기업 특성별 기술평가정보의 부도예측력 검증: 관계형성 여부, 업력, 규모를 중심으로 = Firm Char acter istics and Default Predictability: Relationship-Banking, Age, and Size

다국어 초록 (Multilingual Abstract)

This paper investigates the default predictability of 5.356 firms that were guaranteed by the Korea Technology Finance Corporation. After the firms are divided into two groups according to their age, size and whether they had been guaranteed by the KTFC before, I estimate the model of default prediction using the firms’ financial ratios and technology rating information evaluated by the KTFC. The estimates show that the default predictability is higher, with AUROC surpassing 70%, for the relationship-formed group, the old group, and the large group. Among four different models, the one with five financial ratios along with one technology rating variable exhibits the best performance. The liquidity and the stability ratio among financial variables and the management and the feasibility rating among technology information contribute the most to the default prediction.