내부자지분율이 은행의 위험추구행위에 미치는 영향
Managerial Ownership and Banks' Risk Taking in Korea
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본고는 1997년 이후 우리나라 은행산업을 대상으로 내부자지분율의 증가와 은행의 위험인수행위와의 관계를 분석하였다. 내부자지분율의 증가가 초기에는 은행의 위험도를 증가시키나 궁극적으로 은행의 위험도를 감소시키는 것으로 분석되었으며, 내부자지분율의 증가에 따른 은행의 위험추구 행위가 은행의 수익에도 정(+)의 영향을 미치는 것으로 나타났다. 이는 금융규제가 강화된 시기의 내부자지분율의 증가는 경영자로 하여금 수익성 있는(profitable) 위험을 추구토록 한다는 ‘기업통제가설’과 일치하는 분석결과이다. 또한, 프랜차이즈가치가 높은 은행에서의 내부자지분율의 증가는 은행의 위험인수행위를 감소시키는 것으로 나타나 ‘도덕적해이가설’도 뒷받침하였다. 본고의 분석결과는 은행의 프랜차이즈가치가 낮아지는 금융환경하에서 내부자지분율의 증가는 은행의 위험추구 유인을 증가시킴을 시사하였다. 이에 대응하기 위하여 BIS자기자본비율규제 등의 건전성 규제를 강화하거나, 차등보험료율제도의 도입 등 유인부함적인 금융안전망을 설계하고, 또한 프랜차이즈가치가 낮은 은행에서 내부자지분율이 증가할 경우 감독의 빈도를 높임으로써 규제·감독을 효율화 할 수 있을 것이다.
Abstract
This paper investigates the relationship between managerial ownership and banks' risk taking behavior after the 1997 in Korea. Managerial ownership is found to have nonlinear relationship with bank's risk taking behavior, initially having positive relationship and then negative relationship as the managerial relationship increases. Moreover, increased risk taking with the higher managerial ownership is analyzed to have been profitable, being consistent with the 'corporate control hypothesis' which states that banks take profitable risk when the banking sector is tightly regulated. Also, increase in the managerial ownership at the banks with higher franchise value are found to affect the bank's risk inversely supporting the moral hazard hypothesis.
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