증권산업의 경쟁도 변화에 대한 실증연구
Changing Competition Conditions : An Empirical Analysis of the Korean Securities Industry
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지난 1990년대 후반에서 2000년대 초반에 걸쳐 위탁매매수수료율 자유화, 온라인거래 활성화, 진입요건 완화에 따른 증권회사의 대규모 신규진입 등이 집중되면서 국내 증권산업은 많은 환경변화를 겪었다. 본 연구는 이러한 환경변화가 증권산업의 경쟁도에 어떠한 영향을 주었는지를 실증분석한다. Panzar-Rosse 모형을 통해 1990년대와 2000년대의 경쟁정도를 비교해 본 결과, 환경변화가 이루어진 2000년 이후 증권산업의 경쟁도는 비교적 큰 폭으로 상승한 것으로 나타났다. 특히 위탁매매업무에서의 경쟁도 상승폭이 매우 큰 것으로 분석되었는데, 이는 위탁매매수수료율 자유화와 온라인거래 활성화 등의 요인이 겹치면서 가격경쟁이 심화되었기 때문으로 보인다. 한편, 증권회사의 규모에 따른 경쟁도를 살펴본 결과, 규모가 작은 중소형 증권사들이 직면하는 경쟁도가 대형 증권사에 비해 훨씬 높은 것으로 나타났다. 이는 증권산업의 경쟁도가 전반적으로 상승하는 가운데에서도, 자본력, 인력, 점포망 등이 취약한 중소형 증권사일수록 더 많은 경쟁위험에 노출되고 있음을 보여주는 것이다.
Abstract
The late 1990s and the early 2000s marked the beginning of major environmental changes to Korea’s securities industry including the liberalization of the brokerage commission, the introduction of on-line trading, and an influx of startup securities firms because of regulatory changes that increased ease of entry. We investigate whether these environmental changes have impacted the degree of competition in the securities industry. Using the Panzar-Rosse method, we find that competition among securities firms has been tougher in the 2000s than in the 1990s. More specifically, the increase of competition has been greater in the brokerage business, implying that the liberalization of the brokerage commission coupled with the introduction of on-line trading has led to price competition. Our study also reveals the differing degrees of competition among large and small-and-medium size firms. Small-and-medium size securities firms are inferior to large firms in terms of size of capital, human resources, branch network, and other characteristics. Due to the differences in these characteristics, small-and-medium size firms face tougher competition than large firms.
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