대부업체의 효율성 및 생산성 변화에 관한 연구: 2004 ~ 2009

Credit business in Korea has attained a continued growth since it was legalized in 2002 when Act on Registration of Credit Business and Protection of Financial Users was enacted. Due to its short history and relatively small market size, little attention from academics has been received. This dissertation investigates the efficiency and productivity change of the Korean credit business for the period of 2004–2009. We analyze large companies which engaged in credit business during the period. The sample set contains 9 credit service providers which were externally audited with the asset size of 7 billion Won or more. Using DEA and MPI, we measure the efficiency and productivity changes of these companies. An output-oriented DEA method which maximizes output levels under at most the present input consumption is employed. Given the sensitivity of efficiency estimates to the specification of outputs and inputs, we estimate two alternative models. We assume that credit businesses produce two desirable outputs, using three inputs. In Model 1, the outputs are loans and interest revenues. The three inputs are interest expenses, labor cost and write-off of bad loans. In Model 2, the outputs are operating revenue and operating profit. The three inputs are interest expenses, labor costs and write-off of bad loans. Empirical results from DEA indicate that sample firms exhibit higher efficiency in Model 1 in comparison with model 2 and efficiency is affected by environmental factors such as credit cards crisis, lowered interest ceiling and global financial crisis. Results from the analysis of MPI suggest that competitions among credit service providers are so strong that efficient DMUs in DEA analysis produce lower Malmquist Productivity Change Indices.