P-CBO를 활용한 중소기업 자금경색 문제 해결방안에 대한 실증연구

The Financial access barrier to Korea small and medium enterpries(SME's) has been worsening since the year 1900, but sales depression and inventory increase which cause financial barriers are structural problem. Under this situation, the bank always requires SME's to prepare for physical or real estate collateral or quarantees for the loan. The sample used in this paper belongs to the manufacturing industry of the KSE and KOSDAQ. This study adopted financial ratios(ROA, EBIT, NOPAT, NI, Interest coverage ratio)which was proved to relevant in the previous researchs to influence credit ratings according to characteristics of the enterpries. The paper examines the structure where the Primary CBO and issued and used as one of the most significant fund-raising means in SME's direct financial market and based on various theories, it investigates how market interest rate of each bond affects the P-CBO. The empirical analysis used for financial statements and Monte Carlo simulation for forcasting of default risks based on Zhou's firat passage time model. As a result, Korean SMEs are can't blame the bank for demand for collateral or guarantee,and instread focus on the increase of financial access barriers from primary market. With their own efforts, this paper suggests a set of policies to reduce the financial access barriers:Primary CBO. Financial globalization, along with the rapid changes of P-CBO market., has transformed the investors' tendency from the direct financial market to the direct financial. The development of the direct financial market in Korea not only diversified companies' and fimamcial organizations' fundraising techniques but also represented a reform of financial mechanism that induces the diversity of investment techniques. In this context of the financial market, the Primary Collateralized Bond Obligation(P-CBO)is used as an important fundraising method by issuing securities on basic assets, and the target assets for securitization have been widely expanding. Also, P-CBO issuance techniques have become more elaborated by using advaned financial theories. For government or SMEs, it can be used as an effective new financial policy plan for sale of bad debt or the stabilization of real property market. In the Korean context with a relatively short history of asset-backed securitization and insufficient measure for investor protection, it is problematic that the P-CBO are issued and consumed by a limited number of financial organizations, which is why it is difficult th attract the investors fromdiverse fields. Also, Korean investor's tendency to heavily rely on the investment of indirect financial financial commodities also contributies to the low P-CBO preference. However, it is expected to solve these issues when more developed P-CBO are available in Korean financial market with many studies on the determinants on issuing interest rate of P-CBO.