중소기업의 환경변화와 정책자금의 역할

Abstract

This study analyzes the new environment facing small and medium enterprises and tries to reestablish the role of government－funded schemes by proposing a new direction for the business of the small and medium enterprises which will take exploit and strengthen its competitive advantage. Market failure and policy objectives are frequently cited as a justification for the necessity of government－funded schemes for helping and nurturing small and medium enterprises. One aspect of market failure is the fact that due to information asymmetry there is capital rationing in financial markets. Policy measures designed to achieve appropriate objectives increase the welfare of the public if they are successfully implemented within a market mechanism. The new proposal includes clearer definition of who receive support from the government funded schemes, the scope and limit of these schemes, and differentiation of these schemes from bank loans.