The performance of firm restructuring led by policy finance institutes in Korea was analysed using quantitative methods. Firm performance in terms of the probability of graduating from the restructuring process, profitability and financial soundness for restructuring firms managed by policy finance institutes was compared against those managed by private banks. Data analysis using the propensity score matching (PSM) and Heckman models found the following characteristics in the firm restructuring led by policy finance institutes in Korea.

First, the probability of graduating from restructuring was statistically significantly lower in the firms managed by policy finance institutes. Second, the strength of restructuring in terms of material and human resources since the start of restructuring was statistically significantly stronger in firms managed by policy finance institutes. However, whether the policy finance institutes were the main creditors since the start of the restructuring process significantly reduced the firms’ sales. Nevertheless, it did not affect their profitability in a statistically significant manner.

Considering that relatively more financial resources are injected into the restructuring firms managed by policy finance institutes, it can be concluded that the firm restructuring led by policy finance institutes is less efficient.

使用定量方法分析了由韩国政策金融机构领导的公司重组的绩效。将政策性金融机构管理的重组公司在重组过程中的毕业概率、盈利能力和财务稳健性方面的公司业绩与私人银行管理的公司进行了比较。使用倾向评分匹配 (PSM) 和 Heckman 模型的数据分析发现，韩国政策金融机构主导的企业重组具有以下特征。

首先，政策性金融机构管理的企业从重组毕业的概率在统计上显着较低。其次，政策性金融机构管理的企业自重组开始以来，在物质和人力资源方面的重组力度在统计上显着增强。然而，自重组过程开始以来，政策性金融机构是否是主要债权人，这显着降低了公司的销售额。尽管如此，它并没有以统计上显着的方式影响他们的盈利能力。

考虑到政策性金融机构管理的重组企业注入的资金相对较多，可以认为政策性金融机构主导的企业重组效率较低。