Debt Policies for Korean SMEs after the US Financial Crisis in 2007 = Debt Policies for Korean SMEs after the US Financial Crisis in

다국어 초록 (Multilingual Abstract)

[Purpose] Prosperity of SMEs is a national concern in Korea. Although, easy financing is important for SMEs, it is the greatest barrier for them.
We, therefore, study the financing policies for Korean SMEs.
[Methodology] We try to explain Korean SMEs’ financing patterns using the trade－off and pecking order theories. The SMEs are additionally segregated into 4 different sub－groups in line with their size(total asset).
In addition, considering an endogeneity problem when using panel data, we hire LSDV and GMM estimators.
[Finding] First, SMEs reduce debt levels. Second, some variables, such as tangible assets, cash level and FDs, indirectly present that different financing policies(or theories) are applied when SMEs are financing between short－ and long－term debt. Third, although we have not found a compelling evidence in statistical terms that SMEs adjust their debt levels toward optimal, continuous reducing of debt level during our sample period is a strong evidence of the trade－off theory.
[Implication] Both trade－off and pecking order theories partially explain Korean SMEs’ financial policies but not entirely.

참고문헌 (Reference)

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