정보기술(Information Technology)의 발전과 금융시장의 변모 : 은행산업을 중심으로

We investigate the possibility that information technology changes the industrial structure of the economy in a significant way by affecting both scale and scope economies. The primary hypothesis is that the rapid growth of information technology has two opposing effects to the firm size. IT not only reduces external transaction costs and stimulates inter-firm transactions, but also economizes on internal production and coordination costs. Relatively large enterprises tend to grow faster while the proportion of smaller firms tends to increase also. Although the average size of small and medium sized firms decreases, the number of firms with accompanying industry variety increases very rapidly. We call this polarization effect of information technology and expect to see in korean banking industry. To examine our hypothesis we use cross-section and time series panel data on the size of bank in the korean banking industry. We measure the IT variable using the commonly employed variables such as IT capital stock. The polarization hypothesis is not confirmed and average size of small and large bank increases because IT labor increases more than ordinary labor. IT capital stock also is a substitute for ordinary labor, suggesting that the factor share of IT in production will grow to more significant levels over time. Further we find excess return on IT investment relative to ordinary labor input in large bank and small bank. Taken together, these results shed new light on the productivity paradox of IT and show that banks take advantage of the continuing investment in IT.