최근 중소기업 대출이 증가함에도 불구하고 중소기업이 현장에서 느끼는 자금사정은 크게 개선되지 못하고 있다는 의견이 제기되고 있다. 이에 향후 국내외의 경기 및 금융시장의 변화에 적절한 최적의 중소기업 금융정책을 수립하기 위하여 우선 중소기업들이 어떻게 자금을 조달했는지에 대한 현황 분석 및 그 의미를 진단하고, 중소기업 자금조달 상황의 개선을 위한 정책적 시사점을 도출하고자 한 것이 이 연구의 배경이다. 실증분석을 위한 방법은 차입금이 증가한 기업의 재무제표분석과 선형다중회귀분석을 사용하였다. 연구의 결과는 우리나라 중소기업들은 외부자금조달에 있어서 은행의존도가 매우 높으며, 중소기업대출 규모는 이자율수준과는 예상과는 달리 관계가 없는 것으로 나타났으며, 경기상황과는 유의미한 선형관계를 보이지 않았다. 또한 미미하지만 부동산투자 목적의 자금수요도 존재하고 있는 것으로 유추되어 졌다. 결론적으로 중소기업 자금상황을 개선시키기 위해서는 중소기업 자금조달경로를 다양화시켜야 하며, 일반적인 통념에서 단순히 이자율수준을 낮추고 경기상황에 의존하는 중소기업 금융정책은 한계점을 내포할 수밖에 없다.

It has been an issue that the condition of cash flow which SMEs experience in the field is still not quite improved despite the increase of loans to SMEs. It is necessary to establish the ideal financial policy for SMEs corresponding to the internal and external business cycle and the change of financial market. In order to achieve this, the status and the significance regarding the way of raising funds by SMEs should be analyzed. The background of this study is to derive the political implications for improving the financing situation of SMEs. The empirical analysis used the financial statements and the multiple linear regressions for enterprises whose debt has been increased. As a result, Korean SMEs are tended to excessively depend on a bank in case of financing. The size of loan on SMEs is unexpectedly in parallel relation with the interest rate. However, it does not statistically show the linear relation with the economic condition. It is also inferred that a demand for finance is present by the meager investment in real estate. Accordingly, it is necessary to diversify the channels for financing to activate a loan for SMEs. The idea is generally accepted that the financial policy of SMEs which lowers the interest rate and depends on the economic condition ultimately reaches the ceiling.

It has been an issue that the condition of cash flow which SMEs experience in the field is still not quite improved despite the increase of loans to SMEs. It is necessary to establish the ideal financial policy for SMEs corresponding to the internal and external business cycle and the change of financial market. In order to achieve this, the status and the significance regarding the way of raising funds by SMEs should be analyzed. The background of this study is to derive the political implications for improving the financing situation of SMEs. The empirical analysis used the financial statements and the multiple linear regressions for enterprises whose debt has been increased. As a result, Korean SMEs are tended to excessively depend on a bank in case of financing. The size of loan on SMEs is unexpectedly in parallel relation with the interest rate. However, it does not statistically show the linear relation with the economic condition. It is also inferred that a demand for finance is present by the meager investment in real estate. Accordingly, it is necessary to diversify the channels for financing to activate a loan for SMEs. The idea is generally accepted that the financial policy of SMEs which lowers the interest rate and depends on the economic condition ultimately reaches the ceiling.

SMEs financing, lending for SMEs, lending contribution