기술집약형 중소기업에 대한 자금공급 활성화를 위한 기술평가정보 활용 방안 = Technology-based Information and Credit Provision to Innovative SMEs

다국어 초록 (Multilingual Abstract)

The paper investigates information value of technology in assessing credibility of innovative SMEs and explores policy measures to utilize technology based information to facilitate credit provision to innovative SMEs. First of all, utilizing a unique data set provided by KIBO we find that technology-based informations are very useful in predicting credit events of SMEs. Based on the empirical findings, we carefully examine the feasibility and effectiveness of the policy measure recently announced by the Korean government. It was announced that a new institution called TCB(tech credit bureau) would be established to provide information on the credibility of innovative SMEs based on the assessment of potential cash flow of technology SMEs possess. We argue that the current proposed structure should be reshuffled to expect better results from the policy. We also suggests policy measures to facilitate the effectiveness of technology rating such as subsidy on technology assessment fee, guarantee of minimum net interest margin on loans to SMEs with technology ratings, sharing of credit risk through loan guarantee and securitizaton, and division of roles between TCB and public loan guarantee.