은행의 비이자영업 확대가 순이자마진에 미치는 영향
The Effects of Portfolio Diversification on Loan Interest Margins in Korean Banking
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초록
본 연구는 2000년 이후 국내은행의 재무자료를 이용하여 비이자영업 비중과 순이자마진의 관계를 분석하였다. 분석 결과 은행이 비이자영업 비중을 증가시킬 경우 순이자마진이 낮아진다는 약한 증거를 발견하였다. 그러나 은행이 대출 실행 시 비이자영업 비중을 확대할 목적으로 차입자의 신용프리미엄을 과소평가해서 대출금리를 책정한다는 ‘교차판매가설(cross-selling hypothesis)’을 입증할만한 증거는 존재하지 않는 것으로 분석되었다. 이러한 결과는 유럽은행을 대상으로 분석한 Lepetit et al.(2008b)과는 다른 것으로, 국내은행들의 경우 외국은행에 비해 대출영업 비중이 여전히 높아 대출영업에서의 수익성 하락을 용인하기가 쉽지 않은 데 기인하는 것으로 풀이된다. 상기 결과는 최근의 영업다각화가 금융감독적 측면에서 아직 우려할만한 상황을 발생시키고 있지는 않지만 향후 영업다각화가 은행의 신용위험에 미칠 영향을 주시하여야 함을 시사한다.
Abstract
This paper empirically examines the relationship between the share of non-interest activities and loan interest margins using Korean bank data from the first half of 2000 to the second half of 2007. Implementing an instrumental variables (IV) estimation to tackle the endogeneity problem in our model, we find weak evidence that an expansion of non-interest activities decreases loan interest margins. However, this reduction in loan interest margins turns out to be not associated with the distortion of credit-risk premium, indicating that it is related to other factors such as the reduction of operating cost, etc. Given that traditional loan business still plays the greatest role in the banking business of Korea, our results imply that the cross-selling hypothesis(or loss-leader hypothesis) is not well supported in Korea because it may be very difficult for the banks to lower their interest margins.
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