Executive forum: Japan's 'credit crunch' and its consequences for venture finance
Executive forum: Japan's 'credit crunch' and its consequences for venture finance
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执行论坛：日本的“信贷紧缩”及其对风险融资的影响
DOI：
10.1080/136910699295901
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发表时间：
1999
期刊：
影响因子：
--
通讯作者：
A. Nishizawa
中科院分区：
文献类型：
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作者：
A. Nishizawa
这篇论文有三个目的。首先，它描述了日本金融危机(信贷紧缩)对经济中的小企业部门的影响。其次，它解释了为什么新企业没有出现其他股权融资来源。第三，本文概述了最近出台的一些政策，以帮助日本的初创企业。最重要的政策之一是，通过为初创企业提供股权，为风险资本提供便利，以使日本经济从当前的严重衰退中复苏。国际贸易和工业部(MITI)正试图使用一切可能的手段，从培育商业天使到重组场外交易(OTC)市场。然而，人们强烈担心，这些政策需要很长时间才能在日本生效，因为缺乏具有足够经验的投资者来投资初创企业。
This paper has three objectives. First, it describes the effects of the Japanese financial crisis ('credit crunch') on the small firm sector of the economy. Second, it explains why alternative sources of equity finance for new ventures have not emerged. Third, the paper outlines some policies that have been introduced recently to assist start-up ventures in Japan. One of the most important policies is that of facilitating risk capital through equity for start-up ventures to revive the Japanese economy from the current severe recession. The Ministry of International Trade and Industry (MITI) is trying to use every possible means, from nurturing business angels to restructuring the over-the-counter (OTC) market. Nevertheless there are strong concerns that the policies need a long time to take effect in Japan due to a lack of investors with enough experiences to invest in start-up ventures.