earticle

영어

This research analyzes the effect of foreign exchange risk insurance on export expansion among Small &MediumSized Enterprises(SMEs) in South Korea. Multiple Linear Ordinary Least Squares(OLS) and Vector Error CorrectionModel(VECM) is selected asmethods for analysis. And as related variables, SMEs’ export volume, exchange rate risk insurance purchase for SMEs, exchange rate volatility, export price index, index of industrial product is selected. The OLS results showthat, an increase in foreign exchange risk insurance purchase amount, an increase in industrial production, and an increase in export price contribute to increase in export of SMEs.Meanwhile in the VECM results, according to the impulse response function and variance decomposition of forecast error, foreign exchange risk insurance purchase amount have a positive impact on export of SMEs. However, an increase in exchange rate volatility have a negative impact on export of SMEs while an increase in export price and an increase in industrial production have a positive impact. The results implies that the foreign exchange risk insurance mitigates the exchange rate risk for SMEs and contributes to their export growth.

한국어

본연구는환변동보험지원이국내중소중견기업의수출증대에미치는영향을분석하였다.다 중회귀분석및벡터오차수정모형(VECM)분석방법을통해환변동보험의수출지원효과를살펴 보았다.관련변수로는중소기업수출액,중소기업대상환변동보험인수액.환율의변동성,수출가 격지수, 산업생산지수등의변수를이용하였다. 다중회귀분석추정결과,환변동보험인수액의증대,산업생산의증가와수출가격의상승은중 소중견기업의수출을증가시키는것으로나타났다. VECM분석에서의충격반응함수와예측오차 분산분해분석에따르면환변동보험인수액은수출증대에긍정적으로영향을주는것으로나타났 다.환율변동성의확대는수출의감소를가져오고,수출가격의상승및산업생산의증가는수출의 증가를가져오는것으로나타났다.환변동보험지원은환율변동성에의한수출감소의영향을완화 시킴으로서중소중견기업의수출증대에기여함을알수있다.