금융위기 이후 영국과 미국의 금융규제시스템 개혁에 관한 연구

이형기 ( Hyeong Ki Lee ) 아시아.유럽미래학회 2010 유라시아연구 Vol.7 No.1

Since the global crisis, discussions about renovation of financial regulatory system and restructuring of supervisory systems have gradually in place. However, while discussions on a comprehensive revision for overall financial regulatory system are vigorously unfolding in England, U.S.A. ,etc., the scope of discussions for revision in Korea has been limited to the re cent revision of the law of the Bank of Korea and improvements in information sharing and cooperated inspection between financial authorities. This is because Korea is relatively safe from the financial crisis and so the situation is not as serious as it is in England or U.S.A. Nevertheless, Korea already established a consolidated financial supervisory system ten years ago and thus its supervisory system, along with that of England, is one-step ahead of the system of U.S.A. as far a the supervisory system is concerned. Nonetheless, a fundamental establishment of supervisory system for each function is still lessthan satisfactory yet, and a role re-establishment of Financial Service Commission and Financial Supervisory Service, a role sharing of the Bank of Korea and Financial Supervisory Service regarding financial stability also remain to be implemented. In the course of the recent financial crisis, it has been found that the twin-peaks model which guarantees by policy the central bank’s supervisory function for macro-prudence is more effective in preventing and coping with the system risk compared with the consolidated supervisory organization model. The fact that the central bank’s role of financial stability as a supervisor of macro-prudence is greatly emphasized compared with the pre-crisis period is observed in renovation plans of both England and U.S.A. In order to aggressively cope with the possibility of recurrence of a financial crisis in the future, a more comprehensive discussion about revision of the financial supervisory system is necessary by way of a clear and open discussion process as in England and U.S.A. Specifically, an open discussion for the selection of supervisory model and a ‘general agreement of terms’ with regard to the introduction of macro-prudence supervision need to be signed in order to facilitate cooperation and check between the Bank of Korea and Financial Supervisory Service. A clear re-establishment of roles and relationship between the two institutes is also needed. The fact that the information and inspection results of supervisory organizations for micro-prudence in the renovation plans for English and U.S. financial regulatory systems and the fact that the both countries are allowing the central banks’ roles and right for the maintenance of stability of payment system should also be discussed fully during the discussion on Korea’s financial regulatory system. To improve international competitiveness through a balanced harmony between efficiency and prudence of Korean financial industry, a well-balanced harmony between micro-prudence supervision and macro- prudence supervision is most important. Micro-prudence supervision not supported by macro-prudence supervision could hardly achive the effectiveness, and macro-prudence supervision not complemented by micro-prudence supervision is helpless as well. In this respect, the renovational plans for financial regulatory systems in England and U.S.A. have a great implication in that they maximize the advantages of the current consolidated supervisory organization and can strongly play a role as a true ‘system risk supervisory organization’.

주제별 논단 : 자본시장통합법의 쟁점과 과제 ; 자본시장법상의 금융투자상품

이형기 ( Hyeong Ki Lee ) 한국금융법학회 2006 金融法硏究 Vol.3 No.1

The financial investment instrument is a fundamental concept in determining the scope of the Financial Investment Services and Capital Market Act . A right or security that falls under the Act has the following legal effect: first, except for some exempt securities, it is subject to issuance and distribution disclosure obligations; second, depending on the distribution status of the financial investment instrument, it is subject to regulations on unfair trading, such as insider trading and price manipulation; third, the business of trading or underwriting a financial investment instrument is subject to the Act. How to define a financial investment instrument depends on the particular legislative objectives. The Act, contrary to the current Securities and Exchange Act, defines securities in an abstract and comprehensive way. Moving away from the institutional regulation, this enables functional regulation, which should work to strengthen investor protection. This paper outlines, from the perspective of regulatory usefulness and legal stability in the context of a comprehensive definition of financial investment instruments, ways to clarify legal vagueness. It also points out issues and possible rectifications on the scope of instruments, taking into account existing regulations on financial instruments in the U.S., the U.K., and Japan.

생명보험회사의 약관대출 금리결정에 관한 요인분석

이형기 ( Hyeong Ki Lee ) 한국금융공학회 2010 금융공학연구 Vol.9 No.1

중앙은행은 2008년 3월부터 기준금리를 콜금리에서 RP금리로 전환하였다. 따라서 생명보험회사 약관대출금리에 환매조건부금리, CD금리, CP수익률, 국채, 종합금융회사 할인어음이 어떠한 영향을 주고 있는지를 분석하고자 하였다. EViews통계프로그램에 의한 분석결과, 생명보험회사 약관대출금리에 직접적으로 영향을 주는 변수는 RP금리와 CD금리, CP수익률, 국채금리 등 4개의 변수가 유의한 영향을 미치는 것으로 나타났다. 따라서 생명보험회사약관대출금리에 유의한 영향을 주는 변수는 환매조건부금리, CD금리, CP수익률 그리고 국채금리라는 것을 알게 되었다. 하지만 충격반응함수에서 살펴 볼 경우, 생명보험회사 약관대출금리의 변동에 따라 제일 많이 충격을 받는 변수는 CD금리와 CP할인어음으로 나타났으며 예측오차분산분해에 있어서는 CD금리와 RP금리 그리고 CP수익률이 다른 변수들에 비해 상대적으로 높은 설명력을 갖는 것으로 나타났다. 서술한 여러 가지 분석을 종합하여 보면 생명보험회사가 약관대출금리를 결정하는데 있어서 참고자료로 사용하는 변수는 CD금리를 제일 중시하는 것으로 판단되며 다음으로 환매조건부금리와 CP수익률, 국채금리 등을 참고자료로 사용하는 것으로 판단된다. 또한 서술한 분석을 달리 설명하면 이들 중요 변수들이 예정이율에 영향을 주게 되어 결과적으로 생명보험회사의 약관대출금리에도 영향을 주는 것으로도 추측하여 볼 수 있다. 그러므로 약관대출금리뿐만 아니라 예정이율의 변동을 알기 위해서는 이들 변수들의 변동을 알게 되면 쉽게 예측할 수 있을 것으로 판단한다. The Central Bank changed its benchmark interest rate from Call rate to RP rate since March 2008. Therefore, I would like to analyze how RP rate, CD rate, CP and merchant bank`s discount bill affect loan interest rate of life insurance companies. From the analysis results of EViews statistical program, the variable that directly affected to the terms of the loan interest rate in the life insurance company are RP rate, CD rate, CP earning rate, and bonds interest rate. In other words, these four variables do significantly affect towards the terms of the loan interest rate in the life insurance company. However, when we look at the shock absorbing function, CD rate and CP earning rate are the mostly affected variables when the loan interest rate in the life insurance company changes occur. According to a comprehensive analysis of various kinds of description, when life insurance company decides on the loan interest rate, it utilizes CD rate the most as a reference variable, next RP rate, CP earning rate, and bonds interest rate accordingly. Also, when the description is explained from different viewpoint, these major variables can affect the expected rate which one can assume that they affect the loan interest rate in the life insurance company as a result. Therefore, in order to find the expected rate, not just the loan interest rate, one can easily predict closely watching trends of these variables.

금융투자회사의 최선집행의무에 관한 소고

이형기(Lee, Hyeong-Ki) 글로벌경영학회 2013 글로벌경영학회지 Vol.10 No.1

정보통신기술의 발전에 따른 증권거래의 전자화는 전통적인 거래소와 다자간매매체결회사 (ATS)간의 주식매매주문획득을 위한 시장간 경쟁을 더욱 강화하고 있다. 당초 미국에 한정되었던 시장간 활발한 경쟁체제는 EU의 금융상품시장지침(MiFID)시행 이후 유럽에서도 점차 확대되고 있는 실정이다. 이에 국내에서도 글로벌 증권시장간 경쟁이 활발히 진행되고 있는 가운데, 최근 추진되고 있는 자본시장법 개정안은 유통시장의 경쟁과 효율성 제고를 위해 시장집중의무를 폐지 함과 동시에 다자간매매체결회사의 도입을 추진하고 있다. 국내증권거래소가 시장운영자의 공공 적인 성격에 따른 독점적 지위 등으로 경쟁력 상실과 폐해가 발생되고 있는 오늘날, 주식시장간 경쟁의 의의는 매우 크다. 시장간 경쟁은 글로벌 경쟁력을 강화할 뿐만 아니라, 거래의 공정성과 투명성 향상으로 고객의 편의성을 증대할 수 있다. 이러한 의미에서 본격적인 유통시장의 경쟁과 효율성을 제고하고 다자 간매매체결회사의 안정적인 정착을 유도하기 위해서는 규제당국은 물론, 시장 이용자의 시장에 대한 신뢰구축 등의 노력도 필요하지만, 미국, EU, 일본의 시장시스템과 규제현황의 분석을 통해 금융투자업자의 수탁자책임의 일환으로서 최선집행의무(best execution)의 효율성과 실효성 확보가 무엇보다 중요하다는 것을 지적하고 이를 위한 합리적인 방안을 제시한 것이다. Electronic trading, driven by information technology development, is intensifying competition between traditional stock exchanges and alternative trading systems (ATS). The US has long been recognized for allowing multiple markets to compete to match buyers and sellers, but this competitive system has been increasingly appearing in Europe since the implementation of the Markets in Financial Instruments Directives (MiFID). In line with this trend of increased competition, Korea has been moving in a similar direction as well. The proposed amendments to the Financial Investment Services and Capital Markets Act (FSCMA) will abolish the concentration rule and introduce an Alternative Trading System (ATS) in order to encourage competition among trading venues, thereby improving market efficiency. This change will have significant implications for Korea s equity trading landscape, as the Korea Exchange is currently losing its competitive edge primarily due to its monopolistic position in the market. A competitive environment for trading venues is an essential aspect of capital market development. It not only enables the local trading facilities to strengthen their global competitiveness, but also helps enhance customer convenience through increased transparency and fairness in the market. In this respect, a concerted effort by regulators and industry players is required to build confidence in the market, so as to ensure the successful introduction of the multilateral trading facility and create a level playing field in the secondary market. More importantly, it is critical for financial services companies to fulfill their fiduciary duty of best execution in an effective and faithful manner. In this regard, this paper examines market situations and regulatory aspects of best execution practices in the US, EU and Japan, and suggests ways to ensure that the best execution duties are fulfilled effectively by Korea s financial services companies.

고령사회의 금융서비스기능 강화방안

이형기(Lee, Hyeong Ki) 한국증권법학회 2019 증권법연구 Vol.20 No.3

애널리스트의 법적규제에 관한 고찰

이형기 ( Hyeong Ki Lee ) 한국상사판례학회 2004 상사판례연구 Vol.17 No.-

금융투자업의 직무윤리에 관한 연구

이형기(Lee, Hyeong-Ki) 대한경영학회 2010 大韓經營學會誌 Vol.23 No.5

1980년대에 발표된 국내 의학연구논문의 방법론 및 통계처리기법의 타당성에 관한 평가 연구

이형기(Hyeong Ki Lee),안윤옥(Yoon Ok Ahn) 한국의학교육학회 1991 Korean journal of medical education Vol.3 No.1

The methodological and statistical validity of 382 original articles published in the Journal of the Korean Medical Association, from January 1980 to December 1989 was reviewed by the author-devised c heck list consisting of 21 items (14 items for methodological validity and 7 items for methodology, and of 297 articles using statistical analyses a total of 290 articles (97.6%) were found to contain at least one error in statistical methods used. The mean and standard deviation of validity score of one article , defined as the total number of valid items devided by the total number of applicable items and then multiplied by 100, were 43.8 and 15.2, respectively. The distribution of validity score was as follows ; over 60 (57 articles, 14.9%), 30 to 59 (266 articles, 69.6%), and under 30 (59 articles, 15.5%). The proportion of articles, of which validity score was over 60, was significantly higher in descriptive study (19.4%) than in analytic study (8.4%, p = 0.003). Also the articles of over 60 in validity score were more frequent in survey (15.9%) than in experiment (8.2%), and in cross-sectional study (16.8%) than in longitudinal study (10.6%), but this finding was not statistically significant. The averaged validity score of two year period was highest in 1984-1955 (50.24), and lowest in 1986-1987 (38.85). There was no significant time trend of the averaged validity score over 10 years(p>0.1). These results suggest that medical articles published in Korea, 1980-1989, were short of their expected quality, and there have been no evidence of improvement with time. It is concluded that a basic training in biostatistical methods in the medical postgraduates and residencies, more consultation of medical investigators with statistician or other experts, and careful review by someone knowledgeable in biostatistics or research design before accepting a manuscript are needed. In addition, refutation should be allowed for the controversial point through the journal.

금융기관종사원들의 직무불안이 고객지향성에 미치는 영향: 조직몰입과 이직의도를 매개로

이형기(Hyeong ki Lee) 대한경영학회 2020 大韓經營學會誌 Vol.33 No.9

주식시장의 비이성적 행동과 공개정보의 역할 - 한국 매스미디어로 부터 증거 -

손판도,이형기,Son, Pando,Lee, Hyeong ki 대한경영정보학회 2020 경영과 정보연구 Vol.39 No.3

본 논문에서는 1998년 1월부터 2012년 12월까지 공개정보를 전달하는 매스미디어를 표본으로 하여 투자자의 비이성적 행동(즉 비관적 분위기)이 주식시장의 수익률 및 투자자의 시장 활동에 어떠한 역할을 하는지를 검증하였다. 이론적으로 비관적 투자자 이론에 따르면 투자자의 비관적 분위기는 자기자본 가격하락 압력에 직면하게 되고, 이에 따라 시장의 분위기가 비관적으로 되며 시장수익률이 하락한다는 것이다. 또한 이러한 투자자의 비관주의가 시장에서 거래비용을 증가시키게 되고 결국 시장 투자자들의 거래활동을 위축시키게 된다는 것을 제시하고 있다. 따라서 공개 정보 전달 채널인 매스미디어에서 제공하는 공개 정보의 비관적 보도가 투자자들의 비이성적 행동을 유도하게 되고, 이것은 결국 주식시장에 직접적으로 영향을 주게 된다는 것이다. 기존 이론적 및 실증적 연구 결과를 국내 매스미디어 표본을 사용하여 실증 분석한 결과는 다음과 같다. 첫째, 현재 매스미디어 비관주의가 시장수익률 및 시장초과수익률에 부(-)의 영향을 주었지만 통계적으로 유의한 결과를 제시하지는 못하였다. 둘째, 미래 매스미디어 비관주의는 현재 주식시장의 비관적 분위기에 부의 영향을 받는다는 증거가 제시되었다. 셋째, 다양한 시장 활동 대용변수를 사용하여 매스미디어 비관주의가 투자자의 시장 활동에 어떻게 영향을 주는지를 검증한 결과 비관주의가 시장 활동을 위축시킨다는 결과를 발견하였으며, 통계적으로는 유의한 결과를 제시하지 못하였다. 통계적 유의성이 낮은 이유는 표본수집이 월 단위로 인하여 효과가 감소하였기 때문으로 추측된다. 본 논문에서 발견된 증거는 통계적으로 유의하지 않지만 부호는 이론적 관점에서 예측된 결과를 지지하고 있다. This study analyzes how investors' irrational behavior (or pessimistic sentiment) affects stock market returns and investors' market activity using mass media that delivered public information from January 1998 to December 2012 as a sample. According to pessimistic investor theory, investor pessimism leads to downward pressure on the price of equity capital, thereby making market sentiment pessimistic and lowering market yields. It also shows that investor pessimism increases transaction costs in the market, which in turn dampens investors' trading activities. In other words, pessimistic reporting on public information disseminated by mass media induces investors to act irrationally, eventually having a direct impact on the stock market. This study conducted an empirical analysis of the existing theoretical and empirical studies using domestic mass media as a sample. First, the study revealed a negative correlation between pessimistic reporting and returns as well as excess returns, while it did not show statistically significant results. Second, evidence has been suggested that pessimistic sentiment in the stock market has a negative impact on future pessimistic reporting by mass media. Third, the analysis of the impact of pessimistic reporting on investors' market activity using proxy variables for various market activities found that pessimism dampens market activity, while it did not show statistically significant results. It is assumed that low statistical significance is due to the fact that sample collection was carried out on a monthly basis. While the results of the study have low statistical significance, statistical signs support predictions of the theory.