독일형 겸업은행의 경험과 한국형 투자은행의 패러다임
German Universal Banking Experience and Korean Investment Banking Paradigm
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초록
투자은행 업무는 크게 독일형 겸업은행(Universal Bank)과 미국형 전업투자은행(Specialized Investment Bank)의 두 가지 금융기관 형태로 수행되어 왔는데, 이처럼 투자은행이 두 가지 서로 다른 형태로 발전한 배경과 서로 다른 형태로 인한 업무수행 효율성의 차이에 대해 많은 논란이 있어 왔다. 특히 미국형 전업투자은행 제도를 채택하고 있는 한국의 경우 독일형 겸업은행 제도를 도입할 필요가 있다는 주장이 오래 전부터 제기되어 왔다. 본고에서는 먼저 투자은행의 핵심기능이 무엇인가를 살펴보고, 미국식 제도를 채택한 한국에서 이러한 투자은행의 핵심기능이 어떻게 수행되어 왔는가를 독일의 경우와 비교 분석해 본 후, 독일형 겸업은행과 미국형 전업 투자은행 각각의 경쟁우위에 대한 분석을 토대로 한국형 투자은행을 정립하기 위한 이론적 패러다임을 제시해 보고자 한다. 특히 독일형 겸업은행의 발달 배경을 이론적으로 설명하려 했던 게쉔크론(Gerschenkron)의 이론이 독일의 경우보다는 오히려 한국의 경우에 더 잘 부합됨을 보여주고, 투자은행의 핵심기능은 직접금융에 의한 자기자본(Equity Capital)의 조달이라는 점과 투자은행의 형태는 당시 정치⋅경제⋅사회적 환경의 결과라는 점을 두 개의 축으로 한국형 투자은행의 패러다임을 제시하고자 한다.
Abstract
There have been numerous debates over the pros and cons of a German universal bank as opposed to a specialized US investment bank. Though Korea has been following the US financial system, separating investment banking from commercial banking, the defacto investment banking practices during the early industrialization phase of Korea were some how closer to the German universal banking practices than the US investment banking practices. We first reviewed the historical back ground of German universal banks and the Korean investment banking practices during the early industrialization phase, and then based on the analyses of comparative advantage of the German universal banks and the specialized US investment banks, we propose the theoretical paradigm of desirable investment banking practices in Korea. Our conceptual framework is based on two points: one is the importance of equity under writing, a direct financing, as an integral part of investment banking practices, and the other is the fact that the type of an investment bank, whether it is a universal bank or a specialized investment bank, is the outcome of contemporary political, economical, social, and legal environments.
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