関西圏における中小企業再生の取り組み : 中小企業再生支援協議会の活動を中心に

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In recent years in Japan, out-of-court workouts, the Guideline for Out-of-court Workouts for Financial Institutions, the Industrial Revitalization Corporation of Japan (IRCJ), and Small and Medium-size Enterprise Revitalization Support Councils (SMERSCs) are becoming more important for corporate rehabilitation. Among these, SMERSCs, which once were less remarkable, have been receiving high evaluations. Recently, with rehabilitations of small and medium-size enterprises (SME) becoming more important, the activities of SMERSCs will become more important as well. This paper examines their activities. Chapter 1 explains the process in which SMERSCs were founded in 2003. The background is the Act on Special Measures for Industrial Revitalization enforced in October 1999. The main purposes of the Act were as follows : (1) encourage reorganizations to persistently develop the economy, and (2) make policies for revitalizing SMEs. The Act was temporary until the end of March 2003. The economic conditions in Japan, however, had begun to decline from 2001. The Act was reviewed and a revised Law on Special Measures for Industrial Revitalization was enforced in April 2003. The revision stipulated that SMERSCs shall be established in every prefecture and that managers shall include CPAs, licensed tax accountants, lawyers, SME management consultants and other experts in corporate rehabilitation. At the time, the mass media, however, did not comment on the establishment, because at the same time, the IRCJ was established and commented publicly. When SMERSCs were established, they had neither a head office nor unified procedures since the government let SMERSCs support SMEs, considering the characteristics of each region. Chapter 2 explains the activities of SMERSCs. The first step of the SMERSCs procedure is consultation with the debtor company that comes to ask for support. The managers estimate the possibilities of rehabilitation by reviewing the financial statements and questioning the directors in detail. If there is a possibility for revitalization, the managers examine how best to provide support. The second step is support in creating a reorganization plan by negotiating with creditors. After the plan has been settled and executed, the SMERSCs monitor the debtor company's achievement by checking the financial statements and asking company's directors to confirm that the plan is being properly carried out. As a result of their activities and efforts, companies to which SMERSCs have given support are steadily increasing. In May 2007, the revised Law on Special Measures for Industrial Revitalization was reviewed again and extended until 2016. At the same time, a head office was established and a unified SMERSCs procedure was also introduced. Chapter 3 explains the activities of the head office and the unified procedure. These activities are as follows : (1) to help managers improve their skills ; (2) to outsource specialists and send them to prefectural councils asking for help; and (3) to make a manual of the procedures. The unified SMERSCs procedure was formed on the basis of the Guidelines for Out-of-court Workouts for Financial Institutions. Characteristics of the procedure include: (1) Reorganization plans shall substantially resolve situations where liabilities exceed assets within 3 to 5 years ; (2) Reorganization plans shall get the current balance into the black within 3 years ; and (3) Reorganization plans shall reduce the ratio of cash flow to interest-bearing debt below 10 to 1 by the last year of the plan. Chapter 4 examines the activities of SMERSCs located in the Kansai region through interview research. The author visited SMERSC offices in Osaka, Hyogo, Kyoto, Nara, Wakayama, Shiga and Fukui Prefectures in February and April 2009, and found that : (1) Companies asking for support have been gradually increasing since establishment of SMERSCs in 2003; (2) A large number of financial institutions go to SMERSCs in order to rehabilitate companies to which they are lending ; and (3) Reorganization plans mainly consist of rescheduling the repayment, but in some cases, also include reduction of repayment, debt-equity swaps, debt-debt swaps, and sales of financial credits. The last chapter points out some of the reasons such activities have been highly evaluated as important methods of SME revitalization: (1) Their steady efforts are recognized and highly evaluated in each local community, especially among regional financial institutions, because debtor companies can be revitalized at lower expense following the procedure and because SMERSCs have skill in negotiating with financial institutions ; (2) SMERSC support skills have been improving, enabling them to better solve complicated cases ; and (3) Debtor companies can use public loans provided by local governments to support local SMEs in case the reorganization plans are settled under the SMERSC procedure.
桃山学院大学の論文
2009-07-20

著者

松尾順介
桃山学院大学経営学部

関西圏における中小企業再生の取り組み : 中小企業再生支援協議会の活動を中心に

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