복합금융그룹화가 금융그룹 및 소속금융회사의 기업가치에 미치는 효과

초록

In recent years, there has been a burgeoning of worldwide financial conglomeration. As it was protruded by Gramm-Leach-Bliley Act in 1999 in the U.S.A., financial conglomeration is introduced into Korean financial sector as a line in the chain of economic reform. Financial conglomeration is expected to bring economies of scale and/or scope, resulting in increasing the value of the firms through revenue enhancement, improved operating efficiency, or risk reduction. But other arguments have been made against financial conglomerates, which suggest that financial conglomeration may lead to an inefficient allocation of capital, reduced performance incentives and risk incentives. So far empirical papers provide no consistent evidence. Recently, the financial conglomerate system is blamed for triggering and/or aggravating the subprime mortgage financial crisis in the U.S.A. This paper attempts to ascertain whether or not financial conglomeration is value-enhancing or value-destroying in the Korean financial sector. On the Basis of a Korean dataset comprising approximately 1,053 observations covering the period of 2003～2007, we analyze the effect of financial conglomeration on the value of the individual financial firms and the financial conglomerates. First, we investigate the conglomeration value effect of the listed financial firms, using Tobin’s Q. But since most of the sample firms are non-listed and have no market price data, ROE is introduced as a measure of the value of non-listed firms. At last, we also investigate the group level value effect of financial conglomeration using the ‘Chop-Shop’ method. Our results suggest that it is the conglomeration that causes the discount. The financial conglomeration has a negative effect on the value of financial companies in both individual and group levels. And we can find the affirmative marginal effects of size and diversification, which mitigate the negative effects of conglomeration. These results mean that in the Korean financial industry, even though economies of scale and scope do partially exist, financial conglomeration does not guarantee an increase in the value of financial companies, supporting the evidence of diversification discount.

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