The Application of Generalized Additive Model in the Effectiveness of Scale in Funding Policy on SMEs Overall Performance

일반화 가법 모형을 이용한 정책금융 수혜규모가 중소기업 경영성과에 미치는 효과성 연구

  • 하승인 (서강대학교 경영전문대학) ;
  • 장명균 (서강대학교 경영전문대학) ;
  • 이군희 (서강대학교 경영전문대학)
  • Received : 2017.06.13
  • Accepted : 2017.07.12
  • Published : 2017.06.30


The aims of this study is to analyze the effectiveness of firms financial status quo and the scale of financial support on SMEs overall performance. We have gathered the financial guarantee data from 1998 to 2013, provided by Korea Credit Guarantee Fund (KODIT), to analyze the effectiveness of Financial policy. To classify both financial status quo and scale of financial support, we utilized the following variables; Interest Coverage Ratio (ICR) and newly guaranteed amount ratio. To take the measurement of the overall performance, we employed profitability, growth ratio and activity index. To minimize the effect of repeated financial support (redundancy benefits), firms were selected based on the following criteria: firms that receive no financial support prior to implementing such policy over the last 3 years and no new financial support over the last 2 years. Results suggest that firms with higher ICR and large newly guaranteed amount influence on financial performance in terms of profitability index. Firms with lower ICR and large scale financial support showed a better performance compare to firms with small-scale financial support. Firms with large-scale financial support, irrespective of ICR inclined to have better performance to those of small-scale financial support in terms of growth index. For activity index, however, firms with large scale support led to higher performance in the short term. In turn, our analysis presents objective perspective with respect to the effectiveness of financial policy through credit guarantee on overall performance of SMEs. This study, therefore, implies that well-balanced SMEs supporting policy may lead to better directions.

본 연구는 기업의 재무상태 및 지원규모에 따른 정책금융지원의 효과를 파악하기 위하여 일반화가법모형을 적용하여 실증분석 하였다. 이를 위해 이자보상배율과 총자산 대비 신규보증금액 비율을 이용하여 업종별로 분석대상을 구분하였으며, 수익성, 성장성지표를 사용하여 경영성과를 측정하였다. 또한 분석기간에 여러 번의 정책금융을 지원받은 기업의 경우 표본선택편의로 인한 결과의 왜곡이 발생할 수 있으므로 중복지원 효과를 최소화하기 위해 지원연도를 기준으로 이전 3년 동안 보증잔액 및 신규보증이 없으며, 이후 2년 동안 신규보증이 없는 기업을 선정하였다. 분석 결과, 보증시점의 이자보상배율이 1 미만이라 하더라도 지원규모에 따라 성과는 차별화되는 것을 확인할 수 있었다. 또한 한계기업의 기준으로 사용되는 이자보상배율이 0에 근사한 기업이더라도 경영성과는 향상될 수 있음을 확인할 수 있다. 결국 본 연구에서는 정책금융 지원정도에 따른 차별적인 경영성과를 확인함으로써 기술력이나 성장 잠재력을 고려한 평가가 요구되며 이를 통해 정책금융을 지원하는 담보가 부족한 중소기업의 자금조달 문제를 완화할 수 있는 유인책으로서의 작용할 수 있음을 시사하고 있다.



  1. Chang, W. H., Y. H. Yang. and S. J. Woo (2013). "A Study on the Enhancement of the Small and Medium-sized Enterprise Policy in Korea (II)," Korea Development Institute Policy Study 10, 1-190.
  2. Hastie, T. J. and R. J. Tibshirani (1990). Generalized Additive Models, New York: Chapman & Hall.
  3. Jang, J. I. and B. S. Yoon (2007). "The Role of Government Funds Schemes and Changes in Business Environment of Small and Medium Enterprises," Korean International Accounting Review 17, 1-22.
  4. Jeong, D. H. (2014). "The Negative Impact of Delaying of Restructuring Insolvent Companies," KDI Economic Outlook, The Second Annual Report, 63-72.
  5. Jung, H. S. and H. S. Lim (2014). The Impact of Credit Policy on Small and Medium-Sized Enterprises, Bank of Korea WP. 2014-2, Available at SSRN 2580582.
  6. Kim, D. Y. and G. H. Yi (2011). "An Empirical Analysis of Monitoring by Institutions for Credit Guarantee," Sogang Economic Papers 40(1), 51-84.
  7. Kim, H. W. (2005). "The Profitability Improving Effects of Korean SME Policy Lending Programs," Korea Development Institute 27(2), 45-87.
  8. Kim, J. K., Y. B. Lee, G. G. Go, M. H. Lee, J. I. Jang, B. S. Yoon, Y. H. Noh, and S. S. Park (2012). "The Analysis for Performance of SME Financial Policy and for the Strategy Strengthening Plan," SBC Report.
  9. Kim, S. B. and J. R. Kim (2013). "A Study on the Performance Measurement of Credit Guarantee," Review of Bushiness & Economics 26(3), 1381-1399.
  10. Kwak, S. K. and H. J. Song (2003). "The Performance of Policy Loan on the SME based on their Characteristics," The Korean Association of Small Business Studies, 131-149.
  11. Kwon, S. H. (2012). "A Study on the Characteristics and the Performances of the Technology-Based Guaranteed SMEs," Review of Bushiness & Economics 25(3), 2069-2087.
  12. Lee, M. H. (2008). "The Effectiveness of Overlapping Financial Supporting Policy for SME," Korean Public Adminstration Review 42(2), 401-428.
  13. Lee, S. W., J. K. Kim, Y. B. Lee, K. H. Jang, and M. H. Lee (2008). "Program Evaluation and Selection Bias: Sequential Selection model for Government Loan program for Small Business," Korean Association of Government Studies 42(1), 197-227.
  14. Min, J. H., S. Y. Ha, and B. S. Kim (2015). "The Impact of Firm's Sustainability Management Activities on Their Shortterm and Long-Term Values," Korean Management Review 44(3), 713-735.
  15. Nam, C. W. (2014). "The Effectiveness Analysis of Financial Support Policies for SMEs; Based on Firm's Dynamics Decision Model," Korea Development Institute Policy Study 14, 1-64.
  16. Noh, Y. H. (2010). "The Role and Performance of Policy Loan on the SMEs in the Korea: Firm-level Evidence," Asia Pacific Journal of Small Business 32(1), 153-175.
  17. Roh, H. S. and J. C. Kim (2007). "An Analysis on the Firms' Financial Characteristics of SMBA Policy Funding in Small and Medium Sized Firms," Korean International Accounting Review 20, 17-37.
  18. Song, H. J., Y. B. Kim, and O. R. O (2006). "The Study on the Effect of SBC policy Funding Programs on the Improvement of Financial Performance," The Korean Small Business Review 28(4), 65-80.
  19. Williamson, S. D. (1994). "Do informational frictions justify federal credit programs?," Journal of Money, Credit and Banking 26(3), 523-544.
  20. Woo, S. J. and K. B. Binh (2014). "The Causal Effect of KIBO Technology-based Guarantee on Financial Performance of SMEs under Imperfect Capital Market: An Application of Treatment Effect Estimation using Quantile Regression," Journal of the Korean Data Analysis Society 16(1), 279-295.
  21. Yang, H. B., D. H. Cho, and S. I. Hong (2007). The Ways of Strengthen Planning to Differentiation and Effectiveness by Financial Policies for SME, SBC Report.
  22. Yoo, K. H., Y. Kim, and K. B. Huh (2005). "A Comparative Study on the Financial Effect of the SBC Funding: Focused on the Financial Performance Between Medium-sized and Small-sized Firms," The Korean Small Business Review 27(4), 205-223.