방산수출 국제대금결제와 방산수출금융에 관한 고찰

박근서 한국무역금융보험학회(구 한국무역보험학회) 2014 무역금융보험연구 Vol.15 No.3

방산수출은대금지급주체가구매국정부라는점,제작과인도시기관련양당사자의이해가대립 하여그에맞는결제조건의합의와조정에신중해야하는점,연불결제를활용하는경우정부의공적 금융이나보증지원을통해구매자신용방산수출금융이필요한점을특징으로한다.개별방산수출에 적합한대금결제방법결정은구매국의요구에부응하면서수출기업의대금미회수위험을최소화시키 는방안을모색해야하며,복잡하고당사자간협상과합의가어려운분야이다. 방산수출금융에는 방산수주경쟁력확보와구매국의지급능력보완을위해수출국정부의공적(official)금융,양허성 (concessional) 지원이자주활용된다. 유럽은주로상업은행의대출에ECA보증지원이라는 ECA금융방식을주로활용하나미국은대외군사금융(FMF)을주로보조금중심으로지원하고, 비살상무기계열이나마약퇴치활동등에대하여는미국수출입은행이지원하며,대규모프로젝트의 경우라면의회의특별승인을통해지원한다.심지어미국의경우도모든방산수출금융이성공하는 것은아니며,미국국방부방산수출대출(DELG)프로그램처럼방산수출특성과복잡성반영,조직 준비를갖추지못한지원프로그램은실패할수있음을알수있다. 미국등선진국방산수출관련대금결제방법이나수출금융시스템은초기단계인우리나라의향후 방산수출에대한금융지원방향에여러가지시사점을준다.이중특히은행등금융권의역할과정부의 역할정립이중요할것이다.단순히정부가상업금융기관에 금융지원을독려한다고될문제이기보다는, 정부가주도적으로확실한공익목표를제시하고저리로대규모자금을조달할수있는대형정책금융기 관, 즉수출입은행, 산업은행, 무역보험공사등정책금융기관을중심으로공적수출신용(official export credit)프로그램을지원해야만수출이가능할분야이다.현재우리나라현실을감안할때, 일반시중상업은행들의수출금융지원의자생적발전을바랄것은아니며,보다금융조달능력이우수하 고설사단기간상업적수익률이충분하지않더라도산업발전을위해지원할수있는정책금융기관을 중심으로지원하는방향으로전개해야할것으로본다.정부가정책수립과외교안보채널을적극활용하 고정책금융기관의지원을융합시킬때방산수출산업이기대하는신성장동력산업이될수있을것이다. This study explore and survey issues ofmilitary export paymentmethods and military export financing(“MEF)“.Military export can be characterized by the fact thatmost of buyers are government entities, that special care should be required to choose optimalmiddle position regarding construction and delivery between parties, and that exporting government generallyneeds to facilitate government official or concessional financing for importing government buyer. In a typical MEF arena, official credit by exporting government with or without concessional lending, is a frequent feature, andU.S. centers on giving grants by FMF(“ForeignMilitary Financing”) program,whilstmajority countries on commercial ECA financing. U.S. Eximbank gives financing support for exports of defense-related products: counter-narcotics efforts and non-lethal military articles. History shows that all export financing programs have not been always successful. U.S. Defense Export Loan Guarantee(“DELG”) has been used only once and has not generated enough revenue in fees and the scope and nature of continued DELGoperations was not readilymet by DoD. This study suggests some implication on our future policy and desirable financing systemon DEF. It cannot be achieved by mere encouragement led by government for commercial banks to offer MEF voluntarily merely on commercial bases, but by harmonized arrangement by both government and official export financing agencies, such as Ex-imbank, KDBand K-sure. Even where there has not been clear and apparent profit could not bematerialized within visible short time, relevant government entities and appropriate official financing arms should co-build Korea Military Export Financing programs in order to develop MEF as new growth power industry.

단기수출보험(EFF)의 법적 성질 및 보험자의 책임

정경영 한국금융법학회 2017 金融法硏究 Vol.14 No.3

Exporter finds some difficulties in developing a new market due to the absence of knowledge on the credibility of importer. Almost every countries exert to boost the export by means of export finance to exporter such as export financing facility (EFF), which is the main subject of this paper, to solve the uncertainty of payment of export claim. The Moneual case was a typical one that shows an export insurance should be interpreted according to the insurance norm and financial institutions should overview the credibility of assignor (exporter) to get assigned the export claim from the exporter. This paper examined the responsibility of EFF insurer in case that the assigned export claim was based on fraud of exporter. The legal nature of EFF is categorized into the credit insurance that is an insurance for the policy holder and different from the guaranty insurance that is an insurance for whom it may be concerned. As for the policy of EFF contract, every article including the concept (§1), the object (§2) etc. premises the existence of the export claim so that the insurance without the export claim can not be valid and insurer is free from the responsibility to pay the proceeds to policy holders (financial institutions). According to the insurance theory, the insurance contract should have the object (or subject matter) of insurance and in case of property insurance, insurable interest. If EFF contract is based on the fraud export claim, that insurance contract is not valid and even though the insurance event such as non-payment of exporter to financial institution happened, the insurer of EFF is not responsible for payment of proceeds. EFF contract is one of private insurance contracts and it should be interpreted based on insurance contract law and insurance policy and the Moneual case is one of the cases that the insurance cannot cover all the lost of the policy holder (financial institution). 무역거래에서 수출자가 부담하는 외국시장에 대한 가장 큰 불안은 결제의 불확실성이고이는 수입자의 신용에 대한 확신이 없어서이다. 만일 수입자의 신용을 제3자가 보장해 준다면 수출자는 매우 적극적으로 새로운 시장을 개척하여 자신의 만든 물건 또는 서비스의 판로를 개척할 수 있어 결과적으로 국가경제에도 큰 도움이 될 수 있다. 이러한 이유로 대부분의 국가들은 수출을 장려하기 위한 정책으로서 수출보증, 수출보험 등의 제도를 도입하고있으며 공공기관 또는 사영 보험사가 경쟁적으로 운영하고 있다. 이와 같이 정책적 목적으로 도입된 수출보험(무역보험)은 일반 손해보험과 구별되는 특징을 가지고 있으며, 때로는 최근 모뉴엘 사건처럼 허위수출에 따른 보험계약이 체결되어 사회적 물의를 일으키는 경우도 생겨나고 있다. 단기수출보험(EFF)은 수출금융의 일환으로 고안된 보험으로서 보험계약자인 금융기관과무역보험공사가 자유로운 의사의 합치에 의해 체결되는 사보험계약이다. 가입이 강제되고정부의 재정지원이 예상되는 공보험과 달리 사보험계약은 약관의 문언과 보험계약법의 법리에 따라 해석되어야 한다. 몇 년 전 사회적 물의를 일으켰던 모뉴엘 사건에서 문제된 단기수출보험(EFF) 역시 사보험이고, 허위수출에 따른 보상문제도 약관과 보험법의 원리에 따라해결되어야 하고 여기에 근거도 없는 공보험적 성격이 투영되어서는 안 된다고 본다. 단기수출보험(EFF)의 약관규정을 자세히 고찰할 때 모든 조항이 금융기관이 수출자로부터수출채권을 매입할 것을 전제하고 있으므로 수출채권의 매입이 없을 경우 단기수출보험(EFF)이 성립할 수 없다. 모뉴엘 사건에서처럼 허위수출로 가장된 수출채권은 무효한 채권을 대상으로 동 보험약관의 어느 규정도 적용되기가 어렵다. 뿐만 아니라 ‘수출자로부터 매입한 수출채권’은 단기수출보험(EFF)의 보험의 목적이자 피보험이익의 근거가 되므로 허위수출로 가장된 수출채권을 대상으로 보험계약이 성립하였다 하더라도 이는 보험의 목적과피보험이익이 존재하지 않는 보험계약으로서 효력을 가질 수 없다. 그리고 보험계약이 무효일 경우 피보험자는 특별한 법규정 또는 약관조항이 없을 경우 보험금청구권을 가질 수 없다. 요컨대 허위수출채권을 금융기관이 과실 없이 매입하여 이를 대상으로 단기수출보험(EFF)계약을 체결하였더라도 유효한 수출채권이 존재하지 않아 보험계약은 성립하지 않거나 효력을 가질 수 없어 결과적으로 보험자의 책임은 발생하지 않는다.

한국수출입은행의 공적수출금융지원이 한국의 수출에 미치는 영향 연구

이은재,이서영,이윤관 한국무역연구원 2023 무역연구 Vol.19 No.3

Purpose – The purpose of this study is to analyze the impact of official export finance supported by the Export-Import Bank of Korea on Korea's exports. In particular, in order to differentiate from previous studies, the detailed size, as well as the long-term and short-term effects of export financing support on exports, were analyzed. Design/Methodology/Approach – In this analysis, an Export Demand Function Model was introduced. Prior to the empirical analysis, a unit root test and cointegration test were conducted. As a result of the pretest, it was found that the variables included in the analysis were I (1), and the cointegration vector did not exist. Based on these results, a Vector Autoregressive (VAR) model was established. Findings – As a result of estimating the impulse response function, it was found that when an official export finance shock was applied, exports gradually increased from the time of the shock to the third period, and then the increase slowed and converged to zero. As a result of the variance decomposition analysis, the export financing support amount began to show explanatory power in export fluctuations from the second period, and showed about 2.5% explanatory power from the third to the tenth period. Research Implications – It was confirmed that export finance provided to exporting companies plays an important role in helping to promote exports. Therefore, the government and financial institutions should support exporting companies by providing active export financing support, along with export promotion policies.

프로젝트 파이낸스방식 수출거래에서 수출보험의 역할

김상만 국제거래법학회 2008 國際去來法硏究 Vol.17 No.2

Project finance is a financing scheme in which a lender is satisfied to look initially to the cash flows as the source of funds from which a loan will be repaid. The key to a successful project finance is structuring the financing of a project with as little recourse as possible to the sponsor while at the same time providing sufficient credit support through undertaking of a sponsor and other security mechanisms. To avoid direct liability, project sponsor establish a project company for the sole purpose of carrying out that project. A project company borrowes fund required for that project, and is liable for the debt. Project finance has several features compared to corporate finance. The major risks in project finance are completion risk, operation & management risk, raw material supply risk, sales risk, legal risk, country risk, etc. As a project company is a newly established without creditworthiness, the lender requires numerous securities. The most prefered security is export insurance cover by an export credit agency. Global project finance volume in 2007 increased by 20% to U$273 billion from 656 projects compared to U$227 billion from 589 transactions in 2006. Project finance marked the fifth consecutive year all-time high in both volume and deal count. The export insurances which can be used to cover risks involved in project finance are medium and long term export insurance(buyer credit), export bond insurance, and overseas investment insurance. Medium and long term export insurance(buyer credit) covers non-recovery risk of financial proceeds by a financial institution in a medium and long term loan agreement, the repayment of which exceeds two years. Export bond insurance is an export support scheme to indemnify losses of the financial institution which issued performance type guarantee. Overseas investment insurance covers investor’s(project sponsor in project finance) losses which incurred by war, expropriation, restriction on the transfer of money in a host country.

수출금융에 있어서 채권양도계약의 준거법에 대한 소고

오원석(Oh, Won Suk),한기문(Han, Ki Moon) 한국무역상무학회 2011 貿易商務硏究 Vol.49 No.-

Among various export financing, forfaitng and factoring give a comfort to exporters as those special financing schemes are extended to them on a without recourse basis. This is good for the exporters in terms of financing and risk cover of buyer or LC issuing banks. To enjoy this benefit, the SME exporters should, however,, know the risks involved in sales contract. For example, if the export and importer set Korean law as governing law in the sales contract especially for open account exports, the exporter's receivables might be not welcome by factors according to provisions of Korean Conflict Law and it's application. Those regulations tell that the factor's position would be unstable when the sales contact limit exporter's assignment of receivables to the factor when the sales contract is subject to Korean law. Also the exporters should know related regulation of importer which might affect the assignment of receivables as well. This paper suggests the Korean exporters take internationally recognized agreement/convention such as UNI|DROIT Convention on International Factoring, UN Convention on the Assignment of Receivables in International Trade.

수출보험사기 방지를 위한 우리나라 수출신용보증제도 개선방안:

박승락(Seung-Lak PARK) 한국무역상무학회 2018 貿易商務硏究 Vol.77 No.-

This study explores how to prevent the fraudulent export financing and its subsequent export insurance fraud in relation to O/A negotiation. Under the traditional letter of credit(L/C) transactions, the banks, as a negotiation bank, can extend trade financing to the exporters through negotiation of draft and/or shipping documents. Under the O/A transaction scheme, however, bank cannot ascertain existence of trade performance and it is much riskier to extend an advance financing to the exporters before the buyer sends confirmation of debt. In O/A negotiation. some exporters tried to fraud banks by falsifying the shipping documents and the size and gravity of this fraudulent export financing were huge. Therefore, this study examines the banking process in O/A-based trade financing, documents examination process, the negotiation of instruments, treatment of trade financing in export credit guarantee, most importantly, explores what could be the criteria for appropriate treatment of account receivable to insure the safe transfer of account receivable. To maximize the benefit for optimum trade financing, the Bank of Korea established several Trade Finance Rules (refers to “BOK Rules”) requiring that commercial banks should maintain optimal credit limits(so called, ‘the principle of optimal loan’) to extend the trade finance. The K-sure post-shipment credit guarantee programs and short-term export insurance program( E FF)can also facilitate ‘the principle of optimal loan’ principle.

중장기수출보험의 현황과 쟁점연구

최병규 한국무역금융보험학회(구 한국무역보험학회) 2016 무역금융보험연구 Vol.17 No.3

한강의 기적으로 이룬 대한민국은 천연자원은 부족하지만 수출을 통하여 성장하여 왔다. 그런데 2016년 수출전망은 그리 밝지 않은 형국이다. 특히 중국의 성장세 둔화로 인하여 앞으로 수출을 중심으로 성장해온 우리나라 수출에도 악영향을 끼칠 전망이다. 그럼에도 우리는 수출을 진흥하기 위하여 다각도로 노력하여야 한다. 그 가운데 하나가 수출보험 내지는 무역보험이다. 그 가운데 하나가 중장기수출보험이다. 중장기수출보험은 수출대금의 결제기간이 2년을 초과하는 중장기수출 계약을 체결한 후 수출이 불가능하게 되거나 수출대금을 받을 수 없게 된 때에 입게 되는 손실 또는 수출대금에 관한 금융계약을 체결한 후 금융기관이 대출원리금을 받을 수 없게 됨으로써 입게 되는 손실을 보상하는 보험을 말한다. 그런데 이 중장기수출보험의 약관내용을 보면 개선할 점이 존재한다. 무역보험에도 보험의 원리가 적용된다는 것이 대법원 판례의 태도이다. 따라서 국가의 산업정책적 보험이라 하더라도 무역보험에도 일반 보험의 원리에서 크게 벗어나지 않도록 약관을 재구성함이 필요하다. 주체적으로 보면, 약관 제9조 제1항에서 면책사유를 규정하고 있다. 그러면서도 그곳에서 계약해지를 같이 규정하고 있는데, 이는 논리적으로 문제가 있다. 계약해지는 면책사유와는 분리하여 따로 해당 부분에서 규정을 하여야 한다. 그리고 고지의무는 완전히 수동적 답변의무로 규정함이 필요하다. 한편 일반 보험의 경우 계속보험료를 제때 납부하지 아니하면 보험자가 한번 독촉을 하여야 해지가 가능하다. 그리고 최초보험료를 내지 않는 경우는 2월이 지나면 계약은 해제된 것으로 본다. 그런데 중장기수출보험의 경우에는 보험계약자가 약관 제19조 제1항의 보험료를 납부기일까지 납부하지 않은 경우에는 공사는 당해 보험계약을 해제할 수 있도록 한다. 일반보험의 경우처럼 최초보험료와 계속보험료를 구분하여 규정하는 것이 필요하다. 그리고 최초보험료의 경우는 해제를 인정하되 계속보험료는 독촉을 한 번 한 이후에도 납부하지 않는 경우 해지할 수 있는 것으로 규정하여야 할 것이다. 그리고 약관 제19조 제3항의 표현도 어색하다. 즉 약관 제19조 제3항에서는 “제2항의 단서규정은 보험계약자가 당해 보험료와 제1항에 의한 납부기일의 다음날부터 납부하는 날까지의 날수에 대해 공사가 정한 연체이율을 적용하여 계산한 연체금을 납부한 때에 효력이 발생한다”라고 하고 있다. 제19조 제2항 단서에는 “다만, 보험계약자가 그 보험료를 납부하지 않은 상당한 이유가 있다고 공사가 인정하는 때에는 그렇지 않다”라고 되어 있다. 제19조 제3항은 보험계약의 부활을 표현한 것으로 보이는데 이를 상당한 이유가 있다고 공사가 인정하는 제2항 단서와 연결시킨 것은 논리적으로 명확하지 아니한 문제점이 있다. 따라서 이 점을 보험계약의 부활과 관련하여 명확하게 다시 규정하여야 할 것이다. 수출진작이 중요함과 동시에 다른 측면에서는 중소기업 위주인 내수를 위축시키는 정책을 조장하는 것은 지양하여야 한다. 대표적으로 수출만을 위해, 지나친 고환율, 저원화 등을 추진하면 국제사회에서 환율조작국이라는 비난까지 받게 되는 문제에 봉착하게 된다. 주로 대기업이 주도하는 수출에 실제 이상의 평가를 주는 것은 조심하여야 하는 측면도 고려하여야 한다. 그런데 결국 수출도 중요함은 부인할 수 없는 주지의 사실이므로 수출, 무역을 정책적으로 지원해 주기 위한 제도중의 하나인 중장기수출보험이 원래 고안된 본래의 기능을 다하도록 제도를 적극 홍보하고 문제점을 개선하여 국가의 수출진흥에 기여하도록 하여야 할 것이다. The economic growth of Korea depended on export increase. Once upon a time, there was a big slogan in Korea, namely the 10 billion dollar goal for exports. Now the trade volume of Korea reached to one trillion dollars. This miracle of “Han River”is achieved through export oriented economy of Korea. By the promotion of the export, the role of government is very important. The export credit insurance is industry politic insurance. It does not violate the international commercial trade law(UR-Round and so on). The government should not support export through subsidy. But the trade insurance is allowed, also according to the international trade law. We should keep on supporting export insurance. The Long-term Export Credit Insurance is one kind of export credit insurance. For the use of Long-term Export Credit Insurance, the settlement period of export proceeds should be over 2 years. The K-Sure(Korea Trade Insurance Corporation) pays insurance money in the case of unability of export or export proceeds receiving. To the Long-term Export Credit Insurance applies the principle of private insurance. This is the attitude of the Korean supreme court. Therefore, we should adapt the contract terms of the Long-term Export Credit Insurance to that of the general civil insurance. In case of violation of duty of disclosure, the subjective and objective requirements of disclosure duty should be applied. When the insurance contractor does not pay premium and the insurer presses the payment, the K-Sure can cancel the contract in the case of non payment of premium also in that case. The export surroundings of Korea is not so good in these days. Therefore, we should support the export with several methods. The trade insurance is a good mechanism for this purpose. We should change the export insurance system and make it as more effective vehicle for the promotion of export. Then our export volume can expand also for the next time. That is our objective for the welfare and economic wealth of our nation, people and society.

A Comparative Study on a Supplier Credit and a Buyer Credit in International Transactions of Capital Goods - Focusing on Industrial Plant Exports, Shipbuilding Exports, and Overseas Constructions -

Kim, Sang-Man The Korean Research Institute of International Com 2010 貿易商務硏究 Vol.48 No.-

The international transactions of capital goods such as industrial plant exports, overseas constructions, and shipbuilding exports, are so huge that tremendous amount of funds are required, and that most of the loans are long-term credits of over five years. In the export of huge capital goods, financing is more crucial than technology itself. Some of the importing countries are developing ones that are politically and economically unstable. Therefore the financing mechanism for these transactions is conclusive in winning these projects. Global financial market instability caused by US sub-prime mortgage financial crisis expanded all over the world, and the international transactions have been decreased due to global credit crisis. This indicates how much influential the financing market is in international transactions. The financing schemes are classified into supplier credit and buyer credit by who provides the financing. A supplier credit is a credit extended by an exporter(seller) to an importer(buyer) as part of an export contract. Cover for this transaction may be extended by an export credit agency('ECA') to the exporter. In a sales contract a seller shall provide fund required to manufacture goods, and in a construction contract a contractor shall provide fund required to complete a construction. A buyer credit is an arrangement in which an exporter enters into a contract with an importer, which is financed by means of a loan agreement A Comparative Study on a Supplier Credit and a Buyer Credit in International Transactions of Capital Goods 155 where the borrower is the importer. In a sales contract a buyer shall provide fund required to manufacture and procure the goods, and in a construction contract an owner shall provide fund required to complete a construction. Therefore an exporter is paid on progressive payment method. A supplier credit and a buyer credit have their own advantages and disadvantages in the respect of the parties respectively. These two financing methods are selectively used considering financing conditions such as funding cost, importer's and/or exporter's financial conditions, importing country's political risk.

A Comparative Study on a Supplier Credit and a Buyer Credit in International Transactions of Capital Goods - Focusing on Industrial Plant Exports, Shipbuilding Exports, and Overseas Constructions -

김상만 한국무역상무학회 2010 貿易商務硏究 Vol.48 No.-

The international transactions of capital goods such as industrial plant exports, overseas constructions, and shipbuilding exports, are so huge that tremendous amount of funds are required, and that most of the loans are long-term credits of over five years. In the export of huge capital goods, financing is more crucial than technology itself. Some of the importing countries are developing ones that are politically and economically unstable. Therefore the financing mechanism for these transactions is conclusive in winning these projects. Global financial market instability caused by US sub-prime mortgage financial crisis expanded all over the world, and the international transactions have been decreased due to global credit crisis. This indicates how much influential the financing market is in international transactions. The financing schemes are classified into supplier credit and buyer credit by who provides the financing. A supplier credit is a credit extended by an exporter(seller) to an importer(buyer) as part of an export contract. Cover for this transaction may be extended by an export credit agency('ECA') to the exporter. In a sales contract a seller shall provide fund required to manufacture goods, and in a construction contract a contractor shall provide fund required to complete a construction. A buyer credit is an arrangement in which an exporter enters into a contract with an importer, which is financed by means of a loan agreement where the borrower is the importer. In a sales contract a buyer shall provide fund required to manufacture and procure the goods, and in a construction contract an owner shall provide fund required to complete a construction. Therefore an exporter is paid on progressive payment method. A supplier credit and a buyer credit have their own advantages and disadvantages in the respect of the parties respectively. These two financing methods are selectively used considering financing conditions such as funding cost, importer's and/or exporter's financial conditions, importing country's political risk.

미국시장에 대한 한국의 수출증대와 단기무역보험의 연관성 분석

김종권(Jong-Kwon Kim),유광현(Kwang-Hyun Yu) 한국무역연구원 2020 무역연구 Vol.16 No.1

Purpose- This paper is related to study the relations between Korea’s export growth and short-term trade insurance acquisition rate relative to the Korean economy. Because Korea has an export-oriented trade structure, the economic ripple effect of the US market on the Korean economy is enormous, and therefore this study is relevant. Design/methodology/approach- This study conducted various analyses, starting with basic statistics such as average statistics and standard deviations. Second, the data was examined through regression analysis, and lastly, the Granger’s Causality test was conducted. Findings- Findings showed that the average increase and decrease of the acquisition performance of short-term trade insurance is 27.73%, and the average of total US export rate increase and decrease is 3.91%. The standard deviation of the short-term trade insurance acquisition rate was 121.51%, and the standard deviation of the total US export rate was 16.52%. In view of current uncertainties in the external economy, the role of short-term trade insurance seems to be important. Secondly, through regression analysis a decrease in interest rate leads to a positive effect by strengthening export competitiveness due to reduced export companies’ costs, and ultimately, this translates to an increase in total exports. Third, the results of the Granger’s Causality test show that the short-term trade insurance acquisition rate and the U.S. export growth rate are mutually influential. Research implications or Originality- In 2020, Korea’s economic situation is foreseen to be characterized by heightened uncertainty due to external economic conditions and dynamism in its various economic variables. The U.S. economy can continue its boom during the year similar to the period before 2019. Accordingly, it is a meaningful attempt to analyze the relationship between Korea’s export growth and the short-term trade insurance acquisition rate as these have a bearing on US exports. In conclusion, this study implies that we should not overlook the importance of short-term trade insurance in terms of the various credit and market risks in Korea’s exports and the implications of such on the overall Korean economy.