중소기업 적합 업종․품목 지정 제도가 중견기업의수익성과 성장성에 미치는 영향

In Korea, there are a large number of large-medium enterprises. They are neither large firms nor large business groups but more developed and profitable ones than small-medium enterprises. In addition, they are a kind of ridgepole in Korean economy and have a high potential to large and global firm. In this paper, with causality perspective we examine the policy effect of Suitable Business Category Regulation for protection and growth of SMEs initiated in 2011 on the profit and growth of large-medium enterprises which are not subject of guard but of removal by the regulation in Korea. So they are opposed to this regulation. Using firm-level panel data, we can not find a strong evidence that the regulation would harm the large-medium enterprises using DID and propensity score technique. However, we can detect that the growth of total asset and sales of them are damaged by the regulation with high and low statistical significance, respectively. We argue that the regulation of protection of SMEs cause the loss of large-medium enterprises irrelevantly. It is the very cost of that regulation. So it should be ameliorated for avoiding the growth decline of large-medium enterprises, since they have a essential role in Korean economy.