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금융기관의 존재이론에 대한 고찰
On the Theories of Existence of Financial Institutions

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Authors
김영진
Issue Date
2011-12
Publisher
서울대학교 경영대학 경영연구소
Citation
경영논집, Vol.45, pp. 49-71
Keywords
existence of financial institutionstransactions costinformation asymmetrydelegated monitorcoexistence
Abstract
이 논문은 금융기관경영 분야의 가장 근본적인 주제라 할 수 있는 금융기관의 존재이유에 대한 그 동안의 이론적 발전을 소개하는 것이 목적이다. 물론 금융기관의 자산결정 및 자본조달 결정이 금융기관의 생존을 위해서는 매우 중요한 사안이지만 금융기관이 사기업과 무엇이 다르고 금융기관의 특수성이 어디에 있는가를 파악하는 것은 앞으로 금융기관이 나아가야 할 방향을 제시하는데 꼭 필요한 일이다. 그 이유는 금융기관이 사기업과 다른 특수성을 가지고 있다면 금융기관의 진로는 이 특수성을 살리는 방향으로 나아가야 하기 때문이다. 특히 기술발전과 규제완화로 인하여 금융환경이 급격한 변화하는 상황에서는 이 주제가 매우 중요한 의미를 가진다. 여기서는 금융기관의 존재를 다룬 거래비용이론, 유동성보험이론, 그리고 정보불균형이론을 차례로 설명하고 금융환경의 변화로 인한 이론의 타당성을 논한다. 이러한 논의로부터 결국 정보불균형 하에서 나타날 수 있는 문제를 해결하는 것이 금융기관이 앞으로 경쟁력을 유지할 수 있는 방안이라고 할 수 있겠다. 마지막으로 간접금융을 나타내는 금융기관과 직접금융을 나타내는 금융시장이 공존하는 조건을 제시하고 금융기관이 경쟁력을 보일 수 있는 상황을 규명하였다.
This paper tries to show the theoretical developments on the issue of the existence of financial institutions over the years. Although the issue of the optimal management of asset, liability and equity items of banking institutions is the important and urgent concerns for the survival of banking firms, we have to understand the reasons why banking institutions should be treated differently from other private firms. The fact that banking institutions have been with us for such a long period means that there must be something special about the banking firm. If we do not agree on the uniqueness of banking firms, then the theories of corporate finance can be easily applied to the management of financial institutions, meaning no need to study the subject of management of financial institutions. A look into this existence issue allows us to find the comparative advantages of banking firm, which is the area the managers of banking firm should concentrate on for the future competitiveness of banking firm.
The recent changes in the financial environment caused by the technological and regulatory changes have threatened the very survival of the banking firms.
This paper begins to discuss the reasons for the existence of banking firms based on the reduction of transactions costs for the members of the economy. Although this approach has been a very powerful explanation for the existence of banking firm in the past, the recent environmental changes have proven that this area is no longer the root of the competitiveness of the banking. The banking institution as a vehicle through which individuals can adjust their unexpected liquidity needs has also been under attack due to the emergency of all the liquidity adjustment tools such as credit card. The information asymmetry approach to the existence of banking firm has been well accepted as the real source of competitiveness of banking firm recently. More specifically, banking firm as information sharing coalition and delegated monitor has been analyzed for the more acceptable justification for the existence of banking firms of recent years. Finally, the conditions for the coexistence of direct and indirect financing were analyzed to show the conditions under which banking institutions and financial markets can be a competitive financing alternative for borrowers. This discussion tells us that the competitiveness of banking firms lies in the efficient usage of the relevant information for the asset and financing decisions.
ISSN
2384-2849
Language
Korean
URI
http://hdl.handle.net/10371/162896
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College of Business Administration/Business School (경영대학/대학원)Institute of Management Research (경영연구소)경영논집경영논집 vol.45 (2011)
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