한국 중소기업진흥공단 정책자금 지원을 받은 중소·벤처기업의 수익성 분석

This study is designed to analyze the profitability of small and medium sized and venture firms, which have been given policy funds from Small and Medium Business Corporation (hereafter SMBC). As for profitability analysis, the research excluded those firms which have benefited more than once from the corporation. Unlike the firms that have been given policy funds only once, the others with more than once have distinguishable features in terms of resource allocation. Unless those two different groups are divided, the attributes of targeting group are uncontrollable and compounding. Therefore, the effects of policy funds could not be clearly identified. As a result of profitability analysis of those firms benefited from SMBC 1998 through 2009, the beneficiaries turn out to be more profitable than they were prior to the policy funds. The findings indicate a significant influence of the policy funds from SMBC on improving the profitability of small and medium sized and venture firms. In terms of the ratio of operating income to sales as a profitability indicator, the beneficiaries are shown to have 34.81% on average over 4 years, thus proving its effect on profitability enhancement. The research outcomes suggest that policy funds to support small and medium sized and venture firms are greatly helpful in improving the profitability of knowledge-based small and medium sized firms focusing on technology development.