논문 : 증권사의 IT 투자를 통한 지식경영 성과 연구 -패널자료 분석- = The Effects of IT Investment on the Knowledge Management Performance of Korean Securities Firms -A Panel Data Analysis-

국문 초록 (Abstract)

본고에서는 다양한 패널 추정기법을 사용하여, 기존 연구에 결여된 국내증권사의 경영성과에 대한 금융정보화(IT)투자의 효과를 분석하였다. 국내 22개 증권사별 금융정보화 및 재무제표에 대한 연간 패널자료(1992-2004)가 실증분석에 사용되었다. 패널 단위근 검정 결과를 고려한 후, 고정효과모형, 확률효과모형 및 패널GMM의 3가지 패널 추정기법을 사용하여 수익성 방정식을 추정하였다. 실증분석 결과, 증권사 수익률 대리변수들 중, 총자산순이익률과 IT투자 변수가 가장 강력한 양(+)의 관계를 나타냈다. 증권사 규모별로는 소형증권사보다 대형증권사에서 IT투자가 수익률 제고에 더 강력한 효과를 주었다. 증권사 전략별로는 도매증권사보다 소매증권사에서 IT투자가 수익률에 더 강력한 양의 효과를 갖는 것으로 추정되었다. 재무분석 이론에 근거한 회귀변수의 선정을 통해 모형 적합도가 선행 연구보다 제고되었다.

다국어 초록 (Multilingual Abstract)

This paper analyzes the effects of IT investment on the performance of Korean securities firms using various panel estimation techniques. Annual panel data (1992-2004) on the IT investments and financial statements of 22 Korean securities firms are employed in the analysis. The profitability equations of the securities firms are estimated by the fixed and random effects models and panel GMM techniques. The positive relationship between ROA and the capital budget ratio is found to be the strongest among many proxies. The IT investments of large, retail, and high IT securities firms display stronger positive effects on returns in the analyses by group. The goodness of fit of the regression model is enhanced by selecting regressors based on financial analysis theories as compared with the existing literature.

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