Public Policy on SME Finance in Japan : Credit Guarantee and Local Government Loan

日本中小企业融资公共政策：信用担保和地方政府贷款

• 批准号: 14530113
• 负责人: KON Yoshinori
• 金额: $ 1.86万
• 依托单位: Aomori Public College
• 依托单位国家: 日本
• 项目类别: Grant-in-Aid for Scientific Research (C)
• 财政年份: 2002
• 资助国家: 日本
• 起止时间: 2002 至 2003
• 项目状态: 已结题
• 来源: https://kaken.nii.ac.jp/grant/KAKENHI-PROJECT-14530113/
• 关键词: Small business finance; Credit guarantee; Local government loan; Asymmetric information; 逆選択

The purpose of this project is to study empirically impacts of the credit guarantee scheme and the local government loans ( Seido-Yushi) on SME loan markets in Japan. Firstly we formulate an analytical framework by using the two dimensional asymmetric information model based on Hillier's model. The theoretical investigation shows that the guarantee fee rate and the default loss covering ratio of credit guarantee corporations play important roles in determining the equilibrium credit allocation in loan markets. It also shows that government can improve the inefficiency of credit allocation by arranging these policy instruments through subsidies to the credit guarantee corporations. Secondly, we estimate credit guarantee functions of the credit guarantee corporation and SME loan functions of financial institutions by panel analysis of prefecture data. Finally we gathered basic statistical data on Seido-Yushi through survey of policy departments in charge of the Seido-Yushi of each local government. Then we estimate the policy reaction function of the local government in SME loan markets.

本项目的目的是实证研究信用担保计划和地方政府贷款（Seido-Yushi）对日本中小企业贷款市场的影响。首先，我们在Hillier模型的基础上，利用二维信息不对称模型建立了一个分析框架。理论研究表明，担保费率和信用担保公司的违约损失覆盖率对贷款市场的均衡信贷配置起着重要作用。政府可以通过对信用担保公司的补贴来改善信贷配置的低效率。其次，通过对地市数据的面板分析，估计了信用担保公司的信用担保功能和金融机构的中小企业贷款功能。最后，通过对各地方政府负责青少年活动的政策部门的调查，收集了青少年活动的基本统计数据。在此基础上，我们估计了地方政府在中小企业贷款市场中的政策反应函数。

项目成果

『現代の金融システム-金融機関行動と公的支援』うち第6章「中小企業金融と公的支援」(岩根 徹)

《现代金融体系——金融机构行为与公共支持》第6章“中小企业金融与公共支持”（岩根彻）

• 发表时间: 2003
• 作者: 川口慎二;古川顕編
• 通讯作者: 古川顕編

SME Loan in the Recent Ease-Money Period in Japan

日本近期宽松货币政策下的中小企业贷款

• 发表时间: 2005
• 期刊: Aomori Public College Journal of Management and Economics (forthcoming)
• 作者: 今 喜典;今 喜典;Yoshinori KON;Yoshinori KON
• 通讯作者: Yoshinori KON

現代の金融システム(第10集)「都道府県制度融資の実証分析」(岩根 徹)

现代金融体系（第10卷）“都道府县系统贷款的实证分析”（岩根彻）

• 发表时间: 2004
• 作者: 川口慎二;古川顕編
• 通讯作者: 古川顕編

An Empirical Study of Prefectural Government Loan (SEIDO-YUSHI)

县政府贷款（SEIDO-YUSHI）的实证研究

• 发表时间: 2004
• 期刊: Modern Financial System (eds. by Shinji KAWAGUCHI, Akira FURUKAWA)(YUBIN CHOKIN SHINKOKAI) Vol.10(forthcoming)
• 作者: 今 喜典;今 喜典;Yoshinori KON;Yoshinori KON;Tetsu IWANE
• 通讯作者: Tetsu IWANE

Credit Guarantee in Japan

日本信用担保

• 发表时间: 2005
• 期刊: Journal of Tohoku Economic Association (forthcoming)
• 作者: 今 喜典;今 喜典;Yoshinori KON
• 通讯作者: Yoshinori KON