중소기업 자금지원 및 구조조정 체계 현황과 과제

구○○(○○○○연구원)

요약

글로벌 금융위기 이후 중소기업의 재무안정성이 악화되었고, 금융회사의 리스크 관리 강화 추세와 더불어 투자자의 위험기피 현상으로 직접금융시장을 통한 중소기업의 자금조달도 여의치 않은 상황이다. 이처럼 신용도에 따라 중소기업간 자금조달에 양극화 현상이 발생하고 있는 상황에서 중소기업 자금조달을 위해 정책금융의 역할은 상당히 중요하다. 그러나 무분별한 정책자금 집행은 오히려 한계기업 퇴출을 지연하는 부작용을 초래할 수 있어 정책금융과 중소기업 구조조정은 그 역할을 분명히 할 필요가 있다. 금융위기 이후 위기의 상시화가 진전되고 있는 상황에서 정책금융은 양적 지원에 치중하지 말고 성장가능성 높은 중소기업 발굴에 중점을 두어 한계기업에 자금이 유입되는 것을 막아야 할 것이다. 우리나라 구조조정제도가 사후적 구조조정에 초점을 맞추고 있으므로 중소기업 전용 PEF 등을 통해 사전적 구조조정에 주안점을 두는 정책이 필요하다. 또한 채무자의 도덕적 해이를 유발하는 통합도산법상의 DIP제도 개선, 채권단의 권한 강화 등을 검토할 필요가 있다.

핵심주제어: 기업구조조정, 정책금융, 통합도산법, 기존경영자 관리인 제도, PEF

JEL 분류기호: G21, G28, G33, G38, K22

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Ⅰ. 서론

중소기업은 우리나라 경제에서 중요한 역할을 차지한다. 특히 고용면에서 대부분을 차지하고 있어 정부에서도 정책자금을 통해 지원하는 상황이다. 

1. 우리나라 중소기업의 재무건전성 현황

우리나라 경제에서 중소기업이 차지하는 비중은 상당하다. 특히 우리나라 고용에 미치는 영향은 상당히 크다. 

<표 1>           중소기업의 위상(2011년 기준)

(단위: 개, 명, %)

주: 1) 종사자 1인 이상 사업체, 전산업 기준, 증가율은 전년 대비 기준

       2) 여성은 대표자 성별 기준에 의한 사업체수와 종사자 수임.

       3) 한국표준산업분류에 의거 『중소기업기본법시행령』상의 업종별 기업규모 구분에 따라 소상공인, 중소기업, 대기업으로 분류

       4) 소상공인은 광업, 제조업, 건설업, 운수업의 경우 상시종사자수 10인 미만, 그 외 업종의 경우 상시종사자수 5인 미만 기준

자료: 통계청, 「전국사업체조사」 재편/가공, 중소기업중앙회 재인용

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<그림 3>            기업규모별 차입금의존도¹⁾

(단위 : %)

주 : 1) 차입금/총자산

자료 : KIS- Value, 한국은행(2013) 재인용

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참고문헌

감사원, “감사결과보고서: 중소기업 금융지원 실태”, 2012.11

강동수, “효율적인 기업구조조정 체계”, 금융감독원 「상시 기업구조조정 활성화를 위한 워크숍」발표자료, 2010.12.

곽관훈, “중소기업의 구조조정 활성화 방안: 기업의 자율적 구조조정을 중심으로”, 기업법연구, 제26권 제3호, 2012, pp.47- 72 

구정한, “국내 기업구조조정제도의 문제점과 향후과제”, 주간금융브리프, 제22권 30호, 한국금융연구원, 2013.7, pp.3~7

금융감독원, “‘12년 사모투자전문회사(PEF) 동향”, 보도자료, 2013.2.4.

금융감독원 신용감독국, 『우리나라 및 주요 선진국의 기업구조조정제도』, 2008.4

김규진, 박기진, 홍영만, 『구조조정 개설: 금융산업의 신성장 동력화를 위한 3대요소의 혁신』첨단금융출판사, 2010

김형태, 빈기범, “자본시장 기반 기업구조조정 제도의 현황 분석 및 정책 개선에 관한 연구”, 한국증권학회지, 제41권 1호, 2012, pp.153- 188

손상호, 김동환, 『중소기업금융의 발전과제』, KIF 금융리포트, 한국금융연구원, 2013.6

이기영, 조영삼, 『중소기업 정책금융 지원체계의 평가 및 개선방안』, 금융연구 Working paper, 한국금융연구원, 2011

조항래, 박상진, “기업구조조정제도 현황 및 개선방향”, 우리금융경영연구소, 2013.9

한국은행, 『금융안정보고서』, 2013.4

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Current Issues of Small and Medium- Sized Enterprises Financing, Restructuring Mechanism, and Policy Implications

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Abstract

Financial soundness of many SMEs in Korea has been deterioating after the 2008 global financial crisis. There are many SMEs without secure funding because lenders and investors have been risk averse after the crisis. The role of government- owned banks, corporations, and guarantee corporations is even more important than usual as economic conditions worsen. However, so- called policy financing to SMEs though those financing channels should not be directed to SMEs which need restructuring rather than financial assistance. The lack of timely business restructuring would harm the financial market and overall economy. The current business restructuring system in Korea is ex- post measure. Private equity funds (PEFs) reserved only for SME financing can be an ex- ante and preventive business restructuring measure. In addition, debtor in possession under the Insolvency Act foster the debtor’s moral hazard because the role of lenders under the Act is negligible. Hence, the role of lenders under the Act should be strengthened to prevent the moral hazard.

Keywords: Corporate Restructuring, Policy Financing, Insolvency Act, Debtor in Possession, Private Equity Funds

JEL Classification: G21, G28, G33, G38, K22

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