2016 white paper on small and medium enterprises in japan (outline) · large enterprises: approx....

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

April 2016

Research Office, Small and Medium Enterprise Agency

Large enterprises:

Approx. 0.011 million

0.3％

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.

1

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.

Definitions under the Small and Medium-sized Enterprise Basic Act and the Number of Enterprises and Employees

Medium enterprises:


14.6%

Small enterprises:


85.1%

SMEs: Approx. 3.809 million 99.7%

[Remarks] “2014 Economic Census for Business Frame” (rearranged and processed)

SMEs Small enterprises

Business type Stated capital or number of employee Number of employees

Manufacturing industry and

others 300 million yen or less 300 or fewer 20 or fewer

Wholesale trade industry 100 million yen or less 100 or fewer 5 or fewer

Service industry 50 million yen or less 100 or fewer 5 or fewer

Retail trade industry 50 million yen or less 50 or fewer 5 or fewer

Number of enterprises

Number of employees

Large enterprises 0.011 million 14.33 million

SMEs 3.809 million 33.61 million

Small enterprises 3.252 million 11.27 million

2016 White Paper on Small and Medium Enterprises in Japan

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

4. Earning Power of SMEs Analysis of Characteristics of SMEs with High Earning Power

支援

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

Management Power that Decides Earning Power of SMEs

3. Finances Supporting SMEs

• 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.

2

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.

3

[Remarks] Fig. 1 and Fig. 2: “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 10 million yen or more but less than 100 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 20 million yen or more but less than 100 million yen.

Changes in Business Conditions DI Fig. 3 Changes in Ordinary Profits Fig. 1

5.2

9.9

0

2

4

6

8

10

12

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

07 08 09 10 11 12 13 14 15

中小企業大企業 (Trillion yen)

(Quarter)

（Year）

139

126

120

130

140

150

160

170

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

07 08 09 10 11 12 13 14 15

百万

(兆円)

(期)

（年）

Changes in Sales Fig. 2

中小企業大企業

▲ 18.1

1.0

13.0

▲ 60.0

▲ 50.0

▲ 40.0

▲ 30.0

▲ 20.0

▲ 10.0

0.0

10.0

20.0

30.0

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

07 08 09 10 11 12 13 14 15 16

中小企業(景況調査)

中小企業(短観)

大企業(短観)

(期)

(年)

(DI, %points) SMEs (Survey of SME Business Conditions) SMEs (TANKAN) Large enterprises (TANKAN)

SMEs

SMEs

Large enterprises

Large enterprises

(Quarter)

（Year）

(Quarter) （Year）

(Trillion yen)

中規模→大企業大企業→中規模中規模→小規模小規模→中規模

廃業開業その他

366 334 325

54

51 56

2009 2012 2014

小規模事業者中規模企業 (10,000 enterprises)

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.

4

[Remarks] Fig. 1 and Fig. 2: “Economic Census for Business Frame” (Ministry of Internal Affairs and Communications (MIC)), and “FY2012 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 2014 and 2012, 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.

Changes in the Number of SMEs Fig. 1 Breakdown of Changes in Number (from 2012 to 2014) Fig. 2

Increase D

ecrease

中規模企業 4.7万者増加

Business start-ups: up by about 72,000

From small to medium: up by about 68,000

Closures: down by about 48,000

From medium to small: down by about 63,000

Others: up by about 18,000

From large to medium: up by about 1,000

From medium to large: down by about 1,000

SMEs 4,201,264

SMEs 3,852,934

SMEs 3,809,228

Down by 43,706

Up by about 47,000

Down by about 90,000

Small Enterprises Medium-sized enterprises From medium to large From large to medium From medium to small From small to medium

Closures Business start-ups Others

Medium-sized enterprises:

up by about 47,000

1. Analysis of the Current Status (3) Background of the Increase in Earnings Changes in ordinary profits of SMEs from 2009 to 2015 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.

5 [Remarks] Fig. 1: “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 10 million yen or more but less than 100 million yen.; Fig. 2:

“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 2002 to 2004.; 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)

Changes in the Number of Employees by Enterprise Size Fig. 3

Changes in Prices of Primary Commodities Fig. 2

1735万人

1523万人 1252万人

1565万人

600

1,100

1,600

2,100

96 00 05 10 15

1～29人 30～99人 100～499人 500人以上

(10,000 employees)

(Year)

42.3

0

100

200

1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 10 1 4 7 1011 12 13 14 15

１次産品価格指数(全１次産品) １次産品価格指数(エネルギー) １次産品価格指数(食料品) １次産品価格指数(金属) ドバイ（原油価格、ドル／バレル）

(Month)

(Year)

(2005=100、ドル／バレル)

大企業中小企業

Increases in Ordinary Profits in 2015 Compared to Those in 2009 (by factor)

Fig. 1

Factors relating to sales amount:

up by 2.0 trillion yen

Factors relating to sales amount:

down by 0.9 trillion yen

Factors relating to variable costs:


Factors relating to variable costs:


Factors relating to depreciation costs:


Factors relating to non-operating profit and loss:


(Total: up by 6.7 trillion yen) (Total: up by 2.5 trillion yen)

Factors relating to personnel costs:


Factors relating to non-operating profit and loss:

up by 0.04 trillion yen Factors relating to depreciation costs:


Factors relating to personnel costs:


SMEs

(2005 = 100, dollars/barrel)

Primary Commodity Price Indices (all primary commodities) Primary Commodity Price Index (energy) Primary Commodity Price Index (food) Primary Commodity Price Index (metal) Dubai (crude oil price, dollars/barrel)

1-29

100-499

30-99 500 or more

15.65 million

15.23 million

17.35 million

12.52 million

Large enterprises

5.4

2.8

0

2

4

6

8

10

06 07 08 09 10 11 12 13 14 15

大企業中小企業

(Trillion yen)

▲ 11.4 ▲ 14.8

-20-15-10-505

10

Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ Ⅱ Ⅲ Ⅳ Ⅰ

11 12 13 14 15 16

製造業非製造業 (%p)

(Quarter)

(Year)

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.

6 [Remarks] Fig. 1: “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.; Fig. 2: “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 10 million yen or more but less than 100 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)

Changes in Capital Investment Fig. 3

Changes in Facility Age (by size, 1993=100) Fig. 4

100

Large enterprises

143.4 1993 2014

SMEs 175.7

Aged by approx. 1.4 fold

Aged by approx. 1.8 fold

(Quarter) (Year)

Capital investment has not recovered to the level before the Collapse of Lehman Brothers.

Facilities of SMEs have aged by approx. 1.8 fold compared with 1993.

Ⅳ

Wage Increase (percentage of average increase per person) Fig. 1

2.2

2.0 1.8

1.6

0.5

1.0

1.5

2.0

2.5

10 15

5000人以上 1000-4999人

300-999人 100-299人

(前年比、％)

Percentage of wage increases is smaller for enterprises smaller in size.

(Year)

Employee Overcapacity and Insufficiency DI Fig. 2

(From the previous year; %) 5000 or more

300-999

1000-4999

100-299

Manufacturing Non-manufacturing

Large enterprises SMEs

0102030405060708090

100

0 1.5 3 4.5 6 7.5 9 10.5 12 13.5 15 16.5 18 19.5

大・非製造

中小・非製造

(％)

大企業非製造業平均 (899万円)

7

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.

1. Analysis of the Current Status (5) Productivity of SMEs

[Remarks] Fig. 1 and Fig. 2: “Basic Survey of Japanese Business Structure and Activities” (rearranged and processed); [Notes] 1. Excluding enterprises with less than 50 employees or those for which the stated capital or contribution is less than 30 million yen; 2. Distribution ratios of labor productivity (added value per employee) were tabulated on the basis of 100,000 yen per person and the results were cumulated.

Cumulative Distribution of Labor Productivity Characteristics of SMEs with High Labor Productivity (average) (in the case of the retail industry)

Fig. 1 Fig. 2

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.

0102030405060708090

100

0 1.5 3 4.5 6 7.5 9 10.5 12 13.5 15 16.5 18 19.5

大・製造中小・製造

(％)

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)

SMEs with labor

productivity higher than the

average of large retailers

(n=383)

25.9 43.0 224.3 338.6 34.6 5.1 26.7

SMEs with labor

productivity lower than the average

of large retailers (n=1,095)

74.1 42.2 350.0 97.8 17.4 2.4 15.2

All SMEs in the retail industry (n=1,478)

100 42.5 306.0 182.0 23.4 3.7 19.2

Average of large manufacturing enterprises (11.71 million yen)

Approximately 10% of SMEs in the manufacturing industry have higher labor productivity than the average of large enterprises.

Approximately 30% of SMEs in the non-manufacturing industry have higher labor productivity than the average of large enterprises.

(Million yen/person)

(Million yen /person)

High Low Productivity

10%

30%

Large enterprises; manufacturing

SMEs; manufacturing

Large enterprises; non-manufacturing

SMEs; non-manufacturing

Average of large non-manufacturing enterprises (8.99 million yen)

47

33

18

50 33.5 33.5

39.8 31.1

18.1

42.2

24.6 20.1

業務プロセスの合理化・意思決定の迅速化

利益率・生産性の向上

在庫圧縮・省材料化

営業力・販売力の強化

売上の拡大業務プロセスの合理化・意思決定の迅速化

高収益企業低収益企業

16.5

10.0

28.3 16.8

20.1

7.9

0.3 納品書、請求書、領収書等の作成・保管までを社内、後は会計専門家に外注仕訳伝票の起票までを社内、あとは会計専門家に外注記帳までは社内、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、財務諸表の処理と税務申告は会計専門家に外注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その他 (n=1,266)

43.3 39.8

26.3 25.7 25.7 19.3

7.0 4.7

ITを導入

できる人材がいない

導入効果が

分からない､評価できな

い

コストが負担できない

業務内容にあったITがない

社員がITを使いこなせない

適切なアドバイザー等がいない

個人情報漏えいの恐れがある

技術・ノウハウ流出の恐れがある

(％)

(n=171)

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.

2. Efforts by SMEs with High Earning Power (1) IT Investment (i)

[Remarks] Fig.1: “FY2012 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; Fig. 3 and Fig. 4: “Questionnaire Survey on Growth and Investment Behavior of SMEs” (December 2015; Teikoku Databank, Ltd.) under contract from the SMEA 8

Fig. 2

At SMEs failing to fully utilize IT, PCs are not allocated to each staff member and there are heaps of slips on desks…

… 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.

Picture of SMEs failing to fully utilize IT

There are a certain number of SMEs failing to properly ascertain their own business conditions.

Accounting Management of SMEs Fig. 1 Reasons for Not Making IT Investment Fig. 3

Effectiveness of IT Investment Fig. 4

(i) Effectiveness of defensive IT investment (ii) Effectiveness of aggressive IT investment ((i) n=540, (ii) n=206) ((i) n=508, (ii) n=199)

In particular, gaps are notable in the effectiveness of aggressive IT investment.

(％)

(％)

(％)

There is no one who

can introduce IT.

Effectiveness of introducing IT is not clear or cannot be evaluated.

It is difficult to bear required costs.

There is no IT suited to the enterprise’s business.

Employees cannot

utilize IT effectively.

The enterprise has no proper advisor, etc.

There is a risk of personal inform

ation leakage.

There is a risk of outflow of

technology and know-how

.

High-profit enterprises

Low-profit enterprises

Streamlining of business processes and speeding up of decision making

Improvement of profit ratio

and productivity

Reduction of stock and saving of materials

Strengthening of sales

capabilities and selling capacity

Increase of sales

Streamlining of business

processes and speeding up of

decision making

Statements of delivery, bills, receipts, etc. are prepared and preserved within the enterprise and other matters are outsourced to external accountants.

Procedures ranging up to the issuance of journal slips are handled within the enterprise and other matters are outsourced to external accountants.

Bookkeeping is done within the enterprise and journalization and other procedures for accounting are outsourced to external accountants.

Procedures ranging up to the preparation of the general ledger are handled within the enterprise and procedures relating to financial 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 returns are thoroughly handled within the enterprise.

Others

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 10 years, and a retention rate of 96%.

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.

2. Efforts by SMEs with High Earning Power (1) IT Investment (ii)

[Remarks ]Fig. 1 and Fig. 2: “Questionnaire Survey on Growth and Investment Behavior of SMEs” (December 2015; Teikoku Databank, Ltd.) under contract from the SMEA 9

Efforts to Increase Earnings through the Introduction of IT Fig. 2

65.9 58.7 49.3 48.5

37.6 22.0

43.2 55.0 28.3 26.1 19.1 15.2

業務プロセス･社内ルールの見直

し

目的･ビジョンの明示

各事業部門､従業員からの声の

収集

計画・戦略策定 IT･業務改善等についての社員教育･研修の実

施

外部専門家･支援機関の活用

高収益企業

低収益企業

(％)

A high percentage of enterprises with high earning power have communication with employees and review business processes upon introducing IT.

Fig. 1

24 12 14

74

11 23

13 17

71

9

電子商取引

（BtoB）

電子商取引

（BtoC）

SNS HP 海外向けHP

高収益企業

低収益企業

(n=803) (n=758)

Introduction of IT by Earning Capacity No notable gaps are observed in the status of introduction of IT among enterprises fully utilizing IT.

(n=542)

(n=329)

[Example] Ohkushi Corporation (Chiba-shi, Chiba)

A barbershop of the company

(％) High-profit enterprises


High-profit enterprises


B-to-B e-commerce

B-to-C e-commerce

HP targeting overseas markets

Review business processes and in-

house rules

Clarify objectives and visions

Collect opinions from each

department and employee

Establish plans and strategies

Provide employees with education and training on IT and

business improvement, etc.

Utilize external experts and

support organizations

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.

2. Efforts by SMEs with High Earning Power (2) Overseas Business Expansion (i)

10

Number of Direct Exporters among Manufacturing SMEs Fig. 1 Direct Investors by Enterprise Size and Business Type Fig. 3

[Remarks] Fig. 1: “Census of Manufacture” (METI), “2014 Economic Census for Business Frame” (MIC and METI) (rearranged and processed); Fig. 2: “Establishment and Enterprise Census” (MIC), “2009 and 2014 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 FY2001 to FY2013 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 2015; Teikoku Databank, Ltd.) under contract from the SMEA

4,342

3,568 4,603

4,702 4,838

5,348 6,196

6,303

5,937 5,920

6,336 6,302

6,397

1.5 1.4

1.7 1.9 1.9

2.3

2.7 2.7 2.8 3.0 3.0 3.3

3.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

01 02 03 04 05 06 07 08 09 10 11 12 13

直接輸出中小製造業企業数(左軸) 中小製造業全体に占める割合(右軸) (％)

(Year)

(Number of exporters)

2,013 2,944 2,869 3,221

1,019

1,366 1,298 1,406

125

142 147 129

986

1,343 1,316 1,590 1,931

2,416 2,347

2,418

01 06 09 14

中小製造業中小卸売業中小小売業その他中小企業大企業

(Number of investors)

(Year)

SMEs 4,143 68.2%

5,795 70.6%

5,630 70.6%

6,346 72.4%

(6,074)

(8,211) (7,977) (8,764)

Labor Productivity of Exporting SMEs and Non-exporting SMEs (manufacturing) Fig. 2 Changes in the Number of Domestic Employees by the

Status of Investment for Overseas Business Expansion Fig. 4

19

19

21

19

80

70

76

76

1

11

2

4

輸出（n=591）

直接投資(生産拠点)

（n=228）

直接投資(販売・サービス …

インバウンド対応（n=72）

増加した変化はない減少した

101

108

115 119

128 129

113

95

112 114 112 113

100 100 101 104 105

112 112

104 97 103 104 104 104

90

100

110

120

130

01 02 03 04 05 06 07 08 09 10 11 12 13

輸出実施企業(n=897) 輸出非実施企業(n=3,353) (FY2001=100)

(Year)

Number of direct exporters (left scale) Percentage among all manufacturing SMEs (right scale)

Exporting SMEs (n=897) Non-exporting SMEs (n=3,353)

Manufacturing SMEs Wholesale SMEs Retail SMEs Other SMEs

Increased Unchanged Decreased

Export

Direct investment (production bases)

Direct investment (sales/services bases)

Response to inbound demand

Large enterprises

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.

2. Efforts by SMEs with High Earning Power (2) Overseas Business Expansion (ii)

11 [Remark] “Questionnaire Survey on Growth and Investment Behavior of SMEs” (December 2015; Teikoku Databank, Ltd.) under contract from the SMEA

58 52

43 42

31

20 19

45 43

31 32

21

11 13

海外展開投資の目的･ビジョンの明示

海外展開に向けての計画の策定

海外展開投資による効果の予測

外国人人材の採用

海外展開を主導できる日本人人材の採用

海外展開の段階的な実行･導入後の国内･現地モニタリング

海外展開にかかる社員教育･研修の実施

高収益企業 (n=170)

低収益企業 (n=152)

(％)

Efforts to Increase Earnings through Overseas Business Expansion Fig. 1

[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 2009, 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 70,000 in 2014 to 150,000 in 2015, and further growth is expected. A highway bus of the company

High-profit enterprises Low-profit enterprises

Clarify objectives and visions of the

investment for overseas business expansion

Formulate plans for overseas

business expansion

Forecast the effects of the investment

for overseas business expansion

Recruit foreign staff

Recruit Japanese staff w

ho can lead overseas business expansion

Expand business overseas by stages and m

onitor domestic and local

situations thereafter

Provide employees w

ith education and training concerning overseas business expansion

[値] [値]

27 28

9 7 12 16 11 10 12 15

64 75

49 41

全体 (n=3,158)

100人以下

（n=1934）

101～300人 (n=994)

300人以上 (n=230)

策定済み現在策定中策定する計画がある策定していない

8

30.6

55.9

31.0 30.3 23.1

4.4

8.8

7.1 1.6

7.7

0.5 0.2 0.9

9.1

2.9

9.5 7.0 13.7

55.4

32.4

52.4 60.5 54.7

全体～１０億円以下 (n=31)

１０億円超

～２０億円以下

(n=39)

２０億円超

～１００億円以下

(n=182)

１００億円超

～ (n=108)

50万円未満 50～200万円 200～400万円 400～600万円 600～800万円 800～1,000万円 1,000万円以上わからない発生しなかった

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.

2. Efforts by SMEs with High Earning Power (3) Risk Management (i)

12 [Remarks] Fig. 1: Prepared by the SMEA based on “Disaster Database (EM-DAT)” (Centre for Research on the Epidemiology of Disasters, Université catholique de Louvain); Fig. 2: “Survey on SMEs’ Efforts for Risk Management” (December 2015; Mizuho Research Institute) under contract from the SMEA; Fig. 3: “Survey on Current Status of Information Processing” (METI) (rearranged and processed)

Formulation of BCPs (SMEs, by number of employees) Fig. 2 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 100 employees.

* 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.

Amount of Damage due to Information Security-related Troubles (SMEs, by sales) Fig. 3

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.

Frequencies and Damage of Natural Disasters in Japan Fig. 1

9 17 8 79

1,137

185

497

180

2,208

12

20 24

17

28 24

37

23

39

0

10

20

30

40

50

0

500

1,000

1,500

2,000

2,500

1971-1975

1976-1980

1981-1985

1986-1990

1991-1995

1996-2000

2001-2005

2006-2010

2011-2015

被害額(左軸) 発生件数(右軸) (100 million dollars)

(Number of natural disasters)

(％)

Amount of damage (left scale)

Number of disasters (right scale)

Have formulated

Now formulating

Plans to formulate

Have not formulated

All SMEs 100 or fewer 101-300 300 or more

All SMEs 1 billion yen or less (n=31)

1-2 billion yen (n=39)

2-10 billion yen (n=182)

10 billion yen or more (n=108)

0.5 million yen or less 0.5-2 million yen 2-4 million yen 4-6 million yen 6-8 million yen 8-10 million yen 10 million yen or more Don’t know No troubles

15

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.

2. Efforts by SMEs with High Earning Power (3) Risk Management (ii)

13 [Remark] “Survey on SMEs’ Efforts for Risk Management” (December 2015; Mizuho Research Institute) under contract from the SMEA

Effects of BCM during Normal Times Fig. 1

53.6

31.7 28.9

21.1

15.0 14.7

7.9

2.0 1.5

経営資源の把握

人材育成経営陣と従業員間のコミュニケーションの改善

取引先との取引状況の把握

業務効率化・工程改善

販売先との関係強化

仕入先との関係強化

資金繰り改善

新規取引先先の開拓

(％) （n=394)

If efforts are made, significant results can be expected in improving business at normal times.

* Business Continuity Management (BCM): A mechanism for activities and management to be operated continuously by formulating a BCP

[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 >

Ascertain m

anagement resources

Foster personnel

Improve com

munication betw

een the top m

anagement and em

ployees

Ascertain the status of transactions

with business partners

Improve business efficiency

and processes

Strengthen relationship w

ith purchasers

Strengthen relationship w

ith suppliers

Improve funding

Cultivate new

business partners

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.

3. Finances Supporting Growth of SMEs (1) Loans from Financial Institutions

14

Changes in Difficulties in Financing and Borrowing Funds from Financial Institutions Fig. 1 Changes in Loans from Financial Institutions by

Enterprise Size Fig. 2

6

22

16

27

-30

-20

-10

0

10

20

30

40

93 96 99 02 05 08 11 14 15

資金繰りDI (中小企業)

資金繰りDI (大企業)

金融機関の貸出態度DI (中小企業)

金融機関の貸出態度DI (大企業)

(DI＝％p)

(Year)

68.3

72.3 72.5

95.0

60

65

70

75

80

85

90

95

100

105

110

93 97 02 07 12


(Year)

(1993年第2四半期＝100)

15

Collapse of Lehman Brothers

SMEs Financial Position DI (SMEs)

Financial Position DI (Large enterprises)

Lending Attitude of Financial Institutions DI (SEMs) Lending Attitude of Financial Institutions DI (Large enterprises)

(2nd quarter of 1993 = 100) Large enterprises

[Remarks] Fig. 1: “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 20 million yen or more but less than 100 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.; Fig. 2: “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.

80.1 71.3

151.0 183.5 23.0

36.3 129.6

146.0 117.8

172.1 129.0

180.2

0

100

200

300

400

500

600

700

800

2005年 2014年

(630.5) (789.5)

(兆円) 37.8 53.7

100.6 99.3 45.8 48.0 58.2 97.2

217.3 204.0

170.8

287.2

0

100

200

300

400

500

600

700

800

2005年 2014年 (兆円)

(630.5) (789.5)

85.7 107.9 91.0 87.0 46.9 46.7 42.9 47.9 204.2 213.2 70.1 76.4

現預金売掛債権棚卸資産流動資産その他有形固定資産・無形固定資産投資等その他

(i) S

ME

s (ii

) Lar

ge e

nter

pris

es

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.

3. Finances Supporting Growth of SMEs (2) Background of Sluggish Borrowings from Financial Institutions

15 [Remarks] “Financial Statements Statistics of Corporations by Industry (annual report)” (MOF) (rearranged and processed); [Note] SMEs are enterprises whose stated capital is less than 100 million yen, and large enterprises are those whose stated capital is 1 billion yen or more.

75.8 68.6

177.8 172.3

73.6 67.7

101.4 88.4

49.7 51.7

62.6 130.4

0

100

200

300

400

500

600

2005年 2014年 (兆円)

(579.1) (540.8)

(Assets) (Liabilities and net assets)

利益剰余金他資本金,資本準備金その他の債務金融機関以外からの借入金融機関借入仕入債務

85.7 107.9 91.0 87.0 46.9 46.7 42.9 47.9 204.2 213.2

70.1 76.4

0

100

200

300

400

500

600

2005年 2014年 (兆円)

(579.1) (540.8) +7.1%

+9.0%

+4.4%

+25.9%

+25.2%

▲6.1%

+42.1%

+7.1%

+108.3%

▲3.1%

+25.2%

+39.7%

21.5%

• 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.

• Capital investment decreased.

• Capital contribution, etc. to affiliated enterprises increased significantly.

• Cash and deposits increased significantly.

• Assets increased significantly.

• Borrowings from financial institutions decreased.

• So-called reserves (retained earnings) increased significantly.

• Borrowings from financial institutions, reserves, and stated capital all increased significantly.

+68.1%

Cash and deposits

Inventory assets

Tangible and intangible assets

Accounts receivable

Current assets and others

Investment and others

2005 2014

2005 2014 (Trillion yen)

(Trillion yen) 2005 2014 (Trillion yen)

2005 2014 (Trillion yen)

Retained earnings, etc.

Other liabilities

Borrowings from financial institutions

Stated capital, capital reserves Borrowings from entities other than financial institutions Accounts payable

17.2

35.4

11.8

41.8

83 86 89 92 95 98 01 04 07 10 13


(％)

(Year)

3.05

4.90

4.45 4.53 4.45 4.41

2.59

3.45 3.18

3.64 3.26

2.92

4.32 4.80

5.05

5.63 5.15

4.89

10年以下 11年以上

～20年以下

21年以上

～30年以下

31年以上

～40年以下

41年以上

～50年以下

51年以上

無借金企業借入のある企業全体借入のある企業 …

(％)

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.

3. Finances Supporting Growth of SMEs (3) Current Status and Problems of Debt-free Enterprises

16

Ordinary Profit Ratio by Number of Years since Establishment and Status of Borrowings Fig. 2

Investment Ratio by Number of Years since Establishment and Status of Borrowings Fig. 3

[Remarks] Fig. 1: “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.; Fig. 2 and Fig. 3: “2014 Basic Survey of Japanese Business Structure and Activities” (METI); [Notes] 1. Tabulated the average ordinary profit ratios of enterprises whose ratios are from -100% or more but less than 100%.; 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 2015; Mizuho Research Institute) under contract from the SMEA

3.77

3.08 2.97 2.71

3.15

2.43

4.81

3.81 3.43

3.02 2.99 2.63

10年以下 11年以上～20年以下

21年以上～30年以下



51年以上

無借金企業借入のある企業全体 (％)

Percentage of Debt-free Enterprises by Enterprise Size Fig. 1

29.0

9.9

34.8

14.6

13.9

11.4

9.5

11.6

5.2

8.4

7.6

44.1

0% 100%

借入のある企業

無借金企業

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

Frequencies of Interviews with the Main Financing Bank Fig. 4

SMEs Large enterprises

Debt-free enterprises All enterprises with borrowings Enterprises with borrowings (those in the lower 25% in terms of debt ratio)

10 years or shorter 11 years or longer but 20 years

or shorter

21 years or longer but 30 years

or shorter


or shorter


or shorter

51 years or longer

10 years or shorter

11 years or longer but 20

years or shorter

21 years or longer but 30 years or

shorter


shorter


shorter

51 years or longer

Debt-free enterprises All enterprises with borrowings

Debt-free enterprises

All enterprises with borrowings

Twice or more per month Around once a month Around once in three months

Around once in six months Around once a year Seldom

39

86

51 60

12 13 2 8

25 10

61 50 49

41

代表者等の保証による融資

信用保証協会の保証付融資

不動産を担保とする融資

事業性を評価した担保・保証によらない融資

売掛債権の流動化による融

資

動産担保による融資

知的財産担保による融資

重点を置いて取り組んでいる融資手法今後重点を置きたい融資手法

(％)

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.

3. Finances Supporting Growth of SMEs (4) Methods of Fund Procurement

17

Suppliers of Funds Necessary for Resolving Problems to Achieve Growth Fig. 1

Fig. 2

23 20

7

86

7 2 1 2

45

25 23 19

1 1 1 7

内部留保経営者等の個人資金

親会社・関係会社からの借入

金融機関からの借入

私募債金融機関以外からの借入

出資(増資)

その他

借入のある企業

(n=2,876)

無借金企業

(n=1,073)

(％)

内部性の高い先外部性の高い先

[Remarks] Fig. 1 to Fig. 3: “Survey on SMEs’ Fund Procurement” (December 2015; Mizuho Research Institute) under contract from the SMEA; [Note] Tabulated top five answers

Matters Evaluated by Financial Institutions Other than Collateral and Guarantees Fig. 3

99.0 94.1

76.9

63.8 59.4

48.5

21.4 21.6

8.4 2.7

Internal suppliers External suppliers

Debt-free enterprises All enterprises with borrowings

Reserves

Personal funds of the m

anagers, etc.

Borrowings from

the parent enterprise and affiliated enterprises

Borrowings from

financial institutions

Privately placed bonds

Borrowings from

entities other than financial institutions

Capital contribution

(capital increase)

Others

Methods being prioritized at present

Methods to be prioritized from now on

(n=2,996)

(n=2,744)

Loans based on guarantees by the

representative, etc.

Loans guaranteed by a credit guarantee

corporation

Loans by using real estate as collateral

Loans based on business

assessment, not dependent on collateral or guarantees

Loans through the securitization

of accounts receivable

Loans by using

movables as collateral

Loans by using intellectual property as collateral

Financial conditions

Stability and potential of the business

Managerial com

petence and personality of the m

anagers

Asset surpluses of the enterprise

and the managers

Past records of repayment

and transactions

Technical capabilities and developm

ental power

Existence or absence of managem

ent plans and the details thereof

Sales capabilities and relationship w

ith existing customers

Existence or absence of successors of the representative

Nam

e recognition in the local com

munity

Methods of Granting Loans Being Prioritized and To Be Prioritized by Financial Institutions

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.

3. Finances Supporting Growth of SMEs (5) Strengthening of Support Systems

18

Efforts for Enhancing Ability to Make Proper Lending Decisions and Results Thereof by Attitude toward Lending Based on Business Assessment Fig. 1

75

57

33 28

8

30

64

22

2

63

42

21 18

5

19

54

19 7

既往取引先の貸出案件拡大につながった

既往取引シェア拡大につながった

預金の増大等、貸出以外のサービスの拡大につながった

既往取引先の格付が向上した

貸出利鞘の適正化につながった

不良債権の抑制に効果があっ

た

新規取引先の獲得につながった

具体的な効果は表れてないが競合他行との差別化ができた

効果はほとんど感じられない

事業性評価を現在重点的に取り組む金融機関

事業性評価を現在重点的に取り組んでいない金融機関

91 89

60

34 18

50

91 81

54

25 11

35

財務内容分析に関する教育

経営内容把握に関する教育

顧客折衝に関する教育

業界動向に関する情報収集・分析を行う部署の設置

技術動向に関する情報収集・分析を行う部署の設置

業界・技術に関する外部専門家・機関

との連携

事業性評価を現在重点的に取り組む金融機関事業性評価を現在重点的に取り組んでいない金融機関

(％)

(i) Efforts for Enhancing Ability to Make Proper Lending Decisions

(ii) Obtained Results

[Remarks] Fig. 1 and Fig. 2: “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

Persons to Consult concerning Risk-taking Actions Fig. 2

60.2

44.0

30.8

25.8

17.5 16.3

税理士・会計士等

金融機関

従業員コンサルタント

販売先業界団体

（n=2,091)

(％)

(％) Financial institutions prioritizing business assessment （n=1,809)

Financial institutions not prioritizing business assessment （n=1,181)

Education on the analysis of financial

conditions

Education on how to ascertain business

conditions

Education on negotiations with

customers

Establishment of a department in charge of

collecting and analyzing information

on industry trends

Establishment of a department in charge of collecting and analyzing

information on technology trends

Collaboration with external experts and

organizations specialized in relevant

industries and technologies

Financial institutions prioritizing business assessment

Financial institutions not prioritizing business assessment

（n=1,800)

（n=1,171)

Led to increased lending to

existing clients

Led to expanding share of existing

trade

Led to increased deposits and sales of services other

than lending

Ratings of existing clients have enhanced.

Led to achieving proper loan

margins

Achieved a reduction of non-performing loans

Led to acquiring new clients

Achieved differentiation

from competing banks although concrete results

have yet to emerge

There seems to be few results.

Tax accountants, certified accountants, etc.

Financial institutions

Employees

Consultants

Purchasers

Industry groups

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.

4. Management Power of SMEs (1) Profitability

19

[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

Notion of Classification Fig. 1

Average capital adequacy ratio

Average ordinary profit ratio (Average of large

enterprises)

(iii) (i)

(Average of large enterprises)

41.0％

(ii) (iv)

4.0％

（19.0%）

（10.3%）

（24.0%）

（46.7%）

* Approximately 10,000 SMEs are classified based on their average ordinary profit ratio and capital adequacy ratio for three years from 2011 to 2013, while using the average ordinary profit ratio among large enterprises (4.0%) for the X-axis and the average capital adequacy ratio among large enterprises (41.0%) for the Y-axis.

Changes in Ordinary Profit Margins Fig. 2

7.41

6.12

9.35

3.93

2.14

8.16

3.61

0.75 1.41

1.68

▲ 0.21

1.12

▲ 2

0

2

4

6

8

10

12

04 05 06 07 08 09 10 11 12 13

稼げる企業(①) 経常利益率の高い企業(②)

自己資本比率の高い企業(③) その他の中小企業(④)

(％)

(FY)

[Remarks] Fig. 1 and Fig. 2 “Basic Survey of Japanese Business Structure and Activities” (rearranged and processed); [Note] Excluding enterprises with less than 50 employees or those whose stated capital or contribution is less than 30 million yen

Enterprises with high earning power (i)

Enterprises with high capital adequacy ratios (iii)

Enterprises with high ordinary profit ratios (ii)

Other SMEs (iv)

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.

4. Management Power of SMEs (2) Investment

20

Changes in Percentages of Acquisition Costs of Fixed Assets against Sales Fig. 1 Changes in Percentages of Information Technology

Investment against Sales Fig. 3

Changes in Percentages of Capacity Development Costs against Sales Fig. 2 Measures against Risks Fig. 4

[Remarks] Fig. 1 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 2015; Teikoku Databank, Ltd.) under contract from the SMEA

50.4

54.4

60.0 59.6

39.3

44.1

35

40

45

50

55

60

65

04 05 06 07 08 09 10 11 12 13

稼げる企業(①) 経常利益率の高い企業(②)

自己資本比率の高い企業(③)

(％)

(FY)

0.13

0.09 0.11

0.06

0.07

0.05 0.03

0.05

0.07

0.09

0.11

0.13

06 07 08 09 10 11 12 13

(％)

(FY)

36

52 55

46

61

32

52 46

40

56

27

46 45

37

56

自然災害施設、設備の事故・故障情報セキュリティコンプライアンス違反商品の品質

稼げる企業（①）経常利益率の高い企業（②）

自己資本比率の高い企業（③）

(％)

0.045

0.050

0.040

0.044

0.036

0.032 0.030

0.035

0.040

0.045

0.050

0.055

09 10 11 12 13

(％)

(FY)







Natural disasters Accidents and failures in facilities

and equipment

Information security

Compliance violations

Product quality

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.

4. Management Power of SMEs (3) Managers’ Characteristics (i)

21

Distribution of Ages of Managers of SMEs (by five-year interval) Fig. 3

0

5

10

15

20

25

30歳～ 45歳～ 60歳～ 75歳

(10,000 managers)

1995

2000

2005

A peak of the managers’ ages shifted from 47 to 66 years old in 20 years.

2010

2015

[Remarks] Fig. 1 to Fig. 3: “Questionnaire Survey on Growth and Investment Behavior of SMEs” (December 2015; 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] Fig. 2 and Fig. 3 are prepared based on data for approximately 1.2 million SMEs held by Teikoku Databank, Ltd.

17.5

37.4

20.8

33.4

22.8

34.5

23.6

31.3 24.9

31.5

15

20

25

30

35

40

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15

20人以下 21人以上50人以下 51人以上100人以下 101人以上300人以下 301人以上

(％)

(FY)

Aging of managers is more notable among SMEs that are smaller in size.

Changes in Percentages of Aged Managers (by number of employees) Fig. 2

Corporate Culture Fig. 1

58 47

35

21 30

22

59

45

28 27 30 18

51 44

28 17

24 16

自社の意思決定ｽﾋﾟｰﾄﾞは速

い

全社一体となり顧客の課題解決に取り組んで

いる

経営計画や経営戦略の内容が現場まで浸透

している

失敗を恐れず､新たな試みに挑戦する考えが根付いている

従業員は個々の能力向上への意識が高い

従業員は個々の収入･待遇に満足している

稼げる企業(①) 経常利益率の高い企業(②) 自己資本比率の高い企業(③)

（%）

Enterprises with high ordinary profit ratios (ii) (n=730) Enterprises with high earning power (i) (n=757)

The enterprise’s decision making is

speedy.

The enterprise is making an all-out

effort to solve customers’ problems.

Management plans and strategies are shared among all employees including field staff.

The idea of making new challenges

without fear of failure is deeply rooted

among employees.

Employees are willing to enhance individual abilities.

Employees are satisfied with their own income

and treatment.

20 or fewer

50-100

301 or more

21-50

101-300

30 years old 45 years old 60 years old 75 years old

Enterprises with high ordinary profit ratios (ii) (n=730)

Enterprises with high capital adequacy ratios (iii) (n=695)

79 77

32 29 23 16

75 72

27 29 23 18

76 68

26 32 20 21

82 65

21 38

18 25

売上高を伸ばしていく必要がある

雇用を維持･拡大していく必要が

ある

積極的に投資していく必要がある

自社の成長は市場の成長に依存している

成長には､ﾘｽｸを伴う行動が必要であるし､積極的にﾘｽｸを取るべき

だ

ﾘｽｸを伴ってまで成長はしたくない

49歳以下 50歳以上～59歳以下

60歳以上～69歳以下 70歳以上

(％)

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.

4. Management Power of SMEs (4) Managers’ Characteristics (ii)

22

Awareness concerning Growth by Age Bracket of Managers Fig. 1

[Remarks] Fig. 1 and Fig. 2: “Questionnaire Survey on Growth and Investment Behavior of SMEs” (December 2015; 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 FY2007, ordinary profit ratios were compared based on whether managers changed from FY2007 to FY2008 or not.

73

48

84

21

37 41

70

45

78

18

36 37

69

43

78

16

36 31

67

39

74

12

31 29

設備投資 IT投資人材投資海外展開投資研究開発投資広告宣伝投資

49歳以下 50歳代 60歳代 70歳以上 (％)

Differences in Ordinary Profit Ratios through Change of Managers Fig. 3

3.62

5.50

2.21

3.37

0

1

2

3

4

5

6

08 09 10 11 12 13 14

経営者の交代あり経営者の交代なし (％)

(FY)

(n=79) (n=1,746)

49 years old or younger

60-69 years old

50-59 years old

70 years old or older

The enterprise needs to increase

sales.

The enterprise needs to increase

and maintain employment.

The enterprise needs to make

investment actively.

The growth of the enterprise depends on

market growth.

Risky actions are required for

achieving growth and the enterprise should actively take a risk.

A growth accompanying

risks is not necessary.

49 years old or younger 50-59 years old

Capital investment

IT investment Investment in human resources

Investment for overseas business

expansion

R&D investment

Investment in advertisement

Managers changed Managers unchanged 60-69 years old 70 years old or older

Appetite for Investment for the Coming Three Years Fig. 2

23

• The 2016 White Paper on Small and Medium Enterprises focuses on the earning power of SMEs, and the various measure being taken in order to increase profits. The analysis is centered on IT investment, overseas business expansion, and risk management.

• Enterprises that are making profits through these efforts show commonalities in that they (i) clarify visions, (ii) listen to opinions of employees, (iii) foster personnel and (iv) enhance business processes, thereby further enhancing productivity. One of the common shared challenges is labor shortages.

Earning Power of SMEs: Summary Efforts by SMEs with High Earning Power

• The percentage of debt-free enterprises is increasing, but enterprises with a certain amount of borrowings generally have better earning capacity.

• It is primarily financial institutions that supply necessary funds to SMEs for making growth investment. • Financial institutions evaluate enterprises’ current financial conditions and asset surpluses upon making lending

decisions.

Management Power of SMEs with High Earning Power • Low-profit enterprises are conservative about investment, but high-profit enterprises are making investment

positively in a planned manner while preparing for risks. • Enterprises that have started afresh under a new manager show better earning capacity than those whose

managers remain unchanged.

１

２

３

In order to realize lending based on business assessment, financial institutions should change their stance to offer support to enterprises in collaboration with other organizations, while enterprises should strive to positively communicate their business plans, etc. to financial institutions.

It is important for an enterprise manager to clarify the corporate philosophy, operate the enterprise in a well-organized manner based on opinions of field staff and in collaboration with financial institutions and other external experts, promote growth investment and stimulate the corporate metabolism, thereby striving to enhance earning power of the enterprise.

Finances Supporting Growth of SMEs

2016 white paper on small and medium enterprises in japan (outline) · large enterprises: approx....

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