한·일 중소기업의 재무실태 비교 연구 -인천지역과 북구주지역 중소기업을 중심으로-

A Comparative Study on Financial Situation of Medium and Small-sized Businesses in Korea and Japan

The common characteristic between Korean and Japanese companies is a debt-oriented management, which prevailed in the period of the past high growth of economy in both countries, even though each country is under the different situation economically. Korean companies, however, having been experienced IMF crisis, are pursuing a healthier capital structure and more positive to open the fact of companies than Japanese companies do. It is interesting that even though the general evaluation of the financial restructuring in Korea is more processed compare to in Japan. A common factor between Korean and Japanese firms is that the major source of the external fund needed is financial institution. Medium and small­sized companies in Korea, however, issue more shares and use more private debts than the companies in Japan do. The financial institution in Inchon used to lend their money followed by security instead of credit. In Kitakyusu, however, credit-oriented loan system is prevailed. The ratio of net worth to total asset in Inchon is higher than the ratio in Kitakyusu. Medium and small-sized companies in Inchon recognized that 50s% of the ratio of net worth to total asset is sufficient, the companies in Kitakyusu think that 30s% of the ratio is enough. One of the reasons of this difference is that Korean government and financial institution in Korea lead the companies to have low debt ratio and the idealistic level of the ratio of net worth to total asset is to be high. In Inchon the companies that has younger manager, shoter history, and less employees recognize that the sufficient level of the ratio of net worth to total asset is higher than average. Medium and small-sized companies in Inchon is more likely to open their financial contents rather than firm in Kitakyusu, even though the financial contents had treated as a top secret because of tax problems in Korea traditionally.