정부소유 은행 관계와 기업 신용등급

This paper analyzes the relationship between government-owned bank relationships and corporate credit grade using micro firm level data. For the analysis, I use both the dependence of a firm on the government bank and the government ownership of the largest dependent bank as measurements of government relationship. The result of empirical analysis shows that the borrower with more dependent on its government-owned bank or with government-owned bank as the largest dependent bank in the previous year may have a lower credit grade. This results supports the prior research that insists the government bank has a negative impacts on firms. However, This result can be interpreted that the government-owned banks may place a comparatively higher importance on the relation bankingHowever, this paper has several limitations to be improved in future researches. The empirical results are obtained from the recent Korean data, and the time-span of data is not sufficient. Therefore, more rigorous studies are required to generalize the result of this paper.