금융 발전과 한국 산업 성장의 비선형성에 관한 연구

Non-linear Relationship between Financial Development and Industry Growth in Korea

This paper analyzes the non-linear effects between industry growth and financial development associated in industry dependence on external finance or industry growth opportunities based on the Korea S industry-level. As a result, while the interaction path between dependence on external finance and financial development satisfied prior hypothesis in whole models statistically, the path between growth opportunity and financial development was seen conflicting results in 3 models among 4 models that growth opportunity variable is inserted explicitly. As the most important reason of such results, I think that is because Korea has a lot of industries in growth stage than maturity stage. This point says that we need the effort such as continuous activity to catch the optimum growth opportunity hereafter. The other side, when I judge by analysis result of dependence on external finance that is satisfying prior hypothesis, I think that high degree in dependence on external finance has the risk can be triggered financial uncertainty, and also, sudden decrease in dependence on external finance cause the inefficiency of financial distribution. Therefore, the management for appropriate level preservation of external finance supply is required for continuous growth of Korea s industries.