한국의 금융발전이 중소기업 성장에 미친이질적 영향 = The Heterogenous Effects of Financial Development on Small and Medium-size Enterprises` Growth: Evidence from Korea

다국어 초록 (Multilingual Abstract)

This paper examines the effects of financial development on firm growth via the alleviation of financial constraints using data from 1,619 manufacturing firms with more than 5 and less than 300 employees in South Korea between 2001 and 2013. This paper focuses on the heterogeneity effect of financial development on firm growth based on information asymmetry as measured by a firm`s size and age. The key findings are as follows: First, financial development for SMEs had larger positive effects on the growth of large and old firms than young and small ones. Firms with less than 30 employees especially saw no benefits from financial development. Second, although financial constraints became more severe after the financial crisis on average, firms older than 20 years old with more than 100 employees were less negatively affected than young and small ones. Third, an industry-level analysis expanded from firm-level studies showed that the growth rate of industries with high financial constraints was much lower than that of industries with low financial constraints.

참고문헌 (Reference)

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