多くの地球環境問題が表出する中で，企業は健全な財務状態を維持しつつ，環境に配慮した経営をしなければならなくなってきた。環境マネジメントと経済パフォーマンスとの関係に関する研究では，企業規模との関係が多く取り上げられている。企業規模を表わす指標としては，売上高と従業員数のいずれかが用いられることが多い。しかし，売上高と従業員数は完全な比例関係にはなく，いずれを企業規模指標として用いるべきかについては議論が必要である。そこで，本研究では企業規模として用いられることが多い売上高と従業員数の2変数が日経環境経営度調査と債務に与える影響をパス解析することで，両変数のいずれが企業規模を適切に評価可能であるかについて検討を行った。その結果，売上高と従業員数のいずれか一方のみを企業規模指標として用いた場合，不具合，不揃いが生じることがわかった。そこで，売上高と従業員数を標準化した指標「売従標準和」を新たな企業規模指標として提案し，それを用いた分析の結果，売従標準和企業規模は，売上高または従業員数をそのまま用いる場合よりモデルの適合性がよくなり，有効な企業規模を表わす指標として組成できることがわかった。本研究により，環境マネジメントや経済パフォーマンスの指標を含め他の様々な指標等に対して企業規模からの影響を考慮・探求したい研究においても，新たな企業規模指標が有効である可能性が示唆される。

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  Since the inception of floating exchange rates among the major countries at the beginning of 1970s, the frequency of occurrence in economic crisis has increased tremendously.　That is why the world economy has been conducted by the debtor’s logic not by the creditor’s one, in addition to fundamental unstableness of the world economy by the large swings of the exchange rates.　Under the fixed exchange rate regime, the strong balance of payments discipline is imposed on the deficit countries (debtors) .　In this sense fixed exchange rate regime is the system conducted by the creditor’s logic.　On the other hand, floating exchange rates is the system conducted by the debtor’s logic.　This system could never work well.
　If we look at the European sovereign debt crisis in Greece and Portugal, the root cause is each country’s balance of payments problem although it appears fiscal problem on the surface.　They continued huge current account deficits of around 10 % of their GDP for more than 10 years, because their balance of payments discipline was completely disappeared since the introduction the euro.　This is more than outrageous.　This could make possible for them to keep huge fiscal deficit which is a part of current account of balance of payments.　Moreover, the two countries disguised their fiscal balance statistics for many years.　After all, balance of payments on current account is one of the most important macro-economic indicators under any currency system including even floating exchange rates.　This should be clearly recognized in all countries in the world.
　Credit rating agencies like Standard & Poor’s and Moody’s repeatedly made mistakes in every major crisis, such as Asian Currency Crisis in 1997, Enron Corp.　collapse in 2001, Worldcom collapse in 2002, and US Sub-prime Housing Loan Crisis in 2007.　This is due to the system based on issuer-pays model or debtor-pays model which brings conflict of interest.　Thus the current world economic system is basically constructed by the debtor’s logic.　That is the fundamental reason why we would encounter economic and financial crises very frequently.　And, we should pay attention to the fact that the United States and the United Kingdom obviously had much more banking crises than other major countries for the past 200 years.　Economies conducted by freemarketeers’ mantra are prone to face economic crises.
　The solution to the world economy is that countries should follow the Germano-Japanese economic model rather than the Anglo-Saxon model.　In other words, we should re-construct the world economic system conducted by the creditor’s logic.　Japan has been the largest net external creditor for 22 years since 1991, and Germany is the third largest net external creditor only after China.

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構造モデルにより個別銘柄の倒産確率を推定する。また、モデルにより推定される倒産確率は、社債のポートフォリオ運用において、超過リターン獲得に応用可能であることを、実データから検証していく。

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Since the mid-1990s, the operating environment of China’s small and medium-sized enterprises (SMEs) has changed dramatically as the market economy has deepened and developed. SMEs are playing an increasingly important role in China’s national economy and social development. However, due to its small scale, lower market share, lower levels of technology and equipment, and lower labor productivity, the SME sector is at a disadvantage in the face of fierce competition from large enterprises. China’s government has formulated and implemented a series of policies to support and promote the development of SMEs. The most noticeable of these policies is the establishment of institutions to guarantee SME financing and a pilot SME credit guarantee system.
In China, the development of SMEs is restricted by both financing and credit guarantee difficulties, i.e. it is hard for an SME to get efficient credit guarantees when it applies for a loan. The establishment of SME credit guarantee institutions should efficiently alleviate this situation.
Starting from the development status of China’s SMEs, this paper explains the special position and importance of today’s SMEs in China’s economy. It reveals the core reasons for the financing and credit guarantee difficulties of SMEs. Furthermore, it analyses and discusses the current situation of China’s SME credit guarantee system, and explores ways and means of developing and improving the system. Based on an investigation of the credit guarantee institutions in Zhenjiang City, Jiangsu Province, this paper provides a detailed study and objective analysis of the operation of the three main types of credit guarantee (government policy type, commercial type and co-operative type), and discusses their advantages and disadvantages. It then makes the following suggestions related to the development of China’s SME credit guarantee system:
1.The current credit guarantee institution in China is deficient in some respects. It is necessary to develop both government policy type and commercial type credit guarantee institutions.
2.It is essential to perfect laws, rules and regulations related to the administration of SME financing guarantee institutions and to formulate an entrance system for guarantee companies.
3.The government should establish preferential policies for SMEs, such as fund compensation for the loss of credit guarantee and business tax exemption.
4. In co-operation with credit guarantee institutions, small to medium-sized financial institutions need be established to serve SMEs.
5.The implemention of a re-guarantee system, built up by national and provincial SME credit re-guarantee institutions, also needs be established.

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