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기술혁신형 기업 구조조정 추진체제 개선방안(Institutions for restructuring of ㅑnnovative firms and proposals for their improvement)

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  • 기술혁신형 기업 구조조정 추진체제 개선방안(Institutions for restructuring of ㅑnnovative firms and proposals for their improvement)
  • Jeong, Seungil정승일
  • 과학기술정책연구원


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Title 기술혁신형 기업 구조조정 추진체제 개선방안(Institutions for restructuring of ㅑnnovative firms and proposals for their improvement)
Similar Titles
Material Type Reports
Author(English)

Jeong, Seungil

Author(Korean)

정승일

Publisher

서울:과학기술정책연구원

Date 2009-12
Series Title; No 정책연구 / 09-21
ISBN 978-89-6112-082-1
Pages 110
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Industry and Technology < Science/Technology
Holding 과학기술정책연구원

Abstract

In this study we make a critical review on the institutions and policies of
corporate restructuring and suggest some policies to improve them for innovative
firms. We analyze main players in corporate restructuring such as banks and
private equity funds. We also analyze the role of policy funding institutions such
as Kibo and SBC(small business corporation) in corporate restructuring.
In chapter 2, we analyze market institutions for corporate restructuring such as
banks and private equity funds and investigate their limited role in restructuring
innovative firms. This is mainly due to their short-termism and risk-adverse
behaviors. With some government intervention, however, they can participate in
restructuring of innovative firms and hence, we show some policy measures to
attract them to the task. For example, a public fund of fund can invest in PEFs,
which in tern invest in restructuring of innovative firms. Also public banks can
give on-lending loans to private banks, which can in tern give rescue loans for
innovative SMEs in restructuring.
In chapter 3, we analyze existing programs for corporate restructuring of public
agencies such as Kibo(loan guarantee agency for innovative firms) and SBC and
find out problems of them. These two agencies have well-developed capabilities
of evaluating growth potential of innovative firms but their role in corporate
restructuring is limited. Therefore, we suggest policies that link the leading role
of private banks or PEF in corporate restructuring with the evaluation capabilities
of the public agencies'. Public fund of fund or public on-lending banks will
facilitate those links further. In chapter 4, we combine all of those suggested
policies.