대기업집단 내 보험회사의 내부거래에 관한 연구

The paper analyses the inside transactions of the insurance companies with the associated companies in the large conglomerates during the years of 2011-2013. It is motivated by the raised attention on the financial stability of the insurance industry after the financial crisis starting in 2008. It has long been argued that the existence of an insurance company in the conglomerate may cause financial instability because the insurance company is linked with other associated companies, including non-financial entities, through ownership and transactions. To judge the possible contagion effect, it is critical to know the state of relationship between the insurance companies and the associated companies. It turns out that no insurance company holds large portion of associates’ shares and debts, compared to its asset, at the same time, but some insurance companies do hold relatively large shares or debts of the associates as their assets. And some associates hold relatively large shares or debts of the insurance companies as their assets. Since the size of asset tends to be smaller for the associates than the insurance companies, the ratio of the shares or debts to the asset is higher for the associates. Thus, ceteris paribus, financial distress of the insurance companies would have larger negative impact on the associates than the other way round. A logit model analysis shows that the amount of shares owned by the ‘owner family’ significantly raises the possibility of which associates tend to hold the shares of the insurance company and has the debtor/debtee relationship with the insurance company.