주거래은행 관계와 중소기업 대출의존도에 관한 연구

This paper analyzes the relationship between main bank relationship and firm size. We measured the main bank relationship in a borrower (firm)’s perspective using the data of Korea‘s listed firms and banks. For the analysis, I use the dependence of a firm on the main bank as measurements of main relationship. Further, the more dependence on the main bank means that the firm has the deeper relationship with the main bank. The result of empirical analysis shows that the borrower with more dependent on its main bank may be a small-medium firm or have a smaller size. Such a negative relationship between main bank relationship and firm size are more significant in the firms with higher dependency on main bank. In addition, Such a negative relationship between main bank relationship and firm size are decreased by the larger size of main bank. It is a common belief that the alleviation of information asymmetry in the loan market can improve the intermediary role of banks. Also the strengthening of main bank stimulates the growth or investment of small-medium enterprise. The analysis in this paper using Korean data empirically supports these common beliefs. However, 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.