녹색기술금융의 역할과 경제적 성과 분석

Green growth policy intends to achieve sustainable economic development by resolving environment problem and overcoming the limitation of fossil fuel. However, commercial banks have difficulty in serving green industries because green technology is uncertain about their success in the near future. Although green growth firms have positive technological externality in our economy, financial market failure seems to be inevitable because it is expected that commercial banks depend their lending decisions on the firms' collateral rather than credits associated with promising projects. Therefore, green finance has been devised to support green growth firms. This study investigates how green finance sponsored by the public sectors affected performance of beneficiaries. The estimation results using 1,852 Korean SMEs show that, other things being equal, green finance has significantly positive employment-increasing effects on SMEs. The positive employment effect is stronger for the green firms in their growth phase. However, we failed to show technological competitiveness of the green firms in the short-run green finance. We suggest that support for the green firms needs to be differentiated according to the firms' growth stages. While public green finance is essential for the firms in their early growth stages, equity financing seems to be more appropriate for the firms in their matured stage.