보증이 연계된 중소기업 온라인 역경매 대출이 대출금리에 미치는 영향에 관한 연구 (A Study of the Lending Rate of SME Under the Online Reverse-Auction Guaranteed Loan)

서지정보

· 발행기관 : 한국금융학회
· 수록지 정보 : 금융연구 / 26권 / 2호 / 33 ~ 58페이지
· 저자명 : 강맹수, 권의종, 이군희

초록

우리나라는 중소기업 대출지원책으로 2011년 1월부터 신용보증기금을 통하여 전 세계 금융 시장에서는 최초로 대출보증이 연계된 역경매 방식의 온라인 대출장터 제도를 도입하였다. 본 연구에서는 중소기업 대출시장에서 온라인을 통한 역경매 출현이 국내 중소기업 대출시장, 특별히 대출금리에 어떠한 영향을 미치는 지를 파악하고자 하였다. 이를 위하여 신용보증기금에 보고된 2010년 7월부터 2011년 6월까지의 중소기업 보증 대출 금리 자료와 2011년 2월부터 2011년 6월까지 수집된 온라인 역경매를 통하여 발생된 대출 금리 자료를 기반으로 역경매 온라인 대출장터의 도입으로 인한 대출금리의 직접효과와 간접효과 여부를 검토하였다. 이에 대한 분석 결과, (1) 온라인 대출장터를 통한 대출의 경우, 금융회사의 온라인 대출 경쟁으로 인하여 13~48.3bps 정도의 직접적인 대출금리 인하효과가 있음이 밝혀졌으며, (2) 특별히 제1금융권 대출시장에 대한 접근이 어려운 신용도가 낮은 기업에서 온라인 대출장터로 인한 금리인하 효과가 더욱 크게 나타남을 확인하였다. (3) 마지막으로 온라인 대출장터의 출현으로 온라인 대출장터를 이용하지 않는 일반 중소기업 대출에서도 약 8.5~28.4bps 정도의 간접적인 대출금리 인하효과가 존재한다는 사실을 확인할 수 있었다.

영어초록

Recently, the online reverse-auction guaranteed loan (ORAL) product has been launched at January 2011 by the Korea Credit Guarantee Fund (KODIT) as a financing support system for small and medium sized enterprises (SMEs). This product, the ORAL, was introduced for the first time in the world. Therefore, lots of questions and effectiveness from the ORAL product might be arising. A possible positive effect will be reducing loan rate on the loan due to the competition under this newly-developed online loan market. As Petersen and Rajan (1994, 1995) argued, long-term relationship between SMEs and banks could affect loan availability and loan rate. And the relationship would be damaged when loan market becomes more open and competitive. Also, Degryse and Ongena (2005) argued that geographical distance among competing banks could important factor to determine loan rate for SMEs. However, none of previous research shows any results about the relationship between SMEs and banks under the online reverse-auction loan market.
This paper analyzes how the online reverse-auction loan market affects the loan rate to the SMEs. An effect of loan rate under the online reverse-auction loan market can be decomposed into a direct effect and an indirect effect. The direct effect implies loan rate changes due to the competition with at least two bank’s offer on the online reverse-auction loan market. We expect another shock might be appeared for affecting overall changes of loan rates to all SME after launching the ORAL product in the market. We call this shock as the indirect effect. The indirect effect appears under the bank’s consideration as an additional competition factor to prevent from losing their current customers on the online reverse- auction loan market. To identify these effects, we collect 31,566 guaranteed loan data between July 2010 and June 2011.
The study shows three interesting results. Due to the competition in the online market, the ORAL product has the direct effect reducing 13~48.3 bps of loan rate across the industries and credit ratings. Secondly, the appearance of the ORAL product in the online market makes additional drop as 8.5~28.4 bps to all SME loans as the indirect effect. Finally, SMEs with average or below average credit rating (“B-class” or “C-class”) have bigger direct and indirect effect reducing loan rate than others.In summary, the online reverse-auction could make changes into the SME loan market more competitive with providing more substantial help to less creditworthy SMEs that have experienced difficulty to lending from the ordinary off-line loan market.

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