중소기업 직접금융 지원제도에 관한 입법론적 고찰 –중소기업 관련법률 및 자본시장법을 중심으로–

Abstract

There are two ways of the money supply of enterprises. The one is indirect finance which makes a loan from financial institutes or governmental funds. The other is direct finance which gathers money from capital market by issuing shares or debentures. To solve the problems of the money supply of small and medium enterprises(SMEs), the practical use of direct finance by SMEs should be growed. For growing direct finance of SMEs, the revenue source to meet the demand for direct finance of SMEs should be expended, and the policies and the systems relating to direct finance of SMEs need be improved in the direction for SMEs to use capital market with ease. Especially, the revulsion of invested capital should be guaranteed, and the systems relating to the issue of debentures of SMEs need to be complemented. And the Capital Market and Financial Investment Service Act(so called “the Capital Market Consolidation Act”) will exercise great influence on the systems relating to direct finance of SMEs. The Capital Market Consolidation Act need to be improved for promoting direct finance of SMEs, especially venture capital. Venture capital is different from any other financial investment services in that its scope is very small in capital market, the investment in venture capital is high risk but high returns as a rule, and most venture capital comes from special investors such as investment partnerships, investment banks or governmental funds. At this point, the exception to venture capital should be made in the application of the Capital Market Consolidation Act and in the regulation by Financial Supervisory Commission.