금융시장 참여자의 시장규율에 관한 연구
An Empirical Study on Market Discipline Role of Financial Market Players in Korea
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본 논문은 예금보험제도에 가입한 부보금융회사에서 시장참여자에 의한 시장규율이 존재하는지 여부를 실증적으로 분석하여 시장규율을 확립하기 위한 정책적 시사점을 제시하는데 목적이 있다. 본 논문은 예금자들이 시장참여자로서 시장규율을 행사하는지 여부와 예금자들이 보내는 시장신호에 따라 금융회사가 내부 경영위험요인을 개선하여 적절히 대응하는지 여부를 분석함으로써 시장참여자들의 예금자규율을 주로 분석한 기존 연구와 차별화하였다. 즉, 본 논문에서는 기존 연구에서는 부분적으로 다룬 은행의 반응을 함께 분석하며 기존 연구와 달리, 국내은행과 저축은행의 총예금을 「예금자보호법」에 따라 부보예금과 비부보예금으로 구분하고 이들에 대하여 각각 분석한다. 부보예금은 예금지급이 보장되기 때문에 시장규율이 작동되지 않을 것으로 예상되는데, 실증 분석을 통하여 이를 규명한다.
Abstract
The purpose of this paper is to make an empirical analysis of whether a market discipline role of financial market players exists in the market of insured financial institutions under the deposit insurance system or not. Market discipline by investors of financial debentures issued by banks existed in both all banks and general banks during the period of the global financial crisis. In addition, the majority of independent variables on the management risk factors supported market discipline. T67his paper is differentiated from earlier studies in that we analyze not only market discipline by players, but the response of insured financial institutions to market signals from the market players.
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