資産証券化スキームのベンチャーファイナンスへの適用可能性

Abstract

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 the improvement of structure of venture finance. The purpose of this paper is to consider whether securitization scheme can 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) securitizationof bond obligation to firms by investors, (4)securitization of equities of venture firms by investors. Of these four es (4)is the most applicable to venture finance.