관계금융이 기업혁신에 미치는 영향: 한국의 중소기업을 대상으로
Relationship Banking and Corporate Innovation: Evidence from SMEs in the Korean Stock Market
0
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
본 연구는 2004년부터 2017년까지 한국거래소에 상장된 중소기업을 대상으로 관계금융이 기업혁신에미치는 영향을 분석한다. 구체적으로, 본 연구는 관계금융이 갖는 효과에 관한 두 가지 가설, 즉 연성정보 가설(soft information hypothesis)과 정보 독점 가설(information monopoly hypothesis) 중 어느가설이 한국의 중소기업에 적합한가를 탐색한다. 실증분석결과는 다음과 같다. 본 연구는 관계금융의두 대용변수인 주거래은행 차입 비중 및 은행 차입 집중도와 기업혁신의 대용변수인 특허출원건수사이에 역 U자의 관계가 있음을 확인한다. 더불어, 구간회귀분석을 통해 이러한 역 U자의 관계가명확함을 관찰한다. 이러한 결과는 은행-기업 관계가 적정 수준으로 형성될 경우 연성 정보 가설이예측하는 바와 같이 관계금융이 중소기업의 혁신에 편익을 제공하지만, 적정 수준을 초과하는 수준으로관계가 긴밀하게 형성될 경우 오히려 정보 독점 가설이 예측하는 바와 같이 중소기업에 비용을 발생시킴을뜻한다. 이 결과는 포아송, 음이항 및 토빗 모형을 추정하여도 동일하게 관찰된다. 나아가, 중소기업의재무적 제약을 고려한 추가 분석을 통해 은행-기업 관계가 적정 수준일 때 연성 정보 가설이, 적정수준을 초과할 때 정보 독점 가설이 각각 지지되는 결과를 재차 확인한다. 본 연구의 결과는 은행-기업관계의 정도에 따라 관계금융의 편익과 비용의 상대적 크기가 달라짐을 보여주며, 중소기업의 혁신에적합한 은행-기업 관계에 대해 시사하는 바가 크다.
Abstract
This study investigates the role of relationship banking in innovation financing of small and medium sized enterprises (SMEs), by verifying which of soft information hypothesis and information monopoly hypothesis in financing for corporate innovation is more suitable. For SMEs in Korean stock markets from 2004 to 2017, this study reports non-linear relationships between the two proxies for relationship banking and the number of patent applications. Using piecewise regression techniques, this study confirms that these non-linearities are inverted-U shaped. That is, relationship banking, in which bank-firm relationships are formed at an appropriate level, is beneficial for SMEs’ innovation (soft information hypothesis), while closer formation of the relationships exceeding the appropriate level incurs costs to SMEs (information monopoly hypothesis). This finding remains robust in Poisson, negative binomial, and Tobit regressions considering econometric problems that seem as characteristics on the data of the dependent variable. In further analyses, this study finds that relationship banking improves the accessibility of external financing to financially constrained SMEs with moderate bank-firm relationships, but hinders financing innovation for constrained SMEs whose bank-firm relationships are formed above an appropriate level.
참고문헌 (54)
- 김문겸, "관계금융이 중소기업 대출구조와 경영성과에 미치는 영향에 관한 연구", 중소기업연구, 33(2), pp.173~194 (2011), 한국중소기업학회
- 김석진, "관계금융이 자금가용성과 차입금리에 미치는 영향", Asia-Pacific Journal of Financial Studies, 36(1), pp.1~32 (2007), 한국증권학회
- 동학림, "관계금융이 중소기업대출에 미치는 영향 : 자금가용성과 대출금리를 중심으로", 중소기업연구, 35(3), pp.25~48 (2013), 한국중소기업학회
- 박래수, "관계금융효과의 비대칭성에 관한 실증연구: 제일은행 사례를 중심으로", Asia-Pacific Journal of Financial Studies, 31, pp.425~463 (2002), 한국증권학회
- 박원, "비상장 중소기업들의 관계금융과 투자효율성의 관계", 국제회계연구, (86), pp.145~164 (2019), 한국국제회계학회
- 박원, "주거래은행 집중도와 재벌소속 여부가 비상장 중소기업의 자금조달과 이익조정에 미치는 영향", 중소기업연구, 35(2), pp.159~185 (2013), 한국중소기업학회
- 신민식, "기업의 재무적 제약이 현금의 한계가치에 미치는 영향", 금융지식연구, 11(2), pp.31~66 (2013), 금융지식연구소
- 이상욱, "단일은행 거래관계가 기업 경영성과에 미치는 영향", 경제분석, 18(2), pp.95~119 (2012), 한국은행[DOI]
- 이정진, "기업-은행 관계가 중소기업 대출에 미치는 효과분석", 경제분석, 19(1), pp.77~105 (2013), 한국은행
- 글로벌 금융위기하의 정책금융 대응 및 지원효과 분석, "홍순영", 중소기업연구원, ~ (2010)
- Aghion, P., "Competition and Innovation : An Inverted-U Relationship", The Quarterly Journal of Economics, 120, pp.701~728 (2005)
- Baltagi, B. H., "Economic Analysis of Panel Data" (2013), John Wiley & Sons
- Bhattacharya, S., "Comtemporary Banking Theory", Journal of Financial Intermediation, 3, pp.2~50 (1993)
- Bhattacharya, S., "Proprietary Information, Financial Intermediation, and Research Incentives", Journal of Financial Intermediation, 4, pp.328~357 (1995)
- Blundell, R., "Dynamic Count Data Models of Technological Innovation", The Economic Journal, 105, pp.333~344 (1995)
- Bolton, P., "Optimal Debt Structure and the Number of Creditors", Journal of Political Economy, 104, pp.1~25 (1996)
- Boot, A. W. A., "Relationship Banking : What Do We Know?", Journal of Financial Intermediation, 9, pp.7~25 (2000)
- Boot, A. W. A., "Moral Hazard and Secured Lending in An Infinitely Repeated Credit Market Game", International Economic Review, 35, pp.899~920 (1994)
- Brancati, E., "Innovation Financing and the Role of Relationship Lending for SMEs", Small Business Economics, 44, pp.449~473 (2015)
- Carletti, E., "The Structure of Bank Relationships, Endogenous Monitoring, and Loan Rates", Journal of Financial Intermediation, 13, pp.58~86 (2004)
- Carpenter, R. E., "Capital Market Imperfections, High-tech Investment, and New Equity Financing", The Economic Journal, 112, pp.54~72 (2002)
- Cole, R. A., "The Importance of Relationships to the Availability of Credit", Journal of Banking & Finance, 22, pp.959~977 (1998)
- Cosci, S., "Relationship Lending and Innovation : Empirical Evidence on a Sample of European Firms", Economics of Innovation and New Technology, 25, pp.335~357 (2016)
- Degryse, H., "Bank Relationships and Firm Profitability", Financial Management, 30(Spring), pp.9~34 (2001)
- Diamond, D. W., "Financial Intermediation and Delegated Monitoring", The Review of Economic Studies, 51, pp.393~414 (1984)
- Elyasiani, E., "Relationship Lending : A Survey of the Literature", Journal of Economics and Business, 56, pp.315~330 (2004)
- Fang, V. W., "Does Stock Liquidity Enhance or Impede Firm Innovation?", The Journal of Finance, 69, pp.2085~2125 (2014)
- Galasso, A., "CEO Overconfidence and Innovation", Management Science, 57, pp.1469~1484 (2011)
- Giannetti, C., "Relationship Lending and Firm Innovativeness", Journal of Empirical Finance, 19, pp.762~781 (2012)
- Griliches, Z., "Patent Statistics as Economic Indicators : A Survey", Journal of Economic Literature, 28, pp.1661~1707 (1990)
- The Financing of R&D and Innovation, "Hall, B. H.", NBER, ~, pp.NBER Working Paper 15325 (2010)
- Hall, B. H., "The Patent Paradox Revisited : An Empirical Study of Patenting in the U. S. Semiconductor Industry, 1979-1995", The RAND Journal of Economics, 32(Spring), pp.101~128 (2001)
- Harhoff, D., "Lending Relationships in Germany : Empirical Evidence from Survey Data", Journal of Banking & Finance, 22, pp.1317~1353 (1998)
- Haubrich, J. G., "Financial Intermediation : Delegated Monitoring and Long-term Relationships", Journal of Banking & Finance, 13, pp.9~20 (1989)
- Herrera, A. M., "Informed Finance and Technological Change : Evidence from Credit Relationships", Journal of Financial Economics, 83, pp.223~269 (2007)
- Himmelberg, C. P., "R & D and Internal Finance : A Panel Study of Small Firms in High-tech Industries", The Review of Economics and Statistics, 76, pp.38~51 (1994)
- Hoshi, T., "The Role of Banks in Reducing the Costs of Financial Distress in Japan", Journal of Financial Economics, 27, pp.67~88 (1990)
- Hoshi, T., "Corporate Structure, Liquidity, and Investment : Evidence from Japanese Industrial Groups", The Quarterly Journal of Economics, 106, pp.33~60 (1991)
- Houston, J. F., "Bank Information Monopolies and the Mix of Private and Public Debt Claims", The Journal of Finance, pp.1863~1889 (1996)
- Houston, J. F., "Do Relationships Have Limits? Banking Relationships, Financial Constraints, and Investment", The Journal of Business, 74, pp.347~374 (2001)
- Kang, J. K., "The Effect of Bank Relations on Investment Decisions : An Investigation of Japanese Takeover Bids", The Journal of Finance, 55, pp.2197~2218 (2000)
- Kim, S., "Divergent Effects of External Financing on Technology Innovation Activity : Korean Evidence", Technological Forecasting & Social Change, 106, pp.22~30 (2016)
- Myers, S. C., "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have", Journal of Financial Economics, 13, pp.187~221 (1984)
- Padilla, A. J., "Endogenous Communication among Lenders and Entrepreneurial Incentives", The Review of Financial Studies, 10(Spring), pp.205~236 (1997)
- Petersen, M. A., "Estimating Standard Errors in Finance Panel Data Sets : Comparing Approaches", The Review of Financial Studies, 22, pp.435~480 (2009)
- Petersen, M. A., "The Benefits of Lending Relationships : Evidence from Small Business Data", The Journal of Finance, 49, pp.3~37 (1994)
- Pinkowitz, L., "Bank Power and Cash Holdings : Evidence from Japan", The Review of Financial Studies, 14, pp.1059~1082 (2001)
- Rajan, R. G., "Insiders and Outsiders : The Choice between Informed and Arm’s-Length Debt", The Journal of Finance, 47, pp.1367~1400 (1992)
- Sharpe, S. A., "Asymmetric Information, Bank Lending, and Implicit Contracts : A Stylized Model of Customer Relationships", The Journal of Finance, 45, pp.1069~1087 (1990)
- Thompson, S. B., "Simple Formulas for Standard Errors That Cluster by Both Firm and Time", Journal of Financial Economics, 99, pp.1~10 (2011)
- Ueda, M., "Banks versus Venture Capital : Project Evaluation, Screening, and Expropriation", The Journal of Finance, 59, pp.601~621 (2004)
- Von Rheinbaben, J., "The Number and The Closeness of Bank Relationship", Journal of Banking & Finance, 28, pp.1597~1615 (2004)
- Von Thadden, E., "Long-term Contracts, Short-term Investment and Monitoring", The Review of Economic Studies, 62, pp.557~575 (1995)
- Weinstein, D. E., "On the Costs of a Bank-centered Financial System : Evidence from the Changing Main Bank Relations in Japan", The Journal of Finance, 53, pp.635~672 (1998)