중소기업 정책금융의 발전방향

"SMEs play a pivotal role as a job creator, on jobless growth period. But they are distinguished as an asymmetric information due to the small scale. Therefore, adverse selection and moral hazard, rooted from the lack of information, prevent direct financing from funding to SMEs and urge to depend highly on indirect financing. As the propensity for risk aversiveness of indirect financing, results in secured or guaranteed loan, short maturity and herd behavior, government policy fund is introduced to mitigate these issues. Thus, the theoretical background of policy fund is based on market failure, social policy and industrial policy. Among them, market failure is the principal reason for government intervention. In order to minimize the possibility of crowing out effect and maximize the complementarity, development plans are as follows. First, the interest rate of policy fund should increase gradually and policy fund should be changed into the long term loan, combined financial products and investment. Second, policy fund and indirect financing will increase in counter-cyclicality. Third, government should form favorable environments for direct financing such as angel, venture, security and corporate bond. "