日本ベンチャ-の企業成長と資金調達構造
Firm Growth and the Corporate Finance of Venture Businesses in Japan
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The purpose of this paper is to examine which factors affect the financing of Japanese ventures, with focusing on firm growth. On methodology, the paper collects the financial data-set of sample firms' Nikkei NEEDS provides and conducts correlation and multiple regression analysis to reveal the relationship between their growth and financing. The result can be summarized as followings: at First, Japanese ventures finance from its owners or the companies they spin off rather than institutionalized roots like debt financing. the Second, the paper find out that the higher their age become, the ratio of the debt financing to the capital market financing has come to be increased. Finally, the debt financing through commercial banks or governmental institutions concerning SME financing is also preferred by Japanese ventures, as its determination and review on the financial state of corporate on whether lenders are going to finance or not in speedy rather than additional capital financing at market
Abstract
The purpose of this paper is to examine which factors affect the financing of Japanese ventures, with focusing on firm growth. On methodology, the paper collects the financial data-set of sample firms' Nikkei NEEDS provides and conducts correlation and multiple regression analysis to reveal the relationship between their growth and financing. The result can be summarized as followings: at First, Japanese ventures finance from its owners or the companies they spin off rather than institutionalized roots like debt financing. the Second, the paper find out that the higher their age become, the ratio of the debt financing to the capital market financing has come to be increased. Finally, the debt financing through commercial banks or governmental institutions concerning SME financing is also preferred by Japanese ventures, as its determination and review on the financial state of corporate on whether lenders are going to finance or not in speedy rather than additional capital financing at market
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