earticle

영어

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.

한국어

본 연구는 정책자금을 지원받기 직전년도 말 재무성과와 정책자금을 지원 받은 3년차 말 이후 재무 성과 누계평균의 비교를 통해 중소기업에 지원하는 중소기업진흥공단의 정책자금이 중소기업의 매출액영업 이익률과 이자보상비율에 미치는 영향을 분석하였다. 중소기업진흥공단으로부터 정책자금을 1회 지원받은 중소기업으로 2005년부터 2011년까지 7개년 동안 결산 재무제표가 있는 기업 중에서 12월 결산법인 154개 중소제조업의 361개 재무제표를 사용하여 회귀분석을 하였다. 연구결과는 다음과 같다. 첫째, 정책자금을 지원 받은 3년차 말 이후가 정책자금을 지원받기 직전년도 말보다 수익성비율인 매출액영업이익률에 유의한 양(+)의 영향을 미치고 있음을 발견하였다. 이는 대기업에 비하여 상대적으로 자금조달 능력이 취약한 중소기업에 낮은 금리로 지원하는 정책자금이 매출액영업이익률을 향상시키는데 긴요한 경영자금으로 활용되고 있음을 보여주고 있다. 둘째, 정책자금을 지원 받은 3년차 말 이후가 정책자금을 지원받기 직전년도 말보다 안정성비율인 이자보상비율에 유의한 양(+)의 영향을 미치고 있음을 발견하였다. 이는 정책자금의 지원으로 현금흐름이 좋아져 금융비용을 부담할 여력이 증가하고 수익성이 향상되는 긍정적 재무성과가 실현됨을 보여주고 있다.