Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?
Global Financial Crisis and the Small and Medium-sized Enterprises in Japan : How Did they Cope with the Crisis?
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全球金融危机与日本中小企业：他们如何应对危机？
DOI：
10.1007/s11187-012-9434-z
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发表时间：
2013
影响因子：
6.4
通讯作者：
Takanori Tanaka
中科院分区：
文献类型：
--
作者：
Kazuo Ogawa;Takanori Tanaka
在本文中，我们探讨了在美国次级贷款大量发生后，在世界金融危机中，日本中小企业受到冲击的本质。我们使用经济研究所的独特调查，2008年和2009年的贸易和工业。这些冲击被确定为需求、供应和金融冲击。需求冲击是最普遍的冲击，而金融冲击则最不频繁。中小企业通过寻求供应商和金融机构的帮助，采取了一系列应对需求冲击的措施。我们发现，中小企业采取的措施，关键取决于银行与企业的关系，以及客户与供应商的关系。依赖银行的中小企业向与其关系密切的金融机构寻求帮助，而不太依赖金融机构的中小企业则主要向其供应商寻求帮助。长期的客户-供应商关系在缓解供应冲击方面发挥着重要作用。
In this paper, we examine the nature of the shocks that hit the small- and medium-sized enterprises (SMEs) in Japan during the global financial crisis that occurred in the wake of the massive number of non-performing subprime loans in the U.S. We examine how the SMEs responded to the shocks, using the unique surveys that were conducted by the Research Institute of the Economy, Trade and Industry in 2008 and 2009. The shocks were identified as demand, supply, and financial shocks. The demand shock was the most prevalent of the shocks, while the financial shock was least frequent. The SMEs took a spectrum of measures against the demand shock by seeking help from suppliers and financial institutions. We find that the measures taken by the SMEs crucially depended on the bank–firm relationship as well as the customer–supplier relationship. The bank-dependent SMEs asked their closely-affiliated financial institutions for help, while the SMEs less dependent on financial institutions sought help primarily from their suppliers. A long customer–supplier relationship plays an important role in mitigating the supply shock.