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금융자유화 및 금융발전이 기업의 신용제약에 미치는 영향

The Effect of Financial Liberalization and Financial Development on Credit Constrainst: Evidence from Korean Firm Data

이훈현|신선우|조삼용
한국국제경제학회 (The Korea International Economic Association)|2004.08|국제경제연구 (KUKJE KYUNGJE YONGU)|제10권 제2호|pp. 217-250

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참고문헌

키워드

금융발전금융자유화기업투자Financial Development신용제약Dynamic GMMFinancial LiberalizationFirms' Investment
주제분류경제학

초록

본 연구는 1981～2000년 기간동안 계속 상장된 323개의 제조기업의 불균형 패널자료를 이용하여 신용제약의 완화정도를 분석하였다. 이를 위해 투자의 동태적 모형을 구축하고 이를 추정하기 위해 Dynamic GMM 기법을 사용하였다. 6개 부문의 개별 자유화조치를 주성분분석을 통해 선정한 금융자유화 지수와 금융발전(은행부문과 주식시장의 활동)이 기업투자에 미친 영향을 분석하였다. 추정결과 금융자유화로 인해 신용제약이 전체기업은 16.89%, 재벌기업은 14.45%, 비재벌기업은 12.86% 정도 완화되었음을 알 수 있다. 또한 은행부문의 활동증가로 인한 신용제약 완화는 재벌기업이 48% 정도, 비재벌기업이 46.95% 정도를 나타내었다. 주식시장의 발전의 영향으로는 재벌기업이 76.42%, 비재벌기업이 44.32% 정도 신용제약이 완화되었음을 알 수 있다. 이러한 결과는 금융자유화의 영향이 기업투자의 현금흐름 민감성을 완화시켜 기업들의 신용시장 접근성이 제고되어 투자환경이 크게 개선되었음을 시사한다. 특히 이러한 자유화의 영향이 특정기업군에 국한되지 않고 모든 기업군에서 나타난다는 사실은 정부의 금융억압정책의 완화 내지 폐지가 현금흐름에 대한 투자의 민감도를 감소시키고 있음을 시사한다.

Abstract

This paper examines the lessons of credit constraints by analyzing a continually listed KSE manufacturing company's unbalanced panel data from 1981-2000. We constructed a dynamic investment model and generate estimates using the Dynamic GMM estimation technique. Furthermore, we study the effects of the Financial liberalization index, which is selected by principal components analysis using six sector liberalization, financial development, the banking sector, and stock market activities on investment. The results show that Financial liberalization mitigates financial constraints, up to 16.89% for a whole company, 14.45% for a chaebol company, and 12.86% for a non-chaebol company. Also, increases in banking sector activities alleviate financial constraints for a chaebol company to 48% and up to 46.95% for a non-chaebol company. Stock market developments reduce financial constraint to 76.42% for chaebol companies and 44.32% for non-chaebol companies. The results further suggest that financial liberalization can lower the sensitivity of a company's cash flow, and also increase a company's accessibility to the credit market. The fact that the effects of financial liberalization is not limited to a single company or chaebol suggests that the degree of a government's financial restrictions also has an effect on the sensitivity of cash flow intended for investment.

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