1997년 외환위기 이후 우리 정부는 IMF와의 합의에 따라 금융구조조정과 금융구조 개혁을 추진했다. 이러한 금융개혁의 목적은 한편으로는 금융시스템의 금융중개 기능을 개선시켜 경제의 안정과 성장을 돕고, 다른 한편으로는 금융산업 자체의 선진화와 발전을 추구하려는 것이었다. 그러나 이러한 금융개혁 추진의 결과는 당초의 목표와는 달리 여러 부정적 효과만을 낳았다. 첫째, 자본시장 활성화와 은행산업 대형화 및 해외자본 도입은 효과적인 자금조달과 효율적인 자금배분이라는 금융활동의 기본적인 기능을 개선시키지 못했다. 둘째, 자본시장 활성화와 외국인 증권투자의 전면 허용은 주주중시 경영환경을 강화시켜 상장기업들의 배당금 지불 증대와 주가관리를 위한 자사주 매입 증대, 그리고 적대적 M&A위협 증대를 낳았다. 이러한 주주중시 경영환경은 결국 상장기업의 이윤 중 상당부문을 이러한 곳에 지출하도록 만들어 결국은 장기 투자를 억제하는 효과를 초래했다. 셋째, 여기에 더해 금융개혁은 중소기업과 저소득층에 대한 금융접근을 어렵게 만들었다. 중소기업은 기업대출의 전반적인 감소 속에서 더 큰 금융이용가능성의 악화를 겪었으며, 저소득층은 가계대출의 증가 속에서도 담보능력 부족으로 더 큰 외면을 당했다.

Korean government has restructured financial institutions and reformed the financial system since the financial crisis at 1997 for the purpose of improving the financial functions and developing the financial industry. But the policy of the stock market development and the bank merger and acquisition have resulted in the weakness of finance function of financial sector and the investment decrease of real sector. The policy of the stock market development and the bank M&A did not enhance the effective mobilization of fund and the efficient allocation of fund, rather it reduced the mobilization of fund and deteriorated the allocation of capital. The strengthening of shareholder value resulting from the development of stock market and the opening of foreign capital entrance brought domestic firms to the decrease of real investment due to the pressure of the dividend payment and the threat of the hostile M&A. The bank mergers and the takeover of domestic banks by foreign capital made the financial service availability of the middle and small firms and the lower-income household difficult more than before.

Korean government has restructured financial institutions and reformed the financial system since the financial crisis at 1997 for the purpose of improving the financial functions and developing the financial industry. But the policy of the stock market development and the bank merger and acquisition have resulted in the weakness of finance function of financial sector and the investment decrease of real sector. The policy of the stock market development and the bank M&A did not enhance the effective mobilization of fund and the efficient allocation of fund, rather it reduced the mobilization of fund and deteriorated the allocation of capital. The strengthening of shareholder value resulting from the development of stock market and the opening of foreign capital entrance brought domestic firms to the decrease of real investment due to the pressure of the dividend payment and the threat of the hostile M&A. The bank mergers and the takeover of domestic banks by foreign capital made the financial service availability of the middle and small firms and the lower-income household difficult more than before.

financial reform, bank M&A, shareholder value, stock market development, real investment