Credit Insurance as a Financial Assistance Vehicle to Small and Medium Sized Enterprises

This monograph studies a credit insurance system for the small and medium sized enterprises (SMEs). As a hedging instrument to counter-party default risks, a credit insurance policy protects insured sellers from being financially distressed due to difficulties in collecting trade credit receivables. Credit insurance companies in Europe have played an important role to furnish credits to, like the SMEs, those lacking creditworthiness on behalf of banks which have focused on lending to large corporations. Recently, these insurance companies start to provide credit information and rating services, and even credit risk management tools in order to help their client firms expand market shares with them less exposed to credit risks. The credit insurance begins to attract particularly important attentions to Korean SME policy makers because her economy turns into a modest growth phase from the unprecedentedly high-powered growth one. In the era of the rapid economic growth a credit guarantee is rather an appropriate apparatus which enables firms to exploit profitable investment opportunities by facilitating them to take leverages. Since the financial crisis in 1997, however, Korean economy has strived to soft-land moderate but sustainable system in which excessive credits should be curtailed. In this respect credit risk management becomes one of the most vigorous discussion topics in business management, especially to the SMEs, most of which had lacked its recognition and appreciation. The credit insurance policies coupled with credit management packages may contribute to improvement in the viability and profitability of the SMEs, for which become capable of handling various risks with them. In addition, as more and more SMEs purchase credit insurance policies, not only their own risks are under control but also positive externalities emitted from insured firms reinforce to reduce the aggregate default risks in the entire economy.

With the recognition of the aforementioned benefits, it is advisable to introduce credit insurance system to boost up the financial safety and competitiveness of the SMEs. Despite the positive effects, however, we cannot expect credit insurance markets to be successfully established on the commercial basis in view of the high bankrupt probability in the SME sector. The benefits and obstacles taken into account, the government is recommended to develop the credit insurance markets with the overall policy framework of financial assistance to the SMEs.

발간사

요 약

제1장 서언

제2장 기업간 신용거래 현황

　제1절 기업간 신용거래 발생 메커니즘
　제2절 신용거래 현황
　제3절 신용거래의 경기순환적 특성
　　1. 신용거래 시계열의 특성
　　2. 경제성장과 신용거래의 관계
　　3. 통화정책과 신용거래의 관계

제3장 신용보험제도의 개관

　제1절 신용보험제도의 개요
　제2절 신용보험과 신용보증의 비교
　제3절 해외 신용보험제도의 현황

제4장 신용보험제도에 대한 이론적 고찰

　제1절 신용거래계약모형
　제2절 신용보험하에서의 신용거래계약
　　1. 신용보험제도에서 판매기업의 예상수입
　　2. 신용보험회사의 수입구조
　　3. 신용보험하에서의 신용거래계약
　　4. 시뮬레이션
　제3절 정보의 비대칭성이 신용보험회사의 예상이윤에 미치는 효과
　　1. 신용거래 창출효과와 신용보험회사의 예상이윤
　　2. 신용보험에서의 역선택 효과와 신용보험회사의 예상이윤
　제4절 신용보험제도의 외부효과

제5장 어음보험제도의 성과 분석

　제1절 어음보험제도의 도입배경
　제2절 어음보험의 운영현황 및 평가
　제3절 어음보험계정의 신용위험관리

제6장 신용보험제도의 도입방안

　제1절 중소기업 금융지원제도의 방향
　제2절 신용보험시장 구축전략
　제3절 신용보험회사의 상품설계시 고려사항

제7장 결 어

참고문헌

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