“Direct finance”的意思、由来-开放百科全书

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Direct finance

释义

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Direct finance is a method of financing where borrowers borrow funds directly from the financial market without using a third party service, such as a financial intermediary. This is different from indirect financing where a financial intermediary takes the money from the lender with an interest rate and lends it to a borrower with a higher interest rate. Direct financing is usually done by borrowers that sell securities and/or shares to raise money and circumvent the high interest rate of financial intermediary(banks).^[1]

We may regard transactions as direct finance, even when a financial intermediary is included, in case no asset transformation has taken place. An example is a household which buys a newly issued government bond through the services of a broker, when the bond is sold by the broker in its original state. ^[2]

Another good example for direct finance is a business which directly buys newly issued commercial papers from another business entity^[3]

References

1. ^{{cite book |title=The Economics of Money, Banking and Financial Markets(Global, Tenth Edition) |last=Mishkin |first=Frederic |authorlink=Frederic Mishkin |year= |publisher=Pearson Education Limited |location= |isbn=978-0273765738 |page=68 |url=}}
2. ^http://www2.econ.iastate.edu/classes/econ353/tesfatsion/mish2b.htm
3. ^http://www2.econ.iastate.edu/classes/econ353/tesfatsion/mish2b.htm

3 : Securities (finance)|Stock market|Financial markets

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