Abstract: This study investigates the evolution process and internal mechanism of credit ecosystem of Japanese SMEs by exploiting case analysis and social network analysis from the perspective of structural holes. The research results demonstrate that: (1) Credit ecosystem of Japanese SMEs evolutes with three stages from initial exploration to integration and improvement, and welldevelopment. Additionally, stages outlined above are all significantly distinct with each other pertaining to financing mutual trust mechanism and the main part of structural hole; (2) The three stages have achieved continuous evolution supported by government policy, market power, and technical advancement; (3) The prominent part of the structural hole as a driving element facilitates the collaboration of all parties in Japanese credit network, and enables the credit ecosystem of Japanese SMEs to better develop. Based on the perspective of ecosystem, this paper expands the theoretical research on credit reporting of SMEs, and also provides practical inspiration for the construction of credit system empowered by big data in China.

Key words: SME credit, structural hole, Japanese credit system, credit ecosystem, motivation conversion