2016 White Paper on Small and Medium Enterprises in Japan (outline)

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1 216 White Paper on Small and Medium Enterprises in Japan (outline) April 216 Research Office, Small and Medium Enterprise Agency

2 Outline Annual Report Based on Article 11 of the Small and Medium-sized Enterprise Basic Act (Statutory White Paper) It is oblige to compile a report on the developments among SMEs based on opinions of the Council for Small and Medium Enterprise Policy and submit it to the Diet every year. This is the 53rd annual report after the enactment of the Small and Medium-sized Enterprise Basic Act. Small and Medium-sized Enterprise Basic Act (extract) (Annual Report, etc.) Article 11 (1) The Government must submit a report on the developments among small and medium-sized enterprises and measures it has taken therefor to the Diet every year. (2) The Government must prepare a document clarifying measures it intends to take in consideration of the developments among small and medium-sized enterprises compiled in the report referred to in the preceding paragraph, based on opinions of the Council for Small and Medium Enterprise Policy and submit it to the Diet every year. SMEs: Approx million 99.7% Medium enterprises: Approx..557 million 14.6% Definitions under the Small and Medium-sized Enterprise Basic Act and the Number of Enterprises and Employees Business type Manufacturing industry and others Wholesale trade industry Small enterprises: Approx million 85.1% Large enterprises: Approx..11 million.3% SMEs Stated capital or number of employee Small enterprises Number of employees 3 million yen or less 3 or fewer 2 or fewer 1 million yen or less 1 or fewer 5 or fewer Service industry 5 million yen or less 1 or fewer 5 or fewer Retail trade industry 5 million yen or less 5 or fewer 5 or fewer Large enterprises SMEs Small enterprises Number of enterprises Number of employees.11 million million 3.89 million million million million [Remarks] 214 Economic Census for Business Frame (rearranged and processed) 1

3 2 216 White Paper on Small and Medium Enterprises in Japan While businesses conditions of SMEs and Small Enterprises are moderately recovering, various environmental changes and challenges, such as shrinking domestic markets, labor shortages, and aging of facilities, have been identified. This White Paper analyzes efforts being made by SMEs struggling to achieve diverse and vigorous growth by strengthening earning power under such circumstances. White Paper on Small and Medium Enterprises in Japan 1. Analysis of the Current Status Economic Developments in Japan Developments among SMEs and Small Enterprises Productivity of SMEs 2. Efforts by SMEs with High Earning Power Utilization of IT for Enhancing Productivity Overseas Business Expansion for Increasing Sales Risk Management to Support Earning Power 3. Finances Supporting SMEs 4. Earning Power of SMEs Analysis of Characteristics of SMEs with High Earning Power 支援 Management Power that Decides Earning Power of SMEs

4 1. Analysis of the Current Status (1) Corporate Earnings and Business Confidence Ordinary profits of SMEs have achieved a record-high level and business confidence is improving, but growth in sales is stagnant. Changes in Ordinary Profits (Trillion yen) SMEs 中小企業 大企業 Large enterprises Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Changes in Sales (Quarter) (Year) SMEs ( 兆円 ) 中小企業 Large 大企業 enterprises (Trillion yen) Fig. 3 (DI, %points) Changes in Business Conditions DI 中小企業 SMEs (Survey ( 景況調査 of SME ) Business Conditions) 中小企業 SMEs (TANKAN) ( 短観 ) 大企業 Large ( enterprises 短観 ) (TANKAN) ( 期 ) Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ (Quarter) Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ (Quarter) ( 期 ) ((Year) 年 ) (Year) ( 年 ) [Remarks] and : Financial Statements Statistics of Corporations by Industry (quarterly report) (Ministry of Finance (MOF)); [Note] The four-quarter backward moving average; SMEs are enterprises whose stated capital is 1 million yen or more but less than 1 million yen, and large enterprises are those whose stated capital is 1 billion yen or more.; Fig. 3: TANKAN (Short-Term Economic Survey of Enterprises in Japan) (Bank of Japan) and Survey of SME Business Conditions (Small and Medium Enterprise Agency (SMEA) and SME Support, Japan); [Notes] 1. Business Conditions DI of the TANKAN is obtained by subtracting the percentage of enterprises that consider the recent business conditions are bad from the percentage of those that consider the recent business conditions are good.; 2. Business Conditions DI of the Survey of SME Business Conditions is obtained by subtracting the percentage of enterprises that consider the current business conditions to have worsened from the previous quarter from the percentage of those that consider the current business conditions to have improved from the previous quarter.; 3. In the TANKAN, large enterprises are those whose stated capital is 1 billion yen or more, and SMEs are those whose stated capital is 2 million yen or more but less than 1 million yen. 3

5 1. Analysis of the Current Status (2) Number of SMEs The number of SMEs is 3.81 million, made up of.56 million medium-sized enterprises and 3.25 million small enterprises. The decline in the number of SMEs has slowed. Changes in the Number of SMEs Breakdown of Changes in Number (from 212 to 214) (1, enterprises) SMEs 4,21, Small 小規模事業者 Enterprises SMEs 3,852,934 Medium-sized 中規模企業 enterprises Down by 43,76 Up by about 47, SMEs 3,89,228 From 中規模 medium 大企業 to large 大企業 From large to 中規模 medium 中規模 From medium 小規模 to small 小規模 From small to 中規模 medium Closures 廃業 Business 開業 start-ups Others その他 Others: up by about 18, Business start-ups: up by about 72, From large to medium: up by about 1, Down by 325 about 9, Medium-sized enterprises: 中規模企業 4.7 万者 up by 増加 about 47, From small to medium: up by about 68, From medium to small: down by about 63, Increase Decrease Closures: down by about 48, From medium to large: down by about 1, [Remarks] and : Economic Census for Business Frame (Ministry of Internal Affairs and Communications (MIC)), and FY212 Economic Census for Business Activity (MIC and Ministry of Economy, Trade and Industry (METI)) (rearranged and processed); [Note] Number of enterprises = Number of companies + Number of individual proprietors (single business establishments and headquarters or main business establishments); [Notes] 1. Based on Economic Censuses for 214 and 212, out of enterprises whose data are confirmed in either of these censuses, those whose business establishments are considered to be all opened are categorized into Business start-ups and those whose business establishments are considered to be all closed are categorized into Closures. Enterprises that fall under neither of them are categorized into Others. ; 2. Upon tabulation, the number of business counted as start-ups and closures may be larger than the actual number due to such reasons as relocation. 4

6 1. Analysis of the Current Status (3) Background of the Increase in Earnings Changes in ordinary profits of SMEs from 29 to 215 were brought about mainly by the following factors: (i) decreased sales; (ii) decreased variable costs (partly due to declines in prices of raw materials and energy); and (iii) decreased personnel costs (partly due to decreases in the number of enterprises and employees). As a whole, ordinary profits increased by 2.5 trillion yen. Increases in Ordinary Profits in 215 Compared to Those in 29 (by factor) Factors relating to nonoperating profit and loss: up by 1.1 trillion yen (25=1 (25 ドル / = バレル 1, ) dollars/barrel) 2 Changes in Prices of Primary Commodities 1 Primary 次産品価格指数 Commodity Price ( 全 1 Indices 次産品 (all ) primary commodities) 1 Primary 次産品価格指数 Commodity Price ( エネルギー Index (energy) ) 1 Primary 次産品価格指数 Commodity Price ( 食料品 Index ) (food) 1 Primary 次産品価格指数 Commodity Price ( 金属 Index ) (metal) ドバイ Dubai ((crude 原油価格 ドル oil price, dollars/barrel) / バレル ) Factors relating to depreciation costs: up by 1.3 trillion yen Factors relating to variable costs: up by 2.2 trillion yen Factors relating to sales amount: up by 2. trillion yen Factors relating to personnel costs: up by.2 trillion yen Factors relating to nonoperating profit and loss: up by.4 trillion yen Factors relating to personnel costs: up by 1.6 trillion yen Factors relating to variable costs: up by 1.7 trillion yen Factors relating to sales amount: down by.9 trillion yen Factors relating to depreciation costs: up by.1 trillion yen 1 Fig. 3 2,1 1, (1, employees) million 万人 million 万人 Changes in the Number of Employees by Enterprise Size ~29 人 ~499 人 ~99 人 5 or 人以上 more 万人 million 万人 million (Month) (Year) (Total: up by 6.7 trillion yen) (Total: up by 2.5 trillion yen) 1,1 Large 大企業 enterprises 中小企業 SMEs (Year) [Remarks] : Financial Statements Statistics of Corporations by Industry (annual report) (MOF); [Note] Large enterprises are those whose stated capital is 1 billion yen or more, and SMEs are those whose stated capital is 1 million yen or more but less than 1 million yen.; : Primary Commodity Prices (IMF); [Notes] 1. Primary Commodity Price Indices are indexed prices of commodities, such as food, metal, energy (oil), weighted with the average export amount from 22 to 24.; 2. Food includes cereal, plant oil, meat, sugar, fruits, etc.; 3. Metal includes copper, aluminum, iron, tin, nickel, lead, etc.; 4. Energy includes crude oil, natural gas and coal.; Fig: 3: Labor Force Survey (MIC) 5

7 1. Analysis of the Current Status (4) Labor Shortage and Aging of Facilities Wages are being raised also among SMEs but labor shortages are becoming more and more serious. Capital investment remains sluggish and SMEs face the problem of aging facilities. Given these circumstances and considering that ordinary profits are at a record-high level, now is the time to enhance earning power through efforts to streamline business and increase sales. (From the previous year; %) ( 前年比 %) Wage Increase (percentage of average increase per person) 5 or 人以上 more 人 人 人 Percentage of wage increases is smaller for enterprises smaller in size Employee Overcapacity and Insufficiency DI (Year) Fig. 3 (Trillion yen) Changes in Capital Investment 大企業 中小企業 SMEs Fig. 4 Capital investment has not recovered to the level before the Collapse of Lehman Brothers. Large enterprises Changes in Facility Age (by size, 1993=1) Ⅳ (Quarter) (Year) (%p) 製造業 Manufacturing 非製造業 Non-manufacturing Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ (Quarter) (Year) Facilities of SMEs have aged by approx. 1.8 fold compared with Aged by approx. 1.8 fold SMEs Large enterprises Aged by 1993 approx. 1.4 fold 214 [Remarks] : Survey on Wage Increase (Ministry of Health, Labour and Welfare (MHLW)); [Note] Meaning annual wage hike, increase in base pay, or other changes of various allowances targeting all or part of regular employees and including decreases in base pay, regular wage, etc.; : Survey of SME Business Conditions (SME Support, Japan); Fig. 3: Financial Statements Statistics of Corporations by Industry (MOF); [Note] Here, large enterprises are those whose stated capital is 1 billion yen or more, and SMEs are those whose stated capital is 1 million yen or more but less than 1 million yen.; Fig. 4: Prepared based on SMEs Competitiveness and Capital Investment (Shoko Research Institute) in Financial Statements Statistics of Corporations by Industry (annual report) (MOF) 6

8 1. Analysis of the Current Status (5) Productivity of SMEs Some SMEs have high productivity and earning power. Such SMEs seem to take a positive stance toward growth investment. We will analyze the characteristics of their investment and funding behavior Cumulative Distribution of Labor Productivity Approximately 1% of SMEs in the manufacturing industry have higher labor productivity than the average of large enterprises. 1% 中小 製造 SMEs; Low Productivity Average of large manufacturing enterprises (11.71 million yen) Large enterprises; 大 製造 manufacturing manufacturing (Million yen/person) Approximately 3% of SMEs in the non-manufacturing industry have higher labor productivity than the average of large enterprises. 3% High Average 大企業非製造業平均 of large non-manufacturing enterprises (899 万円 (8.99 ) million yen) Large enterprises; non-manufacturing 大 非製造 SMEs; 中小 非製造 non-manufacturing (Million yen /person) SMEs with labor productivity higher than the average of large retailers (n=383) SMEs with labor productivity lower than the average of large retailers (n=1,95) All SMEs in the retail industry (n=1,478) Characteristics of SMEs with High Labor Productivity (average) (in the case of the retail industry) There is a tendency for SMEs with high productivity to be positive about capital and IT investment, etc., and wages per person are higher. Therefore, we will analyze how such SMEs with high earning power are making investment for growth. [Remarks] and : Basic Survey of Japanese Business Structure and Activities (rearranged and processed); [Notes] 1. Excluding enterprises with less than 5 employees or those for which the stated capital or contribution is less than 3 million yen; 2. Distribution ratios of labor productivity (added value per employee) were tabulated on the basis of 1, yen per person and the results were cumulated. Distribution ratio Stated capital (million yen) Employees (persons) Capital investment (million yen) Information processing and communications costs (million yen) Personnel cost/person (million yen) Capital equipment ratio (million yen/person)

9 2. Efforts by SMEs with High Earning Power (1) IT Investment (i) Some of the challenges facing SMEs, such as obtaining an accurate self-understanding of business conditions, are addressable through the utilization of IT, but IT investment is not active among many SMEs due to lack of personnel and uncertainties regarding its effectiveness. However, high-profit enterprises have been successfully enjoying the positive effects of IT investment, such as strengthened sales capabilities and increased sales. There are a certain number of SMEs failing to properly ascertain their own business conditions. 納品書 請求書 領収書等の作成 保 Statements of delivery, bills, receipts, etc. are prepared and.3 管までを社内 後は会計専門家に外注 preserved within the enterprise and other matters are outsourced to external accountants. 7.9 仕訳伝票の起票までを社内 あとは会計 Procedures ranging up to the issuance of journal slips are handled 16.5 専門家に外注 within the enterprise and other matters are outsourced to external Accounting Management of SMEs (n=1,266) Information is transmitted by writing it on memo pads, which causes lots of errors. It is often the case that errors need to be checked by searching through stacks of such memos. 記帳までは社内 決算特有の仕訳等の処理は会計専門家に外注 総勘定元帳の作成まで社内 財務諸表 Procedures ranging up to the preparation of the general ledger are の処理と税務申告は会計専門家に外注 handled within the enterprise and procedures relating to financial 財務諸表の作成まで一貫して社内 税務申告は会計専門家に外注 財務諸表の作成 税務申告まで一貫して社内で実施 returns are thoroughly handled within the enterprise. その他 Others Picture of SMEs failing to fully utilize IT accountants. Bookkeeping is done within the enterprise and journalization and other procedures for accounting are outsourced to external accountants. statements and tax filing are outsourced to external accountants. Procedures ranging up to the preparation of financial statements are thoroughly handled within the enterprise and filing tax returns is outsourced to external accountants. All procedures of preparing financial statements and filing tax At SMEs failing to fully utilize IT, PCs are not allocated to each staff member and there are heaps of slips on desks 43.3 がいない 評価できな い 高収益企業 低収益企業 Streamlining of Improvement business 業務プロセスの processes 利益率 生産 of profit ratio and 合理化 意思 speeding up of 性の向上 and decision making productivity 決定の迅速化 Reasons for Not Making IT Investment ない Reduction of 在庫圧縮 省 stock and saving 材料化 of materials Strengthening 営業力 販売 of sales capabilities 力の強化 and selling capacity Increase of 売上の拡大 sales ITを導入導入効果がコストが負業務内容に社員がITを適切なアド個人情報技術 ノウハ できる人材分からない 担できないあったITが使いこなせバイザー等漏えいの恐ウ流出の恐 ない がいない れがある (n=171) れがある Streamlining of 業務プロセスの business 合理化 意思 processes and speeding up of 決定の迅速化 decision making [Remarks] Fig.1: FY212 Survey on Accounting of SMEs (Teikoku Databank, Ltd.) under contract from the SMEA; Fig.2: Photos are from Material 3 of the 4th FinTech Meetup; 8 Fig. 3 and Fig. 4: Questionnaire Survey on Growth and Investment Behavior of SMEs (December 215; Teikoku Databank, Ltd.) under contract from the SMEA Fig. 3 There is no one who can introduce IT. Fig. 4 or cannot be evaluated. Effectiveness of introducing IT is not clear It is difficult to bear required costs. There is no IT suited to the enterprise s business. Effectiveness of IT Investment In particular, gaps are notable in the effectiveness of aggressive IT investment. (i) Effectiveness of defensive IT investment (ii) Effectiveness of aggressive IT investment High-profit enterprises ((i) n=54, (ii) n=26) Low-profit enterprises ((i) n=58, (ii) n=199) Employees cannot utilize IT effectively. The enterprise has no proper advisor, etc. There is a risk of personal information leakage. There is a risk of outflow of technology and know-how.

10 2. Efforts by SMEs with High Earning Power (1) IT Investment (ii) High-profit enterprises generally listen to opinions of each department, provide training to employees, continuously strive to enhance business processes, and make IT investment in a strategic manner, while properly utilizing external organizations amid labor shortages Efforts to Increase Earnings through the Introduction of IT A high percentage of enterprises with high earning power have communication with employees and review business processes upon introducing IT Low-profit 低収益企業 enterprises 業務プロセス 社目的 ビジョンの各事業部門 従計画 戦略策定 IT 業務改善等外部専門家 支 内ルールの見直 し Introduction of IT by Earning Capacity No notable gaps are observed in the status of introduction of IT among enterprises fully utilizing IT. Review business processes and inhouse rules 24 高収益企業 High-profit enterprises (n=83) 低収益企業 Low-profit enterprises 23 B-to-B B-to-C 電子商取引電子商取引 e-commerce e-commerce (BtoB) (BtoC) Clarify objectives and visions 明示 業員からの声の 収集 (n=758) Collect opinions from each department and employee SNS HP targeting 海外向けHP overseas markets Establish plans and strategies 高収益企業 についての社員援機関の活用 教育 研修の実 施 9 High-profit enterprises Provide employees with education and training on IT and business improvement, etc. (n=542) (n=329) Utilize external experts and support organizations [Example] Ohkushi Corporation (Chiba-shi, Chiba) The company has successfully enhanced the percentage of repeat customers and increased sales through collection and analysis of customer data using the POS system and human resources development. The company has a total of 39 shops mainly in Chiba prefecture. The POS system is introduced in all shops, and various data, including information on employees and customers, are managed and analyzed. The analysis of various data, such as sales, business fluctuations, and percentages of repeat customers of each shop, has led to the discovery of issues, making them visible and ascertainable. At the same time, the company has actively taken measures to foster personnel with the aim of enhancing their skills, thereby successfully improving customer satisfaction. Aiming to develop an open working environment to prevent numerical achievement goals from pushing employees too hard, the company formulates annual policies every year and shares its Management philosophy with all employees through meetings. Through the introduction of the POS system, the company achieved a high percentage of repeat customers (approximately 85% on average for all shops), two-digit growth in sales for over 1 years, and a retention rate of 96%. A barbershop of the company [Remarks ] and : Questionnaire Survey on Growth and Investment Behavior of SMEs (December 215; Teikoku Databank, Ltd.) under contract from the SMEA 9

11 2. Efforts by SMEs with High Earning Power (2) Overseas Business Expansion (i) As domestic markets are shrinking while the number of middle-class and wealthy-class people is increasing overseas, it is important to attract overseas demand. In the medium run, the number of SMEs expanding business overseas is on the rise. Such SMEs have achieved productivity enhancement and an increase of domestic employees. (Number of exporters) 7, 6, 5, 4, 3, 2, 1, 4, Number of Direct Exporters among Manufacturing SMEs 3, , Number 直接輸出中小製造業企業数 of direct exporters (left ( 左軸 scale) ) Percentage 中小製造業全体に占める割合 among all manufacturing ( 右軸 SMEs ) (right scale) 5,348 4,72 4, ,196 6, ,937 5, ,336 6,32 6, (Year) (FY21=1) Labor Productivity of Exporting SMEs and Nonexporting SMEs (manufacturing) Exporting 輸出実施企業 SMEs (n=897) Non-exporting 輸出非実施企業 SMEs (n=3,353) (n=3,353) (Year) Fig. 3 Direct Investors by Enterprise Size and Business Type 中小製造業 Manufacturing SMEs 中小卸売業 Wholesale SMEs 中小小売業 Retail SMEs Other その他中小企業 SMEs 大企業 Large enterprises (8,211) (7,977) (8,764) [Remarks] : Census of Manufacture (METI), 214 Economic Census for Business Frame (MIC and METI) (rearranged and processed); : Establishment and Enterprise Census (MIC), 29 and 214 Economic Census for Business Frame (rearranged and processed); Fig. 3 Basic Survey of Japanese Business Structure and Activities (METI) (rearranged and processed); [Note] Exporting SMEs refer to enterprises that continuously exported products from FY21 to FY213 and non-exporting SMEs refer to those that had never exported products during the same period.; Fig. 4: Questionnaire Survey on Growth and Investment Behavior of SMEs (December 215; Teikoku Databank, Ltd.) under contract from the SMEA Fig. 4 (6,74) 1, ,19 2,13 (Number of investors) SMEs 4, % 2,416 2,347 1,343 1, ,366 1,298 2,418 1, ,46 5,795 5,63 7.6% 7.6% 2,944 2,869 3, Changes in the Number of Domestic Employees by the Status of Investment for Overseas Business Expansion Export 輸出 (n=591) Direct investment 直接投資 ( 生産拠点 ) (production bases) (n=228) 直接投資 Direct ( investment 販売 サービ (sales/services ス bases) Response to インバウンド対応 inbound demand (n=72) 増加した Increased 変化はない Unchanged 減少した Decreased (Year) 6, %

12 2. Efforts by SMEs with High Earning Power (2) Overseas Business Expansion (ii) High-profit enterprises generally promote marketing and planning, secure and foster personnel including foreign staff, make preparation for risks through monitoring, and have achieved increased sales, etc. by way of overseas business expansion. 58 Clarify objectives and visions of the investment for overseas business expansion 海外展開 的 ビジョン の明示 Efforts to Increase Earnings through Overseas Business Expansion Formulate plans for overseas business expansion 海外展開 計画の策 定 海外展開 効果の予 測 Forecast the effects of the investment for overseas business expansion Recruit foreign staff 外国人人 高収益企業 High-profit enterprises (n=17) Recruit Japanese staff who can lead overseas business expansion 海外展開 投資の目に向けての投資による材の採用を主導できの段階的なにかかる社 る日本人 人材の採 用 situations thereafter 低収益企業 Low-profit enterprises (n=152) Expand business overseas by stages and monitor domestic and local 海外展開 実行 導入員教育 研 後の国内 現地モニタ リング Provide employees with education and training concerning overseas business expansion 海外展開 修の実施 [Example] WILLER TRAVEL Inc. (Osaka-shi, Osaka) The company has successfully obtained inbound demand and increased sales through the designing of products and marketing activities targeting foreign visitors to Japan. The company, which belongs to the WILLER ALLIANCE group that provides travel services using highway buses, etc., operates the group s portal site that mainly offers online booking services and the web marketing. Since 29, when foreign visitors started to increase, the company commenced the building of IT capabilities able to meet the changing demand environment. The company has developed tour packages dedicated to foreign visitors, promoted multilingualization of its booking site, introduced an online credit settlement system, started multilingual announcements at bus terminals and within the company, and hired foreign staff. The company conducts business mainly via the Internet, thereby significantly reducing costs ordinarily required for travel agencies, such as those for establishing a call center. Upon carrying out these measures, the company formulated visions and business plans for responding to foreign visitors. The visions are disseminated and shared among all employees and business plans have been reviewed on a monthly basis to properly respond to inbound demand. As a result, the number of customers increased from 7, in 214 to 15, in 215, and further growth is expected. A highway bus of the company [Remark] Questionnaire Survey on Growth and Investment Behavior of SMEs (December 215; Teikoku Databank, Ltd.) under contract from the SMEA 11

13 2. Efforts by SMEs with High Earning Power (3) Risk Management (i) As natural disasters have come to occur frequently and the need for information security has grown due to the evolution of IT, large enterprises have proactively taken measures for risk management, but the percentage of SMEs that have formulated a BCP is as low as 15% and their efforts have been slow. * Business Continuity Plan (BCP): A plan that an enterprise formulates in advance with regard to activities to be carried out at normal times and responses in an emergency so that the enterprise can minimize the damage in the event of a natural disaster, terror attack or any other emergency and can continue or restore business at an early stage. (1 million dollars) 2,5 2, 1,5 1, 5 Frequencies and Damage of Natural Disasters in Japan Amount of damage (left scale) , Number of disasters (right scale) 被害額 ( 左軸 ) 発生件数 ( 右軸 ) Formulation of BCPs (SMEs, by number of employees) The percentage of SMEs that have formulated a BCP is as low as 15%, and the percentage is even smaller at 8% for SMEs with no more than 1 employees. 策定済み Have formulated 現在策定中 Now formulating 75 策定する計画がある Plans to formulate 64 策定していない Have not formulated [ 15 値 ] 9 [ 値 ] All 全体 SMEs 1 or 人以下 fewer 11~ 人 3 人以上 or more (n=3,158) (n=1934) (n=994) (n=23) (Number of natural disasters) Fig All 全体 SMEs Amount of Damage due to Information Security-related Troubles (SMEs, by sales) Approximately 35% of SMEs have faced some information security-related troubles. Among enterprises smaller in size in particular, approximately 65% have sustained damage due to information security-related troubles. 5.5 万円未満 million yen or less 5~2.5-2 million 万円 yen 2~4 2-4 million yen 万円 4~6 4-6 million yen 万円 6~8 6-8 million yen 万円 8~1, 8-1 million yen 万円 1, 1 million 万円以上 yen or more わからない Don t know 発生しなかった No troubles ~1 1 billion 億円以下 yen or less (n=31) billion 億円超 yen (n=39) ~ 2 億円以 下 (n=39) [Remarks] : Prepared by the SMEA based on Disaster Database (EM-DAT) (Centre for Research on the Epidemiology of Disasters, Université catholique de Louvain); : Survey on SMEs Efforts for Risk Management (December 215; Mizuho Research Institute) under contract from the SMEA; Fig. 3: Survey on Current Status of Information Processing (METI) (rearranged and processed) 2, billion 億円超 yen (n=182) ~ 1 億円 以下 (n=182) billion yen 億円超 or more (n=18) ~ (n=18) 12

14 2. Efforts by SMEs with High Earning Power (3) Risk Management (ii) SMEs with high earning power generally take measures against risks and thereby improve business efficiency, foster personnel and increase sales. It is necessary to actively engage in risk management as part of efforts for business improvement during normal times. * Business Continuity Management (BCM): A mechanism for activities and management to be operated continuously by formulating a BCP 53.6 Ascertain management resources の把握 Effects of BCM during Normal Times If efforts are made, significant results can be expected in improving business at normal times Foster personnel 28.9 Improve communication between the top management and employees のコミュニ ケーションの 改善 21.1 Ascertain the status of transactions with business partners の把握 Improve business efficiency and processes 改善 Strengthen relationship with purchasers 7.9 Strengthen relationship with suppliers 従業員間取引状況化 工程関係強化関係強化 (n=394) 経営資源人材育成経営陣と取引先との業務効率販売先との仕入先との資金繰り新規取引 Improve funding 改善 Cultivate new business partners 先先の開 拓 [Example] Taisei Fine Chemical Co., Ltd. (Asahi-shi, Chiba) The company has successfully reduced costs at normal times through BCM. The company is a manufacturer of acrylic resin solutions. It designs custom-made resin and supports clients from the development of prototypes to the production of mass-produced products. The company had long promoted formulation of BCPs but was forced to suspend operation for one month after the Great East Japan Earthquake. In order to fulfil its responsibilities as a supplier, the company received guidance from a private consulting firm under a support program of the Tokyo metropolitan government and formulated a new BCP. As measures to ensure business continuity, the company has dispersed warehouses, has come to hold inventory for one and a half months, and has introduced private electric generators. Furthermore, in order to reduce possible damage, the company relocated its network management server and file server to external facilities resilient against level 7 earthquakes on the Japanese scale and outsourced their operation to an external data center, thereby at the same time achieving the reduction of operation costs by approximately 1 million yen annually. Their efforts for BCM were covered by the media and attracted people s attention, leading to higher evaluation by financial institutions and insurance companies and resulting in increases in orders received. < A private electric generator introduced after the earthquake > [Remark] Survey on SMEs Efforts for Risk Management (December 215; Mizuho Research Institute) under contract from the SMEA 13

15 3. Finances Supporting Growth of SMEs (1) Loans from Financial Institutions Funding supply is indispensable for SMEs to promote growth investment. At present, cash management of SMEs and financial institutions lending attitude toward SMEs are improving, but loans to SMEs have not been increasing relative to those offered to large enterprises. Changes in Difficulties in Financing and Borrowing Funds from Financial Institutions Changes in Loans from Financial Institutions by Enterprise Size (DI=%p) 4 3 資金繰り Financial Position DI ( 中小企業 DI (SMEs) ) 資金繰り Financial Position DI ( 大企業 DI (Large ) enterprises) Lending 金融機関の貸出態度 Attitude of Financial DI ( 中小企業 Institutions ) DI (SEMs) Lending Attitude of Financial Institutions DI (Large 金融機関の貸出態度 enterprises) DI ( 大企業 ) 27 (1993 (2nd quarter 年第 of 四半期 = 1) =1) 中小企業 SMEs Collapse of Lehman Brothers Large 大企業 enterprises (Year) (Year) [Remarks] : TANKAN (Short-Term Economic Survey of Enterprises in Japan) (Bank of Japan); [Notes] 1. Large enterprises here refer to those whose stated capital is 1 billion yen or more, and SMEs are those whose stated capital is 2 million yen or more but less than 1 million yen.; 2. Financial Position DI is obtained by subtracting the percentage of enterprises that replied their financial position is unfavorable from the percentage of those that replied their financial position is favorable.; 3. Lending Attitude of Financial Institutions DI is obtained by subtracting the percentage of enterprises that replied financial institutions lending attitude is unfavorable from the percentage of those that replied financial institutions lending attitude is favorable.; : Monthly Report of Recent Economic and Financial Developments (Bank of Japan); [Notes] 1. Loans include those from trust accounts and accounts of overseas branches.; 2. Only data for domestic banks are tabulated. 14

16 3. Finances Supporting Growth of SMEs (2) Background of Sluggish Borrowings from Financial Institutions In recent years, large enterprises have promoted investment mainly in affiliated enterprises overseas by way of borrowings from financial institutions and capital increases, etc., in addition to utilizing reserves. In the meantime, borrowings from financial institutions has not increased among SMEs and their capital investment has increased only slightly. (i) SMEs (ii) Large enterprises (Assets) 現預金 Cash and deposits 棚卸資産 Inventory assets 有形固定資産 無形固定資産 Tangible and intangible assets 売掛債権 Accounts receivable 流動資産その他 Current assets and others 投資等その他 Investment and others (Liabilities and net assets) 利益剰余金他 Retained earnings, etc. Other その他の債務 liabilities Borrowings 金融機関借入 from financial institutions (Trillion ( 兆円 yen) ) 25 年 214 年 (Trillion ( 兆円 ) yen) 25 年 214 年 % Capital investment (tangible and intangible assets) and capital % contribution, etc. to affiliated enterprises (investment and others) % increased slightly Cash and deposits % increased significantly % Assets increased slightly. 6 (54.8) (579.1) (54.8) (579.1) +7.1% +7.1% (Trillion ( 兆円 yen) ) 25 年 214 年 (Trillion ( 兆円 ) yen) 25 年 214 年 % Capital investment decreased % Capital contribution, etc to affiliated enterprises % increased significantly Cash and deposits increased significantly % Assets increased % 7 significantly % (63.5) (789.5) % (63.5) (789.5) Stated 資本金 capital,, 資本準備金 capital reserves Borrowings from entities other than financial 金融機関以外からの借入 institutions Accounts 仕入債務 payable Borrowings from financial institutions decreased. So-called reserves (retained earnings) increased significantly. Borrowings from financial institutions, reserves, and stated capital all increased significantly. [Remarks] Financial Statements Statistics of Corporations by Industry (annual report) (MOF) (rearranged and processed); [Note] SMEs are enterprises whose stated capital is less than 1 million yen, and large enterprises are those whose stated capital is 1 billion yen or more.

17 3. Finances Supporting Growth of SMEs (3) Current Status and Problems of Debt-free Enterprises Enterprises free from borrowings from financial institutions are increasing, but such enterprises are apt to show lower profit ratios than those with a certain amount of debt. This is considered to be due to the fact that debt-free enterprises are generally less positive about investment and bear a tenuous relationship with financial institutions or other external entities. These enterprises should procure funds more wisely and consider making investment for achieving growth. Percentage of Debt-free Enterprises by Enterprise Size 41.8 Fig. 3 Investment Ratio by Number of Years since Establishment and Status of Borrowings 中小企業 SMEs Large 大企業 enterprises 無借金企業 Debt-free enterprises 借入のある企業全体 All enterprises with borrowings Ordinary Profit Ratio by Number of Years since Establishment and Status of Borrowings (Year) 1 years 年以下 or 年以上 years or shorter longer but 2 ~2 年以下 years or shorter years 年以上 or longer but 3 years or ~3 年以下 shorter years 年以上 or longer but 4 years or ~4 年以下 shorter years 年以上 or longer but 5 years or ~5 年以下 shorter 51 年以上 years or Fig. 4 Frequencies of Interviews with the Main Financing Bank longer Debt-free 無借金企業 enterprises All 借入のある企業全体 enterprises with borrowings 借入のある企業 (those in the lower 25% in Enterprises with borrowings terms of debt ratio) 無借金企業 Debt-free enterprises 1ヶ月に2 回以上 1ヶ月に1 回程度 3か月に1 回程度 半年に1 回程度 1 年に1 回程度 ほとんどない Twice or more per month Around once a month Around once in three months Around once in six months Around once a year Seldom All enterprises with 借入のある企業 borrowings 年以下 11 年以上 1 years or shorter 11 years or longer but 2 years ~2 or 年以下 shorter 21 年以上 21 years or longer but 3 years ~3 or 年以下 shorter 31 年以上 31 years or longer but 4 years ~4 or 年以下 shorter 41 年以上 41 years or longer but 5 years ~5 or shorter 年以下 51 年以上 51 years or longer % 1% [Remarks] : Financial Statements Statistics of Corporations by Industry (annual report) (MOF) (rearranged and processed); [Note] Debt-free enterprises here refer to those that have no borrowings from financial institutions as of the end of the current term.; and Fig. 3: 214 Basic Survey of Japanese Business Structure and Activities (METI); [Notes] 1. Tabulated the average ordinary profit ratios of enterprises whose ratios are from -1% or more but less than 1%.; 2. Those in the lower 25% in terms of debt ratio refer to enterprises with borrowings from financial institutions whose debt ratios (debt ratio: ratio of borrowings from financial institutions among total assets) are in the lower 25%. Investment ratio here refers to the ratio of the amount of capital investment (total of tangible and intangible assets) among total assets; Fig. 4: Survey on SMEs Fund Procurement (December 215; Mizuho Research Institute) under contract from the SMEA 16

18 3. Finances Supporting Growth of SMEs (4) Methods of Fund Procurement Financial Institutions, which are the major fund suppliers for SMEs, intend to place more emphasis on business assessment upon granting loans, but in reality, they evaluate enterprises financial conditions and asset surpluses of the relevant enterprises and managers. In order to realize lending based on business assessment, enterprises themselves need to better communicate their future business plans, etc. Suppliers of Funds Necessary for Resolving Problems to Achieve Growth 内部性の高い先 Internal suppliers 外部性の高い先 External suppliers Fig. 3 Matters Evaluated by Financial Institutions Other than Collateral and Guarantees All enterprises with borrowings 借入のある企業 Debt-free 無借金企業 enterprises (n=2,876) (n=1,73) 内部留保経営者等の個人資金 Reserves Personal funds of the managers, etc. 86 Borrowings from the parent enterprise and affiliated enterprises Borrowings from financial institutions 親会社 関金融機関係会社からからの借入の借入 Privately placed bonds 私募債 financial institutions Borrowings from entities other than 金融機関以外からの借入 Capital contribution (capital increase) 出資 ( 増資 ) Methods 重点を置いて取り組んでいる融資手法 being prioritized at present (n=2,996) Methods 今後重点を置きたい融資手法 to be prioritized from now on (n=2,744) Others その他 Methods of Granting Loans Being Prioritized and To Be Prioritized by Financial Institutions Loans based on Loans Loans by 6 61 Loans based on 代表者等の保 guarantees by the 信用保証協会 guaranteed by a 不動産を担保 using real 事業性を評価 business 売掛債権の流 the securitization 動産担保によ using 知的財産担保 intellectual representative, etc. credit guarantee estate as assessment, not of accounts movables as property as 証による融資の保証付融資 corporation とする融資 collateral した担保 保証 dependent on 動化による融 receivable collateral る融資による融資 collateral によらない融資 collateral or 資 guarantees Loans through Loans by [Remarks] to Fig. 3: Survey on SMEs Fund Procurement (December 215; Mizuho Research Institute) under contract from the SMEA; [Note] Tabulated top five answers 2 41 Loans by using Financial conditions Stability and potential of the business Managerial competence and personality of the managers Asset surpluses of the enterprise and the managers Past records of repayment and transactions Technical capabilities and developmental power Existence or absence of management plans and the details thereof Sales capabilities and relationship with existing customers Existence or absence of successors of the representative Name recognition in the local community 17

19 3. Finances Supporting Growth of SMEs (5) Strengthening of Support Systems Financial institutions positive about business assessment are also striving to collaborate with external organizations in order to respond to needs of enterprises and have successfully increased lending or achieved other outcomes. Financial institutions should strengthen collaboration with experts such as certified accountants and tax accountants, who often receive consultations from SMEs, and grant loans based on business assessment or offer other non-financial support to help growth of SMEs. Efforts for Enhancing Ability to Make Proper Lending Decisions and Results Thereof by Attitude toward Lending Based on Business Assessment Persons to Consult concerning Risk-taking Actions (i) Efforts for Enhancing Ability to Make Proper Lending Decisions 事業性評価を現在重点的に取り組む金融機関 Financial institutions prioritizing business assessment (n=1,89) Financial 事業性評価を現在重点的に取り組んでいない金融機関 institutions not prioritizing business assessment (n=1,181) (n=2,91) 財務内容分析に Education on the Education 経営内容把握に on how to 顧客折衝に Education on analysis of financial ascertain business negotiations with 関する教育 conditions 関する教育 conditions 関する教育 customers (ii) Obtained Results Financial 事業性評価を現在重点的に取り組む金融機関 institutions prioritizing business assessment (n=1,8) Financial 事業性評価を現在重点的に取り組んでいない金融機関 institutions not prioritizing business assessment (n=1,171) 業界動向に関する Establishment of a department in charge of 情報収集 分析を collecting and analyzing 行う部署の設置 information on industry trends 技術動向に関する Establishment of a department in charge of collecting 情報収集 分析を and analyzing 行う部署の設置 information on technology trends Collaboration with 業界 技術に関する external experts and 外部専門家 機関 organizations specialized との連携 in relevant industries and technologies Led to increased Led to expanding Led to increased Ratings of existing Led to achieving Achieved a Led to acquiring Achieved There seems to 既往取引先の既往取引シェア預金の増大等 既往取引先の貸出利鞘の適不良債権の抑新規取引先の具体的な効果効果はほとんど lending to share of existing deposits and sales clients have proper loan reduction of nonperforming loans 獲得につながったは表れてないが from competing 感じられない new clients differentiation be few results. 貸出案件拡大 existing clients 拡大につながった trade 貸出以外のサー of services other 格付が向上した enhanced. 正化につながった margins 制に効果があっにつながったビスの拡大につ than lending た競合他行との差 banks although ながった concrete 別化ができた results have yet to emerge 税理士 会計士等 [Remarks] and : Survey on SMEs Fund Procurement (Mizuho Research Institute) and Questionnaire Survey on Growth and Investment Behavior of SMEs (Teikoku Databank, Ltd.) under contract from the SMEA Tax accountants, certified accountants, etc. 金融機関 Financial institutions 従業員コンサルタント Employees Consultants 販売先業界団体 Purchasers Industry groups 18

20 4. Management Power of SMEs (1) Profitability In order to ascertain characteristics of SMEs with high earning power, we classified and analyzed SMEs from the viewpoint of profit ratios and capital adequacy ratios. In terms of profit ratios, polarization is progressing among SMEs. Notion of Classification Changes in Ordinary Profit Margins Average capital adequacy ratio Enterprises with high earning 稼げる企業 (1) power (i) Enterprises with high ordinary profit 経常利益率の高い企業 ratios (ii) (2) 41.% (Average of large enterprises) (iii) (24.%) (iv) (46.7%) (i) (19.%) (ii) (1.3%) Enterprises with high capital 自己資本比率の高い企業 (3) adequacy ratios (iii) 6.12 Other その他の中小企業 SMEs (iv) (4) [Classification of enterprises]* (i) Enterprises with high earning power (ii) Enterprises with high ordinary profit ratios (iii) Enterprises with high capital adequacy ratios (iv) Other SMEs 4.% (Average of large enterprises) Average ordinary profit ratio * Approximately 1, SMEs are classified based on their average ordinary profit ratio and capital adequacy ratio for three years from 211 to 213, while using the average ordinary profit ratio among large enterprises (4.%) for the X-axis and the average capital adequacy ratio among large enterprises (41.%) for the Y-axis. [Remarks] and Basic Survey of Japanese Business Structure and Activities (rearranged and processed); [Note] Excluding enterprises with less than 5 employees or those whose stated capital or contribution is less than 3 million yen (FY) 19

21 4. Management Power of SMEs (2) Investment Looking at actual investment behavior, high-profit enterprises are actively making investment and promoting measures against information security risks and other risks, while low-profit enterprises are apt to be conservative about investment Changes in Percentages of Acquisition Costs of Fixed Assets against Sales 自己資本比率の高い企業 adequacy ratios (iii) (3) 経常利益率の高い企業 (2) Enterprises with high earning power 稼げる企業 (i) (1) Enterprises with high capital Enterprises with high ordinary profit ratios (ii) Changes in Percentages of Capacity Development Costs against Sales.5 (FY).44 Fig Fig Changes in Percentages of Information Technology Investment against Sales Measures against Risks Enterprises with high earning power 稼げる企業 (i) (1) Enterprises with high capital adequacy ratios (iii) 自己資本比率の高い企業 (3) Enterprises with high ordinary profit ratios (ii) 経常利益率の高い企業 (2) (FY) (FY) Natural disasters Accidents and Information Compliance Product quality 自然災害施設 設備の事故 故障 failures in facilities 情報セキュリティ security コンプライアンス違反 violations 商品の品質 and equipment [Remarks] to Fig. 4: Basic Survey of Japanese Business Structure and Activities (rearranged and processed) and Questionnaire Survey on Growth and Investment Behavior of SMEs (December 215; Teikoku Databank, Ltd.) under contract from the SMEA 2

22 4. Management Power of SMEs (3) Managers Characteristics (i) High-profit enterprises are apt to have a corporate cultures that champion active, strategic engagement to meet new challenges. It has been noted that managers of SMEs who decide investment behavior are aging and that SMEs are generally more change adverse Corporate Culture 稼げる企業 Enterprises with high (1) earning power (i) (n=757) 自己資本比率の高い企業 (3) 経常利益率の高い企業 (2) Enterprises with with high high ordinary ordinary profit profit ratios (ii) ratios (n=73) (ii) (n=73) Enterprises with high capital adequacy ratios (iii) (n=695) Fig. 3 (1, managers) 25 Distribution of Ages of Managers of SMEs (by five-year interval) 自社の意思決 decision making is 全社一体となり making an all-out 経営計画や経 strategies are shared 失敗を恐れず new challenges 従業員は個々 willing to enhance 従業員は個々 with their own income 定スヒ ート は速 speedy. 顧客の課題解 effort to solve 営戦略の内容 among all employees 新たな試みに挑 without fear of failure の能力向上への individual abilities. の収入 待遇に and treatment. customers including field staff. is deeply rooted い決に取り組んで problems. が現場まで浸透戦する考えが根 among employees. 意識が高い満足しているいるしている付いている The enterprise s The enterprise is Changes in Percentages of Aged Managers (by number of employees) 2 人以下 or fewer 21-5 人以上 5 人以下 人以上 1 人以下 11-3 人以上 3 人以下 31 or 人以上 more Management plans and The idea of making Employees are Employees are satisfied A peak of the managers ages shifted from 47 to 66 years old in 2 years 歳 ~ 45 歳 ~ 6 歳 ~ 75 歳 [Remarks] to Fig. 3: Questionnaire Survey on Growth and Investment Behavior of SMEs (December 215; Teikoku Databank, Ltd.) under contract from the SMEA and COSMOS1 (unconsolidated corporate financial file) and COSMOS2 (corporate information file) (Teikoku Databank, Ltd.) (rearranged and processed); [Note] and Fig. 3 are prepared based on data for approximately 1.2 million SMEs held by Teikoku Databank, Ltd Aging of managers is more notable among SMEs that are smaller in size (FY) 3 years old 45 years old 6 years old 75 years old 21

23 4. Management Power of SMEs (4) Managers Characteristics (ii) The older the manager is, the less positive the enterprise is toward investment, preferring to avoid risks. Enterprises that have started afresh under a new manager show slight increases in profit ratios, and this fact suggests the importance of deliberately planned business succession. Awareness concerning Growth by Age Bracket of Managers The enterprise needs to increase sales 売上高を伸ばし雇用を維持 拡積極的に投資し自社の成長は成長には リスクをリスクを伴ってまで ていく必要がある大していく必要がていく必要がある市場の成長に依伴う行動が必要成長はしたくない The enterprise needs to increase and maintain employment. The enterprise needs to make investment actively. ある存している 49 years old or younger years old or younger 49 歳以下 歳以上 years ~59 old 歳以下 6 歳以上 ~69 歳以下 7 歳以上 6-69 years old 7 years old or older The growth of the enterprise depends on market growth. Risky actions are required for achieving growth and the enterprise should actively take a risk. であるし 積極的 にリスクを取るべき 49 歳以下 5-59 歳代 years old 6-69 歳代 years old 7 歳以上 だ 7 years old or older A growth accompanying risks is not necessary. Appetite for Investment for the Coming Three Years Fig Differences in Ordinary Profit Ratios through Change of Managers 経営者の交代あり Managers changed (n=79) 経営者の交代なし Managers unchanged (n=1,746) Capital IT investment Investment Investment for R&D Investment in investment 設備投資 IT 投資人材投資 in human overseas 海外展開投資 business 研究開発投資 investment 広告宣伝投資 advertisement resources expansion (FY) [Remarks] and : Questionnaire Survey on Growth and Investment Behavior of SMEs (December 215; Teikoku Databank, Ltd.) under contract from the SMEA; Fig. 3: COSMOS1 (unconsolidated corporate financial file) and COSMOS2 (corporate information file) (Teikoku Databank, Ltd.) (rearranged and processed); [Note] With regard to managers aged between 55 and 64 as of FY27, ordinary profit ratios were compared based on whether managers changed from FY27 to FY28 or not. 22

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