日本的创业企业与创业金融的实态

The aim of this paper is to clarify the current status of startup firms and startup finance in Japan. Using data obtained from two surveys that the authors were involved in and were conducted in 2017, we analyze descriptive statistics, conduct factor analysis, and obtain evidence on characteristics of startup firms, use of financing sources by those firms, and financial constraints that they face. We also compare the results with tresults using data from the survey on startup firms conducted by the Japan Finance Corporation as well as from the survey on U.S. startup firms conducted by the Kauffman Foundation. From the analysis on the characteristics of startup firms, we find that the three surveys from Japan capture different types of startup firms, and there are also differences within their sample firms. As for the use and the pattern of financing sources, all the surveys show that the founder-owner's funds are the critically important source of finance, but there is heterogeneity in its importance, in the use of other sources of finance, and in combinations. Finally, we find from our two surveys that firms facing financial constraints are the minority, although there is some difference in the extent of the constraints.