공공기관의 연대보증 폐지 현황과 정책과제

Abstract

Starting from April 2018, the policy of abolishing the joint liability on public guarantee system for the corporation representatives has been implemented. It is expected that the abolishment of the joint liability on guarantees will be extended even with the bank loan financing, including the guarantee loan, linked with public institutions. The purpose of policy finance is to resolve the credit allocation problem accompanied by the asymmetry of information between lenders and borrowers. However, the abolishment of the joint liability on guarantee system is likely to increase the incentive for creditors to 'credit allocation' to favor high-quality firms. After the total abolishment of the joint liability on guarantee system, we must find ways to prevent CEO's moral hazards and to resolve information asymmetry by means other than the joint liability on guarantees. First, in the case of financial companies, strengthening the organization operating system for risk management is required. Second, it is necessary to consider the policy of designing a device that attracts the risk diversification of both the financial institution and the borrowing company by making the pool of insurance corresponding to the size of the abolished joint liability on guarantee. Third, it is necessary for firms to establish transparent financial statements that can objectively grasp the status of corporate responsibility management, and to expand the external audit. Fourth, when abolishing the joint liability on guarantee system, we should provide financial support measures to resolve the disruption of SME support, due to decrease in public guarantee and loan resources.