This research examined the effects of Fisheries Public Loan programs on the Balanced Score Card(BSC) management performance of Fisheries Enterprises with respect to their credit line, loan maturity, interest rate, loan type, procedure, and suitability, whose measurement was conducted based on Financial, Customer, Internal process, and Learning & Growth perspectives, respectively.
As of 2016, getting Fisheries Public Loans from Fisheries Cooperatives, 444 Fisheries enterprises were measured on their management performance in quality through a survey, which was conducted on their levels of satisfaction in the program.
As a research model, it was established that the aforementioned six variables would affect their BSC management performance and the perspectives would have the links of causality, and thereby the following seven hypotheses were set up.
Hypothesis 1: The Public Loan program and its properties will have a positive effect on Learning & Growth perspective.
Hypothesis 2: The Public Loan program and its properties will have a positive effect on Internal process perspective.
Hypothesis 3: The Public Loan program and its properties will have a positive effect on Customer perspective.
Hypothesis 4: The Public Loan program and its properties will have a positive effect on Financial perspective.
Hypothesis 5: Learning & Growth perspective will have a positive effect on Internal process perspective.
Hypothesis 6: Internal process perspective will have a positive effect on Customer perspective.
Hypothesis 7: Customer perspective will have a positive effect on Financial perspective.
To test these hypotheses, a survey was conducted, whose reliability was also tested and correlations among the variables were exploited by multi-variate statistical analyses, including Structural Equation Models.
The statistical significance results are as follows.
First, the survey accepted Hypothesis 1 with respect to the loan maturity, procedure, and suitability; therefore, Hypothesis 1 may be rendered valid under such conditions.
Second, the survey accepted Hypothesis 2 with respect to the loan maturity and suitability; therefore, Hypothesis 2 may be rendered valid under such conditions.
Third, the survey accepted Hypothesis 3 with respect to the credit line; therefore, Hypothesis 3 may be rendered valid under such conditions. Conversely, it was found statistically significant that the loan maturity would have a negative effect on Customer perspective.
Fourth, the survey accepted Hypothesis 4 with respect to the interest rate; therefore, Hypothesis 4 may be rendered valid under such conditions. Conversely, it was found statistically significant that the credit line would have a negative effect on Financial perspective.
Fifth, the survey accepted Hypothesis 5; therefore, Hypothesis 5 may be rendered valid without any reference to additional conditions.
Sixth, the survey accepted Hypothesis 6; therefore, Hypothesis 6 may be rendered valid without any reference to additional conditions.
Seventh, the survey accepted Hypothesis 7; therefore, Hypothesis 7 may be rendered valid without any reference to additional conditions.
The research results can be summarized as below.
First, based on Financial point of view, a proper allocation of the Public Loans in credit line and a execution of the loans can improve the company''s management performance; such improvement would be mediated by the interest rate.
Second, such suitable allocations and executions of the Public Loans can also bring about the improvement of management performance under Customer perspective.
Third, in light of the fact that the loan maturity has a positive effect on Learning & Growth and Internal process perspectives while it exerts a negative impact on Customer''s viewpoint, it shows how significant it is to calculate acceptable loan maturity and term of grace for both working and facility loans.
Fourth, since the suitability also affects both Learning & Growth and Internal process perspectives, it implies how important it is not only to satisfy its original policy purpose and use, but also to meet the demands from the beneficiaries.
Lastly, the improvement of management performance in Learning & Growth can drive additional growth in Internal process, leading to another virtuous circle in the management performance in Customer as well as in Financial perspectives.
In particular, this research can be differentiated from the other previous studies in that loan type had no significant effects on the management performance of Fisheries Enterprises.
This research, however, may also have some limitations to be generalized.
First, the net effect of the Public Loans cannot be confirmed by this research as it lacks enough data from the companies which were not gotten by the loans.
Second, for the sake of the empirical analyses, those fishermen taking more than 76 percentage of the Public Loans were excluded from the analyses, so the above results were confined to the Fisheries Enterprises and thus they shall not be interpreted as the complete and comprehensive effects of Fisheries Public Loan programs.
Third, upon receiving the approvals from the surveyee, if additional data on their Financial statement can be acquired, then the survey conducted in this research may result in measuring a variety of management performance and deriving more abundant implications for the policy.
Hence, additional research on the following topics may also be meaningful.
First, additional research methods in the advanced statistics, such as Difference In Difference(DID) and Propensity Score Matching (PSM), may be useful in measuring the effects of Fisheries Public Loan programs more clearly.
Second, a more systematic research on the effects of the Public Loans on the basis of the company’s size is highly recommended.

Keywords: Fisheries Public Loan Programs, BSC(Balanced Scorecard), Management Performance, Fisheries Enterprises