금융시장에서 담보가 기업의 자금조달선택에 미치는 영향에 관한 연구
A Study on the Influence of Securities on Corporate Financing Behavior in Financial Markets
This paper suggested a theoretical model, in which a security-based(secured loan, non-secured loan) credit agreement determines the form of corporate cost function through a loaning company's cost minimization in the light of a company which behaves monopolistically in product markets. Also, this paper analyzed the influence of a corporate credit agreement on market equilibrium, and economic welfare in product markets. As a result, it was found that in case a company, whose equity capital is small, implements borrowing based on a secured loan from a financial institution, the company comes to face borrowing restraints, in which the company has no choice but to get a loan within the scope of securities. When a company offers its capital goods, i.e. a production factor, as a security, there occurs a distortion to the production factor input ratio. Meanwhile, when a company comes to get a loan based on an unsecured loan, for which the interest rate is high, marginal cost rises; accordingly, the company comes to choose a credit agreement aiming at maximizing its profits. However, a company's choice of a credit agreement is not quite desirable from a consumer's viewpoint, and from the whole economic point of view; overall, such a choice is likely to aggravate economic welfare.
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