중소기업의 보증부대출 효익에 관한 연구

This study analyzes the benefits of guaranteed loan to SMEs(small and medium-sized enterprises) for 7 years. There are two benefits to SMEs that have got a loan with a letter of guarantee. One is financial additionality effect and the other is financial cost reduction effect. The financial additionality effect is that SMEs are able to access loans that would not have been available in absence of credit guarantee schemes. The financial cost reduction effect is that credit guarantee schemes reduce the loan rate. The sum of the financial additionality effect and the financial cost reduction effect is the benefits of guaranteed loan to SMEs. The results are summarized as follow. The financial additionality rate is averagely 96.12%. It means that SMEs with a letter of guarantee are able to get 96.12% of the guaranteed loan in addition. In other words, most SMEs that have got the guaranteed loan depend on credit guarantee schemes for bank loans. The financial additionality rate in wholesale and retail industries is the highest at 96.83%. Among the wholesale and retail sectors, the rate in food and household goods is the highest at 97.91%. The smaller the company, the higher the rate. And the lower the age of company, the higher the rate. Credit loan rate computed using loan rate decision model is 8.40% and Guaranteed loan rate is 4.40% on average. A difference of the credit loan rate and the guaranteed loan rate is about 3~4%. It means that SMEs using credit guarantee schemes have the financial cost reduction of about 3~4%. The higher the credit rating, the lower the credit loan rate. The credit loan rate of Suhyup Bank is the highest at 9.28% and that of Korea Development Bank is the lowest at 7.61%. On average the financial additionality effect is 20.8 million won and the financial cost reduction effect is 0.3 million won. So the benefits of guaranteed loan to SMEs are 21.1 million won. The ratio of the financial cost reduction effect to the financial additionality effect is about 1.39%. It shows that the benefits of guaranteed loan to SMEs depend on the financial additionality effect. The benefits of guaranteed loan of wholesale and retail industries is the highest at 24.6 million won and that of construction industry is the lowest at 16.2 million won.