상호저축은행의 경영효율성 분석 (Cost Efficiency of Mutual Savings Banks in Korea)

서지정보

· 발행기관 : 한국금융학회
· 수록지 정보 : 금융연구 / 22권 / 2호 / 91 ~ 121페이지
· 저자명 : 이영수, 이민환

초록

본 연구는 상호저축은행을 대상으로 확률경계비용함수(stochastic cost frontier methodology)를 이용하여 저축은행의 효율성을 추정하는 한편 추정된 비용효율성 지표를 활용하여 부실채권의 발생 원인을 Granger인과관계 검증을 통해 살펴보았다. 주요 분석결과를 요약하면 다음과 같다. 푸리에신축비용함수(Fourier flexible cost function)를 이용하여 저축은행의 비효율성을 계측한 결과, 2000~2006년 기간동안 101개 저축은행의 비용효율성은 11.6%인 것으로 추정되었다. 한편 저축은행의 연도별 비효율성 추이를 살펴보면, 2000년 15.6%이던 것이 2001년 15.9%로 약간 증가한 것을 제외하면 2006년까지 꾸준히 하락하고 있는 것으로 나타나 저축은행이 시간이 지남에 따라 저축은행의 규모도 확대되는 동시에 비용 측면에서 비효율성이 개선되고 있는 것으로 해석된다. 다음으로 자산규모별 연도별 저축은행의 비효율성을 비교하면 2000～2003년까지 비효율성이 개선되고 있으나 그 폭은 작은 반면, 2004년에 자산그룹별 저축은행의 비효율성은 크게 하락하고 있는 것으로 제시되었다. 이러한 비효율성의 추정과 더불어 부실채권의 발생 원인을 Granger인과관계 검증을 통해 분석한 결과, bad luck가설과 skimping가설이 성립한다는 결론을 얻었다. 따라서 분석기간인 2000년에서 2006년 사이 정부의 서민금융 활성화정책에 의해 저축은행 경영자가 위험에 대한 명확한 검증이 이루어지지 못한 채 소액신용대출을 시행하게 되고 경영자가 이러한 행동을 취한 결과 2002년 이후 가계부실화로 인한 외생적 충격으로 부실이 심각해졌던 것으로 판단할 수 있다.

영어초록

This Study used the stochastic cost frontier methodology to estimate the efficiency of mutual saving banks(MSBs), and utilized the estimated cost efficiency index to look into the causes for the occurrence of non-performing loans through the Granger casualty test.
MSBs are the main way of financing to median & small business and/or independent business. Since 1997 financial crisis and being restructuring, most MSBs suffered difficult in ownership structure and scale problems. 2000s, Korean financial system looks like stabilized for macro financial environment has changed before 2002 credit crunch happens.
There are many empirical analysis why Banks could not do their own role. Some researchers insist that Banks couldn’t find their own proper profit model, or Some others said it is because of moral hazard and directors’ failure.
Recently there was main issue of M&A for Banking society including MSBs, so financial structure is quaking these days. In this very moment we do analyze focusing MSBs, not whole Banks, with stochastic cost frontier function and Granger casualty test for understanding MSBs’ efficiency.
The following is the summary of the major results of the analysis.
The inefficiency of MSBs was measured using the Fourier flexible cost function, and the result indicates that the cost-inefficiency of 101 MSBs from 2000 to 2006 was 11.6 percent. Looking into the trend by year, the inefficiency of MSBs, after slightly increasing to 15.9 percent in 2001 from 15.6 percent in 2000, constantly declined until 2006. This may lead to the interpretation that the inefficiency of MSBs in terms of costs is improving while at the same time, their business size is expanding.
The comparison of inefficiency of MSBs by asset size and by year indicates that the inefficiency slightly improved between 2000 and 2003, on the other hand, albeit modestly, the inefficiency of MSBs by asset group significantly dropped in 2004.
The analysis through the Granger casualty test drew a conclusion that the causes for the occurrence of NPLs can be explained by the bad luck hypothesis and skimping hypothesis. Under the bad luck hypothesis, the causes originate from the fact that micro credit loan programs were implemented from 2000 to 2006 as part of the government policy to stimulate the loans for the working classes, without clear verification of risks, but the insolvency of such loans aggravated due to exogenous shocks from growing household insolvency from 2002.
Analyzing profit efficiency, searching firm ground causes of MSBs’ cost efficiency, finding and being apply the other powerful hypotheses for MSBs’ change are remained for future study.

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