우리나라 증권회사 자기자본 규제에 관한 연구

Abstract

Korea introduced the Capital Market Act in 2009 and has continued to develope investment banks to balance the development of banks and capital markets and to enhance the competitiveness of financial industry. In 2013, a comprehensive financial investment service provider system, which was able to offer corporate credit, including corporate loans, was introduced. In 2016, the financing function was granted through notes. These are representative examples. In this study, one of purpose is to verify whether the risks related to the change of business of a securities company are structurally changed by changing the proportion of risk types envisaged by Korea’s capital regulations. Used data were domestic securities companies for 10 years from June 2009 to March 2019. As a result of empirical tests, it was confirmed that the credit risk ratio of the total risk before and after the designation of the comprehensive securities companies showed a statistically significant difference. The introduction of comprehensive financial investment provider system that allowed cooperate credit, including corporate loans, resulted in a structural change in which the ratio of credit risk to total risk increased. This raises the need for structural management of credit risk for securities companies. Especially for large－scale IB with loans and receiving functions, such as banks, by issuing drafts with authorization with more than 4 trillion won of equity capital through the issuance of note, it is recommended to introduce the BIS system for advancement of credit risk management and equal regulation with banks.