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좋은 기업지배구조 형성을 위한 시장과 정부의 역할

Towards Good Corporate Governance: The Role of Market Incentives and Government Policy

Jihong Lee
한국경제학회 (The Korean Economic Association)|2021.01|한국경제포럼 (The Korean Economic Forum)|제13권 제4호|pp. 107-137|DOI 10.22841/kefdoi.2021.13.4.004

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참고문헌

키워드

혁신기업지배구조경쟁innovationcorporate governancecompetition
주제분류경제학

초록

본 논문은 기업지배구조(corporate governance)에 대한 경제학적 관점을 제시하고현재의 한국 경제에 대한 함의를 도출한다. 전통적인 대리인 이론(agency theory) 에 따라 투자자-경영자 간 정보 비대칭으로 인한 신용제한(credit rationing) 문제를지적하고 이를 해결하는 평판, 신호, 감시 등 다양한 시장의 반응을 논한다. 시장경쟁과 가족기업은 좋은 기업지배구조의 형성을 위한 암묵적 인센티브를 유발하는 역할을 한다. 명시적 기업지배구조 정책은 시장실패를 보완할 수 있지만, 과도한 외부의 경영감시는 기업의 혁신 활동을 저해하는 등 부정적인 효과를 낳을 수 있다. 성숙하고 있는 한국 경제의 현 시점에서 기업 활동에 대한 암묵적 시장 인센티브와 명시적 정부 정책 사이의 적절한 균형을 모색할 필요가 있다.

Abstract

This paper is an attempt to provide a perspective on the economics of corporate governance and draw lessons for the current Korean economy. From the classic agency theory framework, we identify the credit rationing problem due to asymmetric information and discuss various market responses, including reputation effects, signaling, and monitoring. The role of competition and family ownership is emphasized in promoting implicit market incentives to achieve good corporate governance. While the importance of explicit legal and regulatory provisions is recognized, this paper highlights the potential danger of too much external oversight, especially for innovation. As the Korean economy matures, it must strive to strike the right balance between implicit market incentives and explicit government policy in guiding corporate activities.

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