정책자금지원을 받은 코스닥 중소기업의 특성요인 및 경영성과에 관한 연구

Abstract

The purpose and scope of this paper are twofold: first, exploring the characteristics of the

small companies that have borrowed from government and second, evaluating financial

performance of those companies receiving the financial support. We have reviewed

KOSDAQ listed companies to evaluate the firm characteristics and their financial

performance. The results of this paper can be summarized as follows: First, when the firms

are classified into ventures and SMEs (small-medium-size) enterprises, both firms with

declining trend in debt-to-equity ratio excluding government loan show a relatively high

dependence on the government loan. On the other hand, the both firms that are in the

upward trend in terms of asset size show that they are less dependent on the government

loan. Lastly, when the financial performances of venture firms and SMEs are empirically

investigated, it suggests that the government loans do not reflect positive effects on financial

performance in terms of ROE and ROA. This result is not in line with our expectation that

government agency and financial institutions role in selecting and monitoring investment are highly enforced so that these tremendous amounts of public money invested into venture

firms are not wasted.