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수록정보
수록범위 : 22권1호(2008)~35권1호(2021) |수록논문 수 : 239
금융연구
35권1호(2021년 03월) 수록논문
최근 권호 논문
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1기업의 사회적 책임 활동은 대리인 문제를 완화하는가? 지배주주와 채권자 간 이해상충을 중심으로

저자 : 강형철 ( Hyung Cheol Kang ) , 변희섭 ( Hee Sub Byun )

발행기관 : 한국금융학회 간행물 : 금융연구 35권 1호 발행 연도 : 2021 페이지 : pp. 1-43 (43 pages)

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본 연구는 채권자와 주주의 이해를 동시에 고려하여 기업의 사회적 책임(corporate social responsibility, CSR) 활동의 편익을 확인한다. 이를 위해, CSR 활동이 파산위험에 미치는 영향이 소유-경영자의 지분에 따라 어떻게 달라지는지 실증적으로 분석한다. 분석결과, CSR 활동은 파산위험에 유의적인 영향을 미치지 않는 것으로 나타난다. 하지만 지배주주의 지분이 상대적으로 낮은 기업에서 CSR 활동의 적극적인 이행이 파산위험을 감소시키는 것으로 확인된다. 이러한 결과는 CSR 활동이 지배주주의 사적 이익 추구 유인을 완화하기 위한 대안으로 활용되어 채권자의 이해를 충족시킬 수 있음을 의미한다. 한편, 주요 결과는 수익성 또는 시장가치가 높은 기업, 업력이 낮은 기업, 외국인 투자자의 지분이 높은 기업에서 주로 관찰되어, 이러한 기업특성이 CSR 활동의 편익을 누리기 위한 선결 조건임을 확인할 수 있다. 본 연구의 결과는 전통적 대리인이론의 채권자와 주주 간 이해상충의 문제를 CSR 활동을 통해 완화할 수 있음을 제시하였다는 학술적 시사점을 가진다.


Policy and practical interests in corporate social responsibility (hereafter, CSR) activities, as an alternative for expanding the sustainability of the national economy, are gradually increasing. Accordingly, academic studies have attempted to understand the benefits and costs of CSR activities from the perspective of stakeholders, moving away from the traditional approach that focuses on the interests of shareholders. As a representative discussion in terms of a stakeholder's point of view, several studies have grasped the relationship between the interest of creditors and CSR activities. They argue that CSR activities can be an alternative to satisfy the interests of creditors through a variety of pathways, such as expanding future cash flows, improving productivity, controlling managerial risk, and mitigating agency problems (Attig, El Ghoul, Guedhami, and Suh, 2013; Jiraporn, Jiraporn, Boeprasert, and Chang, 2014; Oikonomou, Brooks, and Pavelin, 2014). Contrary to this discussion, some studies based on shareholders' perspectives still raise concerns that CSR activities will be exploited by managers to pursue private benefits (Barnea and Rubin, 2010; Oh, Chang, and Martynov, 2011). These studies have shown the negative relationship between ownership of owner-managers and CSR activities. Since contradictory views are raised from the perspective of creditors and shareholders, it is difficult to generalize the benefits of CSR activities only with a limited approach focusing on a specific stakeholder.
This paper investigates the benefit of CSR activities by considering the interests of creditors and shareholders at the same time. To this end, we analyze the effect of CSR activities on the default risk depending on the ownership of owner-managers. Empirically, we find that CSR activities do not have a significant effect on the default risk. However, in firms with low ownership of owner-managers, active CSR activities significantly reduce the default risk. This result suggests that CSR activities can be used as an alternative to alleviate the incentives for owner-managers to pursue private interests and be recognized as a means to satisfy the interests of creditors. On the other hand, the main result is primarily observed in firms with high profitability, market value, or ownership of foreign investors, and firms with low age. It can be seen that these characteristics are a prerequisite for enjoying the benefits of CSR activities.
This study can provide several implications. First, it can contribute to the generalization of the theory related to CSR activities by suggesting that the results of existing studies based on the perspectives of creditors and shareholders are compatible at the same time. In detail, our results suggest that active CSR activities in firms with low ownership of ownermanager, shown in the existing study (Barnea and Rubin, 2010), can be considered as an effective means of satisfying the interests of creditors rather than the agency costs. Second, our results have implications for confirming a new path for the benefits of CSR activities. Existing studies suggest the benefits of CSR activities based on fragmentary relationships with the improvement of internal capabilities such as productivity, managerial risk, and corporate performance. However, considering the complexity of corporate decision-making, it is limited to fully grasp the benefits of CSR activities only with these approaches. Unlike previous studies, this study shows the effect of CSR activities as a means to mitigate the possibility of a conflict of interest between the stakeholders (shareholders and creditors) in a firm.

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2국가부채와 외국인 증권투자자금

저자 : 윤영진 ( Youngjin Yun ) , 김수명 ( Soomyung Kim )

발행기관 : 한국금융학회 간행물 : 금융연구 35권 1호 발행 연도 : 2021 페이지 : pp. 45-69 (25 pages)

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본 연구는 국가부채가 외국인 증권투자자금의 유출입에 어떤 영향을 미치는지 알아보기 위하여 OECD 30개 국가의 1970~2015년 자료로 패널을 구축해 분석하였다. 인과관계 식별을 위해 국가부채와 경제성장에 관한 기존 문헌의 기초적인 분석틀을 차용하면서 GDP 대비 사회보장지출의 비율을 도구변수로 활용하였다. 사회보장지출은 국가부채와 밀접한 관련이 있지만 외국인 증권투자와는 직접적인 관련성이 없으므로 도구변수로서 적합하다. 따라서 사회보장지출이 많음에 따라 국가부채 수준이 높을 때 그렇지 않은 경우에 비해 향후 외국인 증권투자자금 유입이 체계적으로 다른지 비교함으로써 인과관계를 확인하였다. 분석결과 국가부채는 외국인 증권투자자금 유입을 줄이고 변동성은 확대시키는 것으로 나타났다. 다른 조건이 일정할 때, 국가부채비율이 1%p 더 높으면 향후 5년간 1인당 외국인 증권투자자금 유입액이 7% 가량 적어지고, 변동성은 2% 정도 더 커지는 것으로 나타났다. 본 연구는 국가부채가 외국인 자금 유입에 부정적인 영향을 미치는 점에 대해 최초로 실증적인 근거를 제시하였다는 의의를 갖는다.


Public debt is snowballing in many countries recently due to the COVID-19 shock. The enlarged public debts are likely to yield a major influence on international capital flows in the aftermath of the crisis. Nevertheless, there has been little to no study on the effect of public debt on international capital flows. Theoretically, public debt may affect foreign portfolio inflows through various channels. It may induce more incoming portfolio investment through higher interest rates or by developing capital markets. On the other hand, it may deter inflows by increasing credit risk or crowding-out credit to the private sector.
We study whether and how public debt affects gross portfolio inflows using a panel dataset of 30 OECD countries over 1970-2015. To identify the causal effect, we use the social expenditure-to-GDP ratio as an instrument for public debt. Social expenditure is highly correlated with public debt, but it is not directly related to capital flows, particularly not to the gross portfolio investment, which we are investigating. Thus we can verify causation by examining whether the part of public debt variation explained by social expenditure is closely associated with the gross portfolio inflows. We also reference the previous literature about public debt and growth on the set-up of analysis detail.
We find from fixed-effects panel regressions that the public debtto- GDP ratio is negatively associated with per capita gross portfolio inflows. The instrumental variable approach reveals causation: One percentage point higher public debt-to-GDP ratio reduces per capita gross portfolio inflow over the next five years by 7 percent. We further investigate the volatility of gross portfolio inflows by measuring them using standard deviations of quarterly inflows. The result is that public debt is positively related to the capital flow volatility (OLS), and it can also be interpreted as a causal effect (IV).
This paper provides the first empirical evidence on the negative influence of public debt on gross portfolio inflow amount and volatility. In coping with the recession, policymakers need to take caution on public debt. More efforts are needed to maximize policy efficiency.

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32007∼2009년 금융위기 시 연방준비은행의 증권사에 대한 최종대부자 기능과 그 시사점

저자 : 원승연 ( Seungyeon Won )

발행기관 : 한국금융학회 간행물 : 금융연구 35권 1호 발행 연도 : 2021 페이지 : pp. 71-111 (41 pages)

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본 연구는 2007∼2009년 금융위기 시 미국 연방준비은행이 최종대부자로서 실시했던 증권사에 대한 유동성 공급 프로그램, Term Securities Lending Facility(TSLF)와 Primary Dealer Credit Facility(PDCF)를 분석하여, 한국에서도 발생할 가능성이 있는 자본시장 발 금융위기에 대한 대응책 마련을 위한 시사점을 제시하였다. TSLF와 PDCF는 증권사에 대한 긴급 유동성 공급을 통해서 금융시스템을 안정화시키는데 기여함으로써, 일부 도덕적 해이를 유발한 측면이 있음에도 불구하고 전체적으로 사회적 편익이 훨씬 컸던 적절한 최종대부자 기능의 집행이었다고 평가한다. 이것은 연방준비은행이 금융시스템 관리자로서 적극적인 자세를 갖고, 집행 과정에서 절차적 정당성을 확보하면서 자본시장에 적합한 새로운 정책 수단을 마련하였던 것에 힘입은 바 크다. 본 연구는 향후 예상되는 금융위기에 대비하기 위해 한국은행 등 관련 기관이 적극적인 자세를 갖고 준비해야 함을 강조하고, 이를 뒷받침하기 위한 제도적 개선 방안을 제시하였다. 첫째, 한국은행이 자본시장에서도 최종대부자로서 기능을 적극적으로 수행하도록 한국은행법 개정을 통해서 최종대부자 기능의 실행 요건 개선하고 Bagehot 준칙을 유동성 공급 원칙으로 삽입할 것을 제안하였다. 둘째, 한국은행이 증권사에 대한 감독권이 없음을 전제로, 이를 보완할 수 있는 관련 기관간의 협력체계 및 감독권 조정 등의 제도적 보완 장치를 제안하였다.


This paper suggested the policy implication for stabilizing the financial system against the crisis of the capital market in Korea, analyzing the Term Securities Lending Facility (TSLF) and the Primary Dealer Credit Facility (PDCF) by which the Federal Reserve (Fed) as a lender of last resort (LLR) supplied liquidity to the primary dealers during the financial crisis of 2007∼2009. The two facilities, TSLF and PDCF, are effective in stabilizing the financial system by giving liquidity to the primary dealers in emergency. As a whole, Fed are evaluated to have executed the appropriate policy though they might give rise to the primary dealer's moral hazard a little bit. The factors which enabled the policy to stabilize the financial system are as follows: First, the institutional system are already established to support the Fed's action as a lender of last resort, including the Federal Reserve Act. Second, Fed had the attitude and capability of advancing the legally proper process for making the policy. Third, Fed executed the policy suitable for solving the problem of the capital market in crisis. Especially, TSLF were more effective. Last, the coordination with the Treasury and SEC also contributed to Fed's active execution. However, among the Fed policy for stabilizing financial system during year 2007∼2009, the rescue program for the specific private financial company such as AIG is blamed to make financial companies' moral hazard worse and then aggravate financial fragility in the long run. It gives a point of dispute how to apply to Bagehot's rule in reality, which central bank should keep as a lender of last resort.
Considering the magnitude and aggregate risk level of capital market, the financial crisis starting from capital market may happen in Korea. Therefore, Bank of Korea (BOK) and other government organization should prepare for this new type of financial crisis with active attitude and revise the public system for stabilizing financial market in advance. Based on the lesson of Fed case, this paper suggested the two measures for advancing the system. First, more favorable condition should be established for BOK's LLR function by way of revision of BOK Act. The execution condition for BOL's emergency loan should be revised, by prescribing the condition as the situation in financial system risk or expected to happen financial system risk. Also, for protecting from external pressure for emergency loans, the principle for emergency loans which reflect bagehot's rule should be inserted in BOK Act. Second, as BOK has no financial supervisory authority, the cooperation with financial supervisory agencies and Treasury Department is important. This paper suggested that the council between BOK and Financial Supervisory Services should be established in practical level. In addition, it suggested that the so called Financial Stability Council, which many academic studies advised to establish as a coordination mechanism for financial system stabilization policy among diverse financial supervisory agencies including BOK, should coordinate the activities of agencies and BOK related with emergency loans. Also, it need to be considered that BOK has more inspection authority on only the financial companies which borrowed the emergency loans from BOK.

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4은산분리의 실증분석: 은행과 산업의 결합에 따른 비용-편익의 추정을 중심으로

저자 : 김자봉 ( Jabonn Kim )

발행기관 : 한국금융학회 간행물 : 금융연구 35권 1호 발행 연도 : 2021 페이지 : pp. 113-145 (33 pages)

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이 글의 목적은 은행과 산업의 결합에 따른 비용-편익을 실증적으로 분석하고 공공정책으로서 은산분리의 성과를 평가하는 데 있다. 은산분리는 금융법상의 규제로서 비용-편익분석에 의해 뒷받침되어야 하는 공공정책이다. 은행과 산업의 결합에 따른 비용-편익이 산업자본에 의한 은행소유와 지배에 의해 어떤 영향을 받는지(각각 소유효과와 지배효과) 여부는 은산분리정책의 실효성에 중요한 의미를 갖는다. 이러한 논의를 위해 본고는 1993~2006년 기간 중 산업자본과 은행의 결합사례를 분석의 대상으로 한다. 금융과 산업의 결합 대상이 은행에 국한되었던 것은 아니지만 본고는 은행으로 분석대상을 제한한다. 이에 따라 본고의 분석은 실질적으로 은산분리에 대한 실증분석에 해당한다. 실증분석에 의하면, 첫째, 은산결합에 따른 비용-편익은 대기업과 은행 간에 비대칭적이었다. 즉, 은행 대주주의 지위를 가진 대기업은 대부분 부도를 피한 반면, 대기업이 대주주였던 은행은 대부분 부도가 났다. 하지만 대기업이 대주주라는 사실이 필연적으로 은행 부도를 야기한 것은 아니었다. 둘째, 은행과 대기업간 이러한 비대칭적인 비용-편익의 결과는 소유효과보다는 궁극적으로 지배효과에 의해 영향을 받았다. 이러한 분석 결과는 외환위기 이전 은산분리정책이 소유규제보다는 지배구조규제를 더 중시해야 했음을 시사한다.


The purpose of this article is to empirically analyze the cost-benefit results of the combination of banking and commerce, and to evaluate the performance of separation of banking and commerce as a public policy. Separation of banking and commerce is a financial regulatory policy that must be supported by cost-benefit analysis. Separation of banking and commerce aims to ensure bank's efficient credit allocation, soundness, fiduciary duty to depositors and investors, and stability of the financial system. Meanwhile, it is argued that the combination of banking and commerce is necessary for new entry of industrial capital into the financial market, and for the promotion of competition and innovation. The cost of the combination could be the reason for the favor of the separation, while the benefits of the combination could be the reason for opposition to the separation. In reality, the costs and benefits may appear at the same time. Accordingly, it is required to empirically judge the relative sizes of costs and benefits.
The cost-benefit of the combination can be estimated through analysis of the effects of ownership and control of banks by industrial capital on the financial performances and default risks of both large corporations and banks. The effect of ownership of banks by industrial capital on the performances and default risks can be referred to as the ownership effect, and the effect of control can be referred to as the controlling effect.
Ownership and control are different. Without a rigorous distinction between ownership and control, it may be difficult to make an accurate assessment of the cost-benefit of the combinations of banking and commerce. If banking failure is caused by ownership itself, the ownership of bank by industrial capital should be completely banned, but if banking failure is caused by the control, it would be a reasonable policy measure to allow ownership but apply strict corporate governance regulation.
In order to analyze the cost-benefit analysis of the combination of banking and industry, this paper analyze the banks and industrial firms during the period of 1993-2006. Although the ownership and control of finance by industrial firms was not limited to banks, this paper limits the subject of analysis to banks. Before the financial crisis 1997-1998, the scope of the combination of finance and industrial firms in Korea was very wide and deep. The targets of the consolidation included not only banks, but also financial investment banks, insurance companies, and securities companies, and the consolidation led many of them to bankruptcy during the financial crisis.
The crisis of 1997-1998 was also evaluated overseas. William Seidman, the chairman of the US FDIC (1985-1991), at the FDIC symposium held in 2003, said that the bankruptcy of Korean banks during the Asian financial crisis was a disaster created by “so-called the mixing of commerce and finance.” It was said that crony capitalism resulting from the combination of finance and commerce violated the principle of efficient credit allocation and, as a result, led to bank bankruptcy and the financial crisis.
According to the Comprehensive Report on Financial Reform (CRFR) by the Korean Financial Reform Committee in 1997, the “combination of financial capital and industrial capital” led to the emergence of a large corporate group with concentration of economic power that caused unfair transactions, distortions of credit allocation, and conflicts of interest. The public safety net such as the deposit insurance system and the lender of last resort function of the central bank were misused for the private interests of the large company, and the soundness and stability of the banking system were seriously damaged. The financial supervision was incapacitated due to the deepening of information asymmetry caused by the consolidation. Overall the combination caused serious inefficiency in the financial market and economy.
The empirical analysis of this paper used Logit and OLS estimation methodologies, and the following results were obtained. First, the combination of finance and commerce created cost-benefit asymmetrically between banks and large corporations. Most of the large corporations with the status as large shareholders of banks avoided bankruptcy, while most of the banks, where large corporations were large shareholders, went bankrupt. However, there were some cases that not only did they avoid bankruptcy, but also showed the best financial performance although large corporations were the major shareholders. According to this result, the ownership of bank by large corporations itself might not be the necessary cause of the bank's failure. Second, it was revealed that the result of asymmetric cost-benefit between banks and large corporations was caused by the control effect rather than the ownership effect. Therefore, combining two results, it could be said that large corporation's ownership of bank did not necessarily produce bank failures unless they de facto controlled the banks. The policy implication of these results for the separation policy of banking and commerce is that the separation policy should have been promoted centering on corporate governance regulation rather than ownership regulation, and the ownership regulation should have been used to complement the corporate governance regulation.

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  • 2 한국기술교육대학교 (13건)
  • 3 서경대학교 (12건)
  • 4 한국은행 (10건)
  • 5 한동대학교 (9건)
  • 6 부산광역시청 (6건)
  • 7 한국외국어대학교 (6건)
  • 8 대구대학교 (6건)
  • 9 한국자본시장연구원 (4건)
  • 10 상명대학교 (4건)

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