Empirical research on fund raising and management of new venture firms
| Project/Area Number |
03451080
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| Research Category |
Grant-in-Aid for General Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | Kyoto Sangyo University |
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Principal Investigator |
HORIUCHI Toshihiro KYOTO SANGYO UNIVERSITY, DEPT. OF ECONOMICS, PROFESSOR, 経済学部, 教授 (70229219)
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| Project Period (FY) |
1991 – 1992
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| Project Status |
Completed (Fiscal Year 1992)
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| Budget Amount *help |
¥4,400,000 (Direct Cost: ¥4,400,000)
Fiscal Year 1992: ¥1,000,000 (Direct Cost: ¥1,000,000)
Fiscal Year 1991: ¥3,400,000 (Direct Cost: ¥3,400,000)
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| Keywords | Venture business / Fund raising / Main bank / Corporate relationship / ベンチャビジネス / ベンチャ- / 中小企業 / 実証研究 |
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| Research Abstract |
A survey was sent to new manufacturing firms founded since 1970 in six prefectures in Japan; Kyoto, Hyogo, Toyama, Kanagawa, Shizuoka, and Nagano to make an empirical investigation into their fund raising and management at their startup stage as well as their present stage in economic recession period. The survey has 119 questions in total and the responding firms reached 354 with response rate of 19.4 percent.
The questionnaire has three specific aims; (1) their bank relationship history and evaluation from the contribution on their growth, (2) their response to new fund raising channel at their startup stage-the channel is a similar to privately placed convertible bond organized by banks, and (3) their growth history data collection from the fund raising and corporate relationship.
The research makes some interesting results about firms' growth and bank relationship. First, there was no statistically significant relationship between firms' growth rate and their bank relationship stability. Second, firms have switched their main bank since their startup. Third, their corporate relationship at their startup was one of important source of fund. Forth, the growth process dons not have statistically significant positive relationship between the growth rate and the variance. In other words, there were many firms who have experienced high growth and low variance, however, there were also many firms with low growth and low variance.
As far as their response to the new fund raising channel is concerned, it has close relationship with their evaluation on their bank relationship experience: the better experience they have the less dependent on the channel and the worse the more. They show strong demand for various alternatives to stabilize the availability of fund at their startup stage. The new channel can support firms to expand their business and also to contribute local economy through expanding new firms.
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Report
(3 results)
Research Products
(17 results)
