Is Equity-Financing Always Optimal for Innovative SMEs? --How ...

第 25 期3) Increasing the number of stable medium-sized companies with job creationpotential1) and 2) are in the “shaping” segment, and 3) are in the “classical” segment. The trendof convergence will be intensified, and the degree of overlapping will be higher. Thediagram on the left in Diagram 5 in the next section features the SME policy area wherethree segments are nested; “classical” to the upper side, “shaping” on the left middle, and‘adaptive’ on the bottom of right side.The different altitude expresses the chronological hierarchy, which is dismantling andconverging more and more toward being parallel. The three segments are in partsoverlapping and the extent is growing only larger. The dots in the segment are variousprograms and schemes.2. SuggestionsDue to above-mentioned complexity, which is not static, but dynamic, it is very difficultfor policymakers to land in good policy planning. Frustrated in highly fragmented policylandscape, they are tempted to seek a new breakthrough program, perennially, fromadvanced countries and expect that introduction of an excellent program will pivot from onenascent policy segment to the next, eventually influencing the entire SME policy area.The diagram to the left in Diagram 5 features such thought.168