Investigation Research for Design of Securitization Scheme for the Small Business

人们对日本经济的未来越来越感到焦虑。政府、大学和大公司已经启动了支持新企业创建或小企业初创企业的运动，因为新企业预计将增加就业机会，并在未来引领日本产业。现在，促进小企业创业也成为政府经济改革的一大支柱。这些政策的主要部分之一是风险融资的结构，本研究的目的是考虑证券化计划是否对风险融资的发展做出了贡献。证券化计划可分为四种类型，即(1)风险企业的资产证券化，(2)银行对企业的贷款义务证券化，(3)投资者对企业的债券债务证券化，(4)投资者对风险企业股权的证券化。在这四种类型中，(4)最适用于风险融资。

There is a growing anxiety about the future of Japanese Economy among the people. Movement which support new venture creation or small business start-ups has been activated by the government, universities and large firms, because new venture is expected to increase opportunities of employment and to lead Japanese industries in the future. Now the promotion of small business start-ups also become a pillar of economic reformation by the government. One of the main part of these policies is structure of venture finance.The purpose of this research is to consider whether securitization scheme make a contribution to the development of venture finance. Securitization scheme may be divided into four types, that is, (1) securitization of assets by venture firms, (2) securitization of loan obligation to firms by banks, (3) securitization of bond obligation to firms by investors, (4) securitization of equities of venture firms by investors. Of these four types, (4) is the most applicable to venture finance.