증권산업에서의 규모와 생산성

This study investigates the relationship between firm size and productivity in the Korean securities industry for the period 2000-2006. We estimate, using a mathematical programming technique, the Malmquist productivity index and decompose the index into two different components, efficiency change and frontier change. The results shows that on average large size firms have exhibited relatively lower level of productivity index than small size firms during the sample period and the increase in asset has not enhanced productivity. Other important findings are as follows; First, the Malmquist productivity indices have been greater than one for the entire period. The industry has increased its productivity about 6.4% per year. Second, productivity change has contributed to productivity more than efficiency change. Third, the productivity has been positively affected by return on assets, cyber trading, dealer and underwriting business. Overall the securities industry has over-invested during the period. The findings suggest that individual security firms may be able to improve productivity by choosing differential strategies depending upon scale and output combinations.