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- Title
The Effects of Policy Funds on the Investment and Management Stabilization Financing of Small- and Medium-sized Enterprises.
- Authors
Jinhwa Chung; Bohyun Kim; Seongman Moon
- Abstract
This study empirically examines the impacts of policy funds from three different aspects using data on Daegu city's local government loans. First, we estimate the influence of policy funds on mitigating financial constraints affecting the investment decisions of Small- and Medium-sized Enterprises (SMEs), yielding inconclusive results indicating no significant discernible effects of policy funds. Second, we scrutinize the ramifications of policy funds on enterprise's management stability, revealing that these funds contribute to stabilizing the operations of small-scale enterprises. Third, we explore whether policy funds engender an unintended consequence of bolstering distressed enterprises, presenting empirical evidence that suggests a delayed exit of such enterprises.
- Subjects
SMALL business; PORTFOLIO management (Investments); INVESTMENT management; ASSET-liability management; INVESTMENT policy; DISTRESSED securities
- Publication
East Asian Economic Review (EAER), 2023, Vol 27, Issue 4, p347
- ISSN
2508-1640
- Publication type
Article
- DOI
10.11644/KIEP.EAER.2023.27.4.428