기금운용평가가 기금의 관리유형에 따라 재무성과에 미치는 영향 연구

Abstract

The purpose of this study is to examine whether changes in fund performance due to the public fund evaluations are conditional on the way in which funds are managed. This study argues that, relative to a government-control, a private-control is a more effective form of control in adopting the exhortations by the public evaluation board, there by would result in a more positive change in performance after its evaluation. In addition, it also posits that a direct-operation, when compared against a trust-operation, would be more effective in upgrading performance. The sample consists of a total 83 funds, of which, 22, 30, and 31 funds are evaluated in 2000, 2001, and 2002, respectively. There 34 government-control funds (PRIVATE dummy=0). Of the remaining 49 private-control funds (PRIVATE dummy=1), 34 of them are of the trust-operation (DIRECT dummy=0) and 15 are of the direct-operation (DIRECT dummy=1). A measure of financial performance utilized in this paper is an operating net income deflated by total at the beginning of the year (OROA). When a change in OROA was regressed on PRIVATE, DIRECT, and two more control variables, namely, the size of a fund, and the degree to which operations of a fund are consistent with the activities set by its charter of establishment, it was found that the signs for the coefficients of both PRIVATE and DIRECT are significantly positive with reasonable level of model fitness. This findings was robust with respect to the method to measure the change in OROA. Specifically it was measured as the difference between the OROA in 1 year before the public evaluation and the one in 1 year after and also as the difference between the mean OROA of 2-3 years before and the mean OROA of 2-3 years after.