수출기업의 금융구조와 수출 간의 관계에 관한 연구 (A Study on the Relationship between Financial Structure of Korean Firm and Exports)
124 Pages Posted: 21 Apr 2017
Date Written: December 30, 2016
Korean Abstract: 본 연구는 한국 기업의 금융구조를 살펴보고, 금융제약이 수출에 어떤 영향을 미치는지를 분석하였다. 한국 기업의 간접금융에 대한 의존성은 주거래은행의 금융충격이 해당은행을 주거래은행으로 하는 기업의 수출에 영향을 미치고 있음을 확인할 수 있었다. 뿐만 아니라 산업별 금융제약 정도에 따라서 금융제약이 수출에 미치는 효과가 상이함을 보였다. 이러한 실증분석 결과를 바탕으로 은행 건전성 지표 개선과 금융제약과 수출의 기엄/산업별 상이한 효과를 반영한 미시적 금융정책을 본고의 정책적 시사점으로 제안하였다. 기존의 통화정책과 재정정책을 보완할 수 있는 정책당국의 효과적 정책 옵션 가운데 하나가 될 것으로 기대한다. English Abstract: Following the global financial crisis, Korea recorded an average export growth rate of -1.8% for 2012-2015, and has not yet recovered its growth rate of 19.1% in 2003-2007 before the crisis. Considering the important role played by export growth throughout Korea's economic growth, a significant part of the recent decline in economic growth can be attributed to this slowdown in export growth. This study focuses on the relationship between financial constraints and exports in order to elicit policy implications for boosting export growth.
In an analysis using firm-level data, we found that the financial constraint on the supply side of funds contributed to the decrease of exports. The financial shock to the banking sector, which supplied more than 70% of the external funds in 2015, has been found to affect exports of Korean firms. This main result is robust to another index representing the health of banks and different empirical model specifications including firm fixed effect, alternative variable transformation, and an empirical model considering the endogeneity problem. Small and medium-sized enterprises (SMEs) are more sensitive to the health of banks than large firms, and, among the top four manufacturing industries with a high proportion of exports, metal processing products are particularly vulnerable to financial constraints.
Another empirical analysis using industry-level data again showed that the financial constraints are closely related to decline in export. Debt dependency ratio and tangible asset ratio were used as variables that indicate industry-level financial constraints. Having a higher debt dependency ratio and tangible asset ratio signifies a lower level of restrictions from borrowing in the financial market. An industry with a high financial constraint is more likely to show a large decline in exports as the cost of funds increases. By firm size, SMEs are more sensitive to financial constraints than large firms, as they both face the same financial costs. A classification of exports by item characteristics (e.g. capital goods, raw materials, consumer goods) shows that the financial constraints have a greater impact on exports of capital goods and raw materials. In the case of consumer goods, the effect of financial constraints on exports was not significant. However, further analysis of detailed consumer goods showed that consumer discretionary goods turned out to be sensitive to such financial constraints.
Note: Downloadable document is in Korean.
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