다양한 중소기업 정책금융 사업 효과의 비교 분석

This paper verifies the effectiveness of public policy funding for SME programs using treatment effect analysis. We adopt a panel data model specification to separate and identify each effect of various programs. Our study encompasses all public policy SME finance programs of central and local governments in Korea. The results are as follows: Impacts on sales growth rate and employment growth rate have been economically and statistically remarkable in not a few programs. However, effects on return on equity were not successful in most programs. These results show that supported firms are growing on the surface, on the other hand, their performances in terms of profitability were shallow. The operation of policy SMEs funding should be concentrated on proving outcomes in return for a national opportunity cost of support rather than focusing on quantitative inputs. Thus, this study presents a new framework for assessing the effects of many policy SME finance projects based on a single and unified model using data from SME panel data. This method has the advantage of comparing the effects of each by analyzing the whole projects.