In the business world, there have always been people are willing to start business, and other people are willing to back them and share the risks and rewards of enterprises, so in a sense, there has always been entrep...In the business world, there have always been people are willing to start business, and other people are willing to back them and share the risks and rewards of enterprises, so in a sense, there has always been entrepreneurship and venture capital （VC）. Despite of Japanese VC has gone through ups and downs, Japanese VC continues to lead Asia and is second only to U.S. Japanese government has recognized the economic benefits of fostering the creation and development of venture finns, and has applied themselves assiduously to the task of creating a supportive environment. This paper provides some context for understanding the Japanese venture capital industry. Then it set forth an evolution of Japanese venture capital. The heart of the paper is devoted to discussion of the key features of Japanese venture capital. This includes information concerning the size of the industry, the players, and the nature of the Japanese venture capital investment. This is followed by an analysis of some of the obstacles to a more vibrant Japanese venture capital industry which gives us some enlightenment to Chinese venture capital development now. This paper also shows that the relative of the US, the Japanese venture capital industry is a young, small industry. In a word, it shows that there is still a substantial space for further development, which makes VC is still a promising industry in Japan.展开更多
A risk in the prices of fossil fuels is a major concern to importing countries of them. This study analyzes the risk of an increase in the cost for Japanese electric utility sector during the period 1978-2007 consider...A risk in the prices of fossil fuels is a major concern to importing countries of them. This study analyzes the risk of an increase in the cost for Japanese electric utility sector during the period 1978-2007 considering the uncertainty in the prices of fossil fuels. The mean-semivariance model, which uses an upper semivariance as an index of the risk, is adopted for the purpose. The result confirms that the semivariance is the better index of the risk than the variance. Furether, the semivariance is decomposed into two factors; the risk caused by price changes in an individual fossil fuel source and the risk caused by correlations among the changes in the prices of fossil fuel sources. The former has been kept at a low level as it appears to be easy to estimate, while the latter has not been maintained at the lowest level as it appears to be difficult to estimate. The Japanese electric utility sector followed the minimum-risk fossil fuel mix up until 2001, but discontinued the same post 2001.展开更多
文摘In the business world, there have always been people are willing to start business, and other people are willing to back them and share the risks and rewards of enterprises, so in a sense, there has always been entrepreneurship and venture capital （VC）. Despite of Japanese VC has gone through ups and downs, Japanese VC continues to lead Asia and is second only to U.S. Japanese government has recognized the economic benefits of fostering the creation and development of venture finns, and has applied themselves assiduously to the task of creating a supportive environment. This paper provides some context for understanding the Japanese venture capital industry. Then it set forth an evolution of Japanese venture capital. The heart of the paper is devoted to discussion of the key features of Japanese venture capital. This includes information concerning the size of the industry, the players, and the nature of the Japanese venture capital investment. This is followed by an analysis of some of the obstacles to a more vibrant Japanese venture capital industry which gives us some enlightenment to Chinese venture capital development now. This paper also shows that the relative of the US, the Japanese venture capital industry is a young, small industry. In a word, it shows that there is still a substantial space for further development, which makes VC is still a promising industry in Japan.
文摘A risk in the prices of fossil fuels is a major concern to importing countries of them. This study analyzes the risk of an increase in the cost for Japanese electric utility sector during the period 1978-2007 considering the uncertainty in the prices of fossil fuels. The mean-semivariance model, which uses an upper semivariance as an index of the risk, is adopted for the purpose. The result confirms that the semivariance is the better index of the risk than the variance. Furether, the semivariance is decomposed into two factors; the risk caused by price changes in an individual fossil fuel source and the risk caused by correlations among the changes in the prices of fossil fuel sources. The former has been kept at a low level as it appears to be easy to estimate, while the latter has not been maintained at the lowest level as it appears to be difficult to estimate. The Japanese electric utility sector followed the minimum-risk fossil fuel mix up until 2001, but discontinued the same post 2001.
