Business start-ups in Japan: problems and policies
探讨日本创业率低的原因，认为若依赖现有企业的增长模式持续则无需担忧，但创业率下降趋势可能预示企业家精神衰退和资源配置效率降低。政策受美国经验启发，但缺乏基于数据的宏观研究。文章聚焦私募股权和破产两个政策领域，指出已有进展和改善空间。
This paper argues that the comparatively low levels of business start-ups in Japan need not be a matter of concern in so far as the pattern of growth relying on existing companies persists. But the declining trend of start-up rates may be worrisome for it may indicate waning entrepreneurship and weakening mechanisms of resource reallocation and economic growth. Policy measures to promote business start-ups are not based on well-founded studies at an aggregate level, which are lacking in the absence of comparable data, but rather are inspired by the successful US experience. The paper looks into two specific areas of policy - private equity markets and bankruptcy - where important progress has been made, and points to further scope for improvement.