한국 증권산업의 생산용량에 기초한 단기비용효율 측정과 분해
Short-Run Cost Efficiency and Its Decomposition based on Capacity in Korean Securities Industry
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초록
본 연구의 목적은 한국에 상장된 증권사를 대상으로 2010~2014년간 비용접근 생산용량에 기초한 단기비용효율을 측정하고 이를 분해하고자 함이다. 본 연구의 초점은 비용절감을 위하여 증권회사들이 주어진 고정시설을 최대한 활용하여 비용을 최소화하고 있는지를 확인하는 것이다. 본 연구에서는 산출량이 고정된 경우뿐만 아니라 산출량이 변화하는 경우에 최소단기평균비용과 실제평균비용을 이용한 단기비용효율을 측정한 후에 비용비효율의 원인을 비용부분과 산출량 부분으로 분해한다. 실증결과에 의하면 첫째, 산출량이 변화할 경우, 최소단기평균비용이 산출량이 고정된 경우보다 낮았다. 둘째, 산출량이 변화할 경우, 단기비용효율이 역시 더 낮게 나타났다. 특히 산출량이 변화할 경우, 전체 단기비용효율(GSEF)을 분해한 결과에 기초하면 비용으로 인한 비효율보다도 적정하지 못한 산출량으로 인한 비효율이 더 큰 것으로 나타났다. 특히, 단기생산용량 이용률(SCU)의 평균이 모두 1이하로 나타나서 대부분의 증권사들이 단기평균비용이 체감하는 영역에서 운영되고 있어서 유휴시설을 충분히 활용하고 있지 못하는 것으로 보인다.
Abstract
The purpose of the paper is to measure the efficiency of short-run cost efficiency and its decomposition based on capacity for 2010~2014 focusing on Korean listed securities companies by cost frontier approach. The main point of the paper is to confirm whether these securities companies minimize or not their costs exploiting given fixed input fully to reduce their costs. We decompose short-run cost efficiency into cost-driven inefficiency and output-driven inefficiency after measuring it using minimum short-run average cost over actual average cost for output-fixed and output-changed cases. Empirical results are summarized as follow. First, minimum short-run average cost was lower in the output-changed case than in the output-fixed case. Second, short-run cost efficiency was also lower in the former than the latter. Especially, we confirmed that as average SCU, which composes global short-run cost efficiency(GSEF) with SEF in output-changed case, showed under 1(one), most of the securities companies had been operated in the diminishing returns area of short-run average cost. Based on these empirical results, policy implications could be suggested as follows. First, Korean securities companies were on the state of excess capacities in the short-run period and quite inappropriate capital stocks in the long-run period. In the future, Korean securities companies need to carefully manage the wasteful factors of capital stocks as well as to improve productivities in order to their economic performance. As most of Korean securities companies showed inefficient SEF deviated from efficient point 1, actul production point was also gotten out of cost minimization point of production. Of course so far Korean securities companies tried to restrucure but still it menas that the structuring adjustment is under state far from cost minimization. As there exist so many small and medium sizes of securities companies in Korea, Continuous efforts to aim scale economy and reduce management cost are required through merging companies. Third, Cutting down the cost inefficiency in terms of capacity, we should not only reduce the gap part between the minimum cost and frontier cost of average cost curves, but also use surplus equipments and scale economy additionally. Therefore, in the future, Korean securities companies need to diversify and specialize from the current business field of commission sale to such fields as assets management and fund sales.
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