Global Entrepreneurship Monitor Research Papers (original) (raw)
企業家の事業機会の認識と資金需要― 起業における金融アクセスとインフォーマル投資を中心として BABA, Shinichi This paper is intended to capture the determinants of recognition and funding requirements of the business opportunities for entrepreneurs. It captures a structure... more
企業家の事業機会の認識と資金需要― 起業における金融アクセスとインフォーマル投資を中心として BABA, Shinichi
This paper is intended to capture the determinants of recognition and funding requirements of the business opportunities for entrepreneurs.
It captures a structure in which the contribution of funding to become investment and bank lending to support the entrepreneurial activity will change depending on the stage of economic development, to analyze the factors, in light of the cause-and-effect relationship, which is organizing the study. GEM is a (global entrepreneurship monitor) studies under the quantitative analysis of the survey, among others, informal investment (informality) is one in which it was confirmed that some of the entrepreneurial activity and the close relationship of the entrepreneur. Informal investment and is responsible for the initial investment for the company, refer to entrepreneurs of relatives, acquaintances, and colleagues of the investor. It is intended to examine the relationship of direct financing of the effect and corporate establishment phase of financing these informal investment forms.
Global Entrepreneurship Monitor survey classification of (Global Entrepreneurship Monitor) shows the ① ~ features of the innovation-driven (Innovation driven) economy ③ shown in the next section. In the investigation of the GEM 2008 years Japan, the United States, the United Kingdom, France, Germany, developed countries such as the Netherlands has been defined as "innovation-driven economy", the entrepreneurial activity in these countries, an innovative, it has been reported that has given rise to innovation.
Table 1, depending on the economic stage of each country is obtained by classifying the countries surveyed. According to the investigation of the GEM 2008 years, between the per capita GDP of values and entrepreneurial activity of the early stage, depending on the stage of development of the economy, the trend as shown in FIG. 1 can be seen. The value of GDP per capita, in the economy of more than $ 30,000, about entrepreneurial activity and GDP per capita rises, entrepreneurial activity will be active. This paper analyzes the factors, the relationship is between the entrepreneurial activity and financing, described with two variables called "informal investment" and "ease of bank loans", was to organize a causal relationship. Located between the financial markets and business creation relationship, and from direct financing to indirect financing, again in a mature society, able to see the change in the non-linear to contribute is direct financing by the informal investment, revenue opportunities in mature society search and, in order to elucidate the discovery and mechanisms of economic development opportunities, are believed to be able to present a single implications.
The results obtained in this study is a big two points below.
(Hypothesis 1) informal investment of developed countries to increase with the increase of GDP per capita
In this study, as shown in Table 1, entrepreneurial activity was classified into three categories the level of GDP per capita for each stage of economic development, was carried out an international comparison of direct financing in the initial procurement of the company. Verification used the GEM classification. In Table 1, GEM survey participating countries of the country and shows the relationship between the TEA and the per capita GDP. TEA is entrepreneurial activity rate.: A (Total Entrepreneurship Activity TEA), one of the founding before 6 months to its foundation after three of the early days of up to 5 years entrepreneur, by one person or more, some self-employed, of merchandise sales, service it is a percentage of the countries of the working population, which accounts by man to that tries to start a new business, including the business and the like. TEA is one of the major indicator in this paper. In this paper, based on the GEM survey, one in which a percentage of the working population of the population you are preparing the entrepreneurs of early stage (TEA) is, to analyze the factors that change.
In this paper, as seen in Figure 2, it was confirmed that in the boundary of the economy more than the level is $ 30,000 of GDP per capita, the relationship seen between the entrepreneurs and the national income and forms a non-linear shape.
Acquaintance, informal investment, an investment that mediate friends, along with the economic growth, decrease, but the level of GDP per capita, starts to rise from the vicinity of more than $ 30,000. The key is, is a method of financing. Level of GDP per capita, of up to about $ 20,000 economy is going the phenomenon of companies along with the rise in the level of GDP per capita. This is in accordance to expand the market, acquaintance, those to prepare the companies in the investment from the relatives have shown that there is a tendency to decrease. But then, in high-income economy more than $ 60,000 from the vicinity of the level of GDP per capita is more than $ 30,000, have contributed to again increased entrepreneurship by informal investment initial funding of the company.
(Hypothesis 2)
Access of the bank loan is a non-linear, in the economy of high-income, by expanding lending to small businesses, to contribute to the entrepreneurial.
Access bank loans, and penetration with the expansion of the trading market, has contributed to long-term growth of the company. Level of GDP per capita, bank loans access from the vicinity of $ 20,000 (Ease of access loans) begins to rise. Evaluation criteria of this index, collateral is the legal system related to bankruptcy is how much maintenance is, permeated lending and lenders and borrowers of the right, shows the value of the evaluation on whether 10 stage lending activities of the bank loans have been made flexible ing. Upon measuring the situation of small and medium-sized enterprise lending, also whether personal property collateral not only real estate collateral has been used has been to the evaluation items at the time of scoring. From this index, until near the level it is 10,000 to $ 30,000 of GDP per capita, financing for small and medium-sized companies that can take reading to continue to shrink. Bank financing will be supplied to the center of the large companies with the expansion of the trading market, until the developing economy starts to mature, is showing a gentle austerity structure. To do this, although several factors are considered, to foster them most influential large companies, management of market economy responsible for the industry can take to read that there is a structure to continue to penetrate. Economic growth of life, has been tight the overall demand for funds, high interest rates, long-term development of the industry is required between the inflation concern. Therefore, administrative guidance for the stable expansion of the financial markets, it is also often more the creation of funding needs for capital-intensive secondary production industry promotion and the like to a target on the policy. In 2014, Peru, Mexico, etc., located on the lowest level in developing countries, Singapore is 21 place, Japan is sixth place, there to the highest level, the United States, Switzerland, in the economy of high-income, such as Sweden is there. Economy in the level of these high-income, in the GEM classification of, is called the Innovation driven economy, has become a factor of entrepreneurial activity will increase. However, a low growth rate, under the low-profit structure, funding in the market was mature economy, the financing structure of the developing countries by easing access to finance, and has a different background.
In the present study, financial access is to be applied also in the financing of individuals and micro-enterprises, there is a tendency to meet the demand for funds to promote entrepreneurial activity. The structure of financial access and informal investment is to contribute to the entrepreneurial, was tentative plan modeling. Entrepreneurship will be informal investment to promote economic growth to complement the relaxation of access to finance in the economy of high-income. On the contrary, in a low-income economy, the midst of the economic growth, loans from finance to contribute to the economy than the informal investment by capital-intensive due to the formation of the expansion and large capital market. This point is easy to imagine by looking back a breakthrough of traditional Japanese-style management. On the other hand, in a more high-income economy, there is also possible to increase direct financing of technology, including the appearance and crowdfunding of venture capital, to complement the reduction in the rate of return on the loan, and contribute as an actor to create a new business start. If the capital bonds are made through such direct financial effect, entrepreneurship is to lead the economic growth.