중소기업의 기술금융 지원효과에 대한 실증연구: 기술보증기금의 사례를 중심으로

This paper empirically analyzed the economic effect of Technology Financing focusing on the case of Korea Technology Finance Corporation(KIBO). Specifically, we analyzed the three year long financial performance of Technology Guaranteed Companies that are newly guaranteed by KIBO in 2016. For a meaningful comparative analysis with the treated group, the control group was composed of the companies(referred to as Comparative Companies) that had received the financial support at least once from any institutes other than KIBO. For analyzing data, we used the internal KIBO data for Technology Garanteed Companies and Korean Company Data(KED) for Comparative Companies. For methodology, we adopted bias corrected matching(BCM) of Abadie and Imbens(2006, 2011) to be differentiated from the previous studies that mostly focused on propensity score matching(PSM). Our results show that all the indicators of growth potential, profitability, productivity, and R&D intensity are statistically significantly higher in Technology Guaranteed Companies than in Comparative Companies. This implies that Technology Guaranteed Companies achieved superior financial performance compared to Comparative Companies, and Technology Finance plays an important role to stimulate the financial growth of technology companies.