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위정범(Jung Bum Wee) 한국증권학회 2018 한국증권학회지 Vol.47 No.2
이 연구는 국내의 대표적 금융복합그룹들의 사업구조를 각각 은행업, 여신업, 보험업, 금융투자업의 네 영역으로 구분하여 분석하고, 그룹별로 사업포트폴리오의 수익·위험 조합(위험조정수익률)을 개선하기 위한 사업구조 개선 방향을 모색했다. 대체로, 은행업의 비중을 낮추고 비은행업의 비중을 높임으로써 그룹의 위험조정수익률을 개선할 수 있는 것으로 나타난다. 신한금융그룹은 우수한 성과를 보인 보험업과 금융투자업 영역을 확대하고, 상대적으로 높은 비중을 차지하는 여신업을 축소하는 것을 고려할 수 있을 것이다(사업영역의 비중 축소는 반드시 절대적 규모의 축소를 뜻하지 않는다). KB금융그룹은 우수한 성과를 보인 여신업과 KB손해보험 인수로 사업역량이 확대된 보험업의 비중을 늘리고, 최근 인수한 현대증권의 재정비가 필요한 것으로 보인다. 하나금융그룹은 차별화된 성과를 보인 금융투자업의 비중을 높이고, 경쟁력이 취약한 여신업과 보험업의 경우에는 당분간 기존 규모 유지 또는 인수·합병 등을 통해 경쟁력을 획기적으로 높이는 방안을 고려할 수 있을 것이다. 국내 금융기관들은 사업포트폴리오를 조정하는 과정에서, 국내 시장의 높은 경쟁을 감안하여 해외진출을 병행할 수 있을 것이다. This study examines the business portfolios of the three largest financial conglomerates in Korea and analyzes their activity in banking, credit financing, insurance, and financial investment. It aims to explore possible portfolio reforms that could help improve the conglomerates’ risk-return combination (i.e., risk-adjusted rate of return). In general, it was shown that reducing activity in banking and increasing activity in other fields can help conglomerates improve their simple and risk-adjusted rates of return. Specifically, it was shown that Shinhan Financial Group could potentially benefit from increasing their activity in insurance, in which they are already successful, and reducing their activity in credit financing, a field that constitutes a relatively weighty portion of their portfolio. KB Financial Group could increase their activity in credit financing, a field in which they are already successful, and insurance, a field in which they have already begun to expand with their acquisition of KB Property and Casualty Insurance. They should also restructure Hyundai Securities, which they recently acquired. Finally, Hana Financial Group was shown to potentially benefit from increasing their activity in financial investment. They could maintain their activity in credit financing and insurance for the time being or dramatically improve the competitiveness of their business activity through mergers and acquisitions. In adjusting their business structure, Korean financial institutions could consider expanding their foreign business as well, considering the intensive competition in the domestic market.
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위정범(Jung Bum Wee) 한국경제연구원 1998 한국경제연구원 연구보고서 Vol.1998 No.-
This paper studies the effect of the government economic policy and the optimizing behaviors of financial institution and business firm on corporate financial structure. Specifically, it analyzes the effect of government financial and industrial policies, firm's cost of financial distress, the agency cost of debt, firm's profitability (under information asymmetry) and corporate tax shields. The empirical result suggests that government financial policy, characterized by protection and regulation including interest rate regulation, has induced firms to highly depend on debt. The regulation on interest rates, that keeps the actual rates below the market rates to stimulate investment, has lowered the cost of borrowing and, thus, induced firms to issue more debt. Government protection and regulation in real sector appears to have aggravated firms' dependency on debt, too. Firms are able to maintain stable level of profit under protection and regulation once they enter the market although their freedom of business activity was somehow restricted. Further, the business risk of firm is decreased by the government preventive measure against bankruptcy such as financial ball-out and government-led mergers and acquisition. Thus, a firm considers less seriously the adverse effect of debt-financing on its business risk compared with in the absence of government intervention, and attempts to maximize its value by expanding sales instead of focusing on improvement of operating efficiency. In addition, the empirical result suggests that Korean firms are inclined to increase asset to use as collateral, and form conglomerates to utilize cross debt guarantee. On the other hand, firms lack financial reserves due to the heavy burden of financial expenses, and, therefore, have difficulty in raising equity capital from the internal source.
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위정범(Jung Bum Wee) 한국경영학회 2006 經營學硏究 Vol.35 No.2
This paper theoretically explores the effect of cost of financial distress on the design and calling of a bond. A callable bond, in this paper, represents both callable non-convertible bonds and callable convertible bonds. This paper adopts a game model of the manager-shareholder and the bondholder, wher the former is a strategic player and the latter is a price-taker.Regarding callable non-convertible debt, the model predicts that, in equilibrium, a firm defaults with the same probability as in the case of issuing the optimal standard bond. It implies that a callable non-convertible bond has no relative advantage over a standard bond when the cost of financial distress is considered.However, the model provides an interesting implication regarding the timing of call that a call price applicable at a later time is relatively higher than a call price applicable for an earlier time as the cost of financial distress is larger. It implies that a firm should expect to pay relatively higher call price if it calls a bond later instead of calling right now. Thus, a firm is less likely defer calling because the marginal benefit of deferring is lower. This result can be explained by that a firm issues a callable bond to reduce the chance of financial distress. Calling a non-convertible bond tends to be expedited when the cost of financial distress is large. Calling entails recapitalization. By exercising a call option embedded in a bond, a firm repays outstanding debts and raise new funds. It tends to have a stronger incentive to exercise call options early and thus avoid financial distress since the cost of financial distress is larger.On the other hand, the model shows that a firm remains bond-financed in a strictly larger set and defaults in a strictly smaller set of realized states in an intermediate period if it issues a callable convertible bond instead of a non-convertible bond. A firm is defined to remain bond-financed if a bond was issued in the beginning and has been neither called nor converted. Thus, a callable convertible bond enhances, if any, the benefit of bond-financing because a firm remains bond-financed with higher probability. It also mitigates cost of default because a firm defaults with lower probability. This result is driven by the design of a convertible bond. A convertible bond is designed to be converted if the return of a firm is relatively poor.This implies that, if information asymmetry is incorporated, a relatively good firm may issue a callable non-convertible bond for signaling while a relatively poor one issues a callable convertible bond. A good firm can incur signaling cost by issuing a non-convertible bond because a non-convertible bond has relative disadvantage. A poor firm chooses to be separated by issuing a convertible bond if it is better off. It also explains the relatively poor performance of firms around a call of convertible debt reported by existing literature. This may be further interpreted as implying that a call conveys negative information.In equilibrium, cost of financial distress ambiguously influences a sequence of call prices contrary to a non-convertible bond. Thus, the theoretical prediction about the effect of cost of financial distress on calling a convertible bond is ambiguous. A firm need not hurry calling to recapitalize because it becomes equity-financed and, therefore, free from default risk once a convertible bond is forced to be called.
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