  Factorization scheme analysis of $F_2^{\gamma}(x,Q^2)$ in the next-to-leading
order QCD is revisited. It is emphasized that the presence of the inhomogeneous
term in the evolution equations for quark distribution functions of the photon
implies subtle but important difference in the way factorization mechanism
works in photon-hadron and photon-photon collisions as compared to the hadronic
ones. It is argued that none of the existing NLO analyses of
$F_2^{\gamma}(x,Q^2)$ takes this difference properly into account. The source
of the ensuing incompleteness is traced back to the misinterpretation of the
behaviour of $q^{\gamma}(x,M)$ as a function of $\alpha_s(M)$. Parton model
interpretation of the so called ``constant terms'' in the LO photonic
coefficient function $C_{\gamma}^{(0)}(x)$ is given and smooth transition
between the properties of virtual and real photon analyzed. Finally
phenomenological consequences of this analysis are discussed.
