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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 48, No. 1, pp.81-103
ISSN: 1226-1874 (Print)
Print publication date 28 Feb 2019
Received 13 Aug 2018 Revised 22 Nov 2018 Accepted 03 Dec 2018
DOI: https://doi.org/10.17287/kmr.2019.48.1.81

중소기업의 보증부대출 효익에 관한 연구

도영호*
*(단독저자) 신용보증기금 전문위원 doyho@kodit.co.kr
The Study on the Benefits of Guaranteed Loan to SMEs
Youngho Do*
*Research Fellow, Korea Credit Guarantee Fund, First Author

초록

본 연구는 2010년부터 2016년까지 7년 기간 동안 신용보증기금에서 조사된 중소기업 자료 22,799건을 이용하여 중소기업이 신용보증을 이용함으로써 얻게 되는 효익을 측정하였다. 보증부대출 효익은 금융부가효과와 금융비용 경감효과 두 가지의 합이다. 금융부가효과는 중소기업이 보증부대출을 받을 때 자력 대출금액을 넘어 부가적으로 더 많은 대출을 받음으로써 얻게 되는 효익이고, 금융비용 경감효과는 중소기업이 대출 시 적용되는 신용대출금리보다 더 낮은 금리로 보증부대출을 받음으로써 얻을 수 있는 효익이다. 측정 결과, 금융부가성비율이 96.12%로 산출되었다. 이는 신용보증을 이용한 중소기업은 평균적으로 대출금의 96.12%를 부가적으로 대출받았다는 의미이다. 대출금리 결정모형을 이용하여 산출한 신용대출금리의 평균은 8.40%, 보증을 받은 중소기업의 실제 보증부대출금리 평균은 4.40%이었다. 금융부가효과 2,082만 원과 금융비용 경감효과 29만 원을 더하여 중소기업의 보증부대출 효익은 2,111만 원으로 도출되었다. 신용보증을 이용한 중소기업은 평균적으로 약 2.1천만 원의 효익을 얻고 있었다.

Abstract

This study analyzes the benefits of guaranteed loan to SMEs(small and medium-sized enterprises) for 7 years. There are two benefits to SMEs that have got a loan with a letter of guarantee. One is financial additionality effect and the other is financial cost reduction effect. The financial additionality effect is that SMEs are able to access loans that would not have been available in absence of credit guarantee schemes. The financial cost reduction effect is that credit guarantee schemes reduce the loan rate. The sum of the financial additionality effect and the financial cost reduction effect is the benefits of guaranteed loan to SMEs.

The results are summarized as follow. The financial additionality rate is averagely 96.12%. It means that SMEs with a letter of guarantee are able to get 96.12% of the guaranteed loan in addition. In other words, most SMEs that have got the guaranteed loan depend on credit guarantee schemes for bank loans. The financial additionality rate in wholesale and retail industries is the highest at 96.83%. Among the wholesale and retail sectors, the rate in food and household goods is the highest at 97.91%. The smaller the company, the higher the rate. And the lower the age of company, the higher the rate.

Credit loan rate computed using loan rate decision model is 8.40% and Guaranteed loan rate is 4.40% on average. A difference of the credit loan rate and the guaranteed loan rate is about 3~4%. It means that SMEs using credit guarantee schemes have the financial cost reduction of about 3~4%. The higher the credit rating, the lower the credit loan rate. The credit loan rate of Suhyup Bank is the highest at 9.28% and that of Korea Development Bank is the lowest at 7.61%.

On average the financial additionality effect is 20.8 million won and the financial cost reduction effect is 0.3 million won. So the benefits of guaranteed loan to SMEs are 21.1 million won. The ratio of the financial cost reduction effect to the financial additionality effect is about 1.39%. It shows that the benefits of guaranteed loan to SMEs depend on the financial additionality effect. The benefits of guaranteed loan of wholesale and retail industries is the highest at 24.6 million won and that of construction industry is the lowest at 16.2 million won.

Keywords:

SMEs, benefits of guaranteed loan, financial additionality effect, financial coat reduction effect, financial additionality rate

키워드:

중소기업, 보증부대출 효익, 금융부가효과, 금융비용 경감효과, 금융부가성비율

Acknowledgments

유익한 조언을 주신 익명의 심사위원들께 감사드리며, 남아있는 오류는 전적으로 필자의 책임입니다.

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• 저자 도영호는 현재 신용보증기금 전문위원으로 재직 중이다. 경북대학교 경영학과를 졸업하였으며, 同대학원에서 경영학박사(금융전공)를 취득하였다. 주요 연구분야는 신용보증, 중소기업금융, 투자/위험관리, 변동성, 부도확률, 기업성장, 기업가치평가 등이다.