금융중개의 역기능 현상에 대한 실증연구 : 중소기업 대출을 중심으로
The Potential Adverse Effects of Commercial Banking : Focusing on the Small and Medium Enterprise Loan
0
조회
0
다운로드
8
인용
0
참고문헌
키워드
초록
본 논문은 금융중개비용 모형의 추정을 통해 금융중개비용과 중소기업 대출 간의 관계를 살펴봄으로써 자금조달에 있어 은행의 의존도가 과도하게 높은 기업에게 은행이 초과이윤을 추구하거나 불필요한 비용을 전가한다는 금융중개의 역기능 현상을 연구한 논문이다. 실증분석 결과에 의하면 자금조달에 있어 은행편중현상이 심한 중소기업 대출의 증가는 금융중개비용 즉, 순예대마진의 기대수준 이상의 증가로 이어지는 것으로 나타났다. 이러한 현상은 중소기업 대출비중이 높은 은행일수록 더 큰 것으로 나타났으며 특히 지방은행 일수록 초과 순예대마진의 증가가 더 큰 것으로 나타났다. 이는 지방은행이 지역자금시장에서 정보독점력을 가지면서 경쟁은행이나 자금조달의 대체수단이 없는 상태에서 행사하는 시장지배력 때문에 지방소재 중소기업에 대한 초과이윤 추구행위가 더 확실하게 나타날 수 있다는 것을 보여주는 것이다. 이러한 결과는 중소기업이 자금조달에 있어 은행에 지나치게 의존하는 경우, 불필요한 비용을 부담할 수 있으므로 다양한 자금조달원천을 개발할 필요가 있음을 보여주고 있다.
Abstract
This Study is designed to analyze the adverse effects of commercial banking on SME loan in Korea. Most of small and medium enterprises in Korea borrow money from commercial banks and have no alternative funding source since they are not able to issue corporate bonds in the capital market due to their poor credit. This situation potentially brings about banks’ behavior to pursue excess profits by requiring higher rates when they loan to small and medium enterprises. Since these excess profits lead to increased net interest margin of the banks, the relationship between the ratio of SME loans to total loans and the net interest margin could explain the existence of the adverse effect. The effect is explored by using regression models with interaction variables to examine the sensitivity of the net interest margin to the SME loan ratio. The estimation result shows that the regression coefficient of the SME loan ratio is positive and statistically significant. In particular, the estimated coefficient of the SME loan ratio is significantly larger for a group of banks with a greater proportion of SME loans,suggesting that banks which give greater weight on SME loans tend to have a larger increase in the net interest margin in response to an increase in SME loans. Since many small businesses in Korea, unable to obtain credit from non-bank financial institutions, have been forced to turn to banks for their funds, this finding indicates a possibility of the banks’behavior to pursuit excess profits in making loans to SME. This adverse effect of banking is also pronounced for a group of local banks with a greater proportion of SME loans. Considering that local banks have been known to have an exclusive access to information about local SMEs and a dominant market power in the regional loan markets, this result is not unforseen. To mitigate the adverse effect problem, the government should promote the development of diverse capital markets, so SMEs can diversify their credit sources.
참고문헌 (40)
- 김현정, "외환위기 이후 은행-기업 관계의 변화", 금융경제연구, (130) (2002), 금융경제연구원
- 강종구, "은행의 금융중개기증 약화원인과 정책과제", 금융경제연구, (214) (2005), 금융경제연구원
- 시중은행의 금융중개비용 구조와 특성, "김동원", 한국금융연구원, 1~64 (1996)
- 김욱중, "우리나라 은행산업의 집중도 변화분석" (2002), 금융 시스템리뷰
- 박정희, "국내은행의 금융중개비용 결정요인에 대한 실증연구", 경제분석, 11(4), pp.68~109 (2005), 한국은행
- 중소기업금융의 현황과 과제 : 관계형 금융을 중심으로, "서근우", 한국금융연구원, ~ (2003)
- 조봉환, "국내은행의 역기능 현상에 관한 연구-중소기업 대출비중이 금융중개비용에 미치는 영향을 중심으로", 박사, pp.2008
- 중소기업연구원, "2007년 중소기업 금융이용 애로실태조사" (2007)
- 중소기업특별위원회, "금융환경 변화에 따른 중소기업금융발전" (2007)
- 최문수, "국내은행의 순예대마진의 결정요인과 대출자산의 구성에 대한 실증연구", 기업경영연구, 15(3), pp.109~124 (2008), 한국기업경영학회
- 금융안정보고서, "한국은행", ~ (2003)
- Aoki, M, "Toward an Economic Model of the Japanese Firms", Journal of Economic Literature, 23, pp.1~27 (1990)
- Allen, L, "The Determinants of Bank Interest Margins : A Note", The Jurnal of Financial and Quantitative Analysis, 23(2), pp.231~235 (1988)
- Angbazo, L, "Commercial bank net interest margin, default risk, interest-rate risk, and off-balance sheet banking", Journal of Banking and Finance, 21, pp.55~87 (1997)
- How Important Are Financing Constraints? The Role of Finance in the Business Environment, "Ayyagari, M", ~ (2006)
- Beck, T, "Financing Constraints of SMEs : Evidence, Determinants and solutions", KDI Conference on Financing Innovation-Oriented Business to Promote Entrepreneurship (2007)
- Billet, M, "The Effect of Bank Identity on a Borrowing Firms Equity Return", Journal of Finance, 50, pp.699~718 (1995)
- Regulations, Market Structure, Institutions, and the Cost of Financial Intermediation, "Demirgüç-kunt, A", ~, pp.Working Paper 9890 (2003)
- Diamond, D, "Monitoring and Reputation : The Choice Between Bank Loans and Directly Placed Debt", Journal of Political Economy, 99, pp.689~721 (1991)
- Donahoo, K, "Capital Requirements and the Securitization Decision", Quarterly Review of Economics and Business, 31, pp.12~23 (1991)
- Fama, E, "What’s Different About Banks?", Journal of Monetary Economics, 15, pp.29~40 (1985)
- Gibson, M. S, "Can Bank Health Affect Investment? Evidence From Japan", Journal of Business, 68, pp.281~308 (1995)
- Hall, B, "How Has the Basel Accord Affected Bank Portfolios?", Journal of the Japanese and International Economics, 7, pp.8~40 (1993)
- Hancock, D, "Bank Capital and the Credit Crunch : The Role of Risk-Weighted and Unweighted Capital Regulation", Journal of the American Real Estate and Urban Economics Association, 22, pp.59~94 (1994)
- Hoshi, T, "Corporate Structure, Liquidity and Investment : Evidence from Japanese Industrial Groups", Quarterly Journal of Economics, 106, pp.33~60 (1991)
- Ho, T, "The Determinants of Bank Interest Margins : Theory and Emperical Evidence", Journal of Financial and Quantitative Analysis XDI, 4, pp.581~600 (1981)
- Capital Requirements and Bank Behaviour : The Impact of the Basel Accord, "Jackson, P", BIS, ~ (1999)
- Kang, J.-K, "Firm Performance, Corporate Governance and Top Executive Turnover in Japan", Journal of Financial Economics, 38, pp.29~58 (1995)
- Kang, J.-K, "Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience", Journal of Business, 73, pp.1~23 (2000)
- Kaplan, S. N, "Top Executives, Turnover, and Firm Performance in Germany", Journal of Law, Economics, and Organization, 10, pp.142~159 (1994)
- Kaplan, S. N, "Appointments of Outsiders to Japanese Boards : Determinants and Implications for Managers", Journal of Financial Economics, 36, pp.225~258 (1994)
- McShane, R. W, "A time Series", Cross Section Analysis of the Determinants of Australian Trading Bank, 1984, pp.9, 115~136
- 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)
- Rajan, R, "Insiders and Outsiders : The Choice Between Informed and Arm’s-Length Debt", Journal of Finance, 47, pp.1367~1400 (1992)
- Ramakrishnan, R, "Information Reliability and a Theory of Financial Intermediation", Review of Economic Studies, 52, pp.415~432 (1984)
- Saunders, A, "The Determinants of Bank Interest Rate Margins : An International Study", Journal of International Money and Finance,, 19, pp.813~832 (2000)
- Sharpe, S. A, "Asymmetric Information, Bank Lending, and Implicit Contracts : A Stylized Model of Customer Relationships", Journal of Finance, 45, pp.1069~1087 (1990)
- Slovin, M. B, "The Value of Bank Durability : Borrowers and Bank Stakeholders", Journal of Finance, 48, pp.247~266 (1993)
- Wong, K. P, "On The Determinants of Bank Interest Margin Under Credit And Interest Rate Risks", Journal of Banking and Finance, 21, pp.252~271 (1997)
- Zarruk, E. R, "Bank Spread With Uncertain Deposit Level and Risk Aversion", Journal of Banking of Finance, 13, pp.797~810 (1989)