중소기업에 대한 선제적 구조조정 지원정책의 효과성 분석 : 기업활력제고를위한특별법을 중심으로

SMEs play an important role in the Korea Economy. But SMEs are relatively disadvantaged due to the poor business plan, lack of assets and insufficient management and maintenance skills and experience compared to large enterprises, which makes it difficult for SMEs to operate and innovate. Thus, the possibility of survival and innovation of SMEs depends on the policy direction of the government. Considering, we analyse the effectiveness of the recently enacted SME policy ‘The Special Act on the Corporate Revitalization', a law aimed at revitalising industries suffering from oversupply. ‘The Special Act on the Corporate Revitalization’ is designed to help SMEs improve productivity and restructure activities by exempting qualified enterprises from complex regulations. Therefore, it is called a "one-shot" law. In this empirical study, we attempt to analyse the impact of the policy on SMEs using data from 102 firms designated as beneficiaries of the policy between 2013 and 2022. We apply a two-way fixed effects (TWFE) analysis to assess the post-policy implementation. To analyse the heterogeneous timing of policy treatment, we use the Callaway & Sant’Anna (2021) and Wooldridge (2021) methods for DID. Our results show that the one-shot law has no effect on improving the productivity of SMEs. However, in the long run, both methodologies show that the implementation of the policy also has a positive but insignificant impact on the beneficiary firms.