중소기업에 대한 정책자금 지원이 경영성과개선에 미치는 영향

The objective of our study is to examine whether SBC(Small Business Corporation) policy funding programs have contributed to the financial performance of interested small firms and to suggest the proper direction of SBC funding programs by government in the future. Our main findings based on research period from 1999 to 2004 and 1,181 firms/ year are as follows: First, the first year income of interested small firms favored by SBC policy funding programs do not increase relatively but the next year income of those firms begin to increase relatively higher in comparison with other firms. This result suggests that the SBC policy funding programs should be executed from the more long term perspective. Second, we divide interested small firms into high and low firms based on the debt ratio and we find that only high debt firms show the positive financial performance by SBC policy funding programs. This result implies that SBC funding policy programs are more effective and contributive in case of high debt small firms which may have more difficulty in financing. Finally, we find that the more amount of SBC policy funding programs on high debt small firms are, the higher financial performance of favored firms are shown.Our findings indicates that SBC policy funding programs have the most positive effect on the financial performance of relatively high debt firms, which suggests that SBC policy funding programs should be performed on the basis of more careful selection and focus perspectives.