우리나라 중소 제조업의 생산성 성과와 그 결정요인 : 정부의 정책자금 지원과 시장구조를 중심으로 (Productivity Performance and Its Determinants of Small and Medium Sized Manufacturing in Korea: Focusing on Government’s Policy Loan and Market Structure)

서지정보

· 발행기관 : 한국중소기업학회
· 수록지 정보 : 중소기업연구 / 33권 / 2호 / 133 ~ 149페이지
· 저자명 : 박창수, 이윤재

초록

본 논문은 우리나라 중소 제조업의 생산성 분석을 통해 경제적 성과를 살펴보고 시장구조와 중소 제조업 지원이 생산성에 미치는 효과를 실증 분석하였다. 우선 생산성 성과와 관련하여 중소 제조업, 중견 제조업, 그리고 대규모 제조업으로 나누어 살펴볼 때 중소 제조업의 생산성이 상대적으로 낮은 것으로 추정되었다. 중소 제조업의 생산성 증가를 산업별로 살펴보면 시계 및 시계부품 제조업, 코르크 및 조물 제품 제조업, 무기 및 총포탄 제조업, 화학섬유 제조업, 편조원단 및 편조제품 제조업 등에서 생산성 증가가 두드러졌으며, 우리나라 주력 산업이라 할 수 있는 반도체․전자산업, 그리고 자동차 산업의 생산성은 중하위권에 머무른 것으로 나타났다.
한편 총요소생산성의 결정요인으로 시장구조와 중진공의 지원액(대출액)을 고려하였는데 시장의 독과점 정도가 클수록 총요소생산성은 부정적인 반응을 보였으며 1인당 지원액은 (+)의 효과를 보이고 있으나 그 효과는 그리 크지 않은 것으로 나타났다. 이러한 흐름은 1인당 부가가치에도 유사한 영향을 보여 주었다. 다만 1인당 유형고정자산이 1인당 부가가치에 큰 영향을 미치는 것은 나타났다. 본 연구의 결과는 중소 제조업에 대한 금융 지원이 생산성 향상에 좀 더 긍정적인 효과를 미치도록 하기 위한 정책 개선이 필요함을 시사하고 있다.

영어초록

Credit loans for small-and-medium enterprises (SMEs) have been one of the major issues on justification for supporting small-and-medium sized firms by governments because the capital flow into small-and-medium sized firms is not easy due to asymmetric information and market failure. It has been well known that the supporting policies of the Korean government for small-and-medium sized firms are various and broad compared with those in advanced countries. However, there has not been enough research on objective evaluations of policy supporting for small-and-medium sized firms and there have been different opinions on the evaluation methods and data used in analyses.
There has been some literature on the relationship between policy loan supporting and performances of SMEs in Korea. Kim (2004) used data on policy loan at firm-level over the period of 1998~2003 and analyzed the ratio of operating gains to revenue between firms with policy loan and firms without policy loan. Kim (2004) found that there is no difference between the two groups in the performance of the ratio of operating gains to revenue. However, there is some positive effect, in the short term, of policy loan on management improvement for the business establishment firms.
Noh (2010), using firm-level data, empirically analyzed the outcomes of SMEs investment associated with policy loans from 'Small and medium Business Corporation', a representative non-profit, government-funded organization. The sample size in Noh (2010) was about 20,000 SMEs supporting policy loans over the period of 2002~2008. He was concerned whether the policy loans made firms more profitable or do recipients simply have easier access to commercial credit without policy loans. According to the empirical results in Noh (2010), the policy loans, other things being equal, improved profitability of SMEs for the short-term period after the program was applied. The positive profit-enhancing effect is also stronger for start-up SMEs and SMEs in the earlier stages rather than older SMEs. Secondly, policy loans that have a significantly positive effect on the growth rates of sales is greater for the loans associated with venture SMEs in their start-up and early growth stages and with the commercialization of intellectual property rights and R&D results. Third, the effect of financial accessibility of the recipients to the commercial credit without policy loans has not been found in our financial data. These findings imply that when providing policy loans it is more desirable to target the prospective young SMEs rather than matured ones.
This paper analyzes the trends of productivity performances of the manufacturing sector in Korea by separating the manufacturing sector into three groups over the period of 2000~2008 and empirically examines the determinants of productivity by focusing on government's policy loans and market structure only for small and medium manufacturing sector over the period of 2005~2008 due to a data availability problem. In estimating total factor productivity, this paper uses the Malmquist productivity change index method, which decomposes productivity change index into efficiency change index and technical change index by using data envelopment analysis. In investigating productivity performances by industry size, this paper categorizes the sample of the Korean manufacturing sector used in this paper into three groups: small and medium sized manufacturing industries with less than 300 workers, middle-large sized ones with 300 or more workers and less than 1000 workers, and large-sized manufactures with 1000 or more workers. Based on three-digit manufacturing industry classification, the number of small and medium sized manufacturing industries, middle-large ones, and large sized ones is 82, 31, and 25, respectively, over the period of 2000-2008. The data used in estimating productivity performances is from the website of the Korean National Statistics Office. In estimating productivity, output is measured by value-added at industry-level and inputs are the number of workers as a proxy variable of labor and tangible fixed asset as a proxy of capital in production function. The data for policy loans is from the Small and medium Business Corporation.
According to the results on total factor productivity using the Malmquist productivity change index, large-sized manufacturing industries achieved the highest productivity performance and small and medium sized manufacturing industries achieved the lowest productivity performance over the whole period. In finding the sources of productivity performance, technical progress has played a more important role in small and medium sized manufacturing industries, while efficiency improvement has played an important role in middle-large and large sized manufacturing industries.
When we focus on the productivity performances by industry for small and medium sized manufacturing industries, manufacture of watches, clocks and its parts (C274), manufacture of articles of cork, straw and plaiting materials (C163), manufacture of weapons and ammunition (C252), manufacture of man-made fibers (C205), and manufacture of knitted fabric mills and fabric products (C133) are ranked the top 5 in productivity performance. On the other hand, major industries in Korea such as semiconductors, electronics and communication apparatuses, and motor vehicles are ranked in the middle class.
This paper also empirically analyzed the determinants of productivity performances in the small and medium sized Korean manufacturing sector by focusing on government policy loans to support small and medium sized firms and market structure. The sample used in this paper is eighty industries for small and medium sized manufacturing sectors over the period of 2005~2008. In estimating the determinants of productivity performances, this paper uses panel data methods, that is, fixed effect model and random effect model, and one of them has been selected by the Hausman test.
In measuring market structure, this paper calculates CR3 (concentration ratio of top 3 firms' sales share in the market) by industry based on 3-digit industry classification. According to the empirical results, there is a negative relationship between the degree of market power and productivity and the effect of government policy loans on productivity is very inelastic even though it has a positive relation with productivity performance.
Furthermore, both government policy loans and tangible fixed assets also have a positive effect on value added per worker. However, the latter has more important role in improving productivity rather than the former. The empirical findings in this paper imply that a more effective government loan policy is required to improve the productivity performance of small and medium manufacturing firms in Korea.
The limits of this paper are as follows: First, this paper uses the data at industry level rather than at firm level. However, firm level data would be more affordable because government loans are for individual firms and individual firm's management behavior would be reflected in productivity performances. Therefore, research on firm level data might be more reasonable. Second, the time period for the empirical test is relatively short, but there are short-term and long-term effects of policy loans on productivity. However, due to data availability this paper deals with only short period data..

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