日本的创业公司和风险投资：如何成长（英）2024

StartupsandVentureCapitalinJapan:HowtoGrow Japan SalihFendogluandTengTengXu SIP/2024/027 IMFSelectedIssuesPapersarepreparedbyIMFstaffasbackgrounddocumentationforperiodicconsultationswithmembercountries.ItisbasedontheinformationavailableatthetimeitwascompletedonApril15,2024.ThispaperisalsopublishedseparatelyasIMFCountryReportNo24/119. 2024 JUN ©2024InternationalMonetaryFundSIP/2024/027 IMFSelectedIssuesPaper AsiaandPacificDepartment StartupsandVentureCapitalinJapan:HowtoGrowPreparedbySalihFendogluandTengTengXu AuthorizedfordistributionbyRanilSalgado June2024 IMFSelectedIssuesPapersarepreparedbyIMFstaffasbackgrounddocumentationforperiodicconsultationswithmembercountries.ItisbasedontheinformationavailableatthetimeitwascompletedonApril15,2024.ThispaperisalsopublishedseparatelyasIMFCountryReportNo24/119. ABSTRACT:ThestartupecosysteminJapanhasseengradualgrowth,supportedbythegovernment’srecent"StartupDevelopmentFive-YearPlan"andasignificantinterestfromoverseasventurecapital.ThispaperlaysoutthestartupfinancingecosysteminJapan,withcomparisontointernationalpeers,andstudiespotentialdriversofstartupfinancingandtheirrelevanceforstartups’performance.Theresults,basedoncountry-levelaggregateanalysis,underscorethecriticalroleoffirmdynamismandentrepreneurshipinsupportingcapitalinvestmentandfirmvaluations.Furtheranalysesatthefirmlevelsuggestthatequityfundinghelpsstartupsinnovate,grow,andsuccessfullyexit.Moreover,theimpactoffundingonthelikelihoodofasuccessfulexitappearstobehigherinculturesthatseemtorewardrisktaking. RECOMMENDEDCITATION:S.FendogluandT.Xu.2024.“StartupsandVentureCapitalinJapan:HowtoGrow.”IMFSelectedIssuesPaper(SIP/2024/027).Washington,D.C.:InternationalMonetaryFund. JELClassificationNumbers: G24;O30;O38;C33 Keywords: Startups,venturecapital,Japan,firmdynamics. Author’sE-MailAddress: sfendoglu@imf.org;txu@imf.org SELECTEDISSUESPAPERS StartupsandVentureCapitalinJapan:HowtoGrow Japan PreparedbySalihFendogluandTengTengXu1 1“Theauthor(s)wouldliketothankKaustubhChahandeforexcellentresearchassistance.WeappreciateusefulcommentsfromYanCarriere-SwallowandseminarparticipantsattheMinistryofFinanceofJapan. April15,2024 JAPAN SELECTEDISSUES PreparedBySalihFendoglu(MCM)andTengTengXu(APD). ApprovedBy AsiaandPacificDepartment CONTENTS STARTUPSANDVENTURECAPITALINJAPAN:HOWTOGROW2 A.Introduction2 B.StylizedFacts3 C.AggregateCountry-LevelAnalysis5 D.Firm-LevelAnalysis7 E.PolicyImplications11 TABLES 1.CapitalInvestmentandStructuralCharacteristics6 2.ValuationsandStructuralCharacteristics6 3.DoesAvailabilityofFundingAffectStartupPerformance?(GlobalSample)10 4.DoesAvailabilityofFundingAffectStartupPerformance?(Japan)10 5.DoesRiskCultureMatterforStartupExit?11References13 STARTUPSANDVENTURECAPITALINJAPAN:HOWTOGROW1 ThestartupecosysteminJapanhasseengradualgrowth,supportedbythegovernment’srecent"StartupDevelopmentFive-YearPlan"andasignificantinterestfromoverseasventurecapital.ThispaperlaysoutthestartupfinancingecosysteminJapan,withcomparisontointernationalpeers,andstudiespotentialdriversofstartupfinancingandtheirrelevanceforstartups’performance.Theresults,basedoncountry-levelaggregateanalysis,underscorethecriticalroleoffirmdynamismandentrepreneurshipinsupportingcapitalinvestmentandfirmvaluations.Furtheranalysesatthefirmlevelsuggestthatequityfundinghelpsstartupsinnovate,grow,andsuccessfullyexit.Moreover,theimpactoffundingonthelikelihoodofasuccessfulexitappearstobehigherinculturesthatseemtorewardrisktaking. A.Introduction 1.Japan’sstartupecosystemhasgrowngraduallyinrecentyears,butwithscopeforfurtherexpansion.StartupsinJapantendtobe smallercomparedwiththoseintheUnitedStates(U.S.),China,andtheUnitedKingdom,witharelativelylowernumberofunicornswithvaluationaboveUS$1billion.2Onventurecapital(VC)funding,Tokyohasemergedtobeatop20locationfortheVCecosystemglobally,3withthelargestshareofstartupfundingindeep-techresearchanddevelopmentsectors.However,atthenationallevel,Japan’sventurecapitalequityfundingremainsrelativelysmallasashareofGDPcomparedwithpeers. 2.Thegovernmentcontinuestosupportstartupsandventurecapitalfundingthroughthe“StartupDevelopmentFive-YearPlan”.Theplanfocusesonthreemainpillars:1)buildinghumanresourcesandnetworksforcreatingstartups;2)strengtheningfundingforstartupsanddiversifyingexitstrategies;and3)promotingopeninnovation.4Theauthoritieshavesetup 1PreparedbySalihFendoglu(MCM)andTengTengXu(APD).WethankKaustubhChahandeforexcellentresearchassistance.WeappreciateusefulcommentsfromYanCarriere-SwallowandseminarparticipantsattheMinistryofFinanceofJapan. 2ThenumberofunicornsinJapanstoodat7in2023,comparedwith653intheU.S.Similarly,thevaluationofunicornsinJapanwasaboutUS$9.8billionin2023,comparedwithUS$2trillionintheU.S.SeeCBInsights,“TheCompleteListofUnicornCompanies”.AnecdotalevidencesuggeststhatJapanesestartupstendtoexitearlierthanpeersasitisrelativelyeasytoraisefundsthroughtheTokyoStockExchange,whichmayhavecontributedtotherelativelylowernumberofunicorns. 3SeePitchBook(2023a),“GlobalVCEcosystemRankings”. 4See“StartupDevelopmentFive-Year