Function of collateral as a medium of communication in asset based lending - a comparative analysis between Japan and US

本研究通过对美国和日本市场实践的研究发现，当存货和应收账款成为抵押品时，它们是贷款人和借款人之间沟通的媒介。此外，本研究表明，基于资产的贷款（ABL）是一种使用商业资产作为抵押品的贷款技术，与房地产相比具有不同的特征，房地产的主要功能是通过清算抵押品来减轻有担保贷款人在违约事件中的损失。

This study reviled that when inventory and accounts receivable become collateral, they function as a medium of communication between lender and borrower, through researching market practice in the US and Japan. Furthermore, this research showed that Asset Based Lending (ABL) which is a lending technology that uses business assets as collateral has a different characteristic compared to real estate whose primary function is mitigating loss of the secured lender in an event of default by liquidating the collateral.