摘要：AbstractIn the changing financial environment characterized by the high level of credit, default and liquidity risks, factoring supports firms to manage the required level of liquidity and offers them the advantage of obtaining further price discounts from suppliers. This is particularly important in the service industry due to the particular risks inherent in this sector and because of the lack of sufficient security. The goal of the authors is financial and legal analysis of factoring in the changing environment. The authors analyze the main features, benefits and costs of factoring implementation by small and medium enterprises (with a particular emphasis on the use of factoring in the service sector), and show that the use of factoring can improve profitability, liquidity and cash-flow of business, management of time, credit and default risks. However, the use of factoring is limited because of many restrictions and hidden cost coming from the legal environment. The authors emphasize that the legal environment of factoring is the crucial for the saving of transaction cost and improvement of costs and safety determination process of factoring transaction of each country.
关键词：factoring;changing environment;risk;contract;assignment of receivables
