은행합병 후의 지배ㆍ피지배 관계 및 시장집중도 변화에 관한 연구 : FDH와 CR₄ 및 H-H분석을 중심으로

Abstract

This thesis measured the efficiency of banking industry (CCR, BCC) using DEA(Data Envelopment Analysis), dominating and dominated relationship after merger of Korean banks using FDH(Free Disposal Hull) and concentration degrees of banks in the market using analyses of CR(Concentration Ratio) and H-H index(Hirschman- Herfindahl Index). Efficiency measurement analysis in banking industry is divided into DEA(CCR, BCC) and FDH as follows: production function approach(input factors-number of employees, fixed assets, number of branches, output factors-deposited amount, amount of loans, securities investment amount), mediation function approach(input factors- number of employees, fixed assets, number of branches, deposited amount, output factors-amount of loans, securities investment amount), value-added function approach(input factors-number of employees, fixed assets, number of branches, core deposit, output factors-interest of loans, commission). With uses of CCR and BCC which have highly practical use among DEA models, efficiency was analysed and with a use of FDH model, dominating and dominated relationship was analysed. Market concentration degree was analysed by using CR and H-H indices which consist of standard variables; scale of asset, amount of loans, and deposits. The purpose of this thesis is as follows : First, it is to establish the theoretical foundation by measuring empirical analysis on Korean bank efficiency. Second, it presents theoretical and empirical evidence to overcome limitations of existing studies that merger of Korean banking industry should be the response to the changing environment actively with increasing the efficiency of banking industry. Third, it empirically analyzes the changed efficiency and dominating and dominated relationship after merger of banks using FDH model. Fourth, with the use of CR and H-H index, it analyzes the market concentration degree of Korean banks and calls decision-makers' attention on monopoly in banking industry which shoul be considered in merger of banks. This study consists of 5 Chapters: Chapter 1 is a preface; Chapter 2 describes the theoretical review of bank merger; Chapter 3 deals with theoretical approaches to DEA (CCR, BCC), FDH, CR and H-H Index; Chapter 4 analyses efficiency using DEA(CCR, BCC) and Dominating and Dominated Relationship between merged banks using FDH. It also measures and analyzes concentration in market using CR and H-H Index; and Chapter 5 presents the outline of this study and suggests its policy implications with limitations. The results of empirical analysis of this thesis are summarized as follows: First, the results of measuring efficiency using DEA (CCR, BCC) are presented as follows: As a result of efficiency measurement by production approach, efficiency in commercial banks and local banks was improved during whole period (1995~2004). When efficiency was analysed with a use of mediation function approach, Shinhan Bank was regarded as the most efficient bank in CCR and BCC as seen in the production approach. For efficiency analysis by value-added function approach, efficiency of Foreign Exchange Bank has been deteriorated in all three approaches in 2001, but later its efficiency was improved. Of the merged banks, Shinhan Bank was the most efficient and BCC efficiency of Jeju Bank was the highest in local banks. Second, the results of efficiency analysis using FDH are presented as follows: During the entire analysis period, the most efficient banks were Shinhan Bank and Jeju Bank in good order. The efficiency of Jeil Bank was deteriorated worst in FDH efficiency, and Shinahan Bank was the most efficient bank in terms of CCR and BCC efficiency. Third, the results of dominating and dominated relationship analysis using FDH are presented as follows: Changed dominating and dominated relationship after the merger was analysed by production function approach: Benchmark bank of Housing Bank was Hanil Bank (Choheung Bank and Hanil Bank); That of Kookmin Bank was Foreign Exchange Bank (Choheung Bank and Foreign Exchange Bank) ; Benchmark banks of Hanmi Bank were Boram Bank in 1995 and 1996, and Hana Bank(Hana Bank) in 1997 and 1998; Benchmark bank of Choheung Bank was Shinhan Bank(Shinhan Bank). Changed dominating and dominated relationship after merger of banks was analysed by mediation function approach as follows: Benchmark banks of Kookmin Bank were Choheung Bank(Choheung Bank, Jeil Bank, Hanil Bank and Foreign Exchange Bank) in 1995, Jeil Bank (Choheung Bank, Jeil Bank, Hanil Bank and Foreign Exchange Bank) in 1996, and Hanil Bank(Hanil Bank) in 1997; Benchmark bank of Hana Bank was Shinhan Bank(Shinhan Bank); and Choheung Bank was Shinhan Bank(Shinhan Bank) in 2001-2003. Changed dominating and dominated relationship after merger of banks was analysed by value-added function approach: FDH efficiency score of Kookmin Bank in 1998 was 0.9982 and Housing Bank was the benchmark. Fifth, the results of analyzing concentration in market by CR and H-H index are presented as follows: For CR index, national banks remained relatively competitive in property, but in 1999 and 2000, the indices of top four banks increased greatly. In loans and deposits, they remained competitive, but in 1999 and 2000, figures increased greatly and partial monopoly occurred in market. H-H index showed also the same direction like the concentration. That is, national banks remained relatively competitive, but in 1999 and 2000, market sharing ratio of top four banks was rapidly increasing. The policy implications of this thesis are presented as follows; First, the inefficient banks whose efficiency was less than 1 in FDH should consider input and output factors of the banks which were examined in this study carefully, and prepare policy plans to decrease input factors and increase output factors for enhancing their efficiency. Second, to become efficient banks, the banks whose efficiency was 1 in FDH, but which have benchmark banks should introduce management techniques of their benchmark banks. Third, decision-makers of banking industry should consider the use of FDH model in efficiency analysis in bank merger like FDH model demonstrated dominating and dominated relationship empirically. Fourth, Korean government did not have time to consider monopoly of bank industry in restructuring because of loans from IMF. Therefore, it should consider the use of CR and H-H index in approving the bank merger. The limitations of this thesis are presented as follows : First, because of characteristics of DEA model, efficiency may depend on how variables are determined. This thesis selected variables by three approaches (production function approach, mediation function approach and added value function approach), referring previous studies to increase validity of variable determination, but it is suggested that further well-organized and elaborated studies on determination of variables are necessary. Second, this study presented only the results of empirical analyses on dominating and dominated relationship and concentration in banking industry without explaining the detailed real situation of each bank. Therefore, it is suggested that reasonable reasons and alternatives on how such results were obtained should be explained in the future study.