적격비용 제도와 카드사의 자산운용∙비용간 관련성

Abstract

Recently, the financial authorities announced a measure to reduce card fee rate to affiliate store. The adjustment of card fee rate, which has been recalculated every three years since 2012, is based on the eligible cost system. The sluggishness in private consumption has been recently deepening due to the reduction in credit sales by card companies and the increase in card loan supply. This study empirically analyzes whether card companies’ asset management and cost management behaviors are related to the eligible cost system. The main results confirmed through this study are as follows. First, there is a significant relation between card companies’ cost reduction and the eligible cost. Recruitment costs, general sales management costs, and marketing costs significantly decreased when the regulation intensity of eligible cost increased. Second, there was a significant relation between card companies’ asset management behaviors, including card assets, and eligible cost. In particular, the proportion of lump-sum and installment transactions decreased when the regulation of the eligible cost system was strengthened, while the proportion of card loans increased. In conclusion, regardless of the financial market and card industry conditions, it has been confirmed that the eligible cost system based on intuitive judgment is the cause of the recent sluggish private consumption, so the immediate improvement or abolition of the system should be considered.