매출채권보험의 중소기업 지원 효과 : 부실 여부 및 일자리에 미치는 영향을 중심으로

Abstract

This paper aims to analyze the performance of corporate insolvency and jobs for account receivable insurance, which has been operated for 20 years as a financial policy that supports SMEs' management stability based on government funds, and to present implications for future improvement and management directions. Among the accounts receivable insurance supported between 2015 and 2021, the performance of Dasarang Insurance and Hansarang Insurance was analyzed at the end of the year, 1 year, and 2 years after insurance support. A propensity score matching method was applied to select targets corresponding to insurance support companies among non-insurance companies, and insurance performance was analyzed using a logit model and multiple regression model. The main analysis results are as follows. First, when compared to non- insurance, Dasarang Insurance and Hansarang Insurance showed an effect of reducing the default occurrence rate until two years after insurance support, and the effect continued to expand. On the other hand, Dasarang Insurance has a better effect of reducing insolvency than Hansarang Insurance, and the higher the number of purchasing companies, the lower the incidence of insolvency. Second, in terms of jobs performance, the effect of insurance support was found to continue to increase even after two years of insurance, and Dasarang insurance performed better than Hansarang insurance. In the case of Dasarang insurance, it was confirmed that the higher the number of purchasing companies and the higher the acquisition ratio, the better the performance. As for policy implications, first, since account receivable insurance support for SMEs showed a positive effect, it is necessary to expand the base of credit insurance by expanding government contributions. Second, it is necessary to gradually expand the proportion of Dasarang insurance because the structure of Dasarang insurance is more stable than Hansarang insurance, and the empirical analysis results have a great support effect. Finally, rather than using only credit guarantees, if credit insurance is used together, corporate management stabilization and synergy effects may occur. These research results are expected to be used to establish future policy directions.