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11
Table 1.2  Distribution of employment by firm size and sector
Year
Employment size class
1-9
10-19
20-99
100-499
500+
Total
Percentages
United States
Manufacturing
1993
3.5
3.9
14.6
16.5
61.5
100.0
1988
3.1
3.7
14.5
16.1
62.6
100.0
Construction
1993
28.6
17.0
30.7
12.5
11.1
100.0
1988
25.5
16.5
31.7
14.8
11.5
100.0
Wholesale and retail trade, 
1993
13.1
9.9
22.2
11.8
43.0
100.0
hotels and restaurants
1988
13.6
10.4
23.2
11.9
40.8
100.0
Finance, insurance and real estate
1993
12.5
5.5
13.8
12.2
56.1
100.0
1988
12.3
5.7
14.3
12.4
55.3
100.0
Total non-farm business sector
1993
10.7
7.7
18.8
13.1
49.6
100.0
1988
10.5
7.8
19.3
13.3
49.0
100.0
Canada
Manufacturing
1992 ..
11.4
20.3
22.0
46.3
100.0
1989 ..
9.9
21.3
22.8
46.0
100.0
Construction
1992..
56.0
26.7
12.3
5.0
100.0
1989 ..
51.0
29.4
14.5
5.1
100.0
Wholesale and retail trade, 
1992 ..
33.6
25.7
13.2
27.5
100.0
hotels and restaurants
1989 ..
28.9
24.5
12.9
33.7
100.0
Finance, insurance and real estate
1992 ..
17.8
12.1
9.7
60.4
100.0
1989 ..
17.2
14.4
10.8
57.6
100.0
Total non-farm business sector
1992 ..
25.5
20.8
15.1
38.6
100.0
1989 ..
23.5
22.0
16.3
38.2
100.0
Japan
Manufacturing
1993
12.5
10.4
30.8
24.6
21.7
100.0
1986
13.7
11.0
30.6
23.5
21.3
100.0
France
Manufacturing 
1992
8.1
5.0
22.4
23.6
40.9
100.0
1990
10.1
5.1
22.0
23.1
39.7
100.0
Construction
1992
29.0
11.5
27.5
14.0
18.0
100.0
1990
33.9
10.8
26.7
12.8
15.8
100.0
Wholesale and retail trade, 
1992
32.9
10.3
25.8
12.4
18.5
100.0
hotels and restaurants
1990
38.6
9.8
23.7
11.2
16.8
100.0
Finance, insurance and real estate
1992
15.9
7.2
19.6
17.9
39.4
100.0
1990
19.7
7.4
18.9
17.4
36.6
100.0
Total non-farm business sector
1992
18.2
7.1
21.7
17.1
35.9
100.0
1990
22.0
7.0
21.0
16.2
33.7
100.0
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13
Table 1.3a Average establishments/enterprise size by employment size class
Persons/establishment or enterprise
Manufacturing industry
Year
Employment size class
1-19
20-99
100-499
500+
Total
Canada
1992
7.3
36.5
190.3
889.6
47.3
1994
7.6
37.3
196.4
914.8
50.8
United States
1991
5.6
41.2
182.0
2 513.7
57.1
1993
6.3
41.2
182.4
2 396.9
60.9
Japan 
1986
8.0
38.5
190.8
1 233.9
25.0
1994
8.2
38.8
190.3
1 190.8
27.1
France
1992
13.3
42.8
204.7
1 069.5
73.4
Germany
1992
6.6
42.7
213.8
2 076.7
35.3
Greece
1989
13.3
41.0
197.5
963.8
43.0
1992
13.5
39.9
177.2
955.2
39.0
Korea
1990
10.4
41.3
155.0
827.2
44.8
1994
9.7
40.2
156.3
818.4
32.8
Mexico
1990
4.2
38.0
160.7
703.4
28.3
1994
4.0
37.3
156.1
693.8
26.6
New Zealand
1990
4.1
39.9
203.2
1 195.1
14.7
1994
3.8
40.3
198.2
1 130.6
12.5
Netherlands
1991
6.7
45.2
200.2
1 650.9
33.7
1993
5.7
40.8
184.3
1 438.0
28.2
Portugal
1990
4.2
46.5
185.5
728.2
14.8
1994
4.0
40.1
184.4
1 044.0
14.6
Turkey
1988
13.4
42.2
212.8
1 191.0
107.5
1992
13.2
41.4
213.7
1 163.8
87.9
Note
:  Statistical unit:  establishment, except United States, Germany, New Zealand, Portugal.  Size classes differ
across countries:  Canada, New Zealand:  0-19;  Japan:  4-19;  Mexico:  1-19, 20-99, 100-199, 200+;  Turkey:  10-19.
Source
 OECD Database on SME Statistics,  Eurostat (1996), 
Enterprises in Europe
.
Table 1.3b  Average establishment size
Index of persons/establishment;  1981=100
Manufacturing
Year
Canada
Germany
Japan
United Kingdom
USA
1981
100
100
100
100
100
1992
89.3
100.3
111.0
83.4
89.6
Note
:  Minimum employment size of establishments:  Germany:  20;  Japan:  4;  United Kingdom:  20;  United States:
1.
Source
 OECD, ISIS Database.
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14
Table 1.4 Overview of studies on job creation:  qualitative results
Country/Author
Period
Sector
Allocation to size
class
Gross job creation
rates
Net job creation rates
Canada
Picot, Baldwin, Dupuy
(1994)
1978-92
Business sector
Base-year
fall with firm size
fall with firm size
1978-92
Business sector
Average
fall with firm size
fall with firm size
1978-92
Manufacturing
Base-year
fall with firm size
fall with firm size
1978-92
Manufacturing
Average
fall with firm size
fall with firm size
Denmark
Leth-Sorensen, Boegh-
Nielsen (1995)
1985-86
Business sector
Base-year
fall with firm size
fall with firm size
1989-90
Business sector
Base-year
fall with firm size
only micro-firms show
high net job creation
rates - no systematic
relationship for other size
classes
Germany
Wagner (1995)
1978-93
Manufacturing
Base-year
fall with firm size
highest net job creation
rate in 20-49 size class
1978-93
Manufacturing
Average
fall with firm size
no relationship
Japan
OECD (1995)
1987-92
Manufacturing
Base-year
..
no systematic
relationship
Netherlands
Broersma and Gautier
(1995)
1979-91
Manufacturing
Average
fall with firm size
job creation rates in firm
with less than 100
employees exceed job
change rates of firms
with more than 100
employees
Sweden
Davidsson (1995)
1985-89
Business sector
Base-year
fall with firm size
smallest firms show
largest net creation and
destruction rates
United Kingdom
Gallagher et al.
1982-91
Business sector
Base-year
fall with firm size
highest net job creation
rates for micro
enterprises, weaker
performance of 20-49
size class
United States
Haltiwanger (1995)
1973-88
Manufacturing
Base-year
fall with firm size
fall with firm size
1973-88
Manufacturing
Average
fall with firm size
no relationship
United States
Dennis et al.
1977-90
Business sector
Base-year
fall with firm size
fall with firm size
United States
OECD (1995)
1987-92
Manufacturing
Base-year
..
fall with firm size
Source:  
OECD (1996c).
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15
Table 1.5 Distribution of gross job flows and employment by establishment size
Gross flows
Employment
Establishment size
Openings Expansions
Job gains
Closures Contractions
Job losses
(last year)
Canada 1983-1991
Total
100
100
100
100
100
100
100
1-19 employees
53.6
41
43.7
48
32
36.1
27.2
20-99
23
22.4
22.5
21.5
23.7
23.1
22.3
100-499
13.7
15.3
15
15.6
17.3
16.9
15.9
500+
9.7
21.3
18.8
14.9
27
23.9
34.6
Denmark 1983-1989
Total
100
100
100
100
100
100
100
1-19 employees
55.8
56
55.9
59.5
41.7
48.1
39.8
20-99
22.6
26.5
25
21.5
30.3
27.2
31.8
100+
21.6
17.5
19.1
19
28
24.7
28.4
Finland 1987-1992
Total
100
100
100
100
100
100
100
1-19 employees
54.9
51.5
52.7
46
35.5
38.4
34
20-99
25.2
24.4
24.7
29.5
25.8
26.9
29.3
100-499
16.1
18
17.3
19.4
25.6
23.9
25.5
500+
3.8
6.1
5.3
5.1
13.1
10.8
11.2
France 1987-1992
Total
100
100
100
1-19 employees
54.8
53.4
35.7
20-99
24.1
25.6
29.7
100-499
15
15
22.5
500+
6.1
6
12.1
Italy 1984-1992
Total
100
100
100
100
100
100
100
1-19 employees
71.2
63
65.7
63.9
52.3
56.2
39.2
20-99
15.5
18.4
17.5
17.6
21.1
20
22.2
100-499
7.2
10
9
9.1
12.1
11
15.6
500+
6.1
8.6
7.8
9.4
14.5
12.8
23
New Zealand 1987-1992
Total
100
100
100
100
100
100
100
1-19 employees
53.7
57.3
55.6
53.2
33.4
41.8
45.2
20-99
25.1
27.2
26.2
28.7
31.6
30.4
30.9
100-499
16.3
11.6
13.8
12.7
22.8
18.5
18.3
500+
4.9
3.9
4.4
5.4
12.2
9.3
5.6
Sweden 1985-1991
Total
100
100
100
100
100
100
100
1-19 employees
54.1
56.1
55.2
52.8
35.2
41.8
35.2
20-99
20.4
24.9
22.9
21.4
28.9
26.1
28.3
100-499
14.2
13.8
14
13.5
22.4
19.1
22.5
500+
11.2
5.2
7.9
12.3
13.5
13
14
United Kingdom 1987-1991
Total
100
100
100
100
100
100
100
1-19 employees
84
37.4
50
63.6
21.1
45.6
30.5
20-99
11
18.6
16.6
19.1
15.5
17.6
16.7
100-499
4.2
15.1
12.2
10.3
16.4
12.9
12.9
500+
0.8
28.9
21.2
7
47
23.9
39.9
United States 1984-1988 (manufacturing)
Total
100
100
100
100
100
100
100
1-19 employees
14.5
5
6.7
20.1
6
9.6
3.6
20-99
43.5
24.9
28.2
37.7
23.5
27.2
19
100-499
30.7
38.6
37.2
30.9
36.7
35.2
37.3
500+
11.2
31.4
27.8
11.4
33.8
28
40.1
Source:  OECD Employment Outlook 1994
.
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16
Table 1.6 Size distribution of value added in manufacturing
Employment size class
Year
1-19
20-99
100-499
500+
Percentages
United States
1993
4.6
10.0
13.6
71.9
Canada 
1994
4.5
20.1
39.0
36.3
Japan
1994
12.1
23.2
29.3
35.4
Korea
1994
10.3
21.9
14.2
53.5
Australia
1994
15.3
25.0
36.2
23.5
Austria
1993
4.1
23.8
23.0
49.1
Finland
1992
7.9
14.7
45.3
32.0
Germany
1993
15.4
19.4
10.0
55.1
Greece
1992
12.0
29.9
35.4
22.6
Hungary
1994
5.4
15.3
25.2
54.1
Italy
1992
27.2
25.7
22.2
24.9
Netherlands
1993
6.9
24.8
27.9
40.4
Portugal
1994
12.6
23.9
26.4
37.1
Sweden
1993
-
-
-
-
Czech Republic
1995
12.3
9.4
22.9
55.5
Turkey
1992
1.7
11.0
32.1
55.2
United Kingdom
1994
9.5
16.6
28.0
45.9
Note
 see note to Table 1.1.
Source
 OECD, Database on SME statistics;  Eurostat (1996), 
Enterprises in Europe
.
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17
SECTION 2
FINANCING SMALL AND MEDIUM-SIZED ENTERPRISES
Key differences in financing smaller and larger enterprises
The variance of both profitability and growth decreases with firm size.  The second key source
of divergence is that smaller enterprises have a lower probability of survival than larger enterprises. In a
normally functioning financial market, some of these differences should be reflected in higher interest
rates or less favourable terms of debt financing.  This general observation, as well as the following points,
should be taken into account in the design of policy responses to the needs of SMEs:
 Financial institutions assess smaller and medium enterprises as being inherently more risky.
 Larger firms usually comply with higher disclosure requirements to a greater extent than
SMEs because of their access to a broad range of external funds (including bonds, equity and
loans).  Financial institutions charge higher interest rates to SMEs than to bigger companies
in order to compensate for the higher costs of information collection, the smaller volume of
external financing and the greater risk of failure.
 For many existing SMEs “insiders” (the entrepreneur, management) have better information
about the expected profits of activities than external financial institutions.  This lack of
information leads to higher market rates to compensate for risk which may crowd out low-
risk, low-return borrowers, leaving a relatively higher number of high risk/return borrowers
in the market.  Charging higher interest rates may therefore not be in the interest of banks as
low-risk borrowers -- those most likely to repay loans -- are driven from the market.
 In  the  case  of  new  enterprises  or  activities,  outsiders  (experienced  bankers  or  other
specialised financial intermediaries) can, in many cases, better assess the risks involved than
relatively inexperienced “insiders”.  A specific disadvantage of young firms is that they
cannot point to credit histories which provide important signals and help facilitate access to
debt financing.
 Lending to SMEs is more likely to be based on collateral than is the case for loans to larger
firms.  This may lead to situations in which lending is not based on expected return but
rather upon access to collateral.  On the other hand, collateral reduces or eliminates contract
problems such as “moral hazard” and “adverse selection”.  Many SMEs lacking access to
“good collateral” suffer from credit rationing.
18
Types of financing for existing and for new SMEs
Funding methods for SMEs include:  overdrafts;  retained earnings;  factoring;  leasing;  private
equity;  external equity;  bank loans.  Wide variations exist among OECD countries in the use of funding
methods.  For example, German SMEs are more likely to have recourse to loan facilities, rather than to
overdrafts;  loans in foreign exchange are characteristic of Danish, Italian and Portuguese SMEs but
almost totally absent in other EU countries;  more than half of US SMEs are using credit in the form of a
credit line from a bank or capital lease;  in Japan, more than 60 per cent of all bank loans are to SMEs.
It is important to make a distinction between the financing of new businesses and existing
SMEs.  For example, the most important source of funding of business start-ups in the United Kingdom is
personal savings, while around one-third of start-up businesses borrow from banks.  Broadly similar
findings are reported for Australia.
In addition, it is important to make a distinction between firms which grow rapidly, and slower
growing or zero-growth firms.  Rapidly growing businesses make a key contribution to employment
growth.  However, fast growing businesses are usually perceived by financial institutions as more risky
than the “typical” SME.  Rapidly growing SMEs are likely to access or consider assessing a considerably
greater diversity of funding sources than slower growing or stagnant businesses.  The mix of funding
sources normally changes with each stage of growth.  In the initial stage of development, profit retention
is a major source of finance with a heavy reliance on short-term debt.  Further expansion of the business is
only possible for firms whose owners are willing to share equity with outsiders.  At the same time, several
studies indicate that many small business owners are very reluctant to share equity with outside investors.
Few enterprises obtain venture capital at start-up.  However, at later stages of development,
successful, fast growing  firms need to reduce their  reliance  on  retained  earnings and obtain  higher
amounts of private equity from outsiders.  The organised private equity market (i.e. the professionally
managed equity investments in the unregistered securities of private and public companies) has become a
very important source of funds for private middle-market firms, firms in financial distress, public firms
seeking buy-out financing and, increasingly, for start-up firms.
For example, over the last 15 years, private equity has been the fastest growing market in the
United States for corporate finance compared with other markets such as the public equity and bond
markets and the market for private placement debt.  The organised private equity market has grown since
1980 from roughly US$4.7 billion to some US$100 billion:  non-venture capital outstanding has grown
from less than US$2 billion to nearly US$70 billion, while venture capital outstanding has increased
ten-fold in the last 15 years from around US$3 billion to around US$30 billion. By some estimates,
however, the so-called informal private equity market (including so-called “business angel capital”), is
several times the size of the organised private equity market.
The expansion of the private equity market has increased the access of both classic start-up
companies and established private firms to outside equity capital.
Venture capital
Venture capital is risk finance, usually provided in the form of a long-term equity investment, to
fund the start-up, expansion or purchase of private businesses.  Venture capital financing is usually
provided without collateral or guarantees in the private equity market.  In 1994, this industry represented
over US$ 90 billion worldwide and has continued to grow strongly.
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The stages of venture capital investing can be classified as follows:
 seed capital for financing the initial concept of the business;
 start-up capital for product development and initial marketing;
 expansion capital for financing the growth and expansion of the company;
 mezzanine capital for preparing the company for a public offering;
 buy-out or buy-in capital for purchasing a firm from its owners.
In many OECD countries, venture capital funds appear to concentrate on the expansion or
buy-out stages.  The exceptions seems to be the United States and Canada, both of which make available
significant funds for the early-stage financing of new ventures.
Venture funds can be classified as follows:  i) captive funds that are subsidiaries of industrial
corporations or financial institutions;  ii) public-sector funds;  iii) independent funds.  These structural
differences determine the sources of finance of the different types of funds:  the parent company for
captive funds and government institutions for public sector venture funds.  The sources of finance of the
independent venture funds are more varied:  private individuals (including business angels);  institutional
investors;  corporations;  government; foreign investors.
The 1980s saw the emergence of institutional investors as the primary source of capital for
venture funds.  US pension funds provide the bulk of venture capital (47 per cent in 1994).  Although
institutional investors outside the United States have increased their venture financing activities, they
provide less equity financing to start-up companies than those in the United States and Canada.  A large
part of what is classified as venture capital in Japan and Europe is dedicated to management buy-outs and
buy-ins, as opposed to start-ups or traditional funding of expansion.
Efficient exit mechanisms  are critical for  the  development  of the venture capital industry.
Investors and entrepreneurs need to have exit routes for mature investments.  Exit mechanisms include
trade sales, private placements, initial public offerings (IPOs), and repurchases (buy-outs and buy-ins).
Countries looking to stimulate venture capital often pay insufficient attention to efficient divestments.
Trade sales are the main exit route in Western Europe, whereas IPOs tend to be the preferred mechanism
in the United States, the United Kingdom, and Japan.  Second-tier or parallel markets for IPOs constitute
efficient exit vehicles in the United States (NASDAQ) and Japan (JASDAQ).  In particular NASDAQ’s
success spurred many initiatives to launch second-tier markets in other OECD countries.
However, except for Japan, this first generation of second-tier markets has failed.  Two main
reasons have  been  put forward  for  the failure:    lack  of  independent  management  structure  for  the
second-tier markets;  the relative unimportance of institutional investors outside the United States as
buyers of smaller-company stock.  This initial failure has been blamed for a liquidity crisis:  the amount of
money being invested in venture capital funds far exceeds the amount of capital being divested.  The
problem with existing exit vehicles has stimulated the search for new possibilities, notably in Western
Europe (EASDAQ, AIM in the United Kingdom, METIM, Nouveau Marché in France, Neue Markt in
Germany).    Thus  far,  these  latter  markets  have  been  more  successful  than  the  earlier  European
experiments.  However, it will be important to monitor their development, as well as that of the Japanese
JASDAQ, in order to see whether they will become as successful as NASDAQ.
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The special case for financing new technology-based firms
Investments of US and Canadian venture capital funds have a high concentration in technology.
Although the emphasis in other OECD countries is less pronounced, new technology-based firms may be
considered a special case for the financing of smaller businesses more generally.  The financing of new
technology-based firms may be more problematic because of their complexity and riskiness.  In particular,
outside the United States, the funding of new technology-based firms seems to pose problems -- there are
indications that venture capitalists are investing significantly less in the technology sector.  Reasons
include risk aversion by investors and lack of expertise to operate complex ventures.
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