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중소기업의 특허출원과 타인자본비용: 정보비대칭성 이론과 실증

Patents, information asymmetry and the cost of debt capital of SMEs: Evidence from South Korea

이수열|임정대
한국중소기업학회|2024.06|중소기업연구|제46권 제2호|pp. 1-18|DOI https://doi.org/10.36491/APJSB.46.2.1

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참고문헌

키워드

SMEs중소기업정보비대칭Technology innovation신호효과타인자본비용Information asymmetryFirm agePatents특허출원The cost of debtConglomerate-affiliation
주제분류경영학

초록

중소기업은 국가경제와 고용시장에서 중요한 역할을 담당하지만 높은 불확실성과 위험인식으로 금융시장의 자금조달 과정에 더 많은 제약을 받고 있다. 본 연구는 중소기업의 특허출원이 자본시장에서 중소기업이 직면한 정보비대칭성을 줄여 자금조달 과정에 어떠한 긍정적 효과를 가져오는지 실증 분석하였다. 특허출원건수와 타인자본비용을 기술혁신과 자본시장의 반응의 대용변수로 각각 설정한 패널자료를 바탕으로 중소기업의 특허출원이 타인자본비용을 낮추는데 기여하고 있음을 확인하였다. 나아가, 업력이 짧은 기업, 기업이 첨단 기술 산업 분야에 속한 기업, 그리고 계열사에 속하지 않은 기업에 대해, 중소기업의 특허출원이 타인자본비용에 미치는 음(-)의 영향이 더욱 증폭됨을 확인하였다. 이러한 결과는 특허출원이 중소기업과 자본시장 사이 정보비대칭을 줄이는데 효과적이며, 한국의 중소기업에 대해 특허출원의 신호 효과가 존재한다는 실증적 증거이다.

Abstract

Small and medium-sized enterprises (SMEs) often face significant constraints due to limited financing access, mainly from information asymmetry and high risks. This study examines how SME innovation activities reduce the cost of capital by mitigating information symmetry in the capital market. Using longitudinal panel data, this study analyzes the relationship between SME patents, as a proxy of technological innovation, and the cost of debt capital by considering the moderators of firm age, high technology sectors, and conglomerate-affiliation. The results provide evidence that SME patents significantly reduce the cost of debt capital. These effects are accentuated when the firm age is young and where SMEs are in high technology sectors and attenuated when firms are conglomerate-affiliated. These findings suggest that innovation activities play a vital role in mitigating information asymmetry and uncertainty in the capital market, which in turn helps SMEs alleviate their financing burdens.

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