우리나라 中小企業의 資金調達 活性化 方案에 관한 硏究
(A) Study on the vitalizing ways of SMEs' financing in Korea
중소기업 자금조달 재무구조 금융시장;
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This study reviews current status and problems of the funding in Small and Medium Enterprises(SMEs) in Korea. Based on this we will look at what each economic bodies can do to revitalize SMEs' financing. The result of the literature reviews, it is noticed that the current system of government loans to SMEs are scattered over the departments and operated separatedly from one another. As the government loan review systems are differentiated by each department and the funds sources, the government doesn't have an overall view on the loan review systems, which results into wrong feedback from the government loans. The informations of lending to the SMEs can be used and shared jointly by its departments and authorities concerned, through expansion and enhancing the database of the loans for example, which will make the government loan systems operated and managed more effective than before. It is also necessary to reinforce the local corporate financing market system. When the self-regulated financing market environment is placed on and the competition between the commercial banks each other, the efficient allocation of given resources can be rationalized. Since the Korean financial crisis in 1997, the number of commercial banks has declined due to the mergers and acquisitions, and restructuring the domestic banking industry, the market concentration in banking industry has increased, which decreased the competition in the banking industry. As banks become larger by M&A, the SMEs are likely to have more hard time funding in the financial market, the large bank and small local bank focusing on SMEs loan only has to be independently and respectively in the banking industry, which will make to revitalize the SMEs financing. It has to be easier for SMEs' to Initial Public Offering(IPO) for the listing on the stock market. The FSS(Financial Supervisory Service) announced that any corporations who want to IPO in the market should be meet the sound financial status which will be applied from 2004. Those guidelines were put out because too many companies have been bankrupted out of the stock market over the past decade, it has been hard to protect investors who buy the equity of companies to be bankrupted. Investors should be protected for progress and development of the stock market in the future, but the policy looks some what biased on the protection of the investors. To revitalize the SMEs funding in financial market, the barrier of listing on the stock market should not be raised indiscriminately at once but step by step in a long period of time. Finally, we need to establish an efficient credit scoring system to overcome the asymmetric information problems of the SMEs with poor credit and insufficient mortgage. Because most of the SMEs are doing business in local area or suburb of Seoul metropolitan and it is also more effective process for gathering informations of SMEs, they were located at Provincial government territory bounds. For the revitalizing way of SMEs financing in Korea, the credit scoring agency should be set up based on the Provincial government, by local bank, local guarantee foundation and local government through the joint investment.