단기와 장기 비용프런티어에 기초한 생산용량 효율측정: 한국 증권산업을 중심으로

The purpose of the paper is to measure cost-based capacity efficiencies under given existing outputs in Korean listed securities companies using short-run and long-run cost frontiers for 2010~2014. The reason why we selected Korean securities industry in the research is because, in the times which it was very difficult to increase profits due to restructuring and reduction of labor force for overcoming finance crisis since 2008, Korean securities industry had made effort to improve efficiency by reducing costs. But, as there has been many insistences that the performance of such efforts were slight in that profit did not much increase, and cost saving was also not enough, we thought that the cost reduction could be happened not only reduction of labor forces but also in use of capital facilities. Cost-based capacity efficiency in the study is defined as ratio of long-run cost efficiency over short-run cost efficiency. We measure how much observed cost is deviated from short and long-run minimum costs through the concept of capacity efficiency. Specially, the capacity efficiency is measured in terms of cost when output produced is given. Expressing cost-based capacity in other words, the concept is defined as the gaps between short-run cost frontier and long-run cost frontier, and the gaps can be considered as gaps between the optimal fixed input and actual fixed input. If we do not use fixed input optimally, idle facilities may happen, and this brings additional costs, and another factor of inefficiency. The main point is to estimate the extent of unused capacities. That is, when the fixed inputs are not optimal in the short-run, additional cost occurs and the capacity inefficiency can exist. Empirical result reported that the fixed input was not used suitably in the most of Korean securities companies, and there existed the possibility to reduce cost a little more by adjusting the fixed inputs and output in the long-run.