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The Excluded from Public Pension : Problem, Cause and Policy Measures (공적연금의 사각지대 : 실태, 원인과 정책방안)

  • Seok, Jae-Eun
    • Korean Journal of Social Welfare
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    • v.53
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    • pp.285-310
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    • 2003
  • As National Pension Scheme for all nation complete in 1999 through expanding application in cities, the public pension including Public Occupational Pension became main axis of old-age income maintenance. After 4years since then, now, it is only half of total National Pension insured persons who have been qualified to receive pension through participate and contribution. The other half of National Pension insured is left the excluded from public pension. This paper is intended to identify scale and characteristics of the excluded from public pension and to analysis its cause, and to explore policy measures for solving the excluded's problem. for current recipients over 60 years old generation, the its excluded's scale is no less than 86% of the old over 60 years. The probability of getting in the excluded is high in case of old elderly and female for current elderly generation. For future recipients 18-59 years working generation, the its excluded's scale is no less than 61% of the 18-59 years total population. The probability of getting in the excluded is high in case of 18-29 years and female for current working generation. As logistic regression analysis determinant factor of paying or not pension contribution for future recipients, it appear that probability of getting in the excluded for current working generation is high in case of younger old, lower education attainment, irregular employee, working at agriculture forestry fishery sector, construction sector, wholesale retail trade restaurants hotels sector, financial institution and insurance real estate renting and leasing sector in comparison with manufacturing sector, occpaying at elementary occupation, professionals technicians and associate professionals, sale and service workers, plant machine operators and assemblers, legislators senior officials and managers in comparison with clerks. The Policy measures for the current recipient old generation have need to reinforce supplemental role of Senior's pension(non-contribution pension) until maturing of public pension, because of no having chance of public pension participants for them. And the Policy measures for the future recipient working generation have need to restructure social security fundamentally corresponding with social-economic change as labour market and family structure etc. The pension system has need to change from one earner one pension to one citizen one pension with citizenship rights. At this point, public pension have need to manage with combining insurance's contribution principle and citizenship principle financing by taxes. Then public pension will become substantially universal social network for old-age income maintenance and we can find real solution for the excluded from.

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A Study on Problems and Improvement of Home-help Services of Long-term Care Insurance (노인장기요양보험 재가서비스의 문제점과 개선방안)

  • Lee, Jun Woo;Jin, Hee
    • 한국노년학
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    • v.29 no.1
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    • pp.149-175
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    • 2009
  • The purpose of this research is to analyze the overall problems at the moment of October 2008, and then to find the improvements of home-help services of the Long-Term Care Insurance(LTCI), which has been revealed many problems since it was released in July 2008. The research uses the literature survey which analyzes 2nd-hand materials studied by other people already, and survey research was executed from active social workers in the area of LTCI. Based on the policy analysis framework of Gilbert and Specht, all the data are analyzed in the scopes of client·benefit(service)·finance·transferring system. This research has found the problems in each scope of home-help services of the LTCI. Firstly, the client system has some problems in mismatching between registered and service clients, estimating client number, and judging service levels. Secondly, the service system reveals deficiency in professionality of social workers, service quality lowering by loose qualification criteria on workers, non-reasonable limitation of service time available, and the same fare system applied to visiting-help service in spite of different levels. Thirdly, in financing system, clients need to pay additional money to get extra services such as meal, hair cutting, bathing etc., due to government financial support stopped, some organizations have to reduce services and replace full-time workers to part-time ones, which makes the service quality worse. Lastly, in the transferring system, the management system for service quality is not well prepared. There are too much competion because of allowing too many home-help service organizations and care worker academies. The suggestions that this research has found to improve the policy are as follows. ① It is desirable to make the registered clients the service ones as many as possible in the long term perspective. ② The LTCI organization requires more workers and higher professionality. ③ Many elderly people who are not eligible now require connection system to be more served. ④ Management system and service manual for care worker are to be developed. ⑤ Laws related to the service contents and process should be modified, the proportion of client charge needs to adjust. ⑥ Home-help service organization licensed by the LTCI needs to be financially supported publicly. ⑦ Monitoring system to home-help service organization needs to be strengthened. ⑧ Evaluation tools to home-help service organization and workers is required. ⑨ Specification to open the home-help service organization needs to be more strict.

A Study on the Entrepreneurial Intention of College Students in the Entertainment Industry with Idea Education and Support for Startup Infrastructure (아이디어 교육 및 창업 인프라 지원이 엔터테인먼트 산업 분야에 대한 대학생 창업의도 연구)

  • Lee, Ji-Hun
    • Journal of Korea Entertainment Industry Association
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    • v.15 no.8
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    • pp.19-31
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    • 2021
  • This study tried to identify the characteristics of college students' entrepreneurial intentions in the entertainment industry, focusing on existing literature studies. Based on this, it was intended to suggest realistic educational alternatives for university student start-ups and implications for start-up management to university start-up officials and those in charge of national start-up support policy. Therefore, the implications of this study are as follows. First, technology(item) for idea creation education, which is an essential element in the entertainment industry, how to connect ideas and products, technology methods that can increase content value, and user characteristics education within the entertainment industry will need to be continued. In addition, along with the idea education, it is necessary to increase the understanding of start-up business management such as financing, human resource management, marketing, and operation management, and furthermore, confidence education should be provided so that the possibility of success in an entertainment start-up and a sense of adventure in a new job can be developed. Second, the space and equipment necessary for start-up (club room, student start-up room, entertainment-related equipment, etc.) should be provided centering on the opinion survey of students who are interested in starting a business, and various regulations of universities and government for student start-up should be relaxed. will have to In addition, education for the formation of entrepreneurial knowledge inside and outside of the school, special lectures and consultations by experts, and on-the-spot education, etc., should be made to create more practical entrepreneurial knowledge. something to do. Third, for students wishing to start a business in the entertainment industry, it is necessary to inform their families about the field situation of the entertainment industry accurately so that their children can develop a positive perception rather than a negative perception when choosing a business field. In addition, by promoting various successful cases of college students to their families after starting a business, families should be encouraged so that their children can develop a challenging spirit about starting a business. Fourth, it should be possible to form continuous clubs or gatherings with friends who wish to start a business in the entertainment industry, and furthermore, an opportunity to listen to the opinions of friends who actually started a business through these meetings should be provided. In addition, the meeting and the formation of friends should create a place for discussion about writing a business plan, how to succeed in starting a business, and management of startups, and psychological stimulation activities should be conducted so that each other's will to start a business arises. Fifth, various knowledge related to start-up (methods for securing funds, management of start-up organizations, grasping information about the market in which they want to start a business, etc.) should be cultivated, and how to write a business plan for the various entertainment industry fields they want to start up. You will also need to train them to be practical. Also, based on this knowledge formation, students themselves should be able to respond to risks and changes that may occur in entrepreneurship. Lastly, it is necessary to increase the understanding of business start-up management, and various psychological stimulation activities are needed to make the confidence and fear of starting a business disappear.

A Study on the Development of University Start-up through the Analysis of University Start-up Education and Start-up Support System: Focusing on the Start-up Education and Start-up Support System of D University (대학 창업교육 및 창업지원제도 분석을 통한 대학창업발전방안 연구: D대학 창업교육 및 창업지원제도를 중심으로)

  • Lee, Sung Ho;Kim, Jeung Eum;Nam, Jung Min
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.15 no.4
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    • pp.151-160
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    • 2020
  • This study aims to figure out the status of university start-up education and support scheme, which are becoming more important as a major project of recent university policy, and to present policy tasks for promoting university start-ups by analyzing problems. A survey on education and support scheme about start-up was carried out from 800 students including those on leave of absence at D university located in metropolitan area and the analysis results are as follows. First, perception about start-up was highly positive due to various start-up education and support scheme from universities, but it was surveyed that university students have still low willingness to challenge start-up. Second, the biggest reason why university students avoid the start-up is 'the risk of start-up failure' at 40.8%, followed by 'Prioritizing getting a job' at 24.9% and 'lack of knowledge on start-up' at 13.4%. Also, difficulty from those who have already started business was mainly financing at 26.9%. The second was 14.0% for securing manpower, and the third was 11.8% for technology development. Third, the necessity of start-up education was in the order of 'starting-up' > 'preparing to start-up' > 'no intention to start-up'. The reason for the necessity of start-up education was 'motivation for various career choices' with 24.8%, followed by 'acquisition of various knowledge and skills for start-up' with 23.9%. Finally, efforts are needed to understand the importance of public relations for start-up policies in universities and figure out the problems of the start-up support scheme. The start-up education and support scheme should reflect the needs of university students, who are actual policy consumers, by shifting away from the method provided by existing suppliers.

Study on the correlation between nutrition knowledge, dietary attitudes of guardians, and nutritional status of infants and toddlers - Nutrition-Plus program in Jeonju (보호자의 영양지식 및 식생활태도와 영유아의 영양상태와의 관계연구 - 전주지역 영양플러스 참여자를 중심으로)

  • Song, Eun Young;Rho, Jeong Ok
    • Journal of Nutrition and Health
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    • v.51 no.3
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    • pp.242-253
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    • 2018
  • Purpose: The purpose of the study was to identify the nutrition knowledge, dietary attitudes of guardians, and nutritional status of infants and toddlers as well as the relationships between these variables. Methods: The participants were selected among applicants for low-income family financing provided by the government and included 115 infants and toddlers as well as their guardians. Demographic data, nutrition knowledge, dietary attitudes, and nutrition intakes were assessed using a self-administered questionnaire, biochemical examination, and 24 Hour-Recall method. Results: The score for guardians' nutrition knowledge was 12.97 points of a possible 15, and the score for dietary attitudes was 53.38 points of a possible 75. The nutrition knowledge and dietary attitudes showed significant differences by education level (p < 0.05) and family structure (p < 0.05). Energy intakes of subjects aged 6 ~ 24 months and over 25 months were lower than the DRI for Koreans. The intakes of carbohydrates, protein, and fat of subjects aged 6 ~ 24 months and over 25 months showed no significant differences by level of nutrition knowledge or dietary attitudes. The intake of Ca of subjects aged over 12 months showed significant differences by level of nutrition knowledge (p < 0.05). The intakes of Thiamin of subjects aged 6 ~ 11 months and P of subjects aged over 12 months showed significant differences by level of dietary attitudes (p < 0.05). There was a small positive correlation between education level and nutrition knowledge as well as between dietary attitudes. Nutrition knowledge showed a positive correlation with dietary attitudes. There was a positive correlation between nutrition knowledge and Ca, Riboflavin, as well as Vit C levels. Conclusion: Therefore, it is necessary to consider an educational program for increasing the practical application of knowledge to nutrition management for improvement of nutrition intake in infants and toddlers.

A Study on the Activation Factors of Voluntary Community Activities in Neighborhood Parks - Based on the People Who Love Chamsaem in Sejong City - (근린 생활권 공원에서의 자발적 공동체 활동의 활성화 요인에 관한 연구 - 세종시 '참샘을 사랑하는 모임'을 대상으로 -)

  • Kim, Woo-Joo;Lee, Cha-Hee;Sung, Jong-Sang
    • Journal of the Korean Institute of Landscape Architecture
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    • v.46 no.2
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    • pp.37-51
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    • 2018
  • Recently, urban parks are required to actively participate with residents in order to strengthen social functions and maintain sustainable management. This study analyzed the formation process of volunteer resident groups (Chamsamo) in the neighborhood parks in which local residents can participate in an ongoing basis based on the solidarity of a daily living space. The important factors in the activation of resident activity are derived from 5 aspects including resources, local area, resident group capacity, resident group role, and public support. The results of the study are as follows. 1) Life-friendly resources: It was important to find life-friendly resources such as 'Chamsaem' in the park. The combined resources of continuous human activities provided various benefits to the residents. This has led to stronger attachment and community activities to continue to utilize attractive resources in the park. 2) Sharing Common Daily Spaces and Expansion: As the Chamsamo activities were centered around the neighborhood, the network of activists in the local community expanded. This led to continued resident interest and favorable participation as well as to the regional expansion of Chamsamo activities. 3) Park management as part of everyday life: Park management became a part of everyday life, and pleasant park management was facilitated by utilizing the talents of the residents, who carried out diverse activities and constantly streamlined their hard labor. 4) Chamsamo's Leadership Linking Residents and the Public Sector through Leading Park Management Activities: Chamsamo served as a middle leader in linking the public sector and its users. 5) Role and Support of the Public Sector: In order to be able to sustain the activities of residents, the government's willingness to support the resident-led activities of the park in planning and operating the public sector was required. In the public management system of the park, support for residents' activities such as financing, education, and consulting was necessary.

A Research on Service and Awareness of Dental Coordinators by Manpower at Dental Care Service Institutions - Centering on Manpower Other than Dentists (치과코디네이터 업무 및 인식에 관한 조사연구 - 치과의사를 제외한 기타 인력을 중심으로)

  • Choi, Boo-Keun;Han, Su-Jin;Kwon, Soon-Bok;Jung, Jae-Yeon;Cho, Myung-Sook;Hwang, Yoon-Sook
    • Journal of Korean society of Dental Hygiene
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    • v.6 no.4
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    • pp.437-453
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    • 2006
  • To analyze dental hygienists and other manpower at dental care service institutions where a dental coordinator was working among about 200 dental care service institutions in Seoul, Gyeonggi Province, and Incheon as of June 2005 for contents of training for dental coordinators, opinions of qualification of dental coordinators, present and future services provided by dental coordinators, and awareness of dental coordinators and to provide basic data about future services, roles, and cultivation of dental coordinators, a survey was conducted and 216 copies returned were analyzed, obtaining the following results. 1. 83.8 percent needed an educational program for dental coordinators as an educational content; 41.7% had awareness of the educational content; and 83.8 percent insisted that over the intermediate level of curricula should be taken. Dental coordinator cultivation institutions identified included the institution under the control of the Korean Dental Hygienists Association and the education center for the department of dental hygiene; 76.9% insisted that an appropriate qualifying examination should be necessary. They suggested the central government department and the local government as a certification institution; 39.4% insisted that financial support for the education should be provided by financing education alone. Only 28.7% experienced dental coordinator education and 73.1% hoped to serve as a dental coordinator. They were found to expect a rise in payment(64.4%) and in the title(46.8%) after completion of the educational program. 2. 66.2% saw a dental hygienist as the most appropriate for a dental coordinator; clinical career (39.4%) and practical capacity(29.2%) were suggested as requirements for a dental coordinator; and a period of over three years(47.2%) was suggested for appropriate dental career. 3. Dental coordinators' present services included 'reservation management' for customer management, 'staff service training' for organization management, 'understanding of customer reception attitudes and actions' for self-management, 'hospital information management' for hospital marketing, 'acceptance' for hospital affairs management, and 'hospital environment management' for hospital facilities management; their future services included 'acquisition of ability to use a foreign language' for self-management, followed by 'staff service training' for organization management, 'training and counseling' for customer management, 'acquisition of counseling capacity' for self-management, 'complaining customer reception' for customer management, and 'marketing strategy implementation' for hospital marketing. 4. After comparing dental hygienists and other manpower in terms of dental coordinators' future services, dental hygienists showed interest in 'acquisition of ability to use a foreign language,' 'staff service training,' 'complaining customer reception,' and 'acquisition of counseling capacity' while other manpower showed interest in 'acquisition of ability to use a foreign language,' 'document data management,' 'acquisition of basic service manner,' 'acquisition of counseling capacity,' 'manpower management,' 'establishment and evaluation of a marketing strategy,' and 'education and counseling.' 5. As for awareness of dental coordinators, they were thought of as helpful in improving image of a dental clinic; it was found that continuous training should be necessary to develop dental coordinators' capacity; dental coordinators' services should be important and contribute to patients' qualitative satisfaction.

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A Study on The Iron Monument in The era of Joseon Dynasty (조선시대(朝鮮時代) 철비(鐵碑)의 조영(造營) 연구(硏究))

  • Hong, Dai Han
    • The Korean Journal of Archival Studies
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    • no.24
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    • pp.215-274
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    • 2010
  • Iron-making industries of the country, regardless of age has been the focus. This makes the iron production technology and production techniques that result in increased economic activity and because of the central charge. Therefore, the social development of ancient iron-making technology is based on phase-sensitive. Modern steel making up the monopoly of the country's target under the strict control of production, distribution was. It is essential to produce iron weapons was a threat is because you can keep the throne in the hands of the forces that can cause side effects when I went was to block. This study created a rail Cholbi(iron monument) and the regional distribution pattern of the production, construction background, looked on. Cholbi(iron monument) for the production and recording "the Annals of the Joseon Dynasty" often appear in history books and many academic interests, but was off target. Compared to a stone monument that was not generally as well as the Japanese colonial period and over the course of modernization destroyed, damaged a lot of cases the cause may be found in front. Cholbi(iron monument), except for the gravestones of the Joseon Dynasty monument erected in honor of virtue, as an example of content that dominated a packman business, founding of the school and confirmed that a few were built as a special purpose. Cholbi(iron monument) compared to the production technology or the cost of the monument's difficulty in financing follows. Therefore Cholbi(iron monument) the establishment of the Joseon Dynasty through the background of the economic situation and the local government can look. And iron technology began complaining about the object of history, economic conditions, with the change of season has been a change in people's consciousness tells you. Important data of ancient history as an epigraph that has been as important, the Middle Ages to modern times ranging from newly born to the time Cholbi(iron monument) in the development of the country's documentary subject to change should have been brought. Based on these discussions changes the identity of the hero monument and production inspector, review of production through the Joseon Dynasty period Cholbi (iron monument) contemplated the significance is reflected in production.

Investment Priorities and Weight Differences of Impact Investors (임팩트 투자자의 투자 우선순위와 비중 차이에 관한 연구)

  • Yoo, Sung Ho;Hwangbo, Yun
    • Asia-Pacific Journal of Business Venturing and Entrepreneurship
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    • v.18 no.3
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    • pp.17-32
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    • 2023
  • In recent years, the need for social ventures that aim to grow while solving social problems through the efficiency and effectiveness of commercial organizations in the market has increased, while there is a limit to how much the government and the public can do to solve social problems. Against this background, the number of social venture startups is increasing in the domestic startup ecosystem, and interest in impact investors, which are investors in social ventures, is also increasing. Therefore, this research utilized judgment analysis technology to objectively analyze the validity and weight of judgment information based on the cognitive process and decision-making environment in the investment decision-making of impact investors. We proceeded with the research by constructing three classifications; first, investment priorities at the initial investment stage for financial benefit and return on investment as an investor, second, the political skills of the entrepreneurs (teams) for the social impact and ripple power, and social venture coexistence and solidarity, third, the social mission of a social venture that meets the purpose of an impact investment fund. As a result of this research, first of all, the investment decision-making priorities of impact investors are the expertise of the entrepreneur (team), the potential rate of return when the entrepreneur (team) succeeds, and the social mission of the entrepreneur (team). Second, impact investors do not have a uniform understanding of the investment decision-making factors, and the factors that determine investment decisions are different, and there are differences in the degree of the weighting. Third, among the various investment decision-making factors of impact investment, "entrepreneur's (team's) networking ability", "entrepreneur's (team's) social insight", "entrepreneur's (team's) interpersonal influence" was relatively lower than the other four factors. The practical contribution through this research is to help social ventures understand the investment determinant factors of impact investors in the process of financing, and impact investors can be expected to improve the quality of investment decision-making by referring to the judgment cases and analysis of impact investors. The academic contribution is that it empirically investigated the investment priorities and weighting differences of impact investors.

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The Relations between Financial Constraints and Dividend Smoothing of Innovative Small and Medium Sized Enterprises (혁신형 중소기업의 재무적 제약과 배당스무딩간의 관계)

  • Shin, Min-Shik;Kim, Soo-Eun
    • Korean small business review
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    • v.31 no.4
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    • pp.67-93
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    • 2009
  • The purpose of this paper is to explore the relations between financial constraints and dividend smoothing of innovative small and medium sized enterprises(SMEs) listed on Korea Securities Market and Kosdaq Market of Korea Exchange. The innovative SMEs is defined as the firms with high level of R&D intensity which is measured by (R&D investment/total sales) ratio, according to Chauvin and Hirschey (1993). The R&D investment plays an important role as the innovative driver that can increase the future growth opportunity and profitability of the firms. Therefore, the R&D investment have large, positive, and consistent influences on the market value of the firm. In this point of view, we expect that the innovative SMEs can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. And also, we expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Aivazian et al.(2006) exert that the financial unconstrained firms with the high accessibility to capital market can adjust dividend payment faster than the financial constrained firms. We collect the sample firms among the total SMEs listed on Korea Securities Market and Kosdaq Market of Korea Exchange during the periods from January 1999 to December 2007 from the KIS Value Library database. The total number of firm-year observations of the total sample firms throughout the entire period is 5,544, the number of firm-year observations of the dividend firms is 2,919, and the number of firm-year observations of the non-dividend firms is 2,625. About 53%(or 2,919) of these total 5,544 observations involve firms that make a dividend payment. The dividend firms are divided into two groups according to the R&D intensity, such as the innovative SMEs with larger than median of R&D intensity and the noninnovative SMEs with smaller than median of R&D intensity. The number of firm-year observations of the innovative SMEs is 1,506, and the number of firm-year observations of the noninnovative SMEs is 1,413. Furthermore, the innovative SMEs are divided into two groups according to level of financial constraints, such as the financial unconstrained firms and the financial constrained firms. The number of firm-year observations of the former is 894, and the number of firm-year observations of the latter is 612. Although all available firm-year observations of the dividend firms are collected, deletions are made in the case of financial industries such as banks, securities company, insurance company, and other financial services company, because their capital structure and business style are widely different from the general manufacturing firms. The stock repurchase was involved in dividend payment because Grullon and Michaely (2002) examined the substitution hypothesis between dividends and stock repurchases. However, our data structure is an unbalanced panel data since there is no requirement that the firm-year observations data are all available for each firms during the entire periods from January 1999 to December 2007 from the KIS Value Library database. We firstly estimate the classic Lintner(1956) dividend adjustment model, where the decision to smooth dividend or to adopt a residual dividend policy depends on financial constraints measured by market accessibility. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between current payout rato and target payout ratio each year. In the Lintner model, dependent variable is the current dividend per share(DPSt), and independent variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt). We hypothesized that firms adjust partially the gap between the current dividend per share(DPSt) and the target payout ratio(Ω) each year, when the past dividend per share(DPSt-1) deviate from the target payout ratio(Ω). We secondly estimate the expansion model that extend the Lintner model by including the determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory. In the expansion model, dependent variable is the current dividend per share(DPSt), explanatory variables are the past dividend per share(DPSt-1) and the current earnings per share(EPSt), and control variables are the current capital expenditure ratio(CEAt), the current leverage ratio(LEVt), the current operating return on assets(ROAt), the current business risk(RISKt), the current trading volume turnover ratio(TURNt), and the current dividend premium(DPREMt). In these control variables, CEAt, LEVt, and ROAt are the determinants suggested by the residual dividend theory and the agency theory, ROAt and RISKt are the determinants suggested by the dividend signaling theory, TURNt is the determinant suggested by the transactions cost theory, and DPREMt is the determinant suggested by the catering theory. Furthermore, we thirdly estimate the Lintner model and the expansion model by using the panel data of the financial unconstrained firms and the financial constrained firms, that are divided into two groups according to level of financial constraints. We expect that the financial unconstrained firms can adjust dividend payment faster than the financial constrained firms, because the former can finance more easily the investment funds through the market accessibility than the latter. We analyzed descriptive statistics such as mean, standard deviation, and median to delete the outliers from the panel data, conducted one way analysis of variance to check up the industry-specfic effects, and conducted difference test of firms characteristic variables between innovative SMEs and noninnovative SMEs as well as difference test of firms characteristic variables between financial unconstrained firms and financial constrained firms. We also conducted the correlation analysis and the variance inflation factors analysis to detect any multicollinearity among the independent variables. Both of the correlation coefficients and the variance inflation factors are roughly low to the extent that may be ignored the multicollinearity among the independent variables. Furthermore, we estimate both of the Lintner model and the expansion model using the panel regression analysis. We firstly test the time-specific effects and the firm-specific effects may be involved in our panel data through the Lagrange multiplier test that was proposed by Breusch and Pagan(1980), and secondly conduct Hausman test to prove that fixed effect model is fitter with our panel data than the random effect model. The main results of this study can be summarized as follows. The determinants suggested by the major theories of dividend, namely, residual dividend theory, dividend signaling theory, agency theory, catering theory, and transactions cost theory explain significantly the dividend policy of the innovative SMEs. Lintner model indicates that firms maintain stable and long run target payout ratio, and that firms adjust partially the gap between the current payout ratio and the target payout ratio each year. In the core variables of Lintner model, the past dividend per share has more effects to dividend smoothing than the current earnings per share. These results suggest that the innovative SMEs maintain stable and long run dividend policy which sustains the past dividend per share level without corporate special reasons. The main results show that dividend adjustment speed of the innovative SMEs is faster than that of the noninnovative SMEs. This means that the innovative SMEs with high level of R&D intensity can adjust dividend payment faster than the noninnovative SMEs, on the ground of their future growth opportunity and profitability. The other main results show that dividend adjustment speed of the financial unconstrained SMEs is faster than that of the financial constrained SMEs. This means that the financial unconstrained firms with high accessibility to capital market can adjust dividend payment faster than the financial constrained firms, on the ground of their financing ability of investment funds through the market accessibility. Futhermore, the other additional results show that dividend adjustment speed of the innovative SMEs classified by the Small and Medium Business Administration is faster than that of the unclassified SMEs. They are linked with various financial policies and services such as credit guaranteed service, policy fund for SMEs, venture investment fund, insurance program, and so on. In conclusion, the past dividend per share and the current earnings per share suggested by the Lintner model explain mainly dividend adjustment speed of the innovative SMEs, and also the financial constraints explain partially. Therefore, if managers can properly understand of the relations between financial constraints and dividend smoothing of innovative SMEs, they can maintain stable and long run dividend policy of the innovative SMEs through dividend smoothing. These are encouraging results for Korea government, that is, the Small and Medium Business Administration as it has implemented many policies to commit to the innovative SMEs. This paper may have a few limitations because it may be only early study about the relations between financial constraints and dividend smoothing of the innovative SMEs. Specifically, this paper may not adequately capture all of the subtle features of the innovative SMEs and the financial unconstrained SMEs. Therefore, we think that it is necessary to expand sample firms and control variables, and use more elaborate analysis methods in the future studies.