金融機關 M&A의 經濟的 效果에 관한 硏究
(A) Study on the effects of M&A among financial institutions
금융기관 M&A 은행합병 합병 금융기관;
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We have seen lots of M&A among banks or banks and non-bank financial institutions worldwide to achieve economies of scale and/or economies of scope since 1980s. The trend toward M&A will continue to increase efficiency of the financial institutions. But according to the researches, there have been few proofs of cost efficiency and/or profit efficiency. Whereas some researches have shown that the appearance of mega-financial institutions through M&A caused many problems. Mega-financial institutions tend to acquire monopolistic profit through raising market power. They are likely to decrease loans to small business and individuals and increase the risks of financial system. Korea also has seen many M&As since 1997 foreign exchange crisis. The number of general banks in Korea decreased to 12 as of september, 2003 from 27 as of the end of the 1997. So Herfindahl & Hirschman Index of deposit market rose to 1,400 , somewhat concentrated market. Accordingly, the authorities concerned should pay heed to the possible negative economic effects of M&A among financial institutions. First, the watchdog should set a specific principle in acknowledging M&A among financial institutions to prevent excessive concentration in financial market. Second, the small-and-medium sized businesses depend largely on the banks in funding money. So to facilitate financing to small-sized businesses, the authorities concerned need to develop polices to have and foster small-and-medium sized banks specializing in lending to them. Third, to keep a reasonable level of competition among financial institutions, the government should set principles that prevent M&A among financial institution decreasing competition.