기술신용평가기관(TCB) 기술평가 모형의 금융기관 활용 적합성에 대한 연구: TCB평가를 받은 기업들 사례 중심으로

차우준 ( Woo Joon Cha ) 한국경영공학회 2016 한국경영공학회지 Vol.21 No.1

The "Park Guen-Hye" government in Republic of Korea is forcefully driving ‘Technology Financing`` for achievement of ‘Creative Economy``. The ‘Technology Financing`` is defined that the TCB and the banks evaluate the growth capacity of small and medium-sized business with credit rating and support loan and/or investment. Herein, I and most people engaging in this field think or believe that the key point for successful ‘Technology Financing`` is the trust of technology evaluation result at TCB. The purpose of this study was about the suitability of TCB technology evaluation model for Technology Financing. In addition, I carried out the examinination and the analysis for the correlation of several technology evaluation items on TCB technology evaluation model. In result of this study, I suggest that the improvements of the current TCB technology evaluation model and the mix ratio of the technology evaluation score for TCB technology credit rating be needed.

기술활용으로서의 기술금융의 법적 전략

손경한(Sohn Kyung Han),이홍기(Lee Hong Kee) 충북대학교 법학연구소 2015 과학기술과 법 Vol.6 No.2

A Technology Finance is one of the effective way to utilize technology as financial assets. The purpose of technology utilization is to maintain and realize the value of technology. Traditionally, technologies are utilized for business establishments, technology license or technology transfer, which are the types of utilization that realizea usufruct or an exchangeable value. Technology finance can stimulate both values in simultaneously. Therefore, whom may want to utilize technology should consider technology finance with strategic concerns. With the importance of technology, technology finance also has a peculiar features of legal issues. For this reasons, legal strategy for technology finance as utilization may contemplated. Generally, legal strategy for technology finance should include the aspects of what to finance and how to finance. Most of the technologies are protected by intellectual property rights, so the legal application of intellectual property laws should be included. Commercial laws and many other acts which concerned with capital markets are as well. Meanwhile, specific considerations needs to be deliberated. During technology finance, technology holder should raise the investments, choose the way of securitization and consider the disclosure of financial intervention. In conclusion, the importance of legal strategy for technology finance has been raised, and must reflect the overall factors of technology utilization. This thesis focused on to reveal those factors and to lay out it. By doing so, technology can manifest its values as assets and the whole system of innovation will work well.

중국 정부의 과학기술재정 지원과 중국 기업의 과학기술금융에 대한 분석

구기보 ( Ki Bo Ku ),황원일 ( Won Il Huang ) 한중사회과학학회 2014 한중사회과학연구 Vol.12 No.4

This paper focuses on Chinese science and technology companies’ financing through the two channels including science and technology public finance of the government and science and technology finance of the private sector. Chinese science and technology companies are supplied with needed capital through science and technology public finance and science and technology finance. The ratio of Chinese science and technology public finance has not been much different, but the scale has been enlarged as public finance expenditure becomes bigger. Nevertheless, the distribution of science and technology public finance has structural problems and various companies cannot receive the money. In other words, science and technology public finance is mainly distributed to big and state-owned companies, but it is difficult for small and medium size companies get the public finance. The enterprises that get little favors of science and technology public finance have mainly been supplied with science and technology finance. Science and technology is classified as bank loans and capital market financing, as for China, banks that have absolute ratio of market shares are unwilling to give loans to science and technology enterprises. Even though banks give loans to science and technology enterprises, they are inclined to give loans to enterprises that develop technology and gain profits. As for capital, the ratio of traditional enterprises is high on the whole. The small and medium enterprise market and Chinext market is growing very fast in recent years. In order to facilitate money supply for science and technology enterprises, the Chinese government has built the system that assesses the value of science and technology enterprises and has induced financial companies to develop financial goods to reduce the risk of themselves. The government has induced financial companies including banks, insurance companies and securities companies to cooperate with various intermediary companies and produce financial goods.

창업기업의 기술금융 활성화방안

조석홍(Seokhong Jo) 대한경영학회 2017 大韓經營學會誌 Vol.30 No.2

혁신형 중소기업 기술금융 지원사업의 적절성에 대한 실증연구

성웅현(Oong-Hyun Sung) 한국기술혁신학회 2013 기술혁신학회지 Vol.16 No.1

혁신형 중소기업 기술금융의 지속적인 확대와 발전을 위해서 기술금융 지원사업의 적절성이 요구된다. 본 연구에서 기술금융 수혜기업의 선정이 사업 목적과 취지에 적합한지 여부를 실증 분석하였다. 기술금융 여신이 발생될 확률은 기술력등급이 높을수록, 영업이익률이 높을수록 증가하는 것으로 나타났다. 반면에 자본금과 업력이 증가할수록 기술금융 여신 승인이 발생될 확률은 점진적으로 감소하는 것으로 나타났다. 로지스틱 분석결과 기술력 등급과 기업의 주요 특성이 기술금융 수혜기업 선정에 유의한 영향을 미친 것으로 나타났다. 그러나 모형의 적합성인 정분류율이 높지 않기 때문에, 기술금융의 적절성을 높이기 위한 개선을 제안하였다. 그리고 회귀분석 결과 대출금 규모와 기술력 등급사이에 연관성은 유의하지 않게 나타났다. 본 연구결과와 제안은 기술금융 결정의 적절성과 신뢰성을 확보하는데 기여할 것이다. A relevance of supporting business of technology financing for technologically innovative SMEs is strongly required for its continuous expansion and development. This study analyzes empirically whether the selection of recipient firms from technology financing have been performed in accordance with its objectives and purposes. Results show that the probability of receiving technology financing is more likely to increase with higher technology rankings and higher operating income ratio. On the other hand, the probability of obtaining financing might be decreased gradually, as the size of capital and age of the firm are increasing. Results also show that technology rankings and firm"s major characteristics are found to affect significantly on the decision-making of technology financing. Several useful comments are suggested to improve the relevance of the technology financing since the correct classification rate, which explains the appropriateness of the model, is not at high level. In addition, technology rankings are not uncorrelated with the amount of financing in regression analysis. These research results will contribute to ensure the appropriateness and credibility of the technology financing decision-making.

기술창업 활성화를 위한 핀테크 중심의 금융지원방안

배경화 중소벤처기업연구원 2017 중소기업정책연구 Vol.2 No.2

"According to appearance of Fin-tech finance which can be said as a new financial paradigm grafted onto ICT technology, it becomes necessary to reorganize support system of existing technology start-up companies. This paper aims to investigate Fin-tech oriented technology start-up financing policy support method in order to vitalize technology start-up companies. First, it is required to create financial ecological system to support of the technology start-up companies based on Fin-tech. Second, it is required to build Fin-tech financial support platform on the basis of private and public joint cooperation. Third, it is required to strengthen Fin-tech finance- oriented angel investment in technology start-up companies. Fourth, it is required to establish consumer-oriented Fin-tech financial support process for technology start-up companies. In conclusion, this paper intends to review technology financing system by expanding new service through Fin-tech financing in order to create financial ecological system for technology start-up companies and then, to suggest specific method. " ICT기술과 접목된 새로운 금융패러다임이라고 할 수 있는 핀테크 금융이 등장함에 따라, 기존의 기술창업기업에 대한 지 원체계의 개편이 요구되기 시작하였다. 특히, 대형 민간금융권 의 기술금융지원에서의 한계로 지적되고 있는 맞춤형 온라인 서비스 제공을 극복할 수 있는 새로운 대안이 핀테크 금융이 라고 할 수 있다. 이에 본고에서는 기술창업기업의 창업을 활성화하기 위해 핀테크 중심의 기술금융정책 지원방안을 살펴보고자 하였다. 첫째, 핀테크 기반 기술창업기업 지원 금융생태계 조성이 필요 하다. 둘째, 민관 공동의 핀테크 금융지원 플랫폼 구축이 필요 하다. 셋째, 기술창업기업에 대한 핀테크 금융 중심의 엔젤투 자 강화가 필요하다. 넷째, 기술창업기업에 대한 수요자중심의 핀테크 금융지원 프로세스 구축이 필요하다. 결론적으로, 기술창업기업에 대한 지원금융으로서 핀테크 금융 산업의 적극적인 도입과 육성이 필요하고, 기술 중심의 창업이 활성화될 수 있도록 생태계를 조성할 필요가 있다.

기술금융기관의 효율성 분석사례

한상대(Sang-Dae Han),홍재범(Jae-Bum Hong) 한국인터넷전자상거래학회 2016 인터넷전자상거래연구 Vol.16 No.4

This case was to assess the efficiency of 26 technology appraisal centers(TAC) of Korea Technology Finance Corporation(KOTEC) and improve the efficiency. The research is based on the analysis of data collected from 2011 to 2013 with Data Envelopment Analysis(DEA). As the number of employees and business administrative expenses were used as input variables, leveraging the number of technology appraisal cases, the amount of technology credit guarantee provision and the amount of debt collection through exercising indemnity rights as well as revenues accruing from the technology appraisals were used as output variables. The purpose of those variables are aimed at representing the differentiated features of KOTEC from other conventional credit guarantee institutions. The analysis result showed that the efficiencies of TACs were high overall and improving in the way that their efficiency values show mostly over 0.9 on average. CCR model showed that the number of effective DMUs –represented as Technology Efficiency(TE) Value was 1 – was 7 in 2011 and 13 in 2013 while BCC model showed that the number of DMUs, whose values of Pure Technology Efficiency(PTE) was 1, was 15 in 2011 and 17 in 2013 respectively. The number of DMUs, whose value of Scale Efficiency(SE) is 1, had also been increased from 7 in 2011 to 13 in 2013. The number of DMUs was to show the status of “Constant Returns to Scale(CRS)” increased from 7 in 2011 to 13 in 2013. The number of DMUs was to show the status of “Increasing Returns to Scale(IRS)” was 16 in 2011 and 11 in 2013. The number on “Decreasing Returns to Scale(DRS)” had decreased from 3 in 2011 to 2 in 2013 respectively. Therefore, the number of efficient DMUs whose input was proportional to output –signaling the optimal efficient status- increased by 6. The number of DMUs which still had inefficiency and needed to step up the input had been decreased by 4 while the number of DMU which need to be scaled back the input is decreased by 1. Overall, efficiency of TACs has been increased. The result implies there are many DMUs which could increase the size efficiency, not through removing the inefficiencies by decreasing the input, but through scaling up the total size of output, leveraged by the consolidation of the internal analogous operation in order to make a synergy effect as well as the reduction of outsourcing tasks which have been related with claim collection process and hiring external technology appraisal experts. The benchmarked DMUs which could be the reference group were An-san, Sa-Sang and Sung-Nam TACs. They were located near to the industry complexes. So, their geographical conditions were well positioned to access to the technology-innovative corporations and venture startups, solidifying the fundamental to provide supply in accordance with the increasing demand of technology finance. The value of this study was that it analyses the efficiency of KOTEC takes the key role of technology financing based on technology appraisal. This research was distinctive in that it defined the input and output variables to measure the efficiency of credit guarantee institutions while earlier studies, most of which researched credit-evaluation based guarantee institutions, did not deal with those variables. It has implications which could be applied to evaluate the efficiency of public technology appraisal institution in the future.

기술금융 정보를 활용한 기업 성과 추정 및 예측력 분석 연구

이성상,표경민,한상연 한국혁신학회 2019 한국혁신학회지 Vol.14 No.4

If technology financing has positively effects on the stable growth of firms, and the results of technology appraisal for financing provide ample information about probability of insolvency and growth, we can predict more accurately the performance of firms using it. It is of great practical significance to assess the effect of technology financing on the growth and financial stability. We firstly estimate a sale estimate function using the information of KIBO technology-based guarantee and analyze the improvement of predict ability or accuracy of sales forecasting. We use a data set from 48,215 technology financ ing firms(418,772 observations). The empirical results demonstrate the following. The predictability or accuracy of sales forecasting after KIBO technology-based guarantee is significantly higher than before. And it is significantly higher when we estimate the sales forecast using the financial in formation with KTRS’ guarantee information. We provide an interpretation of these em pirical findings that KIBO technology-based guarantee can contribute to improve the fi nancial stability and growth of firms. Also, this research extends recent efforts to better understand the positive effect of KIBO technology-based guarantee information with fi nancial data on accuracy of sales forecasting. 기술금융 지원이 기업의 안정적 성장에 긍정적인 영향을 미치고, 기술금융의 기반이 되는기술평가 결과가 기업의 미래 성장성이나 부실화 가능성에 대한 정보를 반영하고 있다면기술금융 관련 정보를 활용하여 기업의 미래 성과를 보다 정확하게 예측할 수 있을 것이다. 본 연구에서는 이를 검증하기 위해 기술평가 보증 정보를 활용한 매출 추정 분석모형을도출하고, 이를 적용하는 경우 매출 추정의 정확성 또는 예측력이 개선되는지를 분석하였다. 분석을 위해 기술보증기금으로부터 기술평가 보증을 받은 48,215개 기업의 418,772개 관측 치를 활용하였다. 본 연구의 주요 결과는 다음과 같다. 첫째, 기술평가 보증을 받기 이전보다 받은 이후의 매출 추정의 정확성 또는 예측력이 유의미하게 더 높은 것으로 나타났다. 둘째, 매출 추정모형에서 기업의 재무정보와 기술평가 보증 정보를 함께 활용하는 경우에 매출 추정의 정확성 또는 예측력이 유의미하게 더 높은 것으로 나타났다. 기술평가 보증이 기업의 재무적안정성이나 성장성에 미치는 긍정적인 효과와 기술평가 결과에 반영된 성장성 정보 등이매출 추정의 예측력을 높이는 요인이 되고 있다고 볼 수 있다.

중소기업의 기술력평가를 통한 신용등급 상향의 타당성 연구

김재천,손석현 기술경영경제학회 2018 Journal of Technology Innovation Vol.26 No.2

기술금융은 금융당국이 금융산업 선진화, 중소기업발전을 위해 강력한 정책적 의지를 가지고 도입하여 시행하고 있는 분야이다. 이러한 배경으로 은행의 자체적인 기술평 가가 2016년 9월부터 시행되었다. 기술우수기업은 기술평가과정에서 산출된 높은 기술등급으로 기존 신용등급이 상향되게 되며, 결과적으로 높아진 신용등급만큼 금융거래시 혜택을 받게 된다. 분석대상은 KEB하나은행이 2016년 9월부터 2017년 하반기까지 수행한 기술평가 대상 2,719개 업체를 분석하였다. 2016년 하반기 수행된 406개 업체에 대한 기술력평가 예비 연구에서 기존 신용등급과 산출된 기술등급을 결합한 결과, J58‘출판업‘의 기술신용등급은 신용등급대비 1.05등급 상향되어 상향정도가 가장 높았으며, C10‘식료품 제조업‘이 두 번째로 상향정도가 높았다. 이로써 기술력평가를 통한 수혜업종을 가려낼 수 있었으며, 업종별 기술 평가의 유용성을 확인할 수 있었다. 이에, 전체 수행기간동안 평가된 2,719개 업체에 대하여 기술력, 업력, 성장유망업종별 분석을 수행하였다. 분석결과 기술력 T-4이상 등급 업체들의 신용등급 상향정도가 가장 높았으며 5년 기준 업력에 따른 기술력평가의 유효성은 미미한 것으로 파악되었다. 정책지원의 효율성차원에서 지정된 성장유망업종에 해당하는 업체들을 대상으로 분석한 결과 일반기업대비 신용등급의 상향정도가 높아 성장유망업종 지원의 유용성을 확인할 수 있었다. 향후, 은행의 업체 발굴 또는 당국의 정책수립시에 T-4이상의 기술력 우수기업, 성장유망 업종에 집중하면 자금지원 효과를 극대화할 수 있을 것으로 판단된다. Technology finance is an area in which financial authorities have introduced and implemented a strong policy will for the advancement of the financial industry and the development of SMEs. As a result, the Bank’s own technology evaluation was conducted from September 2016. Technically superior companies are upgrading their credit ratings, and as a result, they benefit from financial transactions as much as their higher credit ratings through technology evaluation. Based on the data generated during this process, we analyze the degree to which credit ratings was upgraded by technology evaluation. The pre study handles 406 data from KEB Hana Bank’s technology evaluation conducted in the second half of 2016. As a result of combining the credit rating with the calculated technology rating, J58 ‘Publishing Activities’ technology-credit rating is raised by 1.05 rating, which is the highest, and C10 ‘Manufacture of Food Products’ is the second highest. As a result, we were able to identify the sectors that benefited from the technology evaluation and confirmed the usefulness of technology evaluation by industry(KSIC). To expanding the study, 2,719 companies evaluated during the entire period were analyzed by technology grade, business experience and promising growth industry code. As a result of the analysis, technological power over T-4 grade companies had the highest credit rating upgrades. The companies belonging to promising growth industries designated for efficiency of policy support, it is confirm that the support of the promising business type was useful because the credit grade was upgraded through technology evaluation. The validity of the technology evaluation based on the five-year business experience was found to be insignificant. In the future, it will be possible to maximize the support effect by concentration on the companies with over T-4 grade and growth potential companies when supporting SMEs.

기술금융 중소기업과 일반 중소기업의 고용효과 비교분석 : 기술신용대출을 받은 중소기업을 중심으로

이준원(Jun-won Lee) 한국기술혁신학회 2019 기술혁신학회지 Vol.22 No.5

본 연구는 기술금융 중소기업과 일반 중소기업 간 고용계수와 고용증가율의 비교를 통해 기술금융중소기업의 고용효과를 확인하는 데 목적이 있다. 성향점수매칭을 이용하여 기술금융 중소기업과 유사한 성향의 일반 중소기업을 선별한 뒤 군집 간 고용계수와 고용증가율을 비교분석하였다. 분석결과 기술력 우수기업(T1-T4)은 일반 중소기업에 비해 높은 수준의 유의한 신규 고용창출 효과와 직접 고용창출 효과가 있는 것으로 확인되었다. 기술금융 적합기업(T5-T6) 역시 일반 중소기업에 비해 높은 수준의 유의한 신규 고용창출 효과가 있으나, 직접 고용창출 효과는 점진적으로 감소함을 확인하였다. 이를 통해 현재 정부가 추진하고 있는 기술금융을 통한 혁신 중소기업 중심의 산업 · 고용정책이 고용창출에 일정부분 기여하고 있음을 확인했으며, 기술금융 적합기업(T5-T6)에는 정부의 차별화된 전략적 지원 및 경쟁력 제고 방안 등이 강구되어야 한다는 결론을 도출하였다. The purpose of this study is to confirm the employment effect of technology financing SMEs by comparing the employment coefficient and employment growth rate between technology financing SMEs and general SMEs. We have selected general SMEs with a similar tendency to technology financing SMEs through propensity score matching. Thereafter, the employment coefficient and employment growth rate of the two clusters were compared and analyzed. As a result of the analysis, it was confirmed that technology outstanding firms (T1-T4) have a significant effect of creating new jobs and creating jobs directly, compared with general SMEs. In the case of technology finance-adequate firms (T5-T6), the effect of job creation is significantly higher than that of general SMEs, but the effect of job creation is gradually decreased. In this way, it is confirmed that the industrial and employment policies centered on innovative companies through technology financing which the government is currently promoting contribute to the creation of employment. In addition, we concluded that the government should provide differentiated strategic support and enhancement of competitiveness for technology finance-adequate firms (T5-T6).