경제 위기 극복을 위한 금융의 법적 과제 -기업의 자금조달 기능 강화측면에 초점을 맞추어-

A healthy investment ecosystem for start-ups is an essential foundation for Creative Economy and Creative Finance. It is one of important financial policy’s role. In this article, I analysed the financial policy and its concrete implementation that went through since financial crisis, focused on the field of corporate financing of the start-ups venture and Small and Medium Enterprises in order to evaluate the effectiveness of the financial police and its measures to implement played during the period after economic crises and the subsequent process of economic recovery. Firstly, FSC(Financial Services Commissions) make it easier for start-ups and Small and Medium Enterprise(SMEs) to access securities-based crowd-funding from retail investors. Second, start-up companies are still often faced with funding shortage as the early stages of business. Although the government plans to address that problem using Growth Ladder Fund providing innovative SMEs & ventures companies with sufficient funds, its operation reveals its money intends to go to the a little big and solvent companies rather start-ups. Third, FSC make it easier for firms to get the licenses needed to offer pooled hedge fund and eased restrictions on the launch of new hedge funds, in the expectation of the effect that funding money go to the venture & SMEs. However, my analysis indicates that this effects is somewhat very has many doubts. Because hedge fund generally pursue the high return. The analysis suggests that Financial Policy Stimulus since 2013 has been trying and expected to contribute mostly to economy recovery and supporitng ventures & SMEs financing in terms of long-term development. However, it is still called for vigilance and use of more comprehensive measures of effective and efficient goal achievement.