한국의 금융발전이 중소기업 성장에 미친 이질적 영향
The Heterogenous Effects of Financial Development on Small and Medium-size Enterprises’ Growth: Evidence from Korea
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본 논문에서는 2001년부터 2013년까지 우리나라 제조업에 속한 종업원 수 5인이상 300명 이하 1,619개 중소기업을 대상으로 중소기업금융의 발전이 금융제약완화 경로를 통해 이들의 성장에 미친 영향에 대해 연구하였다. 특히 기업이 직면한 정보비대칭 수준을 나타내는 업력 및 규모에 따라 금융발전의 영향이 상이할수 있다는 점에 주목하였다. 분석 결과 우리나라 중소기업금융의 발전은 소규모․저업력 기업보다 대규모․고업력 기업에 더 큰 긍정적 영향을 미쳤으며, 종업원 수 30명 미만 소규모의 기업의 경우 금융발전의 혜택을 누리지 못한 것으로나타났다. 또한 글로벌금융위기 이전 대비 이후 기업들이 직면한 금융제약은 더심해졌으나, 업력 20년 이상 종업원 수 100명 이상 기업군의 경우 글로벌금융위기의 부정적 영향을 덜 받은 것으로 추정되었다. 이러한 기업 단위 분석을 산업단위로 확장하여 분석한 결과 금융제약 정도가 높은 산업일수록 성장 속도가 더딘 것으로 나타났다.
Abstract
This paper examines the effects of financial development on firm growth via the alleviation of financial constraints using data from 1,619 manufacturing firms with more than 5 and less than 300 employees in South Korea between 2001 and 2013. This paper focuses on the heterogeneity effect of financial development on firm growth based on information asymmetry as measured by a firm’s size and age. The key findings are as follows: First, financial development for SMEs had larger positive effects on the growth of large and old firms than young and small ones. Firms with less than 30 employees especially saw no benefits from financial development. Second, although financial constraints became more severe after the financial crisis on average, firms older than 20 years old with more than 100 employees were less negatively affected than young and small ones. Third, an industry-level analysis expanded from firm-level studies showed that the growth rate of industries with high financial constraints was much lower than that of industries with low financial constraints.
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