증권산업구조와 경영효율성, 증권회사의 성과

The purpose of this paper is to test the effects of market structure and operational efficiency on performance of securities companies. We introduce both profit and price as performance variables of a securities company. Employing market concentration and market share as market structure variables, we estimate the effects of the X-efficiencies and scale efficiencies on performance of securities companies from estimating cost and revenue function. Estimated profit and price equations show that the ESX hypothesis holds, implying that efficient securities companies contribute the increase in consumers’ surplus by lower price, while they gain more profit, but expend less cost than others. Additionally, we infer that the firm, which gains more revenue from the same amounts of inputs, has efficient channel in supplying service. The empirical outcomes that the ESX hypothesis holds, but the SCP and RMP hypotheses do not, imply that the efficient company’s profit should be interpreted as not monopoly rent but economic rent. However, the fact that the scale efficiency indices do not support the ESS hypothesis shows that the securities companies are not optimal in size and consumers’ preferences are indifferent to the size of the firms.