증권회사 고객예수금의 가치관련성

Customer-related intangible assets are one of representative intangibles of financial institutions, which indicates favorable customer relationship from core deposits of commercial banks, credit card customers of credit card companies, or security brokerage accounts of security companies. High customer deposit balance represents that they have high loyalty customers maintaining the deposit accounts and continuing fee income-generating transactions for a long time. For instance, core deposits of commercial banks are customer deposits such as checking accounts or passbook accounts, usually bearing no or minimal interests with no maturity (i.e. matured on demand) or short- term maturity periods. However, the customers do not generally withdraw the account deposits at once even though they are matured on demand, but maintains certain level of money for a long term period. Therefore, core deposit owners are perceived as loyalty customers creating intangible value for the banks in the senses that (i) they are substantially providing financing to the banks with no or minimal borrowing costs, and (ii) the banks are simultaneously earning fee income from the customers' bank transactions from time to time. Accordingly, previous studies reported that the higher level of core deposits, the higher firm value of the banks (Carhill 1997); similarly, value multiple (Kohlbeck and Warfield 2002) or acquisition price (Lenney and Jones 2008) of banks with high core deposits becomes higher in their firm valuation. With regard to the securities brokerage companies, brokerage customer deposit accounts have similar characteristics with core deposits of commercial banks in a sense that it is creating customer-related intangible values. i.e. securities brokerage customers keep their investment funds in the securities brokerage customer accounts from which they draw the funds and invest them in investment securities such as shares, bonds or other financial instruments, and deposits the proceeds from sales of the investment securities in the customer deposit accounts. Therefore securities brokerage customer deposits would represent size of the funds ready for investment transactions which would indicate the size and, to some extent, frequency of transactions generating brokerage fee incomes as well as size of loyalty brokerage customers. Therefore, these customers' favorable relationship with the securities brokerage companies are similar with the core deposits of commercial banks, both of which are creating long term benefits. These benefits are creating intangible values of the securities brokerage companies or commercial banks even though the customer deposit accounts is decreasing the firm value to some extent of the short-term or no maturity liability characteristics (Reilly and Schweihs 1998; Anson 2007). Based on the above, I examine whether securities brokerage companies' customer deposit accounts have similar characteristics with core deposits of the banks; i.e. we see that the customer deposit accounts of securities brokerage companies are stable and their representing customer relationship is maintained for a long-time period, thus creating continuous benefits even though they are liabilities. I expect that the customer deposit account balance size would have positive relationship with the firm value of securities brokerage companies. Samples are 203 firm-years of securities brokerage companies in Korea listed in the Korea Stock Exchange from 2002 to 2011. Results of this study show that size of the brokerage customer deposit account balance of securities brokerage companies has positive relationship with their stock value. This result is consistent with the hypothesis of this study that expects that the higher securities brokerage customer accounts, the higher firm value. In addition, it is noted that securities brokerage customer accounts could be classified into several account types, which could represent various security company's brokerage transactions. e.g. certain customer accounts are representing customers persisting for a longer term period (e.g. brokerage transaction accounts, savings accounts), while other customer accounts are representing more speculative or shorter term customers (e.g. forward and option transaction accounts). I found that a longer-term customer account's characteristics have a significantly positive relationship with the firm value while more speculative or shorter-term characteristics have a significantly negative relationship. while ones representing had a significantly negative relationship with the firm value. These results could be interpreted that brokerage transaction customers has more “favorable customer” characteristics creating higher intangible values. Also, I examine whether the increase in customer deposit accounts have relationship with the firm value, and found that it shows similar but limited evidence. This study has contributions to the existing literature for customer-relationship intangibles of financial institutions. First, I found that brokerage customer deposit accounts have value-increasing characteristics by creating customer-related intangibles even though such accounts are value-decreasing liabilities. In addition, previous studies for core deposits in Korea or in foreign countries are focusing on value relevance of commercial bank or bank holding company's customer accounts; I expanded the examinations of customer deposit's value relevance to securities brokerage customer deposits, which has not been covered by the previous papers. Second, putting together classification of customer deposit accounts by characteristics such as long-term going or speculative ones, I found that such characteristics could discriminate the value relevance of each customer account classification. i.e. a longer-term customer deposit account has positive relationship with the firm value, while a speculative or shorter-term one has negative relationship.