Can Japan mobilise enough venture capital to finance its promising venture firms and to support its advance into high-tech? The authors use institutional economics, and the principal-agent as well as the transaction cost approach in particular to answer this question. Firstly, a number of stylised facts is presented to substantiate Japan's problem. Afterwards, the theory-based viewpoint is introduced to show why Japan still has difficulties to effectively process venture capital. The authors survey changes taking place and look at topical policy issues. They conclude that Japan is moving towards more functional venture capital financing, but that the financial system will remain hybrid in the sense of relying both on relational contracts typical of credit-based systems and on the more explicit contracts of arms'-length markets.
| Identifer | oai:union.ndltd.org:DUETT/oai:DUETT:duett-05062003-104325 |
| Date | 07 May 2003 |
| Creators | Pascha, Werner ; Mocek, Stephan |
| Contributors | none |
| Publisher | Gerhard-Mercator-Universitaet Duisburg |
| Source Sets | Dissertations and other Documents of the Gerhard-Mercator-University Duisburg |
| Language | German |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://www.ub.uni-duisburg.de/ETD-db/theses/available/duett-05062003-104325/ |
| Rights | unrestricted, I hereby certify that, if appropriate, I have obtained and attached hereto a written permission statement from the owner(s) of each third party copyrighted matter to be included in my thesis, dissertation, or project report, allowing distribution as specified below. I certify that the version I submitted is the same as that approved by my advisory committee. Hiermit erteile ich der Universitaet Duisburg das nicht-ausschliessliche Recht unter den unten angegebenen Bedingungen, meine Dissertation, Staatsexamens- oder Diplomarbeit, meinen Forschungs- oder Projektbericht zu veroeffentlichen und zu archivieren. Ich behalte das Urheberrecht und das Recht das Dokument zu veroeffentlichen und in anderen Arbeiten weiterzuverwenden. |
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