Debt guarantee - Saimuhosho

When individuals, corporations, or organizations without creditworthiness or sufficient collateral borrow money, purchase goods or services, or enter into a real estate lease agreement, a third party guarantees the repayment or payment obligation (debt). If the borrower is unable to repay the loan or pay the price or rent, a third party guarantor must repay on behalf of the borrower (subrogation). When a guarantor makes a subrogation payment, the guarantor has a right of reimbursement from the debtor, but the reimbursement is rarely paid. Usually, the guarantor charges a certain fee (guarantee fee) from the debtor. When a company with a weak financial base but high growth potential raises funds, financial institutions or parent companies often guarantee the debt. In order to make it easier for small and medium-sized enterprises with poor creditworthiness and collateral to borrow, there are public institutions that guarantee debt, such as the Credit Guarantee Corporation and the Japan Small & Medium Enterprise Agency. In some cases, the government guarantees the debt of companies and organizations that operate high-risk businesses such as space and ocean development, resource exploration, nuclear power-related businesses, and trade with developing countries. In Japan, a unique business practice of personal guarantees, in which the manager or his/her relative guarantees the debt, is widely practiced.

According to the capital adequacy ratio standards set by the Bank for International Settlements (BIS), debt guarantees are considered the highest risk, just like loans to general companies, and the entire amount of debt guarantees is recorded as risk assets for banks. Listed companies are required to note the recipients of the debt guarantees and the amount of the guarantee in their securities reports. If a company's management guarantees debt without a formal resolution from the board of directors, they may be held criminally liable for special breach of trust. During the bubble economy, parent companies used "guarantee reservations" to promise to guarantee debt in the future, and "management guidance memorandums" and "memorandums" to indicate their responsibility for supervising and providing management guidance to financial institutions, rather than providing clear debt guarantees, as a means of credit enhancement for subsidiaries and affiliates. After the collapse of the bubble economy, parent companies were forced to take over the borrowings, and there were a series of cases that had a significant impact on management. The Japanese Institute of Certified Public Accountants has required companies to disclose all debt guarantees, including guarantee-like acts, and to record them in the debt guarantee loss reserve as appropriate, since the audit for the fiscal year ending March 1999.

Starting in 2020, the government will introduce a system that exempts those who take over the management of small and medium-sized enterprises from providing personal guarantees if they demonstrate that their business is in a sound financial condition and meet certain conditions, including (1) not being insolvent, and (2) not having too much borrowing compared to their profits. In return, guarantee associations and other organizations will guarantee the past debts of the small and medium-sized enterprises. The aim is to improve the current situation in which the burden of personal guarantees is heavy and business succession at small and medium-sized enterprises is not progressing. The Japanese Bankers Association (JBA) and the Central Bank of Japan (Shoko Chukin Bank) have also formulated guidelines that, in principle, prohibit the taking of personal guarantees.

[Takeshi Yano March 18, 2020]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

信用力や十分な担保のない個人、法人、団体などが借入れ、物やサービスの購入、不動産の賃借契約を行うときに、その返済や支払いの義務（債務）を、第三者が保証する行為。借入金の返済や、代金、家賃などの支払いができない場合、借り手にかわって第三者である保証人が返済（代位弁済）しなければならない。保証人が代位弁済した場合、保証人は債務者への求償権が発生するが、求償金が払われることはほとんどない。通常、保証者は債務者から一定の手数料（保証料）をとる。財務基盤が脆弱(ぜいじゃく)ながら成長が期待される企業が資金調達する場合、金融機関や親会社などが債務保証するケースが多い。信用力や担保に乏しい中小企業が借入れをしやすくするため、債務保証する公的機関として信用保証協会や中小企業基盤整備機構がある。宇宙・海洋開発、資源探査、原子力関連、途上国貿易などリスクの高い事業を営む企業や団体に対し政府が債務保証する場合もある。日本では経営者やその親族が債務保証する個人保証という独自の商慣習が広く行われている。

　国際決済銀行（BIS）による自己資本比率基準では、債務保証は一般企業向け融資と同じく、もっともリスクが高いとみなされ、銀行にとって債務保証額は全額がリスク資産に計上される。上場企業には、債務保証先や保証額を有価証券報告書に注記することが義務づけられている。企業経営者が取締役会の正式な議決を経ずに債務保証した場合、特別背任で刑事責任を問われることがある。バブル経済期に、親会社が子会社や関連会社の信用補完手段として、明確な債務保証ではなく、将来、債務保証すると約束する「保証予約」や、監督・経営指導責任があることを示す「経営指導念書」「覚書」などを金融機関へ差し入れる保証類似行為が横行した。バブル経済崩壊後、最終的に親会社が借入金の肩代りを迫られ、経営に重大な影響を及ぼす事例が相次いだ。日本公認会計士協会は1999年（平成11）3月期の監査から、保証類似行為を含め、すべての債務保証を情報開示し、適宜、債務保証損失引当金に計上するよう求めている。

　政府は2020年（令和2）から、中小企業の経営を承継した者に対し、経営状態が健全であることを示す、(1)債務超過でない、(2)もうけに比べ借入金が多すぎない、などの条件を満たせば、個人保証を免除する制度を導入。かわりに、中小企業の過去の債務を保証協会などが保証する。個人保証負担が重く、中小企業の事業承継が進まない現状を改善するねらいがある。全国銀行協会（全銀協）や商工組合中央金庫（商工中金）も個人保証をとることを原則禁止するガイドラインを策定している。

［矢野　武　2020年3月18日］

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