공공기관의 시장참여 기능 분석(Analysis on market participation of public institutions)

Many public institutions raise funds by participating in the private sector market. This is true not only for public corporations who are supposed to be involved in market activities but also for quasi-government institutions, which collect more than 50% of their revenues from the government budget. For public institutions, those market revenue expand their financial flexibility. The government is also a beneficiary of market participation of public institutions since it replaces government budget allocation. The purpose of this volume is to verify the justification of market participation of public institutions. The contributions of this volume are as follows. First, it conceptually classifies market participation into 8 types and examines almost all public institutions' programs to apply the typology. Second, for 8 different types, this paper examines various alternatives to market participation that can satisfy the original objectives of the program. Third, this study applies competitive neutrality suggested by OECD to Korean cases. Fourth, to verify the justification of market participation of each program, this study suggests 8 flow charts that consist of three processes: identification of types, checking the applicability of alternatives to its market participation, and then checking the competitive neutrality. Fifth, for each of 8 types, one representative program is selected as an example to apply the proposed flow chart. Reducing market participation is a difficult task not only to public institutions but also to the government since it may have to increase budget allocation to fill in the loss of revenues of public institutions. Therefore, the driving force of the government that reviews the justification of market participation should be reinforced. The following table is the epitome of this book.