중소기업 정책자금 지원기업의 재무특성 분석

Abstract

>This paper examines the firms' financial characteristics of SMBA(Small and Medium Business Administration) policy funding to evaluate the effectiveness of financial support system on small and medium sized business supported by SMBA. This research test the differences of mean statistic between two business groups and which characteristic is the most important to discriminate between a firm before policy funding group and a firm after policy funding group. The firm's financial characteristics are composed of 25 financial ratios. The difference analysis of the financial ratios between two groups was executed through t－test. The results of empirical test reveal as follows. First, the financial features such as liquidity, profitability and growth rate of policy funding firms have decreased in the following year after policy funding. In the other hand, the financial features such as leverage and activity rate of policy funding firms have increased in the following year after policy funding. Second, the financial ratios such as current ratio, quick ratio, return on equity, inventory turnover and total asset turnover of policy funding firms were significant in the level of 1%. Therefore, these financial ratios play a role of making discriminations between a firm before policy funding group and a firm after policy funding group.