은행합병과 거래기업의 금융관계 가치 = Bank Merger and the Value of Bank-Customer Relationships

다국어 초록 (Multilingual Abstract)

We attempt to measure the value of bank-customer relationships by using the Korean banks' merger announcement issued on July 31st, 1998. We examine the stock market reactions of customer firms to the bank merger announcement. We also use cross-sectional regressions to study how the stock price effects vary with proxies for firm-specific characteristics such as sales, firm age, Tobin's Q, leverage, bank loan, and bond issuances.
Our findings show that client firms of acquiring banks and target banks lose significant abnormal returns around the event date, and those client firms record lower returns when they are more profitable. These findings suggest that client firms of those banks expect less access to bank funds after their main banks complete the acquisition process, and at least they anticipate future changes in their main bank's lending policies. Client firms of competing banks incur negative large abnormal returns for the entire event windows. This indicates that client firms of competing banks expect strict lending conditions and unfavorable banking environments after the bank merger completes.

국문 초록 (Abstract)

본 연구는 우리나라 은행간 합병자료를 사용하여, 은행과 거래기업과의 금융관계의 가치를 측정하고자 하였다. 또한 이러한 금융관계의 가치는 거래기업의 규모, 영업기간, 부채비율, 수익성지표, 은행차입규모, 사채발행규모 등과 같은 기업특성변수들과 어떠한 관련이 있는지를 규명하고자 하였다.
본 연구에서는 최근의 우리나라 은행간 합병으로 합병관련은행의 거래기업들은 금융관계 가치에서 큰 손실을 자본화하고 있는 것으로 나타났다. 경쟁은행의 거래기업들도 큰 폭의 가치하락을 경험하였는 바, 이는 은행합병으로 인한 불리한 외부효과(externalities)가 은행산업 전체로 전염되면서 중소기업들에 대한 신용경색이 악화되는 규모효과까지 가세하였기 때문인 것으로 해석되었다.
또한 기업규모가 큰 대기업일수록 그리고 설립된지 오래된 기업일수록 은행과의 금융관계를 중요하게 평가하고 있었으나, 주거래은행의 합병은 대기업들에게는 긍정적인 영향을 주어 가치증대를 가져오며, 오래된 기업들에게는 부정적인 영향을 주어 가치감소를 초래하는 것으로 나타났다. 합병은행의 거래기업들에게는 Tobin's Q 가 높아 성장성이 좋은 우량기업일수록 주거래은행간 합병을 가치감소를 초래하는 사건으로 인식하고 있었다. 경쟁은행의 거래기업들에서는 채권발행 실적이 많은 기업들이 은행합병 이후 금융산업내에 효율적인 대형은행의 등장으로 자신들에게 더욱 신용접근의 기회가 늘어날 것으로 기대하고 있는 것으로 나타났다.

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