중소기업의 성장단계와 금융 활동의 특성: 충북지역 제조업체를 중심으로

Life Cycle Stages and Financing of Manufacturing SMEs in Chungbuk

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In this paper, we classify manufacturing SMEs in Chungbuk area into three life cycle stages, and show how financing behaviors of firms in each stage change with interest rate rises. Based on the survey responses and the financial statements, we classify firms into three life cycle stages: launch&early, expansion, mature&readjustment. We show that launch&early stage firms are relatively easily identified by firm age and size. However, expansion stage firms and mature&readjustment stage firms are very similar in terms of firm size, leverage and firm age while they have very different growth potential and capital demand in coming years. We use 5 year medians of sales growth rate, asset growth rate, and retained earnings to equity ratio as measures of life cycle stages to classify firms into these two stages. As interest rate rises, launch&early stage firms become more credit constrained. Firms in expansion stage are the most credit constrained regardless of interest rate level. Mature&readjustment stage firms flexibly reduce the loan demand to adjust for the increased interest expenses. The results suggest that expansion stage firms should be distinguished from the mature&readjustment stage firms and financial support should be provided to expansion stage firms.