Indirect finance

In the lending and borrowing of funds, this is a financial method in which financial institutions mediate the flow of funds between lenders (sectors with surplus funds, mainly households) and borrowers (sectors with shortages of funds, mainly companies). In contrast, direct finance is a financial method in which borrowers raise funds directly from lenders through the securities market. In the case of indirect finance, financial institutions issue indirect securities such as deposits and financial bonds to collect funds from lenders, and then lend these funds to borrowers, which is also called the financial intermediation function. This is a mechanism for converting savings funds into investment funds, and while it allows lenders to hold safe and liquid assets in the form of indirect securities of financial institutions, it also functions to pool small savings funds and supply them to borrowers as large-lot funds, making it possible for borrowers to raise funds at low capital costs. Financial institutions act as financial intermediaries by producing information such as by evaluating lenders' business plans, thereby mitigating information asymmetry. In Japan, indirect finance was overwhelmingly dominant especially after the Second World War. The reasons for this were: (1) low household income levels led to very little savings, and the selection of financial assets was directed towards deposits, which prioritized safety and liquidity; (2) companies relied on bank loans, which had low capital costs, for fund raising; (3) low interest rate policies exacerbated this trend, while the securities market remained underdeveloped because interest rates did not function; and (4) preferential treatment was given to financial institutions, and indirect finance was used as a mechanism for supplying growth currency, which is the capital necessary for economic growth. Indirect finance played a role in improving the capital efficiency of the entire economy and supporting high economic growth, but on the other hand, it also gave rise to problems such as deterioration of corporate finances (overborrowing), intensifying competition among financial institutions to acquire deposits, promotion of affiliated lending, and dual financial structures. With the financial liberalization since the late 1980s, indirect finance has also changed, with an increase in capital market procurement by large companies, an increase in internal financing, and the progress of market-based indirect finance (securitization), in which financial institutions sell loans on the capital market. However, in terms of fund raising, dependence on indirect financing remains high, especially among small and medium-sized enterprises.

[Tsutomu Muramoto]

"Money and Finance" by J.G. Gurley and E.S. Shaw, translated by Kinichiro Sakurai (1967, Shiseido) " ▽ "Modern Japanese Finance" by Yoshio Suzuki (1974, Toyo Keizai Shinposha) ▽ "Financial System" by Kunio Yamashita (1979, Toyo Keizai Shinposha) ▽ "Financial System of Japan" 2nd edition by Yoshiaki Shikano (2006, Toyo Keizai Shinposha)"

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

資金の貸借において、資金の貸し手（資金余剰部門、主として家計）と借り手（資金不足部門、主として企業）との間に金融機関が介在して資金の流れを媒介する金融方式をいう。これに対し、借り手が証券市場を通じて貸し手から直接に資金調達を行う金融方式が直接金融である。間接金融の場合、金融機関が預金、金融債などの間接証券を発行して貸し手から資金を集め、その資金を借り手に対して融資する形態がとられ、金融仲介機能ともよばれる。これは貯蓄資金が投資資金に転化するメカニズムであり、貸し手にとっては金融機関の間接証券という安全性・流動性の高い資産の保有を可能にする一方、零細な貯蓄資金をプールし、ロットの大きい資金として借り手に供給する機能を果たすので、借り手にとっては資金コストの安い資金の調達を可能にする。貸し手の事業計画を評価するなどによる情報生産により情報の非対称性を緩和して金融仲介するのが金融機関である。日本では第二次世界大戦後はとくに間接金融が圧倒的に優位であったが、その理由としては、(1)家計の所得水準が低いため貯蓄資金が零細で、その金融資産選択が安全性・流動性を第一とした預金に向けられたこと、(2)企業の資金調達が資金コストの安価な銀行借入金に依存したこと、(3)低金利政策がそれを助長するとともに、金利機能が作用しないため、証券市場が未発達にとどまったこと、(4)金融機関優遇策がとられ、経済成長に必要な資金である成長通貨供給メカニズムとして間接金融が活用されたこと、などがあった。間接金融は、経済全体の資金効率を高め、高度成長を支える役割を果たしたが、反面、企業財務の悪化（オーバーボローイング）、金融機関の預金獲得競争の激化、系列融資の推進、金融の二重構造などの問題も発生せしめた。1980年代後半以降の金融自由化のなかで、大企業の資本市場調達の増大や内部金融の増大、金融機関が貸出債権を資本市場で売却する市場型間接金融（証券化）の進展もみられ、間接金融も変化している。しかし、資金調達面では中小企業を中心に間接金融依存度は高水準にとどまっている。

［村本　孜］

『J・G・ガーレイ、E・S・ショウ著、桜井欣一郎訳『貨幣と金融』（1967・至誠堂）』▽『鈴木淑夫著『現代日本金融論』（1974・東洋経済新報社）』▽『山下邦男著『金融制度』（1979・東洋経済新報社）』▽『鹿野嘉昭著『日本の金融制度』第2版（2006・東洋経済新報社）』

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