Since the most efficient financial support policy is to provide credit guarantee continuously and smoothly to small and medium businesses that have performed a central role in economic activation of Korea, this study aims at analyzing the role of credit guarantee system to find out some institutiona...
Since the most efficient financial support policy is to provide credit guarantee continuously and smoothly to small and medium businesses that have performed a central role in economic activation of Korea, this study aims at analyzing the role of credit guarantee system to find out some institutional or operational problems, complementing the system by making continuous developmental improvement in pursuit of effective financial support for small and medium businesses, and presenting the roles of the system to reinforce the structure of small and medium businesses in the long run. In national economy of Korea, small and medium businesses account for 99.8% of the whole businesses, 87.0% of the whole employment, 53.1% of value added, and 42.2% of the whole export. It is important and necessary to cultivate small and medium businesses because despite the small scale, such businesses are very effective in manpower employment and creation of value added and very adaptive to the changes in market environment so that they can play the role of improving the economic structure dependent on foreign sources. That is also because they can remove the dual economic structure and satisfy customers' various needs and tastes. Therefore, small and medium businesses can be the driving force of economic growth of Korea. In particular, they took the central role in economic activation through active establishment, development of new technology, and changes of Korean industries into the knowledge- and technology-intensive structure during the process of overcoming the foreign currency crisis. However, the majority of small and medium businesses have difficulty in receiving financial support from financial institutions due to a poor credit standing or lack of security. The effects of continuous restructuring of the financial market make small and medium businesses have more difficulty in securing credit. According to the research in the actual condition of small and medium businesses by the Ministry of Finance and Economy, in actuality, the greatest demand for government policies (plural responses) necessary for management stability of small and medium businesses was economic restoration (68%), followed by financial support (39.1%), stability in raw material supply (14.8%), tax support (11.3%), restriction relaxation (10.4%), and support for debt collection (9.3%). To meet these needs of small and medium businesses for financial support, the government implemented a policy of providing much of strategic credit for supporting the businesses through the fund of private financial institutions; however, such businesses had difficulty in securing fund by using the financial market directly due to low external prominence and lack of corporate credit, which rather adversely weakened autonomy and the standards for loan screening of financial institutions, conventionalized loan on security, and ultimately became an important factor to decline credit evaluation skill of financial institutions and make the financial industry fall behind. Thus, financial policies for small and medium businesses should relieve or remove restrictions on financing to help them grow and take a role in complementing potential of growth and assisting balanced growth in national economy and in improving the dual economic structure. The policies should also restore the original functions of commercial credit of private financial institutions and assist them to increase credit-based loan to small and medium businesses with focus on the establishment of the foundation to form culture of credit creation. In this respect, this study suggests that the roles of the credit guarantee system are important and become the most effective means of financial support in allowing small and medium businesses which form the root of Korean economy to function as the central driving forces of national economic growth and employment creation, and intends to analyze their various roles of making contributions to national economy as a whole and suggest that the credit guarantee system is a strategic alternative to implement constantly in order to give financial support to small and medium businesses. The Korean credit guarantee system is judged to have made significant contributions to financial expansion of small and medium businesses. However, the current guarantee system has some problems in institutional and operational aspects including reduction in income-producing assets with the increase in subrogation caused by the occurrence of the foreign currency crisis in 1997 and economic slump over the last several years. With the recent expansion of guarantee market, the credit guarantee system has played the roles of making performance for small and medium businesses (improvement in their accessibility to finance), for financial institutions (improvement in their soundness), for the government (efficient implementation of government policies and the increase in revenue), for national economy (financial promotion for small and medium businesses with contributions to national economic growth), for technical development, and for credit-based economy, despite such problems as policies only in pursuit of an increase in credit by the government and the political sector and inefficiency of overlapped guarantee between local guarantee institutions which are plural without specialized credit areas. The credit guarantee system which made such performances and operated to fit object economy made significant contributions during the time of economic slump, for example, by overcoming the serious foreign currency crisis in 1997, and played various roles across many fields based on national economy with wide-ranging utility of its purport; therefore, it must be an alternative to implement and expand continuously in order to give financial support to small and medium businesses.
Since the most efficient financial support policy is to provide credit guarantee continuously and smoothly to small and medium businesses that have performed a central role in economic activation of Korea, this study aims at analyzing the role of credit guarantee system to find out some institutional or operational problems, complementing the system by making continuous developmental improvement in pursuit of effective financial support for small and medium businesses, and presenting the roles of the system to reinforce the structure of small and medium businesses in the long run. In national economy of Korea, small and medium businesses account for 99.8% of the whole businesses, 87.0% of the whole employment, 53.1% of value added, and 42.2% of the whole export. It is important and necessary to cultivate small and medium businesses because despite the small scale, such businesses are very effective in manpower employment and creation of value added and very adaptive to the changes in market environment so that they can play the role of improving the economic structure dependent on foreign sources. That is also because they can remove the dual economic structure and satisfy customers' various needs and tastes. Therefore, small and medium businesses can be the driving force of economic growth of Korea. In particular, they took the central role in economic activation through active establishment, development of new technology, and changes of Korean industries into the knowledge- and technology-intensive structure during the process of overcoming the foreign currency crisis. However, the majority of small and medium businesses have difficulty in receiving financial support from financial institutions due to a poor credit standing or lack of security. The effects of continuous restructuring of the financial market make small and medium businesses have more difficulty in securing credit. According to the research in the actual condition of small and medium businesses by the Ministry of Finance and Economy, in actuality, the greatest demand for government policies (plural responses) necessary for management stability of small and medium businesses was economic restoration (68%), followed by financial support (39.1%), stability in raw material supply (14.8%), tax support (11.3%), restriction relaxation (10.4%), and support for debt collection (9.3%). To meet these needs of small and medium businesses for financial support, the government implemented a policy of providing much of strategic credit for supporting the businesses through the fund of private financial institutions; however, such businesses had difficulty in securing fund by using the financial market directly due to low external prominence and lack of corporate credit, which rather adversely weakened autonomy and the standards for loan screening of financial institutions, conventionalized loan on security, and ultimately became an important factor to decline credit evaluation skill of financial institutions and make the financial industry fall behind. Thus, financial policies for small and medium businesses should relieve or remove restrictions on financing to help them grow and take a role in complementing potential of growth and assisting balanced growth in national economy and in improving the dual economic structure. The policies should also restore the original functions of commercial credit of private financial institutions and assist them to increase credit-based loan to small and medium businesses with focus on the establishment of the foundation to form culture of credit creation. In this respect, this study suggests that the roles of the credit guarantee system are important and become the most effective means of financial support in allowing small and medium businesses which form the root of Korean economy to function as the central driving forces of national economic growth and employment creation, and intends to analyze their various roles of making contributions to national economy as a whole and suggest that the credit guarantee system is a strategic alternative to implement constantly in order to give financial support to small and medium businesses. The Korean credit guarantee system is judged to have made significant contributions to financial expansion of small and medium businesses. However, the current guarantee system has some problems in institutional and operational aspects including reduction in income-producing assets with the increase in subrogation caused by the occurrence of the foreign currency crisis in 1997 and economic slump over the last several years. With the recent expansion of guarantee market, the credit guarantee system has played the roles of making performance for small and medium businesses (improvement in their accessibility to finance), for financial institutions (improvement in their soundness), for the government (efficient implementation of government policies and the increase in revenue), for national economy (financial promotion for small and medium businesses with contributions to national economic growth), for technical development, and for credit-based economy, despite such problems as policies only in pursuit of an increase in credit by the government and the political sector and inefficiency of overlapped guarantee between local guarantee institutions which are plural without specialized credit areas. The credit guarantee system which made such performances and operated to fit object economy made significant contributions during the time of economic slump, for example, by overcoming the serious foreign currency crisis in 1997, and played various roles across many fields based on national economy with wide-ranging utility of its purport; therefore, it must be an alternative to implement and expand continuously in order to give financial support to small and medium businesses.
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