중소기업 위험금융 활성화를 위한 소고

This study analyzes several financial problems which SMEs faces in developing R&D projects about convergence technology. These financial difficulties of SMEs is associated with the risk factors of private financial market. The opportunities and risks of private financial market is discussed along with some survey data. Finally, on the base of this analysis, some private financial instruments are suggested for success of R&D projects for convergence technology. R&D projects have the intrinsic characteristics as below: highly risky, very hard to anticipate whether succeed or fail in the market, and very weak as collateral because of intangibility of developed technology. We suggest two financial instruments: firstly, a special loan which government guarantees payback and secondly, a specially designed investment. For the special loan program, the government needs to establish a guarantee system through Korea Technology Credit Guarantee Fund. the investment program is considered more efficient than loan since investment has limit of responsibility but the failure of a R&D project leads a company to insolvency in the loan program. Therefore we say a investment, which has liability within the investment limit, is better than a loan. And by constructing a investment portfolio, the investment risk must be dispersed in order to flow money to R&D projects for convergence technology.