수출중소기업의 환변동 대응 결정에 관한 연구

This research analyzes the current situations of the exchange rate risk management and its decision factors among exporting SMEs. This paper is specialized in studying with a survey of contemporary SMEs, different from the literature reviews dealing with relatively large SMEs occupying market competitiveness and issuing stocks at stock exchange. The results show, first, 51.4% of the exporting SMEs does not have any exchange risk management and then totally exposed to exchange risk. Furthermore, the major currency of settlement is dollar which aggravates exchange rate risk because of the drastic volatility of won/dollar exchange rate especially after IMF period. According to the survey and the regression analysis, exchange rate pass-through ratio and volume of sales have statistically significant influence upon the (net) profitability. The objective of the exchange risk management should target the exchange rate pass-through rather than short-term exchange risk minimization. Third, the start-up exporting SMEs ask education and information about the exchange rate, while the other require accessible methods of exchange risk management and the intentional intervention for exchange rate by the government. Forth, Logit analysis proves that size of firm, described as the number of employee and the volume of sales are the crucial factors for managing exchange risk where the size of SMEs plays a more important role in choosing whether to do exchange risk management comparing to the magnitude of sales.