment is primarily for the following:
1, letter of credit
Letter of credit is a written commitment to a method of bank file to open the conditional payment, the bank which acted as buyers and sellers of financial security guarantor, as well as suppliers to submit bills of lading, letters of credit to its bank for negotiation. Domestic credit is divided into sight payment, deferred payment and other types.
Deferred payment credit higher qualification requirements for the buyer, the buyer apply to banks and other credit or by pledging to open letters of credit and pay a deposit after the melt-out funds can cash in order to achieve savings, accelerate cash flow purposes. Taking a domestic bank, for example, the buyer of domestic financing terms under the letter of credit is not more than three months, the proportion of the deposit prepaid credit quality is determined according to the buyer, usually 10% to 50%.
2, bankers' acceptances
As a commercial bills, acceptance by the depositor in the bank to open a deposit account of a ticket, apply to the bank by the bank agreed to review and acceptance, unconditional guarantee to pay the bill amount determined on a specified date to the payee. Bankers' acceptances with a negotiable credit, and can be discounted and so on.
After the general bank acceptance is valid for six months, providing traders bills margin of 20% to 50% of the face value of the bank, bank to bank acceptance form of payment to suppliers, banks undertake to guarantee responsibility for this part of the money supply Suppliers are also more willing to accept the bills settlement, and can receive a discount bills payment in advance.
For some relatively strong suppliers, bankers' acceptances will usually discount the cost superimposed on the price of goods, borne by traders. For traders, the greatest effect in that the cost acceptance, leverage, i.e., can be 20% to 50% of the 100% margin prying payment.
3, direct wire transfer
Remit payment directly to the supplier by the dealer bank accounts, low fee levels, this is mainly dependent on supplier credit quality, general partner for the long term, the higher the degree of trust between the parties.
2, the sales cycle
(1) Pricing
From the point of view of trade in the form of processing trade (the average cost + processing profits to set prices) single pricing model, while the price of general trade developed a variety of ways, according to trade product attributes and trade points, mainly the following:
1, a price
A price, that price is determined before the contract is fulfilled, even if prices rise or fall during the change are no longer. Long association prices are typical of a price pattern, trading companies also commonly used on a price way downstream synchronization of price fixing. At present, the international trade in coal, iron ore, fertilizer, and most of the category of domestic trade is still more use of such models, but imports of iron ore, coke and other domestic varieties have been trying to gradually transition to futures pricing.
2, the difference between group pricing
Basis pricing, that is, buyers and sellers unsure specific transaction price when signing the contract, but agreed to the subject matter of the contract for physical settlement at a future time, and provides for a certain time prior to delivery to the subject matter of the futures market futures as a benchmark price, plus the difference between the two sides prior agreement of the group (the difference between spot and futures) to determine the sales price payment settlement.
Basis pricing can stabilize the price fluctuation risk faced by parties to the transaction, but need to meet the appropriate futures hedging, pricing basis is generally at the same time the contract is signed, the seller and the buyer will choose the timing of the contract in the futures market, based on market conditions goods under the hedge and futures prices, "price points" on the day the transaction is completed turn-taking spot hedge positions through futures.
If only the unilateral operations will continue to face price rises or falls due to loss or decline in value of substantial opportunity costs incurred. Current international market oil, nickel and other nonferrous metals lead and zinc are more commonly employed yl differential pricing.
Hedging essence Basis pricing is the absolute risk of fluctuations in the price of the base into a difference (spot price - futures price) relative change, aimed at addressing price risk due to pay, receiving a long period of time generated for the product price fluctuations of trade varieties.
From the point of view of specific cases, a trader on August 15 signed a purchase contract sum of iron and steel, agreed price for the December futures price plus basis is $ 50, delivery time is 11 months. December futures price is chosen by traders before October 15. September 20, futures traders believe the price is right, and notify the supplier selection futures prices 20 September 3500 yuan / ton, while the price fluctuations for the transfer of risk, establish short trading in the futures market.
November 20, traders look for the end customer, and reached a resale contract, this time the spot price of 3,600 yuan / ton, while the futures price of 3540 yuan / ton. Traders at the same time to reach the resale contract to long positions in the futures market hedging gains for spot selling Basis - Basis = spot buying 60-50 = 10 yuan / ton.
As the spot price and futures price should theoretically some point of convergence, and therefore changes in general will not be much difference between the groups, with traders pricing basis is through hedging, fluctuations in the price of the absolute into the relative change in the basis , stabilize price fluctuations to some extent the risk.
From the accounting point of view, for commodity futures, mainly related to fair value hedge, changes in the transaction process specific subjects for assets and liabilities (such as "Futures Margin," "hedging instruments", etc.) and the profit and loss (including " investment income "," hedging gains and losses "and" changes in fair values "), for the hedging of futures trading enterprises should set up" Futures margin "subjects, while under the" hedging contracts "and" non-hedging contracts "subjects , respectively accounting enterprise financial hedging and non-hedging futures contracts traded occupied, specific accounting treatment is as follows:
3, real-time pricing
Instant pricing that is taking the spot market price pricing, follow the market's pricing model, the price does not take measures to lock belonging to the transaction exposure is the greatest risk pricing model.
(2) sales settlement
For specified by the customer procurement agency business, suppliers will generally receive 15% to 20% margin, a balance due at the time of settlement rights in goods delivery, the supplier of this money to purchase during the advance money; generally easy to traders in the settlement process rights situation ahead of the release of the goods occurs downstream customers to give a certain credit limit or credit the account of, a certain receivables, for the case to be concerned about its subsequent recovery of accounts receivable;
In addition, the companies will take advantage of trade accounts receivable factoring financing, factoring and financing the sales side, we will introduce in the subsequent series of special trade supply chain due to paper trade financing mode mainly related to trade front-end business processes (procurement chain).
Sales implement the relevant accounting treatment
(B) commodity derivatives trading process
Traders inherent upward downstream functions of financial intermediation, capital consumption generally; at the same time, due to low gross margin, trading enterprises often magnified by leverage, to expand the scale and speed up the turnover to increase the level of return on equity, and therefore high demand for capital, in the trading business links in the bank, or other state-owned enterprises play a role in financing platform loans, one of the important participants in the course of trade, derived from the relatively complex business processes, we analyzed in accordance with different modes of financing.
1 introduction of the bank's advance financing model
(1) advance financing model (bank acceptances for example)
Advance financing model in which the upstream supplier commitments under repurchase premise, traders prepay part of the deposit paid by bank financing to purchase the upstream section, upstream after receipt of the bill of lading issued by banks in the lending process will be part of the trade settlement It requires traders to provide goods right hypothecation, after the payment of goods and redemption fees to the bank by the traders or in divided manner to fight money graded delivery.
The basis of advance financing is secured in-transit inventory and inventory stock traders after making a prepayment under the supplier's delivery or pick up right through the realization of the right form for shipping, transport and other sectors. When the goods arrive, trading companies can be further converted into the sum of goods inventory financing, in order to achieve "seamless" financing (the model will be analyzed later).
For traders, because stocks are often less, especially procurement agency, has been locked in advance downstream sales, financing needs arising primarily from the upstream scheduling and waiting for cargo in transit and other transportation cycle advances links, this mode compared to inventory financing can to a large extent reduce trade working capital demand pressures.
Advance financing mode, since the goods right hypothecation, intuitive and clear ownership of the goods, there is a real trading business as the background while a certain percentage of the advance guarantee, the actual operation of which will require a number of additional third-party guarantees and other similar conditions, banks higher willingness to participate in the financing.
From the bank operating level, advance financing model for demanding corporate credit, the bank will be paid in proportion to the different requirements of enterprise credit margin, usually paid in proportion of 20% to 50%. After receiving the deposit bank acceptance bills issued to suppliers are the most common and frequent use of trade finance operation, and its essence is equivalent to short-term liquidity loans right to pledge the goods.
(2) advance financing mode process is as follows
1, Procurement: traders with upstream suppliers to sign procurement contracts, and negotiated by the traders to apply for a bank loan for the payment, suppliers, banks and traders signed a tripartite cooperation agreement, banks, traders and logistics companies signed tripartite cooperation agreement (including storage and transportation, supervision, etc.);
2, traders raise a bank loan application, paid a certain percentage of deposit, usually 20% to 50%;
3, bank acceptance bills in the form of financing for traders, suppliers out of bankers' acceptances;
4, upon receipt of bankers' acceptances, bank designated by the supplier warehouse delivery, and warehouse receipts to the bank acquired; while the logistics business regulation and distribution of the goods in accordance with Bank instructions; some traders in accordance with contract within the period (bankers' acceptances 6 months) payment to the bank, and superimposed a certain interest expense paid to banks, traders can not be completed if the one-time redemption, redemption through in batches, to form sold in batches funding cycle;
5, after the bank receives the final payment issued to traders warehouse out command (general cargo logistics enterprises to supervise and distribution according to bank instructions, a library only accept bank instruction);
6, the bank will send the bill of lading to the dealer;
7, traders get the right goods;
8, traders will sell the goods to downstream customers, a payment settlement;
9, the right to transfer the goods to downstream customers.
(3) trade enterprises to introduce bank acceptance bills of purchase accounting treatment of finance:
2 "tray mode"
(1) Financing cash pledge
In advance of the introduction of bank financing model, the bank purchased the goods need to be tracked in order to protect the goods regulatory authority for this dynamic assets, banks lack professional management personnel and a large amount of banking, trade and related business processes of resources and energy into the intensity is limited, while the banks long approval process, resulting in a slower efficiency in the handling of related businesses.
State-owned enterprises in the cargo tracking regulatory authority, access to funding aspects obvious advantages, and therefore also act as a "shadow banking" in the trading business, but because there is no right to grant loans to state-owned enterprises, the entire transaction process is completed in a trading business forms, and more used in bulk merchandise trade. Spot pledge financing business model can help enterprises solve the "seamless" issue after obtaining the right goods financing to accelerate the turnover rate of inventory finance.
In the cash pledge financing mode, with state-owned banks to recover the same period in the contract acquisition costs or the principal and Capital adoption fee (expense ratio is relatively high bank), do not assume the risk of fluctuations in the price of goods during, compared to bank participation model , state-owned stock pledge financing model is more flexible and more efficient.
(2) introducing the spot pattern SOE pledge financing process is as follows:
1, traders have an independent subsidiary of A and B (usually three or four subsidiaries), if Company B stock has the right to pay a deposit by Company A to entrust the procurement of goods to the state-owned C;
2, full payment to the state-owned C Company B, while obtaining the right goods (and sometimes state-owned enterprises to control the goods will be asked to transfer the goods right after loan), then B funding;
3, after the expiration, traders A company by the rest of the purchase price and related expenses paid to state-owned C, and then release the right goods to the state-owned company A.
Through the above process, the company paid A small number of state-owned enterprises made a deposit the full amount of funds transferred from the B goods also right to state-owned companies, and finally transferred to Company A, financing operation by the above spot, Company B does not have a temporary disposable by heavily regulated.
This margin by paying a small amount of inventory pledged to finance the behavior of the industry was known tray mode. Angle state-owned enterprises for financial resources from external, the pallet business is not real business needs by traders financing funds used to charge fees. Generally state-owned bank traders act as shadow finance loan interest rate is about 1.5% per month, much higher than its trading business in the real level of profit, state-owned enterprises with strong financial strength and the entire transaction process is completed to form trade business, increase its trading business scale, high willingness to participate.
二、贸易业务资金需求及周转效率
如前所述，贸易企业承担着资金融通职能，业务规模大，资金需求量也大，在供应商、贸易商以及银行的合作下，贸易商可以利用杠杆实现资金以及业务的持续滚动，尤其在大宗商品贸易中。
在实际操作中，部分企业可能存在通过贸易业务进行资金融通用于融资性贸易或者其他板块投资的情况，从而加剧企业流动资金周转压力。那么对于一定规模的真实贸易业务来说，多大的债务规模是合理的？该部分我们将对贸易企业一定规模真实业务量的资金需求规模进行简单测算。
若以真实贸易业务为基础，理论上贸易业务资金需求量=贸易业务成本*现金周转期（现金周转期=存货周转天数+应收票据/账款周转天数+预付账款周转天数-应付票据/账款周转天数-预收账款周转天数）。
因此，我们可以根据贸易企业的周转效率大致测算其贸易业务资金需求量，将其与企业的债务规模进行对比，对于债务规模远高于其贸易业务资金需求量的企业，需关注其资金投资方向。
一般来说，不同品种的周转效率不一，若上下游均为生产型企业，由于涉及采购、排产、发货、配送等不同环节，整体贸易流转效率相对较慢；此外，自营以及代理模式下，周转效率亦存在差异，一般来说自营模式相比代理模式流转较慢。
以钢铁为例，一般需提前预定，支付采购货款后，钢厂进行排产，再经过发货配送、销售至下游客户，周期相对较长；煤炭贸易采购多以现货为主，流转相对较快；对于有色金属类贸易，多以现货为主且配以套期保值等操作，周转效率较高。根据调研我们了解到，若以真实贸易为基础，上下游均为生产型企业，且下游结算以现金为主的情况下，钢铁、煤炭、有色金属的现金周转天数一般为45天、30天和14天左右。
当然在实际贸易业务开展中，贸易企业上下游不乏一些中小型贸易经销商，其实际周转效率或更快，但一般来说缺乏上下游生产基础的贸易业务风险相对更大，尤其对于周转效率很快的贸易企业来说，我们对其贸易业务背景的真实性存疑。考虑到行业内贸易企业多涉及不同品种贸易业务，我们梳理了54家样本贸易企业（样本选取中债资信所覆盖的公开债券市场发债、财务数据公开以及剔除了存在一定规模房地产以及其他业务的54家贸易企业）得经营周转效率指标，以各指标中位数作（见图6）为参考标准从而对贸易企业的周转效率进行评价。
三、大宗商品贸易环节中主要风险点、风险防控措施及风险识别
（一）主要贸易环节风险点及风险防控措施
1、对手方信用风险
(1) 对手方资质差：合同诈骗：贸易商在与单个或多个供应商以及下游客户合作时，若各供应商或客户之间存在关联关系，需进行深入调查，避免联合串通诱使贸易商签订合作合同，形成合同诈骗。
合作方资质差产生连带影响：由于银行等金融机构对于行业或企业风险敏感度较高，贸易商的业务合作方一旦产生债务逾期、诉讼等风险事项，银行对贸易商可能进一步采取收紧或暂停的信贷政策，加大其融资压力。
(2) 资金结算风险：应收、预付账款损失：贸易商在采购环节须向供应商预付货款，由供应商收款发货，一旦未按照合同约定发货，或供应商存在恶意欺骗的情况，公司预付账款面临一定减值损失风险；在销售环节中，由于存在提前释放货权的情况，若后续货款无法收回或收回难度较大，贸易商应收账款损失风险较大。
费用损失：在贸易商拥有货权期间，贸易过程中的物流配送、仓储管理以及装船卸载等环节涉及到的费用，一般由贸易商先行垫付，在与下游客户结算时，向客户收回。此外，在代理模式中，贸易商为客户采购时产生了资金占用费，在结算时由客户支付，在交易过程中若出现问题导致交易不顺畅，贸易商或将自行承担相关费用，面临一定费用损失风险。
风险防控：
(1) 贸易企业往往需建立完善的信用管理体系，其中对于供应商管理，应该严格选择供应商，对其提供的产品、经营质量、信用等做详细的评估；
(2) 对于客户管理，应详细地建立和管理客户档案，加强对客户的资信调查、评估、分级，确定每个客户的信用额度；
(3) 严格执行预收保证金制度，及时追缴保证金，对账期进行有效管理。
2、价格风险
由于大宗商品价格波动幅度较大，定价环节对贸易商而言至关重要，货物价格波动直接影响贸易定价环节，货物价格波动时不同的定价方式风险各异：
(1) 货物跌价风险：在自营贸易业务中，贸易商在持有货权期间，承担价格波动风险，一旦价格跌破采购价格，贸易商或将承担跌价损失，尤其对于库存积压严重以及未提前采取价格锁定措施的贸易商损失较大。
(2) 下游弃货、拒收风险：在贸易商在与下游客户签订了一口价的锁价销售合同后，一旦在销售期间货物价格出现大幅下跌，客户或出现弃货、拒收的情况，贸易商或采取低价处理的方式以避免货物进一步跌价的风险。
风险防控：
(1) 提前锁定价格。通过上下游同时定价锁定利润空间、或采用期货定价模式避免价格绝对值波动带来的损失。但值得注意的是，在期货交易的巨大利益驱使下，部分贸易企业从事期货投机套利活动，导致期货交易失去套期保值的功能，并引发较大的期货投资风险。
(2) 合理利用套期保值工具。通过期货市场对现货市场价格风险进行对冲，减少因现货市场价格剧烈波动产生的跌价损失。
(3) 严格收取采购保证金。在大宗商品贸易中，预付保证金的实质更加类似于贸易品跌价的“安全垫”。只要价格波动幅度小于保证金比例，则买方弃货止损动力不足，卖方存货跌价风险可以得到有效转移。
在保证金比例过低或保证金制度未有效执行的情况下，卖方遭弃货以及价格波动带来损失的风险明显增大。当价格波动幅度大于保证金比例时，应及时追加客户保证金，若追加保证金不成，应尽快处理在手存货以防止货物进一步跌价。
3、货权风险
货权风险主要包括因为仓储、物流方等外部中介服务机构导致货物损失风险以及商品价格波动较大、存货持有周期较长导致存货跌价的风险。在大宗商品景气度低迷且价格波动加剧、贸易企业存货周转效率降低的背景下，部分贸易企业由于未能有效锁定购销价格，存在较大的跌价损失风险。货权损失风险主要出现在货物仓储期间，贸易商失去了对货权的控制，一般表现在以下几方面：
(1) 虚假提货单：主要是买方或者第三方，在未通知贸易商的情况下，利用虚假提货单据到仓库出货，或利用虚假仓单将货物抵质押，造成货权损失。
(2) 货代、仓储方与买方勾结：货代公司或仓储公司在未接到贸易商放货通知的情况下，将货权提前转移给下游买方，贸易商对货权失控。
(3) 仓储管理不当：在未经贸易商允许的情况下，仓储管理公司对货物进行随意处置、使用或抵质押，导致货物无法正常提出，面临货权损失风险。
(4) 内部管理失控：贸易商对内部人员及货物管理力度不够，内部人员联合外部人员弄虚作假，转移货权或超额放货，最终失去货权。
风险防控：货权控制分为主动控制和被动控制两类，贸易企业应确保库存的合理性，防范存货跌价风险。一般来说由于贸易企业与仓储企业之间存在较大的信息不对称性，因此贸易企业在货款控制方面相对被动，一般通过建立严格的仓储方审核机制和物流规范管理制度，需选取可靠的货代公司及仓储公司、与部分仓储企业建立长期稳定合作关系等方式实现。除此之外，贸易企业也通过对仓储公司进行定期或不定期对账检查，加强仓库现场巡视、严格履行合规审查流程。
（二）风险识别
由于可获取的信息有限，除了定性判断贸易企业的风险防控执行情况外，在判断贸易企业上述贸易环节风险高低时，可结合贸易企业审计报告及相应的指标表现进行分析。
1、交易对手方
(1) 上游供应商方面，对前五大供应商是否经常变动或存在集中度较高的情况进行关注，若供应商出现频繁变动，并为中小型生产企业或经销商，在一定程度上说明，采购货物质量或存在一定不稳定性，贸易企业对供应商整合力度较弱，若供应商较为稳定，或为较大型上游生产型企业，其信用资质相对较好；
(2) 下游客户是采购产品的直接需求方，还是中小型经销商，若为生产型企业则下游需求相对稳定；
(3) 贸易企业上游供应商和下游客户是否有关联关系，若有关联关系则企业可能存在虚增收入或者融资性贸易业务。
2、预付、预收账款管理
贸易商为控制信用风险，一般会对下游客户收取一定的保证金，在预付账款大规模增长的同时，若预收款始终保持较低占比或者增幅明显较小，企业资金垫付风险暴露更为明显，一般可以通过预付账款/预收账款指标来监测企业资金垫付风险暴露情况。
3、应收账款及坏账计提情况
对企业应收账款账龄结构以及账款质量进行分析，通常贸易企业账款周转多为短期，若一年以上账款累积增加，则回收风险较大；同时需关注坏账计提规模是否与业务量匹配，如果账款规模不断扩大，而相应计提比例维持或减小，可能存在坏账计提不充分的风险。
4、现金周转周期
如第二部分分析所述，若贸易企业上下游主要是生产型企业，其整体贸易流转效率相对较慢，不同大宗商品品种不一，一般从采购到下游回款在14~45天不等。对于现金周转周期特别短的贸易企业，其贸易业务可能相对缺乏上下游生产基础，风险相对更大。
此外，尤其需重点关注企业存货周转率和应收账款周转率，结合样本企业分别9次和13.49次的中位数来看，对于存货和应收周转效率过低且逐年下降的贸易企业可能存在存货积压以及应收账款回收不及时情况，需同时关注其减值损失的计提是否充分。
5、资金需求量与债务规模匹配度
我们可以根据贸易企业的现金周转周期大致测算企业贸易业务资金需求量（如第二部分所述），并将其与企业的债务规模进行对比，对于债务规模远高于其贸易业务资金需求量的企业，需关注其资金投向。
6、账款的"特殊处理"
贸易企业在面临回收困难或涉诉的应收账款时，存在计提资产减值损失不够充分的情况，这部分账款往往会通过各种方式转移至其他应收款科目，普遍表现为规模较大，账龄偏长的特征，对于这类贸易企业在财务上的“特殊处理”亦需保持关注。