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내부자본시장의 기능과 경제적 효과

The Function of Internal Capital Markets and Economic Impact

김창수
한국재무관리학회 (Korea Financial Management Association)|2018.06|재무관리연구 (THE KOREAN JOURNAL OF FINANCIAL MANAGEMENT)|제35권 제2호|pp. 53-133|DOI 10.22510/kjofm.2018.35.2.003

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참고문헌

키워드

기업집단대리인 비용자원배분Resource Allocation내부자본시장Agency Costs다각화Internal Capital MarketsBusiness Group Diversification
주제분류경영학

초록

본 연구는 최근까지의 국내외 내부자본시장 관련 연구들을 논리적 흐름과 연구의 발전과정에 따라주제별로 종합 정리하고 향후 연구 방향을 제시한다. 내부자본시장은 기업 내부에서 사업부간 또는자회사간의 자원 이전을 통해 자금을 조달하는 것으로 가격 기구를 통해 자원이 배분되는 외부자본시장과 상대되는 개념이다. 외부자본시장이 잘 작동되는 경우 가격이 효율적으로 결정되고 자원배분의최적화가 이루어진다. 그러나 외부자본시장이 존재하지 않거나 발달 단계가 낮거나, 또는 시장실패의경우에는 내부자본시장을 통한 자원배분이 더 효과적일 수 있다. 한편 외부자본시장이 잘 작동함에도불구하고 내부자본시장을 통한 자원배분이 이루어지면 대리인 문제로 인해 자원배분의 효율성이저하될 수 있다. 자원배분은 경제 성과와 직접적 관련이 있기 때문에 내부자본시장의 존재, 작동, 효과, 정책적 함의 등은 매우 중요한 주제이다. 구체적으로, 본 논문은 내부자본시장의 존재 이유 및 작동, 이의 긍정적 효과와 부정적 효과, 내부자본시장이 기업의 행태와 주요 변수에 미치는 영향, 기업집단의내부자본시장과 그 효과, 금융기업집단의 내부자본시장과 효과, 한국의 내부자본시장 연구, 내부자본시장의 역기능 완화 방안 등을 논의하고, 마지막으로 연구가 아직 미진한 분야에 대한 향후 연구주제를 제시한다.

Abstract

This paper provides a synthesis on ICM research based on logical sequence, historical development of theories, and grouping of subjects. The internal capital market (ICM) refers to the one that operates among business units or affiliates within conglomerates or business groups. Differently from external capital market where the price mechanism plays a central role in resource allocation, the ICM allocates resources by a hierarchical structure and a control of corporate headquarters. If the external capital market works properly, the price mechanism efficiently distributes resources in the economy achieving optimal allocation of scarce resources. If the external capital market does not function properly and is underdeveloped, however, the ICM can substitute the external capital market and allocate resources more efficiently. On the other hand, the ICM can also distort resource allocation due to such problems as agency costs and information asymmetries. Specifically, this article covers issues such as the existence of ICM, positive and negative aspects of ICM, influence on other corporate variables, ICM of business groups, ICM of financial business groups, ICM of Korean conglomerates and business groups and the ways to reduce negative aspects of ICM. Finally, this paper discusses less studied subjects and proposes future research agenda.

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