소상공인 신용보증에서의 이차보전의 효과성 연구

Since the 2008 economic crisis, financial support provided by national and local governments to small business owners has increased significantly. However, there remains a lack of empirical analysis regarding the effectiveness of financial support policies. Accordingly, in this study, the effect of changed interest support for delays and defaults of guaranteed loans to SMEs was analyzed based on credit guarantee data from the Seoul Credit Guarantee Foundation. The effect of a difference in interest subsidy on the delays and defaults of guaranteed loans to SMEs was analyzed using a quasi-experimental study in which 3%P of the loan interest subsidies was exhausted, and the interest subsidy changed to 1.5%P. The results showed that a decrease of 1.5%P in interest subsidies increased delay and default rates by 2.5% each. The robustness of the results was verified by propensity score matching, which confirmed the effect on defaults to be significant and showed that the difference in interest subsidies affected defaults rather than delays. Hence, active policy financing is meaningful because it reveals that financial support through increased interest subsidies by the Seoul Metropolitan Government is a policy tool that significantly affects the defaults of SMEs.