이 연구에서는 기업의 성장이 금융요인에 의해 어떤 영향을 받는 가를 실증분석하고 또 금융발전이 어떤 제도적인 요인에 의해 변동 하는가를 최근의 새로운 자료를 이용하여 실증분석한 것이다
.
특히 첨단기술산업의 발전을 위해서 금융발전 중 은행과 자본시장의 발 전에 따라 달라지는가를 실증적으로 분석한 것이다.
이 같은 분석은 이미 많은 경제학자들에 의해 분석이 이루어진 바 있으나 다음과 같 은 몇 가지는 보다 개선된 연구결과를 산출해 내기 위해 향후 보완 이 필요하다.
첫째는 보다 광범위한 금융발전지표를 활용하여 보다 폭넓은 분 석을 시도해 볼 필요가 있다
.
이 연구에서도 기존의 연구들이 거의 모두 은행과 자본시장의 발전만을 다루고 있고,
또 이 연구도 은행 발전과 자본시장의 발전만을 다루고 있으나 채권시장이 급속히 커 짐에 따라 이 부분을 포함한 보다 심층적인 분석이 요구되고 있다.
둘째로 이 분석에서는 기존의 연구에 따라 평균 자료를 이용한 분석 을 시도하고 있다.
기업성장 분석에서나 금융발전의 요인 분석 모두 시계열 자료 및 횡단면 자료를 이용한 분석을 통해서 패널분석을 시 도해 볼 필요가 있다.
셋째로 최근 국제적 금융위기에 비추어 볼 때 금융발전도 중요하지만 금융제도의 안정이 함께 확보되어야 하는데,
이러한 안정을 확보하기 위해서는 상업은행의 건전성이 대단히 중 요하다.
이러한 점에서 은행부문의 건전한 발전과 자본시장발전에 는 긴밀한 상호보완관계가 존재할 것으로 보인다.
추후 은행의 건전한 발전이 자본시장발전에 어떻게 영향을 미치는지
,
또한 자본시장 발전이 은행발전에는 어떤 영향을 미치는지,
그리고 이들이 기업성 장에 종합적으로 어떤 영향을 미치는지를 연구해 볼 필요가 있다.
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Abstract
The Effects of Financial Development on Corporate Growth : Implications for High-tech Companies' Growth Strategy
Byoungki Lee
This study analyzes which factors induce corporate growth and what is the role of financial development in corporate growth. In particular, policy implications are explored in shaping growth strategies for high-tech companies.
Results from the research suggest how to develop the financial system into the one conducive to corporate growth and which direction to take in reorganizing related institutions to create high-tech industries.
First, financial development is a very important factor in bringing about corporate growth. The analysis using financial development index after controlling other corporate finance variables of companies reveals that development of the stock market or banks has been crucial in prompting corporate growth. Second, the hypothesis that financial development accelerate the growth of companies can be identically proven both for high-tech industries or traditional industries. The financial development has a bigger effect on the corporate growth in case of high-tech companies rather than in traditional industries. Third, high-tech companies owes its accelerated growth more to the development of the stock market than to that of banks. Fourth, microeconomic analysis also shows that difference in the financial system is not an important factor in causing different performances among companies. The financial