금융환경변화와 기업금융
Changes in Financial Environment and Corporate Financing in Korea
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Abstract
After the Asian financial crisis, the Korean economy underwent a structural change in the financial sector. At the same time, the corporate financing patterns remarkably changed. For example, the corporate sector increased its reliance on internal financing so that the debt ratio as well as bank loan ratio with respect to total asset sharply decreased. Moreover, direct financing became a popular form of external financing, particularly for the conglomerates. Using the firmlevel data, we aim to analyze whether such a change in corporate financing after the crisis reflects lender’s choice or borrower’s changed incentives, and how it was affected by the changes in external financial environment. We show that corporate financing decision of both conglomerate and non- conglomerate firms have become more rational. For example, the return on asset, cash flow and credit rating turn out to be important determinants of external financing. Moreover, the tightened BIS rule made it difficult for firms to access to bank loans, and thus improved the corporate sector’s capital structure. However, it seems exaggerated to insist that the banking sector reform has substantially changed decisionmaking of the banking sector and raised efficiency in allocation of credit across large and small firms.
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