The history of the emergence, spread in world practice and development of factoring as a financial and investment tool for interaction between credit institutions and business entities

Abstract

The article is devoted to the analysis of historical aspects of the development of factoring as a financial and investment instrument of interaction between credit institutions and business entities. The purpose of the study is to analytically highlight the main historical stages of the formation and development of factoring as an important financial instrument of interaction between credit institutions and business entities, taking into account the vision of the features of the prospects for its application in the economy of Ukraine. The following methods were used in the study: general and specific, cognition, induction and deduction; analysis and synthesis. Results. The historical stages of the emergence and development of factoring are determined, the main of which are the stage of formation of "commodity" and the stage of formation of "financial" factoring. Considering the chronological features of the formation of factoring, it was determined that, despite the first signs of the use of this financial instrument in the distant times of the past millennia, and then its official recognition in the Middle Ages, the main prerequisites for its activation in use remain practically unchanged in the direction of interdependence with such macroeconomic factors as the country's GDP growth rate, production volumes in a particular sector of the economy, and also the order of payment discipline for business entities. It is proved that it was digitalization in the factoring operation system that became a powerful impetus for its active use in international trade. Conclusions. The key to the further spread of factoring must be both annual and prospective, well-founded consideration of monetary policy directions with a clear meaning of the rules for conducting settlements between entities, as well as the implementation on this basis of realistic financial planning of macro indicators with outlined priorities and main tasks for the development of production processes in the leading sectors of the economy.