협동조합금융기관에 대한 자본적정성 규제의 영향: 국내 신용협동조합 재무자료의 패널회귀분석

This paper analyzes the effects of capital regulation on the behavior of cooperative financial institutions using semiannual accounting data of Korean credit unions from 2010 to 2016. We found some meaningful results. First, credit unions facing stronger regulatory pressure tend to aggressively increase the portion of loans among their total assets, which turns out to increase profit. This implies that capital regulation has the positive effect of improving the average net capital ratio of credit unions. The apparent difference between credit unions and commercial banks might come from the distinct measurement of capital ratios. Considering the ongoing stagnancy of credit unions’ loan business, the current way of calculating capital ratio—not taking into account the risk weights of assets—needs to be maintained, for it enables credit unions to accomplish their initial goal. Second, credit unions facing stronger regulatory pressure tend to aggressively increase the portion of fee business. The change in fee business, however, turns out not to be related to a change in profit. We conjecture that this is because the absolute size of the fee business is so small. A large increase in the portion of fee business might cause a significant increase in profit. Third, credit unions facing stronger regulatory pressure tend to decrease the portion of securities business. Increasing both the loan and securities business simultaneously might be very difficult, because both require real assets. The weak correlation between securities business and profits might be due to the small size of the securities business in credit unions.