정책자금 지원과 재무성과: 중소기업진흥공단의 역할

Abstract

This study aims to analyze the effect of the Small and Medium Sized Enterprises (SMEs) policy lending programs on the financial performance and deducts implications. This study compares before and after the SMEs policy lending programs support and analyze the effect and the causality. To find the causality, the comparison of the financial performance and the cumulative average between the data of a year before the SMEs policy lending programs support and the data of 3-years after. The targeted period of research is from 2005 to 2011, 7 years. The samples are the enterprises that received SMEs policy lending programs from SMEs. Also, they have financial statements from 2005 to 2011, 7 years in a row, and ends fiscal year in December. The enterprises which changed accounting period during the targeted period and had inaccuracy in the financial statements are excluded. In total, 154 SMEs and 361 financial statements are selected and analyzed using regression. The research result as follows. Firstly, the result of analysis shows SMEs policy lending programs are effective as the financial performance shows the statistically significant improvement after starting SMEs policy lending programs than before. That is, it is true that SMEs who have relatively vulnerable funding ability compare to conglomerates can take advantage of low interest policy funds. This also implicates the estimation of the achievement through SMEs policy lending programs can be used for the reconsideration of effectiveness of the support policies and the improvement of shows SMEs support policies. Secondly, it is found that after the end of 3rd year of starting SMEs policy lending programs shows statically significant positive effect on the operating profit to net sales ratio, which is a profitability ratio, and the interest coverage ratio, which is stability ratio, compare to before starting the SMEs policy lending programs. SMEs policy lending programs provide preferential and available conditions such as low interests and long-term loan than private financiers. So, SMEs policy lending programs improve cash flows, and this helps SMEs to afford financial costs and increase revenue. As a result it brings a positive financial performance improvement. Thirdly, it is found that interest coverage ratio, which is stability ratio, affects the profitability positively. This shows SMEs policy lending programs affect positively to the financial soundness by functioning such as increasing ability to cover interests as operating profit to net sales ratio, which is profitability ratios, affects the current ratio. Fourthly, it shows the performance in facilities funding exceeds the performance in working funds even though SMEs provides both facilities funding and working funds in parallel. This means SMEs require large sums of facility funds at once for such as mechanical equipment purchase, plant construction, expansion, renovation, premise purchase, and apartment-type factory purchase, and the achievement is excellent when SMEs supports it through SMEs policy lending programs. Lastly, the proportion of SMEs policy lending programs provides positive effect on interest coverage ratio, which is profitability ratio, and operating profit to net sales ratio, which is stability ratio.