Market-based Indirect Finance and Marketization of Financial Risks: An Integrated Approach to banking, insurance, and corporate finance

随着全球化的快速推进和日本的人口老龄化，对资本的管理提出了更高的要求。所谓的市场化间接融资已被发现比传统融资更有效，如通过商业银行间接融资和通过股票市场直接融资，在多个经济主体之间实现风险的最优配置，并帮助分解和规范这些风险。本文从理论和实证两个方面考察了市场化间接融资的方法和事件，如通过银团贷款、房地产投资信托基金、天气衍生品、破产事件、回购和灾难，以评估如何最好地将风险市场化，评估风险定价的效率，确定中介机构和市场之间的边界，并衡量市场化间接融资对金融体系和整体实体经济运行特征的影响。

According to the rapid progress of globalization and population aging in Japan, it is required to manage the capital more efficiently. So-called market-oriented indirect financing has been found to be more effective than traditional financing, such as indirect financing through commercial banks and direct financing via the stock market, in producing the optimal allocation of risks among multiple economic agents, and helping decompose and standardize those risks.This study theoretically and empirically examines the methods and events of market-oriented indirect financing, such as through syndicated loans, real estate reit, weather derivatives, bankruptcy events, buybacks, and catastrophes, in order to evaluate how best to marketize risks, assess the efficiency of risk pricing, determine the boundary between intermediaries and markets, and measure the effect of market-oriented indirect financing on the operating characteristics of the financial system and the real economy as a whole.