平成 22 年度水産庁委託調査 漁業金融円滑化調査検討等委託事業 調査報告書 平成 23 年 3 月 (空白) 目 次 序 ········································································· 7 第1章 問題の所在 ················································· 9 第1節 資金円滑化の基本的な課題 ······································································ 9 1.通常の融資の方法による資金円滑化の課題 ···················································· 9 2.先進的な融資手法の活用実態 ·····································································11 3.漁業者の先進的な融資手法に対するニーズ ·················································· 14 第2節 資金円滑化に向けて検討すべき事項 ························································ 15 1.コミットメントラインの活用可能性 ··························································· 15 2.動産の有効な活用方法 ············································································· 16 3.情報ギャップの是正 ················································································ 17 第2章 参考とすべき融資手法 ·································18 第1節 コミットメントライン ·········································································· 18 第2節 動産担保融資(ABL)·········································································· 20 1.ABL とは ······························································································ 20 (1)ABLの概要 ···················································································· 20 (2)ABLのメリット··············································································· 20 (3)ABL利用の課題··············································································· 21 2.ABL の基本的仕組み ··············································································· 21 3.ABL の発展経緯 ····················································································· 24 4.ABL の利用実態 ····················································································· 25 (1)金融機関におけるABL実施率····························································· 25 (2)市場規模 ·························································································· 25 (3)実施上の課題 ···················································································· 26 (4)動産担保についての考え方··································································· 27 5.ABL 保証制度(信用保証協会) ································································ 29 第3節 その他 ······························································································· 31 1.クレジットスコアリング融資 ···································································· 31 2.コベナンツ ···························································································· 33 第3章 事例研究 ···················································35 第1節 市中金融機関による ABL 活用事例 ························································· 35 1.大手行の事例 ························································································· 35 2.地域金融機関の事例① ············································································· 37 3.地域金融機関の事例② ············································································· 38 第2節 新規事業に対する融資事例 ···································································· 39 1.有限責任事業組合(LLP)の活用 ······························································ 39 2.ABL と LLP を活用した融資事例······························································· 41 3.地域プロジェクト的な側面 ······································································· 42 第4章 具体的事例の検討 ·······································44 ABL 活用の拡大可能性に係る検討 ·························································· 44 第1節 第2節 漁船漁業における ABL 活用モデル ························································· 47 1.遠洋まぐろ漁船漁業者の指摘 ···································································· 47 2.ABL 組成上問題となる論点の検討 ····························································· 48 (1)担保目的物の特定··············································································· 48 (2)モニタリングの方法············································································ 49 (3)確実な担保権の行使············································································ 49 3.具体的な検討 ························································································· 50 (1)スキーム案① ···················································································· 50 (2)スキーム案② ···················································································· 52 第3節 販売会社を基点とした連携モデル ··························································· 53 1.漁協の出資で誕生した販売会社 ································································· 53 2.販売会社を基点とした金融スキームの検討 ·················································· 55 (1)スキーム案① ···················································································· 55 (2)スキーム案② ···················································································· 56 第4節 漁協との連携モデルの可能性 ································································· 57 補節 ファクタリングの活用可能性 ···································································· 58 1.ファクタリングの基本的な仕組み ······························································ 58 2.ファクタリングの活用可能性 ···································································· 60 第5章 まとめ ······················································61 第1節 検討したスキーム統合の視点 ································································· 61 第2節 今後の検討の方向性 ············································································· 63 1.プロジェクトファイナンス的視点からの検討 ··············································· 63 2.アセットファイナンス的視点からの検討 ····················································· 63 3.コーポレートファイナンス的視点からの検討 ··············································· 64 6
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