earticle

영어

The purpose of this study is to discover if the market concentration of banking industry has increased industry growth rate and to analyze if the concentration of banking industry mitigated the fund pressure of companies by increasing the capital distribution to capital intensive high‐tech industries which are highly dependent on external capital based on the Hypothesis of Financial Dependence and Growth by Rajan and Zingales(1998). Additionally, it was analyzed if the concentration of banking industry had increased the capital distribution to the industries with growth opportunities based on the External Growth Opportunity Hypothesis by Fisman and Love (2007). The analysis period is from 1998, when the market concentration of banking industry has increased after the foreign currency crisis, to 2007 before the global financial crisis. The results are as follows. It was found that banking industry concentration did not have significant relationship with industry growth. It is inconsistent with the opinion that the concentration of banking industry incurs dead weight loss of the society by improving the market dominance of large banks and consequently increasing the exclusiveness of large banks. On the other hand, it was found that banking industry concentration had brought the capital distribution to industries which were highly dependent on external capital and which had high growth probability and consequently made these industries developed. It shows that banking industry concentration has made different effects on industries and in particular it made positive influence on the growth of high‐tech industries which were highly dependent on external capital.

한국어

본 연구는 은행산업의 시장집중도 증가가 산업성장에 긍정적 영향을 미쳤는지 알아보고, Rajan and Zingales(1998)의 기술적 의존가설에 근거하여 은행산업 집중화가 외부자금 의존도가 높은 자본집약적 첨단산업으로의 자본배분을 증가시켜 이들 기업의 자금압박을 완화하였는지 분석한다. 아울러 Fisman and Love(2007)의 대외적 성장기회 가설에 근거하여 은행산업 집중화가 성장기회를 가진 산업으로의 자본배분을 증가시켰는지 분석한다. 분석기간은 우리나라 은행산업 시장집중도가 높아지기 시작한 외환 위기 이후 1998년부터 글로벌 금융위기 직전인 2007년까지이다. 분석 결과, 은행산업 집중화는 산업성장과 유의한 관계를 갖지 못하였다. 이는 은행산업 집중화가 대 형 은행의 시장지배력을 높여 독점력을 증대시킴으로써 사회전체의 자중손실을 발생시킨다는 견해와 다 른 결과이다. 반면, 은행산업 집중화가 외부자금 의존도가 높은 산업 및 성장기회가 큰 산업으로의 자본 배분을 가져와 이들 산업의 성장률을 높인 것으로 나타났다. 이는 은행산업 집중화가 산업별로 상이한 영향을 미쳤으며, 특히 외부자금 의존도가 높은 첨단산업과 성장기회를 가진 산업의 성장에 긍정적 영향 을 미쳤음으로 보여주는 결과이다.