리볼빙 잔고 변화가 카드사의 재무적 여건에 미친 영향 연구

Abstract

This study empirically analyzed how the revolving balance of credit card companies, which has been continuously increasing, affects the financial conditions of credit card companies. The financial conditions of credit card companies were classified into financial soundness, profitability, capital adequacy, and liquidity, and the impact of the revolving balance was identified by classifying the timing of the outbreak of the COVID-19 pandemic. The results confirmed through this study are as follows. First, the increase in the revolving balance brought different results before and after the outbreak of the COVID-19 pandemic. In other words, before the pandemic, an increase in the revolving balance appeared to be a deterioration in the financial soundness of credit card companies, but the soundness has improved since outbreak of pandemic. This is presumed to be due to the extension of loan maturity and deferment of principal and interest repayment implemented during the pandemic. Second, an increase in the revolving balance leads to a deterioration in the profitability of credit card companies, inferred to be related to an increase in risk management costs such as provision for bad debts. Third, an increase in the revolving balance brought about a decline in capital adequacy, but had no significant effect on liquidity. In conclusion, as the revolving balance increases, credit card companies need to focus on risk management, and the financial authorities' measures to suspend card loan regulations during periods of high interest rates for a certain period of time should also be considered.