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
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