재무적 특성이 국내은행의 파생금융상품 거래활동에 미치는 영향

Banks can use derivatives either to hedge against unexpected changes in interest rates, foreign-exchange rates, commodity prices or to speculate on the future movements of these economic variables. The use of financial derivatives by Korean banks has exploded, but the growth has not been evenly distributed. Although banks are involved in the market for financial derivatives, there is little consensus regarding both how and why banks use derivatives. Under the assumption of differences in financial characteristics among the Korean banks, they are divided into several groups. According to the size of bank and the bank's characteristics such as large size bank and midium-small size, and commercial bank, local bank and special purpose bank. This study examines the factors that determine the use of financial derivatives by Korean banks. To investigate the limited dependent variable problem, we employed a Tobit model. We find that each bank uses the financial derivatives only to meet regulatory requirements or to speculate when liquid assets are high, but bank's coordinated risk management is not effected. We also find that banks, especially a member of a holding company, benefit from being associated with bank-holding companies. Since the activities on financial derivatives give an opportunity to hedge against risk, they can improve profitability and competitiveness through non-banking service expansion. Thus the major outcomes from this work can provide policy implications for both the new BIS capital adequacy ratio requirement and the implementation of the consolidated capital market acts in Korea.