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중소기업 신용지원제도의 효과에 관한 연구 : 신용보증과 신용보험의 역할 비교 분석

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Title 중소기업 신용지원제도의 효과에 관한 연구
Similar Titles
Sub Title

신용보증과 신용보험의 역할 비교 분석

Material Type Reports
Author(Korean)

김자봉; 이석호

Publisher

서울:한국금융연구원

Date 2012-02
ISBN 89-503-0533-x
Pages 116
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Industry and Technology < Entrepreneurship
Holding 한국금융연구원; KDI국제정책대학원

Abstract

This paper investigates comparative policy effects of public credit guarantee and credit insurance for small medium enterprises (SMEs). The public credit guarantee program is to support funding of SMEs with pay-back guarantee by government sponsored public credit guarantee organization, while the public credit insurance program is to insure SMEs' claims on their sales by also public sponsored organization. The former helps SMEs at the funding stage, while the latter at the products sale stage. According to our theoretical comparative studies, policy channel of the former is restricted in the early stage of funding, whereas the channel of the latter is more extensive covering the last stage of sales as well as the early funding stage. The insurance program recursively extends its policy channel from the last stage to the first stage of funding thru creating market for funding based on the certificate of insurance on the SME's claim on their sales. In essence, the insurance program improves cash flows of the SMEs removing uncertainty of the sales claims default that generates the more extensive policy effects. Empirical results prove our theoretical conjecture that credit insurance is more efficient (by restricting moral hazard) and effective (by creating more extensive policy channel) than guarantee program in the supports of SMEs.