Earticle

초록

영어

It is known that there is severe asymmetric information between SMEs and banks, and they have faced lower credit availability and higher average prices of bank loans than large firms. To improve the productivity and efficiency of financial institutions, it is necessary to collect and to share the credit information to reduce the asymmetric information. A number of previous research show that sharing credit information alleviates the information asymmetry, and consequently it can increase productivity of bank with lower loan price and enhanced loan availability. In this study, we empirically test to find out whether the relative payment period, which is a payment period adjusted by a firm’s internal and external factors, improves a default prediction model especially for the SMEs. The relative payment period is estimated by the regression of two accounting payment periods - account payables and receivables converson period - on firm’s size, industry, and increasing rate of sales. Firms with long relative payment period are identfied on the basis of 95% prediction interval of the regression. After that, this information is added to a default prediction model with other financial ratios, and we examine that it could enhance the model. To avoid the influence of outliers, all variables are transformed into a normal score based on the order statistics theory. Our empirical results show that the relative payment period has an additional information power to predict default, and especially, it is more useful information for small-sized firms than lager ones. These results indicate that trade payment information is useful to predict future default of SMEs. This study suggests that it is important to build up infra-structure to share SME’s credit information to improve productivity of financial institutions. Also, the financial supervisory should consider a system to collect and to share actual trade payment information to innovate Korean SMEs financial market.

목차

Ⅰ. 서론
 Ⅱ. 신용정보공유의 이론적 배경
 Ⅲ. 실증분석
 Ⅳ. 결론 및 정책적 시사점
 참고문헌
 Abstract

키워드

저자

• 조길연 [ Gilyeon Cho | 서강대학교 경영학과 박사과정 ] 주저자
• 이군희 [ Gunhee Lee | 서강대학교 경영전문대학원 교수 ] 교신저자
• 강맹수 [ Maengsoo Kang | IBK 경제연구소 연구위원 ] 공동저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330