[논문]우리나라 상호금융조합의 효율성 및 생산성 분석

배세영; 김희창

doi:10.14400/jdc.2020.18.2.235

우리나라 상호금융조합의 효율성 및 생산성 분석
An Analysis on the Efficiency and Productivity for Major Mutual Financing Cooperatives in Korea 원문보기

디지털융복합연구 = Journal of digital convergence, v.18 no.2, 2020년, pp.235 - 247

배세영 (건양대학교 금융학과) , 김희창 (건양대학교 금융학과)

초록
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우리나라 상호금융조합은 안정적이고 지속가능한 성장과 경쟁력 확보를 위해 효율성 및 생산성을 높이기 위한 노력이 필요하다. 따라서 본 연구에서는 2012-2018 기간 중 상호금융조합의 효율성과 생산성을 분석하고, 효율성 및 생산성 제고를 위한 시사점을 제시한다. 분석을 위해 기존의 연구에서 사용된 전통적 블랙박스 DEA(Data Envelopment Analysis) 모형에서 벗어나, 단계 및 동태 분석이 보다 세부적으로 가능한 Dynamic-Network Slacks-Based Measure(DNSBM) 모형을 사용하였다. 분석결과, 첫째, 상호금융기관의 평균 효율성은 매우 낮게 나타났으나, 2015년 이후 개선되고 있는 것으로 분석되었다. 둘째, 우리나라 상호금융기관은 예수금과 대출금 확보 등 영업활동에서의 비효율 보다는 안정적인 이자수익의 확보 등 수익성 측면에서의 비효율이 더 높은 것으로 나타났다. 셋째, 대부분의 상호금융기관의 비효율은 투입요소에서 보다는 산출요소에서 비효율이 높은 것으로 나타났으며, 넷째, Malmquist 생산성 분석결과, 생산성은 효율성 변화(catch-up)에서 후퇴, 기술변화(frontier-shift)에서 성장한 것으로 분석되었다. 이상의 분석결과를 통해 우리나라 상호금융조합은 무수익여신의 관리, 이자수익을 위한 대출확보, 이자수익 외 다양한 수익기반 확보 등의 개선 노력이 필요하다.

Abstract ▼ AI-Helper

The Mutual Financial Cooperatives(MFCs) in Korea need to make efforts to increase efficiency and productivity in order to secure stable and sustainable growth and competitiveness. Therefore, this study analyzes the efficiency and productivity of MFCs from 2012 to 2018 and suggests some implications. The methodology employed is a Dynamic-Network Slacks-Based Measure(DNSBM) Model. The findings from an empirical study include that first, on average efficiency scores of the institutions, NH(0.225) showed the highest overall efficiency, and followed by SH(0.128) and MG(0.126). After 2015, most of the MFCs' efficiency scores had risen until to 2018. Second, in divisional analysis, the inefficiency in creating the high profitability-stage had been greater than establishing-funds-stage. Third, in projection analysis of Division 2, the inefficiency of the output factors such as interest income and operating income was severe. Fourth, the results from the Malmquist Productivity Index analysis of Division 1 of the fist-stage illustrate that all three MFCs showed minus catch-up effects. Also, a soundness from reducing bad loans and expansion of loans in combination with generating various ways of creating profits besides the interest income is urgently needed for Korean MFCs.

주제어

표/그림 (11)

그림 Fig. 1. Catch-up and Frontier-shift Effects
표 Table 1. Inputs, Intermediate Product, Outputs, Carryovers Used in Two-stage DEA Models
그림 Fig. 2. Two-stage Dynamic Network DEA Model
표 Table 2. Basic Statistics of the Inputs and Output
표 Table 3. Efficiency Scores of the MFCs in 2012~2018
표 Table 4. Efficiency Scores by Types in 2012~2018
표 Table 5. Average Efficiency Scores by Regions in 2012~2018
표 Table 6. Divisional Efficiency Scores by MFCs
표 Table 7. Projection of Input-Output, Carryover, and Link Variables
표 Table 8. Results of the Malmquist Productivity Index Analysis
표 Table 9. Results of Malmquist Index, Catch-up & Frontier-Shift Effects (2012~2018, Geometric mean)

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문제 정의

However, despite the high growth of MFCs, many argue how these MFCs could survive amid the risk of not only a prolonged economic recession, which creates the high status of the non-performing loans(NPLs) but also low-interest rates that contribute to low profitability. Therefore, this study aims to analyze the efficiency and productivity of MFCs operating in Daejeon city and Chungjeong provinces in 2012-2018 and suggest policy implications for the stable and sound growth of MFCs for regional development.
Through the above results, this study suggests a management strategy for sustainable development by increasing the efficiency and productivity of mutual financial cooperatives.

제안 방법

In this study, each division illustrates the production function (establishing-funds-stage) and value-added function (profitability-stage); then, input-output variables and link variables are selected based on the above-mentioned methods. First, Division 1 represents the production function of the financial institution, and the number of employees and tangible fixed assets as are selected as inputs, and the deposit has been used as an output variable.
In this study, we used a dynamic & network SBM model that combines three models.
This study aims to derive implications for enhancing the competitiveness of Korea’s MFCs in the era of low economic growth and low interest rates by analyzing the efficixency and productivity of NH, MG, and SH in the regions of Daejeon City as well as Chungnam /Chungbuk Provinces.

대상 데이터

As a methodology used, DNSBM (Dynamic-Network Slacks-Based Measure) Model has been chosen. The period of coverage to be analyzed is from 2012 to 2018, and there are 213 NH branches, 148 MG branches, and 179 SH branches operating in the regions of Daejeon and Chungnam/Chungbuk Provinces. The data has been collected from the Financial Statements, the Financial Statistics System, and Management Disclosure from each institution.
The cooperatives in the financial market in Korea have been struggling with low-interest rates, a long period of economic recession, and rapid growth of the financial innovation. This paper examined the efficiency and productivity of the three largest Mutual Financial Cooperatives(MFCs), NongHyup(NH), Saemael Gumgo (MG), and ShinHyup(SH) with 540 DMUs in the regions of Daejeon City and Chungnam/Chungbuk Provinces during the period of 2012-2018. The methodology used is a Dynamic-Network Slacks-Based Measure(DNSBM) Model of DEA(Data Envelopment Analysis), which differs from the conventional Black-Box models of CCR and BCC used in various ways.

이론/모형

A methodology employed in this paper is a Dynamic & Network Slacks-Based Measure(DNSBM) Model initiated by Tone & Tsutsui(2014).
They used a two-stage DEA method and Tones’ SBM-DEA approach with variable returns to scale(VRS)[15].

성능/효과

Fifth, in the Malmquist Productivity Index(MPI) analysis, the empirical results show that the overall MPI shows 1.2% - a positive productivity growth: MG showed the highest rate, 3.0%, while NH and SH resulted in 2.8% and minus 2.1%, respectively. All three MFCs’ productivity rates are meager enough not to overcome the difficult macroeconomic situation.
Second, the measured average efficiency scores by various types in each cooperative bank show that the regions were the most efficient in the period examined, while Chungnam showed the highest efficiency score.
The results of Division 1’s efficiency showed that NH had a stronger performance in efficiency(0.350) than other competitors, SH(0.253) and MG(0.228).
Third, in divisional analysis, this paper found that the inefficiency in creating the high profitability-stage, which includes the sales activity of the cooperatives, had been greater than the establishing-funds-stage.

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