부산지역 중소기업의 관계금융에 대한 연구

The objective of this research is to analyze which type of bank between local or large bank the SMEs choose for loan transaction in Pusan area. That is, this research investigates which type of bank has comparative advantage in SMEs financing in that area. Under the framework of the logit model, the variables for bank choice are the firm size, credit, the relationship strength with banks, and the concentration of loans. The empirical results are as follows. First, the larger the firm size is, the more they prefer to select the large banks, though their relationship is weak. Second, the higher the profit of firms is, the more they tend to choose the large banks, though their relationship is weak. Third, the stronger the relationship between the firms and banks is, the more they prefer to select the local banks as a main creditor. The SMEs in Pusan area prefer the local banks specializing in regional financing because they have had the long-term relationship with the local banks. The other reasons are the emotional bond among them and convenient accessibility that is resulted from large number of local banks’ branches in Pusan area, compared with the other areas. The policy implications are as follows. Firstly, it is suggested that the relationship financing for SME’s should be expanded by the local banks and supported by the government policy. If the relationship financing is expanded, it is expected that the financing for start-up firms and innovative business will become considerably stable and the fixed-asset lending can be reduced in that area. Secondly, the SMEs need to keep the transparent and reliable financial statements in order to have the transaction with large banks as well as local banks because the large banks use the quantitative information mainly. Thirdly, some financial staff of local banks need to specialize in the global and venture financing in order to better support SMEs.