외환위기 전후 중소기업의 위상변화와 자금조달결정요인에 관한 연구 = A Comparative Study on Performance and Capital Structure of Small and Medium Business Before and After the Financial Crisis

다국어 초록 (Multilingual Abstract)

The purpose of this study is to detect how much the performance of the Small and Medium Enterprises(SMEs) has been remarkably made after the financial crisis in the end of 1997 in terms of the quantity and quality aspects as well as to analyze whether the debt structure of SMEs listed in the capital market has changed by utillzing the panel data of their financial statements. The results represent that the SMEs have made a significant progress contributing to rapid economic-recovery after the crisis. It in turn was attributable to a huge job cretion ad export driving forces in the SMEs with financial fiscal supports to SMEs` venture capitals as well s continuing structural reforms in financial institutions and big companies by the government. However, there still remain challenges to be addressed for the development of SME`s industry in terms of its productivity and profitability which plays a key role in catching up competitiveness in the international markets. On the other hand, after the crisis, the outcome of panel data analysis shows that banks stil take account the fixed tangible assets and profitability factors that bands still take account the fixed tangible assets and profitability factors in allocating the credits to the SMEs. It also represents the asymmetric information causes problems in credit rationing to SMEs in the capital market. Taking into consideration of these changes, in order for SMEs to be a pivotal of the whole industry in korea, they have to strive for recovering the capacity of creating profitability, at the same time credit scoring system in the financial intermediaries should be improved to extend much further credit loans to SMEs.