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标题: Internationalization strategy, firm resources and the survival of SMEs in the export market 作者: Baum, Matthias

期刊: Journal of International Business Studies 卷: 45；期: 7；页: 821-841；年份: 2014

The Activation of Technology Finance through Support for Small and Medium-Sized

Enterprises in Korea

Abstract

As the economy transitions to a knowledge-based paradigm, small and medium-sized enterprises can become more competitive by securing greater technological power, coupled with excellent innovation and flexibility. Thus, the objective of this paper is to gain a better understanding of the current situations of Small and medium-sized enterprises in Korea, and to discuss on the activation of technology finance provision systems.

Keywords: Small and medium-sized enterprise, Technology finance, Ventures 1. Introduction

The Korean economy grew rapidly until the mid-1990s. Such rapid economic growth was promoted in an economic structure in which large enterprises, rather than small and medium-sized enterprises, were the top priority. However, advanced countries must maintain a high-speed industrial structure based on up-to-date technology and high added value, and such structure must be considered subservient to the development of small and medium-sized enterprises characterized by excellent technology innovation and flexibility.

In the past, policies and systems designed to support the technological development of small and medium-sized enterprises were not constructed in a generally efficient and organic manner, but were rather pursued in a very complex and makeshift way, in efforts to quickly address changing situations. Beginning in the mid-1990s, Korean economic growth was led by knowledge-based industries, which


expanded over a short period of time, during which a great deal of support was provided to small and medium-sized enterprises in order to nurture knowledge-based enterprises and activate ventures according to the degree of firm growth. Such policies also contributed greatly to price and employment stability, as well as improved international payment balance. However, despite the rapid growth of knowledge-based industries, the majority of technology-driven enterprises in Korea suffer from fund-raising difficulties.

Under the present global economic regime, the development of national industries requires the fostering of ventures and the strengthening of their competitiveness based on their technologies and intellectual property rights. In this age of globalization, in which technology finance is becoming increasingly important, the purpose of this paper is to determine the current state of small and medium-sized enterprises, as well as the actual conditions of technology finance support systems in Korea.

2. The Characteristics and Current Situation of Small and Medium-Sized Enterprises in Korea

The scale of small and medium-sized enterprises is relatively small as compared to large enterprises. In other words, small and medium-sized enterprises in an economic regime tend to have less capital, technology, and management ability than large enterprises (Jeong, 2009; Moon, 2000). In our world, small and medium-sized enterprises play such a significant role in a national economy and have so great a political and social impact on the country that the position of small and medium-sized enterprises must be considered of great value to a country's economic stability and growth. Generally, small and medium-sized enterprises perform a positive role in establishing the foundation for the stability of the national economy, activating the development of the economy, expanding the export base, advancing the industrial structure, achieving balanced growth, enhancing the country's ability to meet economic challenges, improving the balance of international payments, diversifying consumer choices, innovating relevant technologies, and activating local economies (Friedman et al., 2000; Kim, 1993).


Small and medium-sized enterprises in Korea are facing substantial troubles, both at home and abroad. Their external problems include industrial adjustment-associated restructuring, while their internal problems include a rapidly changing international environment, including evolving international political conditions. The Gyeonggi Small and Medium Business Center monitored the on-site difficulties faced by small and medium-sized enterprises, and identified their most prominent problem as financial difficulty, followed by difficulties associated with manpower, rising costs, and markets (including domestic demand and exports). Table 1 below lists these difficulties, which can be considered the top priorities.

According to 'the survey results of the lack of small and medium-sized enterprises funds in 2004' published by the Korean Federation of Small and Medium Business, the top difficulty experienced recently by small and medium-sized enterprises is that associated with the supply of and demand for raw materials (66.4%), followed by declining sales (47.4%), delays in collecting money for sales (34.2%), and reductions in delivery prices (29.8%). With regard to the difficulty associated with the supply of and demand for raw materials, 10.1% more small-sized enterprises experienced a problem than mid-sized ones (68.9% of small enterprises and 58.8% of middle enterprises faced the difficulty). 49.5% of small and medium-sized enterprises reported that it was "difficult" for them to take out a loan from technology financing institutions, which insisted on secured loans and tightened loan examinations, whereas only 5.7% replied it was "not difficult" For them to secure a loan. This illustrates the urgent need for improvements in loaning systems, such that relevant funds may be supplied to small and medium-sized enterprises in a timely manner. This can be achieved via the activation of guarantee loaning systems that differ from existing systems, allowing money to be lent to small and medium-sized enterprises, and considerably simplifying and reducing a variety of technology financing procedures. In 2008, small and medium-sized enterprises had less ability to pay because of increases in the prices of crude oil, iron and steel, and other raw materials, coupled with weaker demand in the international market. Additionally, technology finance instability originating in the USA resulted in the spread of technology finance and


object economy crises and credit crunches all over the world, which in turn caused a substantial deterioration in the finances of small and medium-sized enterprises, which have lower credit ratings than large enterprises. In particular, the number of new small and medium-sized enterprises in existence has decreased rapidly since October 2008, when unfavorable technology finance conditions seriously aggravated global credit crises and a depression in domestic markets.

As can be observed in the data presented above, small and medium-sized enterprises in Korea are relatively small-scale and profoundly affected by both internal and external factors. Therefore, in order to achieve competitive superiority in this age of internationalization, the enterprises should, first of all, rearrange and reform their systems to promote more efficient technological development, followed by attempts to secure both tangible and intangible technological power.

3. Support for Small and Medium-Sized Enterprises in Korea: The Case of Firm K

We consider here the current condition of technology financing support for small and medium-sized enterprises in Korea, with focus placed on a guaranteeing firm (K), which is a semi-governmental organization. K is a fund that has established a comprehensive support system for technology finance, and that leads in technology finance (here, technology finance refers to the demand for and supply of funds required for the technology innovation process, which includes R&D, technology founding, and technology business). Firm K was established in 1989 and has, for the past 19 years, provided technology guarantees worth a total of 149 trillion won to small and medium-sized enterprises with excellent technology and marketability, so as to improve their technological competitiveness and activate their technology financing.

In particular, firm K has established the foundation of a comprehensive support system for technology finance by means of identifying such ventures and inno-biz enterprises with high growth potential and expanding support for them, and by offering those entities a variety of services connected with technology appraisal. On the basis of the experts' appraisal of the enterprises' technological power, support has largely been provided to companies with weak financial structures, but superior


technological power (57.7% of the firms to which technology appraisal guarantees were offered in 2008 did not have a good financial rating); additionally, appraisal models for the support of company establishments have been developed in order to create jobs, to lay foundations for future growth, and to strengthen support for new technological enterprises. Support for R&D technology finance has also been incrementally expanded in an effort to foster investments in technological development, so as to promote the technological competitiveness of small and medium-sized enterprises and to create new growth motive powers in the national economy. In order to address the lack of flexibility of small and medium-sized enterprises, an issue which was exacerbated by the economic downturn resulting from the tech finance crisis in the USA, a variety of systems have been employed to expand technology guarantees; all such schemes were mobilized expressly to overcome this unprecedented economic crisis. Firm K plays a leading role as a comprehensive technology finance provider by offering intensive support to efforts to establish technology innovation enterprises such as ventures, inno-biz enterprises, and technological enterprises, allowing for the creation of new economic growth motive powers for the economy, the continual expansion of technology appraisal guarantees, and the active identification and support of innovative small and medium-sized enterprises.

In 2008, firm K selected and concentrated technological enterprises and ventures that might prove to be future growth motive powers of the national economy and thus might efficiently create jobs. In that year, 10.9594 trillion won (87.2% of the total guarantee support) was provided to technology innovation enterprises (small and medium-sized enterprises equipped with technological powers), representing a 1.7710 trillion won increase over the 9.1884 trillion won (82.9% of the total guarantee support) spent in 2007. The figure of 10.9594 trillion won was 87.7% of the total guarantee balance at the end of 2008, and 82.8% of that in 2007. For the exclusive use of ventures, firm K provided 7.6444 trillion won in 2008 (60.9% of the total guarantee support), representing an increase of 1.5537 trillion won (54.9% of the total guarantee support) over the 6.907 trillion won spent in 2007, and will have provided 8.3000


trillion won (53.2% of the total guarantee support) in 2009. Additionally, with regard to the guarantees provided by firm K to inno-biz enterprises, 2008 saw a figure of 6.6783 trillion won (53.2% of the total guarantee support), a 1.5888 trillion won increase as compared to the 5.895 trillion won (45.9% of the total guarantee support) provided in 2007; 8.6000 trillion won (55.1% of the total guarantee support) will have been provided in 2009. In continually guaranteeing new technology businesses that had been established less than five years ago, so as to vitalize the national economy as well as activating the foundation of small and medium-sized enterprises and creating jobs, firm K provided 3.3872 trillion won in 2007 and 4.4378 trillion won in 2008, and will have offered more than 5.3000 trillion won in 2009. After having firmly constructed an appraisal system optimized for the provision of technology finance to technology innovation enterprises, a core factor in technology finance, firm K provided technology innovation enterprises with technology appraisal guarantees worth 8.9859 trillion won, representing a 47.2% increase over the amount provided in the previous year (6.1052 trillion won) and 71.3% of the total guarantee balance.

Recently, a survey was conducted with the guaranteed enterprises, and it was revealed that 55% of the respondents actually utilized the guarantee to employ workers, and 21% employed 4??6 workers: a total of 90% employed additional workers. It was also demonstrated that the respondents demanded several policies for small and medium-sized enterprises, most notably the multiplication of policy funds and guarantee support. Furthermore, the majority of the respondents clearly recognized "technology finance" as a future efficient means for supporting small and medium-sized enterprises.

With regard to our findings concerning technology guarantees, the company has generally played a leading role in strengthening the competitiveness of small and medium-sized enterprises via the intensive activation of technology finance, the selection and concentration of technological innovation enterprises (small and medium-sized enterprises with technological powers), and the consolidation of support for the flexibility of technology-based enterprises. 4. Conclusion


Technology finance refers to the demand for and supply of funds required in the technology innovation process, including R&D, technology founding, and technology business. Technology finance is clearly a necessary process, as intangible assets such as technology and knowledge have become increasingly important factors in the competitiveness of enterprises as the knowledge-based economy has deepened, and technology finance should be increasingly allocated to technology innovation-type small and medium-sized enterprises, the central axes of the knowledge-based economy, in order to strengthen their innovation capabilities when R&D investments are made primarily by large enterprises.

Consequently, the rapidly evolving internal and external management environments require small and medium-sized enterprises to substantially adjust the fundamentals of their existence. Speaking from a microscopic viewpoint, important demand variables include the high-grade and diversified domestic demands created by economic development and improved income levels, whereas those of supply include rising raw materials prices, difficulty in securing technicians, and skyrocketing labor costs. These changes in management environments are a necessary emerging phenomenon in the process of transitioning into an advanced economy; small and medium-sized enterprises can survive such environmental changes only in cases in which they are able to secure their own technological competitiveness. It is expected, then, in this present age in which a knowledge-based economic paradigm predominates, that intangible technology assets will create more value than will tangible assets.

Comprehensively considering the above-mentioned entirety, the Korean government-when assessing the future of its national economy-should be ready to make a concerted and continuous effort to foster and unsparingly support innovation-type small and medium-sized enterprises. 二、文献综述

金融支持与中小企业技术创新文献综述




摘要：金融是现代经济的核心，金融对于整个经济社会的发展具有辅助支撑作用，技术创新是中小企业可持续发展的源泉，而金融支持又是影响技术创新发展的重要因素。为深入了解国内外中小企业技术创新金融支持的发展状况，文章从金融支持立法、金融支持体系、融资机构、融资模式及风险投资等多方面论述了相关问题的发展历程及趋势。在借鉴国外、国内发达地区成果的基础上，为构建贫困地区支持中小企业技术创新发展的金融体系提供理论依据。 关键词：中小企业；技术创新；金融支持；研究综述 1 国外主要研究

自熊彼特于 20 世纪 30 年代提出技术创新以来，国外该理论的研究已经历了半个多世纪。国外研究者将组织管理行为理论与数理统计理论等多种方法应用到技术创新研究中去，并使研究向综合化发展，研究的范围也从有关专题的研究走向实用性强的课题。 1.1 金融立法方面

关于中小企业技术创新，在金融立法方面，美国出台最有代表性的立法是《:中小企业资本形成法》、《机会均等法》、《中小企业贷款增加法》、《中小企业投资奖励法》等；韩国颁布了《中小企业振兴法》、《韩国信用提保基金法》等；日本先后颁布了《中小企业现代化资金助成法》、《国民金融公库法》、《中小企业公库法》等；印度颁布了《地区金融公司法》、《印度工业银行法》等法律条规；法国在此问题上也从法律法规方面确保中小企业的发展。 1.2 专设政策性融资机构

在金融支持中小企业技术创新的机构设立方面，各个国家有所不同：美国，主要由小企业管理局负责实施中小企业技术创新融资，政策倾斜主要体现在政府采购方面，而银行贷款只提供担保和少量直接性的特别贷款；韩国，主要设立韩国输出入银行和韩国兴业银行等；日本，主要由中小企业金融公库、国民金融公库等机构组成；德国，依靠隶属经济技术部的中小企业局，专门负责解决中小企业融资问题；英国，专门设立小企业服务局，为小企业提供咨询和信息服务等。 1.3 建立融资担保机构

为完善中小企业担保贷款的信用保证制度，许多国家建立了投资担保公司、信用担保基金和互助基金等多种形式的信用保证机构。美国主要通过小企业管理


局进行信用担保，日本是由政府直接出资成立信用保证机构——信用保证协会，而意大利实施互助担保制度。韩国的融资担保业务有间接融资保证、直接融资保证、企业信用交易保证等众多种类。 1.4 设立风险投资基金

风险投资能将风险资本、创新成果和创业人才有机地结合，为企业和研发机构之间搭建平台。它向具有成长潜力的中小企业技术创新提供股权资本，是支持中小企业技术创新最有效的方式之一。 有的政府通过建立风险投资基金，向中小企业提供政策性贷款和商业性贷款担保，扶持中小企业的发展，例如，美国风险投资家仅在硅谷就注入了 37亿美元的资金，并且每年有 4000 多家风险投资公司为10000 多家高科技企业提供资金支持。 2 国内主要研究

有关融支持中小企业技术创新金方面的研究，我国起步比较晚，始于上世纪 80 年代，因而在理论上缺乏系统性，数据上也缺乏完整性。改革开放以来，中小企业快速发展，为我国中小企业融资问题的相关理论研究奠定了基础。尤其近几年,我国以发达国家的发展经验为借鉴，结合国家及各地区发展的实际情况，在此方面取得了显著的研究成果。国内研究金融支持中小企业技术创新问题的文献方向比较多，大多集中在以下三个方面。 2.1 金融支持中小企业技术创新体系的研究

我国有郑艳、姚禄仕、秦嗣毅、熊帆等学者对中小企业技术创新金融支持体系的问题进行研究，主要研究成果如下：

第一，研究比较外国金融支持体系及对中国的启示

郑艳（2002）、钟维兆与温立勇（2005）等学者在对比美国、德国、日本等国家中小企业金融支持体系的基础上，分析了中、美在银行体系、资本市场、信用担保体系和风险投资体系等方面的差异，并提出：完善中小企业信用担保体系、健全社会融资法律体系、建立专业金融机构、创建创业板市场和发展风险投资及健全和规范中小企业管理服务机构等建议。同时，姚顺先、李焱与覃谊（2003）就日本在中小企业融资服务体系的建设进行分析，也从融资渠道、信用保证制度、外部扶持体系和设立专门政策性融资服务机构等方面提出自己的见解。而秦嗣毅（2004）经过研究，也认为目前国外中小企业融资体系主要体现在融资创新、融


资渠道和融资体系担保制度三个方面。

第二，具体研究我国中小企业技术创新金融支持

专门针对我国中小企业技术创新金融支持体系问题的研究，主要集中在完善融资体系方面。姚禄仕等（2003）提出了建立以企业为主导的技术进步机制、建立以市场配置资金为基础的新型融资机制和完善有利于国有企业技术创新的制度环境等对策建议。龚晓菊（2008）在中小企业自主创新的财政金融支持系统构建的研究中，认为风险比较大的种子期和成熟期应该是政府金融支持的主要对象。 而熊帆（2009）基于120 户中小企业，进行实地的调查，针对分析结果提出建立中小企业自主创新融资担保体系的政策建议。除此，闫江、马才华、李增幅、彭宇文（2007）等众多学者都对中小企业技术创新金融支持体系进行不同程度的研究，为后来研究者提供了丰富的理论和实证研究基础。 2.2 中小企业技术创新融资模式与融资风险研究

对融资模式选择的问题，在中国内地，李格平（2000）通过探讨融资操作实务，针对高新技术企业列举了可供选择的融资方式，并就武汉东湖开发区的融资问题提出了政策建议；陈晓红，黎璞（2004）选取长沙市中小企业为调研样本，分析中小企业融资结构的各种影响因素，结论与有关理论相符：中小企业的“强制优序融资”现象显著。通过样本数据的回归分析，并与湖南省的调查数据进一步比较，发现：在各种融资结构中，民间金融对经济发展水平、销售收入均有显著促进作用；方健、马永开与李华林（2003）对我国中小企业债券融资模式进行讨论，认为通过组建中小企业联盟共同对外发债，可解决中小企业单独发行债券时企业规模和债券担保问题。胡竹枝（2005）通过对各种融资方式的融资期限、成本、风险大小、资金使用的自由度、资金到位率和融资主体的自由度进行比较分析，认为中小企业融资方式顺序如下：自我积累、股票融资、债务融资，并认为民间借贷是中小企业融资的重要补充方式。与中国内地相比，台湾地区中小企业融资方式更为发达。陈晓红（2000）指出，台湾是在政府指导下形成以中小企业银行为骨干，配合中小企业信用保证基金，联合省属行库及各行库中小企业联合辅导服务中心组成中小企业金融体系，具体包括融资、担保和咨询三个内容。对于融资风险方面的研究，阳震青（2003）分析了不同融资方式带给企业的各种风险，认为中小企业在进行外部融资时，（完整内容请到范文大全）为有效防范


风险，应把风险控制贯穿于企业经营的每一个环节；黄卫华（2003）认为由于科技型中小企业在发展初期具有高度不确定性和高风险性，有必要探讨融资租赁的创新；马良华，阮鑫刚（2004）指出，由于中小企业自身弱点、技术创新本身不确定性、缺乏有效资本流动机制及相关保障制度等影响因素，使得中小企业技术创新存在明显的融资缺口；而刘华、鲍宜平（2005）指出，中小企业间接融资过程中，与银行间的信息不对称是信用风险的主要原因。 2.3 风险投资的运行与发展现状研究

此外，借鉴国外经验，作为中小企业技术创新最有利的融资方式，我国学者深入分析风险投资问题。刘畅（2001）从企业和政府两个角度，研究资助中小型企业在高科技风险投资市场发展，例如四通利方的问题，针对中小企业技术创新欠发达地区，基于国际风险资本市场对高科技中小型企业发展的作用，提出一种创新融资模式。同时，张承惠（2002）吸取国内外风险资本的发展教训，在提出建立风险资本的聚集机制、运作机制及风险企业与风险投资家之间相互制衡机制等建议的基础上，强调风险投资支持中小企业技术创新发展，政府是关键。方世群、陈予也（2003）也认为，中小企业的技术创新要发展，必须采取商业性风险投资和政策性风险相结合的模式。此外，陶永勇、熊波（2004）及杨冬民（2004）等其他学者对中小企业技术创新投资风险控制进行博弈分析，认为世界各国政府支持中小企业技术创新发展中，风险投资、税收优惠、财政补贴是均为效融资方式。 3 启示与结论

关于中小企业技术创新金融支持的问题，国内处于比较基础的研究领域，现有文献中涉及技术创新金融支持问题的也多以介绍国外成果、发达地区为主，反映金融支持我国中小企业技术创新发展现状的完整数据比较困难，并且具有代表性的实证研究不多，研究结果区域实用性也不高，而涉及经济欠发达地区的实证研究就更少。同时迄今为止，国家颁布的各类文件中，针对或涉及中小企业技术创新融资的并不多，而地方政府政策中更未涉及。因此，总结国外前人研究成果，分析我国经济发达区域中小企业技术创新金融支持问题，为构建我国贫困地区中小企业技术创新金融体系提供理论基础和依据。

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