한국 중소기업의 자금조달 행태가 기업성과와 효율성에 미치는 영향: 성장주기 단계를 중심으로 = The Impact of Financing Behavior on the Korean SMEs’ Performance and Efficiency: Focusing on the Stage of the Growth Cycle

다국어 초록 (Multilingual Abstract)

[Purpose]The purpose of this study is to analyze how financing behaviors of listed SMEs affect firm performance and efficiency of each growth cycle.
[Methodology]This study examines previous studies and draws hypotheses about the relation between financing behavior and firm performance/efficiency. The data are collected by TS－2000 of the Korea Listed Companies Association, and the sample are the KOSPI and KOSDAQ companies listed on the Korea Exchange(KRX). The hypothesis was verified through structural equation model analysis.
[Findings]In both low growth and high growth SMEs, internal finance procured by retained earning has a positive effect on corporate performance measured by ROA. However, debt capital financed by issuance of corporate bonds has a negative impact on the performance of high－growth SMEs. The financing behavior that positively influences the efficiency of SMEs is internal finance and trade credit. However, institutional finance financed by borrowing from the financial sector has a negative effect on the efficiency of low－growth SMEs.
[Implications]The study have contributed to understanding the relationship between SME financing behavior and firm performance/ efficiency by stages of the growth cycle.

국문 초록 (Abstract)

[연구목적]본 연구는 우리나라에 상장된 중소기업들을 대상으로 성장주기 단계별 자금조달 행태가 기업성과 및 효율성에 어떻게 영향을 미치는 지를 분석하고자 하였다.
[연구방법]본 연구는 지금까지 이루어진 선행연구들을 검토하여 자금조달 행태와 기업성과 및 효율성 사이의 관련성에 대하여 가설을 도출한다. 실증분석할 자료는 한국상장협의회의 TS－2000에서 수집한다. 실증분석 대상기업은 한국거래소에 상장된 KOSPI와 KOSDAQ 기업이다. 구조방정식 모형 분석을 통해 가설을 검증한다.
[연구결과]저성장과 고성장 중소기업 모두에서 사내유보로 조달한 내부금융이 총자산순이익률로 측정한 기업성과에 긍정적인 영향을 미치는 것으로 나타났다. 그러나 회사채발행으로 자금조달한 타인자본은 고성장 중소기업 성과에 부정적인 영향을 미치는 것으로 나타났다. 우리나라 중소기업의 효율성에 긍정적인 영향을 미치는 자금조달 행태는 내부금융과 기업간신용인 것으로 나타났다. 그러나 금융권 차입으로 자금조달한 제도금융이 저성장 중소기업의 효율성에 부정적인 영향을 미치는 것으로 나타났다.
[연구의 시사점]본 연구는 성장주기 단계별로 중소기업의 자금조달 행태와 기업성과/효율성 사이의 관련성에 대하여 이해하는데 공헌이 있다.

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