기업 업력구분에 따른 신용보증 지원효과 분석

Companies continue to grow and decline due to changes in the internal circumstances and external environments since its inception. Since the effects of policy support vary depending on the stage of corporate growth, the government has been increasing credit guarantees for start-ups and growth companies and reducing support for other companies. Many studies have shown that policy financing for start-up companies is effective, but a few studies cover the entire corporate life cycle, including maturity companies. This study analyzes whether the support effects of credit guarantees vary depending on the company's entire life cycle. According to the analysis, estimates of sales growth showed positive (+) figures in introductory and mature companies, but negative (-) figures in leaping periods showed a "Death Valley" phenomenon, in which sales declined sharply four to seven years after the actual start-up. The growth rate of total assets is falling as the industry grows. The industry and asset size are inversely proportional, and the total asset growth rate tends to decrease as the year of company increases. The return on gross assets (ROA) is a positive figure for introductory and leap forward companies. However, both growth and maturing companies have negative numbers, which showed mixed results. The net return on sales was not statistically significant at all. The policy implications of this paper are as follows. First, it is necessary to further expand support for start-up companies for a long-term. Second, as the profitability of credit guarantee companies are insufficient compared to growth, it is not appropriate to set these figures as performance indicators. Third, it is necessary to examine the need for support for companies with low credit ratings. Finally, it is necessary to induce repayments for long-term companies by market-friendly manner.